Document:

Agree and Plan of Merger

 Exhibit 10.1 
 AGREEMENT AND PLAN OF MERGER 
 By and Among 
 TITAN ENERGY PARTNERS LP, 
 TITAN
ENERGY GP LLC, 
 ENERGY TRANSFER PARTNERS, L.P., 
 HERITAGE MARKETING, L.P. 
 and 
 JEFFREY A. BRODSKY, 
 solely in his capacity as Titan Representative

 Dated as of April 19, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I DEFINITIONS	  	1
			
	 Section 1.1
	  	Definitions	  	1
	 Section 1.2
	  	Other Defined Terms	  	13
	 Section 1.3
	  	Interpretation Provisions	  	14
		
	ARTICLE II THE MERGER	  	15
			
	 Section 2.1
	  	The Merger; Effective Time; Surviving Partnership	  	15
	 Section 2.2
	  	Closing	  	15
	 Section 2.3
	  	Effects of the Merger	  	15
	 Section 2.4
	  	Partnership Governance	  	16
	 Section 2.5
	  	Federal Income Tax Treatment of the Merger	  	16
		
	ARTICLE III MERGER CONSIDERATION; STATUS AND CONVERSION OF INTERESTS	  	16
			
	 Section 3.1
	  	Effects on Interests	  	16
	 Section 3.2
	  	Payment	  	18
	 Section 3.3
	  	Exchange of Certificates	  	19
	 Section 3.4
	  	Purchase Price Determination	  	21
	 Section 3.5
	  	Transfer Taxes	  	23
	 Section 3.6
	  	Allocation of Purchase Price for Tax Purposes	  	24
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP	  	24
			
	 Section 4.1
	  	Organization and Capitalization	  	24
	 Section 4.2
	  	Authorization	  	25
	 Section 4.3
	  	Subsidiaries	  	25
	 Section 4.4
	  	No Conflict	  	25
	 Section 4.5
	  	Financial Information	  	26
	 Section 4.6
	  	Undisclosed Liabilities	  	26
	 Section 4.7
	  	Absence of Certain Changes or Events	  	27
	 Section 4.8
	  	Contracts; No Defaults	  	28
	 Section 4.9
	  	Machinery and Equipment and Other Property	  	30
	 Section 4.10
	  	Intellectual Property	  	30
	 Section 4.11
	  	Real Property	  	31
	 Section 4.12
	  	Litigation and Proceedings	  	32
	 Section 4.13
	  	Employee Benefit Plans	  	32
	 Section 4.14
	  	Labor Matters	  	35
	 Section 4.15
	  	Legal Compliance	  	36
	 Section 4.16
	  	Environmental Matters	  	36
	 Section 4.17
	  	Taxes	  	38
	 Section 4.18
	  	Accounts Receivable	  	40
	 Section 4.19
	  	Inventory	  	40
	 Section 4.20
	  	Product Liability, Warranty and Product Recalls	  	40

  

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	 Section 4.21
	  	The General Partner	  	40
	 Section 4.22
	  	Affiliate Transactions	  	41
	 Section 4.23
	  	Governmental Authorities; Consents	  	41
	 Section 4.24
	  	Licenses, Permits and Authorizations	  	41
	 Section 4.25
	  	Books and Records	  	41
	 Section 4.26
	  	Insurance	  	42
	 Section 4.27
	  	Brokers and Finders	  	42
	 Section 4.28
	  	Plan of Reorganization	  	42
	 Section 4.29
	  	Full Disclosure	  	42
		
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF PARENT	  	43
			
	 Section 5.1
	  	Organization and Good Standing; Requisite Power and Authority	  	43
	 Section 5.2
	  	No Conflict	  	43
	 Section 5.3
	  	Brokers and Finders	  	43
	 Section 5.4
	  	Financing	  	43
	 Section 5.5
	  	Tax Status	  	43
		
	ARTICLE VI COVENANTS OF THE PARTIES	  	44
			
	 Section 6.1
	  	Maintenance of Business Prior to Closing	  	44
	 Section 6.2
	  	Investigation by Parent	  	46
	 Section 6.3
	  	Consents and Efforts	  	46
	 Section 6.4
	  	Partners Meeting	  	47
	 Section 6.5
	  	No Solicitation by the Partnership	  	47
	 Section 6.6
	  	Officers’ and Directors’ Indemnification	  	49
	 Section 6.7
	  	Notices of Certain Events	  	51
	 Section 6.8
	  	Employee Benefits	  	52
	 Section 6.9
	  	Tax Returns; Audits	  	52
	 Section 6.10
	  	Sales of Certain Interests	  	53
		
	ARTICLE VII CONDITIONS TO OBLIGATIONS	  	53
			
	 Section 7.1
	  	Conditions to Obligations of the General Partner and the Partnership	  	53
	 Section 7.2
	  	Conditions to the Obligations of Parent and MergerCo.	  	54
		
	ARTICLE VIII CLOSING	  	55
			
	 Section 8.1
	  	Closing Transactions	  	55
	 Section 8.2
	  	Deliveries by the Partnership to Parent and MergerCo.	  	55
	 Section 8.3
	  	Deliveries by Parent and MergerCo to the Partnership	  	56
		
	ARTICLE IX TERMINATION	  	56
			
	 Section 9.1
	  	Termination	  	56
	 Section 9.2
	  	Termination Fee and Expenses	  	58
		
	ARTICLE X GENERAL PROVISIONS	  	59
			
	 Section 10.1
	  	Non-Survival of Representations, Warranties, Covenants and Agreements	  	59
	 Section 10.2
	  	Notices	  	59
	 Section 10.3
	  	Titan Representative	  	61

  

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	 Section 10.4
	  	Binding Effect; Benefits	  	62
	 Section 10.5
	  	Public Announcements	  	62
	 Section 10.6
	  	Entire Agreement	  	62
	 Section 10.7
	  	Waivers and Amendments	  	62
	 Section 10.8
	  	Specific Performance	  	63
	 Section 10.9
	  	Counterparts	  	63
	 Section 10.10
	  	Headings	  	63
	 Section 10.11
	  	Assignment	  	63
	 Section 10.12
	  	Governing Law	  	63
	 Section 10.13
	  	Severability	  	63

  

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 INDEX OF APPENDICES 
 Exhibits 
  

					
	Exhibit A	  	-	    	Voting Agreement
	Exhibit B	  	-	    	Escrow Agreement
	Exhibit C	  	-	    	Estimated Purchase Price Certificate
	Exhibit D	  	-	    	Press Releases

 Sections of the Disclosure Letter 
  

					
	Section 1.1(a)	  	-	    	Agreed Upon Balance Sheet Adjustments
	Section 1.1(b)	  	-	    	Persons with Knowledge
	Section 3.2(a)(vi)	  	-	    	Transaction Bonus Allocation
	Section 4.1(b)	  	-	    	Capitalization
	Section 4.3(a)	  	-	    	Subsidiaries
	Section 4.4	  	-	    	No Conflict
	Section 4.5	  	-	    	Financial Information
	Section 4.6	  	-	    	Undisclosed Liabilities
	Section 4.7	  	-	    	Certain Changes or Events
	Section 4.8(a)	  	-	    	Material Contracts
	Section 4.8(b)	  	-	    	Material Contracts (Enforceability)
	Section 4.8(c)	  	-	    	Material Contracts (Breach of Warranty)
	Section 4.9	  	-	    	Machinery and Equipment
	Section 4.10	  	-	    	Intellectual Property Rights
	Section 4.11(a)	  	-	    	Owned Real Property
	Section 4.11(b)	  	-	    	Leased Real Property
	Section 4.11(c)	  	-	    	Improvements; Easements
	Section 4.12	  	-	    	Litigation and Proceedings
	Section 4.13(a)	  	-	    	Employee Benefit Plans
	Section 4.13(b)	  	-	    	Employee Benefit Plan Representations
	Section 4.14(a)	  	-	    	Labor Matters
	Section 4.15	  	-	    	Legal Compliance
	Section 4.16	  	-	    	Environmental Matters
	Section 4.17	  	-	    	Taxes
	Section 4.18	  	-	    	Accounts Receivable
	Section 4.19	  	-	    	Inventory
	Section 4.20	  	-	    	Product Liability, Warranty and Product Recalls
	Section 4.22	  	-	    	Affiliate Transactions
	Section 4.23	  	-	    	Governmental Authorities; Consents
	Section 4.24	  	-	    	Licenses, Permits and Authorizations
	Section 4.25	  	-	    	Books and Records
	Section 4.26(a)	  	-	    	Insurance Policies
	Section 4.26(b)	  	-	    	Insurance Policies (Validity)
	Section 6.1	  	-	    	Maintenance of Business Prior to Closing
	Section 6.8(a)	  	-	    	Employee Benefits Covenants
	Section 6.8(c)	  	-	    	Employee Plans to be Terminated

  

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 AGREEMENT AND PLAN OF MERGER 
 AGREEMENT AND PLAN OF MERGER dated as of April 19, 2006 (the ”Agreement”), by and among Titan Energy Partners LP, a
Delaware limited partnership (the “Partnership”), Titan Energy GP LLC, a Delaware limited liability company (the “General Partner”), Energy Transfer Partners, L.P., a Delaware limited partnership
(“Parent”), Heritage Marketing, L.P., a Delaware limited partnership (“MergerCo”) and Jeffrey A. Brodsky, solely in his capacity as Titan Representative. 
 RECITALS 
 WHEREAS, Parent, MergerCo,
the General Partner and the members of the General Partner, as applicable, have approved the merger of the Partnership into MergerCo and the merger of the General Partner into MergerCo, each upon the terms and subject to the conditions set forth
herein; and 
 WHEREAS, in order to induce Parent and MergerCo to enter into this Agreement, the General Partner and the members of the
General Partner, among others, have executed the Voting Agreement (the “Voting Agreement”) attached as Exhibit A hereto. 
 NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements set forth herein, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. 
 As used herein,
the terms below shall have the following meanings: 
 “Acquisition Proposal” shall mean any offer or proposal (whether or
not in writing and whether or not delivered to the Partnership’s limited partners generally) from any Person relating to any (i) direct or indirect sale, disposition, purchase or redemption of more than fifty percent (50%) of the
voting power in, or more than fifty percent (50%) of the outstanding equity securities of, the General Partner, the Partnership or any of their Subsidiaries, (ii) direct or indirect sale or disposition of all or substantially all of the
assets or business of the Partnership and its Subsidiaries taken as a whole, or (iii) any merger, reorganization, consolidation, recapitalization, management buyout, liquidation, or other similar transaction involving the General Partner, the
Partnership or any of their Subsidiaries (other than the transactions contemplated herein). 
 “Aggregate Debt Payoff
Amount” shall mean the aggregate amount necessary to pay off and terminate each of (i) the Loan and Security Agreement dated as of December 20, 2004 by and among the General Partner, the Partnership, Titan Propane LLC, a
wholly owned Subsidiary of the Partnership (“Titan Propane”), and GMAC Commercial Finance, LLC, as Agent and Lender (the “Credit Revolver”), and (ii) the Credit and Security Agreement (Second Lien) dated

 
as of December 20, 2004 by and among the General Partner, the Partnership, Titan Propane, the Bank of New York as Administrative Agent and the Lenders
named therein (the “Term Loan”), which amount shall include the total amount of the prepayment penalties due and payable in connection with the payment of the Credit Revolver and the Term Loan upon or as a result of the consummation
of the Merger. 
 “Aggregate Exercise Price” shall mean an amount equal to the aggregate exercise price of all Options
outstanding as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date. 
 “Aggregate GP Merger Consideration” shall mean
an aggregate amount of cash in immediately available funds equal to the GP Percentage of the Aggregate Purchase Price; provided, however, that, if the Estimated Aggregate Purchase Price exceeds the Aggregate Purchase Price, Aggregate
GP Merger Consideration shall mean an amount equal to (i) the Estimated Aggregate GP Merger Consideration, minus (ii) an amount equal to (A) the product of (I) the Estimated Aggregate GP Merger Consideration multiplied
by (II) the Escrow Percentage multiplied by (B) a fraction, the numerator of which shall be the Estimated Aggregate Purchase Price minus the Aggregate Purchase Price, and the denominator of which shall be the Escrow Amount.

 “Aggregate Partnership Merger Consideration” shall mean an aggregate amount of cash in immediately available funds equal
to the Aggregate Purchase Price, plus the Aggregate Exercise Price, minus the Aggregate GP Merger Consideration, minus the Aggregate Phantom Units Amount, minus the Aggregate Transaction Bonus Amount; provided,
however, that, if the Estimated Aggregate Purchase Price exceeds the Aggregate Purchase Price, Aggregate Partnership Merger Consideration shall mean an amount equal to (i) the Estimated Aggregate Partnership Merger Consideration,
minus (ii) an amount equal to (A) the product of (I) the Estimated Aggregate Partnership Merger Consideration multiplied by (II) the Escrow Percentage multiplied by (B) a fraction, the numerator of which
shall be the Estimated Aggregate Purchase Price minus the Aggregate Purchase Price, and the denominator of which shall be the Escrow Amount. 
 “Aggregate Phantom Units Amount” shall mean an amount equal to the product of (i) the total number of Phantom Units multiplied by (ii) the Per Phantom Unit Amount. 
 “Aggregate Purchase Price” shall mean $549,700,000, plus the Closing Date Current Assets, minus the Closing Date
Liabilities, minus the Closing Date Transaction Costs (to the extent not included in the Closing Date Liabilities); provided, however, that the Aggregate Purchase Price shall not be less than the Estimated Aggregate Purchase
Price minus the Escrow Amount. 
 “Aggregate Transaction Bonus Amount” shall mean the total amount payable pursuant to the
Titan Energy Partners Transaction Bonus Plan; provided, however, that, if the Estimated Aggregate Purchase Price exceeds the Aggregate Purchase Price, the Aggregate Transaction Bonus Amount shall mean the lesser of (i) the total
amount payable pursuant to the Titan Energy Partners Transaction Bonus Plan, and (ii) an amount equal to (A) the Estimated Transaction Bonus minus (B) the product of the Escrow Transaction Bonus Amount multiplied by a fraction,

  

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the numerator of which shall be the Estimated Aggregate Purchase Price minus the Aggregate Purchase Price, and the denominator of which shall be the Escrow
Amount. 
 “Assets” shall mean all of the Partnership’s and its Subsidiaries’ right, title and interest in and to
all properties, assets and rights of any kind, whether tangible or intangible, real or personal, owned by the Partnership or any of its Subsidiaries or in which the Partnership or any of its Subsidiaries has any interest whatsoever. 
 “Balance Sheet” shall mean a balance sheet of the Partnership as of a specified date prepared in accordance with GAAP and consistent
with the Partnership’s audited balance sheet at June 30, 2005 (except that any unaudited balance sheet may omit footnotes and normal year-end adjustments otherwise required by GAAP), and subject to such other adjustments as mutually
agreed by the parties hereto and set forth in this Agreement or on Section 1.1(a) of the Disclosure Letter; provided, however, that the Balance Sheet (i) shall include any cash paid before the Closing with respect to
the Aggregate Phantom Units Amount or the Aggregate Transaction Bonus Amount and (ii) shall not include any accruals for Liabilities relating to any portion of the Aggregate Phantom Units Amount, the Aggregate Transaction Bonus Amount, Options,
Deferred Units, or any severance payments that shall become due and payable in connection with the Merger. Current Assets and Liabilities as of a specified date will be derived from the Balance Sheet as of such specified date. 
 “Certificate of Merger” shall mean the certificate of merger effectuating the Merger to be executed and filed by the general partner of
the Surviving Partnership with the Secretary of State of the State of Delaware in accordance with Section 17-211 of the DLPA and Section 18-209 of the Delaware LLC Act. 
 “Closing” shall mean the consummation of the Merger. 
 “Closing Date Balance Sheet” shall mean the Balance Sheet as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date. 
 “Closing Date Current Assets” shall mean the Current Assets as set forth on the Closing Date Balance Sheet. 
 “Closing Date Liabilities” shall mean the Liabilities as set forth on the Closing Date Balance Sheet. 
 “Closing Date Transaction Costs” shall mean the Transaction Costs calculated as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date. 
 “Closing Exchange Agent” shall mean an institution which shall be selected by the Partnership, with the approval of the Parent, which is
not to be unreasonably withheld, to perform those duties set forth in Article III hereof. 
 “Code” shall mean the Internal
Revenue Code of 1986, as amended. 
 “Confidentiality Agreement” shall mean that confidentiality agreement between the
Partnership and a subsidiary of Parent dated February 15, 2006. 
  

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 “Confirmation Order” shall mean the Findings of Fact, Conclusions of Law, and Order
Confirming Debtors’ Joint Plan of Reorganization, as Modified, Pursuant to Chapter 11 of the United States Bankruptcy Code, entered by the United States Bankruptcy Court, Southern District of New York on November 8, 2004. 
 “Contract” shall mean any agreement, contract, lease, note, loan, evidence of Indebtedness, purchase order, letter of credit, franchise
agreement, undertaking, covenant not to compete, employment agreement, license, instrument, obligation, commitment, purchase and sale order, quotation or other executory commitment to which any of the General Partner, the Partnership or its
Subsidiaries is a party, whether oral or written, express or implied, and which pursuant to its terms has not expired, terminated or been fully performed by the parties thereto. 
 “Current Assets” shall mean the sum of the accounts receivable and inventory (each net of reserves), cash, prepaid expenses and other
assets which would be classified as current assets on a balance sheet prepared in accordance with GAAP, subject to such adjustments as are set forth in this Agreement or on Section 1.1(a) of the Disclosure Letter. 
 “Deferred Units” shall mean (i) all deferred units representing rights to acquire Titan Limited Partner Units granted pursuant to
the Partnership’s Deferred Unit Plan, as amended to date, that are outstanding as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date and (ii) the 20,353 Titan Limited Partner Units to be granted to William Corbin upon a change of
control pursuant to Section 3.3(b) of the Executive Employment Agreement by and between William Corbin and Titan Propane, dated as of December 20, 2004, as amended. 
 “Delaware LLC Act” shall mean the Delaware Limited Liability Company Act, as amended. 
 “DLPA” shall mean the Delaware Revised Uniform Limited Partnership Act, as amended. 
 “Emergence Date” shall mean December 20, 2004. 
 “Employee Plan” shall mean any “employee pension benefit plan” as defined in Section 3(2) of ERISA, any “employee welfare benefit plan” as defined in Section 3(1) of
ERISA, any written and material non-written employment, severance or other similar contract, arrangement or policy, and any other plan, program, policy, practice, understanding, agreement or commitment, whether written or oral, providing for
compensation or other benefits to any current or former director, officer or employee (whether active or on leave) of the Partnership or its Subsidiaries, which are or have been administered, maintained, sponsored or contributed to by the
Partnership or its Subsidiaries or under which any of the forgoing entities has or has had any liability or obligation, whether actual or contingent, including, without limitation, insurance coverage (including without limitation any self-insured
arrangements), workers’ compensation, disability benefits, supplemental unemployment benefits, vacation benefits, retirement benefits, life, health, disability or accident benefits or deferred compensation, pension, savings and thrift, and
profit-sharing plans, bonuses, fringe benefits, retention, change in control, stock ownership, restricted stock, phantom stock, stock options, stock appreciation rights, stock purchases or other forms of cash or stock based incentive compensation or
post-retirement insurance. 
  

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 “Encumbrance” shall mean any claim, lien, pledge, option, charge, easement, security
interest, deed of trust, mortgage, right-of-way, encroachment, building or use restriction, encumbrance or other right of third parties, whether voluntarily incurred or arising by operation of law, and includes, without limitation, any agreement to
give any of the foregoing in the future, and any contingent or conditional sale agreement or other title retention agreement or lease in the nature thereof. 
 “Environmental Claims” shall mean all written notices of violation, liens, claims, demands, administrative or judicial orders, suits, complaints and causes of action for any damage, including, without
limitation, personal injury, property damage, lost use of property or consequential damages, arising directly or indirectly out of Environmental Conditions or Environmental Laws. 
 “Environmental Conditions” shall mean the state of the environment on the Real Property, including natural resources (e.g., flora and
fauna), land surface, soil, surface water, ground water, any present or potential drinking water supply, river sediment, subsurface strata or air (including indoor air and ambient air). 
 “Environmental Laws” shall mean all applicable foreign, federal, state, district and local Laws, all rules or regulations promulgated
thereunder, any related common law and all orders, consent decrees, judgments, notices, Material Permits and demand letters issued, promulgated or entered pursuant thereto, relating to pollution or protection of human health and the environment
(including, without limitation, natural resources, air, surface water, ground water, land surface, or subsurface strata), including, without limitation, (i) Laws relating to emissions, discharges, releases or threatened releases of Hazardous
Substances into the environment and (ii) Laws relating to the identification, generation, manufacture, processing, distribution, use, treatment, storage, disposal, recovery, transport or other handling of Hazardous Substances. Environmental
Laws shall include, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act, as amended (“CERCLA”), the Toxic Substances Control Act, as amended, the Hazardous Materials Transportation Act, as
amended, the Resource Conservation and Recovery Act, as amended, the Clean Water Act, as amended, the Safe Drinking Water Act, as amended, the Clean Air Act, as amended, OSHA (but only as to its provision intended to protect human health from
adverse Environmental Conditions), and all analogous Laws promulgated or issued by any Governmental Authority. 
 “Equity
Securities” shall mean (i) the limited liability company interests, the limited partnership interests, or shares of capital stock, as applicable, of the General Partner, the Partnership or any of its Subsidiaries,
(ii) subscriptions, calls, warrants, options or commitments of any kind or character relating to, or entitling any Person to purchase or otherwise acquire, any limited liability company interests, limited partnership interests, or shares of
capital stock, as applicable, of the General Partner, the Partnership or any of its Subsidiaries, (iii) securities convertible into or exercisable or exchangeable for limited liability company interests, limited partnership interests, or shares
of capital stock, as applicable, of the General Partner or the Partnership or any of its Subsidiaries, and (iv) equity equivalents, interests in the ownership or earnings of other similar rights of, or with respect to, the General Partner, the
Partnership or any of its Subsidiaries. 
  

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

 “ERISA Affiliate” shall mean any entity which is (or within the period commencing as of the Emergence Date through the
date hereof was) a member of a “controlled group of corporations” with, under “common control” with, or a member of an “affiliated service group” with, or otherwise required to be aggregated with, the Partnership as set
forth in Section 414(b), (c), (m) or (o) of the Code. Any representation made with respect to an ERISA Affiliate applies only for the time that such entity was an ERISA Affiliate. 
 “Escrow” shall mean the account created pursuant to the Escrow Agreement into which the Escrow Amount has been deposited. 
 “Escrow Agent” shall mean an institution which shall be selected by the Partnership, with the approval of Parent, which is not to be
unreasonably withheld, to perform those duties set forth in Article III hereof and the Escrow Agreement. 
 “Escrow
Agreement” shall mean the Escrow Agreement in substantially the form attached as Exhibit B hereto. 
 “Escrow
Amount” shall mean $10,000,000. 
 “Escrow Percentage” shall mean the percentage obtained by dividing (i) the
Escrow Amount by (ii) the Estimated Aggregate Purchase Price plus the Aggregate Exercise Price, minus the Aggregate Phantom Units Amount. 
 “Escrow Per LP Unit Partnership Merger Consideration” shall mean an amount equal to (i) the Estimated Per LP Unit Partnership Merger Consideration multiplied by (ii) the Escrow
Percentage. 
 “Escrow Per Unit GP Merger Consideration” shall mean an amount equal to the product of (i) the Estimated
Per Unit GP Merger Consideration multiplied by (ii) the Escrow Percentage. 
 “Escrow Transaction Bonus Amount”
shall mean an amount equal to the product of (i) the Estimated Transaction Bonus Amount multiplied by (ii) the Escrow Percentage. 
 “Estimated Current Assets” shall mean the Current Assets set forth on the Estimated Balance Sheet. 
 “Estimated Liabilities” shall mean the Liabilities set forth on the Estimated Balance Sheet. 
 “Estimated
Per LP Unit Partnership Merger Consideration” shall mean the Estimated Aggregate Partnership Merger Consideration, divided by the sum of (i) the total number of issued and outstanding Titan Limited Partner Units (including all
Deferred Units), plus (ii) the total number of Titan Limited Partnership Units issuable upon the exercise of all Options, in each case as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date. For purposes of determining 

  

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Estimated Per LP Unit Merger Partnership Consideration, each Deferred Unit shall be deemed to be an issued and outstanding Titan Limited Partner Unit.

 “Estimated Per Option Amount” shall mean, with respect to each right to acquire one (1) Titan Limited Partner Unit
represented by an outstanding Option, an amount equal to the Estimated Per LP Unit Merger Partnership Consideration minus the applicable exercise price per Titan Limited Partner Unit for such Option. 
 “Estimated Per Unit GP Merger Consideration” shall mean the Estimated Aggregate GP Merger Consideration divided by the total number of
issued and outstanding General Partner Membership Units as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date. 
 “Existing LP
Agreement” shall mean the Agreement of Limited Partnership of the Partnership, dated as of December 20, 2004, as amended to date. 
 “GAAP” shall mean generally accepted accounting principles in the United States, as in effect from time to time, applied on a basis consistent with their application in the Partnership’s audited financial statements as
of and for the period ended June 30, 2005 (including the classification of items and amounts and the interpretations and assumptions used therein so long as such classifications, interpretations and assumptions are in accordance with generally
accepted accounting principles in the United States, as in effect from time to time). 
 “General Partner Membership Unit”
shall mean a unit of membership interest in the General Partner. 
 “Governmental Authority” shall mean any court, tribunal,
arbitrator, authority, agency, commission, official or other instrumentality of any government, including the United States or any state, county, city or other political subdivision or any foreign government. 
 “GP Percentage” shall mean the percentage that $17,500,000 represents of the Estimated Aggregate Purchase Price. 
 “HSR Act” shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated
thereunder. 
 “Hazardous Substances” shall mean all hazardous pollutants, contaminants, chemicals, wastes and any other
carcinogenic, ignitable, corrosive, reactive, toxic or otherwise hazardous substances or materials (whether solids, liquids or gases) listed pursuant to or subject to regulation, control or remediation under Environmental Laws. 
 “Improvements” shall mean any buildings, facilities, other structures and improvements, building systems and fixtures located on or
under any real property owned or leased by the Partnership or its Subsidiaries. 
 “Indebtedness” of any Person shall mean
all obligations of such Person (i) for borrowed money, (ii) evidenced by notes, bonds, debentures or similar instruments (including letters of credit), (iii) for the deferred purchase price of goods or services (other than trade
payables 

  

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incurred in the ordinary course of business), (iv) under capital leases or (v) in the nature of guarantees of the obligations described in clauses
(i) through (iv) above of any other Person. 
 “Intellectual Property Rights” shall mean (i) any and all
inventions, developments, improvements, discoveries, know-how, concepts and ideas, whether patentable or not in any jurisdiction and whether or not reduced to practice, (ii) any and all patents and patent applications (including without
limitation reissues, reexaminations, continuations, divisions, continuations-in-part, extensions, revisions and counterparts thereof in any jurisdiction), patent disclosures, revalidations, industrial designs, industrial models and utility models,
(iii) any and all trademarks, service marks, certification marks, logos, trade dress, trade names, corporate names, brand names, domain names and all other indicia of origin (whether registered or unregistered), and including all goodwill
associated therewith and all applications and registrations therefor in any jurisdiction and any extension, modification or renewal of any such application or registration, (iv) any and all copyrights, copyright registrations and applications
for registration of copyrights in any jurisdiction, and any renewals or extensions thereof, (v) any and all writings and other works of authorship, whether copyrighted, copyrightable or not in any jurisdiction, such works including, without
limitation, computer programs and software (including source code, object code, data, databases and documentation therefor), together with all translations, adaptations, derivations and combinations thereof, (vi) any and all non-public
information, trade secrets and proprietary or confidential information (including without limitation ideas, research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing plans and proposals) and rights in any jurisdiction to limit the use or disclosure thereof by any person, (vii) any and all
agreements, licenses, immunities, covenants not to sue and the like relating to any of the foregoing, (viii) any and all copies and tangible embodiments of any of the foregoing (in whatever form or medium) and (ix) any and all claims or
causes of action arising out of or related to any infringement or misappropriation of any of the foregoing; provided, however, that Intellectual Property Rights do not include any “shrink wrap” or other similar non-exclusive
licenses for generally available commercial software. 
 “IRS” shall mean the Internal Revenue Service. 
 “Knowledge” shall mean, with respect to the General Partner or the Partnership, the actual knowledge of the persons listed in
Section 1.1(b) of the Disclosure Letter, after reasonable inquiry within the scope of their respective business responsibilities, provided that reasonable inquiry shall not require inquiry of any individual other than the
individuals listed in such Section 1.1(b) of the Disclosure Letter. 
 “Laws” shall mean all laws, statutes,
rules, regulations, ordinances and other pronouncements having the effect of law of any Governmental Authority. 
 “Lenders”
shall mean the lenders under the Credit Revolver and the Term Loan. 
 “Liabilities” shall mean all liabilities of the sort
that would be accrued on a balance sheet prepared in accordance with GAAP, consistent with past practices, subject to such adjustments as are set forth in this Agreement or on Section 1.1(a) of the Disclosure Letter. 
  

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 “Loss Contract” shall mean any Contract for which the Partnership or any of the
Partnership Subsidiaries has accrued a loss on its financial statements or which the Partnership reasonably expects, based on the Partnership’s Knowledge as of the date hereof, to result in a loss which the Partnership would reasonably expect
to accrue on its financial statements, except as would not reasonably be expected to have a Titan Material Adverse Effect. 
 “Material Permit” shall mean any license, permit, franchise, approval, authorization, consent or order of any Governmental Authority that is necessary for the operation of the business of the Partnership or the Partnership
Subsidiaries as currently conducted and with respect to which the failure to have such license, permit, franchise, approval, authorization, consent or order would reasonably be expected to result in a Titan Material Adverse Effect. 
 “Onerous Conditions” shall mean conditions that would require Parent to (A) accept or offer to accept an order providing for the
divestiture by Parent or the Surviving Partnership of more than 7.5% of the assets, or assets that generate more than 7.5% of the earnings before interest, taxes, depreciation and amortization, of the General Partner, the Partnership and the
Partnership Subsidiaries taken as a whole, or Parent and its affiliates taken as a whole, (B) offer or agree to hold separate such assets, pending divestiture, or (C) agree to any other material conditions, restrictions or limitations on
the material operations or businesses of the General Partner, the Partnership and the Partnership Subsidiaries taken as a whole or Parent and its affiliates taken as a whole. 
 “Options” shall mean all options to acquire Titan Limited Partner Units granted pursuant to the Partnership’s Equity Incentive
Plan, as amended to date, that are outstanding as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date, whether or not then vested or fully exercisable. In no event shall Options include rights to acquire Titan Limited Partner Units pursuant to
Titan Propane’s Long Term Incentive Compensation Plan for Certain Key Employees. 
 “Partnership Approval” shall mean
the approval of the limited partners of the Partnership necessary to approve this Agreement and the Merger pursuant to the Existing LP Agreement and the DLPA. 
 “Partnership Triggering Event” shall mean the occurrence of either of the following: (i) the General Partner shall have failed to make the General Partner Recommendation or (ii) a
Partnership Adverse Recommendation Change. 
 “Per LP Unit Partnership Merger Consideration” shall mean the Aggregate
Partnership Merger Consideration, divided by the sum of (i) the total number of issued and outstanding Titan Limited Partner Units (including all Deferred Units), plus (ii) the total number of Titan Limited Partnership Units
issuable upon the exercise of all Options, in each case as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date. For purposes of determining the Per LP Unit Partnership Merger Consideration, each Deferred Unit shall be deemed to be an issued
and outstanding Titan Limited Partner Unit. 
 “Per Option Amount” shall mean, with respect to each right to acquire one
(1) Titan Limited Partner Unit represented by an outstanding Option, an amount equal to the Per LP Unit Partnership Merger Consideration minus the applicable exercise price per Titan Limited Partner Unit for such Option. 
  

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 “Per Phantom Unit Amount” shall mean an amount equal to the lesser of (i) $8.26 and
(ii) the Estimated Per LP Unit Partnership Merger Consideration less $14.74. 
 “Per Unit GP Merger Consideration”
shall mean the Aggregate GP Merger Consideration divided by the total number of issued and outstanding General Partner Membership Units as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date. 
 “Permitted Encumbrances” shall mean (a) liens for Taxes or governmental charges or claims (i) not yet due and payable or
(ii) being contested in good faith, if a reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made therefor, (b) statutory liens of landlords, liens of carriers, warehouse persons, mechanics and
material persons and other liens imposed by law incurred in the ordinary course of business for sums (i) not yet due and payable or (ii) being contested in good faith, if a reserve or other appropriate provision, if any, as shall be
required by GAAP shall have been made therefor, (c) liens incurred or deposits made in connection with workers’ compensation, unemployment insurance and other similar types of social security programs or to secure the performance of
tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return of money bonds and similar obligations, in each case in the ordinary course of business, consistent with past practice,
(d) purchase money liens incurred in the ordinary course of business, consistent with past practice, (e) easements, rights-of-way, restrictions and other similar charges or encumbrances on real property, in each case which do not interfere
with the ordinary conduct of business of the Partnership or its Subsidiaries and do not materially detract from the value of the property to which such encumbrance relates, (f) liens associated with the Credit Revolver, the Term Loan and the
other Indebtedness disclosed in the Financial Statements, as such Indebtedness may increase or decrease from time to time in accordance with its terms and (g) the judgment lien against Titan Propane’s property in the state of Missouri
relating to the case captioned: Precision Investment, LLC, et al. v. Cornerstone Propane, L.P. 
 “Person” shall mean
any natural person, corporation, limited partnership, general partnership, limited liability partnership, joint stock partnership, joint venture, association, Partnership, trust or other organization, or any Governmental Authority. 
 “Personnel” shall mean all officers and employees of the General Partner, the Partnership or any Partnership Subsidiary. 
 “Phantom Units” shall mean all phantom units granted pursuant to the Partnership’s Equity Incentive Plan, as amended to date, that
are outstanding as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date. 
 “Plan” shall mean the Debtors’ Joint
Plan of Reorganization, as Modified, Pursuant to Chapter 11 of the Bankruptcy Code dated October 18, 2004 attached to the Confirmation Order. 
 “Subsidiary” shall mean, with respect to any Person, any corporation or other business entity, whether or not incorporated, (i) of which at least 50% of the outstanding equity securities 

  

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of such entity having, by their terms, ordinary voting power to elect members of the board of directors, or other persons performing similar functions with
respect to such entity, are held, directly or indirectly, by such Person or any of its Subsidiaries or (ii) the operations of which are consolidated with such Person, pursuant to GAAP, for financial reporting purposes. 
 “Superior Proposal” shall mean a bona fide Acquisition Proposal made by a third party, that, in the good faith judgment of the
General Partner, taking into account, to the extent deemed appropriate by the General Partner, the various legal, financial and regulatory aspects of the proposal and the person making such proposal (i) if accepted, is reasonably likely to be
consummated, and (ii) if consummated, would result in a transaction that is more favorable to the Partnership’s equity holders than the transactions contemplated herein. 
 “Tax(es)” shall mean all taxes, estimated taxes, withholding taxes, assessments, levies, imposts, fees and other charges of any kind
whatever, including, without limitation, any interest, penalties, additions to tax in respect thereof, imposed by any foreign, federal, state or local government or taxing authority, which taxes shall include, without limitation, all income taxes,
payroll and employee withholding taxes, unemployment insurance, social security, sales and use taxes, value-added taxes, excise taxes, franchise taxes, gross receipts taxes, occupation taxes, real and personal property taxes, stamp taxes, transfer
taxes, workers’ compensation and other obligations of the same or of a similar nature. 
 “Tax Return” shall mean any
return, declaration, report, claim for refund or other document relating to Taxes, including any schedule or attachment thereto, and including any amendment thereto. 
 “Titan Limited Partner Unit” shall mean the Partnership’s Common Units and Subordinated Units (as each such term is defined in the Existing LP Agreement). 
 “Titan Material Adverse Effect” shall mean any change, event, occurrence or state of facts which has a material adverse effect on the
business, properties, assets, liabilities (contingent or otherwise), results of operations or financial condition of the Partnership and its Subsidiaries taken as a whole; provided, however, that none of the following shall be deemed
either alone or in combination to constitute, and none of the following shall be taken into account in determining whether there has been, or would reasonably be expected to be, a Titan Material Adverse Effect: (1) any change, event, occurrence
of state of facts relating to the United States or global economy, financial markets or political conditions in general or in any of the industries or geographic regions in which the Partnership and its Subsidiaries operate in general, including
such changes thereto as are caused by terrorist activities, entry into or material worsening of war or armed hostilities, or other national or international calamity (in each case under this clause (1) to the extent not disproportionately
affecting the Partnership and its Subsidiaries taken as a whole relative to other industry participants); (2) any change, event, occurrence or state of facts that directly arises out of or results from the announcement or pendency of this
Agreement or the Merger; (3) any change, event, occurrence or state of facts directly arising out of or resulting from any action taken, or failure to take an action, by the General Partner, the Partnership or any of their Subsidiaries with
Parent’s express consent or in accordance with the express instructions of Parent or as otherwise expressly required to be taken by the General Partner, the Partnership or any of their Subsidiaries pursuant to the terms of this Agreement;
(4) any change in the 

  

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trading price of the Partnership’s Equity Securities or any failure to meet internal projections or forecasts (provided that this clause
(4) shall not be construed as requiring that the change, event, occurrence or state of facts giving rise to such change or failure also does not constitute or contribute to a Titan Material Adverse Effect); and (5) any change, event,
occurrence or state of facts arising out of any change in GAAP or applicable accounting requirements or principles which occur or become effective after the date of this Agreement. 
 “Titan Representative” shall mean Jeffrey A. Brodsky or such other Person designated (i) by the General Partner prior to the
Closing or (ii) by Persons (other than Parent or the Surviving Partnership) holding a majority of the interests in the Escrow Amount subsequent to the Closing. 
 “Transaction Costs” shall mean (i) all fees and expenses (including, without limitation, all legal, accounting, and tax and financial advisory fees and other fees, costs and expenses of third
parties) incurred by or on behalf of the General Partner or the Partnership in connection with the negotiation and execution of this Agreement and the consummation of the Merger, (ii) the amount of premiums for directors’ and
officers’ liability insurance for the officers and directors of the General Partner, the Partnership and its Subsidiaries for periods after the Closing, but only for the cost of a policy secured by the General Partner or the Partnership prior
to the Closing in accordance with Section 6.6(c), (iii) the amount of prepayment penalties due and payable in connection with the payoff and termination of the Credit Revolver and the Term Loan upon or as a result of the consummation of
the Merger in excess of $500,000, and (iv) the amount of $250,000 for preparation of final tax returns for the Partnership and the General Partner (as contemplated by Section 6.9), in each case to the extent such amounts are not
paid on or before the Closing Date or accrued as Closing Date Liabilities; provided, however, that Transaction Costs shall not include any severance payments that shall become due and payable in connection with the consummation of the
Merger. 
 “Upfront Per Option Amount” shall mean an amount equal to (i) the Estimated Per Option Amount, minus
(ii) the Escrow Per LP Unit Partnership Merger Consideration. 
 “Upfront Per LP Unit Partnership Merger Consideration”
shall mean an amount equal to (i) the Estimated Per LP Unit Merger Partnership Consideration, minus (ii) the Escrow Per LP Unit Partnership Merger Consideration. 
 “Upfront Per Unit GP Merger Consideration” shall mean an amount equal to (i) the Estimated Per Unit GP Merger Consideration,
minus (ii) the Escrow Per Unit GP Merger Consideration. 
 “Upfront Transaction Bonus Amount” shall mean an
amount equal to (i) the Estimated Transaction Bonus Amount, minus (ii) the Escrow Transaction Bonus Amount. 
  

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 Section 1.2 Other Defined Terms. 
 In addition to the terms defined in Section 1.1 of this Agreement, the following terms shall have the meanings defined for such terms in the
Sections set forth below: 
  

			
	 TERM
	  	SECTION
	 “Agreement”
	  	Preamble
	 “Audited Financials”
	  	4.5
	 “CBA”
	  	4.14(a)
	 “Certificates”
	  	3.3(a)
	 “Claim”
	  	6.6(b)
	 “Closing Date”
	  	2.2
	 “Closing Date Purchase Price Certificate”
	  	3.4(b)
	 “Current Employees”
	  	6.8(a)
	 “D&O Policy”
	  	6.6 (c)
	 “Disclosure Letter”
	  	Article IV Preamble
	 “Early Satisfaction Date”
	  	2.2
	 “Effective Time”
	  	2.1
	 “Estimated Aggregate Exercise Price”
	  	3.4(a)
	 “Estimated Aggregate GP Merger Consideration”
	  	3.4(a)
	 “Estimated Aggregate Partnership Merger Consideration”
	  	3.4(a)
	 “Estimated Balance Sheet”
	  	3.4(a)
	 “Estimated Purchase Price Certificate”
	  	3.4(a)
	 “Estimated Transaction Bonus Amount”
	  	3.4(a)
	 “Estimated Transaction Costs”
	  	3.4(a)
	 “Final Aggregate Partnership Merger Consideration”
	  	3.4(d)
	 “Financial Statements”
	  	4.5
	 “General Partner”
	  	Preamble
	 “General Partner Recommendation”
	  	6.4
	 “GP Membership Certificates”
	  	3.1(c)
	 “Indemnifiable Amounts”
	  	6.6(a)
	 “Indemnified Party”
	  	6.6(a)
	 “Indemnitors”
	  	6.6(a)
	 “Independent Accountant”
	  	3.4(b)
	 “Independent Accountant’s Determination”
	  	3.4(b)
	 “Leased Real Property”
	  	4.11(b)
	 “LP Unit Certificate(s)”
	  	3.1(e)
	 “Machinery and Equipment”
	  	4.9
	 “Material Contract”
	  	4.8(a)
	 “Merger”
	  	2.1
	 “MergerCo”
	  	Preamble
	 “Multiemployer Plan”
	  	4.13(b)(i)
	 “Notice of Adverse Recommendation”
	  	6.5(b)
	 “OSHA”
	  	4.14
	 “Owned Real Property”
	  	4.11(a)
	 “Parent”
	  	Preamble
	 “Partnership”
	  	Preamble
	 “Partnership Adverse Recommendation Change”
	  	6.5(b)

  

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	 “Partnership Intellectual Property”
	  	4.10
	 “Partnership Representative”
	  	6.4
	 “Partnership Subsidiary”
	  	4.3(a)
	 “Real Property”
	  	4.11(b)
	 “Related Party Transaction”
	  	4.22
	 “Seller’s Adjustment Request”
	  	3.4(b)
	 “Surviving Partnership”
	  	2.1
	 “Termination Date”
	  	9.1(a)(ii)
	 “Termination Fee”
	  	9.2(b)
	 “Titan Tax Returns”
	  	6.9
	 “Unaudited Financials”
	  	4.5
	 “Withholding Tax”
	  	3.3(e)

 Section 1.3 Interpretation Provisions. 
 (a) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement refer to this
Agreement as a whole and not to any particular provision of this Agreement, and article, section, schedule and exhibit references are to this Agreement unless otherwise specified. The meaning of defined terms shall be equally applicable to the
singular and plural forms of the defined terms. The term “or” is disjunctive but not necessarily exclusive. The terms “include” and “including” are not limiting and mean “including without limitation.”

 (b) References to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto.

 (c) References to statutes shall include all regulations promulgated thereunder and references to statutes or regulations shall be
construed as including all statutory and regulatory provisions consolidating, amending or replacing the statute or regulation. 
 (d) The
captions and headings of this Agreement are for convenience of reference only and shall not affect the construction of this Agreement. 
 (e)
The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against either party. 
 (f) The annexes, schedules and exhibits to this Agreement are a material part hereof and shall be treated as if fully incorporated into the body of the
Agreement. 
  

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 ARTICLE II 
 THE MERGER 
 Section 2.1 The Merger; Effective Time; Surviving Partnership. 
 In accordance with the provisions of this Agreement, the Delaware LLC Act and the DLPA, each of the Partnership and the General Partner shall be merged
with and into MergerCo (the “Merger”), upon the effectiveness of the filing of the Certificate of Merger with the Secretary of State of the State of Delaware (or at such later time as shall be agreed to by the Partnership and Parent
and as shall be set forth in such Certificate of Merger) in accordance with the DLPA and the Delaware LLC Act. The date and time when the Merger becomes effective in accordance with the DLPA and the Delaware LLC Act are herein referred to as the
“Effective Time.” At the Effective Time and in accordance with the provisions of this Agreement, the DLPA and the Delaware LLC Act, each of the Partnership and the General Partner shall cease to exist, and MergerCo shall be the
surviving partnership in the Merger (hereinafter sometimes called the “Surviving Partnership”) and shall continue its existence under the laws of the State of Delaware and shall succeed to all rights, privileges, powers, franchises,
assets, liabilities and obligations of the Partnership, the General Partner and MergerCo in accordance with the provisions of the DLPA and the Delaware LLC Act. 
 Section 2.2 Closing. 
 Unless this Agreement shall have been terminated and the transactions herein
contemplated shall have been abandoned pursuant to the provisions of Section 9.1, the Closing shall take place at such time and place as the parties hereto may agree on the fourth (4th) business day after all conditions to the obligations
of the parties to consummate the transactions contemplated hereby (other than conditions with respect to actions the respective parties will take at the Closing itself, which must be capable of being satisfied) are satisfied or waived, or the
Closing may be held at such other place or on such other date as may be mutually agreeable to Parent, the General Partner and the Partnership; provided, however, that if all conditions to the obligations of Parent and MergerCo set
forth in Section 7.2 to consummate the transactions contemplated hereby (other than conditions with respect to actions the respective parties will take at the Closing itself) are satisfied or waived on a date (such date, the “Early
Satisfaction Date”) prior to June 1, 2006 and the parties agree, at Parent’s request, to delay the Closing until June 1, 2006, then from and after the Early Satisfaction Date, none of the conditions set forth in
Section 7.2 shall be of any further force or effect, other than the conditions set forth in Section 7.2(b) and Section 7.2(e). The date of such Closing is herein referred to as the “Closing Date.”
At the Closing, at least one general partner of the Surviving Partnership shall execute the Certificate of Merger and cause the Certificate of Merger to be delivered for filing and recordation with the Secretary of State of the State of Delaware in
accordance with the DLPA and the Delaware LLC Act. 
 Section 2.3 Effects of the Merger. 
 (a) At the Effective Time, the effect of the Merger shall be as provided in this Agreement, the Certificate of Merger and the applicable provisions of
the DLPA and the Delaware LLC Act. 
 (b) At the Effective Time, the Certificate of Limited Partnership of MergerCo, as in effect immediately
prior to the Effective Time, shall continue in effect as the Certificate of Limited Partnership of the Surviving Partnership, subject to the amendments thereto set forth in the Certificate of Merger, until thereafter amended as provided by the DLPA
and such Certificate of Limited Partnership. 
  

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 Section 2.4 Partnership Governance. 
 The general partner of MergerCo at the Effective Time shall be the general partner of the Surviving Partnership. 
 Section 2.5 Federal Income Tax Treatment of the Merger. 
 For U.S. federal income tax purposes, (a) the Merger is intended to be taxed as a fully taxable sale of the Assets by the Partnership to the Parent for the amounts paid or deemed paid under Article III (including
any liabilities assumed or deemed to be assumed), all as determined for federal income tax purposes, followed by the complete liquidation and termination of the Partnership under Code section 708(b)(1)(A), followed by the complete liquidation and
termination of the General Partner under Code section 708(b)(1)(A) and (b) any payment of Per Phantom Unit Amount to any holder of a Phantom Unit, Per Option Amount to any holder of an Option, any portion of the Aggregate Transaction Bonus
Amount to any Person and any Per LP Unit Partnership Merger Consideration to any holder of a Deferred Unit hereunder shall be treated as compensation that accrued and is deductible by the Partnership on the Closing Date and in the Tax period of the
Partnership ending on the Closing Date. The parties hereto shall treat the transactions contemplated by this Agreement consistently with the provisions of this Section 2.5 and shall not take any position that is inconsistent herewith.

 ARTICLE III 
 MERGER
CONSIDERATION; STATUS AND CONVERSION OF INTERESTS 
 Section 3.1 Effects on Interests. 
 As of the Effective Time, by virtue of the Merger and without any action on the part of any of Parent, MergerCo, the General Partner, the Partnership, or
any holder of a General Partner Membership Unit, a Titan Limited Partner Unit or any partnership interest in MergerCo, the following shall occur: 
 (a) Each limited partnership interest of MergerCo issued and outstanding immediately prior to the Effective Time shall be converted into a limited partnership interest of the Surviving Partnership. 
 (b) The general partner interest in MergerCo issued and outstanding immediately prior to the Effective Time shall be converted into a general partner
interest in the Surviving Partnership. 
 (c) Each General Partner Membership Unit issued and outstanding immediately prior to the Effective
Time (other than those subject to Section 3.1(d)) shall be converted into the right to receive the Per Unit GP Merger Consideration. As of the Effective Time, all such General Partner Membership Units shall no longer be outstanding and shall
automatically be canceled and shall cease to exist, and each holder of any such General Partner Membership Units (or a 

  

 - 16 - 

 
certificate or certificates formerly representing any such General Partner Membership Units (the “GP Membership Certificates”)) shall cease
to have any rights with respect thereto, except the right to receive the Per Unit GP Merger Consideration with respect to the General Partner Membership Units held by such holder (payable in accordance with this Article III). 
 (d) Each General Partner Membership Unit issued and outstanding immediately prior to the Effective Time that is owned, directly or indirectly, by Parent
or MergerCo, if any, shall be automatically canceled and shall cease to exist, and no consideration shall be delivered or deliverable in exchange therefor. 
 (e) Each Titan Limited Partner Unit issued and outstanding immediately prior to the Effective Time (other than those subject to Section 3.1(f), but including those deemed issued and outstanding pursuant to
Section 3.1(j)) shall be converted into the right to receive the Per LP Unit Partnership Merger Consideration. As of the Effective Time, all such Titan Limited Partner Units shall no longer be outstanding and shall automatically be canceled and
shall cease to exist, and each holder of any such Titan Limited Partner Units (or a certificate or certificates formerly representing any such Titan Limited Partner Units (the ”LP Unit Certificates”)) shall cease to have any
rights with respect thereto, except the right to receive the Per LP Unit Partnership Merger Consideration with respect to the Titan Limited Partner Units held by such holder (payable in accordance with this Article III and the Escrow Agreement).

 (f) Each Titan Limited Partnership Unit issued and outstanding immediately prior to the Effective Time that is owned, directly or
indirectly, by Parent or MergerCo, if any, shall be automatically canceled and shall cease to exist, and no consideration shall be delivered or deliverable in exchange therefor. 
 (g) Each of the General Partner Interest and the Incentive Distribution Right (as each such term is defined in the Existing LP Agreement) held by the
General Partner (in its capacity as the general partner of the Partnership) in the Partnership shall be automatically canceled and shall cease to exist, and no consideration shall be delivered or deliverable in exchange therefor. 
 (h) Immediately prior to the Effective Time, each Option shall become immediately vested and exercisable in full, and at the Effective Time, all Options
shall be canceled. In consideration of such cancellation, each holder of an Option canceled in accordance with this Section 3.1(h) shall be entitled to receive the Per Option Amount. 
 (i) Immediately prior to the Effective Time, each Phantom Unit shall become immediately vested and exercisable in full, and at the Effective Time, all
Phantom Units shall be canceled. In consideration of such cancellation, each holder of Phantom Units canceled in accordance with this Section 3.1(i) shall be entitled to receive the Per Phantom Unit Amount multiplied by the number of
Phantom Units held by such holder. 
 (j) Immediately prior to the Effective Time, each Deferred Unit shall become vested in full and shall
become an issued and outstanding Titan Limited Partner Unit, which shall be treated in the Merger in accordance with Section 3.1(e) above. 
  

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 Section 3.2 Payment. 
 (a) Prior to the Effective Time, Parent and MergerCo shall pay or cause to be paid to the Closing Exchange Agent an amount of cash in immediately available funds equal to (i) the Estimated Aggregate GP Merger
Consideration applicable to all issued and outstanding General Partner Membership Units (other than those canceled pursuant to Section 3.1(d)) plus (ii) the aggregate Estimated Per LP Unit Partnership Merger Consideration applicable
to all issued and outstanding Titan Limited Partner Units (other than Deferred Units and those canceled pursuant to Section 3.1(f)), minus (iii) the Escrow Amount. The amounts referred to in clauses (i) and (ii) of the
preceding sentence shall be paid to the holders of the General Partner Membership Units and Titan Limited Partner Units in accordance with Section 3.3. 
 (b) Prior to the Effective Time, Parent and MergerCo shall pay or cause to be paid to the Escrow Agent an amount of cash in immediately available funds equal to the Escrow Amount. 
 (c) Parent and MergerCo shall (i) prior to the Effective Time, pay or cause to be paid to a party designated by the Partnership an amount of cash in
immediately available funds equal to the aggregate Upfront Per Option Amount for all outstanding Options and (ii) at the Closing, cause such party to: 
 (A) promptly pay to each holder of Options the Upfront Per Option Amount multiplied by the number of Titan Limited Partner Units underlying the Options held by such holder, net of any applicable Withholding
Taxes; and 
 (B) remit any applicable Withholding Taxes to the applicable Governmental Authority in accordance with all
applicable laws. 
 (d) Parent and MergerCo shall (i) prior to the Effective Time, pay or cause to be paid to a party designated by the
Partnership an amount of cash in immediately available funds equal to the Aggregate Phantom Units Amount and (ii) at the Closing, cause such party to: 
 (A) promptly pay to each holder of Phantom Units an amount of cash in immediately available funds equal to the Per Phantom Unit Amount multiplied by the number of Phantom Units held by such holder, net of any
applicable Withholding Taxes; and 
 (B) remit any applicable Withholding Taxes to the applicable Governmental Authority in
accordance with applicable laws. 
 (e) Parent and MergerCo shall (i) prior to the Effective Time, pay or cause to be paid to a party
designated by the Partnership an amount of cash in immediately available funds equal to the aggregate Upfront Per LP Unit Partnership Merger Consideration applicable to all Deferred Units, and (ii) at the Closing, cause such party to:

 (A) promptly pay to each holder of Deferred Units an amount of cash in immediately available funds equal to the Upfront Per
LP Unit Partnership 

  

 - 18 - 

 
Merger Consideration multiplied by the number of Deferred Units held by such holder, net of any applicable Withholding Taxes; and 
 (B) remit any applicable Withholding Taxes to the applicable Governmental Authority in accordance with applicable laws. 
 (f) Parent and MergerCo shall (i) prior to the Effective Time, pay or cause to be paid to a party designated by the Partnership an amount of cash in
immediately available funds equal to the Upfront Transaction Bonus Amount, and (ii) at the Closing, cause such party to: 
 (A) promptly pay to each individual set forth on Section 3.2(f) of the Disclosure Letter such individual’s applicable portion of the Upfront Transaction Bonus Amount net of any applicable Withholding Taxes; 
 (B) remit any applicable Withholding Taxes to the applicable Governmental Authority in accordance with applicable laws; 
 (g) Prior to the Effective Time, Parent and MergerCo shall pay or cause to be paid to the Lenders, the Aggregate Debt Payoff Amount. 
 Section 3.3 Exchange of Certificates. 
 (a)
At least ten (10) days prior to the Closing, the General Partner shall prepare and make available, and after the Closing the Surviving Partnership shall make available, to each holder of record of an LP Unit Certificate and GP Membership
Certificate (collectively, the “Certificates”) (i) a letter of transmittal (which shall specify that, subject to the occurrence of the Effective Time, delivery shall be effected, and risk of loss and title to the Certificates
shall pass, only upon delivery of the Certificates to the Closing Exchange Agent), (ii) instructions for use of the letter of transmittal in surrendering Certificates in exchange for the consideration specified in this Article III and
(iii) IRS Forms W-8 or W-9, FIRPTA certificates or such other certificates as may be necessary to provide an exemption from Withholding Taxes in respect of cash payable under this Article III. Upon surrender of a Certificate for
cancellation to the Closing Exchange Agent, together with such letter of transmittal, duly completed and executed, and such other documents as may reasonably be required by the Closing Exchange Agent, the Certificate so surrendered shall be canceled
and the holder of such Certificate shall receive in exchange therefor (x) promptly after such surrender, the Upfront Per LP Unit Partnership Merger Consideration or the Upfront Per Unit GP Merger Consideration with respect to the Titan Limited
Partner Units or General Partner Membership Units, as the case may be, represented by such surrendered Certificate, and (y) promptly after the final determination of the Aggregate Purchase Price pursuant to Section 3.4 (or, if later, such
surrender), any additional amounts determined pursuant to Section 3.4 to be paid to such holder with respect to the Titan Limited Partner Units or General Partner Membership Units, as the case may be, represented by such surrendered Certificate
(including amounts to be distributed and paid from the Escrow Amount). If a transfer of ownership of Titan Limited Partner Units has not been registered in the Partnership’s transfer records, payment may be made to a Person other than the
Person in whose name the Certificate so surrendered is registered if such Certificate is properly endorsed or otherwise is in proper form for transfer and the Person requesting such issuance shall pay any 

  

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transfer or other Tax required by reason of the payment to a Person other than the registered holder of such Certificate or establish to the satisfaction of
Parent that such Tax has been paid or is not applicable. Other than interest earned that becomes part of the Escrow Amount, no interest shall be paid or will accrue on the cash payable to holders of Certificates in accordance with the provisions of
this Article III. 
 (b) All cash paid upon the surrender of Certificates in accordance with the terms of this Article III shall be
deemed to have been paid in full satisfaction of all rights pertaining to the Titan Limited Partner Units or General Partner Membership Units, as the case may be, represented by such Certificates, and there shall be no further registration of
transfers on the stock transfer books of the Surviving Partnership of the Titan Limited Partner Units which were outstanding immediately prior to the Effective Time. 
 (c) None of Parent, the Surviving Partnership or the Closing Exchange Agent shall be liable to any Person with respect to any cash delivered to a public official in accordance with any applicable abandoned property,
escheat or similar law. 
 (d) In the event any Certificate shall have been lost, stolen or destroyed, the Surviving Partnership shall
deliver or cause to be delivered in exchange for such lost, stolen or destroyed Certificate, upon the making of an affidavit of that fact by the holder thereof, such payment as may be required pursuant hereto; provided, however, that
the Surviving Partnership may, in its discretion and as a condition precedent to any such payment, require or cause the Closing Exchange Agent to require the owner of such lost, stolen or destroyed Certificate to deliver a bond in such sum as it may
reasonably direct as indemnity against any claim that may be made against the Surviving Partnership, Parent or MergerCo, or any other party with respect to the Certificate alleged to have been lost, stolen or destroyed. 
 (e) To the extent required by Law, the Surviving Partnership or the Closing Exchange Agent shall be entitled to deduct and withhold from amounts
otherwise payable in accordance with this Agreement to any former holder of General Partner Membership Units, Titan Limited Partner Units, Deferred Units, Options or Phantom Shares, or any person entitled to receive a portion of the Aggregate
Transaction Bonus Amount, such amounts as the Surviving Partnership or the Closing Exchange Agent reasonably believes is required to be deducted and withheld with respect to the making of such payment under the Code or any provision of state, local
or foreign Tax law (“Withholding Tax”); provided, however, that the Surviving Partnership and/or the Closing Exchange Agent, as the case may be, shall not be entitled to withhold any amounts pursuant to this
Section 3.3(e) if the Surviving Partnership or the Closing Exchange Agent, as the case may be, has received, prior to Closing, such certificates or forms as are sufficient, under the Code and applicable Treasury Regulations, to establish that
withholding is not required. To the extent that amounts are so withheld and paid over to the appropriate taxing authority by the Surviving Partnership or the Closing Exchange Agent, such withheld amounts shall be treated for all purposes of this
Agreement as having been paid to the recipient of such amounts otherwise payable pursuant to this Agreement in respect of which such deduction and withholding was made by the Surviving Partnership or the Closing Exchange Agent. 
  

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 Section 3.4 Purchase Price Determination. 
 (a) For purposes of the Closing, the Partnership shall make a good faith estimate of (i) the Balance Sheet as of 12:01 a.m. (Eastern Daylight Time)
on the Closing Date (the “Estimated Balance Sheet”), (ii) the Aggregate Purchase Price as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date (the “Estimated Aggregate Purchase Price”), (iii) the
Transaction Costs as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date (the “Estimated Transaction Costs”), (iv) the Aggregate Exercise Price as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date (the
“Estimated Aggregate Exercise Price”), (v) the Aggregate GP Merger Consideration as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date (the “Estimated Aggregate GP Merger Consideration”), (vi) the
Aggregate Partnership Merger Consideration as of 12:01 a.m. (Eastern Daylight Time) on the Closing Date (the “Estimated Aggregate Partnership Merger Consideration”), (vii) the Aggregate Phantom Units Amount, and (viii) the
Aggregate Transaction Bonus Amount (the “Estimated Transaction Bonus Amount”), each of which shall be based upon the most recent ascertainable financial information of the Partnership and its Subsidiaries. No less than three
(3) business days prior to the Closing, the Partnership will deliver to MergerCo and Parent an Estimated Purchase Price Certificate (the “Estimated Purchase Price Certificate”) in the form attached as Exhibit C and
prepared in accordance with the principles set forth in Section 1.1(a) of the Disclosure Letter, setting forth the Estimated Balance Sheet, the Estimated Aggregate Purchase Price, the Estimated Current Assets, the Estimated Liabilities,
the Estimated Transaction Costs, the Estimated Aggregate Exercise Price, the Estimated Aggregate GP Merger Consideration, the Estimated Aggregate Partnership Merger Consideration, the Aggregate Phantom Unit Amount and the Estimated Transaction Bonus
Amount, and the Partnership will consider in good faith any comments of Parent thereon. For purposes of determining the Estimated Aggregate Purchase Price before a final determination of the Aggregate Purchase Price, Closing Date Current Assets,
Closing Date Liabilities, the Aggregate Transaction Bonus Amount and Closing Date Transaction Costs in accordance with Section 3.4(b), Aggregate Purchase Price shall be calculated and paid using the Estimated Current Assets, the Estimated
Liabilities, and the Estimated Transaction Costs. 
 (b) The Surviving Partnership shall cause to be prepared and shall deliver to the Titan
Representative within seventy-five (75) days after the Closing, a Closing Date Purchase Price Certificate (the “Closing Date Purchase Price Certificate”), which shall set forth the Closing Date Balance Sheet, the Aggregate
Purchase Price, the Closing Date Liabilities, the Closing Date Current Assets, the Closing Date Transaction Costs, the Aggregate Transaction Bonus Amount and any other adjustments to the Aggregate Purchase Price, the Aggregate GP Merger
Consideration and the Aggregate Partnership Merger Consideration occurring as a result of adjustments to the amounts set forth in the Estimated Purchase Price Certificate, together with a description in reasonable detail of each such adjustment and
the facts and circumstances supporting such adjustments. The Titan Representative shall have thirty (30) days following delivery of the Closing Date Purchase Price Certificate to review any adjustments to the amounts set forth in the Estimated
Purchase Price Certificate, and if, in the Titan Representative’s opinion, the Closing Date Purchase Price Certificate, and any other adjustments to the amounts set forth in the Estimated Purchase Price Certificate were not prepared in
accordance with the definitions thereof or were otherwise calculated in a manner inconsistent with the terms of this Agreement, then the Titan Representative shall, within such 30-day period, deliver to the Surviving Partnership written proposed
adjustments to the Closing Date Balance Sheet, and any 

  

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other adjustments to the amounts set forth in the Closing Date Purchase Price Certificate (the “Seller’s Adjustment Request”) setting
forth in reasonable detail (A) the amount of the proposed adjustment, (B) the item or items to which such proposed adjustment relates, and (C) the facts and circumstances supporting such adjustment. During such 30-day period the
Surviving Partnership will promptly provide the Titan Representative with all information, and full access to the books and records and all appropriate personnel and accountants of the Surviving Partnership that it may reasonably request for
purposes of evaluating the Surviving Partnership’s calculation of the Closing Date Balance Sheet, any other adjustments to the amounts set forth in the Estimated Purchase Price Certificate, and in no event shall the Seller’s Adjustment
Request be required to be delivered to the Surviving Partnership until fifteen (15) days after all information and access reasonably requested by the Titan Representative has been provided to it. The Titan Representative and the Surviving
Partnership shall use their respective good faith efforts for ten (10) days after delivery of the Seller’s Adjustment Request to agree upon any adjustments to the Closing Date Balance Sheet and any other adjustments to the amounts set
forth in the Closing Date Purchase Price Certificate proposed in the Seller’s Adjustment Request. At any time after the expiration of such 10-day period, either the Titan Representative or the Surviving Partnership may demand in writing that
any or all disputes reflected in the Seller’s Adjustment Request and not previously resolved between the Titan Representative and the Surviving Partnership be submitted for resolution to a firm of independent nationally recognized accountants
(the “Independent Accountant”), which firm shall be reasonably acceptable to both parties. In the event the Titan Representative and the Surviving Partnership fail to agree on the selection of the Independent Accountant within five
(5) days after the demand, each shall, within five (5) days, select a certified public accounting firm of national standing, and the two accounting firms so selected shall, within ten (10) days after selection, designate a third firm
as the Independent Accountant. As promptly as practicable, but in no event later than fifteen (15) days after selection or designation of the Independent Accountant, the Titan Representative and the Surviving Partnership shall each deliver to
the Independent Accountant written submissions supporting their respective positions with respect to such dispute. The Independent Accountant shall render a decision with respect to each disputed amount regarding the Closing Date Purchase Price
Certificate, and the Seller’s Adjustment Request (the “Independent Accountant’s Determination”), within fifteen (15) days of receipt of the written submissions, and such decision and any dispute relating thereto,
shall be final and binding on the parties hereto and may be enforced as an arbitration award in any court of competent jurisdiction; provided, however, that such decision shall be based solely upon the written submissions of the Titan
Representative and the Surviving Partnership, shall be limited to the matters and amounts in dispute between the parties, and shall be within the range of the amounts in dispute as calculated by each of the parties. 
 (c) The costs and expenses of the Independent Accountant incurred in connection with this Section 3.4 shall be borne by Parent, on the one hand, and
the Partnership, on the other hand, in inverse proportion as the Surviving Partnership (on behalf of Parent) and the Titan Representative (on behalf of the Partnership) may prevail on matters resolved by the Independent Accountant, and such
proportionate allocation also shall be determined by the Independent Accountant when the Independent Accountant’s Determination is rendered on the merits of the matters submitted. The sole and exclusive source for satisfaction of the
Partnership’s obligations under this Section 3.4 shall be the Escrow. 
  

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 (d) Within one (1) business day of the final determination of the Aggregate Purchase Price pursuant
to this Section 3.4: 
 (A) if the Estimated Aggregate Purchase Price exceeds the Aggregate Purchase Price, then the
Surviving Partnership shall be entitled to receive payment of that portion of the Escrow Amount (which shall not exceed the entire Escrow Amount) equal to such excess, and the remaining Escrow Amount, if any, in the Escrow shall be paid to the
Closing Exchange Agent or by the Surviving Partnership for distribution to the former holders of General Partner Membership Units, Titan Limited Partner Units, Deferred Units, and Options outstanding immediately prior to the Effective Time and each
individual entitled to receive a portion of the Aggregate Transaction Bonus Amount (as determined in accordance with this Article III), or 
 (B) if the Aggregate Purchase Price is equal to or exceeds the Estimated Aggregate Purchase Price, then (I) the Escrow Amount shall be paid to the Closing Exchange Agent or the Surviving Partnership for
distribution to the former holders of General Partner Membership Units, Titan Limited Partner Units, Deferred Units and Options outstanding immediately prior to the Effective Time and each individual entitled to receive a portion of the Aggregate
Transaction Bonus Amount (as determined in accordance with this Article III), and (II) Parent and MergerCo shall pay (or cause to be paid) an amount equal to the amount, if any, by which the Aggregate Purchase Price exceeds the Estimated Aggregate
Purchase Price, (x) to the Closing Exchange Agent for distribution to the former holders of General Partner Membership Units and Titan Limited Partner Units outstanding immediately prior to the Effective Time in accordance with
Section 3.3, and (y) to the former holders of Deferred Units and Options outstanding immediately prior to the Effective Time and each individual entitled to receive a portion of the Aggregate Transaction Bonus Amount (all as determined in
accordance with this Article III). 
 All payments to be paid to the former holders of General Partner Membership Units, Titan Limited Partner Units,
Deferred Units, and Options outstanding immediately prior to the Effective Time and each individual entitled to receive a portion of the Aggregate Transaction Bonus Amount (i) pursuant to clauses (A) and (B)(I) of the preceding sentence
shall be paid to such Persons pro rata based on the amounts included in the Escrow Amount with respect to the such Person as determined in accordance with this Article III; provided, however, that the payments to be paid
pursuant to clauses (A) of the preceding sentence may be adjusted to reflect any needed changes relating to the Aggregate Transaction Bonus Amount; and (ii) pursuant to clause (B)(II) of the preceding sentence shall be paid to such Persons
so that, together with all other payments made pursuant to this Article III, each such Person will the amount payable to such Person as determined in accordance with this Article III. 
 Section 3.5 Transfer Taxes. 
 Any applicable
sales, transfer, stamp, documentary or other taxes that are due and payable as a result of the Merger shall be borne by the Partnership. 
  

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 Section 3.6 Allocation of Purchase Price for Tax Purposes. 
 The General Partner and the Parent shall use commercially reasonable efforts to reach agreement as to the allocation of the consideration payable under
this Agreement that would be included in “amount realized” for Federal and applicable state and local income tax purposes to the Partnership Assets in accordance with Code section 1060 and the regulations promulgated thereunder by the
Closing. The parties shall file all Tax Returns (including amended Tax Returns and claims for refund) and information reports, including IRS Form 8594, in a manner consistent with any such agreed allocations. The General Partner and Parent shall use
commercially reasonable efforts to resolve their differences; however, resolution of such differences will not be a condition to the Closing. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP 
 The Partnership and the General Partner hereby make, as of the date hereof and, as of the Closing Date, the following representations and warranties to
Parent and MergerCo except as otherwise set forth in a written disclosure letter delivered by the Partnership and the General Partner concurrently with the execution of the Agreement (the “Disclosure Letter”). Unless otherwise
specified, (a) each reference in this Agreement to any numbered schedule is a reference to that numbered schedule which is included in the Disclosure Letter and (b) disclosure made in any particular numbered section of the Disclosure
Letter shall be deemed disclosed for purposes of any other representation and warranty herein to the extent that it is reasonably apparent from such disclosure that such disclosure is responsive or applicable to such representation or warranty.

 Section 4.1 Organization and Capitalization. 
 (a) Organization. The Partnership is duly formed and validly existing as a limited partnership under the laws of the State of Delaware and has full limited partnership power and authority to conduct its
business as it is presently being conducted and to own and lease its Assets. The General Partner is duly formed and validly existing as a limited liability company under the laws of Delaware and has full limited liability company power and authority
to conduct its business as it is presently being conducted and to own and lease its assets. The Partnership and the General Partner are each duly qualified to do business in good standing in each jurisdiction in which such qualification is necessary
under applicable law except where the failure to be so qualified would not reasonably be expected to have a Titan Material Adverse Effect. Section 4.1(a) of the Disclosure Letter sets forth a list of each jurisdiction in which each of
the Partnership and the General Partner are qualified to do business. The Partnership and the General Partner have each, prior to the date hereof, delivered to Parent true, correct and complete copies of their respective organizational documents (as
amended to date). 
 (b) Capitalization. The outstanding partnership interests of the Partnership and the outstanding membership
interests of the General Partner, including, in each case, any Options, Phantom Units, Deferred Units and other rights to acquire partnership interests of the Partnership or membership interests of the General Partner, are as set forth in
Section 4.1(b) of the Disclosure Letter. 
  

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 Section 4.2 Authorization. 
 The Partnership and the General Partner each has all necessary limited partnership or limited liability company power and authority to execute and deliver this Agreement and to perform their respective obligations
hereunder and, except for the Partnership Approval, no other proceedings on the part of the Partnership or the General Partner are necessary to authorize this Agreement or the transactions contemplated herein. Subject to the receipt of the
Partnership Approval, this Agreement has been duly authorized, executed and delivered by the Partnership and the General Partner and is a legal, valid and binding obligation of the Partnership and the General Partner, enforceable against the
Partnership and the General Partner in accordance with its terms, except as the enforceability thereof may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or similar laws in effect which
affect the enforcement of creditors’ rights generally or (ii) general principles of equity. 
 Section 4.3 Subsidiaries.

 (a) Names of Subsidiaries. Section 4.3(a) of the Disclosure Letter sets forth a list of each Subsidiary of the
Partnership that is currently conducting operations and each other Subsidiary of the Partnership (each, a “Partnership Subsidiary”), including the jurisdiction of organization. 
 (b) Organization. Each Partnership Subsidiary is duly formed and validly existing under the laws of the jurisdiction of its organization and has
full corporate, limited partnership or limited liability company power and authority to conduct its business as it is presently being conducted and to own and lease its Assets. Each Partnership Subsidiary is duly qualified to do business in each
jurisdiction in which such qualification is necessary under applicable law except where the failure to be so qualified and in good standing would not reasonably be expected to have a Titan Material Adverse Effect. Section 4.3(b) of the
Disclosure Letter sets forth a list of each jurisdiction in which each Partnership Subsidiary is qualified to do business. The Partnership has delivered to Parent true, correct and complete copies of each Partnership Subsidiary’s organizational
documents (in each case, as amended to date). 
 Section 4.4 No Conflict. 
 Except as set forth in Section 4.4 of the Disclosure Letter, the consummation of the transactions contemplated by the Agreement does not:

 (a) conflict with or result in a violation or breach of any of the terms, conditions or provisions of the Existing Partnership Agreement
or the operating agreement, partnership agreement or other comparable governing document of the General Partner, the Partnership or any Partnership Subsidiary; 
 (b) subject to obtaining the consents, approvals and actions, making the filings and giving the notices disclosed in Section 4.4 of the Disclosure Letter, conflict with or result in a violation or breach of any
term or provision of any Law applicable to the General Partner, the 

  

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Partnership or any Partnership Subsidiary or any of their respective Assets, except as would not reasonably be expected, individually or in the aggregate, to
have a Titan Material Adverse Effect; or 
 (c) (i) conflict with or result in a violation or breach of, (ii) constitute (with or
without notice or lapse of time or both) a default under, (iii) require the General Partner, the Partnership or any Partnership Subsidiary to obtain any consent, approval or action of, make any filing with or give any notice to, any Person as a
result or under the terms of, (iv) result in or give to any Person any right of termination, cancellation, acceleration or modification in or with respect to or (v) result in the creation or imposition of any Encumbrance upon the General
Partner, the Partnership or any Partnership Subsidiary or any of their respective Assets under, any Material Contract or any Material Permit to which the General Partner, the Partnership or any Partnership Subsidiary is a party or by which any of
their respective Assets is bound, except as would not reasonably be expected, individually or in the aggregate, to have a Titan Material Adverse Effect. 
 Section 4.5 Financial Information. 
 Section 4.5 of the Disclosure Letter sets forth
(i) the audited consolidated balance sheet of the Partnership and its Subsidiaries at June 30, 2005 and the related audited consolidated statements of operations, cash flows and changes in partners’ capital for the period from
the Emergence Date through June 30, 2005, together with the audit report thereon (collectively, the “Audited Financials”), and the unaudited balance sheet at March 31, 2006 and related unaudited consolidated statement of
operations, cash flow, and changes in partners’ capital for the nine months then ended (the “Unaudited Financials,” together with the Audited Financials, the “Financial Statements”). Except as set forth in
Section 4.5 of the Disclosure Letter, the Financial Statements were prepared in accordance with GAAP, applied consistently during the relevant period, and present fairly, in all material respects, the consolidated financial condition and
results of operations of the Partnership and its Subsidiaries, taken as a whole, at such dates and for the periods covered by such statements, except as may be noted therein and except for normal year-end adjustments (in the case of the Unaudited
Financials). 
 Section 4.6 Undisclosed Liabilities. 
 Except as set forth in Section 4.6 of the Disclosure Letter, none of the General Partner, the Partnership or any Partnership Subsidiary has any material Liabilities or obligations (whether absolute or
contingent, liquidated or unliquidated, or due or to become due), except for Liabilities and obligations (i) reflected or reserved for on the Financial Statements or disclosed in the notes thereto, (ii) that have arisen since the date of
the Financial Statements in the ordinary course of the operation of business and consistent with past practice of the Partnership and its Subsidiaries, (iii) not required to be reflected on, or disclosed on the footnotes to, the Financial
Statements under GAAP, (iv) arising from executory obligations arising under Contracts disclosed, or not required to be disclosed, pursuant to Section 4.8 of this Agreement, (v) incurred as a result of or arising out of the
transactions contemplated by this Agreement, or (vi) which would not in the aggregate reasonably be expected to have a Titan Material Adverse Effect. 
  

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 Section 4.7 Absence of Certain Changes or Events. 
 From March 31, 2006 through the date hereof, except as disclosed in Section 4.7 of the Disclosure Letter, there has not been any:

 (a) Titan Material Adverse Effect; 
 (b) except for normal periodic increases in the ordinary course of business consistent with past practice or in the aggregate not material to the Partnership, increase in (i) the compensation payable or to become payable by the General
Partner, the Partnership or any Partnership Subsidiary to any of their respective Personnel, (ii) bonus, incentive compensation, service award, severance arrangements or other like benefit granted, made or accrued, contingently or otherwise,
for or to the credit of any of the Personnel or (iii) new employment agreement to which the General Partner, the Partnership or any Partnership Subsidiary is a party; 
 (c) addition to or modification of the Employee Plans other than (i) contributions made in accordance with the normal practices of the Partnership
and the Partnership Subsidiaries, (ii) the extension of coverage to other Personnel who became eligible after March 31, 2006 or (iii) additions or modifications that in the aggregate are not material to the Partnership; 
 (d) sale, assignment or transfer of any material Assets of the General Partner, the Partnership or any Partnership Subsidiary other than in the ordinary
course of business; 
 (e) cancellation of any material Indebtedness or waiver of any rights of substantial value to the General Partner, the
Partnership or any Partnership Subsidiary, other than in the ordinary course of business; 
 (f) capital expenditure, or commitment to make a
capital expenditure, by the General Partner, the Partnership or any Partnership Subsidiary, involving payments in excess of $500,000 in the aggregate (including payments to be made after the date hereof) that cannot be canceled without penalty on
less than 90 days notice; 
 (g) the execution of or amendment to any lease or any incurring of liability therefor by the Partnership or any
Partnership Subsidiary, involving annual payments in excess of $100,000 that cannot be canceled without penalty on less than 90 days notice; 
 (h) change in accounting methods or practices by the Partnership or any Partnership Subsidiary, except as may have been required by a change in GAAP; 
 (i) revaluation by the Partnership or any Partnership Subsidiary of any of their respective Assets, including without limitation, writing off notes or accounts receivable, other than in the ordinary course of
business, that has resulted in a change in the value assigned to such Assets by the Partnership; 
 (j) Indebtedness incurred by the
Partnership for borrowed money or any commitment to incur Indebtedness entered into by the Partnership, or any loans made or agreed to be made by 

  

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the Partnership, other than trade debt or Indebtedness incurred under the Credit Revolver, in each case in the ordinary course of business consistent with
past practice; 
 (k) declaration, setting aside for payment or payment of dividends or distributions in respect of any Equity Securities of
the Partnership or any redemption, purchase or other acquisition of any of the Partnership’s or any Partnership Subsidiary’s Equity Securities, other than distributions to the limited partners of the Partnership in the ordinary course
consistent with past practice; or 
 (l) any agreement by the General Partner, the Partnership or any Partnership Subsidiary to do any of the
foregoing. 
 Section 4.8 Contracts; No Defaults. 
 (a) Section 4.8(a) of the Disclosure Letter contains a listing of all Contracts of the types described in (i) through (xiv) below to which the Partnership or any Partnership Subsidiary was a
party as of the date hereof (each, a “Material Contract”). True, correct and complete copies of Contracts referred to in clauses (i)-(xiv) below have been delivered, or made available, to Parent or its representatives.

 (i) Each Contract, other than customer contracts but including fixed price customer contracts, that involves performance of
services or delivery of goods and/or materials by or to the Partnership or any Partnership Subsidiary of an amount or value in excess of $100,000 per year that cannot be canceled without penalty on less than 90 days notice; 
 (ii) Each note, debenture, other evidence of Indebtedness, guarantee, loan, letter of credit, surety-bond or financing agreement or
instrument or other contract for money borrowed or guaranteed by the Partnership or any Partnership Subsidiary (including any agreement or commitment for future loans, credit or financing) having a principal amount due in excess of $100,000;

 (iii) Each lease, rental or occupancy agreement, license, installment and conditional sale agreement and other Contract
affecting the ownership of, leasing of, title to, use of or any leasehold or other interest in, any real or personal property having annual rental payments in excess of $100,000 that cannot be canceled without penalty on less than 90 days notice;

 (iv) Each licensing agreement or other Contract with respect to patents, trademarks, copyrights or other intellectual
property; 
 (v) Each employment, severance or retention agreement, collective bargaining agreement or other Contract to or
with any key employee relating to wages, hours and other conditions of employment, except for any such contract which is terminable either at will or on no more than 90 days notice without payment, penalty or additional severance in connection
therewith; 
  

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 (vi) Each joint venture Contract, partnership agreement, limited liability company
agreement or other Contract (however named) involving a sharing of profits, losses, costs or liabilities by the Partnership or any Partnership Subsidiary with any other Person, other than Contracts entered into in the ordinary course of business,
none of which in the aggregate is material to the Partnership; 
 (vii) Each Contract containing covenants which in any way
purport to materially restrict the Partnership’s or any Partnership Subsidiary’s business activity or purport to limit the freedom of the Partnership or any Partnership Subsidiary to engage in any line of business or to compete with any
Person, except for confidentiality or non-disclosure agreements entered into in the ordinary course of business; 
 (viii)
Each Contract providing for sales commissions or other payments to any Person based on sales, purchases or profits, other than direct payments for goods or services, and other than Contracts entered into in the ordinary course of business;

 (ix) Each power of attorney granted by the Partnership or any Partnership Subsidiary that is currently effective and
outstanding; 
 (x) Each Contract requiring greater than $500,000 in future capital expenditures that is not cancelable
without penalty on less than 90 days notice; 
 (xi) Each written warranty, guaranty or other similar undertaking with respect
to contractual performance extended by the Partnership or any of Partnership Subsidiary other than in the ordinary course of business; 
 (xii) Each Loss Contract; 
 (xiii) Each Contract or other arrangement providing for sales,
purchases, leasing, subleasing, licensing or sublicensing of goods, services, tangible or intangible property or joint activities between the Partnership and any of the Partnership’s directors, officers or limited partners, other than
(A) Contracts to provide residential propane products and services or (B) Contracts entered into in the ordinary course of business containing “arm’s-length” terms; and 
 (xiv) Each material amendment, supplement and modification in respect of any of the foregoing. 
 (b) Except as set forth in Section 4.8(b) of the Disclosure Letter, all of the Material Contracts are (i) in full force and effect,
(ii) represent the legally valid and binding obligations of the Partnership or the Partnership Subsidiary party thereto and are enforceable against the Partnership or such Partnership Subsidiary in accordance with their terms (except to the
extent such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting creditors’ rights generally or subject to general principles of equity) and (iii) to the Knowledge of the Partnership, represent the
legally valid and binding obligations of the other parties thereto and are enforceable against such parties in accordance with their terms. Except as set forth in Section 4.8(b) of the Disclosure Letter, to the Knowledge of the
Partnership, as of the date hereof, no condition exists or event has occurred which, with notice or lapse of time or both, 

  

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would constitute a default or a basis for force majeure or the claim of excusable delay or nonperformance under such Contracts, except as would not
reasonably be expected, individually or in the aggregate, to have a Titan Material Adverse Effect. 
 (c) Except as set forth in
Section 4.8(c) of the Disclosure Letter, to the Knowledge of the Partnership, neither the Partnership nor any Partnership Subsidiary has committed any act or omission which would result in, and to the Knowledge of the Partnership, there
has been no occurrence which would give rise to, any liability for breach of warranty on the part of the Partnership or any Partnership Subsidiary under any of the Material Contracts. 
 Section 4.9 Machinery and Equipment and Other Property. 
 Except as set forth in Section 4.9 of the Disclosure Letter, the Partnership or a Partnership Subsidiary owns and has good and marketable title to the machinery, equipment, tools, spare parts, furniture
and automotive vehicles reflected on the books of the Partnership and its Subsidiaries as owned by the Partnership or its Subsidiaries (the “Machinery and Equipment”), free and clear of all Encumbrances other than Permitted
Encumbrances. The Machinery and Equipment, taken as a whole, are suitable in all material respects for the purposes for which they are presently or have historically been used. The Machinery and Equipment, taken as a whole, (i) are in
compliance with the rules and regulations of applicable Governmental Authorities regulating the storage and handling of propane (including liquefied propane) and (ii) are in compliance with the current National Fire Protection Association
Pamphlets 54 and 58 (including, but not limited to, bona fide valid data plates affixed to all bulk storage tanks), except, in each case, where the failure to be in compliance would not reasonably be expected to have a Titan Material Adverse
Effect. Except as otherwise contemplated by this Agreement, the Partnership and the Partnership Subsidiaries own, or, in the case of leases and licenses, have valid and subsisting leasehold interests or licenses in, all of the material properties
and assets of whatever kind (whether real or personal, tangible or intangible) used in their businesses, in each case free and clear of any Encumbrances other than Permitted Encumbrances. 
 Section 4.10 Intellectual Property. 
 Section 4.10 of the Disclosure Letter lists all material Intellectual Property Rights owned by the Partnership or any Partnership Subsidiary (the “Partnership Intellectual Property”). Section 4.10 of
the Disclosure Letter lists all license or sublicense agreements with respect to any licensed Intellectual Property Rights to which the Partnership or any Partnership Subsidiary is a party and which is material to the business and operations of the
Partnership or any Partnership Subsidiary as presently being conducted. Except as set forth in Section 4.10 of the Disclosure Letter, the Partnership or a Partnership Subsidiary has good title to each item of Partnership Intellectual
Property, free and clear of any Encumbrances other than Permitted Encumbrances. Except as set forth in Section 4.10 of the Disclosure Letter, to the Knowledge of the Partnership, the Partnership’s and the Partnership
Subsidiaries’ use of the Partnership Intellectual Property does not infringe or otherwise violate the rights of any Person and no Person is infringing or otherwise violating the rights of the Partnership or any Partnership Subsidiary in or to
any material Partnership Intellectual Property. Since the Emergence Date, no claims have been asserted in writing by any Person against the Partnership or any Partnership Subsidiary with respect to the use of any Partnership Intellectual Property
challenging or questioning the 

  

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ownership or validity of the Partnership Intellectual Property or any license or sublicense agreements to which the Partnership or any Partnership Subsidiary
is a party and, except as set forth in Section 4.10 of the Disclosure Letter, to the Partnership’s Knowledge, no Person has a right to a royalty or similar payment in respect of the Partnership Intellectual Property. Except as would
not reasonably be expected to have a Titan Material Adverse Effect, the Partnership and the Partnership Subsidiaries own or have the right to use pursuant to a valid license, sublicense, agreement or permission all the material Intellectual Property
Rights used in the operation of the business of the Partnership and its Subsidiaries, as presently conducted. 
 Section 4.11 Real Property.

 (a) Section 4.11(a) of the Disclosure Letter lists all real property (“Owned Real Property”) owned by the
Partnership and the Partnership Subsidiaries. Except as set forth in Section 4.11(a) of the Disclosure Letter, with respect to such owned real property, the identified owner has good and marketable fee simple title free of all Encumbrances
excepted Permitted Encumbrances. 
 (b) Section 4.11(b) of the Disclosure Letter describes and lists the name of the lessor of
all real property now leased or licensed for use by the Partnership or any Partnership Subsidiary (the “Leased Real Property”) and the expiration date relating thereto. The Partnership or a Partnership Subsidiary has a valid
leasehold interest in, and enjoys peaceful and undisturbed possession of, all Leased Real Property, in each case free and clear of all Encumbrances except for Permitted Encumbrances and as set forth in Section 4.11(b) of the Disclosure
Letter. Except as set forth in Section 4.11(b) of the Disclosure Letter, there are no leases, subleases, licenses, occupancy agreements, options, rights (other than those rights granted by law), concessions or other written or, to the
Knowledge of the Partnership, other agreements or arrangements granting to any Person the right to purchase, use or occupy any of the Leased Real Property. Except as set forth in Section 4.11(b) of the Disclosure Letter, the Owned Real
Property and the Leased Real Property (collectively, the “Real Property”) includes all of the real property used in the business of the Partnership and its Subsidiaries as currently conducted. 
 (c) All Improvements owned, leased or used by the Partnership or any Partnership Subsidiary on the Real Property are suitable in all material respects
for the purposes for which they are currently used. Except as set forth in Section 4.11(c) of the Disclosure Letter, the Partnership or a Partnership Subsidiary has obtained permits from any Governmental Authority having jurisdiction
over any of the Real Property necessary to permit the lawful use and operation of the Improvements and the Real Property except where the failure to do so would not reasonably be expected to have a Titan Material Adverse Effect. Each such permit is
in full force and effect, and there is no pending or, to the Knowledge of the Partnership, threatened proceeding that could result in the modification or cancellation thereof except, in each case, for deviations from the foregoing which would not
reasonably be expected to have a Titan Material Adverse Effect. 
 Except as set forth in Section 4.11(c) of the Disclosure
Letter, the Partnership or a Partnership Subsidiary has obtained any agreement, easement or other right from any Person, necessary to permit the lawful use and operation of any driveways, roads and other means of egress and ingress to and from any
of the Real Property, except where the failure to do so would 

  

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not materially interfere with the use of the Improvements and the Real Property. Each such agreement, easement or other right is in full force and effect,
and there is no pending or, to the Knowledge of the Partnership, threatened proceeding that could result in the modification or cancellation thereof except, in each case, for deviations from the foregoing which would not reasonably be expected to
materially interfere with the use of the Improvements and the Real Property. 
 Except as set forth in Section 4.11(c) of the
Disclosure Letter, no Improvement, or the operation or maintenance thereof, violates any restrictive covenant, or encroaches on any property owned or leased by any other Person, except for such violations or encroachments which would not reasonably
be expected to have a Titan Material Adverse Effect. 
 The Real Property and the Improvements are sufficiently supplied in all material
respects with utilities and other services as necessary for the operation of such Real Property and Improvements as currently operated including adequate water, storm and sanitary sewer, gas, electric, cable and telephone facilities. 
 (d) Prior to the date hereof, the Partnership has delivered or made available to Parent true and correct copies of all title reports, title policies and
surveys currently in the possession of the Partnership or any Partnership Subsidiary with respect to any of the Real Property. 
 Section
4.12 Litigation and Proceedings. 
 Except as set forth in Section 4.12 of the Disclosure Letter or as would not reasonably be
expected to have a Titan Material Adverse Effect, there are no lawsuits, actions, suits, claims or other proceedings at law or in equity, including but not limited to Environmental Claims, or to the Knowledge of the Partnership, investigations,
before or by any Governmental Authority or before any arbitrator pending or, to the Knowledge of the Partnership, threatened, against the Partnership or any Partnership Subsidiary. Except as set forth in Section 4.12 of the Disclosure
Letter or as would not reasonably be expected to have a Titan Material Adverse Effect, there is no unsatisfied judgment, order, injunction or decree binding upon the Partnership or any Partnership Subsidiary. 
 Section 4.13 Employee Benefit Plans. 
 (a)
Disclosure; Delivery of Copies of Relevant Documents and Other Information. Section 4.13(a) of the Disclosure Letter contains a complete list of all material Employee Plans. With respect to each material Employee Plan, the
Partnership has delivered or made available to Parent true, correct and complete copies, including all amendments thereto, of: (i) all current plan documents, trust agreements and other funding arrangements; (ii) all current summaries and
summary plan descriptions; (iii) the annual reports (Form 5500 series) for the most recently completed three fiscal years for each Employee Plan required to file such form, together with the most recent actuarial valuation report, if any;
(iv) the most recent determination or opinion letter, if any, issued by the IRS and any pending request for such a determination letter; (v) copies of all material documents and correspondence relating to any Employee Plan received from or
provided to the IRS, Department of Labor, or Pension Benefit Guaranty Corporation; (vi) the most recent annual 401(k) and 401(m) nondiscrimination tests performed under the Code; 

  

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(vii) all summaries furnished employees, officers and directors of the Partnership and the Partnership Subsidiaries of all incentive compensation, other
plans and fringe benefits for which a summary plan description is not required; and (viii) the forms of notifications to employees of their rights under Section 4980B of the Code. 
 (b) Representations. Except as set forth in Section 4.13(b) of the Disclosure Letter: 
 (i) Neither the Partnership nor any Partnership Subsidiary or ERISA Affiliate sponsors, maintains, contributes to or has an obligation to
contribute to, or has since the Emergence Date sponsored, maintained, contributed to or had an obligation to contribute to, or has withdrawn in a partial or complete withdrawal from, any multi-employer plan as defined in Section 4001(a)(3) or
Section 3(37) of ERISA (a “Multiemployer Plan”) or has any fixed or contingent liability under Section 4204 of ERISA with respect to any of their current or former employees. 
 (ii) Neither the Partnership nor any of its ERISA Affiliates maintains or has since the Emergence Date maintained, contributed to or has
had an obligation to contribute to an Employee Plan subject to Title IV of ERISA or Section 412 of the Code. 
 (iii)
Each Employee Plan which is intended to qualify under Section 401(a), Section 401(k), Section 401(m) or Section 4975(e)(7) of the Code has received a favorable determination letter or opinion letter, as applicable, from the IRS
as to its tax qualified status, and each trust established in connection with any Employee Plan that is intended to be exempt from federal income taxation under Section 501(a) of the Code is so exempt, and, no matters are pending under the IRS
Employee Plans Compliance Resolution System, the IRS closing agreement programs or other similar program. 
 (iv) Except as
would not reasonably be expected to result, individually or in the aggregate, in material liability to the Partnership or any Partnership Subsidiary, as to each of the Employee Plans, the Partnership and the Partnership Subsidiaries have complied
with all applicable Law in the administration thereof including the provisions of ERISA, and each Employee Plan complies in all material respects in form and operation with its terms and all applicable Laws. 
 (v) With respect to the Employee Plans, no event has occurred and, to the Knowledge of the Partnership, there exists no condition or set
of circumstances in connection with which the Partnership or any Partnership Subsidiary is reasonably likely to be subject to any material liability (other than for routine claims for benefits under the Employee Plans) under the terms of, or with
respect to, such Employee Plans, ERISA, the Code or any other applicable Law. 
 (vi) None of the Partnership or any
Partnership Subsidiary or any fiduciary of an Employee Plan has any material liability with respect to any transaction in violation of Sections 404 or 406 of ERISA or any “prohibited transaction,” as defined in Section 4975(c)(1) of
the Code, for which no exemption exists under Section 408 of ERISA or Section 4975(c)(2) or (d) of the Code. None of the assets of the Partnership or any Partnership Subsidiary is, or would reasonably be expected to become, the
subject of 

  

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any lien arising under ERISA or Section 412(n) of the Code. Neither the Partnership nor any Partnership Subsidiary or ERISA Affiliate has any material
liability under Section 502 of ERISA. No material excise tax would reasonably be expected to be imposed upon the Partnership or any Partnership Subsidiary under Chapter 43 of the Code. 
 (vii) There is no action, order, writ, injunction, judgment or decree outstanding or claim, suit, litigation, proceeding, arbitral action,
governmental audit or investigation relating to or seeking benefits under any Employee Plan, including any audit or inquiry by the IRS or the United States Department of Labor, that is pending, or, to the Knowledge of the Partnership, threatened or
anticipated, against the Partnership or any Partnership Subsidiary or any ERISA Affiliate (other than routine benefits claims) and, to the Knowledge of the Partnership, there exist no facts or circumstances that could give rise to any such action,
order, writ, injunction, judgment, decree, claim, suit, litigation, proceedings, arbitral action, audit or investigation. 
 (viii) Neither the Partnership nor any Partnership Subsidiary has any present or future obligation to make any payment to, or with respect to, any present of former employee of the Partnership or the Partnership Subsidiaries pursuant to any
retiree medical benefit plan or other retiree welfare plan. 
 (ix) Neither the Partnership nor any Partnership Subsidiary has
any announced plan or legally binding commitment to create any additional Employee Plans or to amend or modify any existing Employee Plan, except as required by Law. 
 (x) No Employee Plan is a voluntary employee benefit association under Section 501(c)(9) of the Code. The Partnership and each
Partnership Subsidiary and ERISA Affiliate is in material compliance with (i) the requirements of the applicable health care continuation and notice provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and the
regulations thereunder and any similar state law and (ii) the applicable requirements of the Health Insurance Portability and Accountability Act of 1996, as amended, and the regulations thereunder. Neither the Partnership nor any Partnership
Subsidiary has contributed to a nonconforming group health plan (as defined in Section 5000(c) of the Code). 
 (xi)
Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated herein (either alone or in conjunction with any other event, including a termination of employment) will result in any liability to the
Partnership or any Partnership Subsidiary or the acceleration or creation of any rights of any person to benefits under any Employee Plan (including, without limitation, the acceleration of the vesting or exercisability of any stock options or
restricted stock or the acceleration or creation of any rights under any Employee Plan) or increase the amount of compensation due any such person. 
 (xii) There is no Contract, agreement, plan or arrangement covering any employee, director or consultant or former employee, director or consultant, of the Partnership or any Partnership Subsidiary that, individually
or collectively, provides for 

  

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the payment by the Partnership or any Partnership Subsidiary of any amount that is not deductible under Section 404 of the Code or that is an
“excess parachute payment” pursuant to Section 280G of the Code. 
 (xiii) The Partnership and the Partnership
Subsidiaries have, based on a reasonable interpretation of applicable Laws, properly classified individuals providing services to the Partnership or any Partnership Subsidiary as independent contractors or employees, as the case may be, for all
purposes, including but not limited to payroll and employee benefit purposes. No “leased employee,” as that term is defined in Section 414(n) of the Code, performs services for the Partnership or any Partnership Subsidiary.

 (xiv) No Employee Plan has participated in a “reportable transaction” within the meaning of Treasury Regulation
Section 1.6011-4(b). 
 (xv) Neither the Partnership nor any Partnership Subsidiary has any potential liability under
Code section 4978, and all deferred compensation arrangements of the Partnership and each Subsidiary have been operated since January 1, 2005 in good faith compliance with Code section 409A. 
 Section 4.14 Labor Matters. 
 (a) Except as
set forth in Section 4.14(a) of the Disclosure Letter, neither the Partnership nor any Partnership Subsidiary is a party to any collective bargaining or other labor union agreements (a “CBA”), subject to a legal duty to
bargain with any labor organization on behalf of any employee or is presently operating under an expired collective bargaining agreement. Except as set forth in Section 4.14(a) of the Disclosure Letter, at no time since the Emergence
Date has there been any material work stoppage or material labor dispute (including questions concerning representation, arbitration proceedings, labor strikes, slow downs or stoppages, organizing attempts, picketing or boycotts) against the
Partnership or any Partnership Subsidiary and, to the Knowledge of the Partnership, no such action is threatened and there is no organizational activity underway as of the date hereof. The Partnership and the Partnership Subsidiaries are in
compliance in all material respects with all applicable Laws respecting employment practices, employee documentation, terms and conditions of employment, payment and termination of labor, including the provisions thereof relative to severance,
vacation, unemployment, wages and hours, equal employment opportunity, nondiscrimination, immigration, benefits, collective bargaining, the payment of social security and similar taxes, occupational safety and health, and plant closings. Except as
set forth in Section 4.14(a) of the Disclosure Letter, neither the Partnership nor any Partnership Subsidiary is engaged in, or received any written notice of, any unfair labor practice and no such complaints are pending before the
National Labor Relations Board or any other Governmental Authority. 
 (b) There are no outstanding assessments, penalties, fines, liens,
charges, surcharges, or other amounts due or owing pursuant to any workplace safety and insurance legislation and the Partnership and the Partnership Subsidiaries have not been reassessed in any material respect under such legislation since the
Emergence Date and no audit of the Partnership or the Partnership Subsidiaries is being performed as of the date hereof pursuant to any applicable 

  

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workplace safety and insurance legislation. There are no claims under applicable workplace safety and insurance legislation that would reasonably be expected
to have a Titan Material Adverse Effect. 
 There are no charges pending under Occupational Safety and Health Act (29 U.S.C. § 641
et seq.) and the regulations promulgated thereunder (“OSHA”). The Partnership and the Partnership Subsidiaries have complied in all material respects with any orders issued under OSHA and there are no appeals of any orders under
OSHA currently outstanding. 
 Section 4.15 Legal Compliance. 
 Except as set forth in Section 4.15 of the Disclosure Letter, and except for (i) Environmental Law, which is governed by Section 4.16 of this Agreement, (ii) ERISA, which is governed
by Section 4.13 of this Agreement and (iii) employment Law, which is governed by Section 4.14 of this Agreement, (A) neither the Partnership nor any Partnership Subsidiary is, or at any time since the Emergence Date
has been, in material violation of or in material default under any Law applicable to the Partnership or any Partnership Subsidiary or any of their respective Assets, (B) to the Partnership’s Knowledge, no action, proceeding, formal
governmental investigation, complaint, claim, demand or notice has been filed or commenced against the Partnership or any Partnership Subsidiary alleging any such violation or default, nor to the Partnership’s Knowledge are any such actions
threatened and (C) neither the Partnership nor any of its Subsidiaries has, since the Emergence Date, conducted any internal investigation with respect to any actual, potential or alleged material violation of any Law by the Partnership, its
Subsidiaries or any of their employees, officers, directors or agents except, in each case, for such violations or defaults which would not reasonably be expected to have a Titan Material Adverse Effect. 
 Section 4.16 Environmental Matters. 
 Except
as otherwise disclosed in Section 4.16 of the Disclosure Letter or specifically set forth in any of the reports or files made available to Parent or its representatives that are listed in Section 4.16 of the Disclosure
Letter: 
 (a) (i) The Partnership and the Partnership Subsidiaries are in material compliance with all Environmental Laws, including,
without limitation, the terms and conditions of all Material Permits required under Environmental Laws and (ii) the Partnership and the Partnership Subsidiaries hold all the Material Permits required under Environmental Laws for the operation
of their business. 
 (b) To the Partnership’s Knowledge, there are no facts, circumstances, conditions, or occurrences which could
reasonably be expected to require any facility owned or operated by the Partnership or the Partnership Subsidiaries to be upgraded or modified in a manner that would result in material capital expenditures in order to remain in compliance with
current and reasonably foreseeable future requirements under Environmental Law, including without limitation, any Material Permit required under Environmental Law. 
  

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 (c) (i) There are no Environmental Claims pending or, to the Knowledge of the Partnership,
threatened against the Partnership or any Partnership Subsidiary, (ii) there are no settlement agreements, writs, injunctions, decrees, orders or judgments outstanding, or, to the Knowledge of the Partnership, threatened relating to compliance
with or liability under any Environmental Law, (iii) neither the Partnership nor any Partnership Subsidiary has any unaccrued liability under any Environmental Law which would reasonably be expected to have a Titan Material Adverse Effect, and
(iv) there are no facts, circumstances, conditions, or occurrences which could reasonably be expected to form the basis of a Environmental Claim against the Partnership or any Partnership Subsidiary that would reasonably be expected to have a
Titan Material Adverse Effect. 
 (d) As of the date hereof, no judicial proceeding or governmental or administrative action is pending or,
to the Knowledge of the Partnership, threatened, under any Environmental Law pursuant to which the Partnership or any Partnership Subsidiary has been, or, to the Knowledge of the Partnership, is reasonably likely to be, named as a party. 

(e) To the Knowledge of the Partnership, there has been no spill, discharge, or release of Hazardous Substances on or from, and there are no other
Environmental Conditions relating to the Real Property that (i) requires investigation or remediation under Environmental Laws or (ii) could reasonably be expected to result in any Environmental Claim. 
 (f) Neither the Partnership nor any Subsidiary has been notified in writing by either a Governmental Authority or any other Person that it may be a
potentially responsible party or received any letter or request for information under Section 104 of CERCLA or any comparable state or local law, and none of the Real Property or, to the Partnership’s Knowledge, any former property owned,
leased or used by the Partnership or the Partnership Subsidiaries is listed on the National Priorities List promulgated pursuant to CERCLA, on CERCLIS (as defined in CERCLA) or on any similar foreign, federal or state or local list of sites
requiring investigation or remediation, except as set forth in any reports or files made available to Parent or its representatives. 
 (g)
To the Knowledge of the Partnership, (i) there are no structures, improvements, equipment, fixtures or facilities owned or granted by the Partnership that are constructed with, use, or otherwise contain radioactive materials,
asbestos-containing materials, lead, urea formaldehyde or polychlorinated biphenyls in amounts or in a condition requiring investigation or remediation under Environmental Laws, (ii) there are no underground storage tanks, or underground piping
associated with such tanks, that do not have a full secondary containment system in place, and (iii) there are no abandoned underground storage tanks that have not been either abandoned in place or removed pursuant to a permit issued by a
Governmental Authority. 
 (h) There are no recorded liens, restrictive covenants or other land use or transferability restrictions under
Environmental Laws on the Real Property, and no written notices of government actions have been received, or, to the Partnership’s Knowledge, threatened that could subject any of such properties to such liens, restrictive covenants or other
land use restrictions, and neither the Partnership nor the Partnership Subsidiaries are required to place any notice or restriction relating to Hazardous Substances in any deed to such property. 
  

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 (i) To the Knowledge of the Partnership, neither the Partnership nor any Partnership Subsidiary:
(i) has assumed any liability of any other Person under Environmental Laws; (ii) has released any Person nor waived any rights or defenses with respect to any Environmental Claim or Environmental Conditions; or (iii) has provided an
indemnity for or otherwise retained any liability under Environmental Laws at any facility formerly owned or operated by the Partnership or any Partnership Subsidiary. 
 (j) There is no environmental report prepared in the last five years in the possession or control of the Partnership relating to the current or prior business of the Partnership or its Subsidiaries that has not been
delivered or made available to Parent or its representatives and all such reports are listed in Section 4.16 of the Disclosure Letter. 
 Section 4.17 Taxes. 
 Except as otherwise disclosed in Section 4.17 of the Disclosure Letter: 
 (a) All Tax Returns of the Partnership, the General Partner and the Partnership Subsidiaries have been duly and timely filed with the appropriate
governmental authorities in each jurisdiction in which such Tax Returns are required to be filed, and are correct and complete in all material respects. None of the Partnership, the General Partner or any Partnership Subsidiary is currently the
beneficiary of any extension of time within which to file any Tax Return. 
 (b) All Taxes that are due and payable by the Partnership, the
General Partner or any Partnership Subsidiary have been timely and appropriately paid so as to avoid penalties for underpayment. 
 (c) None
of the Tax Returns of the Partnership, the General Partner or any Partnership Subsidiary has been audited or is being audited by any taxing authority. 
 (d) No deficiencies for Taxes of the Partnership, the General Partner or any Partnership Subsidiary and no assessment, audit or other proceeding by any taxing authority, court, or other Governmental Authority is
proposed, pending, or, to the Knowledge of the Partnership or the General Partner, threatened with respect to the Tax Returns or Taxes owed or alleged to be owed by the Partnership, the General Partner or any Partnership Subsidiary. 
 (e) There are no outstanding agreements, waivers, or arrangements extending the statutory period of limitations applicable to any claim for or the period
for the collection or assessment of Taxes due and payable by the Partnership, the General Partner or any Partnership Subsidiary for any taxable period. 
 (f) No closing agreement pursuant to a provision of any state, local or foreign law has been entered into by or with respect to the Partnership, the General Partner or any of the Partnership Subsidiaries or any of
their Assets. 
 (g) The Partnership and the General Partner have previously made available to Parent true, correct and complete copies of
each of the United States federal, state, local and foreign 

  

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income Tax Returns filed since the Emergence Date by the Partnership, the General Partner and the Partnership Subsidiaries. 
 (h) None of the Partnership, the General Partner or any Partnership Subsidiary has been or is in violation of any applicable Law relating to the payment
or withholding of Taxes, except as would not reasonably be expected to have a Titan Material Adverse Effect. The Partnership, the General Partner and the Partnership Subsidiaries have duly and timely withheld from salaries, wages and other
compensation and paid over to the appropriate taxing authorities all amounts required to be so withheld and paid over for all periods under all applicable Laws. 
 (i) None of the Partnership, the General Partner or any Partnership Subsidiary is a party to, is bound by, or has any obligation under any Tax sharing agreement or similar agreement and no such agreement shall be
entered into or amended by the Partnership or any Partnership Subsidiary at or prior to the Closing. 
 (j) None of the Partnership, the
General Partner or any Partnership Subsidiary has any liability for the Taxes of any person as defined in Section 7701(a)(1) of the Code (other than the Partnership and the Partnership Subsidiaries) under Treas. Reg. § 1.1502-6 (or
any similar provision of state, local, or foreign law), as a transferee or successor, by contract, or otherwise. 
 (k) No claim been made
since the Emergence Date by any Governmental Authority in a jurisdiction where the Partnership, the General Partner or any Partnership Subsidiary do not file Tax Returns that any of the Partnership or any Partnership Subsidiary is, or may be,
subject to taxation by that jurisdiction. 
 (l) None of the Partnership, the General Partner or any Partnership Subsidiary has (i) made
an election, or is required, to treat any asset as owned by another person pursuant to the provisions of former Section 168(f) of the Code or as tax-exempt bond financed property or tax-exempt use property within the meaning of Section 168
of the Code, or (ii) acquired or owns any assets that directly or indirectly secure any debt the interest on which is tax-exempt under Section 103(a) of the Code. 
 (m) There are no liens for Taxes on any of the assets of the Partnership, the General Partner or any Partnership Subsidiary, except for liens for Taxes
not yet due and payable. 
 (n) No power of attorney that is currently in force has been granted with respect to any matter relating to Taxes
that could affect the Partnership, the General Partner or any Partnership Subsidiary. 
 (o) Neither the General Partner nor the Partnership
is a foreign person within the meaning of Section 1445(b)(2) of the Code. Each of the General Partner and the Partnership is treated as a partnership for federal income tax purposes and no election has been made with respect to either of the
General Partner or the Partnership under Treasury Regulation Section 301.7701-3. The gross income of the Partnership has met the gross income requirements of Code Section 7704(c) for each of its taxable years. Titan Propane is treated as
an entity that is disregarded for federal income tax purposes. Titan Propane Services, Inc. is treated as a corporation for federal income tax purposes. 
  

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 (p) The Partnership does not own any equity interest in a company, trust, partnership, or other entity
formed under the laws of a country or jurisdiction outside the United States. 
 Section 4.18 Accounts Receivable. 
 Except as set forth in Section 4.18 of the Disclosure Letter, the amount of accounts receivable, unbilled invoices, and other debts due are
recorded in the records and books of account of the Partnership or the Partnership Subsidiaries in the ordinary course of business as being due to the Partnership or the Partnership Subsidiaries, after deducting the reserves reflected on the balance
sheet included in the Financial Statements and, to the Partnership Knowledge, none of such accounts receivable or other debts is subject to any counterclaim or set-off except to the extent of any such reserve. Since March 31, 2006, the
Partnership has not made any material change in its credit policies, nor has it materially deviated therefrom. Except as set forth in the agreements described in Section 4.18 of the Disclosure Letter, since March 31, 2005, neither
the Partnership nor Partnership Subsidiary has received accelerated payment of any accounts receivable in excess of $10,000 (i.e., payments made by customers materially in advance of such customers’ customary payment terms). 
 Section 4.19 Inventory. 
 Except as set
forth in Section 4.19 of the Disclosure Letter, and after deducting any valuation allowance or reserve for estimated obsolete or unsalable Inventory on the Financial Statements, the Inventory reflected thereon (a) existed as of the
date of such Financial Statements in salable condition and, (b) other than propane and other fuels, had a book value as reflected on such Financial Statements which was consistent with past practice. 
 Section 4.20 Product Liability, Warranty and Product Recalls. 
 Except as set forth in Section 4.20 of the Disclosure Letter, neither the Partnership nor any Partnership Subsidiary has committed any act or omission which would result in, and to the Knowledge of the
Partnership there are no facts or circumstances that would give rise to, (i) any material product liability not covered by insurance (other than deductibles or self-retention amounts under such insurance policies), (ii) any obligation to
recall any products produced by the Partnership or any Partnership Subsidiary or (iii) any material liability for breach of warranty not covered by insurance (other than deductibles or self-retention amounts under such insurance policies) in
excess of the reserve established therefor on the March 31, 2006 Balance Sheet. 
 Section 4.21 The General Partner. 
 The General Partner was formed for the sole purpose of holding the general partnership interest of the Partnership. Other than its ownership of the
general partnership interest in the Partnership, it has conducted no operations, has no assets or liabilities, contingent or otherwise, and is not obligated under any Contract to which the Surviving Partnership could become subject as a result of
the Merger. 
  

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 Section 4.22 Affiliate Transactions. 
 Except as set forth in Section 4.22 of the Disclosure Letter, no officer, director or affiliate of the General Partner, the Partnership or
any Partnership Subsidiary, or any individual related by blood, marriage or adoption to any such Person or in which any such Person owns a greater than 10% beneficial interest, is a party to any agreement, Contract, commitment or transaction with
the Partnership or any Partnership Subsidiary or has a material interest in any material property used by the Partnership or any Partnership Subsidiary (any such agreement, contract, commitment, transaction or interest, a “Related Party
Transaction”), other than (A) Contracts to provide residential propane products and services, (B) Contracts entered into in the ordinary course of business containing “arm’s-length” terms, (C) Contracts with
respect to employment arrangements, employment terms and conditions and compensation arrangements that are disclosed in Sections 4.8(a) or 4.13(a) of the Disclosure Letter, (D) the Existing LP Agreement and (E) the limited liability
company agreement of the General Partner, as amended to date. 
 Section 4.23 Governmental Authorities; Consents. 
 No consent, approval or authorization of, or designation, declaration, notice or filing with, any Governmental Authority is required on the part of the
Partnership with respect to the Partnership’s execution or delivery of this Agreement or the consummation of the transactions contemplated herein, except as otherwise disclosed in Section 4.23 of the Disclosure Letter. 

Section 4.24 Licenses, Permits and Authorizations. 
 Section 4.24 of the Disclosure Letter contains a list of all Material Permits (including, without limitation, all facility security clearances) of or with any Governmental Authority which are held by the
Partnership or any Partnership Subsidiary. All such Material Permits are in full force and effect and there are no proceedings pending or, to the Knowledge of the Partnership, threatened that seek the revocation, cancellation, suspension or adverse
modification thereof. Such Material Permits constitute all of the Material Permits necessary to permit the Partnership and the Partnership Subsidiaries to own, operate, use and maintain their respective Assets in the manner in which they are now
operated and maintained and to conduct the business of the Partnership and its Subsidiaries as currently conducted in all material respects. 
 Section 4.25 Books and Records. 
 Except as set forth on Section 4.25 of the Disclosure Letter, the books of account,
minute books, and stock records of the Partnership and each Partnership Subsidiary have all been made available to Parent or its representatives (other than such books and records that relate to the transactions contemplated by this Agreement), and
are complete and correct in all material respects and have been maintained in accordance with ordinary business practices. The books of account have been maintained in a manner that would permit preparation of financial statements in accordance with
GAAP. At the Closing, all of those books and records will be in the possession of the Partnership or the Partnership Subsidiaries. There have been no meetings of the limited partners of the Partnership since the Emergence Date. 
  

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 Section 4.26 Insurance. 
 (a) Section 4.26(a) of the Disclosure Letter contains a list of all policies of property, fire and casualty, product liability, workers’ compensation and other forms of insurance currently in effect
and held by the Partnership or any Partnership Subsidiary. True, correct and complete copies of such insurance policies have been made available to Parent. 
 (b) Except as otherwise set forth in Section 4.26(b) of the Disclosure Letter, all policies listed in Section 4.26(a) of the Disclosure Letter (i) are valid, outstanding and enforceable
policies, and (ii) will not terminate or lapse by reason of the transactions contemplated herein. 
 (c) Neither the Partnership nor any
Partnership Subsidiary has received (i) any written, or to the Knowledge of the Partnership any non-written, notice of cancellation of any policy described in paragraph (a) hereof or refusal of coverage thereunder, (ii) any written,
or to the Knowledge of the Partnership any non-written, notice that any issuer of such policy has filed for protection under applicable bankruptcy laws or is otherwise in the process of liquidating or has been liquidated or (iii) any other
written, or to the Knowledge of the Partnership any non-written, notice that such policies are no longer in full force or effect or that the issuer of any such policy is no longer willing or able to perform its obligations thereunder. 
 Section 4.27 Brokers and Finders. 
 None of
the General Partner, the Partnership, any Partnership Subsidiary, or any officer or director of the Partnership has employed any broker or finder or incurred any liability for any investment banking advisory fees, brokerage fees, commissions or
finders’ fees in connection with the transactions contemplated herein. Neither the Parent nor MergerCo will incur any liability through any action of the General Partner, the Partnership, any Partnership Subsidiary, or any officer or director
of the Partnership for any investment banking fees, brokerage fees or finders fees on account of any investment banker, broker or finder. 
 Section 4.28 Plan of Reorganization. 
 The Plan has been substantially consummated and the Confirmation Order remains in full force
and effect and has not been stayed, reversed, modified or amended in any respect. 
 Section 4.29 Full Disclosure. 
 The representations and warranties made by the General Partner or the Partnership in this Agreement, together with the Disclosure Letter furnished by the
General Partner or the Partnership to Parent in connection with the transactions contemplated by herein, when taken as a whole, do not contain any untrue statement of material fact or omit to state any material fact necessary in order to make the
statements contained herein, in the light of the circumstances under which they were made, not misleading. 
  

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 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF PARENT 
 Parent hereby makes, as of the date hereof and as of the
Closing Date, the following representations and warranties to the General Partner and the Partnership. 
 Section 5.1 Organization and Good
Standing; Requisite Power and Authority. 
 Parent and MergerCo are each limited partnerships duly organized and validly existing under the
laws of the State of Delaware. Parent and MergerCo each has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and no other actions on the part of Parent or MergerCo are necessary to
authorize this Agreement or the transactions contemplated herein. This Agreement has been duly authorized, executed and delivered by each of Parent and MergerCo and is a legal, valid and binding obligation of each, enforceable against each in
accordance with its terms, except as the enforceability thereof may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or similar laws in effect which affect the enforcement of creditor’s
rights generally or (ii) general principles of equity. 
 Section 5.2 No Conflict. 
 Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated herein will (a) conflict with or result
in a violation or breach of any of the terms, conditions or provisions of the organizational documents of Parent or MergerCo, (b) conflict with or result in a violation or breach of any term or provision of any Law applicable to Parent or
MergerCo, (c) require the consent, approval or authorization of, filing with, or notice to any Person which, if not obtained, would prevent Parent or MergerCo from performing its obligations hereunder, or (d) be rendered void or
ineffective by or under any of the terms, conditions or provisions of any agreement, instrument or obligation to which Parent or MergerCo is a party or by which Parent or MergerCo is bound. 
 Section 5.3 Brokers and Finders. 
 Neither
the Partnership nor the General Partner will incur any liability for any investment banking fees, brokerage or finders fees on account of any investment banker, broker or finder employed by the Parent to MergerCo. 
 Section 5.4 Financing. 
 Parent has, and at
the Closing will have, sufficient funds to pay the Aggregate Purchase Price payable hereunder. 
 Section 5.5 Tax Status. 
 MergerCo is an entity that is disregarded for United States federal income tax purposes. 
  

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 ARTICLE VI 
 COVENANTS OF THE PARTIES 
 Section 6.1 Maintenance of Business Prior to Closing. 
 Prior to the Closing, unless set forth on Section 6.1 of the Disclosure Letter, as contemplated or permitted by this Agreement or as
otherwise approved by Parent in writing (such approval not to be unreasonably withheld, delayed or conditioned), the Partnership and the General Partner: 
 (a) shall, and shall cause the Partnership Subsidiaries to, use commercially reasonable efforts to conduct its operations and business according to their usual, regular and ordinary course consistent with past
practice; 
 (b) shall use commercially reasonable efforts, and shall cause the Partnership Subsidiaries to use commercially reasonable
efforts, to preserve intact their business organizations and goodwill, keep available the services of their respective officers and employees consistent with past practice and maintain their respective relationships with those persons having
business relationships with them; 
 (c) shall not, and shall cause the Partnership Subsidiaries not to, amend their respective partnership
agreements or comparable governing instruments; 
 (d) shall promptly notify Parent after gaining Knowledge of (i) any event that has
resulted in a Titan Material Adverse Effect or (ii) a breach of any representation or warranty contained herein that would reasonably be expected to cause the condition set forth in Section 7.2(a) to not be satisfied; 
 (e) shall not, and shall not permit any Partnership Subsidiary to, grant, confer or award any options, warrants, conversion rights or other rights or
Equity Securities not existing on the date hereof, to acquire any securities of the Partnership or the Partnership Subsidiaries, other than those that terminate as of the Effective Time; 
 (f) shall not, and shall not permit any Partnership Subsidiary to, amend the terms of the Employee Plans, including, without limitation, any employment,
severance or similar agreements or arrangements in existence on the date hereof, or adopt any new employee benefit plans, programs or arrangements or any employment, severance or similar agreements or arrangements, except to the extent required by
or under applicable Law or in connection with negotiating a new CBA between Hank’s Southwestern Propane and International Brotherhood of Teamsters Local 251, provided that the Partnership may and may permit the Partnership Subsidiaries to
(i) make contributions to the Employee Plans in accordance with the normal practices of the Partnership and the Partnership Subsidiaries or as required, and (ii) extend coverage to Personnel who become eligible in accordance with the terms
of any existing Employee Plan on or after the date hereof; 
 (g) shall not, and shall not permit any Partnership Subsidiary to,
(i) increase or agree to increase the compensation payable or to become payable to its officers or, other than increases 

  

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in accordance with past practice which are not material or increases required by existing Contracts (which increases are either not material, or are pursuant
to a Contract disclosed hereunder), to its employees and bonuses or other incentive compensation in the ordinary course of business consistent with past practices or required by existing Contracts or (ii) enter into any collective bargaining
agreement, except, in the case of either (i) or (ii), with respect to its operations in Westport, Massachusetts (d/b/a Hank’s Southeastern Propane); 
 (h) shall not, and shall not permit any Partnership Subsidiary to, (i) incur, create, assume or otherwise become liable for borrowed money or assume, guarantee, endorse or otherwise become responsible or liable
for the obligations of any other individual, corporation or other entity or (ii) make any loans or advances to any other person (excluding extensions of credit to customers in the ordinary course of business), except, in the case of clause (i),
for borrowings under existing credit facilities in the ordinary course of business and except, in the case of clause (ii), for advances consistent with past practice which are not material; 
 (i) shall pay when due, and shall cause the Partnership Subsidiaries to pay when due, all material Taxes required to be paid by the Partnership or any of
the Partnership Subsidiaries, as applicable, other than those being contested in good faith, and shall not permit any Partnership Subsidiary to, (i) materially change any practice with respect to Taxes, (ii) make, change or revoke any
material Tax election, (iii) settle or compromise any material dispute involving a Tax liability or (iv) consent to the extension or waiver of the limitation period applicable to any claim or assessment in respect of Taxes; 
 (j) shall not pledge or otherwise encumber any Equity Securities that it owns, and shall not permit any Partnership Subsidiary to issue or sell any of
its Equity Securities or to pledge or otherwise encumber any Equity Securities that it owns (in each case other than pledges to the Lenders in connection with the Credit Revolver and the Term Loan) or permit any Partnership Subsidiary to issue or
sell any securities convertible into, or any rights, warrants or options to acquire, any Equity Securities in such Partnership Subsidiary; 
 (k) shall not, and shall not permit any Partnership Subsidiary to, make or agree to make any capital expenditure in excess of $500,000 in the aggregate; 
 (l) shall not, and shall not permit any Partnership Subsidiary to, change any material accounting principles or practices; 
 (m) shall not, and shall not permit any Partnership Subsidiary to, enter into any agreement to discharge, settle or satisfy any claim, liability or obligation that imposes any material restriction on the future
activities or business operations of the Partnership or any Partnership Subsidiary or any material portion of the assets of the Partnership or any Partnership Subsidiary. 
 (n) shall not, and shall not permit any Partnership Subsidiary to, acquire (by merger, consolidation or acquisition of stock or assets) any corporation, partnership or other business organization or division thereof
or make any investment in another entity (other than an entity that is a wholly owned Subsidiary of the Partnership as of the date hereof) or to sell any of its Assets except for inventory in the ordinary course of business; and 
  

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 (o) shall not, and shall not permit any Partnership Subsidiary to take, or agree (in writing or
otherwise) to take, any of the foregoing action. 
 Section 6.2 Investigation by Parent. 
 Subject to applicable laws relating to the exchange of information, the Partnership and the General Partner shall allow Parent, its counsel, accountants,
business consultants and other representatives, during regular business hours upon reasonable notice, to make such reasonable inspection of the Assets, facilities, business and operations of the Partnership and the Partnership Subsidiaries, and to
inspect Contracts, books and records and all other documents and information reasonably requested by Parent and related to the operations and business of the Partnership and the Partnership Subsidiaries including, without limitation, historical
financial information concerning the business of the Partnership and the Partnership Subsidiaries and to meet with designated employees and officers of the Partnership or the Partnership Subsidiaries and/or their respective representatives. The
Partnership and the Partnership Subsidiaries shall furnish to Parent (a) all additional documents and information with respect to the affairs of the Partnership and the Partnership Subsidiaries relating to their businesses and (b) access
to the Personnel and to the Partnership’s and the Partnership Subsidiaries’ accountants and counsel in each case, as Parent, or its counsel or accountants, may from time to time reasonably request; provided, however, that
nothing in this Agreement shall require the General Partner or the Partnership to provide information or materials from which the identity of or information regarding specific customers may be learned. As a condition to the provision of access
described above, each of Parent and MergerCo agree to hold, and to cause each of its counsel, accountants, business consultants and other representatives to hold, all such information in confidence in accordance with, and subject to, the
Confidentiality Agreement. 
 Section 6.3 Consents and Efforts. 
 (a) Upon the terms and subject to the conditions set forth in this Agreement, the Partnership and General Partner on the one hand and Parent and MergerCo
on the other hand agree to use their respective reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other party hereto in doing, all things necessary, proper or
advisable under applicable Laws (including without limitation the HSR Act) to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated herein. The parties will use their reasonable best efforts and
cooperate with each other (i) in promptly determining whether any filings are required to be made or consents, approvals, waivers, licenses, permits or authorizations are required to be obtained (or, which if not obtained, would result in an
event of default, termination or acceleration of any Contract) under any applicable Law or from any Governmental Authorities or other Persons, including parties to loan agreements or other debt instruments, in connection with the transactions
contemplated herein and (ii) in promptly making any such filings, in furnishing information required in connection therewith and in timely seeking to obtain any such consents, approvals, permits or authorizations and to use their respective
reasonable best efforts to cause to be lifted or rescinded any injunction or restraining order or other order, injunction or decree adversely affecting the ability of the parties to consummate the Merger. 
  

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 (b) Parent and MergerCo, on the one hand, and the General Partner and the Partnership, on the other hand,
shall have the right to review in advance, and, to the extent practicable, each will consult the other on, in each case subject to applicable Laws relating to the exchange of information, all the information relating to Parent and MergerCo or the
General Partner and the Partnership, as the case may be, and any of their respective Subsidiaries, which appear in any filing made with, or written materials submitted to, any Governmental Authority in connection with the transactions contemplated
by this Agreement, except neither party shall be under any obligation to disclose or deliver to the other party any materials that constitute so-called “4(c) documents” under the HSR Act. In exercising the foregoing right, each of the
parties hereto shall act reasonably and as promptly as practicable. The parties hereto agree that they will consult with each other with respect to the obtaining of all permits, consents, approvals and authorizations of all Governmental Authorities
necessary or advisable to consummate the transactions contemplated by this Agreement. Parent and MergerCo, on the one hand, and the General Partner and the Partnership, on the other hand, shall promptly advise each other upon receiving any
communication from any Governmental Authority whose consent or approval is required for consummation of the transactions contemplated by this Agreement that causes such party to believe that there is a reasonable likelihood that such consent or
approval will not be obtained or that the receipt of any such approval will be materially delayed. 
 (c) The parties hereto agree to cause
the filings required under the HSR Act to be made promptly after the date of this Agreement. 
 Section 6.4 Partners Meeting. 
 The General Partner shall, as soon as reasonably practicable following the date of this Agreement, duly call, give valid notice of, convene and hold a
meeting of the limited partners of the Partnership to be held no later than May 15, 2006 for the purpose of seeking the Partnership Approval. The General Partner shall recommend to the limited partners of the Partnership that they approve the
Merger (the “General Partner Recommendation”), except to the extent that the General Partner shall have withdrawn, qualified or modified the General Partner Recommendation in compliance with Section 6.5(b). The General Partner
shall use commercially reasonable efforts to take all such other actions, including the solicitation of proxies for such meeting, necessary or desirable to obtain the Partnership Approval. 
 Section 6.5 No Solicitation by the Partnership. 
 (a) Neither the Partnership nor the General Partner shall, nor shall they authorize any of their managers, officers or employees or any investment banker, financial advisor, attorney, accountant or other advisor, agent or representative
retained by it (each, a “Partnership Representative”), directly or indirectly through another Person to (i) solicit, initiate or knowingly encourage, or knowingly take any other action to facilitate, any inquiries or the making
of any proposal that constitutes or could reasonably be expected to lead to an Acquisition Proposal or (ii) participate in any discussions or negotiations regarding, or furnish to any person any non-public information with respect to the
Partnership or otherwise knowingly cooperate in any way in connection with, any Acquisition Proposal. The General Partner and the Partnership shall immediately cease and cause to be terminated all existing discussions or negotiations with any Person
conducted heretofore with respect to any Acquisition Proposal and request the prompt 

  

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return or destruction of all confidential information previously furnished. The General Partner and the Partnership agree that they will promptly inform the
Partnership Representatives of the obligations undertaken in this Section 6.5(a). If this Agreement has not been publicly filed with the SEC by Parent and the General Partner receives any unsolicited inquiry that could reasonably be expected to
lead to an Acquisition Proposal or an Acquisition Proposal, then the General Partner and the Partnership may provide the Person making such inquiry or proposal with a copy of this Section 6.5. Notwithstanding the foregoing, at any time prior to
the Partnership obtaining the Partnership Approval, in response to a bona fide written Acquisition Proposal that the General Partner determines in good faith (after consultation with outside counsel) constitutes or is reasonably likely to be
expected to lead to a Superior Proposal, and which Acquisition Proposal was made after the date hereof and was not solicited in breach of, or did not otherwise result from a breach of, this Section 6.5(a), (I) the General Partner and the
Partnership may contact the Person making such Acquisition Proposal and its advisors for the sole purpose of clarifying such Acquisition Proposal, including, without limitation, its terms and feasibility, and (II) if the General Partner
determines in good faith (after consultation with outside counsel) that the failure to respond to such Acquisition Proposal is reasonably likely to be inconsistent with its fiduciary duties to the partners of the Partnership under applicable Law,
and subject to compliance with Section 6.5(c) and after giving Parent written notice of such determination, the Partnership may (x) furnish information with respect to the Partnership to the Person making such Acquisition Proposal (and its
representatives) pursuant to a customary confidentiality agreement not less restrictive of such person than the Confidentiality Agreement, provided that all such information has previously been provided to Parent or is provided to Parent
prior to or concurrently with the time it is provided to such Person, and (y) participate in discussions or negotiations with the Person making such Acquisition Proposal (and its representatives) regarding such Acquisition Proposal. 

(b) The General Partner shall not (i)(A) withdraw (or modify in a manner adverse to Parent), or propose to withdraw (or modify in a manner adverse to
Parent), the General Partner Recommendation or (B) recommend, adopt or approve, or propose publicly to recommend, adopt or approve, any Acquisition Proposal (any action described in this clause (i) being referred to as a
“Partnership Adverse Recommendation Change”) or (ii) approve or recommend, or propose publicly to any unaffiliated limited partner of the Partnership to approve or recommend, or allow the Partnership or any of its Subsidiaries
to execute or enter into, any definitive agreement constituting or related to any Acquisition Proposal (other than a confidentiality agreement). Notwithstanding the foregoing, at any time prior to the Partnership obtaining the Partnership Approval,
the General Partner may make a Partnership Adverse Recommendation Change in response to a Superior Proposal if the General Partner determines in good faith (after consultation with outside counsel) that the failure to take such action would be
reasonably likely to be inconsistent with its fiduciary duties to the partners of the Partnership under applicable Law; provided, however, that no Partnership Adverse Recommendation Change may be made in response to a Superior Proposal
until after the third (3rd) business day following Parent’s receipt of written notice (a “Notice
of Adverse Recommendation”) from the Partnership advising Parent that the General Partner intends to make such a Partnership Adverse Recommendation Change and specifying the material terms and conditions of such Superior Proposal. In
determining whether to make a Partnership Adverse Recommendation Change in response to a Superior Proposal, the General Partner shall take into account any changes to the terms of this Agreement proposed by Parent (i) in response to a Notice of
Adverse Recommendation or otherwise during 

  

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the three (3) business day period following receipt of such Notice of Adverse Recommendation, or (ii) in the event of any amendment or other
modification of any financial or other material term of such Superior Proposal (whether in response to any change to the terms of this Agreement proposed by Parent in response to an initial Notice of Adverse Recommendation or otherwise), the
Partnership shall provide to Parent a new Notice of Adverse Recommendation, and the General Partner shall take into account any change to the terms of this Agreement proposed by Parent in response to such new Notice of Adverse Recommendation during
the 24-hour period following receipt of such new Notice of Adverse Recommendation; provided, notwithstanding the foregoing, in no event shall Parent have less than three (3) business days following the receipt of the initial Notice of
Adverse Recommendation to respond to the applicable Superior Proposal if the terms of such Superior Proposal are modified prior to the expiration of the initial three (3) business day period during which Parent is entitled to respond. After
providing the Notice of Adverse Recommendation, the Partnership shall provide a reasonable opportunity to Parent to make such adjustments in the terms and conditions of this Agreement as would enable the General Partner to proceed with the General
Partner Recommendation. 
 (c) In addition to the obligations of the Partnership set forth in paragraphs (a) and (b) of this
Section 6.5, the Partnership shall promptly (but in no event later than two (2) days after the receipt thereof) advise Parent orally and in writing of any bona fide Acquisition Proposal with respect to which it wishes to take an
action contemplated in Section 6.5(a)(II) and the material terms and conditions of any such Acquisition Proposal (including any material changes thereto and any changes to the material financial terms therein) and the identity of the Person
making any such Acquisition Proposal. The Partnership shall keep Parent reasonably informed of the status and details (including any change to the material terms thereof) of any such Acquisition Proposal. 
 (d) Nothing in this Section 6.5 shall (x) permit the Partnership to terminate this Agreement (except as specifically provided in
Article IX hereof) or (y) affect any other obligation of Parent or the Partnership under this Agreement. 
 Section 6.6
Officers’ and Directors’ Indemnification. 
 (a) In the event of any threatened or actual claim, action, suit, demand, proceeding
or investigation, whether civil, criminal or administrative, including, without limitation, any such claim, action, suit, proceeding or investigation in which any person who is now, or has been at any time prior to the date hereof, or who becomes
prior to the Effective Time, a director or officer of the General Partner, the Partnership or the Partnership Subsidiaries (each, an “Indemnified Party” and collectively, the “Indemnified Parties”) is, or is
threatened to be, made a party based in whole or in part on, or arising in whole or in part out of, or pertaining to (i) the fact that he or she is or was a trustee, director, officer, employee, or agent of the General Partner, the Partnership
or the Partnership Subsidiaries, or any Employee Benefit Plan of the Partnership or Partnership Subsidiaries, or (ii) the negotiation, execution or performance of this Agreement, any agreement or document contemplated hereby or delivered in
connection herewith, or any of the transactions contemplated hereby, or thereby whether in any case asserted or arising at or before or after the Effective Time, the parties hereto agree to cooperate and use their reasonable best efforts to defend
against and respond thereto. It is understood and agreed that the Surviving 

  

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Partnership shall indemnify and hold harmless, and after the Effective Time, Parent and the Surviving Partnership (together with the Partnership, the
“Indemnitors”), shall indemnify and hold harmless, as and to the fullest extent permitted by applicable law, each Indemnified Party against any losses, claims, damages, liabilities, costs, expenses (including reasonable
attorneys’ fees and expenses), judgments, fines and amounts paid in settlement in connection with any such threatened or actual claim, action, suit, demand, proceeding or investigation (collectively, “Indemnifiable Amounts”),
and in the event of any such threatened or actual claim, action, suit, proceeding or investigation (whether asserted or arising before or after the Effective Time), (A) the Indemnitors, shall promptly (but in any event within ten
(10) calendar days of written request) pay expenses in advance of the final disposition of any such threatened or actual claim, action, suit, demand, proceeding or investigation to each Indemnified Party to the fullest extent permitted by
applicable law; (B) the Indemnitors shall have the right to defend each Indemnified Party in any proceeding which may give rise to the payment of Indemnifiable Amounts hereunder; provided, however, that the Indemnitors shall
notify such Indemnified Party of any such decision to defend within ten (10) calendar days of receipt of notice of any such proceeding, and, provided further, that the Indemnitors shall not, without the prior written consent of
such Indemnified Party, consent to the entry of any judgment against such Indemnified Party or enter into any settlement or compromise which (I) includes an admission of fault of such Indemnified Party or (II) does not include, as an
unconditional term thereof, the full release of such Indemnified Party from all liability in respect of such proceeding, which release shall be in form and substance reasonably satisfactory to such Indemnified Party and (C) notwithstanding
clause (B) above, if in a proceeding to which an Indemnified Party is a party by reason of the Indemnified Party’s service as a director, officer, employee, or agent of the General Partner, the Partnership or any Partnership Subsidiary,
(I) such Indemnified Party reasonably concludes that he or she may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with the position of other defendants in such proceeding, (II) a conflict
of interest or potential conflict of interest exists between such Indemnified Party and the Indemnitors, or (III) if the Indemnitors fail to assume the defense of such proceeding in a timely manner, such Indemnified Party shall be entitled to be
represented by separate legal counsel of such Indemnified Party’s choice at the expense of the Indemnitors; provided, however, that none of the Indemnitors shall be liable for any settlement effected without its prior written
consent (which consent shall not be unreasonably withheld, conditioned or delayed); and provided further, that the Indemnitors shall have no obligation hereunder to any Indemnified Party when and if a court of competent jurisdiction
shall ultimately determine, and such determination shall have become final and non-appealable, that indemnification by such entities of such Indemnified Party in the manner contemplated hereby is prohibited by applicable law. Any Indemnified Party
wishing to claim indemnification under this Section 6.6, upon learning of any such threatened or actual claim, action, suit, demand, proceeding or investigation, shall promptly notify the Partnership and, after the Effective Time, the Surviving
Partnership thereof; provided that the failure to so notify shall not affect the obligations of the Partnership and the Surviving Partnership except to the extent, if any, such failure to promptly notify materially and adversely prejudices
such party. 
 (b) Parent and MergerCo each agree that all rights to indemnification or exculpation existing in favor of, and all limitations
on the personal liability of, each present and former director and officer of General Partner, the Partnership and the Partnership Subsidiaries provided for in the respective organizational documents or otherwise in effect as of the date hereof
shall 

  

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survive the Merger and continue in full force and effect for a period of six (6) years from the Effective Time; (provided, however, that
all rights to indemnification in respect of any claims (each a “Claim”) asserted or made within such period shall continue until the final disposition of such Claim) and that Parent and MergerCo assume and will honor such
obligations. 
 (c) Prior to the Effective Time, the Partnership shall, at its expense, purchase a non-cancelable extended reporting period
endorsement with respect to the Partnership’s existing directors’ and officers’ liability insurance coverage for the Partnership’s directors and officers (the “D&O Policy”) (provided that the
Partnership shall have the option to select a different carrier to write such endorsement if such carrier has an A.M. Best rating at least as favorable as the Partnership’s current carrier or is otherwise reasonably acceptable to Parent), which
shall provide such directors and officers and the Surviving Partnership with coverage for six (6) years following the Effective Time of not less than the existing coverage (and not more than $20,000,000) under, and have other terms not less
favorable to, the insured persons than the directors’ and officers’ liability insurance coverage presently maintained by the Partnership. The Surviving Partnership shall maintain such policies in full force and effect, and continue to
honor all obligations thereunder. 
 (d) The obligations under this Section 6.6 shall not be terminated or modified in such a manner as
to adversely affect any indemnitee to whom this Section 6.6 applies without the consent of such affected indemnitee (it being expressly agreed that the indemnitees to whom this Section 6.6 applies shall be express third party beneficiaries
of this Section 6.6 and shall be entitled to enforce the covenants contained herein). 
 (e) In the event Parent or the Surviving
Partnership or any of their respective successors or assigns (i) consolidates with or merges into any other person and shall not be the continuing or surviving corporation, partnership or other entity of such consolidation or merger, or
(ii) transfers or conveys all or substantially all of its properties and assets to any Person, then, and in each such case, to the extent necessary, proper provision shall be made so that the successors and assigns of Parent or the Surviving
Partnership, as the case may be, assume the obligations set forth in this Section 6.6. 
 Section 6.7 Notices of Certain Events.

 (a) The General Partner and the Partnership shall notify Parent of: 
 (i) any notice or other communication from any Governmental Authority in connection with the Merger; and 
 (ii) any actions commenced or, to its Knowledge threatened against, relating to or involving or otherwise affecting the Partnership or any
Partnership Subsidiary which, if pending on the date of this Agreement, would have been required to have been disclosed pursuant to Section 4.12 or which relate to the consummation of the Merger. 
 (b) Parent and MergerCo shall notify the General Partner and the Partnership of: 
 (i) any notice or other communication from any Governmental Authority in connection with the Merger; and 
  

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 (ii) any actions commenced or, to the best of its Knowledge threatened against, relating
to or involving or otherwise affecting Parent or MergerCo which, if pending on the date of this Agreement, which relate to the consummation of the Merger. 
 Section 6.8 Employee Benefits. 
 (a) On and after the Closing, Parent shall, and shall cause the Surviving
Partnership to, honor in accordance with their terms the employment and compensation plans and agreements which are listed in Section 6.8(a) of the Disclosure Letter. Subject to such employment and compensation plans and agreements, the
Surviving Partnership will provide to the employees of the Partnership and Partnership Subsidiary immediately prior to the Effective Time, employment on such terms and with such employee benefits substantially equivalent to those provided to
similarly situated employees of Parent; provided, however, all employees of the Surviving Partnership will be “employees at will,” and this provision will not constitute an on-going guarantee of employment to any Current Employee;

 (b) Each full time employee of the Partnership or the Partnership Subsidiaries who becomes a full-time employee of the Surviving
Partnership will: (i) be entitled to participate in each “welfare plan” of the Parent in accordance with its terms to the extent such employee was covered under a similar Employee Plan; (ii) be entitled to participate in the
Parent’s 401(k) plan in accordance with its terms; (iii) be entitled to participate in the plans of Parent; and (iv) shall be credited for all prior service with the Partnership and any Partnership Subsidiary for the purpose of
vacation accruals; and 
 (c) Those Employee Plans of the Partnership or Partnership Subsidiary listed in Section 6.8(c) of the
Disclosure Letter will terminate immediately prior to the Closing Date. 
 Section 6.9 Tax Returns; Audits. 
 The Surviving Partnership shall (i) prepare and file, as directed by the Titan Representative, the Federal income Tax Returns of the Partnership and
the General Partner for the tax periods ending on or before the Closing Date (“Titan Tax Returns”) and (ii) prepare and provide Forms K-1 to the former holders of partnership interests in the Partnership and membership interests in
the General Partner. The Titan Representative shall have the right to control (at its own expense) all matters in connection with any audit, litigation or other proceeding with respect to any Titan Tax Return; provided, that the Titan
Representative shall not take a position in the Titan Tax Returns or in any audit, litigation or other proceeding related thereto which Parent, in its reasonable judgment after consultation with its tax advisors, believes does not have reasonable
basis in the Code and other applicable federal income tax law. Parent shall give Titan Representative prompt notice of the commencement of any audit, litigation or other proceeding with respect to a Titan Tax Return and shall provide such
information regarding the proceeding as Titan Representative may reasonably request. Parent and Titan Representative shall cooperate fully, as and to the extent reasonably requested by the other party, in connection with the preparation and filing
of any Tax Return of the Partnership, General Partner or any Partnership Subsidiary and any audit, litigation or other proceeding with respect to Taxes relating to the Partnership, General Partner or any Partnership Subsidiary. Such cooperation
shall include the retention and (upon the other party’s reasonable request) the provision of records and 

  

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information which are reasonably relevant to any such Tax Return, audit, litigation or other proceeding and making employees available on a mutually
convenient basis to provide additional information and explanation of any material provided hereunder. 
 Section 6.10 Sales of Certain
Interests. 
 Parent and MergerCo, on the one hand, and the General Partner and the Partnership, on the other hand, agree, upon the request
of a member of the General Partner, to negotiate in good faith to effect, immediately prior to the Closing, the acquisition by Parent, MergerCo or any affiliate thereof of all of the equity interests in each entity holding Equity Securities of the
General Partner and the Partnership that is owned or controlled by such member of the General Partner or its affiliates and with respect to which such member has requested such acquisition. The parties hereby agree that any such acquisition shall be
subject to the prior approval of the General Partner, not to be unreasonably withheld or delayed. 
 ARTICLE VII 
 CONDITIONS TO OBLIGATIONS 
 Section
7.1 Conditions to Obligations of the General Partner and the Partnership. 
 The obligations of the General Partner and the Partnership to
consummate the Merger are subject to the fulfillment, unless waived in writing at the sole option of the General Partner and the Partnership, at or prior to the Closing Date, of each of the following conditions precedent: 
 (a) Representations and Warranties. The representations and warranties of each of Parent and MergerCo herein contained shall be true and correct
in all material respects on and as of the Closing Date (except that any representation or warranty which by its terms is made as of a specified date shall be true and correct in all material respects as of such specified date) with the same force
and effect as though made on and as of said date, except as affected by the transactions contemplated or expressly permitted by this Agreement. 
 (b) Covenants. Each of Parent and MergerCo shall have performed in all material respects all of the obligations and agreements and complied in all material respects with all of the covenants contained in this Agreement to be
performed and complied with by it at or prior to the Closing Date. 
 (c) Closing Documents. The General Partner and the Partnership
shall have received all reports, agreements, certificates, instruments and other documents required to be delivered by Parent and MergerCo on the Closing Date pursuant to Section 8.3, and the form and substance of all such reports,
agreements, certificates, instruments and other documents shall be reasonably satisfactory to the Partnership. 
 (d) HSR Act. Any
approvals required under the HSR Act shall have been obtained, or the waiting period required thereby shall have expired or otherwise been terminated without the imposition of any Onerous Conditions, and no action shall have been taken or threatened
in writing by the United States Department of Justice or the Unites States Federal Trade Commission (as applicable) challenging or seeking to enjoin the transactions contemplated under this Agreement. 
  

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 (e) Absence of Orders; Actions. No Law or order shall have been enacted, entered, issued,
promulgated or enforced by any Governmental Authority which prohibits or makes illegal the Merger. None of the parties hereto shall be subject to any temporary restraining order, ruling or preliminary or permanent injunction or other order of a
court of competent jurisdiction or other Governmental Authority or other legal restraint or prohibition that prohibits or prevents the consummation of the Merger. 
 (f) Approval of Partners. The Partnership shall have received Partnership Approval. 
 (g)
Payment. Parent and MergerCo shall have tendered all consideration required by this Agreement to the Closing Exchange Agent. 
 Section 7.2 Conditions to the Obligations of Parent and MergerCo. 
 The obligations of the Parent and MergerCo are subject to the
fulfillment, unless waived in writing at the sole option of Parent and MergerCo, at or prior to the Closing Date, of each of the following conditions precedent: 
 (a) Representations and Warranties. The representations and warranties of the General Partner and the Partnership contained in Article IV of this Agreement shall be true and correct on and as of the
earlier of the Closing Date or the Early Satisfaction Date, as applicable, as though made on such date (except to the extent such representations and warranties are made expressly as of an earlier date, in which case such representations and
warranties shall be true and correct on and as of such earlier date), except as affected by transactions contemplated or expressly permitted by this Agreement and except where the failure of the representations and warranties to be so true and
correct (without giving effect to any limitation as to “materiality” or “Titan Material Adverse Effect” set forth therein or to any supplement to Parent’s disclosure schedule) does not have a Titan Material Adverse Effect.

 (b) Covenants. The General Partner and the Partnership shall have performed in all material respects all of the obligations and
agreements and complied in all material respects with all of the covenants contained in this Agreement to be performed and complied with by the General Partner and the Partnership on or prior to the Closing Date, other than Section 6.1(d) which
the General partner and the Partnership shall have complied with in all material respects only on or prior to the Early Satisfaction Date. 
 (c) Closing Documents. Parent and MergerCo shall have received all reports, agreements, certificates, instruments and other documents required to be delivered by the Partnership on the Closing Date pursuant to
Section 8.2, and the form and substance of all such reports, agreements, certificates, instruments and other documents shall be reasonably satisfactory to the Parent and MergerCo. 
 (d) HSR Act. Any approvals required under the HSR Act shall have been obtained, or the waiting period required thereby shall have expired or
otherwise been terminated without the imposition of any Onerous Conditions, and no action shall have been taken or threatened in 

  

 - 54 - 

 
writing by the Department of Justice or the Federal Trade Commission (as applicable) challenging or seeking to enjoin the transactions contemplated under
this Agreement. 
 (e) Absence of Orders; Actions. No Law or order shall have been enacted, entered, issued, promulgated or enforced
by any Governmental Authority which prohibits or makes illegal the Merger. None of the parties hereto shall be subject to any temporary restraining order, ruling or preliminary or permanent injunction or other order of a court of competent
jurisdiction or other Governmental Authority or other legal restraint or prohibition that prohibits or prevents the consummation of the Merger. 
 (f) Approval of the Partners. The Partnership shall have received the Partnership Approval. 
 (g) D&O Policy. The
D&O Policy shall have been bound by the applicable insurer in accordance with Section 6.6(c) hereof. 
 ARTICLE VIII

 CLOSING 
 Section
8.1 Closing Transactions. 
 All documents and other instruments required to be delivered at the Closing shall be regarded as having been
delivered simultaneously, and no document or other instrument shall be regarded as having been delivered until all have been delivered. 
 Section 8.2 Deliveries by the Partnership to Parent and MergerCo. 
 At the Closing, the General Partner and Partnership shall
deliver or cause to be delivered to Parent and MergerCo: 
 (a) a certificate of a duly authorized officer of the General Partner certifying
to: (i) the Existing LP Agreement and the limited liability company agreement of the General Partner; (ii) the resolutions of the General Partner authorizing and approving the execution, delivery and performance by the Partnership of this
Agreement and the consummation of the transactions contemplated hereby; and (iii) the incumbency and signatures of the officers of the General Partner executing this Agreement and any other certificate or document delivered in connection
herewith; 
 (b) the certificate of formation of each of the General Partner and the Partnership certified by the Secretary of State of its
jurisdiction of formation; 
 (c) a certificate executed by a duly authorized officer of the General Partner, dated as of the Closing Date,
certifying that the conditions set forth in Sections 7.2(a) and (b) have been satisfied (except to the extent waived); 
 (d) an
executed counterpart of the Escrow Agreement; and 
  

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 (e) such other instruments, documents and certificates that are required to be delivered pursuant to this
Agreement or are necessary to consummate the Merger. 
 Section 8.3 Deliveries by Parent and MergerCo to the Partnership. 
 At the Closing, Parent and MergerCo shall deliver or cause to be delivered to the Partnership: 
 (a) a certificate of a duly authorized officer of the general partner of each of Parent and MergerCo certifying to: (i) the partnership agreement
(or comparable organizational documents) of each of Parent and MergerCo; (ii) the resolutions of the General Partner of each of Parent and MergerCo approving the execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated hereby; and (iii) the incumbency and signatures of the officers of each of the general partner, Parent and MergerCo executing this Agreement and any other certificate or document delivered in connection herewith;

 (b) the certificate of formation of each of Parent and MergerCo certified by the Secretary of State of the jurisdiction of its
establishment; 
 (c) a certificate executed by a duly authorized officer of each of the general partner, of each of Parent and MergerCo,
dated as of the Closing Date, certifying that the conditions set forth in Sections 7.1(a) and (b) have been satisfied (except to the extent waived); 
 (d) an executed counterpart of the Escrow Agreement; and 
 (e) such other instruments, documents and
certificates that are required to be delivered pursuant to this Agreement or are necessary to consummate the Merger. 
 ARTICLE IX

 TERMINATION 
 Section 9.1 Termination. 
 (a) Termination Prior to Closing. This Agreement may be terminated prior to the Effective Time by
providing written notice to each of the other parties hereto as follows: 
 (i) by mutual written consent of Parent and the
General Partner and the Partnership at any time; 
 (ii) by either Parent or the General Partner and the Partnership if the
Merger shall not have been completed by August 31, 2006 (the “Termination Date”); provided that the party seeking to terminate this Agreement pursuant to this Section 9.1(a)(ii) shall not have breached in any
material respect its obligations under this Agreement in any manner that shall have proximately contributed to the failure to consummate the Merger on or before the Termination Date; 
  

 - 56 - 

 (iii) by the Partnership and the General Partner, if Parent or MergerCo breaches or fails
to perform in any material respect any of its representations, warranties or covenants contained in this Agreement, which breach or failure to perform would give rise to the failure of a condition set forth in Section 7.1(a) or 7.1(b) and such
condition is not satisfied (or is incapable of being satisfied) by the Termination Date; provided that neither the Partnership nor the General Partner shall have breached in any material respect its obligations under this Agreement in any
manner that shall have proximately contributed to such breach or failure to perform by Parent or MergerCo; 
 (iv) by Parent
and MergerCo, if the Partnership or the General Partner breaches or fails to perform in any material respect any of its representations, warranties or covenants contained in this Agreement, which breach or failure to perform would give rise to the
failure of a condition set forth in Section 7.2(a) or 7.2(b) and such condition is not satisfied (or is incapable of being satisfied) by the Termination Date; provided that neither Parent nor MergerCo shall have breached in any material respect
its obligations under this Agreement in any manner that shall have proximately contributed to such breach or failure to perform by the Partnership or the General Partner; 
 (v) by the Partnership and General Partner or Parent, if there shall be any Law that makes consummation of the transactions contemplated
herein illegal or otherwise prohibited or if any permanent judgment, injunction, order or decree enjoining a party from consummating the transactions contemplated herein is entered by a Governmental Authority of competent jurisdiction (which the
terminating Party shall have used its reasonable best efforts to lift) and such judgment, injunction, order or decree shall have become final and non-appealable; 
 (vi) by Parent, if a Partnership Triggering Event shall have occurred; 
 (vii) by the Partnership at any time on or prior to the Partnership obtaining the Partnership Approval if, in response to a Superior
Proposal, the General Partner shall have determined in good faith (after consultation with outside legal counsel) that the failure to take such action would be reasonably likely to be inconsistent with its fiduciary duties to the partners of the
Partnership under applicable Law; provided, however, that it shall be a condition precedent to the termination of this Agreement by the General Partner and the Partnership pursuant to this Section 9.1(a)(vii) that (i) Parent
shall have received a Notice of Adverse Recommendation which shall include written notification of the General Partner’s intention to terminate this Agreement, and (ii) Parent shall not have made, within three (3) business days of
receipt of the initial Notice of Adverse Recommendation (or within 24 hours of any subsequent Notice of Adverse Recommendation), an irrevocable offer to amend this Agreement from Parent to the General Partner that the General Partner determines in
good faith is more favorable to the partners of the Partnership than the Superior Proposal; or 
 (viii) by Parent or the
Partnership, if the Partnership Approval is not obtained. 
 (b) Effect of Termination. If this Agreement is terminated pursuant to
Section 9.1, this Agreement shall become void and shall have no effect, and none of Parent, MergerCo, the 

  

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Partnership, the General Partner, any of their respective Subsidiaries or any of the officers or directors of any of them shall have any liability or
obligation of any nature whatsoever hereunder, or in connection with the transactions contemplated hereby, except that (i) the last sentence of Section 6.2 (Investigation by Parent), Section 9.2 (Termination Fee and Expenses) and
Section 10.12 (Governing Law) shall survive any termination of this Agreement, (ii) the Confidentiality Agreement will remain in full force and effect and (iii) subject to Section 9.2, such termination shall not affect any
liability that any party may have for any loss, damage, liability, cost or expense incurred by another party as a consequence of such party’s fraud or willful breach of or willful default under this Agreement. 
 Section 9.2 Termination Fee and Expenses. 
 (a) Except as provided in Section 9.2(b) or elsewhere in this Agreement, all costs and expenses incurred by the parties hereto in connection with this Agreement and the transactions contemplated hereby shall be borne solely and
entirely by the party that has incurred such costs and expenses. 
 (b) If (i) Parent terminates this Agreement pursuant to
Section 9.1(a)(vi), then, within one (1) business day of such termination, the Partnership shall pay to Parent a termination fee of $17,500,000 by wire transfer of immediately available funds, or (ii) the Partnership terminates this
Agreement pursuant to Section 9.1(a)(vii), then the Partnership shall pay to Parent a termination fee of $17,500,000 by wire transfer of immediately available funds concurrently with or prior to such termination. 
 (c) Each party will bear fifty percent (50%) of the filing fees for all filings made pursuant to the HSR Act, except that if the transaction
contemplated by this Agreement is not consummated and (i) Parent and MergerCo do not terminate this Agreement pursuant to Sections 9.1(a)(iv) or 9.1(a)(vi), or (ii) the Partnership does not terminate this Agreement pursuant to
Section 9.1(a)(vii), Parent will reimburse the Partnership and the General Partner for such fees. 
 (d) Notwithstanding anything to the
contrary in this Agreement, Parent and MergerCo expressly acknowledge and agree that, with respect to any termination of this Agreement in circumstances where the Termination Fee is payable in accordance with Section 9.2(b), the payment of the
Termination Fee shall constitute liquidated damages with respect to any claim for damages or any other claim which Parent or MergerCo would otherwise be entitled to assert against the General Partner, the Partnership or any Partnership Subsidiary or
any of their respective assets, or against any of their respective directors, officers, employees, partners, managers, members, shareholders or stockholders, with respect to this Agreement and the transactions contemplated hereby and shall
constitute the sole and exclusive remedy available to Parent and MergerCo. The parties hereto expressly acknowledge and agree that, in light of the difficulty of accurately determining actual damages with respect to the foregoing upon any
termination of this Agreement in circumstances where the Termination Fee is payable in accordance with Section 9.2(b), the rights to payment under Section 9.2(b): (i) constitute a reasonable estimate of the damages that will be
suffered by reason of any such proposed or actual termination of this Agreement and (ii) shall be in full and complete satisfaction of any and all damages arising as a result of the foregoing. Except for nonpayment of the amounts set forth

  

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in Section 9.2(b), Parent and MergerCo hereby agree that, upon any termination of this Agreement in circumstances where the Termination Fee is payable
in accordance with Section 9.2(b), in no event shall Parent or MergerCo (i) seek to obtain any recovery or judgment against the General Partner, the Partnership or any Partnership Subsidiary or any of their respective assets, or against
any of their respective directors, officers, employees, partners, managers, members or stockholders or shareholders or (ii) be entitled to seek or obtain any other damages of any kind, including, without limitation, consequential, indirect or
punitive damages. 
 ARTICLE X 
 GENERAL PROVISIONS 
 Section 10.1 Non-Survival of Representations, Warranties, Covenants and Agreements. 
 Except for Article III and Sections 6.6, 6.9, 10.3 and 10.12 which shall survive through the applicable statute of limitations and any covenant or
agreement of the parties which by its terms contemplates performance after the Effective Time (a) none of the representations, warranties, covenants and agreements contained in this Agreement or in any instrument delivered pursuant to this
Agreement shall survive the Effective Time and (b) thereafter there shall be no liability on the part of Parent, MergerCo, the General Partner or the Partnership or any of their respective officers, members, partners, directors or shareholders
in respect thereof. Except as expressly set forth in this Agreement, there are no representations or warranties of any party hereto, express or implied. 
 Section 10.2 Notices. 
 All waivers, notices, consents, demands, requests, approvals and other
communications which are required or may be given hereunder shall be in writing and shall be deemed to have been duly given when hand-delivered, sent by telecopier (providing confirmation of transmission), delivered by national overnight courier
service (providing proof of delivery), or 72 hours after being mailed by certified first class mail, return receipt requested, postage prepaid, as follows: 
  

	 	(h)	If to the Partnership or General Partner: 

 Titan Energy
Partners LP 
 500 Meijer Drive 
 Florence, KY 41042 
 Telephone: (859) 647-4206 
 Facsimile: (859) 647-8581 
 Attention: Stephen Zamansky 
 General Counsel 
  

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 with a copy to: 
 Goodwin Procter LLP 
 Exchange Place 
 Boston, MA 02109 
 Telephone:
(617) 570-1000 
 Facsimile: (617) 523-1231 
 Attention: Mark H. Burnett, Esq. 
       John T. Haggerty, Esq. 
  

	 	(i)	If to Parent or MergerCo: 

 Energy Transfer Partners, L.P.

 2838 Woodside Street 
 Dallas,
Texas 75204 
 Telephone: (918) 492-7272 
 Facsimile: (918) 493-7290 
 Attention: Robert A. Burk, Esq. 
       Vice President - General Counsel 
 with a copy to: 
 Winston & Strawn LLP 
 200 Park Avenue 
 New York, NY 10166

 Telephone: (212) 294-6700 
 Facsimile: (212) 294-4700 
 Attention: Robert W. Ericson, Esq. 
  

	 	(c)	If to the Titan Representative: 

 Jeffrey A. Brodsky

 c/o Quest Turnaround Advisors, LLC 
 RiverView at Purchase 
 287 Bowman Avenue 
 Purchase, NY 10577 
 Telephone: (914) 253-8100 
 Facsimile: (914) 253-8103 
 with a copy
to: 
 Goodwin Procter LLP 
 Exchange Place 
 Boston, MA 02109 
 Telephone: (617) 570-1000 
 Facsimile: (617) 523-1231 
 Attention: Mark H. Burnett, Esq. 
       John T. Haggerty, Esq. 
 or to such other address or to such other Person as may be designated by a party by
written notice to the other parties hereto. 
  

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 Section 10.3 Titan Representative. 
 (a) The parties hereto agree that it is desirable to designate the Titan Representative to act on behalf of the holders of Equity Securities of the
General Partner and the Partnership for certain limited purposes, as specified herein. The General Partner and the Partnership have designated the Titan Representative as the representative of the holders of Equity Securities of the General Partner
and the Partnership and any other parties entitled to receive a portion of the Aggregate Purchase Price, and approval of this Agreement by such holders shall constitute ratification and approval of such designation. 
 (b) The Titan Representative shall be authorized and empowered, as agent of and on behalf of all holders of Equity Securities of the General Partner and
the Partnership and any other parties entitled to receive a portion of the Aggregate Purchase Price, to take such actions contemplated by Section 3.4 hereof and Section 6.9 hereof and to take all other actions that are either
(i) necessary or appropriate in the judgment of the Titan Representative for the accomplishment of the foregoing or (ii) specifically mandated by the terms of this Agreement. 
 (c) In dealing with this Agreement and any notice, instrument, agreement or document relating thereto, and in exercising or failing to exercise all or
any of the powers conferred upon the Titan Representative hereunder or thereunder, (i) the Titan Representative and its agents, counsel, accountants and other representatives shall not assume any, and shall incur no, responsibility whatsoever
(in each case, to the extent permitted by applicable Law) to the holders of Equity Securities of the Partnership or the General Partner, or to Parent or the Surviving Partnership by reason of any error in judgment or other act or omission performed
or omitted hereunder or in connection with this Agreement or any such other agreement, instrument or document, other than in respect of an act or omission done in bad faith or with gross negligence on the part of the Titan Representative, and
(ii) the Titan Representative shall be entitled to rely in good faith on the advice of counsel, public accountants or other independent experts experienced in the matter at issue, and any error in judgment or other act or omission of the Titan
Representative pursuant to such advice shall in no event subject the Titan Representative to liability to the holders of Equity Securities of the Partnership or the General Partner, or to Parent or the Surviving Partnership. Pursuant to the
following sentence, and to the fullest extent permitted by applicable Law, the holders of Equity Securities of the Partnership and the General Partner shall be, severally (based on each such holder’s pro rata share of the Escrow Amount)
and not jointly, obligated to indemnify the Titan Representative and hold the Titan Representative harmless against any loss, liability or expense incurred without gross negligence or bad faith on the part of the Titan Representative and arising out
of or in connection with the acceptance or administration of the Titan Representative’s duties hereunder, including the reasonable fees and expenses of any legal counsel, public accountants or other independent experts retained by the Titan
Representative; provided, however, that the aggregate amount of such indemnification shall not exceed the Escrow Amount. Any amounts payable to the Titan Representative pursuant to this Section 10.3 shall be disbursed to the Titan
Representative by the Escrow Agent pursuant to the terms of the Escrow Agreement. 
 (d) In connection with the performance of its
obligations hereunder, the Titan Representative shall have the right at any time and from time to time to select and engage, at the cost and expense of the holders of Equity Securities of the Partnership and the General Partner 

  

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(as contemplated by Section 10.3(c)), attorneys, accountants, investment bankers, advisors, consultants and clerical personnel and obtain such other
professional and expert assistance, and maintain such records, as the Titan Representative may deem necessary or desirable and incur other out-of-pocket expenses related to performing its services hereunder. 
 (e) All of the immunities and powers granted to the Titan Representative under this Agreement shall survive the Closing and/or any termination of this
Agreement. 
 Section 10.4 Binding Effect; Benefits. 
 This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns; provided, however, that, except with respect to Section 6.6, nothing
in this Agreement shall be construed to confer any rights, remedies, obligations or liabilities on any Person other than the parties hereto or their respective successors and assigns. Section 6.6 is intended to be for the benefit of those
Persons described therein and the covenants contained therein may be enforced by such Persons. 
 Section 10.5 Public Announcements.

 Until the Closing, the parties hereto shall advise and consult with each other prior to the making of any public announcement with respect
to the transactions contemplated hereby and, in any event, shall not issue any press releases or make any public announcement or statement without the prior consent of the other parties, except for filings or registrations which are required by Law,
and except for the information statement or other disclosure provided to, and communications with, the limited partners of the Partnership in connection with obtaining the Partnership Approval or referring limited partners to publicly-filed
documents. If the party making such filing or registration has used its reasonable best efforts to consult with the other parties and to obtain each parties’ consent but has been unable to do so in a timely manner, the forms of press releases
to be made by each party upon the public announcement of the signing of this Agreement are attached as Exhibit D hereto. 
 Section
10.6 Entire Agreement. 
 This Agreement, together with its Exhibits and Appendices, the Disclosure Letter, the Confidentiality Agreement and
any other agreement entered into concurrently with this Agreement, embody the entire agreement and understanding of the parties with respect to the transactions contemplated hereby and supersedes any prior agreement or understanding between the
parties with respect to the subject matter thereof. 
 Section 10.7 Waivers and Amendments. 
 Except as provided below, this Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written
instrument signed by Parent, MergerCo and the General Partner and the Partnership or, in the case of a waiver, by Parent and MergerCo or by the Partnership and the General Partner, as the case may be, waiving compliance. No delay on the part of any
party in exercising any right, power or privilege hereunder shall operate as a waiver thereof. No waiver on the part of any party of any such right, power or privilege, and no single or partial exercise of any such right, power or privilege, shall

  

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preclude any further exercise thereof or the exercise of any other such right, power or privilege. Except as provided herein, the rights and remedies herein
provided are cumulative and are not exclusive of any rights or remedies that any party may otherwise have at law or in equity. 
 Section
10.8 Specific Performance. 
 The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement were
not performed in accordance with the terms hereof and that, prior to the termination of this Agreement pursuant to Section 9.1, the parties hereto shall be entitled to specific performance of the terms hereof, in addition to any other remedy at
law or equity. 
 Section 10.9 Counterparts. 
 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same document. 
 Section 10.10 Headings. 
 Headings of the
Sections and paragraphs in this Agreement are for reference purposes only and shall not be deemed to have any substantive effect. 
 Section
10.11 Assignment. 
 This Agreement may not be assigned by any party without the prior written consent of the other parties to this
Agreement. 
 Section 10.12 Governing Law. 
 This Agreement shall be governed and construed and interpreted in accordance with the laws of the State of Delaware, without regard to choice of laws principles. 
 Section 10.13 Severability. 
 The invalidity
or unenforceability of any provision of this Agreement shall not affect the validly or enforceability of any other provision of this Agreement, each of which shall remain in full force and effect. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.

  

			
	TITAN ENERGY PARTNERS LP
		
	 By:
	 	 Titan Energy GP LLC,

		 	 its general partner

		
	 By:
	 	 /s/ Bill Corbin

	 Name:
	 	 Bill Corbin

	 Title:
	 	 Chief Executive Officer

	
	TITAN ENERGY GP LLC
		
	 By:
	 	 /s/ Bill Corbin

	 Name:
	 	 Bill Corbin

	 Title:
	 	 Chief Executive Officer

	
	ENERGY TRANSFER PARTNERS, L.P.
		
	 By:
	 	 Energy Transfer Partners GP, L.P.,
 its general partner

		
	 By:
	 	 Energy Transfer Partners GP, L.L.C.,
 its general partner

		
	 By:
	 	 /s/ H. Michael Krimbill

	 Name:
	 	 H. Michael Krimbill

	 Title:
	 	 Chief Financial Officer

	
	HERITAGE MARKETING, L.P.
		
	 By:
	 	 Heritage Equity, L.L.C.,

		 	 its general partner

		
	 By:
	 	 /s/ H. Michael Krimbill

	 Name:
	 	 H. Michael Krimbill

	 Title:
	 	 Chief Financial Officer

	
	TITAN REPRESENTATIVE
	
	 /s/ Jeffrey A. Brodsky

	 Jeffrey A. BrodskyFourth Amended and Restated Credit Agreement

 Exhibit 10.1 
 EXECUTION COPY 
  

 DYNEGY HOLDINGS INC. 
 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 Dated as of April 19, 2006 
 among

 DYNEGY HOLDINGS INC., 
 as the
Borrower, 
 DYNEGY INC., 
 as the
Parent Guarantor, 
 The Other Guarantors Party Hereto, 
 The Lenders Party Hereto, 
 CITICORP USA, INC. 
 and 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agents, 
 CITICORP USA, INC., 
 as Payment Agent, 
 JPMORGAN CHASE BANK, N.A.

 and 
 CITIBANK, N.A., 

as Revolving L/C Issuers 
 JPMORGAN CHASE
BANK, N.A., 
 as Term L/C Issuer 
 and 
 JPMORGAN CHASE BANK, N.A. 
 as Collateral Agent 
  

 J.P. MORGAN SECURITIES INC. 
 and 
 CITIGROUP GLOBAL MARKETS INC., 
 as Joint Lead Arrangers and Joint Bookrunners 
 and 
 CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

 BANK OF AMERICA, N.A. 
 and

 LEHMAN COMMERCIAL PAPER INC., 
 as Co-Documentation Agents 
  

 Table of Contents 
  

					
	 	  	 	  	Page
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	1
	 1.01.
	  	 Defined Terms
	  	1
	 1.02.
	  	 Other Interpretive Provisions
	  	46
	 1.03.
	  	 Accounting Terms
	  	46
	 1.04.
	  	 Rounding
	  	47
	 1.05.
	  	 References to Agreements, Laws and Persons
	  	47
	 1.06.
	  	 Times of Day
	  	47
	 1.07.
	  	 Letter of Credit Amounts
	  	47
	 1.08.
	  	 Currency Equivalents Generally
	  	47
		
	 ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS
	  	47
	 2.01.
	  	 The Loans
	  	47
	 2.02.
	  	 Borrowings, Conversions and Continuations of Loans
	  	48
	 2.03.
	  	 Letters of Credit
	  	49
	 2.04.
	  	 Prepayments
	  	60
	 2.05.
	  	 Termination or Reduction of Commitments
	  	64
	 2.06.
	  	 Repayment of Loans
	  	65
	 2.07.
	  	 Interest
	  	65
	 2.08.
	  	 Fees
	  	66
	 2.09.
	  	 Computation of Interest and Fees
	  	66
	 2.10.
	  	 Evidence of Indebtedness
	  	66
	 2.11.
	  	 Payments Generally
	  	67
	 2.12.
	  	 Sharing of Payments
	  	69
	 2.13.
	  	 Incremental Revolving Credit Commitments
	  	69
		
	 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	70
	 3.01.
	  	 Taxes
	  	70
	 3.02.
	  	 Illegality
	  	71
	 3.03.
	  	 Inability to Determine Rates
	  	72
	 3.04.
	  	 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans
	  	72
	 3.05.
	  	 Funding Losses
	  	72
	 3.06.
	  	 Matters Applicable to all Requests for Compensation
	  	73
	 3.07.
	  	 Survival
	  	73
		
	 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	73
	 4.01.
	  	 Conditions of Initial Credit Extension
	  	73
	 4.02.
	  	 Conditions to all Credit Extensions
	  	76
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	77
	 5.01.
	  	 Existence, Qualification and Power; Compliance with Laws
	  	77
	 5.02.
	  	 Authorization; No Contravention
	  	77
	 5.03.
	  	 Governmental Authorization; Other Consents
	  	78
	 5.04.
	  	 Binding Effect
	  	79
	 5.05.
	  	 Financial Statements
	  	79
	 5.06.
	  	 Litigation
	  	79
	 5.07.
	  	 No Default
	  	79

  

 i 

					
	 5.08.
	  	 Ownership of Property; Liens; Etc.
	  	79
	 5.09.
	  	 Environmental Compliance
	  	80
	 5.10.
	  	 Insurance
	  	81
	 5.11.
	  	 Taxes
	  	81
	 5.12.
	  	 ERISA Compliance
	  	81
	 5.13.
	  	 Subsidiaries
	  	82
	 5.14.
	  	 Margin Regulations; Investment Company Act
	  	82
	 5.15.
	  	 Disclosure
	  	83
	 5.16.
	  	 Intellectual Property; Licenses, Etc.
	  	83
	 5.17.
	  	 Solvency
	  	83
		
	 ARTICLE VI AFFIRMATIVE COVENANTS
	  	84
	 6.01.
	  	 Financial Statements
	  	84
	 6.02.
	  	 Certificates; Other Information
	  	85
	 6.03.
	  	 Notices
	  	86
	 6.04.
	  	 Payment of Obligations
	  	87
	 6.05.
	  	 Preservation of Existence, Etc.
	  	87
	 6.06.
	  	 Maintenance of Properties
	  	87
	 6.07.
	  	 Maintenance of Insurance
	  	87
	 6.08.
	  	 Compliance with Laws
	  	87
	 6.09.
	  	 Books and Records
	  	87
	 6.10.
	  	 Inspection Rights
	  	88
	 6.11.
	  	 Use of Proceeds
	  	88
	 6.12.
	  	 Covenant to Guarantee Obligations and Give Security in Personal Property
	  	88
	 6.13.
	  	 Covenant to Give Security in Real Property; Recordation of Rights of Way; Supplements to Mortgages
	  	90
	 6.14.
	  	 Compliance with Environmental Laws
	  	91
	 6.15.
	  	 Preparation of Environmental Reports
	  	91
	 6.16.
	  	 Further Assurances
	  	92
		
	 ARTICLE VII NEGATIVE COVENANTS
	  	92
	 7.01.
	  	 Liens
	  	92
	 7.02.
	  	 Investments
	  	96
	 7.03.
	  	 Indebtedness
	  	98
	 7.04.
	  	 Fundamental Changes
	  	101
	 7.05.
	  	 Asset Sales
	  	102
	 7.06.
	  	 Restricted Payments
	  	104
	 7.07.
	  	 Change in Nature of Business
	  	105
	 7.08.
	  	 Transactions with Affiliates
	  	106
	 7.09.
	  	 Burdensome Agreements
	  	106
	 7.10.
	  	 Use of Proceeds
	  	108
	 7.11.
	  	 Financial Covenants
	  	108
	 7.12.
	  	 Capital Expenditures
	  	109
	 7.13.
	  	 Amendments of Organizational Documents
	  	109
	 7.14.
	  	 Accounting Changes
	  	109
	 7.15.
	  	 Prepayments, Etc. of Indebtedness
	  	109
	 7.16.
	  	 Swap Contracts
	  	110
	 7.17.
	  	 Partnerships, Etc.
	  	111
	 7.18.
	  	 Formation of Subsidiaries
	  	111
	 7.19.
	  	 Amendments, Etc. of 2003 Convertible Preferred Stock
	  	111

  

 ii 

					
	 ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES
	  	111
	 8.01.
	  	 Events of Default
	  	111
	 8.02.
	  	 Remedies Upon Event of Default
	  	113
	 8.03.
	  	 Application of Monies Upon Event of Default
	  	114
		
	 ARTICLE IX ADMINISTRATIVE AGENTS AND OTHER AGENTS
	  	114
	 9.01.
	  	 Appointment and Authorization of Agents
	  	114
	 9.02.
	  	 Delegation of Duties
	  	115
	 9.03.
	  	 Liability of Agents
	  	115
	 9.04.
	  	 Reliance by Agents
	  	116
	 9.05.
	  	 Notice of Default
	  	116
	 9.06.
	  	 Credit Decision; Disclosure of Information by Agents
	  	116
	 9.07.
	  	 Indemnification of Agents
	  	117
	 9.08.
	  	 Agents in their Individual Capacities
	  	118
	 9.09.
	  	 Successor Agents
	  	118
	 9.10.
	  	 Administrative Agents May File Proofs of Claim
	  	118
	 9.11.
	  	 Collateral and Guaranty Matters
	  	119
	 9.12.
	  	 Other Agents; Arrangers and Bookrunners
	  	119
	 9.13.
	  	 Appointment of Supplemental Collateral Agents
	  	120
		
	 ARTICLE X GUARANTY
	  	121
	 10.01.
	  	 Guaranty; Limitation of Liability
	  	121
	 10.02.
	  	 Guaranty Absolute
	  	121
	 10.03.
	  	 Waivers and Acknowledgments
	  	122
	 10.04.
	  	 Subrogation
	  	123
	 10.05.
	  	 Guaranty Supplements
	  	124
	 10.06.
	  	 Subordination
	  	124
	 10.07.
	  	 Continuing Guaranty; Assignments
	  	125
		
	 ARTICLE XI MISCELLANEOUS
	  	125
	 11.01.
	  	 Amendments, Etc.
	  	125
	 11.02.
	  	 Notices and Other Communications
	  	127
	 11.03.
	  	 No Waiver; Cumulative Remedies
	  	128
	 11.04.
	  	 Costs and Expenses
	  	128
	 11.05.
	  	 Release and Indemnification by the Borrower and the Parent Guarantor
	  	128
	 11.06.
	  	 Payments Set Aside
	  	130
	 11.07.
	  	 Successors and Assigns
	  	130
	 11.08.
	  	 Confidentiality
	  	133
	 11.09.
	  	 Setoff
	  	133
	 11.10.
	  	 Interest Rate Limitation
	  	133
	 11.11.
	  	 Counterparts
	  	134
	 11.12.
	  	 Integration
	  	134
	 11.13.
	  	 Survival of Representations and Warranties
	  	134
	 11.14.
	  	 Severability
	  	134
	 11.15.
	  	 Tax Forms
	  	134
	 11.16.
	  	 Governing Law
	  	136
	 11.17.
	  	 Waiver of Right to Trial by Jury
	  	136
	 11.18.
	  	 Binding Effect
	  	137
	 11.19.
	  	 Amendment and Restatement
	  	137
	 11.20.
	  	 USA PATRIOT Act
	  	137
	 11.21.
	  	 Lender Addendum
	  	137

  

 iii 

 SCHEDULES 
  

			
	I	  	Existing Mortgagors and Existing Mortgages
	II	  	Non-Pledging Subsidiaries
	III	  	Tolling Agreements
	2.01	  	Lender Commitments
	2.03	  	Existing Revolving Letters of Credit
	4.01(a)(iii)(C)	  	Insurance
	4.01(a)(iv)	  	Mortgages to be Amended
	4.01(a)	  	Jurisdictions of Local Counsel to the Loan Parties
	5.03(b)	  	Perfection of Security Interests
	5.08(b)	  	Owned Real Property
	5.08(c)	  	Leased Real Property
	5.09	  	Environmental Matters
	5.11	  	Certain Tax Information
	5.13	  	Subsidiaries
	7.01	  	Existing Liens
	7.03	  	Existing Indebtedness
	7.08	  	Existing Affiliate Transactions
	11.02	  	Certain Addresses for Notices

 EXHIBITS 
  

			
	A	  	Form of Committed Loan Notice
	B-1	  	Form of Revolving Credit Note
	B-2	  	Form of Term L/C Facility Term Note
	C	  	Form of Compliance Certificate
	D	  	Form of Assignment and Assumption
	E-1	  	Form of Shared Security Agreement
	E-2	  	Form of Non-Shared Security Agreement
	E-3	  	Form of Collateral Trust Agreement
	F	  	Form of Mortgage
	G	  	Form of Mortgage Supplement
	H	  	Form of Guaranty Supplement
	I	  	Form of Prepayment Option Notice
	J	  	Form of Joinder Agreement
	K	  	Form of Lender Addendum

  

 iv 

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 
 This FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of April 19, 2006, among DYNEGY
HOLDINGS INC., DYNEGY INC., the SUBSIDIARY GUARANTORS party hereto, the Lenders party hereto, JPMORGAN CHASE BANK, N.A. and CITICORP USA, INC., as Administrative Agents, CITICORP USA, INC., as Payment Agent, JPMORGAN CHASE BANK, N.A., as Collateral
Agent, and each L/C ISSUER party hereto. 
 PRELIMINARY STATEMENTS 
 1. The Borrower is a party to the Third Amended and Restated Credit Agreement, dated as of March 6, 2006, with the Parent Guarantor, the Subsidiary
Guarantors, JPMorgan Chase Bank, N.A. and Citicorp USA, Inc., each as an administrative agent, Citicorp USA, Inc., as payment agent, JPMorgan Chase Bank, N.A. and Citibank, N.A., each as a letter of credit issuer, JPMorgan Chase Bank, N.A., as
collateral agent, and the other lenders party thereto (as heretofore amended, supplemented or otherwise modified, the “Existing DHI Credit Agreement”). 
 2. The Parent Guarantor and the Borrower wish to amend and restate the Existing DHI Credit Agreement and therefore have requested that the Lenders
provide the credit facilities described herein under this Agreement which shall amend and restate the Existing DHI Credit Agreement. The Lenders and the L/C Issuers have indicated their willingness to amend and restate the Existing DHI Credit
Agreement and to make loans and to issue letters of credit, respectively, on the terms and subject to the conditions set forth herein. 
 In
consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE I

 DEFINITIONS AND ACCOUNTING TERMS 
 1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “1996 Indenture” means the Indenture dated as of September 26, 1996 between the Borrower and JPMCB (successor to The First National Bank of Chicago and Bank One, N.A.), as trustee. 
 “2003 Convertible Preferred Stock” means the Series C convertible preferred stock issued by the Parent Guarantor to Chevron USA
on August 11, 2003. 
 “2003 Convertible Securities” means the 4.75% convertible subordinated debt securities
due 2023 issued by the Parent Guarantor and guaranteed by the Borrower on August 11, 2003. 
 “2003 Second Lien
Indenture” means the Indenture, dated as of August 11, 2003, among the Borrower, each of the subsidiary guarantors named therein, Wilmington Trust Company, as trustee and Wells Fargo Bank Minnesota, N.A., as collateral trustee,
pursuant to which the 2003 Second Lien Notes were issued by the Borrower. 
 “2003 Second Lien Notes” means the
second-priority senior secured notes issued by the Borrower and guaranteed by the subsidiary guarantors under the 2003 Second Lien Indenture on August 11, 2003 and October 15, 2003 comprised of (a) $225,000,000 original principal
amount of 

 
floating rate notes due 2008, (b) $625,000,000 original principal amount of 9.875% notes due 2010 and (c) $900,000,000 original principal amount of
10.125% notes due 2013. 
 “2006 Senior Unsecured Notes” means the 8.375% senior unsecured notes due 2016 issued by
the Borrower in an aggregate principal amount of $750,000,000 under that certain Second Supplemental Indenture, dated as of April 12, 2006, to the 1996 Indenture (including the 8.375% Initial Securities (as defined in such Second Supplemental
Indenture) and any 8.375% Private Exchange Securities and 8.375% Exchange Securities (each as so defined) exchanged for such 8.375% Initial Securities in accordance with such Second Supplemental Indenture). 
 “ACH Obligations” means any and all obligations of any Loan Party owing to any Lender or any Affiliate of any Lender under any
treasury management services agreement, any service terms or any service agreements, including electronic payments service terms and/or automated clearing house agreements, and all overdrafts on any account which any Loan Party maintains with any
Lender or any Affiliate of any Lender. 
 “Additional Subsidiary Guarantor” means each Restricted Subsidiary of the
Parent Guarantor or the Borrower (other than the Subsidiary Guarantors party hereto on the Closing Date) that shall be required to execute and deliver a Guaranty Supplement pursuant to Section 6.12. 
 “Administrative Agents” means JPMCB and Citicorp USA, Inc., each in its capacity as an administrative agent for the Lenders under
the Loan Documents. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agents. 
 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. Without
limiting the generality of the foregoing, for all purposes other than for purposes of the definition of “Approved Fund”, a Person shall be deemed to be Controlled by another Person if such other Person possesses, directly or
indirectly, power to vote 10% or more of the securities having ordinary voting power for the election of directors, managing general partners or the equivalent. 
 “Affiliate Transaction” means, with respect to any Person, a payment by such Person to, or a sale, lease, transfer, or other disposition of any of its properties or assets to, or a purchase of
any property or assets from, or the entry into or making or amendment of any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of such Person; provided that the following
shall not be deemed to be Affiliate Transactions: 
 (a) any employment agreement, employee benefit plan, officer and director
indemnification agreement or any similar arrangement entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business or approved by the Borrower’s Board of Directors; 
 (b) (i) transactions between or among the Borrower and any of its Restricted Subsidiaries, or (ii) transactions between or among the
Borrower, its Restricted Subsidiaries, the Parent, its Restricted Subsidiaries and Sithe (but, in the case of clause (ii) only, only to the extent consistent with arrangements in place on the Closing Date and between or among the Parent,
the 

  

 2 

 
Borrower, any of the Borrower’s Restricted Subsidiaries, any of the Parent’s Restricted Subsidiaries as are in existence on the Closing Date and
Sithe); 
 (c) transactions with a Person that is an Affiliate of the Borrower solely because the Borrower owns, directly or
through a Restricted Subsidiary, an Equity Interest in, or Controls, such Person; 
 (d) payment of reasonable directors’
fees to Persons who are not otherwise Affiliates of the Borrower; 
 (e) any issuance of Equity Interests (other than
Disqualified Stock) of the Borrower to the Parent Guarantor; 
 (f) Investments that do not violate Section 7.02
and Restricted Payments that do not violate Section 7.06; 
 (g) Permitted Payments to Parents; 
 (h) commercial transactions in the ordinary course of business between or among the Borrower and/or its Restricted Subsidiaries on the one
hand and Chevron USA and its related parties on the other hand; 
 (i) loans or advances to executive officers and directors
in the ordinary course of business and otherwise permitted by applicable law not to exceed $1,000,000 in the aggregate outstanding at any one time; 
 (j) any agreement, instrument or arrangement as in effect as of the Closing Date and set forth on Schedule 7.08 or any amendment thereto or any transaction contemplated thereby (including pursuant to any
amendment thereto) or in any replacement agreement thereto so long as any such amendment or replacement agreement is not more disadvantageous to the Lenders in any material respect than the original agreement as in effect on the Closing Date as
reasonably determined by the Borrower; 
 (k) payments or advances to employees or consultants that are incurred in the
ordinary course of business or that are approved by the Board of Directors of the Borrower in good faith; 
 (l) the existence
of, or the performance by the Borrower or any of its Restricted Subsidiaries of its obligations under the terms of, any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party
as of the Closing Date and any similar agreements which it may enter into thereafter; provided that the existence of, or the performance by the Borrower or any of its Restricted Subsidiaries of their respective obligations under, any future
amendment to any such existing agreement or under any similar agreement entered into after the Closing Date shall only be permitted by this clause (l) to the extent that the terms of any such amendment or new agreement are not otherwise
more disadvantageous to the Lenders than such existing agreement in any material respect; 
 (m) transactions with customers,
clients, suppliers, joint venture partners or purchasers or sellers of goods or services, in each case, in the ordinary course of business (including pursuant to joint venture agreements) and otherwise in compliance with the terms of this Agreement
that are fair to the Borrower and its Restricted Subsidiaries, in the reasonable determination of the Board of Directors of the Borrower or the senior management thereof, or are on terms not materially less 

  

 3 

 
favorable taken as a whole as might reasonably have been obtained at such time from an unaffiliated party; and 
 (n) the cancellation of all or any portion of the Sithe Subordinated Indebtedness, provided that the requirements of the proviso to
Section 7.02(q)(iv) shall have been satisfied with respect thereto. 
 “Agent-Related Persons” means each
of the Administrative Agents, the Payment Agent, the Collateral Agent, and each Joint Lead Arranger and each Joint Bookrunner named on the cover page of this Agreement, together with their respective Affiliates, and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and Affiliates. 
 “Agents” means, collectively, the
Administrative Agents, the Payment Agent and the Collateral Agent. 
 “Aggregate Credit Exposure” means, at any time,
the sum of (a) the unused portion of the Commitments and (b) the Total Outstandings at such time. 
 “Agreement” has the meaning specified in the recital of parties to this Agreement. 
 “Alleghanies Entities” means Alleghany No. 9, L.P., a Delaware limited partnership, Alleghany No. 9, Inc., a Delaware corporation, Alleghany No. 8, L.P., a Delaware limited partnership, Alleghany
No. 8, Inc., a Delaware corporation, Alleghany No. 6 Hydro Partners, a Pennsylvania limited partnership, Alleghany Hydro Partners Limited, a Pennsylvania limited partnership, Alleghany Hydroelectric, Inc., a Delaware corporation, and
Alleghany Hydro No. 1, a Pennsylvania corporation. 
 “Alternative Currency” means Pounds Sterling, Canadian
Dollars or Euros. 
 “Applicable Commitment Fee Rate” has the meaning specified in the definition of “Applicable
Margin”. 
 “Applicable Margin” means, for any day, with respect to Revolving Credit Loans or Term L/C Facility
Term Loans of any Type, or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Revolving Credit Loans” or “Term L/C Facility Term Loans”, as
the case may be, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Facilities (such rate, in the case of the commitment fees payable hereunder, being the “Applicable Commitment Fee
Rate”): 
  

																
	 	  	Revolving Credit Loans	 	 	Term L/C Facility Term
Loans	 
	 S&P/Moody’s Ratings for the Facilities
	  	Applicable
Commitment
Fee Rate	 	 	Applicable
Margin for
Eurodollar
Loans	 	 	Applicable
Margin for
Base Rate
Loans	 	 	Applicable
Margin for
Eurodollar
Loans	 	 	Applicable
Margin for
Base Rate
Loans	 
	 Category 1
 3
BB+/Ba1
	  	0.25	%	 	1.25	%	 	0.25	%	 	1.50	%	 	0.50	%
						
	 Category 2
 3 BB/Ba2 <
BB+/Ba1
	  	0.375	%	 	1.50	%	 	0.50	%	 	1.50	%	 	0.50	%
						
	 Category 3
 £ BB-/Ba3
	  	0.50	%	 	1.75	%	 	0.75	%	 	1.75	%	 	0.75	%

  

 4 

 For purposes of the foregoing, (i) if either Moody’s or S&P shall not have in effect a
rating for the Facilities (other than by reason of the circumstances referred to in the penultimate sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 3; (ii) if the ratings
established or deemed to have been established by Moody’s and S&P for the Facilities shall fall within different Categories, the Applicable Margin and the Applicable Commitment Fee Rate shall be based on the higher of the two ratings unless
one of the two ratings is two or more Categories lower than the other, in which case the Applicable Margin shall be determined by reference to the Category next below that of the higher of the two ratings; and (iii) if the ratings established
or deemed to have been established by Moody’s and S&P for the Facilities shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is
first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Payment Agent pursuant to Section 6.02(h) or otherwise. Each change in the Applicable Margin or
the Applicable Commitment Fee Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P
shall change, or if either such rating agency shall cease to be in the business of rating debt obligations of the same type as the Facilities, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such
changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Margin shall be determined by reference to the rating most recently in effect prior to such change or
cessation. Notwithstanding any other provision of this Agreement, no reduction in the Applicable Margin or the Applicable Commitment Fee Rate shall occur so long as any Event of Default has occurred and is continuing. 
 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or
manages a Lender. 
 “Asset Sale” means (a) the sale, lease, conveyance, or other disposition of any assets or
rights by the Borrower or any of its Restricted Subsidiaries, provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Borrower and its Restricted Subsidiaries taken as a whole shall be
governed by Section 7.04, and (b) the issuance of Equity Interests in any of the Borrower’s Restricted Subsidiaries or the sale of Equity Interests in any of its Subsidiaries. Notwithstanding the preceding, none of the
following items shall be deemed to be an Asset Sale: 
 (i) any single transaction or series of related transactions that
involves assets having a Fair Market Value of less than $10,000,000; 
 (ii) a transfer of assets between or among the
Borrower and any of its Restricted Subsidiaries; 
 (iii) an issuance of Equity Interests by a Restricted Subsidiary of the
Borrower to the Borrower or to a Restricted Subsidiary of the Borrower (including any Person that becomes a Restricted Subsidiary of the Borrower in connection with such transaction); 
 (iv) (A) the sale or lease of products, services or accounts receivable in the ordinary course of business, (B) any sale or
other disposition of surplus, damaged, worn-out or obsolete 

  

 5 

 
assets or property (including, without limitation, inventory, immaterial assets and property no longer commercially viable to maintain and operate) in the
ordinary course of business, (C) the granting of any option or other right to purchase, or otherwise acquire property in the ordinary course of business, (D) the sale, transfer or other disposition of power, capacity, energy, ancillary
services, and other products or services, or the sale of any other inventory or contracts related to any of the foregoing, (E) the sale, lease, conveyance or other disposition for value by the Borrower or any Restricted Subsidiary of fuel or
emission credits in the ordinary course of business and (F) the licensing of intellectual property; 
 (v) the sale or
disposition by the Borrower and its Restricted Subsidiaries of assets in connection with (A) the termination, amendment or restructuring of any tolling agreement and (B) dispositions of property in connection with settlement of any
Disclosed Litigation, in the case of both clauses (A) and (B), for reasonably equivalent value, as determined by the Borrower or such Restricted Subsidiary, provided that in no event shall the fair market value of the sales or
dispositions of Collateral (other than Collateral consisting of cash) pursuant to this clause (v) exceed $300,000,000 in the aggregate or such sales or dispositions include the sale of the Baldwin Facility; 
 (vi) the sale or disposition by the Borrower and its Restricted Subsidiaries of assets in connection with any Discontinued Business
Operations of the Borrower and its Restricted Subsidiaries so long as such sale or disposition is for reasonably equivalent value, as determined by the Borrower or such Restricted Subsidiary; 
 (vii) sales or dispositions resulting from the bona fide exercise by a governmental authority of its claimed or actual power of eminent
domain or dispositions otherwise required by applicable law that would not materially adversely affect the Borrower and its Restricted Subsidiaries, taken as a whole; 
 (viii) dispositions of property subject to a Permitted Lien that is transferred to the lienholder or its designee in satisfaction or
settlement of such lienholder’s claim or a realization upon any Lien permitted pursuant to this Agreement; 
 (ix) the
sale or other disposition of cash or Cash Equivalents; 
 (x) a Restricted Payment that does not violate
Section 7.06; and 
 (xi) an Investment that does not violate Section 7.02. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section 11.07), and accepted by the Payment Agent, in the form of Exhibit D or any other form approved by the Administrative Agents and the Borrower. 
 “Attorney Costs” means and includes all reasonable documented and out-of-pocket fees, expenses and disbursements of any law firm
or other external counsel (which fees, expenses and disbursement shall, other than under the circumstances described in clause (b) of Section 11.04, be reasonable). 
 “Attributable Indebtedness” means, on any date, in respect of any obligation of the type described in clauses (a) and
(b)(ii) of the definition of “Off-Balance Sheet Obligations”, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of 

  

 6 

 
such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 
 “Auto-Renewal Letter of Credit” means a Letter of Credit with an initial expiry date of one year or less after the date of its
issuance that has automatic renewal provisions. 
 “Available Amount” means, on any date of determination, an amount
equal at such time to (a) the sum of, without duplication: 
 (i) an amount equal to the sum of 25% of Excess Cash Flow
for each fiscal year of the Borrower commencing with the fiscal year ending December 31, 2007 and ending prior to such date of determination; 
 (ii) the amount of Exempt Equity Proceeds on such date of determination; 
 (iii) the
aggregate amount of all cash dividends and other cash distributions received by the Borrower or any of its Restricted Subsidiaries from any Minority Investment or Unrestricted Subsidiary after the Closing Date and on or prior to such date of
determination (less the amount of any Tax Payments in respect thereof); 
 (iv) the aggregate amount of all cash repayments of
principal and interest received by the Borrower or any of its Restricted Subsidiaries from any Minority Investment or Unrestricted Subsidiary after the Closing Date and on or prior to such date of determination in respect of loans made by the
Borrower or any Restricted Subsidiary to such Minority Investment or Unrestricted Subsidiary; and 
 (v) the aggregate amount
of all Net Proceeds of Asset Sales received by the Borrower or any of its Restricted Subsidiaries in connection with the sale, transfer or other disposition of its ownership interest in any Minority Investment or Unrestricted Subsidiary after the
Closing Date and on or prior to such date of determination, 
 minus (b) the aggregate amount of any Investments made by the Borrower or any
Restricted Subsidiary pursuant to clause (ii) of Section 7.02(r) after the Closing Date and on or prior to such date of determination. 
 “Availability Period” means the period from and including the Closing Date to but not including the earliest of (a) the Revolving Credit Termination Date, (b) the date of termination
of the Revolving Credit Commitments pursuant to Section 2.05, and (c) the date of termination of the commitment of each Revolving Credit Lender to make Revolving Credit Loans and of the obligation of the Revolving L/C Issuers to
make Revolving L/C Credit Extensions pursuant to Section 8.02. 
 “Baldwin Facility” means, collectively,
(a) the coal-fired steam electric generating plant owned by DMG and located in Randolph County, Illinois, consisting of three generating units, (b) all associated equipment and support facilities and (c) real property associated with
the foregoing; excluding, in each case, any assets the sale of which would not constitute an “Asset Sale” pursuant to clause (i), (ii), (iv), (ix), (x) or (xi) of “Asset Sale”. 
 “Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C. §§ 101, et seq. 
 “Base Rate” means, for any period, a fluctuating interest rate per annum as shall be in effect from time to time, which rate per
annum shall at all times equal the higher of (i) the rate of interest announced publicly by Citibank in New York, New York, from time to time, as Citibank’s base rate and (ii) the Federal Funds Rate in effect from time to time plus
0.50%. 
  

 7 

 “Base Rate Loan” means a Loan that bears interest based on the Base Rate.

 “Basket Assets” means assets (other than assets relating to the Baldwin Facility), the sale or disposition of
which pursuant to an Asset Sale results in Net Proceeds not in excess of $150,000,000 in the aggregate for all such assets since the Closing Date, that have been designated by the Borrower as “Basket Assets” for purposes of this Agreement.

 “Borrower” means Dynegy Holdings Inc., a Delaware corporation. 
 “Borrower Group” means the Borrower and all of its Restricted Subsidiaries. 
 “Borrowing” means a Revolving Credit Borrowing or a Term L/C Facility Borrowing, as the context may require. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to be closed
generally under the Laws of, or are in fact generally closed in, Houston, Texas or the city or state where the Payment Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any day on which dealings in Dollar
deposits are generally conducted by and between banks in the London interbank eurodollar market. 
 “Canadian
Dollars” and “C$” each mean lawful money of Canada. 
 “Capital Commitment”
means any contractual commitment or obligation under an equity contribution or other agreement the purpose of which is for the Borrower or any of its Restricted Subsidiaries to provide to another Person (other than the Borrower or any of its
Restricted Subsidiaries) a portion of the capital for such Person or for a Proportionately Consolidated Interest. 
 “Capital
Expenditures” means, with respect to any Person for any period, any expenditure required to be capitalized as a capital expenditure in accordance with GAAP; provided that: (a) the purchase price of equipment or property that
is (i) purchased substantially simultaneously with the trade-in of existing equipment or property, (ii) exchanged in connection with a swap of existing equipment or property or (iii) purchased or repaired with insurance proceeds
and/or deductibles (promptly following receipt thereof on account of such property or equipment being replaced or repaired) shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase price exceeds the
credit granted by the seller of such equipment or property for the equipment or property being so repaired, traded in or exchanged or the amount of such insurance proceeds and/or deductibles, as the case may be; (b) any expenditure funded with
warranty proceeds, proceeds from an indemnity claim, settlement payments or any other payments made to compensate such Person for any damage, defect, delay or loss relating to the expenditure being made shall not be included in Capital Expenditures
to the extent such expenditure does not exceed the applicable proceeds or payments; (c) the aggregate amount of any Indebtedness assumed in connection with any Investment made in respect of any such capital expenditure shall be included in
Capital Expenditures; (d) any capital expenditure related to the settlement of a Tolling Agreement shall not be included in Capital Expenditures; and (e) any investment in or acquisition of Replacement Assets permitted under
Section 2.04(b)(ii) or Section 7.05(b)(ii) shall not be included in Capital Expenditures. 
 “Capital
Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP, and the
Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty; provided that any
obligations existing on the 

  

 8 

 
Closing Date (i) which were not included on the balance sheet of the Borrower and its Subsidiaries as capital lease obligations and (ii) which are
subsequently recharacterized for accounting purposes as capital lease obligations, shall for all purposes of this Agreement not be treated as Capital Lease Obligations. 
 “Capital Stock” means: 
 (a) in the case of a corporation, corporate
stock: 
 (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock: 
 (c) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and 
 (d) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such
debt securities include any right of participation with Capital Stock. 
 “Cash Collateral” has the meaning specified
in the definition of “Cash Collateralize.” 
 “Cash Collateral Account” means a blocked deposit account at
JPMCB (or another commercial bank which has executed a control agreement in accordance with the provisions of the Collateral Documents) in the name of the Collateral Agent and under the sole dominion and control of the Collateral Agent, and
otherwise established in a manner satisfactory to the Collateral Agent. 
 “Cash Collateralize” means to pledge and
deposit with or deliver to the Collateral Agent, for the benefit of any Revolving L/C Issuer and the Revolving Credit Lenders, as collateral for the Revolving L/C Obligations and/or the Revolving Credit Commitments and/or Revolving Credit Loans,
pursuant to Section 2.04(b)(v), cash or deposit account balances in each case in Dollars pursuant to documentation in form and substance satisfactory to the Administrative Agents, the Collateral Agent and such Revolving L/C Issuer.
Derivatives of such term (including the term “Cash Collateral”) have corresponding meanings. 
 “Cash
Equivalents” means: 
 (a) Dollars; 
 (b) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the
United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than one year from the date of acquisition; 
 (c) certificates of deposit, demand deposits, and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any Lender or with any domestic commercial bank having capital and surplus in excess of $500,000,000 and a Thomson Bank
Watch Rating of “B” or better; 
  

 9 

 (d) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clauses (b) and (c) above entered into with any financial institution meeting the qualifications specified in clause (c) above; 
 (e) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and in each case maturing within one
year after the date of acquisition; and 
 (f) money market funds at least 95% of the assets of which constitute Cash
Equivalents of the kinds described in clauses (a) through (e) above. 
 “CERCLA” means the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended. 
 “CERCLIS” means the
Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency. 
 “CH Lease” means the facility leases contemplated by the Participation Agreement dated as of May 1, 2001 among Dynegy Roseton, L.L.C., Roseton OL LLC, Wilmington Trust Company, as lessor manager, Roseton OP LLC,
and JPMCB, as trustee and by the Participation Agreement dated as of May 1, 2001 among Dynegy Danskammer, L.L.C., Danskammer OL LLC, Wilmington Trust Company, as lessor manager, Danskammer OP LLC, and JPMCB, as trustee. 
 “Change of Control” means the occurrence of any of the following: 
 (a) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 of the SEC under the Exchange Act), other than (i) a
trustee or other fiduciary holding securities under an employee benefit plan of the Parent Guarantor or of any Subsidiary of the Parent Guarantor, or (ii) ChevronTexaco and its Affiliates, shall have acquired beneficial ownership (within the
meaning of Rules 13d-3 and 13d-5 of the SEC under the Exchange Act), directly or indirectly, of securities of the Parent Guarantor (or other securities convertible into such securities) representing 40% or more of the combined voting power of all
securities of the Parent Guarantor entitled to vote in the election of directors, other than securities having such power only by reason of the happening of a contingency; 
 (b) during any period of up to 24 consecutive months, commencing on or after the date of this Agreement, individuals who at the beginning
of such 24-month period were (i) directors of the Parent Guarantor or (ii) elected or nominated by (x) individuals who at the beginning of such 24-month period were such directors, (y) individuals elected in accordance with this
clause (b), or (z) the Regents of the University of California or their designee, shall cease for any reason (other than as a result of death, incapacity or normal retirement) to constitute a majority of the board of directors of the
Parent Guarantor; or 
 (c) the Parent Guarantor shall cease to own (directly or indirectly) 100% of the Equity Interests of
the Borrower. 
 “ChevronTexaco” means ChevronTexaco Corporation, a Delaware corporation. 
 “Chevron USA” means Chevron U.S.A., Inc., a Pennsylvania corporation. 
 “Citibank” means Citibank, N.A. 
  

 10 

 “Claims” has the meaning specified in Section 11.05. 
 “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in
accordance with Section 4.01 (or, in the case of Section 4.01(b), waived by the Person entitled to receive the applicable payment). 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder. 
 “Collateral” means all of the property subject to the Liens under the Collateral Documents. 
 “Collateral Agent” means JPMCB, in its capacity as collateral agent for the Lenders under the Loan Documents. 
 “Collateral Documents” means, collectively, the Shared Security Agreement, the Collateral Trust Agreement, the Mortgages, the
Mortgage Supplements, the Non-Shared Security Agreement, each of the mortgages, collateral assignments, Shared Security Agreement Supplements, Non-Shared Security Agreement Supplements, security agreements, pledge agreements or other similar
agreements delivered to the Administrative Agents, the Collateral Agent and the Lenders pursuant to Section 6.12, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the
Collateral Trustees or the Collateral Agent, for the benefit of the applicable Secured Parties. 
 “Collateral Trust
Agreement” means the Second Amended and Restated Collateral Trust Agreement, dated as of April 19, 2006, among the Parent Guarantor, the Borrower, the other grantors signatory thereto and the Collateral Trustees, substantially
in the form of Exhibit E-3. 
 “Collateral Trustees” means Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as corporate trustee, and John M. Beeson, Jr., an individual residing in the State of Delaware, not in his individual capacity but solely as individual trustee, in each case together with any
successor trustee appointed pursuant to the Collateral Trust Agreement. 
 “Commitment” means a Revolving Credit
Commitment, a Term L/C Facility Commitment and/or a Term L/C Issuer Commitment, as the context may require. 
 “Committed Loan
Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be
substantially in the form of Exhibit A. 
 “Compliance Certificate” means a certificate substantially in
the form of Exhibit C. 
 “Consolidated Interest Expense” means, for any Measurement Period, (a) the cash
interest expense (including imputed cash interest expense in respect of Capital Lease Obligations and Synthetic Lease Obligations) of the Borrower Group for such Measurement Period (including all commissions, discounts and other fees and charges
owed by the Borrower Group with respect to letters of credit and bankers’ acceptance financing), net of interest income, in each case determined on a consolidated basis in accordance with GAAP, minus (b) to the extent included in
such cash interest expense for such period, amounts attributable to the amortization of financing costs and non-cash amounts attributable to the amortization of debt discounts and other debt issuance costs, fees and expenses; provided that
Consolidated Interest Expense will exclude (i) cash interest expense attributable 

  

 11 

 
to Non-Recourse Debt and all other cash interest expense of Excluded Subsidiaries and (ii) cash interest expense paid during the relevant Measurement
Period with respect to any 2003 Second Lien Notes repurchased or redeemed during such Measurement Period. For purposes of the foregoing, Consolidated Interest Expense shall be determined after giving effect to any net payments made or received by
the Borrower Group with respect to Hedging Obligations relating to interest rate hedging activities (other than any such Hedging Obligations in respect of Non-Recourse Debt of Excluded Subsidiaries). 
 “Consolidated Secured Indebtedness” means, as of any date of determination and without duplication, for the Borrower Group on a
consolidated basis, the sum of (a) the outstanding principal amount of (i) all secured obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and (ii) all secured obligations evidenced by
bonds, debentures, notes, loan agreements or other similar instruments, (b) all secured direct payment obligations arising under bankers’ acceptances and similar instruments, (c) all secured accounts payable to pay the deferred
purchase price of property or services incurred after the date hereof that in the aggregate, are greater than $20,000,000, more than 90 days past due, and not being contested in good faith, (d) all Capital Lease Obligations and secured
Attributable Indebtedness, in each case in respect of obligations of the type described in clauses (a) and (b)(ii) of the definition of “Off-Balance Sheet Obligations”, (e) all secured Guarantees with respect to
outstanding Indebtedness of the types specified in clauses (a) through (d) above of Persons other than any member of the Borrower Group, and (f) all secured Indebtedness of the types referred to in clauses (a) through
(e) above of any Pass Through Liability Entity, in each case that is outstanding on such date to the extent it is secured by a Lien on any property of any member of the Borrower Group (other than a JV Lien) at such time; provided
that there shall be excluded from “Consolidated Secured Indebtedness” (i) any Excluded Obligation, (ii) any obligations with respect to Equity Interests (whether or not recorded as a liability under GAAP), (iii) all
obligations in respect of letters of credit, (iv) any completion guaranties or similar guaranties that a project perform as planned, (v) Indebtedness among or between the Borrower and/or any of its Subsidiaries, (vi) any items
relating to Discontinued Business Operations, (vii) amounts owing under Permitted Contracts or Netting Agreements, (viii) any loans from an insurance company or insurance premium finance company solely for the purpose of financing all or
any portion of the premium on any insurance policy maintained by the Parent Guarantor, the Borrower or its Subsidiaries with respect to properties and business of the Borrower and its Subsidiaries, but only to the extent such loans are consistent
with industry practice and (ix) the Term L/C Facility Term Loans. 
 “Contractual Obligation” means, as to any
Person, any provision of any security issued by such Person or of any agreement to which such Person is a party or by which it or any of its property is bound. 
 “Control” has the meaning specified in the definition of “Affiliate.” 
 “Credit Extension” means each of (a) a Borrowing and (b) a L/C Credit Extension. 
 “Currency Valuation Notice” has the meaning specified in Section 2.04(b)(i). 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership,
insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
 “Declined Proceeds” means the amounts that were offered to the Lenders as a prepayment of Loans and/or reduction of Revolving
Credit Commitments pursuant to Section 2.04(b)(vi), which offer was declined by the applicable Lenders. 
  

 12 

 “Default” means any event or condition that constitutes an Event of Default or
that, with the giving of any notice, the passage of time, or both, would become an Event of Default. 
 “Default
Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Margin applicable to Base Rate Loans under the Revolving Credit Facility plus (c) 2.0% per annum; provided that with respect to a
Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin) otherwise applicable to such Loan plus 2.0% per annum, in each case to the fullest extent permitted by applicable
Laws. 
 “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the Loans or
participations in Revolving Unreimbursed Amounts required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay over to any Agent or any other Lender any other
amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute or (c) has been deemed insolvent or become the subject of a conservatorship, receivership, bankruptcy,
liquidation or insolvency proceeding. 
 “Designated Assets” means the Capital Stock or assets of IGC Chorrera, LLC.

 “Disclosed Litigation” means actions, suits, proceedings, claims or disputes pending, in arbitration or before any
Governmental Authority by or against the Parent Guarantor or any of its Subsidiaries or against any of their properties, as disclosed in any Public Disclosure. 
 “Discontinued Business Operations” means, with respect to the Borrower and its Restricted Subsidiaries or the Parent Guarantor and its Restricted Subsidiaries, as the context shall require, the
results of operations and any charges, fees, penalties, costs or impairments associated with (a) lines of business or assets that were wound down, discontinued, sold, transferred, or otherwise disposed of, or were under contract to be sold,
transferred, or otherwise disposed of, by the Borrower or any of its Subsidiaries, or the Parent Guarantor or any of its Subsidiaries (other than the Borrower and its Subsidiaries), as the case may be, on or prior to the Closing Date, including
those associated with Dynegy Midstream Services, Limited Partnership, Electric Energy Inc., West Coast Power, Dynegy Intrastate Pipeline LLC’s sale of the Breckenridge assets, Hartwell Energy Limited Partnership, Michigan Power Holdings, Inc.
and Michigan Power Limited Partnership, the Sherman Gas Processing Plant and related gathering system, Commonwealth Atlantic Limited Partnership, Oyster Creek Limited Partnership, Dynegy Global Liquids, Inc., Northern Natural Gas Company, NNGC
Holding Company, Inc., MCTJ Holding Co. LLC, Dynegy Onshore Processing UK Limited, Dynegy Storage Limited, Dynegy Offshore UK Limited, Dynegy Canada Gas Marketing Ltd., the Hackberry LNG Facility, the Indian Basin Plant and the related gathering
system and related facilities, IGC Jamaica Partnership, LLC, Plantas Eolicas S. de R.L. and Dynegy Communications Clearinghouse, Inc. and their respective Subsidiaries, (b) lines of business or assets that are being wound down, discontinued,
sold, transferred, or otherwise disposed of in connection with Third Party Risk Management or those associated with Dynegy Communications Clearinghouse, Inc. and its respective Subsidiaries or (c) any Tolling Agreement, including the
termination, sale, transfer, disposal, or restructuring thereof. 
 “Discontinued Foreign Subsidiaries” has the
meaning specified in Section 5.13(c). 
 “Disqualified Stock” means any Capital Stock that, by its terms
(or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a
sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the Term L/C Facility Term Loan Maturity Date. Notwithstanding the preceding
sentence, any Capital Stock that would constitute 

  

 13 

 
Disqualified Stock solely because the holders of the Capital Stock have the right to require the issuer thereof to repurchase such Capital Stock upon the
occurrence of a change of control or an asset sale (in either case, however defined) shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the issuer thereof may not repurchase or redeem any such Capital Stock
pursuant to such provisions unless either (a) such repurchase or redemption complies with Section 7.06 or (b) the issuer of such Capital Stock, to the extent required, has first complied with Section 7.05. The
amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement shall be the maximum amount that the Borrower and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any
mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 
 “DMG” means Dynegy
Midwest Generation, Inc., an Illinois corporation. 
 “Dollar” and “$” each mean lawful money
of the United States. 
 “Dollar Equivalent” means on any day (a) with respect to any amount denominated in
Dollars, such amount and (b) with respect to any amount denominated in an Alternative Currency, the amount of Dollars into which such amount may be converted at the spot rate at which Dollars are offered to the Payment Agent in New York, New
York for the Alternative Currency in which such amount is denominated at approximately 11:00 a.m. (New York time) on such day or if such day is not a Business Day, on the immediately preceding Business Day. 
 “Dormant Subsidiaries” has the meaning specified in Section 5.13(b). 
 “Draw Amount” means, with respect to any Letter of Credit, the amount necessary to settle the obligations of any L/C Issuer under
any draft or demand made under such Letter of Credit. 
 “EBITDA” means, at any date of determination, without
duplication for the Borrower Group on a consolidated basis, in accordance with GAAP, and for the applicable Measurement Period: (a) operating income (loss) exclusive of depreciation and amortization expense, plus (b) the sum of
(i) income (or losses) from unconsolidated investments, (ii) income (or losses) from discontinued operations excluding for any fiscal quarter occurring in the fiscal year of the Borrower ended December 31, 2005 and (iii) other
income, minus (c) the sum of (i) other expenses and (ii) minority interests; provided that the calculation of EBITDA shall specifically exclude: (1) any results of operations relating to any Discontinued Business
Operations, (2) any amounts paid, incurred or reserved in connection with any of the Disclosed Litigation (including settlement payments, payment of any judgment, or expenditures made to comply with any settlement, or order judgment, excluding
any costs and expenses of outside legal counsel to the Borrower and its Restricted Subsidiaries, in each case associated with such Disclosed Litigation), (3) interest income on cash and marketable securities, (4) interest expense,
(5) gains (or losses) on the disposition of assets or lines of business not in the ordinary course of business, (6) gains (or losses) on the repurchase or extinguishment of debt or preferred stock, (7) interest on preferred dividends
and/or any dividends that are paid or that accrue, accumulate or are deemed to accrue or accumulate on preferred stock (including the 2003 Convertible Preferred Stock and the capital securities issued in an aggregate amount of $200,000,000 by NGC
Corporation Capital Trust I), (8) income tax expense, (9) cumulative effects of changes in accounting principles, (10) any non-cash impairment, abandonment, restructuring or other non-cash expense, (11) expenses related to stock
options granted to employees or directors or pension plans, (12) extraordinary and non-recurring gains (or losses), (13) the impact of any non-cash impairment, abandonment, restructuring or other non-recurring and non-cash expense, or any
other item identified in clause (1), (2), (5), (6), (7), (9), (10), (11) or (12) above also recognized by any unconsolidated investment, (14) cash restructuring charges incurred in the fiscal years of the Borrower respectively
ending December 31, 2005 and December 31, 2006, but only to the extent 

  

 14 

 
the aggregate amount of such cash expenses does not exceed $15,000,000 and (15) any termination payment or crediting of a progress payment made (or in
the case of a progress payment, credited) solely in connection with the cancellation of contracts of the Borrower or any of its Restricted Subsidiaries existing prior to or as of the Closing Date for the purchase of power generation turbines but
only to the extent the aggregate amount of such payments does not exceed $10,000,000. 
 “Environmental Action” means
any action, suit, demand, demand letter, claim, notice of noncompliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement, by or with any Person, relating in any way to any
Environmental Law, Environmental Permit or Hazardous Material, or arising from actual or alleged injury or threat of injury to the environment or public health. 
 “Environmental Capital Expenditures” means Capital Expenditures to the extent deemed reasonably necessary, as determined by the Borrower or its Restricted Subsidiaries, as applicable, in good
faith to comply with applicable Environmental Laws or consent decrees. 
 “Environmental Law” means any Federal,
state, local or foreign statute, law, ordinance, rule, regulation, code, order, writ, judgment, injunction, decree or judicial or agency interpretation, or enforceable policy or guidance relating to pollution or protection of the environment, health
or safety as such relates to exposure to Hazardous Materials, or natural resource damages, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, actual or alleged release or discharge of
Hazardous Materials. 
 “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, attorney’s fees, penalties or indemnities), of the Parent Guarantor, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based
upon (a) a violation of any Environmental Law or Environmental Permit, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the
release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Environmental Permit” means any permit, approval, identification number, license or other authorization required under any
Environmental Law. 
 “Equity Interests” means, with respect to any Person, without duplication, all of the shares of
Capital Stock of such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of Capital Stock of such Person, all of the securities convertible into or exchangeable for shares of Capital Stock
of such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including, without limitation, partnership,
member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination; provided that none of the (i) 2003 Convertible
Securities, (ii) any Permitted Refinancing Indebtedness with respect to the 2003 Convertible Securities and (iii) any profit sharing or other employee benefit arrangements shall be “Equity Interests” for purposes of the Loan
Documents. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and
the regulations promulgated and rulings issued thereunder. 
  

 15 

 “ERISA Affiliate” means any trade or business (whether or not incorporated) that
is a member of the controlled group of any Loan Party or under common control with any Loan Party within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to
Section 412 of the Code). 
 “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan;
(b) the application for a minimum funding waiver with respect to a Pension Plan; (c) a withdrawal by any Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a
substantial employer (as defined in Section 4001 (a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (d) a complete or partial withdrawal by any Loan Party or any ERISA
Affiliate from a Multiemployer Plan or notification received by any Loan Party or any ERISA Affiliate that a Multiemployer Plan is in reorganization; (e) the filing of a notice of intent to terminate, the treatment of a plan amendment as a
termination under Sections 4041 or 4041 A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007
of ERISA, upon any Loan Party or any ERISA Affiliate. 
 “Euro” means the lawful currency of the member states of the
European Union that participate in the euro. 
 “Eurocurrency Reserve Requirements” means, for any day as applied to
a Eurodollar Rate Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations
of the FRB or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the FRB)
maintained by a member bank of the Federal Reserve System. 
 “Eurodollar Base Rate” means for any Interest Period
with respect to any Eurodollar Rate Loan: 
 (a) the rate per annum equal to the rate determined by the Payment Agent to be
the offered rate that appears on the page of the Telerate screen (or any successor thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, or 
 (b) if the rate referenced in clause (a) above does not appear on such page or service or such page or service shall not be
available, the rate per annum equal to the rate determined by the Payment Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, or 
 (c) if the rates referenced in clauses (a) and (b) above are not available, the rate per annum determined by the Payment
Agent as the rate of interest at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of 

  

 16 

 
the Eurodollar Rate Loan being made, continued or converted by Citibank and with a term equivalent to such Interest Period would be offered by
Citibank’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 4:00 p.m. (London time) two Business Days prior to the first day of such Interest Period. 
 “Eurodollar Rate” means, with respect to each day during each Interest Period pertaining to a Eurodollar Rate Loan, a rate per
annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

	
	                        Eurodollar Base
Rate                        
	1.00 minus Eurocurrency Reserve Requirements

 “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on
the Eurodollar Rate. 
 “Event of Default” has the meaning specified in Section 8.01. 
 “Excess Cash Flow” means, for any period, an amount equal to the greater of zero and (a) the sum, without duplication, of:

 (i) net income (loss) of the Borrower Group determined on a consolidated basis in accordance with GAAP for such period, and
before any reduction in respect of preferred stock dividends or accretion, excluding, however, (x) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with (A) any Asset Sale
(without regard to the threshold provided for in the definition thereof) or (B) the disposition of any securities by the Borrower or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of the Borrower or any of its
Restricted Subsidiaries; and (y) any extraordinary gain (but not loss), together with any related provision for taxes on such extraordinary gain (but not loss); 
 (ii) an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such net income; 
 (iii) decreases in Working Capital for such period; 
 (iv) an amount equal to the aggregate net non-cash loss on the sale, lease, transfer or other disposition of assets by the Borrower and
the Restricted Subsidiaries during such period (other than sales in the ordinary course of business) to the extent deducted in arriving at such net income; 
 (v) to the extent not included in the determination of such net income, any termination payments or similar payments received by the Borrower or any Restricted Subsidiary during such period in connection with the
termination, partial termination or other reduction of any Swap Contract; and 
 (vi) an amount equal to the amount, if any,
by which booked lease expense exceeds actual cash lease payments for such period; 
 minus (b) the sum, without duplication, of: 
 (i) an amount equal to the amount of all non-cash credits included in arriving at such net income; 
 (ii) the aggregate amount actually paid by the Borrower and the Restricted Subsidiaries in cash during such period on account of Capital
Expenditures (to the extent financed 

  

 17 

 
with internally generated cash flows of the Borrower and the Restricted Subsidiaries), and including Necessary Capital Expenditures and Environmental Capital
Expenditures; 
 (iii) the aggregate amount of all voluntary prepayments of Revolving Credit Loans made during such period to
the extent of accompanying reductions of the Revolving Credit Commitments except to the extent financed with the proceeds of other Indebtedness of the Borrower or the Restricted Subsidiaries; 
 (iv) the aggregate amount of all principal payments of Indebtedness of the Borrower or the Restricted Subsidiaries (including the
principal component of payments in respect of Capital Lease Obligations, but excluding all principal payments of Revolving Credit Loans, voluntary prepayments of Term L/C Facility Term Loans pursuant to Section 2.04(a) and mandatory
prepayments of Term L/C Facility Term Loans pursuant to Section 2.04(b)) made during such period (other than in respect of any revolving credit facility to the extent there is not an equivalent permanent reduction in commitments
thereunder) except to the extent financed with the proceeds of other Indebtedness of the Borrower or the Restricted Subsidiaries; 
 (v) an amount equal to the aggregate net non-cash gain on the sale, lease, transfer or other disposition of assets by the Borrower and the Restricted Subsidiaries during such period (other than sales in the ordinary course of business) to
the extent included in arriving at such net income; 
 (vi) increases in Working Capital for such period; 
 (vii) payments by the Borrower and the Restricted Subsidiaries during such period in respect of long-term liabilities of the Borrower and
the Restricted Subsidiaries other than Indebtedness; 
 (viii) the amount of Investments made during such period pursuant to
Section 7.02 to the extent that such Investments were financed with internally generated cash flow of the Borrower and the Restricted Subsidiaries; 
 (ix) the aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries in cash during such period
(including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such period; 
 (x) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and the Restricted Subsidiaries during such period that are required to be made in connection with any prepayment of Indebtedness
and that are accounted for as extraordinary items; 
 (xi) to the extent not included in the determination of net income, any
termination payments or similar payments made by the Borrower or any Restricted Subsidiary during such period in connection with the termination, partial termination or other reduction of any Swap Contract; 
 (xii) an amount equal to the amount, if any, by which actual cash lease payments exceed booked lease expenses for such period; and

 (xiii) the lesser of (A) the Excluded Annual Amount (as defined below) for such period and (B) the Excluded
Cumulative Amount (as defined below) as at the last day of such period. 
 For purposes of clause (b)(xiii) above, (I) ”Base
Amount” means the aggregate amount of the Commodity Amounts as of December 31, 2006, as determined by the Borrower and certified in writing to the Administrative Agents in connection with the delivery of the financial
statements of the Borrower for the fiscal year ending on such date pursuant to Section 6.01(a); (II) ”Commodity Amounts” means, at any 

  

 18 

 
time, collectively, the Commodity Collateral Amounts and the Prepaid Commodity Amounts; (III) Commodity Collateral Amounts” means, at
any time, cash and Cash Equivalents pledged or deposited as collateral to a contract counterparty, issuer of surety bonds or issuer of letters of credit by the Borrower or any of the Restricted Subsidiaries as security for any of its respective
obligations under any contract for commercial and trading activities and contracts (including physical delivery, option (whether cash or financial), exchange, swap and futures contracts) for the purchase, transmission, transportation, distribution,
sale, lease or hedge of any fuel-related or power-related commodity or service; (IV) ”Excluded Cumulative Amount” means, determined for each fiscal year commencing with the fiscal year ending December 31, 2007,
the sum (but not less than zero) of (a) the Base Amount, minus (b) the sum of the Excluded Annual Amounts (if any) for all prior fiscal years commencing with the fiscal year ending December 31, 2007 (but excluding the
fiscal year for which the calculation of Excess Cash Flow is being made); (V) ”Excluded Annual Amount” means, determined for each fiscal year commencing with the fiscal year ending December 31, 2007, the
difference, if any (but not less than zero), between (a) the Commodity Amounts as at the last day of the immediately preceding fiscal year and (b) the Commodity Amounts as at the last day of the most recent fiscal year; and
(VI) ”Prepaid Commodity Amounts” means, at any time, the cash amounts prepaid by the Borrower or any of the Restricted Subsidiaries in respect of purchases of any fuel-related or power-related commodity. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Excluded Obligations” means (a) all obligations under the CH Lease and the Vermilion Lease, (b) all obligations under
the Tolling Agreements, (c) any other obligations existing as of the Closing Date to the extent such other obligations (i) were not included on the balance sheet of the Borrower and its Subsidiaries as indebtedness at the time such other
obligation was entered into and (ii) were subsequently recharacterized for accounting purposes as indebtedness and (d) any other obligations of any Person acquired after the Closing Date which Person thereupon becomes a Restricted
Subsidiary to the extent such other obligations (i) were not included on the balance sheet of such Person as indebtedness at the time of such acquisition and (ii) were subsequently recharacterized for accounting purposes as indebtedness.

 “Excluded Parent Subsidiary” means, on any date of determination, a Subsidiary of the Parent Guarantor (other than
the Borrower and its Subsidiaries) which on such date is not required to be a Guarantor under this Agreement. 
 “Excluded
Subsidiaries” means Dynegy Communications Clearinghouse, Inc. and its Subsidiaries. 
 “Exempt Proceeds”
means (a) Net Proceeds of any sale or disposition of Basket Assets (other than Designated Assets) and (b) Net Proceeds of any sale or disposition of Designated Assets. 
 “Exempt Equity Proceeds” means, at any time, an amount equal to the aggregate amount of cash proceeds contributed to the Borrower
at or prior to such time from the sale or other issuance after the date of this Agreement of Equity Interests of the Parent Guarantor, less the aggregate of all amounts applied pursuant to Section 7.02(n)(ii),
Section 7.06(a)(xi), clause (b) of the last sentence of Section 7.12, Section 7.15(f)(ii) or Section 7.15(h)(ii). 
 “Existing DHI Credit Agreement” has the meaning specified in the Preliminary Statements. 
 “Existing Revolving Letters of Credit” means the letters of credit listed on Schedule 2.03. 
  

 19 

 “Facility” means the Revolving Credit Facility, the Revolving L/C Sublimit or the
Term L/C Facility, as the context may require. 
 “Fair Market Value” means the value that would be paid by a willing
buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the chief financial officer or Board of Directors of the Person required to make such determination.

 “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank on the Business Day next succeeding such day; provided that (a) if
such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such
next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Citibank on such day on such transactions as determined by the Payment Agent.

 “Foreign Lender” has the meaning specified in Section 11.15(a). 
 “FRB” means the Board of Governors of the Federal Reserve System of the United States. 
 “GAAP” means generally accepted accounting principles in the United States as in effect from time to time. 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Granting Lender” has the meaning specified in Section 11.07(g). 
 “Guarantee” means, as to any Person (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the
economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect,
(i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such
Indebtedness or other obligation of the payment of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary
obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other
obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or deposit in
the ordinary course of business or, for the avoidance of doubt, obligations of such Person to provide capital under a Capital Commitment. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the
related primary obligation, or portion thereof, in respect of which 

  

 20 

 
such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Guaranteed
Obligations” has the meaning specified in Section 10.01. 
 “Guarantors” means,
collectively, the Parent Guarantor and the Subsidiary Guarantors. 
 “Guaranty” means, collectively, the Guaranty
made by the Guarantors as set forth in Article X together with each Guaranty Supplement delivered pursuant to Section 6.12. 
 “Guaranty Supplement” has the meaning specified in Section 10.05. 
 “Havana
Advance” means certain payments made from BNSF Railway Company (“BNSF”) to DMG in connection with DMG’s election to convert its Havana Power Station to burn coal from Wyoming and/or Montana, which amounts,
are being repaid to BNSF through an increased rate applicable to shipments of coal transported by BNSF to DMG. 
 “Hazardous
Materials” means all explosive substances or wastes, radioactive substances or wastes that exceed any health-based radiation standards provided in any Environmental Law, and any other substances or wastes that are designated, classified
or regulated as hazardous or toxic or as a pollutant or contaminant under any Environmental Law, including, without limitation, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes, and any
petroleum or petroleum distillates that, with respect to any such petroleum or petroleum distillates, (a) are actually or allegedly handled, generated, used, stored, disposed, transported or treated in violation of or in noncompliance with any
Environmental Law, (b) have been, or are threatened to be, released, spilled, discharged or emitted into the environment in violation of or in noncompliance with any Environmental Law or (c) are the subject matter of any Environmental
Action. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under
(a) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements, (b) other agreements or arrangements designed to manage interest rates or
interest rate risk and (c) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices. 
 “Honor Date” means the date of any payment by any L/C Issuer under a Letter of Credit. 
 “ICC” has the meaning specified in Section 2.03(h). 
 “Illinova” means
Illinova Corporation, an Illinois corporation. 
 “Illinova Asset Sale” means a sale of the Capital Stock of, or all
or substantially all of the assets of, Illinova. 
 “Indebtedness” means, as to any Person at a particular time,
without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
  

 21 

 (b) all direct or contingent obligations of such Person to reimburse any letter of credit
issuer or other Person in respect of amounts paid under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (c) all accounts payable of such Person to pay the deferred purchase price of property or services (other than accounts payable in the
ordinary course of business); 
 (d) all Capital Lease Obligations 
 (e) all Off-Balance Sheet Obligations; 
 (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in cash (whether dividends, interest or otherwise) on or prior to the Term L/C Facility Term Loan Maturity Date in
respect of any Equity Interests in such Person or any other Person (other than the Proportionately Consolidated Interests) or any warrants, rights or options to acquire such Equity Interests, valued, in the case of redeemable preferred interests, at
the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and 
 (g) all
Guarantees of such Person in respect of any of the foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall (i) include the
Indebtedness described in clauses (a) through (g) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint
venturer, except to the extent such Indebtedness is non-recourse to such Person (other than through a JV Lien) or the only assets of such Person are its interests in such partnership or joint venture, and such partnership or joint venture itself is
not a Loan Party, (ii) exclude any Excluded Obligation and (iii) exclude any loans from an insurance company or an insurance premium finance company to finance all or any portion of the premium on any insurance policy maintained by the
Parent Guarantor, the Borrower or any of its Subsidiaries with respect to the properties and business of the Borrower and its Subsidiaries, but only to the extent consistent with industry practice. The amount of any obligation of the type described
in clauses (a) and (b)(ii) of the definition of “Off-Balance Sheet Obligations” as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 
 “Indemnified Liabilities” has the meaning specified in Section 9.07. 
 “Indemnitees” has the meaning specified in Section 11.05. 
 “Indentures” means (a) the 1996 Indenture and (b) the 2003 Second Lien Indenture. 
 “Initial Financial Statements” means the respective audited consolidated balance sheets of the Parent Guarantor and its
consolidated Subsidiaries, and of the Borrower and its consolidated Subsidiaries, in each case, for the fiscal year ended December 31, 2005 and the related respective consolidated statements of income or operations, shareholders’ equity
and cash flows for the fiscal year then ended. 
 “Interest Coverage Ratio” means, for any Measurement Period, the
ratio of (a) EBITDA for such Measurement Period to (b) Consolidated Interest Expense for such Measurement Period. 
 “Interest Payment Date” means (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan; provided that if any Interest Period for a Eurodollar Rate Loan 

  

 22 

 
exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates;
(b) as to any Base Rate Loan, the last Business Day of each calendar quarter; (c) as to any Loan under the Revolving Credit Facility, the Revolving Credit Termination Date; and (d) as to any Loan under the Term L/C Facility, the Term
L/C Facility Term Loan Maturity Date. 
 “Interest Period” means, as to each Eurodollar Rate Loan, the period
commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its Committed Loan Notice;
provided that: 
 (a) any Interest Period that would otherwise end on a day that is not a Business Day shall be
extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 
 (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; 
 (c) no Interest Period under the Revolving Credit Facility shall extend beyond the Revolving Credit Termination Date; and 

(d) no Interest Period under the Term L/C Facility shall extend beyond the Term L/C Facility Term Loan Maturity Date. 

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including
Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding payroll, commission, travel and similar advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Borrower or
any of its Subsidiaries sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of the Borrower, such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Borrower,
then the Borrower shall be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Borrower’s Investments in such Subsidiary that were not sold or disposed of in an amount determined
as provided in the final paragraph of Section 7.06(a). The acquisition by the Borrower or any of its Subsidiaries of a Person that holds an Investment in a third Person shall be deemed to be an Investment by the Borrower or such
Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in the final paragraph of Section 7.06(a). Except as
otherwise provided in this Agreement, the amount of an Investment shall be its Fair Market Value at the time the Investment is made and without giving effect to subsequent changes in value. 
 “IP Rights” has the meaning specified in Section 5.16. 
 “IRS” means the United States Internal Revenue Service. 
 “Joinder Agreement” means an agreement substantially in the form of Exhibit J. 
  

 23 

 “JPMCB” means JPMorgan Chase Bank, N.A. 
 “JV Lien” has the meaning specified in the definition of “Pass-Through Liability Entity”. 
 “Laws” means, collectively, all applicable international, foreign, Federal, state and local statutes, treaties, rules,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority (other than any such agreements which are entered into in respect of a commercial transaction).

 “L/C Credit Extensions” means the Revolving L/C Credit Extensions and the Term L/C Credit Extensions. 

“L/C Issuer” means (a) with respect to any Revolving Letter of Credit, any Revolving L/C Issuer and (b) with respect
to any Term L/C Facility Letter of Credit, any Term L/C Issuer. 
 “L/C Obligations” means the Revolving L/C
Obligations and the Term L/C Facility Obligations. 
 “Lender” means each Person listed on Schedule 2.01
that has executed and delivered this Agreement or a Lender Addendum and any other Person that shall have become a party hereto as a Lender pursuant to an Assignment and Assumption or a Joinder Agreement entered into pursuant to
Section 2.13, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context other requires, the term “Lender” includes each L/C Issuer. 
 “Lender Addendum” means, with respect to any initial Lender, a Lender Addendum, substantially in the form of
Exhibit K, to be executed by such Lender on the Closing Date as provided in Section 11.21. 
 “Lenders’ Portion” means, with respect to the Net Proceeds from any Asset Sale that results in a mandatory prepayment under Section 2.04(b), (a) in the case of any Asset Sale of property that
does not constitute Collateral owned by the Borrower or any of its Subsidiaries, 100% of such Net Proceeds, (b) in the case of any Asset Sale of property that constitutes Collateral owned by the Borrower or any of its Subsidiaries prior to
payment in full of the Loans and all other amounts owing under the Loan Documents and the expiration of the Letters of Credit and termination of this Agreement, a fraction the numerator of which is equal to the Aggregate Credit Exposure at such time
and the denominator of which is equal to the sum of (i) the Aggregate Credit Exposure at such time plus (ii) the aggregate principal amount of all other Priority Lien Debt permitted hereunder outstanding at such time that is
entitled to a mandatory prepayment as a result of such Asset Sale and (c) in all other cases, 100% of such Net Proceeds. 
 “Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time
notify the Borrower, the Payment Agent and the Administrative Agents. 
 “Letter of Credit Application” means a
request or application for the issuance or amendment of a Letter of Credit in such form as may from time to time be satisfactory to the relevant L/C Issuer and signed by, or otherwise authenticated (pursuant to a computer system utilizing the
internet, any other electronic system or any other means satisfactory to such L/C Issuer) in a manner satisfactory to 

  

 24 

 
such L/C Issuer as having been transmitted by, a Responsible Officer of the Borrower, including, without limitation, any such request or application
transmitted to such L/C Issuer by facsimile, email, a computerized system utilizing the internet or any other electronic means satisfactory to such L/C Issuer; provided that, contemporaneously with any such transmission to such L/C Issuer,
the Payment Agent receives substantially the same information as is included in the request or application delivered to such L/C Issuer by such means (including, without limitation, facsimile, e-mail, a computerized system utilizing the internet or
any other electronic means satisfactory to the Payment Agent) as may be from time to time be satisfactory to the Payment Agent. 
 “Letters of Credit” means the Revolving Letters of Credit and Term L/C Facility Letters of Credit. 
 “Leverage Ratio” means, at any date of determination, the ratio of (a) Total Indebtedness at such date to (b) consolidated EBITDA of the Borrower Group for the most recently ended Measurement Period. In
addition, when required to make a pro forma calculation of this ratio under this Agreement: 
 (i) acquisitions that have been
made by the Borrower or any of its Restricted Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the Borrower or any of its Restricted Subsidiaries, and including any related
financing transactions and including increases in ownership of Restricted Subsidiaries, during the relevant Measurement Period or subsequent to such period and on or prior to the relevant date of determination shall be given pro forma effect (in
accordance with Regulation S-X under the Securities Act) as if they had occurred on the first day of the relevant Measurement Period and EBITDA and Total Indebtedness for such reference period shall be calculated on a pro forma basis; 
 (ii) the EBITDA and Total Indebtedness attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses (and ownership interests therein) disposed of prior to the relevant date of determination, shall be excluded; 
 (iii) any Person that is a Restricted Subsidiary on the relevant date of determination shall be deemed to have been a Restricted Subsidiary at all times during the relevant Measurement Period; 
 (iv) any Person that is not a Restricted Subsidiary on relevant date of determination shall be deemed not to have been a Restricted
Subsidiary at any time during the relevant Measurement Period; and 
 (v) in the case of a pro forma calculation made in
connection with (i) Section 7.02(r), the investment shall be given pro forma effect in the calculation of EBITDA as if it had been made on the first day of the Measurement Period, (ii) Section 7.05(c), the sale of assets
shall be given pro forma effect in the calculation of EBITDA and Total Indebtedness as if it had been made on the first day of the Measurement Period and (iii) Section 7.15(g), the prepayment, redemption, repurchase, defeasance or
other unscheduled payment shall be given pro forma effect in the calculation of Total Indebtedness as if it had been made on the first day of the Measurement Period. 
 For purposes of this definition, whenever pro forma effect is to be given to an acquisition or investment and the amount of income or earnings relating thereto, the pro forma calculations shall be determined in good
faith by a Responsible Officer of the Borrower. Any such pro forma calculations may include 

  

 25 

 
operating expense reductions for such period resulting from the acquisition which is being given pro forma effect that would be permitted pursuant to Article
11 of Regulation S-X under the Securities Act. For the avoidance of doubt, the pro forma Leverage Ratio shall be required not to exceed the applicable level specified in Sections 7.02(r), 7.03(x)(iii), 7.05(c) and 7.15(g)
and in the definition of “Permitted Refinancing Indebtedness”, only at the time of the relevant incurrence, investment, asset sale or prepayment, redemption, repurchase, defeasance or other unscheduled payment. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, or any
other type of preferential arrangement that, in each case, has the practical effect of creating a security interest, in respect of such asset; provided that there shall be excluded from “Liens”: (a) set-off or netting rights
granted by the Borrower or any of its Subsidiaries pursuant to a Permitted Contract, a Hedging Obligation or a Netting Agreement solely in respect of amounts owing under such agreements and (b) obligations with respect to the acquisition or
sale or disposition of interests in Proportionately Consolidated Interests, provided that in the case of this clause (b) such Liens result solely from variances from prior periods in the volumes of natural gas processed or the
volumes of natural gas liquids produced pursuant to the applicable construction or operation agreement. For the purposes of this Agreement, the Parent Guarantor or any of its Subsidiaries shall be deemed to own, subject to a Lien, any asset which it
has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 
 “Loan” means a Revolving Credit Loan or a Term L/C Facility Term Loan. 
 “Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Collateral Documents and
(d) each Letter of Credit Application. 
 “Loan Parties” means, collectively, the Borrower and each Guarantor.

 “Mandatory Prepayment Date” has the meaning specified in Section 2.04(b)(vi). 
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations,
business, financial condition or prospects of the Borrower and its Subsidiaries taken as a whole; (b) a material adverse change in the rights and remedies of any Agent or any Lender under the Loan Documents, taken as a whole, or of the ability
of the Loan Parties to perform their obligations under the Loan Documents, taken as a whole; or (c) a material adverse change in the legality, validity, binding effect or enforceability against the Loan Parties, taken as a whole, of the Loan
Documents, taken as a whole. 
 “Material Subsidiary” means any Restricted Subsidiary of the Borrower or the Parent
Guarantor (other than the Alleghanies Entities) that, on any date of determination, directly or indirectly holds assets (other than any intercompany debt owed by the Parent Guarantor or any of its Subsidiaries) with a Fair Market Value of at least
$50,000,000. Notwithstanding the foregoing, any Restricted Subsidiary of the Parent Guarantor or the Borrower that directly or indirectly guarantees or otherwise provides direct credit support for any Indebtedness (other than Indebtedness under the
Loan Documents) of the Parent Guarantor, the Borrower or any of their respective Restricted Subsidiaries will be considered a Material Subsidiary. 
 “Maximum Percentage” means the quotient of 1 divided by 1.03, multiplied by 100. 
 “Measurement
Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the Borrower ending on or prior to such date. 
  

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 “Minority Investment” means any Person (other than a Subsidiary) in which the
Borrower or any Restricted Subsidiary owns Capital Stock. 
 “Moody’s” means Moody’s Investors Service,
Inc. and any successor thereto that is a nationally recognized rating agency. 
 “Mortgages” means each deed of
trust, trust deed, mortgage, leasehold mortgage and leasehold deed of trust listed on Schedule I in effect on the Closing Date, and each other deed of trust, trust deed, mortgage, leasehold mortgage and leasehold deed of trust,
substantially in the form of Exhibit F (which form, in the case of any such deed of trust, trust deed, leasehold mortgage or leasehold deed of trust, shall be modified to reflect such changes as the Borrower and the Administrative Agents
shall agree), delivered by a Non-Shared Grantor or a Shared Grantor that is a Mortgagor pursuant to Section 6.13. 
 “Mortgage Policies” means fully paid American Land Title Association Lender’s Extended Coverage title insurance policies or, in the case of properties located in the State of Texas, fully paid Mortgage Policies
of Title Insurance in the form prescribed by the Texas Board of Insurance. 
 “Mortgage Supplements” has the meaning
specified in Section 4.01(iv). 
 “Mortgagor” means those Subsidiaries of the Borrower listed on
Schedule I, or any Subsidiary of the Borrower that executes and delivers a Mortgage pursuant to Section 6.13. 
 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate makes or is obligated to make contributions, or during
the preceding five plan years, has made or been obligated to make contributions. 
 “Necessary Capital Expenditures”
means Capital Expenditures (other than Environmental Capital Expenditures) that are required by applicable Law or are undertaken for health and safety reasons. The term “Necessary Capital Expenditures” does not include any Capital
Expenditure undertaken primarily to increase the efficiency of, expand or re-power any power generation facility. 
 “Net
Proceeds” means (a) with respect to any Asset Sale, the aggregate cash proceeds received by the Borrower or any Restricted Subsidiary in respect of such Asset Sale (including, without limitation, any cash received upon the sale or
other disposition of any non-cash consideration received in such Asset Sale) or Recovery Event, net of (i) the direct costs relating thereto, including, without limitation, legal, accounting and investment banking fees, and sales commissions,
and any relocation expenses incurred as a result of such Asset Sale, (ii) in the case of any Asset Sale, taxes paid or payable as a result thereof, in each case, after taking into account any available tax credits or deductions, any tax sharing
arrangements and amounts reserved for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP and (iii) the amount of any Indebtedness required to be repaid in connection with such Asset Sale;
provided that, in the case of any non-wholly owned Restricted Subsidiary of the Borrower, “Net Proceeds” shall be net of any payments required to be made to any minority interest holder in such Restricted Subsidiary that is not a
Restricted Subsidiary of the Borrower from the proceeds of any Asset Sale or Recovery Event by such Restricted Subsidiary; and (b) with respect to the issuance or incurrence of any Subject Indebtedness, the aggregate cash proceeds received by
the Borrower or any Restricted Subsidiary in respect of such Subject Indebtedness, net of the direct costs relating thereto, including, without limitation, legal, accounting and investment banking fees and sales commissions. 
  

 27 

 “Netting Agreement” means a netting agreement, master netting agreement or other
similar document having the same effect as a netting agreement or master netting agreement and, as applicable, any collateral annex, security agreement, or other similar document related to any master netting agreement (in each case in connection
with contracts or transactions entered into in the ordinary course of business) or any Permitted Contract. 
 “New Revolving
Credit Commitment” has the meaning specified in Section 2.13. 
 “New Revolving Credit
Lender” has the meaning specified in Section 2.13. 
 “New Revolving Credit Loan” has the
meaning specified in Section 2.13. 
 “Non-Recourse Debt” means Indebtedness (a) as to which neither
the Parent Guarantor, the Borrower nor any of their respective Restricted Subsidiaries (i) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), (ii) is directly or
indirectly liable as a guarantor or otherwise, or (iii) constitutes the lender; (b) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an Unrestricted
Subsidiary or an Excluded Parent Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Parent Guarantor, the Borrower or any of their respective Restricted Subsidiaries to declare a default on such
other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and (c) as to which the lenders have been notified in writing that they will not have any recourse to the Capital Stock or
assets of the Parent Guarantor, the Borrower or any of their respective Restricted Subsidiaries. 
 “Nonrenewal Notice
Date” means, for any Letter of Credit, a day (to be agreed upon at the time such Letter of Credit is issued) before which the relevant L/C Issuer may prevent the renewal of such Letter of Credit. 
 “Non-Shared Grantors” means the Parent Guarantor and its Restricted Subsidiaries. 
 “Non-Shared Mortgages” means each deed of trust, trust deed, mortgage, leasehold mortgage and leasehold deed of trust listed as
“Non-Shared Mortgages” on Schedule I in effect on the Closing Date, and each other deed of trust, trust deed, mortgage, leasehold mortgage and leasehold deed of trust, substantially in the form of Exhibit F (which
form, in the case of any such deed of trust, trust deed, leasehold mortgage or leasehold deed of trust, shall be modified to reflect such changes as the Borrower and the Administrative Agents shall agree), delivered by a Non-Shared Grantor that is a
Mortgagor pursuant to Section 6.13. 
 “Non-Shared Secured Obligations” means (a) all obligations of
the Loan Parties now or hereafter existing under the Loan Documents and (b) all ACH Obligations. 
 “Non-Shared Secured
Parties” means the Agents, the L/C Issuers, the Lenders and all Lenders (or Affiliates of Lenders) to which ACH Obligations are owed. 
 “Non-Shared Security Agreement” means the Amended and Restated Non-Shared Security Agreement, dated as of April 19, 2006, among the Parent Guarantor, the grantors signatory thereto and the Collateral Agent
substantially in the form of Exhibit E-2, as collateral agent, together with each other security agreement and security agreement supplement delivered by the Non-Shared Grantors pursuant to Section 6.12. 
  

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 “Non-Shared Security Agreement Supplement” has the meaning specified in the
Non-Shared Security Agreement. 
 “Note” means a Revolving Credit Note or a Term L/C Facility Term Note, as the
context may require. 
 “NPL” means the National Priorities List under CERCLA. 
 “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under
any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest
and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are
allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents include (a) the obligation to pay principal, interest, prepayment premium, letter of credit
commissions, charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of
the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party. 
 “Off-Balance
Sheet Obligations” means, as to any Person at a particular time, without duplication of any clause within this definition or within the definition of “Indebtedness”, all (a) obligations of such Person under any lease
which is treated as an operating lease for financial accounting purposes and a financing lease for tax purposes (i.e., a “synthetic lease”); (b) (i) obligations of such Person under the CH Lease, (ii) other similar leveraged
lease arrangements receiving similar accounting and tax treatment to the CH Lease (i.e., a “leveraged lease”) and (iii) transactions entered into by such Person, the proceeds from which would be reflected on the financial statements
of such Person in accordance with GAAP as cash flows from financings at the time such transaction was entered into (other than as a result of the issuance of Equity Interests or, to the extent the same does not exceed $20,000,000 in the aggregate,
the Havana Advance); (c) net cash payment obligations of such Person with respect to any forward sale contract for a commodity with respect to which the Borrower or any of its Subsidiaries has received a prepayment by a counterparty thereto;
provided that “Off-Balance Sheet Obligations” shall exclude forward sales contracts that are entered into in the ordinary course of the Borrower’s or any of its Subsidiaries’ trading, power generation or natural gas
liquids businesses and not intended to function primarily as a borrowing of funds; and (d) other transactions entered into by such Person that are not otherwise addressed in the definition of “Indebtedness” or “Off-Balance Sheet
Obligations” that are intended to function primarily as a borrowing of funds (including, without limitation, any minority interest transactions that function primarily as a borrowing); provided that “Off-Balance Sheet
Obligations” shall exclude (i) any completion or performance guaranties (or similar guaranties that a project or a Subsidiary perform as planned) or (ii) any lease entered into in the ordinary course of such Person’s business
that is not intended primarily as a borrowing of funds, including leases of office equipment, office space, vehicles, barges, tugs, railcars, or copy machines or equipment normally leased in the operation of the business of the Borrower or its
Subsidiaries (or any extension, renewals, or similar replacement of any of the foregoing items (i) and (ii)). 
 “Organizational Documents” means (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S.
jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint 

  

 29 

 
venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity. 
 “Other Taxes” has the meaning specified in
Section 3.01(b). 
 “Outstanding Amount” means (a) with respect to Revolving Credit Loans on any
date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Credit Loans occurring on such date, (b) with respect to any Revolving L/C Obligations on any date, the
Dollar Equivalent of the amount of such Revolving L/C Obligations on such date after giving effect to any Revolving L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the Revolving L/C Obligations as of such
date, including as a result of any reimbursements of outstanding unpaid drawings under any Revolving Letters of Credit, (c) with respect to Term L/C Facility Term Loans on any date, the aggregate outstanding principal amount thereof after
giving effect to any borrowings and prepayments or repayments of Term L/C Facility Term Loans occurring on such date and (d) with respect to any Term L/C Facility Obligations on any date, the Dollar Equivalent of the amount of such Term L/C
Facility Obligations on such date after giving effect to any Term L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the Term L/C Facility Obligations as of such date, including as a result of any
reimbursements of outstanding unpaid drawings under any Term L/C Facility Letters of Credit. 
 “Outstanding Loans”
has the meaning specified in Section 2.04(b)(v). 
 “Parent Guarantor” means Dynegy Inc., an Illinois
corporation. 
 “Parent Information” has the meaning specified in Section 11.08. 
 “Parents” means the Parent Guarantor and BG Holdings, Inc. 
 “Parity Indebtedness” means (a) any Subordinated Indebtedness and (b) any Indebtedness permitted under
Section 7.03(b)(xvi). 
 “Parity Lien” means a Lien granted to the Parity Lien Collateral Trustee upon
any property of the Borrower or any other Loan Party securing Parity Lien Obligations. 
 “Parity Lien Collateral
Trustee” means (a) Wells Fargo Bank, National Association (formerly known as Wells Fargo Bank Minnesota, N.A.), as collateral trustee under the 2003 Second Lien Indenture, and any successor trustee thereto, in the capacity as the
holder of Liens (as defined in the 2003 Second Lien Indenture) granted pursuant to the Security Documents (as defined in the 2003 Second Lien Indenture), (b) after transfer of the Note Liens (as defined in the 2003 Second Lien Indenture) to the
Joint Collateral Agent (as defined in the 2003 Second Lien Indenture) pursuant to Section 12.02 of the 2003 Second Lien Indenture, the Joint Collateral Agent and (c) after release of such Notes Liens, the Person acting as collateral agent
(however titled) on behalf of the holders of Parity Lien Obligations permitted under this Agreement. 
 “Parity Lien
Debt” means (a) the 2003 Second Lien Notes and (b) any other Indebtedness that is permitted to be incurred under this Agreement and to be secured by Parity Liens. 
  

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 “Parity Lien Obligations” means Parity Lien Debt and all other obligations in
respect thereof. 
 “Participant” has the meaning specified in Section 11.07(d). 
 “Pass-Through Liability Entity” means a partnership or joint venture in which the Borrower or any of its Restricted Subsidiaries
is a general partner or joint venturer, except (i) to the extent that the Indebtedness of such partnership or joint venture is non-recourse to the Borrower or such Restricted Subsidiary (other than through a Lien on the Borrower’s or such
Restricted Subsidiary’s interest in such partnership or joint venture (a “JV Lien”)), (ii) where the joint venture is itself a corporation or limited liability company, or (iii) where the Restricted Subsidiary
owns only its interest in such partnership or joint venture and such partnership or joint venture is not itself a Loan Party. 
 “Payment Agent” means Citicorp USA, Inc., in its capacity as payment agent for the Lenders under the Loan Documents. 
 “Payment Agent’s Office” means the Payment Agent’s address and, as appropriate, account as set forth on Schedule 11.02, or such other address or account as the Payment
Agent may from time to time notify the Borrower, the other Agents and the Lenders. 
 “PBGC” means the Pension
Benefit Guaranty Corporation. 
 “Pension Plan” means any “employee pension benefit plan” (as such term is
defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or
has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years. 
 “Permitted Acquisition” means any acquisition, by merger or otherwise, by the Borrower or any of the Restricted Subsidiaries of
assets or Capital Stock after the Closing Date, so long as, (a) such acquisition and all transactions related thereto shall be consummated in accordance with all Laws; (b) such acquisition shall result in the issuer of such Capital Stock
becoming a Restricted Subsidiary that is not an Excluded Subsidiary and, to the extent required by Section 6.12, a Subsidiary Guarantor; (c) such acquisition shall result in the applicable Collateral Trustee, for the benefit of the
Secured Parties, being granted a security interest in any Capital Stock and/or any assets so acquired to the extent required by Sections 6.12 and/or 6.13; (d) after giving effect to such acquisition, no Default shall have occurred and be
continuing; and (e) the Borrower shall be in compliance, on a pro forma basis after giving effect to such acquisition (including any Indebtedness assumed or permitted to exist or incurred pursuant to Sections 7.03(b)(xiv) and
7.03(b)(xv), respectively), with the covenants set forth in Section 7.11, as such covenants are recomputed as at the last day of the most recently ended fiscal quarter for which financial statements are required to be delivered
pursuant to Section 6.01(a) or 6.01(b) under Section 7.11 as if such acquisition had occurred on the first day of the applicable Measurement Period. 
 “Permitted Business” means the business substantially similar to the lines of business conducted by the Borrower and its
Restricted Subsidiaries as of the date of this Agreement or any business or activity that is reasonably related, ancillary or complementary thereto or a reasonable extension, development or expansion thereof. 
 “Permitted Contract” has the meaning specified in Section 7.01(p). 
  

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 “Permitted Liens” has the meaning specified in Section 7.01.

 “Permitted Payments to Parents” means, without duplication as to amounts, (a) payments to the Parents to
permit the Parents to pay their operating costs and expenses in the ordinary course consistent as to scope, character and amount with past practices and otherwise maintain their existence, including, without limitation, all reasonable accounting,
general corporate overhead, legal and administrative expenses, directors’ fees and expenses and SEC filing fees, of the Parents when due; and (b) for so long as the Borrower is a member of a group filing a consolidated or combined tax
return with the Parents, payments to the Parents in respect of an allocable portion of the tax liabilities of such group that is attributable to the Borrower and its Subsidiaries (“Tax Payments”); provided that
(i) the Tax Payments shall not exceed the lesser of (A) the amount of the relevant tax (including any penalties and interest) that the Borrower would owe if the Borrower were filing a separate tax return (or a separate consolidated or
combined return with its Subsidiaries that are members of the consolidated or combined group), taking into account any carryovers and carrybacks of tax attributes (such as net operating losses) of the Borrower and its Subsidiaries from other taxable
years and (B) the net amount of the relevant tax that the Parents actually owe to the appropriate taxing authority, and (ii) any Tax Payments received from the Borrower shall be paid over to the appropriate taxing authority within 30 days
of the Parents’ receipt of such Tax Payments or refunded to the Borrower. 
 “Permitted Refinancing
Indebtedness” means any Indebtedness of the Borrower or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, renew, refund, refinance, replace, defease, or discharge other
Indebtedness of the Borrower or any of its Restricted Subsidiaries (other than intercompany Indebtedness) that is permitted pursuant to Section 7.03; provided that: 
 (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased, refunded or discharged (plus all accrued interest on the Indebtedness and the amount of all expenses and premiums incurred in connection
therewith); 
 (b) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of,
and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased, refunded or discharged; 
 (c) if the Indebtedness being extended, refinanced, renewed, replaced, defeased, refunded or discharged is subordinated in right of
payment to the Obligations, such Permitted Refinancing Indebtedness has a final maturity date equal to or later than the final maturity date of, and is subordinated in right of payment to, the Obligations on terms at least as favorable to the
Lenders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased, refunded or discharged; 
 (d) such Permitted Refinancing Indebtedness is incurred either by the Borrower or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased, refunded
or discharged; 
 (e) if incurred by the Borrower, such Permitted Refinancing Indebtedness may be guaranteed by the
Guarantors; and 
  

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 (f) partial refinancings of the Facilities will be limited to refinancings in whole of
the Revolving Credit Facility. 
 In addition, the Borrower shall be permitted to designate as “Permitted Refinancing Indebtedness” (by providing
notice in writing of such designation to the Administrative Agents promptly upon the incurrence thereof) Indebtedness of the Borrower and its Restricted Subsidiaries otherwise meeting the requirements of clauses (a) through
(f) above incurred not more than one year after the discharge (other than from the proceeds of other Indebtedness) of all or any portion of any Indebtedness outstanding under Section 7.03(b)(ii), (iii), (vi), (vii), (viii), (xi),
(xii), (xiv), (xv), (xvi), (xviii), (xix) or (xx), provided that if such Permitted Refinancing Indebtedness is incurred more than 30 days after such discharge, the pro forma Leverage Ratio, after giving effect to the incurrence of
such Permitted Refinancing Indebtedness (as if such Permitted Refinancing Indebtedness had been incurred on the first day of the applicable Measurement Period), shall not exceed (A) 7.0 to 1.0 at any time during fiscal year 2006, (B) 6.5
to 1.0 at any time from January 1, 2007 through March 31, 2007, (C) 6.25 to 1.0 at any time from April 1, 2007 through June 30, 2007, (D) 6.0 to 1.0 at any time from July 1, 2007 through September 30, 2007,
(E) 5.75 to 1.0 at any time from October 1, 2007 through December 31, 2007, (F) 5.25 to 1.0 at any time during fiscal year 2008 and (G) thereafter, 5.0 to 1.0. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Post-Petition Interest” has the meaning specified in
Section 10.06(b). 
 “Pounds Sterling” and “£” each mean lawful money of
the United Kingdom. 
 “Prepayment Amount” has the meaning specified in Section 2.04(b)(vi). 

“Prepayment Option Notice” has the meaning specified in Section 2.04(b)(vi). 
 “Priority Lien” means a Lien on any property which is Collateral that secures Indebtedness or other obligations equally and
ratably with the Liens securing the Obligations. 
 “Priority Lien Cap” means the sum of Priority Lien Debt, but in
no event exceeding $1,500,000,000; provided that for purposes of this definition, (a) any interest, penalties, premiums, fees, costs, expenses or other obligations in respect of any Priority Lien Debt shall not be subject to the cap,
(b) all letters of credit shall be valued at face amount, whether or not drawn, (c) any Indebtedness outstanding under ACH Obligations shall be disregarded in calculating the total Priority Liens at any time outstanding and (d) all
Hedging Obligations of the Borrower and its Restricted Subsidiaries and all obligations of the Borrower and its Restricted Subsidiaries under Swap Contracts, in either such case, secured by Priority Liens, shall be included in calculating the total
Priority Liens at any time outstanding. 
 “Priority Lien Debt” means (a) Indebtedness under this
Agreement, (b) Indebtedness permitted under Section 7.03(b)(xviii), (c) Hedging Obligations of the Borrower and its Restricted Subsidiaries secured by a Priority Lien or (d) any Permitted Refinancing Indebtedness in
respect of any of the foregoing, but, in the case of clause (c) or (d), only if on or before the day on which such Hedging Obligations or Permitted Refinancing Indebtedness, as applicable, is incurred by the Borrower or any of its
Restricted Subsidiaries such Hedging Obligations or Permitted Refinancing Indebtedness, as applicable, is designated by the Borrower, in an officer’s certificate delivered to the Administrative Agents on or before such date, as Priority Lien
Debt for the purposes of this Agreement. 
 “Project Interest” means an undivided interest in a power or energy
related facility. 
  

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 “Project Subsidiary” means any Subsidiary of the Borrower that has no outstanding
Indebtedness other than Non-Recourse Debt. 
 “Proportionately Consolidated Interest” means undivided ownership
interests in plants and/or gathering systems that are (a) co-owned with others and (b) are consolidated on a proportional basis in the Borrower’s financial information. 
 “Pro Rata Share” means, with respect to each Lender and with respect to any Facility at any time, a fraction (expressed as a
percentage, carried out to the ninth decimal place), (a) with respect to the Revolving Credit Facility, the numerator of which is the amount of the Revolving Credit Commitment of the relevant Revolving Credit Lender (or, in the case of the
Revolving L/C Sublimit, the amount of such Revolving Credit Lender’s obligation to participate therein) at such time and the denominator of which is the aggregate Revolving Credit Commitments (or, in the case of the Revolving L/C Sublimit, the
aggregate amount of the Revolving Credit Lenders’ obligations to participate therein) at such time; provided that if the commitment of each Revolving Credit Lender to make Revolving Credit Loans and the obligation of any Revolving L/C
Issuer to make Revolving L/C Credit Extensions have been terminated pursuant to Section 8.02, then the Pro Rata Share of each Revolving Credit Lender shall be determined based on the Pro Rata Share of such Revolving Credit Lender
immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof and (b) with respect to the Term L/C Facility, the numerator of which is the outstanding principal amount of the Term
L/C Facility Term Loans of the relevant Term L/C Facility Lender at such time and the denominator of which is the aggregate outstanding principal amount of the Term L/C Facility Term Loans at such time. 
 “Public Disclosure” means the Parent Guarantor’s and the Borrower’s most recent annual report, Form 10-K for the most
recently completed fiscal year, each quarterly report on Form 10-Q or any current reports on Form 8-K (or similar reports filed on successor forms) filed since the initial filing date of such Form 10-K, in each case filed at least 5 Business Days
prior to the Closing Date. 
 “Real Property” means the real property owned, leased, used, operated or occupied by
any of the Borrower or any of its Restricted Subsidiaries. 
 “Recovery Event” means any settlement of or payment in
excess of $10,000,000 in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of the Borrower or any of its Restricted Subsidiaries (whether received by the Parent Guarantor, the Borrower or any of
their respective Restricted Subsidiaries). 
 “Register” has the meaning specified in Section 11.07(c).

 “Reinvestment Deferred Amount” means, with respect to any Reinvestment Event, the aggregate Net Proceeds received
by the Borrower or any of its Restricted Subsidiaries in connection therewith that are not applied to prepay the Loans or reduce the Revolving Credit Commitments pursuant to Section 2.04(b)(ii) as a result of the delivery of a
Reinvestment Notice to the Administrative Agents. 
 “Reinvestment Event” means any Asset Sale or Recovery Event in
respect of which the Borrower has delivered a Reinvestment Notice. 
 “Reinvestment Notice” means a written notice
executed by a Responsible Officer of the Borrower to the effect that (a) no Event of Default has occurred and is continuing and (b) the Borrower (directly or indirectly through a Subsidiary) intends and expects to use all or a specified
portion of the Net 

  

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Proceeds of a Asset Sale or Recovery Event to acquire or repair assets useful in its Permitted Business or make any Investments permitted under
Section 7.02. 
 “Reinvestment Prepayment Amount” means, with respect to any Reinvestment Event, the
Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire or repair assets useful in the Borrower’s Permitted Business or make any Investments permitted under
Section 7.02. 
 “Reinvestment Prepayment Date” means, with respect to any Reinvestment Event, the
earlier of (a) the date occurring 365 days after such Reinvestment Event and (b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to, acquire or repair assets useful in the Borrower’s
business or make any Investments permitted under Section 7.02 with all or any portion of the relevant Reinvestment Deferred Amount; provided that in the event approval of any Governmental Authority is required to be procured in
connection with the reinvestment of such proceeds, the date under clause (a) above shall be extended for an additional period (not to exceed 90 days) as necessary to obtain such approval. 
 “Replacement Assets” means (a) any property or capital assets (other than Indebtedness and Capital Stock) to be used by the
Borrower or any of its Restricted Subsidiaries in a Permitted Business or any improvement to any property or capital assets that are used by the Borrower or any of its Restricted Subsidiaries in a Permitted Business; (b) Capital Stock of a
Person that is a Restricted Subsidiary of the Borrower or that becomes a Restricted Subsidiary of the Borrower as a result of the acquisition of such Capital Stock by the Borrower or another Restricted Subsidiary (including by means of merger,
consolidation or other business combination permitted under this Agreement); or (c) Capital Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary of the Borrower; provided that any such
Restricted Subsidiary described in clauses (b) or (c) above is primarily engaged in a Permitted Business. 
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 
 “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Loans, a Committed Loan
Notice and (b) with respect to a L/C Credit Extension, a Letter of Credit Application. 
 “Required ECF Prepayment
Percentage” means (a) 50% or (b) if on the date of the applicable prepayment, the Leverage Ratio is less than or equal to 3.50 to 1.00, 25%. 
 “Required Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of (a) the Total Outstandings (with the aggregate amount of each Lender’s risk
participation and funded participation in Revolving L/C Obligations being deemed “held” by such Lender for purposes of this definition) and (b) the aggregate unused Revolving Credit Commitments; provided that the unused
Revolving Credit Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 
 “Required Term L/C Collateral Account Balance” means, at any time, an amount equal to the Term L/C Issuer Commitments as then in
effect; provided that if at any time the Outstanding Amount of the Term L/C Facility Obligations exceeds (or would exceed, after the proposed issuance of any Term L/C Facility Letter of Credit hereunder) the Maximum Percentage of the Term L/C
Issuer Commitments as then in effect, “Required Term L/C Collateral Account Balance” shall at such time and 

  

 35 

 
at all times thereafter mean an amount equal to 103% of the Term L/C Issuer Commitments as in effect from time to time. 
 “Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer,
controller, senior vice president or any vice president of finance of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary
corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 
 “Restricted Asset” means an asset that is subject (or the owner of which is subject) to a legal or contractual restriction that
prevents the owner from subjecting such asset to a Collateral Document. 
 “Restricted Payment” means any of the
following: 
 (a) any dividend or other payment or distribution on account of the Borrower’s Equity Interests (including,
without limitation, any payment in connection with any merger or consolidation involving the Borrower) or to the direct or indirect holders of the Borrower’s Equity Interests in their capacity as such (other than dividends or distributions
payable in Equity Interests (other than Disqualified Stock) of the Borrower); 
 (b) any purchase, redemption, or other
acquisition or retirement for value (including, without limitation, in connection with any merger or consolidation involving the Borrower) of any Equity Interests of the Borrower held by any Person (other than a Restricted Subsidiary of the
Borrower); or 
 (c) any payment on or with respect to, or any purchase, redemption, defeasance, or other acquisition or
retirement for value of any Indebtedness of the Borrower or any Restricted Subsidiary that is contractually subordinated to the Obligations (excluding any intercompany Indebtedness between or among the Borrower and any of its Restricted Subsidiaries
and excluding the purchase, repurchase, or other acquisition of any Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment, or final maturity, in each case due within one year of the date
of acquisition), except a payment of interest or principal at the Stated Maturity thereof; 
 provided that, for clarification, no payment or transfer
to a Restricted Subsidiary shall be a Restricted Payment. 
 “Restricted Subsidiary” means (a) with respect to
the Borrower, each Subsidiary of the Borrower that is not an Unrestricted Subsidiary and (b) with respect to the Parent Guarantor, each Subsidiary of the Parent Guarantor other than the Borrower, its Subsidiaries and any Excluded Parent
Subsidiaries. As of the Closing Date, all of the Borrower’s Subsidiaries shall be deemed to be Restricted Subsidiaries of the Borrower. Unless otherwise specified, all references in this Agreement to Restricted Subsidiaries shall be to
Restricted Subsidiaries of the Borrower. 
 “Revolving Credit Borrowing” means a borrowing consisting of simultaneous
Revolving Credit Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Revolving Credit Lenders pursuant to Section 2.01(a). 
  

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 “Revolving Credit Commitment” means, as to each Revolving Credit Lender, its
obligation to (a) make Revolving Credit Loans to the Borrower pursuant to Section 2.01(a) and (b) purchase participations in Revolving L/C Obligations, in an aggregate principal or face amount at any one time outstanding not to
exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Revolving Credit Commitment” or in the Assignment and Assumption or a Joinder Agreement entered into under
Section 2.13 pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The initial aggregate amount of the Revolving Credit Commitments is
$470,000,000. 
 “Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving Credit
Lenders’ Revolving Credit Commitments at such time. 
 “Revolving Credit Lender” means, at any time, any Lender
that has a Revolving Credit Commitment at such time. 
 “Revolving Credit Loan” means a loan by a Revolving Credit
Lender to the Borrower under Section 2.01(a). 
 “Revolving Credit Note” means a promissory note of the
Borrower payable to any Revolving Credit Lender, substantially in the form of Exhibit B-1, evidencing the aggregate indebtedness of the Borrower to such Revolving Credit Lender resulting from the Revolving Credit Loans made by such
Revolving Credit Lender. 
 “Revolving Credit Reduction Amount” has the meaning specified in
Section 2.04(b)(vi). 
 “Revolving Credit Termination Date” means the earlier of (a) April
19, 2009 and (b) the date of termination in whole of the Revolving Credit Commitments and the Revolving L/C Sublimit pursuant to Section 2.05 or Section 8.02. 
 “Revolving L/C Advance” means, with respect to each Revolving Credit Lender, such Revolving Credit Lender’s funding of its
participation in any Revolving L/C Borrowing in accordance with its Pro Rata Share. 
 “Revolving L/C Borrowing”
means an extension of credit resulting from a drawing under any Revolving Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing. 
 “Revolving L/C Credit Extension” means, with respect to any Revolving Letter of Credit, the issuance thereof or extension of the
expiry date thereof, or the renewal or increase of the amount thereof. 
 “Revolving L/C Issuer” means Citibank and
JPMCB, each in its capacity as issuer of Revolving Letters of Credit hereunder, any successor issuer (under Section 2.03(a)(iv) or otherwise) of Revolving Letters of Credit hereunder, or any other Revolving Credit Lender that agrees,
upon the request of the Borrower and with the consent of the Administrative Agents, to become a Revolving L/C Issuer and to issue Revolving Letters of Credit hereunder on the terms and conditions set forth herein. As used herein with respect to any
Revolving Letter of Credit, the term “Revolving L/C Issuer” shall refer to the Revolving L/C Issuer of such Revolving Letter of Credit. 
 “Revolving L/C Issuer Sublimit” means, with respect to any Revolving L/C Issuer, the amount agreed in writing by such Revolving L/C Issuer and the Borrower from time to time. 
  

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 “Revolving L/C Obligations” means, as at any date of determination, the aggregate
undrawn amount of all outstanding Revolving Letters of Credit plus the aggregate of all Revolving Unreimbursed Amounts, including all Revolving L/C Borrowings. 
 “Revolving L/C Sublimit” means, at any time, the aggregate amount of the Revolving Credit Commitments of the Revolving Credit Lenders. 
 “Revolving Letter of Credit” means (a) any Existing Revolving Letter of Credit and (b) any other letter of credit
issued under the Revolving Credit Facility on or after the Closing Date. A Revolving Letter of Credit may be a commercial letter of credit or a standby letter of credit. 
 “Revolving Letter of Credit Expiration Date” means the day that is five Business Days prior to the Revolving Credit Termination Date. 
 “Revolving Prepayment Amount” has the meaning specified in Section 2.04(b)(vi). 
 “Revolving Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor
thereto that is a nationally recognized rating agency. 
 “SEC” means the Securities and Exchange Commission, or any
Governmental Authority succeeding to any of its principal functions. 
 “Section 7.01 Counterparty” has the meaning
specified in Section 7.01(q). 
 “Secured Debt/EBITDA Ratio” means, at any date of determination, the
ratio of (a) Consolidated Secured Indebtedness at such date to (b) consolidated EBITDA of the Borrower Group for the most recently ended Measurement Period. In addition, when required to make a pro forma calculation of this ratio under
this Agreement: 
 (i) acquisitions that have been made by the Borrower or any of its Restricted Subsidiaries, including
through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the Borrower or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of
Restricted Subsidiaries, during the relevant Measurement Period or subsequent to such period and on or prior to the relevant date of determination shall be given pro forma effect (in accordance with Regulation S-X under the Securities Act) as if
they had occurred on the first day of the relevant Measurement Period and EBITDA and Consolidated Secured Indebtedness for such reference period shall be calculated on a pro forma basis; 
 (ii) the EBITDA and Consolidated Secured Indebtedness attributable to discontinued operations, as determined in accordance with GAAP, and
operations or businesses (and ownership interests therein) disposed of prior to the relevant date of determination, shall be excluded; 
 (iii) any Person that is a Restricted Subsidiary on the relevant date of determination shall be deemed to have been a Restricted Subsidiary at all times during the relevant Measurement Period; 
  

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 (iv) any Person that is not a Restricted Subsidiary on relevant date of determination
shall be deemed not to have been a Restricted Subsidiary at any time during the relevant Measurement Period; and 
 (v) in the
case of a pro forma calculation made in connection with (i) Section 7.02(r), the investment shall be given pro forma effect in the calculation of EBITDA as if it had been made on the first day of the Measurement Period and
(ii) Section 7.15(g), the prepayment, redemption, repurchase, defeasance or other unscheduled payment shall be given pro forma effect in the calculation of Consolidated Secured Indebtedness as if it had been made on the first day of
the Measurement Period. 
 For purposes of this definition, whenever pro forma effect is to be given to an acquisition or investment and the amount of income
or earnings relating thereto, the pro forma calculations shall be determined in good faith by a Responsible Officer of the Borrower. Any such pro forma calculations may include operating expense reductions for such period resulting from the
acquisition which is being given pro forma effect that would be permitted pursuant to Article 11 of Regulation S-X under the Securities Act. 
 “Secured Obligations” means (a) in respect of any Collateral covered by the Shared Security Agreement and the Shared Mortgages, the Shared Secured Obligations and (b) in respect of any Collateral covered by
the Non-Shared Security Agreement and the Non-Shared Mortgages, the Non-Shared Secured Obligations. 
 “Secured
Parties” means (a) in respect of any Collateral covered by the Shared Security Agreement and the Shared Mortgages, the Shared Secured Parties and (b) in respect of any Collateral covered by the Non-Shared Security Agreement
and the Non-Shared Mortgages, the Non-Shared Secured Parties. 
 “Securities Act” means the Securities Act of 1933,
as amended. 
 “Shared Collateral Documents” means the Shared Security Agreement and the Shared Mortgages.

 “Shared Grantors” means the Borrower and its Restricted Subsidiaries (other than (a) those listed on
Schedule II and (b) any Restricted Subsidiary of the Parent Guarantor or the Borrower that is a controlled foreign corporation within the meaning of Section 957 of the Code). 
 “Shared Mortgages” means each deed of trust, trust deed, mortgage, leasehold mortgage and leasehold deed of trust listed as
“Shared Mortgages” on Schedule I in effect on the Closing Date, and each other deed of trust, trust deed, mortgage, leasehold mortgage and leasehold deed of trust, substantially in the form of Exhibit F (which form,
in the case of any such deed of trust, trust deed, leasehold mortgage or leasehold deed of trust shall be modified to reflect such changes as the Borrower and the Administrative Agents shall agree) delivered by a Shared Grantor that is a Mortgagor
pursuant to Section 6.13. 
 “Shared Secured Obligations” means (a) the Non-Shared Secured
Obligations and (b) all obligations of the Borrower in respect of other Priority Lien Debt. 
 “Shared Secured
Parties” means (a) the Non-Shared Secured Parties and (b) the agents, lenders, holders or purchasers under any other Priority Lien Debt. 
  

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 “Shared Security Agreement” means the Amended and Restated Shared Security
Agreement, dated as of April 19, 2006, among the Borrower, the other grantors signatory thereto and the Collateral Trustees substantially in the form of Exhibit E-1, together with each other security agreement and security agreement
supplement delivered by the Shared Grantors pursuant to Section 6.12. 
 “Shared Security Agreement
Supplement” has the meaning specified in Section 20(b) of the Shared Security Agreement. 
 “Sithe”
means Sithe/Independence Power Partners, L.P. 
 “Sithe Contribution” means a transaction pursuant to which the
Parent Guarantor shall, on or after consummation of the Sithe Holdco Contribution, cause Subsidiaries (the “Sithe 51% Holding Companies”) of the Parent Guarantor collectively owning the remaining Equity Interests in Sithe not
already owned by the Sithe 49% Holding Companies, to be contributed or otherwise transferred to the Borrower, whereupon (w) the Sithe 51% Holding Companies shall be wholly owned Subsidiaries of the Borrower and shall be designated as Restricted
Subsidiaries of the Borrower in accordance with this Agreement, (x) the Sithe 49% Holding Companies and the Sithe 51% Holding Companies shall collectively directly own 100% of the Equity Interests in Sithe, (y) the Borrower or the
applicable Subsidiary or Subsidiaries thereof shall, to the extent they are not contractually or legally prohibited from so doing, grant, pursuant to documentation satisfactory to the Administrative Agents, valid and perfected Liens on and in 100%
of the Equity Interests in the Sithe 51% Holding Companies, securing, in favor of the Collateral Trustees for the benefit of the Shared Secured Parties, the payment of all the Obligations of the Borrower under the Loan Documents and (z) if it
shall not already be such, Sithe shall be an Unrestricted Subsidiary. 
 “Sithe Holdco Contribution”
means a transaction pursuant to which the Parent Guarantor shall cause Subsidiaries (the “Sithe 49% Holding Companies”) of the Parent Guarantor collectively owning at least 49% of the voting Equity Interests in Sithe to be
contributed or otherwise transferred to the Borrower, whereupon (a) the Sithe 49% Holding Companies shall be wholly owned Subsidiaries of the Borrower and shall be designated as Restricted Subsidiaries in accordance with this Agreement,
(b) the Sithe 49% Holding Companies shall directly own at least 49% of the voting Equity Interests in Sithe and (c) if the Borrower shall thereupon indirectly own at least a majority of the outstanding Equity Interests in Sithe, Sithe
shall be an Unrestricted Subsidiary. 
 “Sithe 49% Holdco Pledge” means, whether or not the Sithe Holdco Contribution
or Sithe Contribution shall have been consummated, the grant by the Parent Guarantor or the applicable Subsidiary or Subsidiaries thereof, pursuant to documentation satisfactory to the Administrative Agents, of valid and perfected Liens on and in
100% of the Equity Interests in the Sithe 49% Holding Companies and in the rights of the holder or holders of 100% of the Equity Interests in Sithe to receive distributions on Equity Interests in Sithe permitted to be made under Section 6.18 of
the Sithe Indenture, securing, in favor of the Collateral Trustees and/or Collateral Agent, as applicable, for the benefit of the Shared Secured Parties and/or Non-Shared Secured Parties, as applicable, the payment of all the Obligations of the
Borrower under the Loan Documents. 
 “Sithe 49% Holding Companies” has the meaning specified in the definition of
“Sithe Contribution”. 
 “Sithe Indenture” means the Trust Indenture, dated as of January 1, 1993, as
supplemented January 1, 1993 and October 23, 1993, among Sithe/Independence Funding Corporation, Sithe and The Bank of New York (as successor in interest to IBJ Schroder Bank & Trust Company), as trustee. 
  

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 “Sithe Subordinated Indebtedness” means Indebtedness (in an aggregate principal
amount not exceeding the amount thereof outstanding on the Closing Date, plus any interest thereon converted to principal from time to time thereafter) arising under that certain Amended and Restated Base Gas Sales Agreement dated October 26,
1992 between Enron Power Services, Inc. and Sithe, as amended. 
 “Solvent” and “Solvency”
mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities that are
probable and estimatable, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and
matured, taking into account the possibility of refinancing such obligations and selling assets, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such
debts and liabilities as they mature taking into account the possibility of refinancing such obligations and selling assets and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a
transaction, for which such Person’s property would constitute an unreasonably small capital. The determination of whether a Person is “Solvent” and the facts and circumstances relevant thereto (including the amount of contingent and
actual liabilities) on the applicable date shall be computed in the light of all the facts and circumstances existing at such time. For clarification, no preferred stock or Equity Interests, including any obligation to redeem preferred stock whether
before or after the scheduled redemption date, shall be considered liabilities for purposes of this definition, regardless of whether they are treated as liabilities under GAAP. 
 “SPC” has the meaning specified in Section 11.07(g). 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to
the date originally scheduled for the payment thereof. 
 “Subject Indebtedness” means any Indebtedness incurred
pursuant to Sections 7.03(b)(xii) and 7.03(b)(xvi) the Net Proceeds of which are required to be applied in accordance with Section 2.04(b)(iii). 
 “Subordinated Indebtedness” means any Indebtedness of any Person which is subordinated to any other obligations of such Person. 
 “Subordinated Obligations” has the meaning specified in Section 10.06. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity, in
each case, of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of
a contingency) are at the time beneficially owned by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.

 “Subsidiary Guarantors” means (a) each of the Restricted Subsidiaries of the Parent Guarantor or the
Borrower, as the case may be, listed on the signature pages hereof and (b) each of the Additional Subsidiary Guarantors. 
  

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 “Supplemental Collateral Agent” has the meaning specified in
Section 9.13. 
 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or
forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, or any
other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other similar master agreement, together with any related schedules, and including any such obligations or liabilities thereunder, and (c) commercial or trading agreements, each with respect to, or involving
the purchase, transmission, distribution, sale, lease or hedge of, any energy, generation capacity or fuel, or any other energy related commodity or service, price or price indices for any such commodities or services or any other similar derivative
agreements, and any other similar agreements. 
 “Synthetic Lease Obligations” means all monetary obligations of a
Person under (a) a so-called synthetic, off-balance sheet or tax retention lease or (b) an agreement for the use or possession of any property (whether real, personal or mixed) creating obligations which do not appear on the balance sheet
of such Person, but which, upon the insolvency or bankruptcy of such Person, would be characterized as Indebtedness of such Person (without regard to accounting treatment). 
 “Taxes” has the meaning specified in Section 3.01(a). 
 “Tax Payments” has the meaning specified in the definition of “Permitted Payments to Parents”.

 “Term L/C Collateral Account” means one or more Cash Collateral Accounts or securities accounts established
pursuant to, and subject to the terms of, Section 2.03(k). 
 “Term L/C Collateral Account Balance”
means, at any time, the aggregate amount on deposit in the Term L/C Collateral Account. 
 “Term L/C Credit
Extension” means, with respect to any Term L/C Facility Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the renewal or increase of the amount thereof. 
 “Term L/C Expiration Date” means the day that is five Business Days prior to the Term L/C Facility Term Loan Maturity Date.

 “Term L/C Facility” means, at any time, the aggregate Term L/C Facility Term Loans of all Term L/C Facility
Lenders at such time. 
 “Term L/C Facility Borrowing” means a borrowing consisting of simultaneous Term L/C Facility
Term Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term L/C Facility Lenders pursuant to Section 2.01(b). 
  

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 “Term L/C Facility Commitment” means, as to each Term L/C Facility Lender, its
obligation to make a Term L/C Facility Term Loan in a principal amount equal to the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Term L/C Facility Commitment” (or in the Assignment and
Assumption pursuant to which such Lender becomes a party hereto, as applicable), as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate amount of the Term L/C Facility Commitments is $200,000,000 as of the
Closing Date. 
 “Term L/C Facility Lender” means, at any time, any Lender that has a Term L/C Facility Commitment or
holds a Term L/C Facility Term Loan at such time. 
 “Term L/C Facility Letter of Credit” means any letter of credit
issued under the Term L/C Facility. A Term L/C Facility Letter of Credit may be a commercial letter of credit or a standby letter of credit. 
 “Term L/C Facility Obligations” means, as at any date of determination, the aggregate undrawn amount of all outstanding Term L/C Facility Letters of Credit plus the aggregate of all Term L/C Facility Unreimbursed
Amounts. 
 “Term L/C Facility Prepayment Amount” has the meaning specified in Section 2.04(b)(vi).

 “Term L/C Facility Term Loan” means a loan by a Term L/C Facility Lender to the Borrower under
Section 2.01(b). 
 “Term L/C Facility Term Loan Maturity Date” means January 31, 2012. 

“Term L/C Facility Term Note” means a promissory note of the Borrower payable to any Term L/C Facility Term Lender,
substantially in the form of Exhibit B-2, evidencing aggregate indebtedness of the Borrower to such Term L/C Facility Term Lender resulting from the Term L/C Facility Term Loan made or held by such Term L/C Facility Term Lender. 

“Term L/C Facility Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 
 “Term L/C Issuer” means, at any time, JMPCB, in its capacity as issuer of Term L/C Facility Letters of Credit hereunder, any
successor issuer (under Section 2.03(a)(iv) or otherwise) of Term L/C Facility Letters of Credit hereunder, or any other Lender that agrees, upon the request of the Borrower, to become a Term L/C Issuer and to issue Term L/C Facility
Letters of Credit hereunder on the terms and conditions set forth herein. As used herein with respect to any Term L/C Facility Letter of Credit, the term “Term L/C Issuer” shall refer to the Term L/C Issuer of such Term L/C Facility Letter
of Credit. 
 “Term L/C Issuer Commitment” means, as to each Term L/C Issuer, its obligation to issue Term L/C
Facility Letters of Credit, in an aggregate face amount at any one time outstanding not to exceed its Term L/C Issuer Sublimit, as such amount may be adjusted from time to time in accordance with this Agreement, but in no event exceeding in the
aggregate for all Term L/C Issuers $200,000,000. The aggregate amount of the Term L/C Issuer Commitments is $200,000,000 as of the Closing Date. 
 “Term L/C Issuer Sublimit” means, with respect to any Term L/C Issuer, the amount agreed in writing by such Term L/C Issuer and the Borrower from time to time. 
  

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 “Third Party Risk Management” has the meaning specified in
Section 7.16. 
 “Tolling Agreements” means the agreements described on Schedule III.

 “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 
 “Total Indebtedness” means, as of any date of determination and without duplication, for the Borrower Group on a consolidated
basis, the sum of (a) the outstanding principal amount of (i) all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and (ii) all obligations evidenced by bonds, debentures, notes, loan
agreements or other similar instruments, (b) all direct payment obligations arising under bankers’ acceptances and similar instruments, (c) all accounts payable to pay the deferred purchase price of property or services incurred after
the date hereof that in the aggregate, are greater than $20,000,000, more than 90 days past due, and not being contested in good faith, (d) all Capital Lease Obligations and Attributable Indebtedness, in each case in respect of obligations of
the type described in clauses (a) and (b)(ii) of the definition of “Off-Balance Sheet Obligations”, (e) all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through
(d) above of Persons other than any member of the Borrower Group, and (f) all Indebtedness of the types referred to in clauses (a) through (e) above of any Pass Through Liability Entity, in each case that is
outstanding on such date to the extent it is secured by a Lien on any property of any member of the Borrower Group (other than a JV Lien) at such time; provided that there shall be excluded from “Total Indebtedness” (i) any
Excluded Obligation, (ii) any obligations with respect to Equity Interests (whether or not recorded as a liability under GAAP), (iii) all obligations in respect of letters of credit, (iv) any completion guaranties or similar
guaranties that a project perform as planned, (v) Indebtedness among or between the Borrower and/or any of its Subsidiaries, (vi) any items relating to Discontinued Business Operations, (vii) amounts owing under Permitted Contracts or
Netting Agreements, (viii) any loans from an insurance company or insurance premium finance company solely for the purpose of financing all or any portion of the premium on any insurance policy maintained by the Parent Guarantor, the Borrower
or its Subsidiaries with respect to properties and business of the Borrower and its Subsidiaries, but only to the extent such loans are consistent with industry practice and (ix) the Term L/C Facility Term Loans. 
 “TransCanada Term L/C Facility Letter of Credit” means a Canadian Dollar denominated Term L/C Facility Letter of Credit issued
hereunder for the account of TransCanada Pipelines Limited in a face amount not to exceed the Dollar Equivalent (at the time of issuance) of $6,000,000, it being understood and agreed that not more than one such Term L/C Facility Letter of Credit
may be outstanding at any time. 
 “Type” means, with respect to a Loan, its character as a Base Rate Loan or a
Eurodollar Rate Loan. 
 “United States” and “U.S.” mean the United States of America.

 “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 
 “Unrestricted Subsidiary” means each Excluded Subsidiary and any Subsidiary of the Borrower that is designated by the Board of
Directors of the Borrower as an Unrestricted Subsidiary pursuant to a Board resolution, but only to the extent that such Subsidiary: 
 (a) has no Indebtedness other than Non-Recourse Debt; 
  

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 (b) except as permitted pursuant to Section 7.08 (whether by virtue of
clause (b) of the definition of “Affiliate Transaction” or otherwise), is not party to any agreement, contract, arrangement or understanding with the Borrower or any of its Restricted Subsidiaries unless the terms of any such
agreement, contract, arrangement or understanding are no less favorable to the Borrower or such Restricted Subsidiary than those that might be obtained at the time (or might have been obtained at the relevant time) from Persons who are not
Affiliates of the Borrower; 
 (c) is a Person with respect to which neither the Borrower nor any of its Restricted
Subsidiaries has any direct or indirect obligation (i) to subscribe for additional Equity Interests or (ii) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating
results; and 
 (d) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the
Parent Guarantor, the Borrower or any of their respective Restricted Subsidiaries. 
 Any designation of a Subsidiary of the Borrower as an Unrestricted
Subsidiary will be evidenced to the Administrative Agents by filing with the Administrative Agents a certified copy of the Board Resolution giving effect to such designation and a certificate of a Responsible Officer of the Borrower certifying that
such designation complied with the preceding conditions and was permitted by Section 7.06. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease
to be an Unrestricted Subsidiary for purposes of this Agreement and the other Loan Documents and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Borrower as of such date and, if such Indebtedness
is not permitted to be incurred as of such date pursuant to Section 7.03, the Borrower will be in default of such covenant. The Board of Directors of the Borrower may at any time designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Borrower of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be
permitted if (i) such Indebtedness is permitted pursuant to Section 7.03; and (ii) no Default would be in existence following such designation. Upon any such designation of an Unrestricted Subsidiary as a Restricted Subsidiary,
the redesignated Subsidiary will become a Subsidiary Guarantor pursuant to and if required by Section 6.12; provided that any redesignated Restricted Subsidiary that is not a Material Subsidiary need not become a Subsidiary
Guarantor until such time as it becomes a Material Subsidiary. Notwithstanding anything herein to the contrary, no designation of a Subsidiary as an Unrestricted Subsidiary shall be permitted if, after giving effect thereto (x) the sum of the
total assets of all Unrestricted Subsidiaries (other than Sithe if it shall then be such) would exceed 10% of the consolidated assets of the Borrower and its Subsidiaries and (y) the sum of the EBITDA of all Unrestricted Subsidiaries (other
than Sithe if it shall then be such) (determined for each such Unrestricted Subsidiary on a unconsolidated basis in accordance with the definition of “EBITDA” as if it applied to any Subsidiary) for the most recently ended Measurement
Period would exceed 10% of EBITDA of the Borrower for such period. 
 “Vermilion Lease” means the lease contemplated
by the Coal Transloading and Trucking Agreement dated July 12, 2005 between Dynegy Midwestern Generation Inc. and Vermilion Transmodal LLC. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each
then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (ii) the number of years 

  

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(calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment; by (b) the then outstanding principal amount
of such Indebtedness. 
 “Working Capital” means, at any date, the excess of (a) the sum of all amounts (other
than cash, cash equivalents and bank overdrafts) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of the Borrower and the Restricted
Subsidiaries at such date over (b) the sum of all amounts that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of the Borrower and the
Restricted Subsidiaries on such date, but excluding (i) the current portion of any long-term Indebtedness, (ii) without duplication of clause (i) above, all Indebtedness consisting of Loans and L/C Obligations to the extent
otherwise included therein and (iii) the current portion of deferred income taxes. 
 1.02. Other Interpretive Provisions. With
reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 
 (i) The words
“herein,” “hereto,” “hereof” and “hereunder” and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular
provision thereof. 
 (ii) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference
appears. 
 (iii) The term “including” is by way of example and shall be deemed “without
limitation” wherever used. 
 (iv) The term “documents” includes any and all instruments, documents,
agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (b) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean
“to but excluding;” and the word “through” means “to and including.” 
 (c) Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 1.03. Accounting Terms. 
 (a) All
accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP, except as otherwise specifically prescribed herein. 
 (b) If at any time any change in GAAP or in the
application of GAAP would affect the computation of any financial ratio or other financial covenant set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agents, the Lenders and the

  

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Borrower shall negotiate in good faith to amend (subject to the approval of the Required Lenders) such ratio or covenant to preserve the original intent
thereof in light of such change in (or in the application of) GAAP; provided that, until so amended, (i) such ratio or financial covenant shall continue to be computed in accordance with GAAP prior to such change and (ii) the
Borrower shall provide to the Payment Agent financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or financial covenant made
before and after giving effect to such change in (or in the application of) GAAP as is reasonably necessary to demonstrate compliance (or non-compliance) with such ratio or financial covenant. 
 1.04. Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest
number). 
 1.05. References to Agreements, Laws and Persons. Unless otherwise expressly provided herein, (a) references to
Organizational Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent
that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting such Law. A reference to any Person includes the successors and assigns of such Person, but such reference shall not increase, decrease or otherwise modify in any way the provisions of this Agreement governing the
assignment of rights and obligations under or the binding effect of any such provision of this Agreement or any other Loan Document. 
 1.06.
Times of Day. Unless otherwise specified, all references herein to times of day shall be references to eastern time (daylight or standard, as applicable). 
 1.07. Letter of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to mean the maximum face amount of such Letter of Credit.

 1.08. Currency Equivalents Generally. Any amount specified in this Agreement (other than in Articles II, IX and XI) or any of the
other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars, such equivalent amount to be determined at the rate of exchange quoted by Citibank in New York at the close of business on the
Business Day immediately preceding any date of determination thereof, to prime banks in New York, New York for the spot purchase in the New York foreign exchange market of such amount in Dollars with such other currency. 
 ARTICLE II 
 THE COMMITMENTS AND CREDIT
EXTENSIONS 
 2.01. The Loans. 
 (a) The Revolving Credit Loans. Subject to the terms and conditions set forth herein, each Revolving Credit Lender severally agrees to make loans to the Borrower from time to time, on any Business Day during the Availability Period,
in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving Credit Commitment; provided that after giving effect 

  

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to any Revolving Credit Borrowing, the sum of the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender plus such Lender’s Pro Rata
Share of the Outstanding Amount of all Revolving L/C Obligations shall not exceed such Lender’s Revolving Credit Commitment. Within the limits of each Lender’s Revolving Credit Commitment, and subject to the other terms and conditions
hereof, the Borrower may borrow under this Section 2.01(a), prepay under Section 2.04, and reborrow under this Section 2.01(a). Revolving Credit Loans may be Base Rate Loans or Eurodollar Rate Loans, as further
provided herein. 
 (b) The Term L/C Facility Term Loans. Subject to the terms and conditions set forth herein, each Term L/C Facility
Lender severally agrees to make a term loan to the Borrower on the Closing Date in an amount equal to the Term L/C Facility Commitment of such Term L/C Facility Lender. Amounts borrowed under this Section 2.01(b) and repaid or prepaid
may not be reborrowed. Term L/C Facility Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
 2.02.
Borrowings, Conversions and Continuations of Loans. 
 (a) Each Borrowing, each conversion of Loans from one Type to the other, and
each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Payment Agent, which may be given by telephone. Each such notice must be received by the Payment Agent not later than 12:00 noon (eastern
time) (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans and (ii) on the requested date of any
Borrowing of Base Rate Loans. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Payment Agent of a written Committed Loan Notice, appropriately completed and signed by a
Responsible Officer of the Borrower; provided that upon request by the Payment Agent, such confirmation shall be received prior to the date of the related Borrowing (but shall not be required to be received prior to the date referenced in the
previous sentence had the request not been made by telephone). Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $10,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as
provided in Section 2.03(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written)
shall specify (i) whether the Borrower is requesting a Revolving Credit Borrowing or Term L/C Facility Borrowing, a conversion of Revolving Credit Loans or Term L/C Facility Loans from one Type to the other, or a continuation of Eurodollar Rate
Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be
borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or if the Borrower fails to
give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period
then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will
be deemed to have specified an Interest Period of one month. 
 (b) Following receipt of a Committed Loan Notice, the Payment Agent shall
promptly notify each Lender under the applicable Facility of the amount of its Pro Rata Share of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Payment Agent shall notify each Lender of
the details of any automatic conversion to Base Rate Loans described in Section 2.02(a). In the case of a Borrowing, each Lender under the applicable Facility shall make the 

  

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amount of its Loan available to the Payment Agent in immediately available funds at the Payment Agent’s Office not later than 1:00 p.m. (eastern time)
on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the
Payment Agent shall make all funds so received available to the Borrower in like funds as received by the Payment Agent either by (i) crediting the account of the Borrower on the books of the Person serving as the Payment Agent with the amount
of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Payment Agent by the Borrower. 
 (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such
Eurodollar Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders. 
 (d) The Payment Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans
upon determination of such interest rate. The determination of the Eurodollar Rate by the Payment Agent shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Payment Agent shall notify the
Borrower and the Lenders of any change in the Payment Agent’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than ten Interest Periods in effect. 

(f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any,
hereunder to make its Loan on the date of such Borrowing, but 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 any Borrowing. 
 2.03. Letters of Credit. 
 (a)
Revolving L/C Sublimit; Term L/C Facility Letters of Credit. 
 (i) Subject to the terms and conditions set forth
herein, (A) the Revolving L/C Issuers agree, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing
Date until the Revolving Letter of Credit Expiration Date, to issue Revolving Letters of Credit for the account of the Borrower (it being understood and agreed that subject to the other terms herein, the Borrower may obtain for its account Revolving
Letters of Credit on behalf of the Parent Guarantor or any of its Affiliates), and to amend or renew Revolving Letters of Credit previously issued by it, in accordance with Section 2.03(b), and (2) to honor drafts under the Letters
of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Revolving Letters of Credit issued for the account of the Borrower; provided that no Revolving L/C Issuer shall be obligated to make any Revolving L/C
Credit Extension with respect to any Revolving Letter of Credit, and no Revolving Credit Lender shall be obligated to participate in any Revolving Letter of Credit if as of the date of such Revolving L/C Credit Extension, (x) the Total
Outstandings under the Revolving Credit Facility would exceed the aggregate Revolving Credit Commitments, (y) the sum of the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Credit Lender plus such 

  

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Lender’s Pro Rata Share of the Outstanding Amount of all Revolving L/C Obligations would exceed such Lender’s Revolving Credit Commitment or
(z) the Outstanding Amount of the Revolving L/C Obligations would exceed the Revolving L/C Sublimit; provided, further, that the Dollar Equivalent of the aggregate face amount of Revolving Letters of Credit issued by a Revolving
L/C Issuer shall not exceed such Revolving L/C Issuer’s Revolving L/C Issuer Sublimit. 
 Subject to the terms and
conditions set forth herein, the Term L/C Issuers agree, (1) from time to time on any Business Day during the period from the Closing Date until the Term L/C Expiration Date, to issue Term L/C Facility Letters of Credit for the account of the
Borrower (it being understood and agreed that subject to the other terms herein, the Borrower may obtain for its account Term L/C Facility Letters of Credit on behalf of the Parent Guarantor or any of its Affiliates), and to amend or renew Term L/C
Facility Letters of Credit previously issued by it, in accordance with Section 2.03(b), and (2) to honor drafts under the Term L/C Facility Letters of Credit; provided that no Term L/C Issuer shall be obligated to make any
Term L/C Credit Extension with respect to any Term L/C Facility Letter of Credit if as of the date of such Term L/C Credit Extension (x) the Outstanding Amount of all Term L/C Facility Obligations would exceed the aggregate Term L/C Issuer
Commitments; (y) the Outstanding Amount of Term L/C Facility Obligations in respect of Term L/C Facility Letters of Credit issued by such Term L/C Issuer would exceed such Term L/C Issuer’s Term L/C Issuer Sublimit; or (z) the Term
L/C Collateral Account Balance shall be less than the Required Term L/C Collateral Account Balance; provided, further, that the Dollar Equivalent of the aggregate face amount of Term L/C Facility Letters of Credit issued by a Term L/C
Issuer shall not exceed such Term L/C Issuer’s Term L/C Issuer Sublimit. 
 Within the foregoing limits, and subject to
the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired
or that have been drawn upon and reimbursed. All Existing Revolving Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be Revolving Letters of Credit and shall be subject to and governed
by the terms and conditions hereof. 
 (ii) No L/C Issuer shall be under any obligation to issue any Letter of Credit if:

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

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 (B) the expiry date of such requested Letter of Credit would occur after the earlier of
(1) the first anniversary of its date of issuance and (2) in the case of a Revolving Letter of Credit, the Revolving Letter of Credit Expiration Date and in the case of a Term L/C Facility Letter of Credit, the Term L/C Expiration Date;
provided that, notwithstanding the foregoing, any Revolving Letter of Credit issued or extended no later than 90 days prior to the Revolving Credit Termination Date may have an expiration date of up to nine months after the Revolving Credit
Termination Date so long as the Borrower has provided Cash Collateral in an amount equal to the undrawn amount of such Revolving Letter of Credit on or before the date of such issuance or extension and otherwise in accordance with
Section 2.03(g); or 
 (C) the issuance of such Letter of Credit would violate one or more generally applicable
policies of such L/C Issuer. 
 (iii) No L/C Issuer shall be under any obligation to amend any Letter of Credit in any way
(whether or not such amendment increases the amount of the applicable Letter of Credit) (A) at any time on or after, in the case of a Revolving Letter of Credit, the Revolving Credit Termination Date or, in the case of a Term L/C Facility
Letter of Credit, the Term L/C Facility Term Loan Maturity Date, or (B) if the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. In addition, and without limiting the terms of the first
sentence of this Section 2.03(a)(iii), no L/C Issuer shall be under any obligation to amend any Letter of Credit to increase the amount thereof if such L/C Issuer would have no obligation at such time to issue such Letter of Credit in
its amended form under the terms hereof by reason of the provisions of Section 2.03(a)(i), Section 2.03(a)(ii), Section 4.02 or otherwise. 
 (iv) Any L/C Issuer may be replaced at any time by written agreement among the Borrower, the Administrative Agents, the replaced L/C
Issuer and the applicable successor L/C Issuer. The Payment Agent shall notify the Lenders of any such replacement of an L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the
account of the replaced L/C Issuer pursuant to Sections 2.03(i) and (j). From and after the effective date of any such replacement, (i) such successor L/C Issuer shall have all the rights and obligations of the replaced L/C
Issuer under this Agreement with respect to Revolving Letters of Credit or Term L/C Facility Letters of Credit, as the case may be, otherwise to be issued thereafter by such replaced LC Issuer and (ii) references herein to the term “L/C
Issuer”, “Revolving L/C Issuer” or “Term L/C Issuer”, shall be deemed to refer, as the case may be, to (x) such successor or any previous or other Revolving L/C Issuer or Term L/C Issuer or (y) such successor and
all previous and other Revolving L/C Issuers and/or Term L/C Issuers, as the context shall require. After the replacement of an L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and
obligations of a Revolving L/C Issuer or Term L/C Issuer, as the case may be, under this Agreement with respect to Revolving Letters of Credit or Term L/C Facility Letters of Credit, as the case may be, issued by it prior to such replacement, but
shall not be required to issue additional Revolving Letters of Credit or Term L/C Facility Letters of Credit, as the case may be. 
  

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 (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Renewal Letters of Credit.

 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the
relevant L/C Issuer (with a copy to the Payment Agent) in the form of a Letter of Credit Application. Such Letter of Credit Application must be received by such L/C Issuer and the Payment Agent not later than 12:00 noon (eastern time) at least two
Business Days (or such later date and time as such L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance
of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to such L/C Issuer: (A) whether such Letter of Credit is to be a Revolving Letter of Credit or a Term L/C Facility Letter of
Credit, (B) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (C) the amount thereof; (D) the expiry date thereof; (E) in the case of a Revolving Letter of Credit, the currency (which
may be Dollars, Canadian Dollars, Pounds Sterling or Euros), and in the case of a Term L/C Facility Letter of Credit, whether such Term L/C Facility Letter of Credit will be denominated in Dollars or will be the TransCanada Term L/C Facility Letter
of Credit (which shall be denominated in Canadian Dollars); (F) the name and address of the beneficiary thereof; (G) the account party or parties thereof; (H) the full text of any certificate to be presented by such beneficiary in
case of any drawing thereunder; and (I) the transactions or obligations to be supported thereby. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail
reasonably satisfactory to the relevant L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other
matters consistent with the items set forth in clauses (A)-(I) in the preceding sentence as such L/C Issuer may reasonably require. Renewals of, and amendments to increase the available amount under, any outstanding Letters of Credit
will be effectuated by the applicable L/C Issuer within one Business Day of the applicable L/C Issuer’s receipt of the Borrower’s written request for such renewal or increase. The Borrower’s request to reduce the effective face amount
of any Letter of Credit shall be effective upon the applicable L/C Issuer’s receipt of a written consent of the beneficiary of such Letter of Credit consenting to such reduction. 
 (ii) Promptly after receipt of any Letter of Credit Application, the relevant L/C Issuer will confirm with the Payment Agent (by telephone
or in writing) that the Payment Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Payment Agent with a copy thereof. Upon receipt by such L/C Issuer of confirmation from
the Payment Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of
the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Revolving Letter of Credit, each Revolving
Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant Revolving L/C Issuer a risk participation in such Revolving Letter of Credit in an amount equal to the product of such Revolving
Credit Lender’s Pro Rata Share times the amount of such Revolving Letter of Credit. No L/C Issuer shall be obligated to make any independent determination as to whether the requested issuance or amendment is permitted in 

  

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accordance with the terms hereof, and, unless and until such L/C Issuer receives such confirmation from the Payment Agent, such L/C Issuer shall have no
obligation to issue the requested Letter of Credit. 
 (iii) If the Borrower so requests in any applicable Letter of Credit
Application, any L/C Issuer may, in its sole and absolute discretion, agree to issue an Auto-Renewal Letter of Credit. Unless otherwise directed by such L/C Issuer, the Borrower shall not be required to make a specific request to such L/C Issuer for
any such renewal. Once an Auto-Renewal Letter of Credit has been issued, the Borrower and, in the case of any Revolving Letter of Credit, the Revolving Credit Lenders, shall be deemed to have authorized (but may not require) such L/C Issuer to
permit the renewal of such Letter of Credit at any time to an expiry date not later than, in the case of any Revolving Letter of Credit, the Revolving Letter of Credit Expiration Date and, in the case of any Term L/C Facility Letter of Credit, the
Term L/C Expiration Date; provided that (A) such L/C Issuer may give a notice of non-renewal and thereby prevent the renewal of an Auto-Renewal Letter of Credit if such L/C Issuer has determined at any time within 30 calendar days prior
to the Nonrenewal Notice Date of such Auto-Renewal Letter of Credit that it would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of
Section 2.03(a)(i), Section 2.03(a)(ii), Section 2.03(a)(iii) or otherwise), and (B) such L/C Issuer shall not permit any such renewal if it has received notice (which may be by telephone, if immediately
confirmed in writing, or in writing) on or before the day that is ten days before the Nonrenewal Notice Date from the Payment Agent or the Borrower that one or more of the applicable conditions specified in Section 2.03(a)(i) is not then
satisfied; and provided, further, that, notwithstanding the foregoing, any Revolving Letter of Credit so renewed no later than 90 days prior to the Revolving Credit Termination Date may have an expiration date of up to nine months
after the Revolving Credit Termination Date so long as the Borrower has provided Cash Collateral in an amount equal to the undrawn amount of such Letter of Credit on or before the date of such renewal in accordance with Section 2.03(g).

 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with
respect thereto or to the beneficiary thereof, the relevant L/C Issuer will also deliver to the Borrower and the Payment Agent a true and complete copy of such Letter of Credit or amendment. 
 (c) Drawings and Reimbursements of Letters of Credit; Funding of Participations in Revolving Letters of Credit. 
 (i) Upon receipt from the beneficiary of any Revolving Letter of Credit of any notice of a drawing under such Letter of Credit, the
relevant Revolving L/C Issuer shall promptly notify the Borrower and the Payment Agent thereof (which may be telephonic, promptly confirmed by telecopy). Not later than 12:00 p.m., (eastern time), on the Honor Date, the Borrower may (but shall
not be required to) reimburse such Revolving L/C Issuer through the Payment Agent in an amount equal to the Dollar Equivalent of such drawing. If the Borrower does not so reimburse the relevant Revolving L/C Issuer on the date necessary to settle
the obligations of such Revolving L/C Issuer under any draft drawn or demand made under such Revolving Letter of Credit, the Payment Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the Dollar Equivalent of the
unreimbursed drawing (the “Revolving Unreimbursed Amount”), and the amount of such Revolving Credit Lender’s Pro Rata Share thereof. In 

  

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such event, the Revolving Unreimbursed Amount shall automatically be converted (unless the Borrower is in Default under Section 8.01(f) or
(g)) to a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Dollar Equivalent of the Revolving Unreimbursed Amount, without regard to the minimum and multiples specified in
Section 2.02 for the principal amount of Base Rate Loans and without regard to whether the conditions in Section 4.02 are then satisfied. 
 Upon receipt from the beneficiary of any Term L/C Facility Letter of Credit of any notice of a drawing under such Letter of Credit, the
relevant Term L/C Issuer shall promptly notify the Borrower and the Payment Agent thereof (which may be telephonic, promptly confirmed by telecopy). The Borrower shall be required to reimburse such Term L/C Issuer through the Payment Agent in an
amount equal to the Dollar Equivalent of such drawing not later than 1:00 p.m., (eastern time) on the Honor Date, if the Borrower shall have received such notice prior to 11:00 a.m. (eastern time) on such date, or, if such notice has not
been received by the Borrower prior to such time on such date, then not later than 1:00 p.m. (eastern time) on the next Business Day; provided that unless the Borrower shall reimburse such Term L/C Issuer by 1:00 p.m. (eastern time) on the same
day on which such drawing is made, the unpaid amount thereof shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin, for each day commencing on the date the drawing is made until the date that the Borrower pays the
Payment Agent for the account of such Term L/C Issuer the Dollar Equivalent of the amount of such drawing. If the Borrower does not so reimburse the relevant Term L/C Issuer at or prior to the time for payment specified above in respect of such
drawing under such Term L/C Facility Letter of Credit, the Payment Agent shall promptly cause the amounts on deposit in the Term L/C Collateral Account to be applied to repay in full such amounts (such amounts, including accrued interest, the
“Term L/C Facility Unreimbursed Amount” and, together with the Revolving Unreimbursed Amount, the “Unreimbursed Amount”) and the Term L/C Facility shall be automatically and permanently reduced by the
Term L/C Facility Unreimbursed Amount in accordance with Section 2.05(c). 
 Any notice given by any L/C Issuer or
the Payment Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of
such notice. 
 (ii) Each Revolving Credit Lender (including the Revolving Credit Lender acting as Revolving L/C Issuer) shall
upon any notice pursuant to Section 2.03(c)(i) make funds available to the Payment Agent for the account of the relevant Revolving L/C Issuer at the Payment Agent’s Office in an amount equal to its Pro Rata Share of the Revolving
Unreimbursed Amount not later than 1:00 p.m. (eastern time) on the Business Day specified in such notice by the Payment Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving Credit Lender that so makes funds
available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Payment Agent shall remit the funds so received to such Revolving L/C Issuer. 
 (iii) Such Base Rate Loan shall be made as of the date of such settlement of such Revolving Letter of Credit. The proceeds of such Base
Rate Loan shall be paid by the Revolving Credit Lenders to the Payment Agent for payment to the relevant Revolving L/C Issuer of such Revolving Letter of Credit (and the Payment Agent shall promptly pay such proceeds to such Revolving L/C Issuer) to
reimburse such Revolving 

  

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L/C Issuer of such Revolving Letter of Credit for each Revolving Lender’s Pro Rata Share of the Dollar Equivalent of the amount actually disbursed by
such Revolving L/C Issuer of such Revolving Letter of Credit pursuant to such draft or demand. In the event that any Revolving L/C Issuer of a Revolving Letter of Credit makes the Draw Amount available to the beneficiary of such Revolving Letter of
Credit and the Dollar Equivalent of such amount made available by the Revolving Lenders to the Payment Agent for payment to such Revolving L/C Issuer is not sufficient to enable such Revolving L/C Issuer to obtain Alternative Currency equal to the
entire Draw Amount, the Borrower shall pay the Payment Agent on demand for the benefit of such Revolving L/C Issuer an amount equal to the Dollar Equivalent required to enable such Revolving L/C Issuer to obtain Alternative Currency equal to the
Draw Amount, but any shortfall shall be immediately converted to an additional Borrowing of Base Rate Loans made by the Revolving Credit Lenders to the Borrower to the extent the Borrower does not immediately make such payment, and such Revolving
L/C Issuer shall be reimbursed therefrom. With respect to any Revolving Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the Borrower is in Default under Section 8.01(f) or
(g) or for any other reason, the Borrower shall be deemed to have incurred from the relevant Revolving L/C Issuer a Revolving L/C Borrowing in the amount of the Revolving Unreimbursed Amount that is not so refinanced, which Revolving L/C
Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Payment Agent for the account of such Revolving L/C Issuer pursuant
to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such Revolving L/C Borrowing and shall constitute a Revolving L/C Advance from such Lender in satisfaction of its participation obligation under this
Section 2.03. 
 (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or Revolving L/C Advance
pursuant to this Section 2.03(c) to reimburse any Revolving L/C Issuer for any amount drawn under any Revolving Letter of Credit, interest in respect of such Revolving Lender’s Pro Rata Share of such amount shall be solely for the
account of such Revolving L/C Issuer. 
 (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or
Revolving L/C Advances to reimburse any Revolving L/C Issuer for amounts drawn under Revolving Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against such Revolving L/C Issuer, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or
continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans (but not its
obligation to make Revolving L/C Advances) pursuant to this Section 2.03(c) is subject to the Borrower not being in Default under Section 8.01(f) or (g). No such making of a Revolving L/C Advance shall relieve or
otherwise impair the obligation of the Borrower to reimburse such Revolving L/C Issuer for the amount of any payment made by such Revolving L/C Issuer under any Revolving Letter of Credit, together with interest as provided herein. 
 (vi) If any Revolving Credit Lender fails to make available to the Payment Agent for the account of any Revolving L/C Issuer any amount
required to be paid by 

  

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such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in
Section 2.03(c)(ii), such Revolving L/C Issuer shall be entitled to recover from such Revolving Credit Lender (acting through the Payment Agent), on demand, such amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to such Revolving L/C Issuer at a rate per annum equal to the Federal Funds Rate from time to time in effect for the first three Business Days and, thereafter, at a rate of interest
equal to the Base Rate. A certificate of the relevant Revolving L/C Issuer submitted to any Revolving Credit Lender (through the Payment Agent) with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent
manifest error. 
 (vii) If at any time a distribution is to be made by the Payment Agent to any Revolving Credit Lender and
such Revolving Credit Lender has failed to make available to the Payment Agent for the account of the relevant Revolving L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this
Section 2.03(c), the Payment Agent shall pay such distribution to such Revolving L/C Issuer, to the extent of such unpaid amount together with any interest thereon accrued pursuant to Section 2.03(c)(vi). 
 (d) Repayment of Participations in Revolving Letters of Credit. 
 (i) At any time after any Revolving L/C Issuer has made a payment under any Revolving Letter of Credit and has received from any Revolving
Credit Lender such Revolving Credit Lender’s Revolving L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Payment Agent receives for the account of such Revolving L/C Issuer any payment in respect of
the related Revolving Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Payment Agent), the Payment Agent will distribute to such Revolving Credit
Lender its Pro Rata Share thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Credit Lender’s Revolving L/C Advance was outstanding) in the same funds as those received by
the Payment Agent. 
 (ii) If any payment received by the Payment Agent for the account of any Revolving L/C Issuer pursuant
to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.06 (including pursuant to any settlement entered into by such Revolving L/C Issuer in its discretion), each Revolving
Credit Lender shall pay to the Payment Agent for the account of such Revolving L/C Issuer its Pro Rata Share thereof on demand of the Payment Agent, plus interest thereon from the date of such demand to the date such amount is returned by such
Revolving Credit Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect for the first three days and, thereafter, at a rate of interest equal to the Base Rate. 
 (e) Obligations Absolute. The obligation of the Borrower to reimburse any relevant L/C Issuer for each drawing under each Letter of Credit and
(without duplication, in the case of any Revolving Letter of Credit) to repay each Revolving L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all
circumstances, including the following: 
 (i) any lack of validity or enforceability of such Letter of Credit, this
Agreement, or any other agreement or instrument relating thereto; 
  

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 (ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Borrower may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), such L/C Issuer or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
 (iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate
in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 
 (iv) any payment by such L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by such L/C
Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee
of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; 
 (v) any
exchange, release or nonperfection of any Collateral, or any release or amendment or waiver of or consent to departure from the Guaranty or any other guarantee, for all or any of the Obligations of the Borrower in respect of such Letter of Credit;
or 
 (vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other
circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower, except as otherwise provided in clause (f) of this Section 2.03. 
 The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the relevant L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against such L/C Issuer and its
correspondents unless such notice is given as aforesaid. 
 (f) Role of L/C Issuer. The Borrower and, in the case of Revolving Letters
of Credit, the Revolving Credit Lenders agree that, in paying any drawing under a Letter of Credit, no L/C Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the
Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of any L/C Issuer, any Agent-Related Person nor any of the respective
correspondents, participants or assignees of any L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable;
(ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Letter of
Credit Application. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the
Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of any L/C Issuer, any 

  

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Agent-Related Person, nor any of the respective correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for any of the
matters described in clauses (i) through (iv) of Section 2.03(e); provided that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to the Borrower, to the
extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such L/C Issuer’s willful misconduct or gross negligence or such L/C
Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit AND THE PARENT GUARANTOR
AND THE BORROWER FOR THEMSELVES AND THEIR SUBSIDIARIES HEREBY WAIVE AND RELINQUISH ANY AND ALL CLAIMS THEY MAY HAVE FOR INCIDENTAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES AND FOR DIRECT DAMAGES RESULTING FROM NEGLIGENCE BY ANY L/C ISSUER
WHICH DOES NOT RISE TO THE LEVEL OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. In furtherance and not in limitation of the foregoing, any L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary, and such L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit
or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 
 (g) Cash Collateral for Revolving Letters of Credit. Upon the request of the Payment Agent or any Revolving L/C Issuer to the Borrower, if, as of the Revolving Letter of Credit Expiration Date, any Revolving Letter of Credit may for
any reason remain outstanding and partially or wholly undrawn, the Borrower shall immediately Cash Collateralize the then Outstanding Amount of all Revolving L/C Obligations (in an amount equal to 103% of the Dollar Equivalent of such Outstanding
Amount determined as of the Revolving Letter of Credit Expiration Date). As required pursuant to Section 2.03(a)(ii) or 2.03(b)(iii), the Borrower shall immediately Cash Collateralize the relevant Revolving Letter(s) of Credit in
the amount specified therein. The Borrower hereby grants to the Collateral Agent, for the benefit of the Revolving L/C Issuers and the Revolving Credit Lenders, a security interest in all such cash, deposit accounts and all balances therein and all
proceeds of the foregoing. Cash Collateral for the Revolving L/C Obligations shall be maintained in a Cash Collateral Account (other than the Term L/C Collateral Account). If at any time the Collateral Agent determines that any such Cash Collateral
is subject to any right or claim of any Person other than the Collateral Agent or that the total amount of such funds is less than the aggregate Outstanding Amount of all Revolving L/C Obligations that are required to be Cash Collateralized at such
time, the Borrower will, forthwith upon demand by the Collateral Agent, pay to the Collateral Agent, as additional funds to be deposited and held in such Cash Collateral Account, an amount equal to the excess of (a) 103% of the Dollar
Equivalent of such aggregate Outstanding Amount over (b) the total amount of funds, if any, then held as Cash Collateral that the Collateral Agent determines to be free and clear of any such right and claim. Upon the drawing of any Revolving
Letter of Credit for which funds are on deposit as Cash Collateral for the Revolving L/C Obligations, such funds shall be applied, to the extent permitted under applicable law, to reimburse the relevant Revolving L/C Issuers. So long as no Event of
Default shall have occurred and be continuing, upon payment, expiration or termination of a Revolving Letter of Credit that was Cash Collateralized, applicable amounts on deposit in Cash Collateral Accounts (other than the Term L/C Collateral
Account) shall be promptly returned to the Borrower. 
 (h) Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the
relevant L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Revolving Letter of Credit), (i) the rules of the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall apply to each standby Letter of Credit, and (ii) the rules of the 

  

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Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce (the “ICC”)
at the time of issuance shall apply to each commercial Letter of Credit, and in each case to the extent not inconsistent with the above referred rules, the laws of the State of New York shall apply to each Letter of Credit. 
 (i) Letter of Credit Fees. In the case of Revolving Letters of Credit, the Borrower shall pay to the Payment Agent for the account of each
Revolving Credit Lender in accordance with its Pro Rata Share a Letter of Credit fee for each Revolving Letter of Credit equal to the Applicable Margin per annum for Eurodollar Rate Loans under the Revolving Credit Facility times the daily
maximum amount available to be drawn under such Letter of Credit, provided that for purposes of this Section 2.03(i), the Dollar Equivalent of each Revolving Letter of Credit in an Alternative Currency will be deemed to be, on any
day (i) during the month a Revolving Letter of Credit is issued or renewed, the Dollar Equivalent on such date of issuance or renewal or (ii) in any month subsequent to the month of issuance or renewal, the Dollar Equivalent on the first
Business Day of such subsequent month, in each case from and including the date issued to and including the date of its expiration or earlier termination. Such letter of credit fees shall be computed on a quarterly basis in arrears. Such
letter of credit fees shall accrue and be due and payable on the fifth Business Day following receipt by the Borrower of an invoice for such Letter of Credit fees owing with respect to the prior calendar quarter commencing with the first such date
to occur after the issuance of such Revolving Letter of Credit, and on the Revolving Credit Termination Date. 
 (j) Fronting Fee and
Documentary and Processing Charges Payable to L/C Issuer. The Borrower hereby agrees to pay to the relevant L/C Issuer solely for its benefit, (i) in the case of Letters of Credit that are standby Letters of Credit a Letter of Credit
fronting fee equal to a per annum amount (calculated for the actual number of days elapsed on the basis of a year consisting of 365, or when appropriate 366, days) as agreed between the Borrower and such L/C Issuer on the daily average available
amount under each such Letter of Credit issued, increased or extended by such L/C Issuer from and including the date issued, increased or extended to and including the date of its expiration or earlier termination, (ii) in the case of Letters
of Credit that are commercial Letters of Credit a Letter of Credit fronting fee equal to a per annum amount (calculated for the actual number of days elapsed on the basis of a year consisting of 365, or when appropriate 366, days) as agreed between
the Borrower and such L/C Issuer on the daily average available amount under each such Letter of Credit issued, increased or extended by the such L/C Issuer from and including the date issued, increased or extended to and including the date of its
expiration or earlier termination, and (iii) a fee for each issuance, amendment or renewal of, and for each negotiation of a draft drawn under, a Letter of Credit issued, increased or extended by such L/C Issuer in the amount customarily
charged by such L/C Issuer from time to time or such other amount that may be agreed to in writing from time to time by such L/C Issuer and the Borrower, provided that for purposes of this Section 2.03(j), the Dollar Equivalent of
each Letter of Credit in an Alternative Currency will be deemed to be, on any day (i) during the month the Letter of Credit was issued or renewed, the Dollar Equivalent on the date of issuance or renewal of such Letter of Credit or (ii) in
any month subsequent to the month of issuance or renewal, the Dollar Equivalent on the first Business Day of such subsequent month, in each case from and including the date issued to and including the date of its expiration or earlier termination.
The Borrower shall pay to the Payment Agent on the fifth Business Day following receipt by the Borrower of an invoice for such fees owing with respect to the prior calendar quarter, the Letter of Credit fronting fee due with respect to each
outstanding Letter of Credit commencing on the first such date to occur after such Letter of Credit is issued, increased or extended and, in the case of Letters of Credit, on the Revolving Credit Termination Date and, in the case of the Term L/C
Facility Letters of Credit, the Term L/C Facility Term Loan Maturity Date. The Payment Agent shall promptly remit to the relevant L/C Issuer any Letter of Credit fronting fee due to such L/C Issuer after the Payment Agent’s receipt of such fee.

  

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 (k) Term L/C Collateral Account. On or prior to the Closing Date, the Borrower shall establish the
Term L/C Collateral Account for the purpose of cash collateralizing the Borrower’s obligations to the Term L/C Issuers in respect of the Term L/C Facility Letters of Credit. On the Closing Date the proceeds of the Term L/C Facility Term Loans,
together with other funds (if any) provided by the Borrower, shall be deposited into the Term L/C Collateral Account such that, and the Borrower agrees that at all times thereafter, and shall immediately cause additional funds to be deposited and
held in the Term L/C Collateral Account from time to time in order that, the Term L/C Collateral Account Balance shall at least equal the Required Term L/C Collateral Account Balance. The Borrower hereby grants to the Collateral Agent, for the
benefit of the Term L/C Issuers, a security interest in the Term L/C Collateral Account and all cash and balances therein and all proceeds of the foregoing, as security for the Term L/C Facility Obligations (and, in addition, grants a security
interest therein, for the benefit of the Secured Parties as collateral security for the Secured Obligations, provided that amounts on deposit in the Term L/C Collateral Account shall be applied, first, to repay the Term L/C Facility
Obligations and, then, all other Secured Obligations). Except as expressly provided herein or in any other Loan Document, no Person shall have the right to make any withdrawal from the Term L/C Collateral Account or to exercise any right or power
with respect thereto; provided that at any time the Borrower shall fail to reimburse any Term L/C Issuer for any Term L/C Facility Unreimbursed Amounts in accordance with the terms of Section 2.03(c), the Borrower hereby
absolutely, unconditionally and irrevocably agrees that the Collateral Agent shall be entitled to instruct the depositary bank (the “Depositary Bank”) of the Term L/C Collateral Account to withdraw therefrom and pay to the
Payment Agent for account of such Term L/C Issuer amounts equal to such Term L/C Facility Unreimbursed Amounts. So long as no Event of Default shall have occurred and be continuing, upon at least three Business Days’ prior written notice to the
Collateral Agent and the Payment Agent, the Borrower may, at any time and from time to time, request release of and payment to the Borrower of (and the Collateral Agent hereby agrees to instruct the Depositary Bank to release and pay to the
Borrower) any amounts on deposit in the Term L/C Collateral Account in excess of the Required Term L/C Collateral Account Balance (provided that the Collateral Agent shall have received prior confirmation of the amount of such excess from the
Payment Agent). In addition, the Collateral Agent hereby agrees to instruct the Depositary Bank to release and pay to the Borrower amounts (if any) remaining on deposit in the Term L/C Collateral Account after the termination of the Term L/C
Facility and all Term L/C Facility Letters of Credit and the repayment in full of all outstanding Term L/C Facility Term Loans and Term L/C Facility Obligations. 
 (l) Conflict with Letter of Credit Application. In the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control. 
 2.04. Prepayments. 
 (a)
Optional. The Borrower may, upon notice to the Payment Agent, at any time or from time to time voluntarily prepay Loans under either Facility in whole or in part without premium or penalty; provided that (i) such notice must be
received by the Payment Agent not later than 12:00 noon (eastern time) on the date of prepayment of any Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess
thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice
shall specify the date and amount of such prepayment and the Type(s) of Loans under the respective Facility to be prepaid. The Payment Agent will promptly notify the relevant Lenders of its receipt of each such notice, and of the amount of such
Lender’s Pro Rata Share (if any) of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any
prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 3.05. Each prepayment of the outstanding Loans 

  

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pursuant to this Section 2.04(a) shall be applied to the respective Facilities in the manner indicated by the Borrower and to the Lenders under
such Facility in accordance with their respective Pro Rata Shares. Prepayments made pursuant to this Section 2.04(a) of the Term L/C Facility Term Loans shall be applied in accordance with Section 2.11(j). 
 (b) Mandatory. 
 (i)
If for any reason the aggregate Outstanding Amount of all Revolving Credit Loans and Revolving L/C Obligations at any time exceeds the aggregate Revolving Credit Commitments then in effect, the Borrower shall immediately prepay the Revolving Credit
Loans, reimburse Revolving Unreimbursed Amounts in respect of Revolving Letters of Credit and/or Cash Collateralize the Revolving L/C Obligations in an aggregate amount equal to such excess (or, in the case of the Cash Collateralization of Revolving
L/C Obligations, 103% of the Dollar Equivalent of such excess) in accordance with the terms thereof. Once quarterly on such date as the Payment Agent shall determine and promptly upon the receipt by the Payment Agent of a Currency Valuation Notice
(as defined below), if any Revolving L/C Obligations in respect of Revolving Letters of Credit denominated in an Alternative Currency shall then be outstanding, the Payment Agent shall determine the Dollar Equivalent of all such Revolving L/C
Obligations as of such determination date (or, in the case of a Currency Valuation Notice received by the Payment Agent prior to 12:00 noon on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on
the first Business Day after such Currency Valuation Notice is received). Upon making such determination, the Payment Agent shall promptly notify the Administrative Agents, the Lenders and the Borrower thereof. For purposes hereof,
“Currency Valuation Notice” means a notice given by the Required Lenders to the Payment Agent stating that such notice is a “Currency Valuation Notice” and requesting that the Payment Agent determine
the Dollar Equivalent of the Revolving L/C Obligations in respect of Revolving Letters of Credit denominated in Alternative Currencies. The Payment Agent shall not be required to make more than one determination pursuant to Currency Valuation
Notices within any rolling three month period. If, on the date of such determination such Dollar Equivalent of such Revolving L/C Obligations in respect of Revolving Letters of Credit denominated in Alternative Currencies, when added to Revolving
L/C Obligations in respect of Revolving Letters of Credit denominated in Dollars and Revolving Credit Loans, shall exceed the Revolving Credit Commitments, the Borrower shall prepay Revolving Credit Loans and/or Cash Collateralize Revolving L/C
Obligations in the amount of such excess (or, in the case of Cash Collateralization of Revolving Letters of Credit, 103% of the Dollar Equivalent of such excess). 
 (ii) Subject to Section 2.04(b)(vi), if on any date the Borrower or any of its Restricted Subsidiaries shall receive Net
Proceeds from any Asset Sales or the Parent Guarantor, the Borrower or any of their respective Restricted Subsidiaries shall receive Net Proceeds from any Recovery Event, then, unless a Reinvestment Notice shall be delivered in respect thereof, the
Lenders’ Portion of such Net Proceeds shall be applied within five Business Days toward the prepayment of the Loans and the reduction of the Revolving Credit Commitments as set forth in Section 2.04(b)(v); provided that,
notwithstanding the foregoing, (A) the cumulative Net Proceeds of Asset Sales that may be excluded from the foregoing requirement pursuant to one or more Reinvestment Notices shall not exceed $750,000,000 in the aggregate, (B) on each
Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment of the Loans 

  

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and the reduction of the Revolving Credit Commitments as set forth in Section 2.04(b)(v), (C) the sale of the Baldwin Facility shall not be
permitted to be subject to any Reinvestment Notice and (D) any Net Proceeds of any Asset Sale or Recovery Event subject to a Reinvestment Notice shall be deposited into a Designated Account (as defined in the Shared Security Agreement) that is
subject to an Account Control Agreement (as defined in the Shared Security Agreement) until the use or application of such Net Proceeds (it being understood that in the event the Parent Guarantor or any of its Restricted Subsidiaries shall receive
any Net Proceeds of any Recovery Event, the Parent Guarantor shall forthwith cause such Net Proceeds to be paid or otherwise made available to the Borrower or the Restricted Subsidiary thereof that incurred the underlying loss). 
 (iii) Subject to Section 2.04(b)(vi), if on any date the Borrower or any of its Restricted Subsidiaries shall receive Net
Proceeds from any Subject Indebtedness, then such Net Proceeds shall be applied within five Business Days toward the prepayment of the Loans and the reduction of the Revolving Credit Commitments as set forth in Section 2.04(b)(v).

 (iv) Subject to Section 2.04(b)(vi), no later than ten days following the earlier of (i) the applicable
deadline for filing the annual financial statements of the Borrower and its Subsidiaries with the SEC (without giving effect to any extension thereof that is specific to the Borrower) for each fiscal year of the Borrower, commencing with the
fiscal year ending on December 31, 2007, and (ii) the date on which the financial statements with respect to such period are delivered pursuant to Section 6.01(a), the Borrower shall prepay outstanding Loans and reduce the
Revolving Credit Commitments as set forth in Section 2.04(b)(v), in an aggregate principal amount equal to (x) the Required ECF Prepayment Percentage of Excess Cash Flow for the fiscal year then ended minus (y) the aggregate
amount of any voluntary prepayments of Term L/C Facility Term Loans made pursuant to Section 2.04(a) during such fiscal year. 
 (v) Prepayments made pursuant to this Section 2.04(b) shall be applied, first, ratably to the prepayment of the Revolving Credit Loans (and, in the case of any Revolving Letters of Credit, to Cash
Collateralize the Revolving L/C Obligations in respect thereof in an amount equal to 103% of the Dollar Equivalent of the amount thereof) and the Term L/C Facility Term Loans then outstanding (collectively, the “Outstanding
Loans”), and, then after payment in full of the Outstanding Loans, to the permanent reduction of the unused amount of the Revolving Credit Commitments in accordance with Section 2.11(h); provided that, notwithstanding
anything to the contrary in Section 2.04(b)(ii), Section 2.04(b)(iii), Section 2.04(b)(iv) or Section 2.11, the Borrower shall be permitted to Cash Collateralize, at 103% of the Dollar Equivalent of
the amount otherwise required to be applied to the prepayment or reduction thereof, Revolving Credit Loans or unused Revolving Credit Commitments required to be so prepaid or reduced under Section 2.04(b)(ii),
Section 2.04(b)(iii) or Section 2.04(b)(iv), and for purposes of Section 2.04(b)(vi), the amount of any applicable mandatory prepayment or commitment reduction, as the case may be, shall be reduced by the amount
thereof so Cash Collateralized in accordance with this clause (v). Any such Cash Collateralization so elected by the Borrower shall be effected on the date otherwise required for the applicable prepayment or commitment reduction, as the case
may be, specified in Section 2.04(b)(ii), (iii) or (iv), and the Borrower will give the Payment Agent telephonic notice on such date (promptly confirmed in writing) of any such Cash Collateralization. 
  

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 (vi) Notwithstanding anything to the contrary in Section 2.04(b)(v) or
Section 2.11, with respect to the amount of any mandatory prepayment described in Section 2.04(b)(ii), (iii) or (iv) (as the same shall have been reduced as described in clause (v) above) that is
allocated to the Outstanding Loans (such amount, the “Prepayment Amount” and such amount with respect to the Term L/C Facility Term Loans, the “Term L/C Facility Prepayment Amount” and such amount with
respect to the Revolving Credit Loans, the “Revolving Prepayment Amount”) or, as applicable, the permanent reduction of the unused amount of the Revolving Credit Commitments (such amount, as the same shall have been reduced
as described in clause (v) above, the “Revolving Credit Reduction Amount”), the Borrower will, in lieu of applying such amount to the prepayment of the Outstanding Loans (or, in the case of any outstanding
Revolving Letters of Credit, to Cash Collateralize the Revolving L/C Obligations in respect thereof in an amount equal to 103% of the Dollar Equivalent of the amount thereof) or, as applicable, the permanent reduction of the Revolving Credit
Commitments as provided in clause (v) above, on the respective date specified in Section 2.04(b)(ii), (iii) or (iv) for such prepayment or permanent reduction, give the Payment Agent telephonic notice (promptly
confirmed in writing) requesting that the Payment Agent prepare and provide to each Lender a notice (each, a “Prepayment Option Notice”) as described below (which shall specify the portion, if any, of the relevant Prepayment
Amount or Revolving Credit Reduction Amount that the Borrower will Cash Collateralize pursuant to the proviso set forth in Section 2.04(b)(v)). As promptly as practicable after receiving such notice from the Borrower, the Payment Agent
will send to each relevant Lender a Prepayment Option Notice, which shall be in the form of Exhibit I, and shall include an offer by the Borrower to, as applicable (A) prepay on the date (each a “Mandatory Prepayment
Date”) that is 10 Business Days after the date of the Prepayment Option Notice, the Outstanding Loans of such Lender by an amount equal to the portion of the Prepayment Amount (i.e., the Revolving Prepayment Amount and/or the Term L/C
Facility Prepayment Amount, as applicable) indicated in such Lender’s Prepayment Option Notice as being applicable to such Lender’s Outstanding Loans (i.e., the Revolving Credit Loans and/or the Term L/C Facility Term Loans, as applicable)
and/or (B) as applicable, permanently reduce on the Mandatory Prepayment Date, the unused amount of the Revolving Credit Commitments of such Lender by an amount equal to the portion of the Revolving Credit Reduction Amount indicated in such
Lender’s Prepayment Option Notice as being applicable to such Lender’s Revolving Credit Commitment. Each Lender shall notify the Payment Agent at least three Business Days prior to the Mandatory Prepayment Date of its decision to accept or
reject such offer, and the Payment Agent shall notify the Borrower thereof no later than two Business Days prior to the Mandatory Prepayment Date. On the Mandatory Prepayment Date, (I) the Borrower shall pay to the Payment Agent for account of
the relevant Lenders the aggregate amount necessary to prepay that portion of the Outstanding Loans in respect of which such Lenders have accepted prepayment as described above, (II) as applicable, the Revolving Credit Commitment of each
Revolving Credit Lender who has accepted reduction as described above shall be permanently reduced to the extent set forth in its Prepayment Option Notice and (III) the Borrower shall be entitled to retain the Declined Proceeds, which Declined
Proceeds shall be used by the Borrower for any purpose permitted or required under this Agreement. 
 (vii) Upon the drawing
of any Revolving Letter of Credit which has been Cash Collateralized, such Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party) to reimburse the relevant Revolving L/C Issuers or
the Revolving Credit Lenders, as applicable. For so long as no 

  

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Event of Default has occurred and is continuing, Cash Collateral shall be released to the Borrower (A) upon the termination or expiration of any such
Cash Collateralized Letter of Credit, in an amount equal to the Cash Collateral pledged in respect of such Revolving Letter of Credit less any amounts used to reimburse the relevant Revolving L/C issuers and the Revolving Credit Lenders, as
applicable, (B) upon the permanent reduction of Cash Collateralized Revolving Credit Commitments, in an amount equal to the Cash Collateral pledged in respect of such Revolving Credit Commitments and (C) upon the repayment of Cash
Collateralized Revolving Credit Loans, in an amount equal to the Cash Collateral pledged in respect of such Revolving Credit Loans (provided that the associated Revolving Credit Commitments in respect of such Revolving Credit Loans shall have
been permanently cancelled). 
 (c) Prepayments to Include Accrued Interest, Etc. All prepayments under this Section 2.04
shall be made together with (i) accrued and unpaid interest to the date of such prepayment on the principal amount so prepaid and (ii) in the case of any such prepayment of a Eurodollar Rate Loan on a date other than the last day of an
Interest Period therefor, any amounts owing in respect of such Eurodollar Rate Loan pursuant to Section 3.05. Notwithstanding any of the other provisions of Section 2.04(b), so long as no Default shall have occurred and be
continuing, if any prepayment of Eurodollar Rate Loans is required to be made under Section 2.04(b) other than on the last day of the Interest Period therefor, the Borrower may, in its sole discretion, deposit the amount of any such
prepayment otherwise required to be made thereunder into a Cash Collateral Account until the last day of such Interest Period, at which time the Payment Agent shall be authorized (without any further action by or notice to or from the Borrower or
any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with Section 2.04(b). Upon the occurrence of a Default, the Payment Agent shall also be authorized (without any further action by or notice
to or from the Borrower or any other Loan Party) to apply such amount to the prepayment of such Loans in accordance with Section 2.04(b). 
 2.05. Termination or Reduction of Commitments. 
 (a) Termination or Reduction of Revolving Credit
Commitments, Revolving L/C Sublimit and Term L/C Issuer Commitments. The Borrower may, upon notice to the Payment Agent, terminate the unused portion of the Revolving Credit Commitments or the Revolving L/C Sublimit, or from time to time
permanently reduce the unused portion of the Revolving Credit Commitments or the Revolving L/C Sublimit; provided that (i) any such notice shall be received by the Payment Agent not later than 12:00 noon (eastern time) three Business
Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in a minimum aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or
reduce the unused portion of the Revolving Credit Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Revolving Credit Loans and Revolving L/C Obligations would exceed the aggregate
Revolving Credit Commitments or if the Revolving L/C Sublimit would exceed the aggregate Revolving Credit Commitments and (iv) the Borrower shall not terminate or reduce the unused portion of the Revolving L/C Sublimit if, after giving effect
thereto and to any concurrent prepayments hereunder, the Outstanding Amount of the Revolving L/C Obligations would exceed the Revolving L/C Sublimit. If after giving effect to any reduction or termination of unused Revolving Credit Commitments under
this Section 2.05, the Revolving L/C Sublimit exceeds the aggregate Revolving Credit Commitments, the Revolving L/C Sublimit shall be automatically reduced by the amount of such excess. 
 The Borrower may, upon notice to the Payment Agent, terminate the unused portion of the Term L/C Issuer Commitments, or from time to time permanently
reduce the unused portion of the Term L/C Issuer Commitments; provided that (i) any such notice shall be received by the Payment Agent not later than 12:00 noon (eastern time) three Business Days prior to the date of termination or
reduction, 

  

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(ii) any such partial reduction shall be in a minimum aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the
Borrower shall not terminate or reduce the Term L/C Issuer Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Term L/C Facility Obligations would exceed the aggregate Term L/C Issuer
Commitment. 
 (b) Application of Commitment Reductions; Payment of Fees. The Payment Agent will promptly notify the Revolving Credit
Lenders of any termination or reduction of the unused portions of the Revolving L/C Sublimit or the unused Revolving Credit Commitments under this Section 2.05. Upon any reduction of unused Revolving Credit Commitments, the Revolving
Credit Commitment of each Revolving Credit Lender shall be reduced by such Lender’s Pro Rata Share of the amount by which the Revolving Credit Commitments are reduced. All commitment fees accrued until the effective date of any
termination of the Revolving Credit Commitments shall be paid on the fifth Business Day following receipt by the Borrower of an invoice on the first such date to occur after the effective date of such termination. 
 (c) Mandatory Commitment Reductions. The Term L/C Facility Commitments shall terminate upon the Term L/C Facility Borrowing on the Closing Date.
The Term L/C Issuer Commitments shall be permanently reduced from time to time by the amount, if any, by which the amount of the Term L/C Issuer Commitments exceed the Maximum Percentage of the Term L/C Collateral Account Balance. 
 2.06. Repayment of Loans. 
 (a) The
Borrower shall repay all outstanding Revolving Credit Loans on the Revolving Credit Termination Date. 
 (b) The Borrower shall repay all
outstanding Term L/C Facility Term Loans on the Term L/C Facility Term Loan Maturity Date. 
 2.07. Interest. 
 (a) Subject to the provisions of Section 2.07(b), (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount
thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Margin; and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the
applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin. 
 (b) Subject to the provisions of
Section 11.10, if any amount payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter
bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall
be due and payable upon demand. 
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable
thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor
Relief Law. 
  

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 2.08. Fees. In addition to certain fees described in Sections 2.03(i) and (j):

 (a) Commitment Fee. The Borrower shall pay to the Payment Agent for the account of each Revolving Credit Lender in
accordance with its Pro Rata Share, a commitment fee for the period from and including the Closing Date to but not including the last day of the Availability Period, computed at a rate equal to the Applicable Commitment Fee Rate times the
actual daily amount by which the aggregate Revolving Credit Commitments exceed the sum of the Outstanding Amounts of the Revolving Credit Loans and the Revolving L/C Obligations; provided that any commitment fee accrued with respect to any of
the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender
except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time; and provided, further, that no commitment fee shall accrue on any of the Revolving Credit Commitments of a
Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and
shall be due and payable quarterly in arrears on the fifth Business Day following receipt by the Borrower of an invoice with appropriate back up, commencing with the first such date to occur after the Closing Date, and on the Revolving Credit
Termination Date. The commitment fee shall be calculated quarterly in arrears. 
 (b) Other Fees. The Borrower shall pay to the Agents
such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
 2.09. Computation of Interest and Fees. All computations of interest for Base Rate Loans when the Base Rate is determined by Citibank’s
“base rate” or fees shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest shall be made on the basis of a 360-day year and actual days elapsed (which
results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof,
for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.11(a), bear interest for one day. Each determination by the
Payment Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 2.10.
Evidence of Indebtedness. 
 (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records
maintained by such Lender and by the Payment Agent in the ordinary course of business. The accounts or records maintained by the Payment Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions
made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect
to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Payment Agent in respect of such matters, the accounts and records of the Payment Agent shall
control in the absence of manifest error. Upon the request of any Lender made through the Payment Agent, the Borrower shall execute and deliver to such Lender (through the Payment Agent) a Note for each Facility under which such Lender holds
Loans, which shall evidence such Lender’s Loans thereunder in addition to such accounts or records. Each Lender may attach schedules to its Note or Notes and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and
payments with respect thereto. 
  

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 (b) In addition to the accounts and records referred to in Section 2.10(a), each Lender and
the Payment Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Revolving Letters of Credit. In the event of any conflict between the accounts
and records maintained by the Payment Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Payment Agent shall control in the absence of manifest error. 
 (c) Entries made in good faith by the Payment Agent in the Register pursuant to Section 2.10(b), and by each Lender in its account or
accounts pursuant to Section 2.10(a), shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the
case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; provided that the failure of the Payment Agent or such Lender to make an entry, or any finding that an entry is
incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement and the other Loan Documents. 
 2.11. Payments Generally. 
 (a) All
payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Payment
Agent, for the account of the respective Lenders to which such payment is owed, at the Payment Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. (eastern time) on the date specified herein for such
payment. The Payment Agent will promptly distribute to the Lenders such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Payment Agent after 2:00 p.m. (eastern time)
shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. 
 (b) If any
payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be;
provided that, if such extension would cause payment of interest on or principal of Eurodollar Rate Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day. 
 (c) Unless the Borrower or any Lender has notified the Payment Agent, prior to the date any payment is required to be made by it to the Payment Agent
hereunder, that the Borrower or such Lender, as the case may be, will not make such payment, the Payment Agent may assume that the Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to),
in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Payment Agent in immediately available funds, then: 
 (i) if the Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Payment Agent the portion of such
assumed payment that was made available to such Lender in immediately available funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Payment Agent to such Lender to the date
such amount is repaid to the Payment Agent in immediately available funds at the Federal Funds Rate from time to time in effect; and 
  

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 (ii) if any Lender failed to make such payment, such Lender shall forthwith on demand pay
to the Payment Agent the amount thereof in immediately available funds, together with interest thereon for the period from the date such amount was made available by the Payment Agent to the Borrower to the date such amount is recovered by the
Payment Agent (the “Compensation Period”) at a rate per annum equal to the Federal Funds Rate from time to time in effect. If such Lender pays such amount to the Payment Agent, then such amount shall constitute such
Lender’s Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Payment Agent’s demand therefor, the Payment Agent may make a demand therefor upon the Borrower, and the Borrower shall
pay such amount to the Payment Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender
from its obligation to fulfill its Commitment or to prejudice any rights which the Payment Agent or the Borrower may have against any Lender as a result of any default by such Lender hereunder. 
 A notice of the Payment Agent to any Lender or the Borrower with respect to any amount owing under this Section 2.11(c) shall be conclusive,
absent manifest error. 
 (d) If any Lender makes available to the Payment Agent funds for any Loan to be made by such Lender as provided in
the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Payment Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in
accordance with the terms hereof, the Payment Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 
 (e) The obligations of the Lenders hereunder to make Loans and to fund participations in Letters of Credit are several and not joint. The failure of any Lender to make any Loan or to fund any such participation
on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its participation.

 (f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to
constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 
 (g) Whenever any payment received by the Payment Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Agents and the Lenders under or in respect of this Agreement
and the other Loan Documents on any date, such payment shall be distributed by the Payment Agent and applied by the Agents and the Lenders ratably in accordance with each Lender’s Pro Rata Share of all amounts then due and payable in respect of
the Obligations. If the Payment Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are
to be applied, the Payment Agent may, but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such Lender’s Pro Rata Share of the Total Outstandings at such time, in repayment or prepayment of
such of the outstanding Loans or other Obligations then owing to such Lender. 
 (h) Each Borrowing by the Borrower from the Lenders under
the Revolving Credit Facility, each payment by the Borrower on account of any commitment fee and any reduction of the Revolving Credit Commitments shall be made in accordance with the respective Pro Rata Shares of the 

  

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Revolving Credit Lenders under the Revolving Credit Facility (except as otherwise provided in Section 2.04(b)(iv)). 
 (i) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Revolving Credit Loans shall be made in
accordance with the respective Pro Rata Shares of the Revolving Credit Lenders under the Revolving Credit Facility. 
 (j) Each payment
(including each prepayment) by the Borrower on account of principal of and interest on the Term L/C Facility Term Loans shall be made in accordance with the respective Pro Rata Shares of the Term L/C Facility Lenders under the Term L/C Facility
(except as otherwise provided in Section 2.04(b)(vi)). 
 2.12. Sharing of Payments. If, other than as expressly provided
elsewhere herein, any Lender shall obtain on account of the Loans made by it, or the participations in Revolving L/C Obligations held by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in
excess of its Pro Rata Share (or other share contemplated hereunder) thereof, such Lender shall immediately (a) notify the Payment Agent of such fact, and (b) purchase from the other Lenders under the Facility in respect of which such
excess payment was made such participations in the Loans made by them and/or such subparticipations in the participations in Revolving L/C Obligations held by them as shall be necessary to cause such purchasing Lender to share the excess payment in
respect of such Loans or such participations, as the case may be, pro rata with each of them; provided that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances
described in Section 11.06 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded and each such other Lender shall repay to the purchasing Lender
the purchase price paid therefor, together with an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying 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, without further interest thereon. The Borrower agrees that any Lender so purchasing a participation
from another Lender may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of setoff, but subject to Section 11.09) with respect to such participation as fully as if such Lender were the
direct creditor of the Borrower in the amount of such participation. The Payment Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section 2.12 and
will in each case notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this Section 2.12 shall from and after such purchase have the right to give all notices, requests,
demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased. 
 2.13. Incremental Revolving Credit Commitments. 
 (a) The Borrower may, by written notice to the Administrative Agents, elect to request, prior to the date 30 days prior to Revolving Credit Termination Date, an increase to the existing Revolving Credit Commitments
(any such increase, the “New Revolving Credit Commitments”); provided that (i) the aggregate amount of New Revolving Credit Commitments shall not exceed $30,000,000 and (ii) the minimum amount of any such
increase shall be $10,000,000 and multiples of $5,000,000 thereof. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Credit Commitments shall be
effective, which shall be a date not less than five Business Days after the date on which such notice is delivered to the Payment Agent; provided that the Borrower shall first offer the Revolving Credit Lenders, on a pro rata basis, the
opportunity to provide all of the New Revolving Credit Commitments prior to offering such opportunity 

  

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to any other Person that is an eligible assignee pursuant to Section 11.07(b); provided, further, that any Revolving Credit Lender
offered or approached to provide all or a portion of the New Revolving Credit Commitments may elect or decline, in its sole discretion, to provide a New Revolving Credit Commitment. Such New Revolving Credit Commitments shall become effective, as of
such Increased Amount Date; provided that (i) no Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Credit Commitments; (ii) both before and after giving effect to the making of any
New Revolving Credit Loans, each of the conditions set forth in Section 4.02 shall be satisfied; (iii) the Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in
Section 7.11 as of the last day of the most recently ended fiscal quarter for which financial statements are required to be delivered pursuant to Section 6.01(a), (b), (c) and (d) after giving effect to such New
Revolving Credit Commitments; (iv) the New Revolving Credit Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by each Lender with a New Revolving Credit Commitment (each, a “New Revolving
Credit Lender”) and the Borrower (subject to the consents specified in clause (viii) below), and each of which shall be recorded in the Register; (v) the Borrower shall make any payments required pursuant to
Section 3.05 in connection with the New Revolving Credit Commitments, as applicable; (vi) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Payment Agent in
connection with any such transaction; (vii) the requirements set forth in Section 6.13(b) shall have been satisfied; and (viii) the New Revolving Credit Lender in respect of a New Revolving Credit Commitment shall be approved
by the Payment Agent and each Revolving L/C Issuer (such approval not to be unreasonably withheld or delayed). Each Joinder Agreement may, without the consent of any Lender (other than the Lender providing the New Revolving Credit Commitment
pursuant thereto), effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Payment Agent, to reflect the relevant increase in the Revolving Credit Commitments contemplated in
this Section 2.13. 
 (b) On any Increased Amount Date, subject to the satisfaction of the foregoing terms and conditions,
(i) each of the Revolving Credit Lenders with Revolving Credit Commitments shall assign to each New Revolving Credit Lender and each of the New Revolving Credit Lenders shall purchase from each of the Lenders with Revolving Credit Commitments,
at the principal amount thereof (together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases,
such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Loans and New Revolving Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit
Commitments to the Revolving Credit Commitments, (ii) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each loan made thereunder (a “New Revolving Credit Loan”)
shall be deemed, for all purposes, a Revolving Credit Loan and (iii) each New Revolving Credit Lender shall become a Lender with respect to its New Revolving Credit Commitment and all matters relating thereto. 
 (c) The Payment Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and, in respect thereof,
the respective interests in such Lender’s Revolving Credit Loans subject to the assignments contemplated by Section 2.13(b). 
 ARTICLE III 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
 3.01. Taxes. 
 (a) Any and all payments by the Borrower to or for the account of any Agent or any
Lender under any Loan Document shall be made free and clear of and without deduction for any and all 

  

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present or future withholding taxes, including duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities
with respect thereto, excluding, in the case of each Agent and each Lender, (i) taxes imposed on or measured by its income by the jurisdiction (or any political subdivision thereof) under the Laws of which such Agent or such Lender, as the case
may be, is organized or in which it maintains a Lending Office and (ii) in the case of a Foreign Lender, any taxes imposed (other than taxes imposed because of a change in law (including a rate change), treaty, governmental rule or the
application thereof, which change occurs after the date hereof, or in the case of an entity that becomes a Foreign Lender after the date hereof, after such entity becomes a Lender) by the United States of America by means of withholding at the
source if and to the extent that such taxes shall be in effect and shall be applicable, under Laws in effect on the date hereof (or, with respect to any entity that becomes a Foreign Lender after the date hereof, on the date such entity becomes a
Lender), on payments to be made to such Foreign Lender after taking into account any forms or certificates provided by such Foreign Lender under Section 11.15 (all such non-excluded taxes, duties, levies, imposts, deductions,
assessments, fees, withholdings or similar charges, and liabilities being hereinafter referred to as “Taxes”). If the Borrower shall be required by any Laws to deduct any Taxes from or in respect of any sum payable
under any Loan Document to any Agent or any Lender, (A) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section 3.01), each of such Agent and such Lender receives an amount equal to the sum it would have received had no such deductions been made, (B) the Borrower shall make such deductions, (C) the Borrower shall pay the full
amount deducted to the relevant taxation authority or other authority in accordance with applicable Laws, and (D) within 30 days after the date of such payment, the Borrower shall furnish to such Agent or Lender (as the case may be) (which
shall forward the same to such Lender) the original or a certified copy of a receipt evidencing payment thereof to the extent such a receipt is issued therefor, or other written proof of payment thereof that is reasonably satisfactory to the Payment
Agent. 
 (b) In addition, the Borrower agrees to pay any and all present or future stamp, court or documentary taxes and any other excise or
property, intangible, mortgage recording or similar taxes, charges or levies which arise from any payment made by the Borrower under any Loan Document or from the execution, delivery, performance, enforcement or registration of any Loan Document
(hereinafter referred to as “Other Taxes”). 
 (c) The Borrower agrees to indemnify each Agent and each Lender for
(i) the full amount of Taxes and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 3.01) paid by such Agent and such Lender and (ii) any liability
(including additions to tax, penalties, interest and expenses) arising therefrom or with respect thereto, except as a result of the gross negligence or willful misconduct of such Agent or such Lender (as the case may be), in each case whether or not
such Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under this Section 3.01(c) shall be made within 30 days after the date such Agent or such Lender makes a
demand therefor. 
 3.02. Illegality. If any Lender determines that the introduction of or change in or in the interpretation of any
Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates based upon the
Eurodollar Rate, then, on notice thereof by such Lender to the Borrower through the Payment Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended
until such Lender notifies the Payment Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Payment
Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if 

  

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such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain
such Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different Lending Office if such designation will
avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 
 3.03. Inability to Determine Rates. If the Required Lenders determine that for any reason adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed
Eurodollar Rate Loan, or that the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, or that Dollar deposits are not
being offered to banks in the London interbank eurodollar market for the applicable amount and the Interest Period of such Eurodollar Rate Loan, the Payment Agent will promptly so notify the Borrower and each Lender. Thereafter, the
obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the Payment Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any
pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for Base Rate Loans in the amount specified therein. 
 3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans. 
 (a) If any Lender determines that as a result of the introduction of or any change in or in the interpretation of any Law, in each case after the date
hereof, or such Lender’s compliance therewith, there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining Eurodollar Rate Loans or (as the case may be) issuing or participating in Letters of
Credit, or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this Section 3.04(a) any such increased costs or reduction in amount resulting from
(i) Taxes or Other Taxes (as to which Section 3.01 shall govern) and (ii) changes in the basis of taxation of overall net income or overall gross income by the United States or any foreign jurisdiction or any political
subdivision of either thereof under the Laws of which such Lender is organized or has its Lending Office), then from time to time upon demand of such Lender (with a copy of such demand to the Payment Agent), the Borrower shall pay to such Lender
such additional amounts as will compensate such Lender for such increased cost or reduction. 
 (b) If any Lender determines that the
introduction of any Law regarding capital adequacy or any change therein or in the interpretation thereof, in each case after the date hereof, or compliance by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of
return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender’s obligations hereunder (taking into consideration its policies with respect to capital adequacy and such Lender’s desired
return on capital), then from time to time upon demand of such Lender (with a copy of such demand to the Payment Agent), the Borrower shall pay to such Lender such additional amounts as will compensate such Lender for such reduction. 
 3.05. Funding Losses. Upon demand of any Lender (with a copy to the Payment Agent) from time to time, the Borrower shall promptly compensate such
Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
 (a) any continuation, conversion,
payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); or 
  

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 (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to
prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; 
 including any loss of
anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also
pay any customary administrative fees charged by such Lender in connection with the foregoing. 
 For purposes of calculating amounts payable by the Borrower
to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar
market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
 3.06.
Matters Applicable to all Requests for Compensation. A certificate of any Agent or any Lender claiming compensation under this Article III and setting forth the additional amount or amounts to be paid to it hereunder shall be
conclusive in the absence of manifest error. In determining such amount, such Agent or such Lender may use any reasonable averaging and attribution methods. 
 3.07. Survival. All of the Borrower’s obligations under this Article III shall survive termination of the Commitments and repayment of all other Obligations hereunder. 
 ARTICLE IV 
 CONDITIONS PRECEDENT TO CREDIT
EXTENSIONS 
 4.01. Conditions of Initial Credit Extension. The obligation of each Lender to make its initial Credit Extension
hereunder is subject to satisfaction of the following conditions precedent: 
 (a) Receipt by the Administrative Agents of the following,
each of which shall be originals or facsimiles (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of
governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agents and their legal counsel: 
 (i) counterparts of this Agreement, executed by the Borrower, each Guarantor, each Agent and (subject to Section 11.21) each
Lender; 
 (ii) a Note executed by the Borrower in favor of each Lender requesting a Note; 
 (iii) the Shared Security Agreement and Non-Shared Security Agreement, duly executed by each party thereto, together with: 
 (A) to the extent not previously delivered to the Collateral Agent or the Collateral Trustees, as applicable, certificates representing
the Pledged Equity referred to (and as defined) in the Non-Shared Security Agreement or the Shared 

  

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Security Agreement, as the case may be, accompanied by undated stock powers executed in blank and instruments evidencing the Pledged Debt referred to (and as
defined) therein indorsed in blank, 
 (B) to the extent not already duly filed pursuant to the Existing DHI Credit Agreement
or as requested by the Administrative Agent, proper financing statements, duly prepared for filing under the Uniform Commercial Code of all jurisdictions that the Administrative Agents may deem necessary or desirable in order to perfect the first
(other than any Permitted Liens) priority liens and security interests created under the Non-Shared Security Agreement or the Shared Security Agreement, as applicable, covering the Collateral described in the Non-Shared Security Agreement or the
Shared Security Agreement, as applicable, 
 (C) evidence of insurance in effect as of the Closing Date with respect
to the Borrower and its Restricted Subsidiaries as described on Schedule 4.01(a)(iii)(C) (it being understood that the delivery of such evidence is a condition precedent under this Section 4.01 only and that the
Borrower’s obligation to maintain insurance from and after the Closing Date shall be governed by Section 6.07), 
 (D) amendments to the Security Control Agreements and Account Control Agreements referred to in the Non-Shared Security Agreement, duly executed by the securities intermediaries and depositary banks, as applicable,
referred to in the Non-Shared Security Agreement, as necessary, and 
 (E) evidence that all other action that the
Administrative Agents may reasonably deem necessary in order to perfect the first (other than any Permitted Liens) priority liens and security interests created under the Non-Shared Security Agreement and the Shared Security Agreement has been
commenced (other than the filings referred to in clause (B) above); 
 (iv) supplements (the “Mortgage
Supplements”) to the Mortgages set forth on Schedule 4.01(a)(iv), substantially in the form of Exhibit G (with such changes as may be required to account for local law matters), duly executed by the appropriate Loan Party,
together with: 
 (A) delivery of the Mortgage Supplements in the appropriate form for filing or recording in order to
continue a valid first and subsisting Lien, subject only to (i) Permitted Encumbrances (as defined in the Mortgages) and (ii) Permitted Liens, in each case on the property described therein, in favor of the Collateral Agent or the
Collateral Trustees, as the case may be, for the benefit of the appropriate Secured Parties and reasonable evidence that all filing and recording taxes, documentary stamp taxes, and similar taxes, charges, and fees required to be paid in connection
with the filing or recording of such Mortgage Supplements shall be paid; 
 (B) regarding all Real Property for which
Mortgages were obtained in connection with the Existing DHI Credit Agreement, (i) evidence in the form of updated title searches, title reports or “abstractor” certificates, “title” certificates or so-called “nothing
further” certificates, as applicable, reasonably sufficient to 

  

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determine whether each Loan Party and each of its Subsidiaries required to execute and deliver a Mortgage Supplement pursuant to this Agreement has good
title in fee simple to, or valid leasehold interests in, all Collateral covered by the Mortgages (other than the properties comprised of “pipelines” or “gathering systems”) and (ii) a modification/date-down endorsement to
each existing Mortgage Policy extending the effective date of the policy to the date of recording for the applicable Mortgage Supplement and insuring that that the modification of the insured mortgage does not impair the validity, enforceability or
priority of the insured mortgage, as modified; and 
 (C) such other documents as may be reasonably necessary to record the
Mortgage Supplements, to issue the modification/date-down endorsements, or to create, perfect or preserve the security interests granted by the Mortgages or the Mortgage Supplements; 
 (v) the Collateral Trust Agreement, duly executed by the parties thereto; 
 (vi) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers or
assistant secretary of each Loan Party as the Administrative Agents may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the
other Loan Documents to which such Loan Party is a party or is to be a party; 
 (vii) such documents and certifications as
the Administrative Agents may reasonably require to evidence that each Loan Party is duly organized or formed, and that each of the Borrower and the Guarantors is validly existing, in good standing and qualified to engage in business in each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; 

(viii) a favorable opinion of Akin Gump Strauss Hauer & Feld LLP, counsel to the Loan Parties, addressed to each Agent and
each Lender, in form and substance reasonably satisfactory to the Administrative Agents; 
 (ix) a favorable opinion of
appropriate local counsel to the Loan Parties in the jurisdictions set forth in Schedule 4.01(a), addressed to each Agent and each Lender, in form and substance reasonably satisfactory to the Administrative Agents; 
 (x) a certificate signed by a Responsible Officer of the Borrower certifying that the conditions specified in Sections 4.02(a),
(b) and (c) have been satisfied; 
 (xi) such financial, business and other information regarding each
Loan Party and its Subsidiaries as the Lenders shall have requested, including, without limitation, information as to obligations under Pension Plans, Multiemployer Plans (to the knowledge of any Loan Party), collective bargaining agreements and
other arrangements with employees; 
 (xii) a Request for Credit Extension relating to the initial Credit Extension,
provided that any such Request for Credit Extension that selects the Eurodollar Rate for 

  

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the Credit Extensions to be made hereunder on the Closing Date shall have been so received by 12:00 noon (eastern time) three Business Days prior to the
Closing Date, together with one or more written indemnities in form and substance satisfactory to the Payment Agent obligating the Borrower to compensate the Lenders for losses, costs and expenses of the type described in Section 3.05
that may be incurred by them in the event such Credit Extensions are not made on the date requested in such Request for Credit Extension; 
 (xiii) a certificate signed by a Responsible Officer of the Borrower certifying, as of the Closing Date, (A) that the elimination of substantially all the restrictive covenants, elimination or modification of
certain events of default and elimination or modification of related provisions, in each case, contained in the 2003 Second Lien Indenture, has been consummated as contemplated in the Second Supplemental Indenture dated as of March 28, 2006 to
the 2003 Second Lien Indenture, (B) that there exists no “Principal Property” (as defined in, and for purposes of Section 10.06 of, the 1996 Indenture) and (C) that the Liens on the Collateral securing the Secured
Obligations are otherwise permitted under the terms of all agreements and instruments to which the Parent Guarantor, the Borrower or any of its Subsidiaries is a party, including, without limitation, the 1996 Indenture; 
 (xiv) the Borrower shall have entered into such cash collateral account agreements with respect to the Term L/C Collateral Account (and
control agreements relating thereto) as the Collateral Agent shall request, each in form and substance satisfactory to the Collateral Agent, and the Borrower shall have funded the Term L/C Collateral Account in the amount required by
Section 2.03(k) as of the Closing Date; and 
 (xv) such other collateral documents as the Administrative Agents
may reasonably request. 
 (b) (i) All fees required to be paid on or before the Closing Date shall have been paid, (ii) to the
extent that written invoices have been provided, all costs and expenses of the Agents shall have been paid and (iii) all accrued fees and (to the extent confirmed in writing by the Payment Agent to the Borrower) other amounts owing to the
Agents and the Lenders under (and as defined in) the Existing DHI Credit Agreement shall have been paid. 
 (c) The Lenders shall be
reasonably satisfied with the environmental affairs of the Parent Guarantor and its Subsidiaries. 
 4.02. Conditions to all Credit
Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans, or an extension of the
expiry date of any Letter of Credit (without increasing the amount thereof), or the renewal of any Letter of Credit (without increasing the amount thereof)) is subject to the following conditions precedent: 
 (a) The representations and warranties of each Loan Party contained in Article V or in any other Loan Document, or which are contained in any
document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in

  

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Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively.

 (b) No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds therefrom.

 (c) Since December 31, 2005, except as disclosed in any Public Disclosure, there has been no event or circumstance, either
individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 
 (d) The Administrative
Agents and, if applicable, the relevant L/C Issuers, shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans or an extension of the expiry date of any Letter of Credit (without
increasing the amount thereof), or the renewal of any Letter of Credit (without increasing the amount thereof)) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a),
(b) and (c) have been satisfied on and as of the date of the applicable Credit Extension and with respect to a L/C Credit Extension (other than an extension of the expiry date of any Letter of Credit (without increasing the
amount thereof), or the renewal of any Letter of Credit (without increasing the amount thereof)), the Payment Agent shall have received for the account of the relevant L/C Issuer a certificate signed by a Responsible Officer of the Borrower, dated
the date of such Credit Extension, stating that such statements are true (which shall be deemed to be included as part of the Letter of Credit Application for such request for a L/C Credit Extension). 
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES

 Each of the Borrower and the Parent Guarantor represents and warrants to the Agents and the Lenders that: 
 5.01. Existence, Qualification and Power; Compliance with Laws. Each Loan Party and each of its Restricted Subsidiaries (a) is a corporation,
partnership or limited liability company duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite
governmental licenses, authorizations, consents and approvals to own or lease its assets and carry on its business, (c) has all requisite power and authority to execute, deliver and perform its obligations under the Loan Documents to which it
is a party, (d) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license and
(e) is in compliance with all Laws, except in each case referred to in clause (a), (b), (c), (d) or (e) to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

5.02. Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is
a party are within such Loan Party’s corporate or other powers, have been duly authorized by all necessary corporate or other organizational action, and do not (a) contravene the terms of any of such Person’s Organizational Documents;
(b) conflict with or result in any breach or contravention of, or the creation of any Lien (other than Liens created under the Loan Documents) under, or require any payment to be made under (i) any Contractual Obligation to which such
Person is a party, or (ii) any order, injunction, writ or applicable Law to which 

  

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such Person or its property is subject; or (c) violate any Law, except in the case of clauses (a) through (c) where such contravention,
conflict, breach, violation or creation could not reasonably be expected to have a Material Adverse Effect; provided that any foreclosure or other exercise of remedies by the Collateral Trustees or the Collateral Agent may require notice to,
filing with, or approval or consent from regulators or Governmental Authorities of lenders, service providers or suppliers to, or co-owners, partners, investors, customers or other contractual counterparties of a Person in which the Parent Guarantor
or any of its Subsidiaries has a direct or indirect Equity Interest. 
 5.03. Governmental Authorization; Other Consents. 

(a) No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority (including, under the
Federal Power Act) or any other Person is necessary or required in connection with (i) the execution, delivery or performance (which for purposes of clarification shall not include the exercise by the Secured Parties of any of their remedies
under the applicable Collateral Documents) by any Loan Party of this Agreement or any other Loan Document or (ii) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, except in the case of clauses
(i) and (ii) to the extent that failure to obtain same could not reasonably be expected to have a Material Adverse Effect or to the extent such items have already been duly obtained, taken, given or made and are in full force and
effect; provided that any foreclosure or other exercise of remedies by the Collateral Trustees or the Collateral Agent may require notice to, filing with, or approval or consent from regulators or Governmental Authorities of lenders, service
providers or suppliers to, or co-owners, partners, investors, customers or other contractual counterparties of a Person in which the Parent Guarantor or any of its Subsidiaries has a direct or indirect Equity Interest. 
 (b) Except as set forth on Schedule 5.03(b), upon (i) the filing of UCC-1 financing statements (and any amendments thereto) as
contemplated by the Shared Security Agreement and the Non-Shared Security Agreement, (ii) the filing of the Mortgage Supplements in the appropriate offices and (iii) other necessary actions, all filings and other actions necessary to
perfect the security interest granted by each Loan Party in the Collateral created under the Collateral Documents will have been duly made or taken and are in full force and effect, and (A) the Shared Security Agreement creates in favor of the
Collateral Trustees for the benefit of the Secured Parties in respect of the Shared Security Agreement, a valid, and together with such filings and other actions, perfected security interest in the Collateral covered by the Shared Security Agreement
(subject to no Liens other than Liens permitted by the Loan Documents), securing the payment of the Secured Obligations in respect of the Shared Security Agreement, (B) the Non-Shared Security Agreement creates in favor of the Collateral Agent
for the benefit of Secured Parties in respect of the Non-Shared Security Agreement a valid and, together with such filings and other actions, perfected security interests in the Collateral covered by the Non-Shared Security Agreement (subject to no
Liens other than Liens permitted by the Loan Documents), securing the Secured Obligations in respect of the Non-Shared Security Agreement and (C) the Collateral Trust Agreement creates in favor of the Collateral Trustees for the benefit of the
Secured Parties in respect of the Shared Security Agreement, a valid and, together with such other actions, perfected security interest in the Additional Collateral Trust Agreement Collateral (as defined in the Collateral Trust Agreement) (subject
to no Liens other than Liens permitted by the Loan Documents), and in each case all filings and other actions necessary to perfect such security interests have been duly taken, but in each of the foregoing instances only to the extent that a
security interest can be perfected against such collateral by filing a UCC-1 financing statement or taking possession thereof; provided that any foreclosure or other exercise of remedies by the Collateral Trustees or the Collateral Agent may
require notice to, filings with, or approvals and consents that have not been obtained from regulators or Governmental Authorities of, lenders, service providers or suppliers to, or co-owners, partners, investors, customers or other contractual
counterparties of, a Person in which the Parent Guarantor or any of its Subsidiaries has a direct or indirect 

  

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Equity Interest, and failure to make such notices or filings or to obtain such approval or consent could result in a default, or a breach of agreement or
other legal obligations of such Subsidiaries. 
 5.04. Binding Effect. This Agreement has been, and each other Loan Document, when
delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of
such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as the enforceability thereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors’ rights generally and by general principles of equity. 
 5.05. Financial Statements. The
Initial Financial Statements (i) were prepared in accordance with GAAP and (ii) fairly present in all material respects the consolidated financial condition of the Parent Guarantor and its Subsidiaries as of the date thereof and their
results of operations for the period covered thereby in accordance with GAAP in effect on the date such statements were prepared. 
 5.06.
Litigation. Except for Disclosed Litigation, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower and the Parent Guarantor, threatened or contemplated, at law, in equity, in arbitration or
before any Governmental Authority, by or against the Parent Guarantor or any of its Subsidiaries or against any of their properties that (a) pertain to this Agreement or any other Loan Document or (b) either individually or in the
aggregate could reasonably be expected to have a Material Adverse Effect. 
 5.07. No Default. Except as disclosed in any Public
Disclosure, neither the Parent Guarantor nor any Subsidiary is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No
Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 
 5.08. Ownership of Property; Liens; Etc. 
 (a) Each Loan Party and each of its Restricted
Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business except for (i) such defects in title as could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect and (ii) Permitted Liens. 
 (b) As of the Closing Date, set
forth on Schedule 5.08(b) is a complete and accurate list of all real property owned by any Loan Party or any of its Restricted Subsidiaries (a) subject to a Mortgage or (b) with a Fair Market Value in excess of
(i) $1,000,000 for each property that is used in connection with a power generation facility and (ii) $5,000,000 for each property that is otherwise used in the business of any Loan Party or any of its Restricted Subsidiaries, which
Schedule shows the county or other relevant jurisdiction, state, and record owner of such properties. 
 (c) As of the Closing Date, set
forth on Schedule 5.08(c) is a complete and accurate list of all leases of real property under which any Loan Party or any of its Material Subsidiaries is the lessee and which have an annual rental cost in excess of $1,000,000 per lease,
in each case exclusive of taxes, insurance premiums and other operating expenses, excluding office leases (other than the office lease for the Parent Guarantor’s corporate headquarters at 1000 Louisiana, Houston, Texas), showing the street
address, county or other relevant jurisdiction, state, lessor, lessee and expiration date. 
  

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 5.09. Environmental Compliance. 
 (a) Except as disclosed on Schedule 5.09 or as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, the Loan Parties and their Restricted Subsidiaries and the Real Property are in compliance with and have no liability under any Environmental Laws or Environmental Permits, including, without limitation, with respect to any third-party
disposal sites or with respect to any formerly owned, leased, used, operated or occupied properties. 
 (b) Except as otherwise set forth on
Schedule 5.09, as of the date hereof, none of the Real Property is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property, and, to the knowledge of
the Loan Parties and their Restricted Subsidiaries, none of the real properties formerly owned, leased, used, operated or occupied by any Loan Parties or any of its Restricted Subsidiaries is listed or proposed for listing on the NPL or on the
CERCLIS or any analogous foreign, state or local list. 
 (c) Except as disclosed on Schedule 5.09 or as could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect: (i) any current or former underground storage tank in which Hazardous Materials are being or have been treated, stored or disposed on any Real Property is and has
been handled in compliance with applicable Environmental Laws; (ii) any asbestos or asbestos-containing material at any Real Property has been and is being handled in accordance with applicable Environmental Laws; and (iii) any Hazardous
Material that has been released, discharged or disposed of on any Real Property has been or is in the process of being remediated to the extent required under applicable Environmental Laws. 
 (d) Except as disclosed on Schedule 5.09 or as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect: (i) neither any Loan Party nor any of its Restricted Subsidiaries is undertaking or funding, and has not completed or funded, either individually or together with other potentially responsible parties, any investigation or assessment or
remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at or from any property, site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or
the requirements of any Environmental Law; and (ii) all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any real property currently or formerly owned or operated by any Loan Party or any of its
Restricted Subsidiaries have been disposed of in a manner not reasonably expected to result in liability to any Loan Party or any of its Restricted Subsidiaries. 
 (e) Except as disclosed on Schedule 5.09 or as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, none of the Loan Parties or any of their Restricted
Subsidiaries have received (i) a written notice of any Environmental Action within the last five years from a Person other than a Governmental Authority that has not been finally resolved without any pending or future significant liability,
obligation or cost or (ii) a written notice of any Environmental Action from a Person, including a Governmental Authority, in each case that has not been finally resolved without any pending or future liability, obligation or cost. 

(f) Except as disclosed on Schedule 5.09 or as could not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect, (i) the Loan Parties and their Restricted Subsidiaries have all Environmental Permits necessary for the operation of any and all Real Property and any ongoing or planned construction thereon (other than with respect to any
generation sites under development for which necessary operating permits are expected to be obtained in due course if development is continued) or are in the process of obtaining such replacements or renewals thereof, which are reasonably expected
to be obtained in due course, (ii) there is no default under any such permit, and 

  

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(iii) the Loan Parties and their Restricted Subsidiaries have no reason to believe that cause exists, with respect to Environmental Permits possessed by the
Loan Parties or their Subsidiaries for the revocation of any such permits or, with respect to Environmental Permits for which the Loan Parties or their Restricted Subsidiaries have timely applied for or are expected to be obtained in due course, the
rejection or non-issuance of any such permit. 
 5.10. Insurance. The properties of the Parent Guarantor and its Subsidiaries are
insured with financially sound and reputable insurance companies not Affiliates of the Parent Guarantor (other than prudent self-insurance programs, including captive insurance arrangements, in each case consistent with past practices), in such
amounts with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Parent Guarantor or the applicable Subsidiary operates. 
 5.11. Taxes. The Parent Guarantor and its Subsidiaries have filed all Federal, state and other material tax returns and reports required to be
filed, and have paid or provided for the payment of all Federal, state and other material taxes due on such tax returns pursuant to any assessment received by them, except those taxes that are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment in writing against the Parent Guarantor or any Subsidiary that would, if made, have a Material Adverse Effect.
Neither any Loan Party nor any of its Subsidiaries is party to any tax sharing agreement other than (a) the agreements listed on Schedule 5.11 and (b) any tax sharing agreement entered into in connection with any Asset Sale
permitted by this Agreement. 
 5.12. ERISA Compliance. 
 (a) Except as disclosed in any Public Disclosure or, with respect to any matter not so disclosed, except as has not resulted and could not reasonably be expected to result in a Material Adverse Effect, each Pension
Plan is in compliance with the applicable provisions of ERISA, the Code, and other Federal or state laws. Each Loan Party and each ERISA Affiliate have made all contributions required by Section 412 of the Code, including any required
quarterly contributions, to each Pension Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any such
Pension Plan. 
 (b) Except as disclosed in any Public Disclosure or, with respect to any matter not so disclosed, except as has not resulted
and could not reasonably be expected to result in a Material Adverse Effect, there has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Pension Plan. 
 (c) (i) No ERISA Event (other than an ERISA Event described in clause (e) or (f) of the definition of such term that relates solely to a
Multiemployer Plan) has occurred or is reasonably expected to occur that has resulted or could reasonably be expected to result in a Material Adverse Effect; (ii) to the knowledge of any Loan Party, no ERISA Event described in clause
(e) or (f) of the definition of such term (solely to the extent that such ERISA Event pertains to a Multiemployer Plan) has occurred or is reasonably expected to occur that has resulted or could reasonably be expected to result in a
Material Adverse Effect; (iii) no Pension Plan has an “accumulated funding deficiency” (as defined in Section 412 of the Code), whether or not waived, and no application for a waiver of the minimum funding standard has been filed
with respect to any Pension Plan; (iv) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not
delinquent under Section 4007 of ERISA) that has resulted or could reasonably be expected to result in a Material Adverse Effect; (v) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any
liability (and no event has 

  

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occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect
to a Multiemployer Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect; and (vi) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be reasonably expected to be
subject to Section 4069 or 4212(c) of ERISA. 
 5.13. Subsidiaries. 
 (a) As of the Closing Date, each Loan Party has no Subsidiaries other than those specifically disclosed in Schedule 5.13, and all of the
outstanding Equity Interests in the Subsidiaries listed in Part (a) of Schedule 5.13 owned by a Loan Party have been validly issued, are fully paid and (in the case of each such Subsidiary that is a corporation) non-assessable and
are owned by a Loan Party in the amounts specified in Part (a) of Schedule 5.13 free and clear of all Liens except those created or permitted under the Loan Documents. As of the Closing Date, each Subsidiary of the Parent
Guarantor that is a Loan Party is set forth on Part (a) of Schedule 5.13. 
 (b) As of the Closing Date, the aggregate net
worth of the Subsidiaries of the Parent Guarantor that are listed in Part (b) of Schedule 5.13 (the “Dormant Subsidiaries”) is not greater than $20,000,000. 
 (c) Set forth in Part (c) of Schedule 5.13 hereto is a list of foreign Subsidiaries of the Parent Guarantor that are engaged in
Discontinued Business Operations described in clause (b) of the definition thereof as of the Closing Date (the “Discontinued Foreign Subsidiaries”). 
 (d) Set forth in Part (d) of Schedule 5.13 is a list of Subsidiaries of the Parent Guarantor that, as of the Closing Date, are not Loan
Parties and that are not otherwise described in Parts (b) or (c) of Schedule 5.13. 
 (e) Set forth in Part (e) of
Schedule 5.13 is a list of Subsidiaries of the Parent Guarantor that, as of the Closing Date, are Unrestricted Subsidiaries. 
 5.14. Margin Regulations; Investment Company Act. 
 (a) The Borrower is not engaged and will not engage, principally or as
one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock and no proceeds of any
Borrowings or drawings under any Letter of Credit will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock in violation of Regulation U. 
 (b) None of the Borrower, the Parent Guarantor, or any Material Subsidiary of the Parent Guarantor is an “investment company” or a company
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. 
 (c) Neither the
making of any Loan, nor the issuance of any Letters of Credit, nor the application of the proceeds or repayment thereof by the Borrower, nor the consummation of the other transactions contemplated by the Loan Documents, will violate any provision of
any Act referred to in Section 5.14(b) or (c) above or any rule, regulation or order of the SEC thereunder. 
 (d)
All “qualifying facilities” (if any) owned by the Parent Guarantor or any of its Restricted Subsidiaries continue to meet the eligibility requirements for “qualifying facilities” under the 

  

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Public Utility Regulatory Policies Act of 1978 and related regulations, except where failure to meet such eligibility requirements could not reasonably be
expected to have a Material Adverse Effect. 
 5.15. Disclosure. To the best knowledge of the executive officers of the Parent
Guarantor and the Borrower as of the date hereof, the written information furnished by or on behalf of any Loan Party to any Agent or any Lender in connection with the transactions contemplated hereby (including, without limitation, reports,
financial statements and certificates) and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (as modified or supplemented by other information so furnished), when taken as a whole together with the Public
Disclosure and any Form 10-K, Form 10-Q or Form 8-K filed by the Parent Guarantor or the Borrower after the Closing Date (all of the foregoing as updated, restated, or otherwise modified in writing from time to time) do not contain any material
misstatement of fact or omit to state any material facts necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information,
the Parent Guarantor and the Borrower represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. Notwithstanding anything to the contrary in the preceding sentence, no
representation, warranty or covenant is made with respect to information for which the source is any separately identified (a) third party source or (b) other person or entity not affiliated with or acting as agent or representative for
the Parent Guarantor or any of its Subsidiaries. 
 5.16. Intellectual Property; Licenses, Etc. Each Loan Party and its Restricted
Subsidiaries (other than Discontinued Foreign Subsidiaries) own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights
(collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person, except where the failure to do so could not reasonably be
expected to have a Material Adverse Effect. To the knowledge of the Borrower and the Parent Guarantor, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be
employed, by any Loan Party or any Restricted Subsidiary (other than Discontinued Foreign Subsidiaries) infringes upon any rights held by any other Person, except for any such infringement that if litigated could not reasonably be expected to have a
Material Adverse Effect. 
 5.17. Solvency. The Borrower and its Subsidiaries, taken as a whole, are Solvent on a consolidated basis.

  

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 ARTICLE VI 
 AFFIRMATIVE COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other payment
Obligation (other than indemnification obligations under Sections 3.01, 3.04 and 11.05) hereunder which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, (1) the Parent
Guarantor shall (only with respect to itself and only in the case of the covenants set forth in Sections 6.01, 6.02(b) and 6.02(c)), (2) the Parent Guarantor shall, and shall cause each of its Restricted Subsidiaries
to (only with respect to the Parent Guarantor and its Restricted Subsidiaries and only in case of the covenants set forth in Sections 6.03(b), 6.03(c), 6.04, 6.05, 6.09 and 6.12), and (3) the Borrower
shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 6.03 and 6.11) cause each of its Restricted Subsidiaries to: 
 6.01. Financial Statements. Deliver to the Payment Agent: 
 (a) as soon as available, but in any
event within 10 days after the applicable SEC deadline (without giving effect to any extension thereof that is specific to the Borrower) for filing the same for each fiscal year commencing with the fiscal year ending December 31, 2006 of
the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year,
setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP consistently applied for the period covered thereby, except as otherwise expressly noted therein,
audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP or another “big four” accounting firm, which report and opinion shall be prepared in accordance with generally accepted auditing standards; 
 (b) as soon as available, but in any event within 10 days after the applicable SEC deadline (without giving effect to any extension thereof that is
specific to the Borrower) for filing the same for each of the first three fiscal quarters of each fiscal year commencing with the fiscal quarter ending March 31, 2006 of the Borrower, a consolidated balance sheet of the Borrower and its
Subsidiaries as at the end of such fiscal quarter, and the related consolidated statement of income or operations for such fiscal quarter and related consolidated statements of income or operations and cash flows for the portion of the
Borrower’s fiscal year then ended, setting forth (i) an income statement in comparative form to the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year,
(ii) a cash flows statement in comparative form to the corresponding portion of the previous fiscal year, and (iii) a balance sheet in comparative form to the previous fiscal year end, all in reasonable detail and certified by a
Responsible Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations, and cash flows of the Borrower and its Subsidiaries in accordance with GAAP consistently applied for the period covered
thereby, except as otherwise expressly noted therein, subject only to normal year-end adjustments and the absence of footnotes; 
 (c) as
soon as available, but in any event within 10 days after the applicable SEC deadline (without giving effect to any extension thereof that is specific to the Parent Guarantor) for filing the same for each fiscal year commencing with the fiscal year
ending December 31, 2006 of the Parent Guarantor, a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP consistently applied for the period
covered thereby, except as otherwise expressly noted therein, audited and accompanied by a report and opinion of PricewaterhouseCoopers LLP or another “big four” accounting firm, which report and opinion shall be prepared in accordance
with generally accepted auditing standards; and 
 (d) as soon as available, but in any event within 10 days after the applicable SEC
deadline (without giving effect to any extension thereof that is specific to the Parent Guarantor) for filing the same for each of the first three fiscal quarters of each fiscal year commencing with the fiscal quarter ending March 31, 2006 of
the Parent Guarantor, a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statement of income or operations for such fiscal quarter and related consolidated
statements of income or operations and cash flows for the portion of the Parent Guarantor’s fiscal year then ended, setting forth (i) an income statement in comparative form to the figures for the corresponding fiscal quarter of the
previous fiscal year and the corresponding portion of the previous fiscal year, (ii) a cash flows statement in comparative form to the corresponding portion of the previous fiscal year, and (iii) a balance sheet in comparative form to the
previous fiscal year end, all in reasonable detail and certified by a Responsible Officer of the 

  

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Parent Guarantor as fairly presenting in all material respects the financial condition, results of operations, and cash flows of the Parent Guarantor and its
Subsidiaries in accordance with GAAP consistently applied for the period covered thereby, except as otherwise expressly noted therein, subject only to normal year-end adjustments and the absence of footnotes. 
 6.02. Certificates; Other Information. Deliver to the Payment Agent, in form and detail satisfactory to the Administrative Agents: 
 (a) no later than the final deadline provided above for the delivery of the financial statements referred to in Sections 6.01(a) and (b), a
duly completed Compliance Certificate signed by a Responsible Officer of the Borrower, and in the event of any change in GAAP used in the preparation of such financial statements, the Borrower shall also provide, if necessary for the determination
of compliance with Section 7.11, financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of the financial ratios and financial
covenants made before and after giving effect to such change; 
 (b) promptly after receipt thereof, copies of any management letters or
recommendations submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party by independent auditors in connection with the accounts or books of any Loan Party or any Subsidiary, or any audit of any of
them; 
 (c) promptly after the same are available, copies of each publicly available annual report, proxy or financial statement or other
report or communication sent to the stockholders of the Parent Guarantor, and copies of all publicly available annual, regular, periodic and special reports and registration statements which the Parent Guarantor or the Borrower may file or be
required to file with the SEC under Section 13 or 15(d) of the Exchange Act, or with any Governmental Authority that may be substituted therefor, or with any national securities exchange, and in any case not otherwise required to be delivered
to the Administrative Agents pursuant hereto; 
 (d) promptly after receipt thereof by any Loan Party or any of its Subsidiaries, copies of
each initial notice or other initial correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or
other operational results of any Loan Party or any of its Subsidiaries; provided that the foregoing shall not apply to any comment letters issued by the division of Corporation Finance of the SEC; 
 (e) promptly after the receipt thereof, notice of any Environmental Action against any Loan Party or any of its Subsidiaries, or notice of any
noncompliance with or liability under any Environmental Law or Environmental Permit, that could (i) reasonably be expected to have a Material Adverse Effect, (ii) cause any property described in the Mortgages to be subject to any
restrictions on occupancy or use under any Environmental Law that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, or (iii) cause any property described in the Mortgages to be subject to any
restrictions on ownership or transferability under any Environmental Law that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; 
 (f) upon the determination by the Parent Guarantor or the Borrower that (i) any Loan Party ceases to be a Material Subsidiary or (ii) any
Subsidiary of the Parent Guarantor becomes a Material Subsidiary, a notice as to such determination together with, in the case of clause (i), a certification as to the calculation of the Fair Market Value of the assets held by such
Subsidiary; 
  

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 (g) promptly, such additional information regarding the business, financial or corporate affairs or
properties of any Loan Party or any Subsidiary or any Pension Plan or Multiemployer Plan (but with respect to any Multiemployer Plan, only to the extent any Loan Party or any Subsidiary has received such information from such plan), or compliance
with the terms of the Loan Documents, as the Administrative Agents or any Lender may from time to time reasonably request; provided that no Loan Party or its Subsidiaries shall be obligated to deliver (i) any information which is subject
to the attorney-client privilege or with respect to which the attorney-client privilege would be waived if such information were disclosed to the Payment Agent or any Lender, (ii) any information that is subject to a confidentiality agreement
that restricts its disclosure or (iii) any information that can otherwise not be disclosed due to legal or contractual restrictions; and 
 (h) promptly after Moody’s or S&P shall have announced a change in the rating established or deemed to have been established for the Facilities, written notice of such rating change. 
 Documents required to be delivered pursuant to Section 6.01(a), (b), (c) or (d) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent Guarantor or the Borrower, as the case may be,
posts such documents, or provides a link thereto, on the Parent Guarantor’s or the Borrower’s (as the case may be) website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents
are posted on the Parent Guarantor’s or the Borrower’s behalf, as the case may be, on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and each Agent have access (whether a commercial, third-party website or
whether sponsored by either Administrative Agent); provided that the Parent Guarantor or the Borrower, as the case may be, shall deliver paper copies of such documents to the Payment Agent (and the Payment Agent shall deliver to such Lender)
if any Lender requests the Parent Guarantor or the Borrower, as the case may be, to deliver such paper copies. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the Compliance
Certificates required by Section 6.02(a) to the Payment Agent. Except for such Compliance Certificates, the Administrative Agents shall have no obligation to request the delivery or to maintain copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by the Parent Guarantor or the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of
such documents. 
 6.03. Notices. Promptly notify the Payment Agent of: 
 (a) the occurrence of any Default; 
 (b) any
matter that has resulted or could reasonably be expected to result in a Material Adverse Effect; and 
 (c) the occurrence of any ERISA Event
(or, in the case of an ERISA Event described in clause (e) or (f) of the definition of such term and solely to the extent that such ERISA Event pertains to a Multiemployer Plan, any Loan Party or any Subsidiary obtaining knowledge
of the occurrence of any such ERISA Event) that has resulted or could reasonably be expected to result in a Material Adverse Effect. 
 Each
notice pursuant to this Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to
take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 
  

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 6.04. Payment of Obligations. Pay and discharge as the same shall become due and payable
(a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance
with GAAP are being maintained by the Parent Guarantor, the Borrower or such Subsidiary, and (b) all lawful claims which, if unpaid, would by law become a Lien upon its property (other than a Permitted Lien or a claim being contested in good
faith), except, in the case of clauses (a) and (b) of this Section 6.04, where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 6.05. Preservation of Existence, Etc. Except in a transaction permitted by Section 7.04 or 7.05, (a) preserve, renew and
maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization; and (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or
desirable in the normal conduct of its business; except in the case of clause (a) (solely with respect to good standing of the Parent Guarantor, the Borrower and all Material Subsidiaries) and clause (b), to the extent that
failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 6.06. Maintenance of Properties.
(a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and
renewals and replacements thereof; except, in the case of clauses (a) and (b), where the failure to do so could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not (i) require
such maintenance, preservation, protection, repair, renewal or replacement of obsolete, surplus or worn out property or with respect to property that is no longer commercially viable to operate and maintain or (ii) otherwise restrict an Asset
Sale otherwise permitted under Section 7.05. 
 6.07. Maintenance of Insurance. Maintain with financially sound and
reputable insurance companies (provided, however, that there shall be no breach of this Section 6.07 if any such insurer becomes financially unsound and such Loan Party obtains reasonably promptly insurance coverage from a
different financially sound and reputable insurer) not Affiliates of the Parent Guarantor (other than in connection with prudent self-insurance programs, including captive insurance arrangements, in each case consistent with past practices)
insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts with reasonable deductibles, limits,
retentions and self-insurance (including captive insurance arrangements consistent with past practices) as are customarily carried under similar circumstances by such other Persons and providing for not less than 30 days’ prior notice to the
Administrative Agents of termination, lapse or cancellation of such insurance (other than as a result of non-payment of premiums) or 10 days’ prior notice to the Administrative Agents of termination, lapse or cancellation of such insurance as a
result of non-payment of premiums with respect to such insurance; provided that the Parent Guarantor shall be permitted to comply with the Borrower’s obligations under this Section 6.07 in lieu of the Borrower so doing.

 6.08. Compliance with Laws. Except as disclosed in any Public Disclosure, comply in all material respects with the requirements of
all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
 6.09. Books and Records. Maintain such proper books of record and account as are necessary to prepare the financial statements and other documentation required by Sections 6.01 and 6.02.

  

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 6.10. Inspection Rights. Permit representatives and independent contractors of each Agent and each
Lender (as coordinated by the Administrative Agents) to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances, and
accounts with its directors, officers, and independent public accountants, all at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower and subject to any
applicable safety rules and procedures; provided that (a) when no Event of Default exists, one such visit for each Agent per fiscal year of the Borrower shall be at the expense of the Borrower, and additional visits shall be at the
expense of the relevant Agent or Lender, and (b) when an Event of Default exists, any Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any
time during normal business hours, without advance notice and without any limit on the number or frequency of such visits. 
 6.11. Use of
Proceeds. (a) Use the proceeds of the Revolving Credit Loans made on the Closing Date to repay principal, accrued interest and fees and other amounts owing as of the Closing Date under the Existing DHI Credit Agreement, (b) use the
proceeds of the Term L/C Facility Term Loans made on the Closing Date to fund the Term L/C Collateral Account and (c) use the proceeds of the Revolving Credit Loans and use the Letters of Credit for general corporate purposes in the ordinary
course of business not in contravention of any Law or of any Loan Document. 
 6.12. Covenant to Guarantee Obligations and Give Security
in Personal Property. If any of the following shall occur: (a) a Material Subsidiary that is not a Loan Party on the Closing Date shall be formed or acquired, (b) any Material Subsidiary that was not a Loan Party on the Closing Date
because it was either subject to a legal or contractual restriction which restricted its ability to enter into the Guaranty or the Collateral Documents or prohibited by Laws from entering into the Guaranty or the Collateral Documents shall cease to
be subject to such restrictions or prohibitions, (c) any Agent shall identify, or be given notice by a Loan Party of, any material asset (other than a Restricted Asset or Real Property) that was owned by a Loan Party (other than a Loan Party
that is not a Material Subsidiary) on the Closing Date but not disclosed in writing to any of the Agents prior to the Closing Date, or (d) any Loan Party (other than a Loan Party that is not a Material Subsidiary) shall acquire, after the
Closing Date, any material asset (other than a Restricted Asset or Real Property) that, in the reasonable judgment of the Administrative Agents, shall not already be subject to a perfected security interest in favor of the Collateral Agent or the
Collateral Trustees, as appropriate, for the benefit of the appropriate Secured Parties; then the Parent Guarantor shall, or shall cause the appropriate Subsidiary to, at the Borrower’s expense: 
 (i) within 30 days after the occurrence of any event described in clause (a) or (b) above, cause each such affected, new,
or acquired Subsidiary to duly execute and deliver to the Administrative Agent a Guaranty or Guaranty Supplement, guaranteeing the Borrower’s obligations under the Loan Documents; 
 (ii) within 30 days after (A) the occurrence of any event described in clause (a) or (b) above, furnish to the
Administrative Agents and the Collateral Agent a description of the material real properties and personal properties of such Subsidiary not previously disclosed to the Administrative Agent or Collateral Agent that are not Restricted Assets, and
(B) the occurrence of any event described in clause (c) or (d) above, furnish to the Administrative Agents and the Collateral Agent a general description of such material asset, in each case in reasonable detail reasonably
satisfactory to the Administrative Agents and the Collateral Agent; 
 (iii) within 60 days after such occurrence, duly
execute and deliver, and cause each such affected Loan Party (whether previously designated as a Loan Party or newly designated as a 

  

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Loan Party as a result of the actions taken under clause (ii)(A) above) to duly execute and deliver to the Administrative Agents and Collateral Agent
appropriate Collateral Documents covering the personal properties of such Loan Party that are not Restricted Assets and have not previously been subject to the Collateral Documents in substantially the same form as the Collateral Documents delivered
on the Closing Date and otherwise in form and substance reasonably satisfactory to the Administrative Agents, securing payment of all the Obligations of such Loan Party under the Loan Documents and creating Liens on all such assets; 
 (iv) within 60 days after such occurrence, take, and cause such affected Loan Party (whether previously designated as a Loan Party or
newly designated as a Loan Party as a result of the actions taken under clause (ii)(A) above) or the parent of such affected Loan Party to take, whatever action (including, without limitation, the recording of mortgages, the filing of Uniform
Commercial Code financing statements, the giving of notices and the endorsement of notices on title documents) may be necessary or advisable in the reasonable opinion of the Administrative Agents to vest in the Collateral Agent or the Collateral
Trustees, as applicable (or in any representative of such Person designated by it), valid and perfected Liens on the properties described in clause (iii) above, enforceable against all third parties in accordance with their terms;

 (v) within 60 days after such occurrence (if, in the reasonable determination of the Administrative Agents, any such assets
have a value in excess of $50,000,000 or any such Restricted Subsidiary being designated a Loan Party under clause (a) above has a net worth in excess of $50,000,000, and if requested by the Administrative Agents), deliver to the
Administrative Agents a signed copy of a favorable opinion, addressed to the Administrative Agents and the Collateral Agent and the other Secured Parties, of counsel for the Loan Parties reasonably acceptable to the Administrative Agents as to
(i) the matters contained in clauses (a), (c), and (d) above, (ii) such Guaranty, Guaranty Supplement, or applicable Collateral Document being valid and binding obligations of each Loan Party thereto enforceable in accordance
with their terms, (iii) such recordings, filings, notices, endorsements, and other actions being sufficient to create valid perfected Liens on such properties, and (iv) such other matters as the Administrative Agents may reasonably
request; and 
 (vi) at any time and from time to time, promptly execute and deliver any and all further instruments and
documents and take all such other action as the Administrative Agents and the Collateral Agent may reasonably deem necessary or desirable in obtaining the full benefits of, or in perfecting and preserving the Liens of, such Guaranties, Guaranty
Supplements, and Collateral Documents; 
 provided that this Section 6.12 shall not be applicable to (A) the extent that the grant or
perfection of a Lien on the Equity Interests in a Subsidiary or on the assets of the Borrower, the Parent Guarantor or any Subsidiary or the entering into of a Guaranty or Guaranty Supplement would require waiver, approval or consent from
Governmental Authorities, lenders, service providers, suppliers, co-owners, partners, investors, customers, or other contractual counterparties of a Person in which the Parent Guarantor or any of its Subsidiaries has a direct or indirect Equity
Interest, (B) a Subsidiary that is a controlled foreign corporation as provided in Section 957 of the Code or that is directly or indirectly owned in part by a Person that is not a wholly owned Subsidiary of the Parent Guarantor, or
(C) any Subsidiary that is not a Material Subsidiary or assets that do not have a Fair Market Value of more than $10,000,000. 
  

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 6.13. Covenant to Give Security in Real Property; Recordation of Rights of Way; Supplements to
Mortgages. 
 (a) (i) If after the Closing Date, any Loan Party purchases, leases, or otherwise acquires, any Real Property having a
Fair Market Value of $20,000,000 or more, promptly, but in any event within 60 days or such additional period of time not to exceed thirty days with the prior written consent of the Administrative Agent, after such purchase, lease or other
acquisition, (x) provide written notice thereof to the Administrative Agents and the Collateral Trustees, setting forth in sufficient detail for the filing of a Mortgage thereon, a description of such Real Property purchased, leased, or
otherwise acquired and an appraisal or such Loan Party’s good faith estimate of the current Fair Market Value of such Real Property and (y) execute and deliver (or cause the applicable Loan Party to execute and deliver) to the Collateral
Trustees and the Collateral Agent, as applicable (with copies to the Administrative Agents), one or more Mortgages to secure the applicable Secured Obligations and such other documents, instruments, reports, legal opinions, and title insurance
policies as the Administrative Agents shall reasonably request (and in form and substance reasonably satisfactory to the Administrative Agents) with respect to such Real Property consistent with the reports, legal opinions, title insurance policies,
and other information required to be delivered with the other Collateral that is subject to Mortgages. Any right of way purchased, leased, or otherwise acquired or granted after the Closing Date shall be promptly evidenced by an instrument duly
executed and recorded against the property it burdens in the appropriate recording office unless the decision to permit such right of way to remain unrecorded is commercially reasonable for companies of the same or similar size in the same or
similar business. 
 (ii) With respect to (x) Real Property owned by Rocky Road Power LLC and (y) Real Property owned or leased by
CoGen Lyondell, Inc., in each case, as of the Closing Date (without regard to the Fair Market Value of such Real Property), comply with the requirements of Section 6.13(a)(i) within the time period specified therein (measured from the
Closing Date). 
 (b) As a condition precedent to the Borrower’s incurrence of additional Indebtedness pursuant to
Section 2.13 and to the extent applicable additional Indebtedness secured by a first priority Lien pursuant to Section 7.03(b)(xviii) as provided for herein, the Borrower shall satisfy the following requirements: 

(i) the Subsidiary Guarantors shall enter into, and deliver to the Administrative Agents and the Collateral Trustees, at the direction
and in the sole discretion of the Administrative Agents and/or the Collateral Trustees (i) in the case of additional Indebtedness incurred pursuant to Section 2.13, a mortgage modification or new Mortgage, and (ii) in the case
of additional Indebtedness secured by a Priority Lien incurred pursuant to Section 7.03(b)(xviii), a mortgage modification or a new Mortgage, in each case in proper form and along with payment of all taxes and charges, if any, necessary
for recording in the relevant jurisdiction and in a form reasonably satisfactory to the Administrative Agents (such Mortgage or mortgage modification, the “Modification”); 
 (ii) the Borrower shall deliver a local counsel opinion in form and substance reasonably satisfactory to the Administrative Agents;

 (iii) the Borrower shall have caused a title company reasonably acceptable to the Administrative Agents to have delivered
to the Administrative Agents and the Collateral Trustees a title insurance policy (or, as applicable, an endorsement to the title insurance policy (if any) delivered pursuant to Section 4.01(a)(iv)), date down(s) or other evidence
reasonably satisfactory to the Administrative Agents and/or the Collateral Trustees (x) insuring that the priority of the liens evidenced by, or the continuing priority of the Lien of the Mortgage as security for, such Indebtedness, as the case
may be, has not changed and (y) confirming and/or insuring that 

  

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(A) since the immediately prior incurrence of such Indebtedness, or additional Indebtedness, as the case may be, there has been no change in the
condition of title and (B) there are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of the Mortgage, other than the Permitted Liens (without adding any additional exclusions or exceptions to
coverage) (a “Modification Endorsement”); and 
 (iv) the Borrower shall, upon the request of the
Administrative Agents and/or the Collateral Trustees, deliver to the approved title company, the Collateral Trustees, the Administrative Agents and/or all other relevant third parties all other items reasonably necessary to maintain the continuing
priority of the Lien of the Mortgage as security for such Indebtedness. 
 6.14. Compliance with Environmental Laws. Except as set
forth in any Public Disclosure or except where failure to do so could not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, (a) comply, and use commercially reasonable efforts to cause all lessees and
other Persons operating or occupying its properties to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits, (b) obtain and renew all Environmental Permits necessary for its operations and
properties, and (c) conduct any investigation, study, sampling and testing, required under Environmental Laws and undertake any cleanup, removal, remedial or other action required under Environmental Laws to remove and clean up all Hazardous
Materials from any of its properties; provided that neither the Parent Guarantor nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is
being contested in good faith and by proper proceedings with diligence in bringing the matter to closure, appropriate reserves are being maintained with respect to such circumstances, and any such Hazardous Material do not and could not reasonably
be expected to pose an imminent and substantial endangerment to human health or the environment. 
 6.15. Preparation of Environmental
Reports. To the extent the Borrower or any Loan Party has the authority to conduct such assessments without obtaining required consent from any other Person, at the request of the Administrative Agents, provide to the Lenders within 90 days
after such request, at the expense of the Borrower, an environmental site assessment, soil or groundwater report for any of the properties subject to a Mortgage in the event that (a) any Loan Parties or any of their Subsidiaries receive notice
of any Environmental Action relating to any such properties, or any such properties become subject to any Environmental Liability, that individually or in the aggregate could reasonably be expected to result in the Borrower or any of its Restricted
Subsidiaries having or becoming subject to liability or liabilities exceeding $50,000,000 or (b) if a Default has occurred and is continuing. With respect to any such properties that require consent from any other person prior to conducting
such assessment, the Borrower shall use reasonable efforts to obtain such consent and, if such consent is obtained, will conduct the environmental assessment. If such consent is not granted, the Borrower shall not be required to conduct such
assessment. Any environmental site assessment report prepared pursuant to this Section 6.15 shall be prepared by an environmental consulting firm acceptable to the Administrative Agent and shall indicate the presence or absence of
Hazardous Materials affecting any subject property and the estimated cost of any compliance, removal or remedial action required under Environmental Laws. Without limiting the generality of the foregoing, if the Administrative Agents determine at
any time that a material risk exists that any such report will not be provided within the time referred to above, the Administrative Agents may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and, to
the extent the Borrower has the right to grant such authorization or to cause such Subsidiary to grant such authorization, the Borrower hereby grants and agrees to cause any such Subsidiary that owns any property described in such request to grant
at the time of such request to the Administrative Agents, the Lenders, such firm and any agents or representatives thereof an irrevocable non-exclusive license, subject to the rights of tenants, to enter onto their respective properties to undertake
such an assessment. 
  

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 6.16. Further Assurances. Promptly upon request by any Agent, or any Lender through either
Administrative Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record,
file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as any Agent, or any Lender through either Administrative Agent, may reasonably require from time to time in order to carry
out the purposes of the Loan Documents. 
 ARTICLE VII 
 NEGATIVE COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other payment
Obligation hereunder (other than indemnification obligations under Sections 3.01, 3.04 and 11.05) which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 
 7.01. Liens. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume, or
suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following (“Permitted Liens”): 
 (a) Liens pursuant to any Loan Document; 
 (b) Priority Liens securing Priority Lien Debt, provided that, as of the date of incurrence thereof, the Priority Lien Debt shall not exceed the Priority Lien Cap; 
 (c) (i) Parity Liens securing the 2003 Second Lien Notes and (ii) other second priority Liens securing Indebtedness permitted under
Section 7.03(b)(xiii), or (in the case of clause (i) or clause (ii) above) securing any Permitted Refinancing Indebtedness in respect thereof; provided that such Liens shall be on terms at least as
favorable to the Lenders as the terms (as in effect on March 6, 2006) of the second priority Liens securing the 2003 Second Lien Notes (whether or not any 2003 Second Lien Notes are outstanding on the date of determination); 
 (d) Liens existing on the date hereof and either (i) listed on Schedule 7.01 or (ii) which do not secure in the aggregate an amount
of obligations in excess of $20,000,000; 
 (e) Liens for taxes, assessments or other governmental charges or levies not yet delinquent or
that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 
 (f) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, employee’s, landlord’s, lessor’s,
contractor’s, operator’s or other like Liens arising in the ordinary course of business that are not past due for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings diligently conducted;

 (g) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance, other
social security benefits or obligations arising under similar legislation, other than any Lien imposed by ERISA; 
  

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 (h) deposits to secure the performance of bids, tenders, trade contracts and leases (other than
Indebtedness), public or statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (i) survey exceptions, zoning restrictions, easements, rights-of-way, reservations, servitudes, permits, encroachments, exceptions, conditions,
covenants, restrictions, rights of others and other similar encumbrances affecting real property which (i) are shown in the applicable real property records on the Closing Date or (ii) in the aggregate, are not substantial in amount, and
which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 
 (j) Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or securing appeal or other
surety bonds related to such judgments; 
 (k) Liens securing Indebtedness permitted under Section 7.03(b)(v); provided
that (i) such Liens do not at any time encumber any property other than the property, as applicable, financed by such Indebtedness or acquired in connection with the assumption of such Indebtedness, and (ii) the Indebtedness secured
thereby does not exceed the cost or Fair Market Value, whichever is lower, of such financed or acquired property being acquired on the date of its financing or acquisition; 
 (l) Liens arising under Section 9.343 of the Texas Uniform Commercial Code or similar statutes of states other than Texas; 
 (m) Liens arising under any obligations or duties affecting any of the property of any Person to any municipality or public authority with respect to any
franchise, grant, license or permit which do not materially impair the use of such property for the purposes for which it is held; 
 (n)
Liens reserved in customary oil, gas and/or mineral leases for bonus or rental payments and for compliance with the terms of such leases and Liens reserved in customary operating agreements farm-out and farm-in agreements, exploration agreements,
development agreements and other similar agreements for compliance with the terms of such agreements, in each case entered into in the ordinary course of business consistent with past practices; 
 (o) Liens arising out of all presently existing and future division and transfer orders, advance payment agreements, processing contracts, gas processing
plant agreements, operating agreements, gas balancing or deferred production agreements, pooling, unitization or communitization agreements, pipeline, gathering or transportation agreements, platform agreements, drilling contracts, injection or
repressuring agreements, cycling agreements, construction agreements, salt water or other disposal agreements, leases or rental agreements, farm-out and farm-in agreements, exploration and development agreements, and any and all other contracts or
agreements (including agreements related to Proportionately Consolidated Interests) covering, arising out of, used or useful in connection with or pertaining to the exploration, development, operation, production, sale, use, purchase, exchange,
storage, separation, dehydration, treatment, compression, gathering, transportation, processing, improvement, marketing, disposal or handling of any property of a Person, provided that such agreements are entered into in the ordinary course
of business and provided, further, that such permitted security interest shall not include any security interest in accounts receivable other than accounts receivable from an applicable counterparty or its Affiliates to the extent such
counterparty or its Affiliates are being granted a security interest in such accounts receivable; 
  

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 (p) Liens on cash and short-term investments deposited by the Borrower or any of its Subsidiaries with or
on behalf of brokers, credit clearing organizations, independent system operators, regional transmission organizations, pipelines, state agencies, federal agencies, futures contract brokers, customers, trading counterparties, or any other parties or
pledged by the Borrower or any of its Subsidiaries to secure its obligations and/or the obligations of any Subsidiary and/or the Borrower with respect to: (i) any contracts and transactions for the purchase, sale, exchange of, or the option
(whether physical or financial) to purchase, sell or exchange (a) natural gas, (b) electricity, (c) coal, (d) petroleum-based liquids, (e) oil, (f) emissions, (g) waste byproducts, (h) weather, or (i) any
other energy-related commodity or derivative; (ii) any contracts or transactions for the processing, transmission, transportation, or storage of, or any other services related to any commodity identified in subparts (a) - (i) above, including
any capacity agreement; (iii) any financial derivative agreement (including but not limited to swaps, options or swaptions) related to any commodity identified in subparts (a) - (i) above, or to any interest rate or currency rate management
activities; (iv) any agreement for membership or participation in an organization that facilitates or permits the entering into or clearing of any Netting Agreement or any agreement described in this Section 7.01(p); (v) any
agreement combining part or all of a Netting Agreement or part or all of any of the agreements described in this Section 7.01(p); (vi) any document relating to any agreement described in this Section 7.01(p) that is
filed with a governmental body and any related service agreements; or (vii) any commercial or trading agreements, each with respect to, or involving the purchase, transmission, distribution, sale, lease or hedge of, any energy, generation
capacity or fuel, or any other energy related commodity or service, price or price indices for any such commodities or services or any other similar derivative agreements, and any other similar agreements (such agreements described in clauses
(i) through (vii) of this Section 7.01(p) being collectively, “Permitted Contracts”), Netting Agreements and letters of credit supporting Permitted Contracts and Netting Agreements; 
 (q) Liens granted by the Borrower or any of its Subsidiaries to a counterparty and/or to Affiliates of such counterparty (each, a “Section
7.01 Counterparty”) on accounts receivable and other obligations owed to, and other rights of the Borrower or any of its Subsidiaries under, Netting Agreements or Permitted Contracts to secure the Borrower’s or such
Subsidiary’s obligations under such Netting Agreement or Permitted Contract, and any netting, setoff or similar rights granted by the Borrower or any of its Subsidiaries to a Section 7.01 Counterparty pursuant to a Permitted Contract or
Netting Agreement; 
 (r) Liens granted by the Borrower or any of its Subsidiaries on its or their rights under any insurance policy, but
only to the extent that such Lien is granted to the insurers under such insurance policies or any insurance premium finance company to secure payment of the premiums and other amounts owed to the insurers or such premium finance company with respect
to such insurance policy; 
 (s) Liens (i) securing reimbursement obligations with respect to letters of credit that encumber documents
and other property relating to such letters of credit and the proceeds and products thereof or (ii) on cash or cash equivalents securing reimbursement obligations with respect to letters of credit permitted pursuant to
Section 7.03(b)(x); 
 (t) Liens on cash deposits in the nature of a right of setoff, banker’s lien, counterclaim or netting
of cash amounts owed arising in the ordinary course of business on deposit accounts; 
 (u) Liens securing Indebtedness acquired or assumed
in connection with an Investment permitted pursuant to Section 7.02(j); provided that such Liens do not extend to any assets other than the assets acquired in connection with the corresponding Investment under
Section 7.02(j) and the Indebtedness secured by such Liens was not incurred in contemplation of such Investment; 
  

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 (v) Liens on any property (including Capital Stock) acquired by the Borrower or any of its Restricted
Subsidiaries in compliance with Section 7.02; provided that such Liens were in existence at the time of such acquisition and the Indebtedness secured by such Liens was not incurred in contemplation of such acquisition; 

(w) Liens in respect of “true leases”, and not in respect of Indebtedness, arising from Uniform Commercial Code financing statements filed
for information purposes with respect to leases incurred in the ordinary course of business and not otherwise prohibited by this Agreement; 
 (x) inchoate statutory Liens arising under ERISA; 
 (y) any restrictions on any Equity Interest or Project Interest of a Person
providing for a breach, termination or default under any owners, participation, shared facility, joint venture, stockholder, membership, limited liability company or partnership agreement between such Person and one or more other holders of Equity
Interests or Project Interests of such Person, if a security interest or other Lien is created on such Equity Interest or Project Interest as a result thereof and other similar Liens and restrictions described in Sections 7.09(viii) and
7.09(xiv); 
 (z) Liens existing on the assets of any Person that becomes a Restricted Subsidiary, or existing on assets acquired,
pursuant to a Permitted Acquisition to the extent the Liens on such assets secure Indebtedness permitted by Section 7.03(b)(xiv); provided that such Liens attach at all times only to the same assets that such Liens attached to,
and secure only the same Indebtedness that such Liens secured, immediately prior to such Permitted Acquisition; 
 (aa) (i) Liens placed
upon the Capital Stock of any Restricted Subsidiary acquired pursuant to a Permitted Acquisition to secure Indebtedness of the Borrower or any other Restricted Subsidiary incurred pursuant to Section 7.03(b)(xv) in connection with such
Permitted Acquisition and (ii) Liens placed upon the assets of such Restricted Subsidiary to secure a guarantee by such Restricted Subsidiary of any such Indebtedness of the Borrower or any other Restricted Subsidiary; 
 (bb) extensions, renewals or replacements of any of the Liens permitted in clauses (b) through (aa) so long as (i) the principal amount
of the Indebtedness or obligation secured thereby is no greater than the principal amount of such Indebtedness or obligation at the time such Lien was permitted hereunder except for increases in an amount equal to a reasonable premium or other
reasonable amount paid, and fees and expenses reasonably incurred, in connection with such extension, renewal, refinancing, or replacement and in an amount equal to any existing commitments unutilized thereunder, (ii) any such extension,
renewal or replacement Lien is limited to the property originally encumbered thereby, and (iii) any renewal or extension of the Indebtedness or obligations secured or benefited thereby is permitted by Section 7.03; 
 (cc) other Liens securing obligations not to exceed $50,000,000 in the aggregate at any time outstanding; and 
 (dd) second priority Liens securing Hedging Obligations of the Borrower and its Restricted Subsidiaries, provided that such Liens shall be
structured as “silent” second priority Liens on terms satisfactory to the Administrative Agents, and, without limiting the foregoing, shall be on terms at least as favorable to the Lenders as the terms (as in effect on March 6, 2006)
of the second priority Liens securing the 2003 Second Lien Notes (whether or not any 2003 Second Lien Notes are outstanding on the date of determination). 
  

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 7.02. Investments. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries
to, directly or indirectly, make or hold any Investments except the following: 
 (a) any Investment in the Borrower or in a Restricted
Subsidiary of the Borrower; 
 (b) any Investment in Cash Equivalents; 
 (c) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with
Section 7.05; 
 (d) any Investment in any Person solely in exchange for the issuance of Equity Interests (other than
Disqualified Stock) of the Parent Guarantor; 
 (e) any Investments received (i) in compromise or resolution of obligations of trade
creditors or customers that were incurred in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries, including (A) obligations of financially troubled account debtors to the extent reasonably necessary in order to
prevent or limit loss and (B) pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, (ii) in compromise or resolution of litigation, arbitration or other disputes,
or (iii) on account of any claim against, or an interest in, any other Person (A) acquired in good faith in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of such other Person or (B) as a
result of a bona fide foreclosure by the Borrower or any of its Restricted Subsidiaries with respect to any claim against any other Person; 
 (f) any Investment consisting of extensions of credit including, without limitation, accounts receivables or notes receivables arising from the grant of trade credit or prepayments or similar transactions, if created or acquired in the
ordinary course of business and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss; 
 (g) any Investment existing on the date of this Agreement; 
 (h) Investments in the form of, or pursuant to, operating agreements, joint ventures, partnership agreements, working interests, royalty interests, mineral leases, processing agreements, farm-out agreements, contracts
for the sale, transportation or exchange of oil and natural gas, unitization agreements, pooling agreements, area of mutual interest agreements, production sharing agreements or other similar or customary agreements, transactions, properties,
interests or arrangements, and Investments and expenditures in connection therewith or pursuant thereto, in each case, made or entered into in the ordinary course of business; 
 (i) Investments in Affiliates of the Borrower resulting from the drawings under, or renewals or extensions of, letters of credit, surety bonds,
guarantees, or performance bonds supporting obligations of such Affiliates, and Investments in Subsidiaries of the Borrower to cash collateralize obligations supported by such letters of credit, bonds or guarantees if they expire or are cancelled
undrawn to be made by the Borrower or any of its Subsidiaries in order to avoid a default pursuant to contracts or agreements; 
 (j)
Investments made in connection with any Discontinued Business Operations or Disclosed Litigation so long as (i) in the case of any Discontinued Business Operations other than as described in clause (ii) below, the aggregate amount
of such Investments shall not exceed $75,000,000 at any time outstanding and (ii) in the case of Tolling Agreements, Disclosed Litigation, or the wind-down, 

  

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settlement or disposition of Third Party Risk Management transactions, (A) the Borrower or its Subsidiaries shall have received reasonably equivalent
value for such Investment, or (B) (in the case of Tolling Agreements) the liabilities, if any, in respect of such Investment shall not be any greater than the liabilities associated with the applicable Tolling Agreement; 
 (k) Investments in any (i) Person in which the Borrower or any of its Subsidiaries, directly or indirectly, owns Equity Interests, to provide for
the operation, maintenance or working capital of such Person or pursuant to Capital Commitments in an aggregate amount not to exceed $20,000,000 in any calendar year, (ii) Proportionately Consolidated Interests resulting from variances from
prior periods in the volume of natural gas processed or the volumes of natural gas liquids produced pursuant to applicable construction and operation agreements, or (iii) Proportionately Consolidated Interests consisting of the payment of the
proportional share of operating expenses through joint interest billings pursuant to applicable construction and operating agreements; 
 (l)
any Guarantees permitted to be incurred pursuant to Section 7.03; 
 (m) to the extent not prohibited by Law, (i) loans and
advances to officers, directors, and employees of the Borrower and Subsidiaries existing on the Closing Date and (ii) additional loans and advances to officers, directors, and employees of the Borrower and Subsidiaries in an aggregate amount
not to exceed $1,000,000 at any time outstanding made in the ordinary course of business; 
 (n) any Investment made with Exempt Proceeds or
Exempt Equity Proceeds; 
 (o) any Investment in the Parent Guarantor to the extent the same would be permitted to be made as a Restricted
Payment pursuant to Section 7.06; 
 (p) other Investments having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value) not to exceed $30,000,000 incurred in any calendar year; 
 (q)
(i) Investments made by the Borrower in Sithe Subordinated Indebtedness, (ii) Investments held by the Sithe 49% Holding Companies in Equity Interests in Sithe (to the extent Sithe is then not a Restricted Subsidiary) at the time of consummation
of the Sithe Holdco Contribution, (iii) Investments held by the Sithe 51% Holding Companies in Sithe (to the extent Sithe is then not a Restricted Subsidiary) at the time of consummation of the Sithe Contribution and (iv) Investments
comprised of direct or indirect contributions to Sithe of all or any portion of the Sithe Subordinated Indebtedness, provided that, in the case of this clause (iv), the Sithe Holdco Contribution or the Sithe 49% Holdco Pledge (or, if
the Parent Guarantor and the applicable Subsidiaries thereof are not contractually or legally prohibited from so doing, both the Sithe Holdco Contribution and the Sithe 49% Holdco Pledge) shall have been consummated, it being understood that any
cancellation of all or any portion of the Sithe Subordinated Indebtedness shall be subject to the requirements of the foregoing proviso; and 
 (r) additional Investments (including Investments in Excluded Subsidiaries, Minority Investments and Unrestricted Subsidiaries), as valued at the Fair Market Value of such Investment at the time each such Investment is made, in an aggregate
amount that, at the time such Investment is made, would not exceed the sum of (i) $100,000,000 plus (ii) the Available Amount at such time plus (iii) to the extent such amounts do not increase the Available Amount, an
amount equal to any repayments, interest, returns, profits, distributions, income and similar amounts actually received in cash in respect of any such Investment (which amount shall not exceed the amount of such Investment valued at the Fair Market
Value of such Investment at the time such Investment was made); provided that the pro forma Leverage Ratio, after giving effect to such Investment, shall not exceed (A) 7.0 to 1.0 at any time during fiscal year 

  

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2006, (B) 6.5 to 1.0 at any time from January 1, 2007 through March 31, 2007, (C) 6.25 to 1.0 at any time from April 1, 2007 through
June 30, 2007, (D) 6.0 to 1.0 at any time from July 1, 2007 through September 30, 2007, (E) 5.75 to 1.0 at any time from October 1, 2007 through December 31, 2007, (F) 5.25 to 1.0 at any time during fiscal
year 2008 and (G) thereafter, 5.0 to 1.0. 
 7.03. Indebtedness. The Borrower shall not, nor shall it permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Indebtedness, or issue any Disqualified Stock or, in the case of the Restricted Subsidiaries, any preferred stock, except: 
 (a) in the case of the Borrower, any of its Restricted Subsidiaries or any Loan Party, Indebtedness owed to the Borrower, any other Restricted Subsidiary
or any Loan Party, provided that, in each case, such Indebtedness shall (i) be permitted by Section 7.02 and (ii) be subordinated to the Obligations as provided in Section 10.06; and 
 (b) in the case of the Borrower and its Restricted Subsidiaries, 
 (i) Indebtedness under the Loan Documents; 
 (ii) Indebtedness outstanding on the date hereof that is listed on Schedule 7.03; 
 (iii) Indebtedness in respect of any Guarantees by the Guarantors (A) of Indebtedness under the Indentures and (B) and any newly-created direct Subsidiary of the Borrower in respect of any Indebtedness of the Borrower issued in
connection with a refinancing or refunding of, or exchange for, any Indebtedness issued under the Indentures, so long as any such newly-created Subsidiary is in compliance with the provisions of Section 6.12; 
 (iv) (A) Indebtedness represented by Capital Lease Obligations, mortgage financings, Off-Balance Sheet Obligations and purchase money
obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Borrower or any of its
Restricted Subsidiaries, and (B) Indebtedness acquired or assumed in connection with acquisitions consummated solely in connection with Capital Expenditures permitted by Section 7.12; provided that the aggregate principal
amount (or accreted value, as applicable) of all Indebtedness incurred pursuant to this clause (iv), including all Permitted Refinancing Indebtedness incurred to refund, refinance, replace, defease or discharge any such Indebtedness, shall
not exceed $100,000,000 at any time outstanding; 
 (v) the obligation of the Borrower or any of its Restricted Subsidiaries
to pay the deferred purchase price of goods or services, or progress payments in connection with such goods and services, including turbines, transformers and similar equipment, so long as such obligations are incurred in the ordinary course of
business and, if applicable, such payments are permitted under Section 7.12; 
 (vi) Indebtedness not otherwise
permitted by this Section 7.03 incurred or assumed in connection with the Discontinued Business Operations or Disclosed Litigation so long as (A) the Borrower or such Subsidiary shall have complied with the requirements of
Section 7.02(j) with respect to the transaction pursuant to which such Indebtedness is incurred or assumed and (B) the aggregate amount of such Indebtedness 

  

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shall not exceed $40,000,000 at any time outstanding, provided that the following shall not be included when calculating the foregoing dollar
limitation: (y) any Indebtedness created or incurred as a result of set off, cancellation, assignment or similar transactions among or between Subsidiaries that engage in Discontinued Business Operations, or among or between such Subsidiaries
and other Loan Parties in connection with the wind-down of the Discontinued Business Operations and (z) any Indebtedness related to Tolling Agreements, Disclosed Litigation, or the wind-down, settlement, or disposition of Third Party Risk
Management transactions; 
 (vii) Indebtedness in respect of the 2003 Second Lien Notes and Indebtedness in respect of the
2006 Senior Unsecured Notes, in each case, outstanding on the date hereof; 
 (viii) Indebtedness in respect of the 2003
Convertible Securities; 
 (ix) Indebtedness representing deferred tax obligations assumed in connection with an Illinova
Asset Sale; 
 (x) Indebtedness in respect of (A) letters of credit in an aggregate face amount not in excess of
$50,000,000 and (B) surety bonds issued in the ordinary course of business; 
 (xi) any Guarantee of Indebtedness that is
otherwise permitted pursuant to this Section 7.03; 
 (xii) the incurrence of Non-Recourse Debt by any Project
Subsidiary after the date hereof, provided that the Net Proceeds thereof are used to prepay Loans and reduce the Revolving Credit Commitments pursuant to and to the extent required by Section 2.04(b)(iii); 
 (xiii) the incurrence by the Borrower and/or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal
amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (xiii), not to
exceed the sum of (i) $650,000,000 and (ii)(A) 50% of (1) the aggregate amount of all consideration paid or costs incurred in connection with the acquisition, expansion, upgrading or construction, after the Closing Date, of any assets
of the Borrower and the Restricted Subsidiaries constituting Collateral (any such assets, “Relevant Assets”) (excluding fuel and consumable inventory purchased in the ordinary course of business) minus (2) any
Indebtedness incurred pursuant to Section 7.03(b)(xiv) or Section 7.03(b)(xv) in respect of any such Relevant Assets less (B) 50% of the consideration paid or costs incurred in respect of Relevant Assets that are sold or
otherwise disposed of by the Borrower and the Restricted Subsidiaries after the Closing Date to the extent the proceeds of such sale or other disposition are not actually applied in accordance with Section 2.04(b); provided that
(w) the Borrower shall be in compliance, on a pro forma basis after giving effect to the incurrence of such Indebtedness (as if such Indebtedness had been incurred on the first day of the applicable Measurement Period), with the covenants set
forth in Section 7.11; (x) the pro forma Leverage Ratio, after giving effect to the incurrence of such Indebtedness (as if such Indebtedness had been incurred on the first day of the applicable Measurement Period), shall not exceed
(A) 7.0 to 1.0 at any time during fiscal year 2006, (B) 6.5 to 1.0 at any 

  

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time from January 1, 2007 through March 31, 2007, (C) 6.25 to 1.0 at any time from April 1, 2007 through June 30, 2007, (D) 6.0
to 1.0 at any time from July 1, 2007 through September 30, 2007, (E) 5.75 to 1.0 at any time from October 1, 2007 through December 31, 2007, (F) 5.25 to 1.0 at any time during fiscal year 2008 and (G) thereafter,
5.0 to 1.0; (y) the aggregate principal amount of Indebtedness incurred pursuant to this clause (xiii) that is secured by second priority Liens permitted under Section 7.01(c)(ii) shall not exceed $2,450,000,000
less the aggregate principal amount of 2003 Second Lien Notes (and of any Permitted Refinancing Indebtedness thereof secured by second priority Liens permitted under Section 7.01(c)) on the date of such incurrence; and (z) no
Indebtedness incurred pursuant to this clause (xiii) shall mature earlier than six months after the Term L/C Facility Term Loan Maturity Date; 
 (xiv) the incurrence of Indebtedness of a Person that becomes a Restricted Subsidiary, the incurrence of Indebtedness assumed in connection with the acquisition of assets of such a Person, or the incurrence of
Indebtedness assumed in connection with other acquisitions of assets by the Borrower or any Restricted Subsidiary, in each case after the Closing Date as the result of a Permitted Acquisition; provided that (i) such Indebtedness existed
at the time such Person became a Restricted Subsidiary or at the time such assets were acquired and, in each case, was not created in anticipation thereof, (ii) such Indebtedness is not guaranteed in any respect by the Borrower or any
Restricted Subsidiary (other than any such Person that so becomes a Restricted Subsidiary) except to the extent that such Guarantee is permitted to be incurred (and is so incurred) pursuant to clause (b)(xiii) of this Section 7.03
and (iii)(A) the Equity Interests of such Person are pledged to the Administrative Agent to the extent required under Section 6.12 and (B) such Person executes a supplement to the applicable Collateral Documents and a Guaranty or a
Guaranty Supplement (or alternative guarantee and security arrangements in relation to the Obligations) to the extent required under Section 6.12; 
 (xv) the incurrence by the Borrower or any Restricted Subsidiary of Indebtedness to finance a Permitted Acquisition; provided that
(i) such Indebtedness is not guaranteed in any respect by any Restricted Subsidiary (other than any Person acquired (the “acquired Person”) as a result of such Permitted Acquisition) or by the Borrower except to the
extent that such Guarantee is permitted to be incurred (and is so incurred) pursuant to clause (b)(xiii) of this Section 7.03, and (ii)(A) the Borrower pledges the Equity Interests of such acquired Person to the Administrative
Agent to the extent required under Section 6.12 and (B) such acquired Person executes a supplement to the applicable Collateral Documents and a Guaranty or a Guaranty Supplement (or alternative guarantee and security arrangements in
relation to the Obligations) to the extent required under Section 6.12; 
 (xvi) the incurrence by the Borrower
and/or any of its Restricted Subsidiaries of unsecured Indebtedness, in each case, (i) that does not mature, and is not subject to mandatory repurchase, redemption or amortization (other than pursuant to customary asset sale or change of
control provisions requiring redemption or repurchase only if and to the extent permitted by this Agreement) prior to the date that is six months after the Term L/C Facility Term Loan Maturity Date, (ii) that is not exchangeable or convertible
into Indebtedness (other than other Indebtedness permitted by this clause (xvi)) or Equity Interests of the Borrower or any Restricted Subsidiary and (iii) if such Indebtedness is exchangeable or convertible into any preferred stock or
other Equity Interest of the Borrower or if such Indebtedness is subordinated debt, such Indebtedness shall be contractually subordinated to the Obligations and the ACH Obligations on terms no less 

  

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favorable to the Lenders than those customarily found in senior subordinated or convertible notes of similar issuers issued under Rule 144A of the Securities
Act or in a public offering, as reasonably determined by the Administrative Agent; provided that the Net Proceeds thereof are used to prepay Loans and reduce the Revolving Credit Commitments pursuant to and to the extent required by
Section 2.04(b)(iii); 
 (xvii) the incurrence by the Borrower or any Restricted Subsidiary of Indebtedness
consisting of (i) obligations to pay insurance premiums or (ii) take-or-pay obligations contained in supply agreements, in each case arising in the ordinary course of business and not in connection with the borrowing of money or Hedging
Obligations; 
 (xviii) Indebtedness of the Borrower (which may be guaranteed by any Subsidiary Guarantor) in an aggregate
principal amount not in excess of $250,000,000 secured under the Collateral Documents on an equal and ratable basis with the Loans and the other Obligations; provided that and any such Liens must be granted in favor of the Collateral Trustees
in the manner set forth in, and be otherwise subject to (and in compliance with), the Collateral Trust Agreement; and provided, further, that in connection with the incurrence of such Indebtedness, the requirements of
Section 6.13(b) shall have been satisfied to the extent applicable; 
 (xix) unsecured Indebtedness of the
Borrower in an aggregate principal amount not in excess of $350,000,000, issued in exchange for the assignment to the Borrower of the Sithe Subordinated Indebtedness (and accrued interest thereon to the date of such assignment) by the holder or
holders thereof, provided that the Borrower shall have granted, pursuant to documentation satisfactory to the Administrative Agents, valid and perfected liens on and in the Sithe Subordinated Indebtedness, securing, in favor of the Collateral
Trustees for the benefit of the Shared Secured Parties, the payment of all the Obligations of the Borrower under the Loan Documents (it being understood that such documentation shall expressly permit the direct or indirect contribution by the
Borrower to Sithe of all or any portion of the Sithe Subordinated Indebtedness to the extent permitted under Section 7.02(q)(iv), free and clear of such liens, and shall permit the cancellation of all or any portion of the Sithe
Subordinated Indebtedness to the extent permitted under such Section); and 
 (xx) Permitted Refinancing Indebtedness in
respect of the foregoing clauses (i), (ii), (iii), (vi), (vii), (viii), (xi), (xii), (xiv), (xv), (xvi), (xviii), (xix) and this clause (xx). 
 7.04. Fundamental Changes. 
 (a) The Parent Guarantor shall not, and the Borrower shall not, nor
shall it permit any of its Restricted Subsidiaries to, directly or indirectly, consolidate or merge with or into another Person, or sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets (whether
now owned or hereafter acquired) of the Borrower and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person except that: 
 (i) so long as no Default exists or would result therefrom, (x) any Subsidiary of the Parent Guarantor (other than the Borrower and
its Subsidiaries) may merge with or dissolve into (A) the Parent Guarantor, provided that the Parent Guarantor shall be the continuing or surviving Person, (B) the Borrower, provided that the Borrower shall be the continuing
or surviving Person or (C) any one or more other Subsidiaries, and (y) any 

  

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Subsidiary of the Borrower may merge with or dissolve into (A) the Borrower, provided that the Borrower shall be the continuing or surviving
Person or (B) any one or more other Subsidiaries of the Borrower, provided in each case that when any Subsidiary Guarantor is merging with or dissolving into another Subsidiary, such Subsidiary Guarantor shall be the continuing or
surviving Person or such other Subsidiary shall become a Guarantor upon the consummation of such merger or dissolution in compliance with Section 6.12; 
 (ii) in connection with any Investment, sale or disposition, restructuring, liquidation, winding up, dissolution or other transaction
relating to the Discontinued Business Operations, any Subsidiary of the Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it or may dissolve, liquidate or otherwise wind up;

 (iii) in connection with any Asset Sale permitted under Section 7.05, any Subsidiary of the Borrower may
dissolve, liquidate, consolidate or merge with or into any other Person or permit any other Person to merge into or consolidate with it; 
 (iv) so long as no Default exists or would result therefrom, in connection with any Investment permitted under Section 7.02, any Subsidiary of the Borrower may merge or dissolve into or consolidate with
any other Person or permit any other Person to merge or dissolve into or consolidate with it; provided that the Person surviving such merger, dissolution or consolidation shall be a Guarantor in compliance with Section 6.12; and

 (v) any Dormant Subsidiary may dissolve, liquidate, wind up, consolidate or merge with or into any other Person;

 provided that in each case, immediately after giving effect thereto, in the case of any such merger, consolidation or dissolution to which the
Borrower is a party, the Borrower is the surviving corporation. 
 (b) The Borrower shall not, nor shall it permit any of its Restricted
Subsidiaries to, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions, to any other Person; 
 provided that this Section 7.04 shall not apply to (i) a merger of the Parent Guarantor with an Affiliate (other than the Borrower) solely for the purpose of reincorporating the Parent Guarantor in another
jurisdiction or (ii) any sale, transfer, assignment, conveyance, lease or other disposition of assets between or among the Borrower and Subsidiary Guarantors which are Subsidiaries of the Borrower. 
 7.05. Asset Sales. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, consummate an Asset
Sale unless: 
 (a) the Borrower or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at
least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of (as reasonably determined by the Borrower or such Restricted Subsidiary); 
  

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 (b) at least 75% of the consideration received in the Asset Sale by the Borrower or such Restricted
Subsidiary is in the form of: 
 (i) cash or Cash Equivalents; provided that for purposes of this provision, each of
the following shall be deemed to be cash: 
 (A) any liabilities, as shown on the Borrower’s most recent consolidated
balance sheet, of the Borrower or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Obligations) that are assumed by the transferee of any such assets pursuant to a customary
novation agreement that releases the Borrower or such Restricted Subsidiary from further liability; and 
 (B) any securities,
notes, or other obligations received by the Borrower or such Restricted Subsidiary from such transferee that are converted (by sale or other disposition) by the Borrower or such Restricted Subsidiary into cash, to the extent of the cash received in
that conversion within 180 days after such Asset Sale; and 
 (C) reasonable reserves for indemnity obligations and purchase
price adjustments funded in cash or held back by the purchaser; and/or 
 (ii) Replacement Assets; provided that:

 (A) the Fair Market Value of such Replacement Assets shall be at least equal to the Fair Market Value of the portion of the
assets sold or otherwise disposed of attributable thereto, and, in each case, the Fair Market Value shall be evidenced by (1) in the case of Replacement Assets representing consideration less than $75,000,000, a resolution of the applicable
Board of Directors or (2) in the case of Replacement Assets representing consideration equal to or exceeding $75,000,000, an appraisal satisfactory to the Administrative Agents that is conducted by a valuation firm reasonably satisfactory to
the Administrative Agents; and 
 (B) if the assets or Equity Interests sold in the relevant Asset Sale constituted part of
the Collateral, then the Parent Guarantor or the Borrower, as applicable, shall use all commercially reasonable efforts to grant, or cause the applicable Restricted Subsidiary to grant, as promptly as reasonably practicable, a first-priority Lien
(subject to Permitted Liens) upon such Replacement Assets as security for the Obligations; and 
 (c) if the Asset Sale is a sale of assets
other than Designated Assets or Basket Assets, the pro forma Leverage Ratio, after giving effect to such Asset Sale, shall not exceed (A) 7.0 to 1.0 at any time during fiscal year 2006, (B) 6.5 to 1.0 at any time from January 1, 2007
through March 31, 2007, (C) 6.25 to 1.0 at any time from April 1, 2007 through June 30, 2007, (D) 6.0 to 1.0 at any time from July 1, 2007 through September 30, 2007, (E) 5.75 to 1.0 at any time from
October 1, 2007 through December 31, 2007, (F) 5.25 to 1.0 at any time during fiscal year 2008 and (G) thereafter, 5.0 to 1.0. 
  

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 7.06. Restricted Payments. 
 (a) The Borrower shall not, nor shall the Borrower permit any of its Restricted Subsidiaries to, directly or indirectly, make any Restricted Payment,
except for the following: 
 (i) the payment by any Person of any dividend solely in the common stock or other common Equity
Interests of such Person; 
 (ii) the payment of any dividend within 60 days after the date of declaration of the dividend, if
at the date of declaration the dividend payment would have complied with the provisions of this Agreement; 
 (iii) so long as
no Default has occurred and is continuing or would be caused thereby, the making of any Restricted Payment of the type described in clause (c) of the definition of such term in exchange for, or out of the net cash proceeds of the
substantially concurrent sale (other than to a Subsidiary of the Borrower) of, Equity Interests of the Borrower (other than Disqualified Stock); 
 (iv) the defeasance, redemption, repurchase, or other acquisition of Indebtedness of the Borrower or any of its Restricted Subsidiaries that is contractually subordinated to the Obligations in exchange for or with the
net cash proceeds from a substantially concurrent (A) incurrence of Permitted Refinancing Indebtedness or issuance of Equity Interests (other than Disqualified Stock) of the Borrower or (B) contribution to the capital of the Borrower or
any of its Restricted Subsidiaries of proceeds from the incurrence of Indebtedness of the Parent Guarantor (excluding Indebtedness that is Guaranteed by the Borrower or any of its Restricted Subsidiaries) or issuance of Equity Interests of the
Parent Guarantor; 
 (v) so long as no Default has occurred and is continuing or would be caused thereby, from time to time,
the payment of dividends in cash to the Parent Guarantor to repurchase, redeem or otherwise acquire or retire for value, any Equity Interests of the Parent Guarantor or any Restricted Subsidiary of the Parent Guarantor held by any current or former
officer, director or employee of the Parent Guarantor or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement, employee benefit plan or similar agreement;
provided that (A) the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests in any twelve-month period shall not exceed $10,000,000 and (B) any amounts not used in any twelve-month period may
be carried forward, in an amount not to exceed $10,000,000, to the following twelve-month period; 
 (vi) the repurchase of
Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options; 
 (vii) Permitted Payments to Parents; 
 (viii) so long as no Default has occurred and is continuing or would be caused thereby, distributions in cash to make regularly scheduled dividend payments in respect of the 2003 Convertible Preferred Stock;
provided that all such distributions under this clause (viii) in any fiscal year shall not exceed the sum of (A) $22,000,000 and (B) any unused portion of such $22,000,000 basket plus accrued dividends on such unused
portion from each preceding fiscal year since the Closing Date; 
  

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 (ix) any purchase, redemption, defeasance, or other acquisition or retirement for value
of Subordinated Indebtedness upon a Change of Control or an Asset Sale to the extent required by any agreement pursuant to which such Subordinated Indebtedness was issued, but only if the Borrower, in the case of an Asset Sale, has complied with
Section 7.05; 
 (x) any Restricted Payment made with Exempt Proceeds; provided that (A) any such
Restricted Payment shall be qualified, to the extent qualified by default and event of default qualification in such Indenture, by the condition that no Default has occurred and is continuing or would be caused thereby and (B) proceeds of any
such Restricted Payments may not be used for the payment of dividends on, or the repurchase or redemption of common stock of, the Parent Guarantor; or 
 (xi) so long as no Default has occurred and is continuing or would be caused thereby, from time to time, the payment by the Borrower of dividends in cash to the Parent Guarantor in an amount not exceeding the amount
of Exempt Equity Proceeds at such time, provided that amounts paid to the Parent Guarantor pursuant to this Section 7.06(a)(xi) may not be used for the payment of dividends on, or the repurchase or redemption of common stock of,
the Parent Guarantor; or 
 (xii) so long as no Default has occurred and is continuing or would be caused thereby, other
Restricted Payments in an aggregate amount not to exceed $50,000,000 since the Closing Date. 
 The amount of all Restricted Payments (other
than cash) shall be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Borrower or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.
If the Fair Market Value of any assets or securities that are required to be valued by this covenant exceeds $50,000,000, then such Fair Market Value shall be determined by the Board of Directors whose resolution with respect thereto shall be
delivered to the Administrative Agents. For the avoidance of doubt, the Borrower or any of its Restricted Subsidiaries may pay (either directly or indirectly by making payments to the Parent Guarantor) interest on or principal at Stated Maturity of
Indebtedness of the Parent Guarantor, including the 2003 Convertible Securities and any other convertible subordinated debt securities of Parent Guarantor, so long as the Borrower or its Restricted Subsidiaries have Guaranteed such Indebtedness and
the Guarantee was permitted to be incurred pursuant to Section 7.03. Payments by the Borrower or any of its Restricted Subsidiaries in respect of such Guaranteed Indebtedness and such other securities of the Parent Guarantor shall not
constitute Restricted Payments. Any loans, dividends, or advances from the Borrower or any of its Restricted Subsidiaries to the Parent Guarantor, for purposes of this Section 7.06, shall be determined to be “distributions.”

 (b) The Parent Guarantor shall not make (i) any dividend or other payment or distribution on account of the Parent Guarantor’s
common stock (including, without limitation, any payment in connection with any merger or consolidation involving the Parent Guarantor) or to the direct or indirect holders of the Parent Guarantor’s common stock in their capacity as such (other
than dividends or distributions payable in common stock (other than Disqualified Stock) of the Parent Guarantor) or (ii) any purchase, redemption, or other acquisition or retirement for value (including, without limitation, in connection with
any merger or consolidation involving the Parent Guarantor) of any common stock of the Parent Guarantor. 
 7.07. Change in Nature of
Business. The Parent Guarantor shall not, and the Borrower shall not, nor shall they permit any of their respective Restricted Subsidiaries to, directly or indirectly, engage in any material line of business other than Permitted Business.

  

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 7.08. Transactions with Affiliates. The Borrower shall not, nor shall it permit any of its
Restricted Subsidiaries to, directly or indirectly, enter into any Affiliate Transaction, unless such Affiliate Transaction is (a) otherwise permitted under this Agreement, (b) in the ordinary course of business of the Borrower or the
relevant Restricted Subsidiary, and (c) on terms that are no less favorable (as reasonably determined by the Borrower) to the Borrower or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by
the Borrower or such Restricted Subsidiary with an unrelated Person. 
 7.09. Burdensome Agreements. Except as otherwise permitted
under Section 7.01, 7.02, 7.03(b), 7.05 or 7.16, the Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, enter into any Contractual Obligation (other than this Agreement, any
other Loan Document, any agreement or instrument governing the terms of the 2003 Convertible Securities, any Permitted Refinancing Indebtedness of the 2003 Second Lien Notes or the 2003 Convertible Securities, or any agreement with, or any agreement
resulting from, the application of any Law by any Governmental Authority) that limits the ability (a) of any Restricted Subsidiary (other than a Dormant Subsidiary or a Discontinued Foreign Subsidiary) to make Restricted Payments to the
Borrower or any Guarantor or to otherwise transfer property to or invest in the Borrower or any Guarantor, (b) of any Restricted Subsidiary (other than a Dormant Subsidiary or a Discontinued Foreign Subsidiary) to Guarantee the Indebtedness of
the Borrower, or (c) of the Borrower or any Restricted Subsidiary (other than a Dormant Subsidiary or a Discontinued Foreign Subsidiary) to create, incur, assume or suffer to exist Liens on property of such Person. The restrictions in this
Section 7.09 will not apply to encumbrances or restrictions existing under or by reason of: 
 (i) any such
limitation contained in any agreement in effect on the Closing Date and any amendments, modifications, restatements, renewals or replacements thereof that are not more restrictive, taken as a whole, than the encumbrances existing on the Closing
Date; 
 (ii) customary encumbrances and restrictions entered into in the ordinary course of business that are not more
restrictive, taken as a whole, than the encumbrances existing on the Closing Date; 
 (iii) (A) any limitation that
limits the ability of a Subsidiary to transfer property or enter into such Guarantees or (B) any negative pledge on any property contained in any agreement for an Asset Sale of such property so long as such Asset Sale is permitted by the terms
hereof, any negative pledge in favor of the holder of a Permitted Lien on the property subject to such Permitted Lien and any negative pledge on any accounts receivable, payment intangibles, instruments or other similar rights to payment from a
counterparty or its Affiliates granted on such rights to payment to such counterparty or its Affiliates; 
 (iv) customary
non-assignment provisions in contracts, agreements, leases, permits and licenses; 
 (v) purchase money obligations for
property acquired and Capital Lease Obligations that impose property transfer restrictions on the property purchased or leased of the nature described in clause (a) of this Section 7.09; 
 (vi) any agreement for the sale or other disposition of the stock or assets of a Restricted Subsidiary that restricts distributions by
that Restricted Subsidiary pending the sale or other disposition; 
  

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 (vii) Liens permitted to be incurred under the provisions of Section 7.01
that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (viii) provisions limiting the
disposition or distribution of assets or property in joint venture agreements, ownership, participation, shareholders, partnership or limited liability company agreements relating to Project Interests, asset sale agreements, sale-leaseback
agreements, stock sale agreements, agreements governing Non-Recourse Debt and other similar agreements, which limitation is applicable only to the assets that are the subject of such agreements; 
 (ix) restrictions on cash or other deposits or net worth or other similar requirements imposed by customers under contracts entered into
in connection with a Permitted Business; 
 (x) restrictions or conditions contained in any trading, netting, operating,
construction, service, supply, purchase, sale or similar agreement to which the Borrower or any Restricted Subsidiary is a party entered into in connection with a Permitted Business; provided that such agreement prohibits the encumbrance of
solely the property or assets of the Borrower or such Restricted Subsidiary that are the subject of that agreement, the payment rights arising thereunder and/or the proceeds thereof and not of any other asset or property of the Borrower or such
Restricted Subsidiary or the assets or property of any other Restricted Subsidiary; 
 (xi) any instrument governing
Indebtedness or Capital Stock of a Person acquired by the Borrower or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in
contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in
the case of Indebtedness, such Indebtedness was permitted by the terms of this Agreement to be incurred; 
 (xii) Indebtedness
of a Restricted Subsidiary existing at the time it became a Restricted Subsidiary if such restriction was not created in connection with or in anticipation of the transaction or series of transactions pursuant to which such Restricted Subsidiary
became a Restricted Subsidiary or was acquired by the Borrower; 
 (xiii) with respect to property transfer restrictions of
the type described in clause (a) of this Section 7.09 only, restrictions encumbering property at the time such property was acquired by the Borrower or any of its Restricted Subsidiaries, so long as such restriction relates
solely to the property so acquired and was not created in connection with or in anticipation of such acquisition; 
 (xiv)
customary provisions in joint venture, stockholder, membership, limited liability company or partnership agreements or organizational documents relating to joint ventures or partnerships or owners, participation, shared facility or other similar
agreements relating to Project Interests; and 
 (xv) any encumbrance or restriction of the type referred to in clauses
(a), (b) or (c) of this Section 7.09 (except to the extent that any of clauses (i) through (xiv) of this Section 7.09 refers or applies only to certain of such clauses (a), (b) or
(c), and, in such case, only to such applicable clause), imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to
in clauses (i) through (xiv) of this Section 7.09; provided that such amendments, 

  

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modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, when taken as a whole, in the good faith
judgment of the chief financial officer of the Borrower, no more restrictive with respect to such dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification,
restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 7.10. Use of Proceeds. The Borrower shall not
use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the
purpose of purchasing or carrying margin stock or to refund Indebtedness originally incurred for such purpose (in each case to the extent such action is in violation of Regulation U). 
 7.11. Financial Covenants. 
 (a)
Secured Debt/EBITDA Ratio. The Borrower shall not permit the Secured Debt/EBITDA Ratio as of the last day of any fiscal quarter to be greater than the ratio set forth below: 
  

			
	 Measurement Period Ending:
	  	Maximum Secured
Debt/EBITDA Ratio:
	 June 30, 2006
	  	3.50:1.0
	 September 30, 2006
	  	3.50:1.0
	 December 31, 2006
	  	3.0:1.0
	 March 31, 2007
	  	2.75:1.0
	 June 30, 2007
	  	2.5:1.0
	 September 30, 2007
	  	2.25:1.0
	 December 31, 2007 and thereafter
	  	2.0:1.0

 (b) Interest Coverage Ratio. The Borrower shall not permit the Interest Coverage Ratio as
of the last day of any Measurement Period ending during any period set forth below to be less than the ratio set forth opposite such period below: 
  

			
	 Measurement Period Ending:
	  	Interest Coverage Ratio
	 June 30, 2006
	  	1.40:1.0
	 September 30, 2006
	  	1.40:1.0
	 December 31, 2006
	  	1.50:1.0
	 March 31, 2007
	  	1.625:1.0
	 June 30, 2007
	  	1.625:1.0
	 September 30, 2007
	  	1.625:1.0
	 December 31, 2007
	  	1.625:1.0
	 March 31, 2008
	  	1.625:1.0
	 June 30, 2008 and thereafter
	  	1.75:1.0

  

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 7.12. Capital Expenditures. The Borrower shall not, nor shall it permit any of its Restricted
Subsidiaries to, directly or indirectly, make Capital Expenditures (other than Capital Expenditures made with Exempt Proceeds) during the four-fiscal quarter period ending on the applicable date set forth below in an aggregate amount exceeding, in
the aggregate for the Borrower and its Restricted Subsidiaries, the amount set forth opposite such date: 
  

				
	 Four-Fiscal Quarter Period Ending:
	  	Amount:
	 June 30, 2006
	  	$	155,000,000
	 September 30, 2006
	  	$	155,000,000
	 December 31, 2006
	  	$	155,000,000
	 March 31, 2007
	  	$	145,000,000
	 June 30, 2007
	  	$	145,000,000
	 September 30, 2007
	  	$	145,000,000
	 December 31, 2007
	  	$	145,000,000
	 March 31, 2008
	  	$	160,000,000
	 June 30, 2008
	  	$	160,000,000
	 September 30, 2008
	  	$	160,000,000
	 December 31, 2008
	  	$	160,000,000
	 March 31, 2009
	  	$	220,000,000
	 June 30, 2009
	  	$	220,000,000
	 September 30, 2009
	  	$	220,000,000
	 December 31, 2009
	  	$	220,000,000
	 March 31, 2010
	  	$	220,000,000
	 June 30, 2010
	  	$	220,000,000
	 September 30, 2010
	  	$	220,000,000
	 December 31, 2010
	  	$	220,000,000
	 March 31, 2011
	  	$	220,000,000
	 June 30, 2011
	  	$	220,000,000
	 September 30, 2011
	  	$	220,000,000
	 December 31, 2011
	  	$	220,000,000
	 March 31, 2012
	  	$	240,000,000

 provided that (i) any portion of any amount set forth above, if not expended in the four fiscal
quarter period for which it is permitted above, may be carried over for expenditure in the immediately succeeding four fiscal quarter period and (ii) up to 50% of any amount set forth above for any four quarter fiscal period may be carried back
for expenditure in the immediately prior four fiscal quarter period (any such amount, the “Capital Expenditure Carryback Amount”) and the amount set forth above for such future four fiscal quarter period shall be reduced by
such Capital Expenditure Carryback Amount. Notwithstanding the foregoing, the Borrower and its Restricted Subsidiaries may at any time make additional Capital Expenditures (a) that are Environmental Capital Expenditures or Necessary Capital
Expenditures or (b) in an amount equal to the amount of Exempt Equity Proceeds at such time. 
 7.13. Amendments of Organizational
Documents. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, amend any of its Organizational Documents other than any such amendment (a) made solely in connection with a transaction
that is otherwise permitted under this Agreement, (b) that could not reasonably be expected to have a Material Adverse Effect, or (c) in connection with Discontinued Business Operations. 
 7.14. Accounting Changes. The Parent Guarantor shall not, and the Borrower shall not, nor shall they permit any of their respective Restricted
Subsidiaries to, directly or indirectly, make any change in (a) accounting policies or reporting practices, except (i) as required or permitted by GAAP or (ii) as the Parent Guarantor or the Borrower, as the case may be, deems
necessary to comply with any Law, or (b) fiscal year. 
 7.15. Prepayments, Etc. of Indebtedness. The Borrower shall not, nor
shall it permit any of its Restricted Subsidiaries to, directly or indirectly, prepay, redeem, purchase, defease or otherwise satisfy or make any unscheduled payment, in each case, prior to the scheduled maturity thereof in any 

  

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manner (whether directly or indirectly), or make any payment in violation of any subordination terms of, any Indebtedness for borrowed money (other than any
intercompany Indebtedness), except for the following: 
 (a) the prepayment of the Credit Extensions in accordance with the terms of this
Agreement; 
 (b) required prepayments or redemptions of Indebtedness that is permitted by Section 7.03; 
 (c) the prepayment, redemption, repurchase, defeasance, or other unscheduled payment of any Indebtedness that, as of the date hereof, has a final
maturity date no later than the Term L/C Facility Term Loan Maturity Date; 
 (d) the prepayment, redemption, repurchase, defeasance, or
other unscheduled payment of any Indebtedness in connection with any refinancing, refunding, or exchange thereof permitted by Section 7.03; 
 (e) any payment permitted pursuant to Section 7.02(j); 
 (f) the prepayment, redemption,
repurchase, defeasance, or other unscheduled payment of Indebtedness that, as of the date hereof, has a final maturity date after the Term L/C Facility Term Loan Maturity Date (i) with Exempt Proceeds, (ii) with Exempt Equity Proceeds or
(iii) with funds other than Exempt Proceeds or Exempt Equity Proceeds in an aggregate amount not to exceed $150,000,000; 
 (g) the
prepayment, redemption, repurchase, defeasance or other unscheduled payment of the 2003 Second Lien Notes, provided that the pro forma Leverage Ratio, after giving effect to such prepayment, redemption, repurchase, defeasance or other
unscheduled payment, shall not exceed (A) 7.0 to 1.0 at any time during fiscal year 2006, (B) 6.5 to 1.0 at any time from January 1, 2007 through March 31, 2007, (C) 6.25 to 1.0 at any time from April 1, 2007 through
June 30, 2007, (D) 6.0 to 1.0 at any time from July 1, 2007 through September 30, 2007, (E) 5.75 to 1.0 at any time from October 1, 2007 through December 31, 2007, (F) 5.25 to 1.0 at any time during fiscal
year 2008 and (G) thereafter, 5.0 to 1.0; 
 (h) any such prepayment, redemption, purchase, defeasance, or other unscheduled payment
made with (i) Exempt Proceeds or (ii) Exempt Equity Proceeds; and 
 (i) notwithstanding anything to the contrary in this
Section 7.15, any such prepayment, redemption, purchase, defeasance, or other unscheduled payment made solely with the net proceeds of any Parity Indebtedness or the issuance of any Capital Stock by the Borrower or any of its Restricted
Subsidiaries. 
 7.16. Swap Contracts. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or
indirectly, enter into or assume any Swap Contracts other than: (a) in respect of the production, handling, aggregation, storage, purchase, supply and delivery of energy-related products and services, financial or physical energy-related risk
management products and services, energy management and asset management services, in each case to the extent such activities are performed directly or indirectly for the benefit of, or to manage or mitigate risk involving assets, property,
inventory positions or sales or purchase obligation positions owned, controlled or held by, the Borrower or any Subsidiary thereof, (b) in connection with the on-going management of Third Party Risk Management transactions or positions,
existing as of the Closing Date, including entering into amendments, modifications, supplements, restatements or replacement thereof or new transactions or positions in order 

  

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to manage the risks from time to time relating to such transactions or positions, or entered into as agent for or on behalf of third parties where effective
liability for such transactions or positions resides with or has been transferred to such third parties by law or contract, (c) in respect of gas processing and natural gas liquids or in connection with the management of natural gas or natural
gas liquids price risk or (d) in respect of interest rates or currency incurred in the ordinary course of business and consistent with prudent business practice. As used herein, “Third Party Risk Management” means, the
production, handling, aggregation, storage, purchase, supply and delivery of energy-related products and services, financial or physical energy-related risk management products and services, energy management, operation and maintenance services,
general and administrative services, back office services, asset management services and operations of Southstar and Nicor Energy retail alliances, in each case to the extent such activities are not performed directly or indirectly for the benefit
of, or to manage or mitigate risk involving assets, property, inventory positions or sales or purchase obligation positions owned, controlled or held by, the Borrower or any Subsidiary thereof. 
 7.17. Partnerships, Etc. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, become a
general partner in any general or limited partnership or joint venture, other than any Subsidiary the sole assets of which consist of its interest in such partnership or joint venture. 
 7.18. Formation of Subsidiaries. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly,
organize or invest in any new Subsidiary except as permitted under Section 7.02. 
 7.19. Amendments, Etc. of 2003 Convertible
Preferred Stock. The Parent Guarantor shall not amend, modify or change any term or condition of the 2003 Convertible Preferred Stock or agree in any manner to any other amendment, modification or change of any term or condition of the 2003
Convertible Preferred Stock in any manner adverse to the interests of the Lenders. 
 ARTICLE VIII 
 EVENTS OF DEFAULT AND REMEDIES 
 8.01.
Events of Default. Any of the following shall constitute an Event of Default: 
 (a) Non-Payment. The Borrower fails to pay
(i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within five Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any prepayment
premium, or any commitment or other fee due hereunder, or (iii) within five Business Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 
 (b) Specific Covenants. The Borrower or the Parent Guarantor, as applicable, fails to perform or observe any term, covenant or agreement contained
in any of Section 6.01, 6.02(a) and 6.05 (with respect to the Parent Guarantor, the Borrower or any Material Subsidiary only) or Article VII; or 
 (c) Other Defaults. Any Loan Party fails to perform or observe (i) the covenant in Section 6.07 and such failure continues for ten days after the earlier of (A) the date such Loan Party
obtains knowledge of such non-compliance and (B) receipt of notice of such non-compliance from either Administrative Agent (whether by itself or at the request of any Lender) to the Borrower or (ii) any other covenant or agreement (not
specified in clause (i) above or in Section 8.01(a) or (b)) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (A) the date such Loan
Party obtains knowledge of such non-compliance and (B) receipt of 

  

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notice of such non-compliance from either Administrative Agent (whether by itself or at the request of any Lender) to the Borrower; or 
 (d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the
Borrower, the Parent Guarantor or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made, and, with
respect to any representation contained in Section 5.08(b), 5.08(c) or 6.02(f) which is incorrect or misleading in any material respect when made or deemed made, the Loan Parties shall not have complied with the provisions of
Section 6.13 with respect to such real property or leases within 30 days following the date on which a Loan Party obtains knowledge of the inaccuracy of such representation; or 
 (e) Cross-Default. Any Loan Party or any Restricted Subsidiary of the Borrower (i) fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee of Indebtedness (other than Indebtedness hereunder and intercompany Indebtedness) having an aggregate principal amount (including undrawn
amounts under letters of credit and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than $50,000,000 or (ii) fails to observe or perform any other agreement or condition relating to any such
Indebtedness or Guarantee of Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of
such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or
to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or
cash collateral in respect thereof to be demanded; provided that any event described in this Section 8.01(e) that occurs in respect of a non-wholly owned Subsidiary shall not be an Event of Default unless the Fair Market Value of
the total aggregate assets of the non-wholly owned Subsidiaries as to which such event or events have occurred is at least $50,000,000 and such event or events shall not have been cured within 45 days; or 
 (f) Insolvency Proceedings, Etc. The Parent Guarantor, the Borrower or any Material Subsidiary institutes or consents to the institution of any
proceeding under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it
or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged
or unstayed for 60 consecutive calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or
unstayed for 60 consecutive calendar days, or an order for relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts;
Attachment. (i) The Parent Guarantor, the Borrower or any Material Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due or (ii) any writ or warrant of attachment or
execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 60 days after its issue or levy; or 
 (h) Judgments. There is entered against the Parent Guarantor, the Borrower or any Material Subsidiary a final non-appealable judgment or order for
the payment of money for an amount 

  

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exceeding $50,000,000 (net of insurance coverage which is reasonably expected to be paid by the insurer) and either (i) such judgment or order is not
discharged within a period of 60 consecutive days following the rendering thereof and enforcement proceedings are commenced by any creditor upon such judgment or order, or (ii) there is a period of 60 consecutive days during which a stay of
enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 
 (i) ERISA. (i) An ERISA Event
occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of any Loan Party to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of
$50,000,000, or (ii) any Loan Party or any ERISA Affiliate defaults, within the meaning of Section 4219(c)(5) of ERISA, with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate
amount in excess of $50,000,000; or 
 (j) Invalidity of Loan Documents. The Parent Guarantor or any Subsidiary thereof asserts that
any provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; the
Parent Guarantor or any Subsidiary thereof contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports
to revoke, terminate or rescind any Loan Document; or 
 (k) Change of Control. There occurs any Change of Control; or 
 (l) Collateral Document. Any Collateral Document after delivery thereof pursuant to Section 4.01, 6.12 or 6.13 shall for
any reason (other than pursuant to the terms thereof or hereof) cease to create a valid and perfected lien on and security interest in any material portion of the Collateral. 
 8.02. Remedies Upon Event of Default. 
 (a) Termination of Commitments. If any Event of Default occurs and is continuing, the Administrative Agents shall, at the request of, or may, with the consent of, the Required Lenders, declare the Revolving Credit Commitments and any
obligation of any L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such Revolving Credit Commitments and obligation shall be terminated; 
 (b) Acceleration and other Remedies. If any Event of Default occurs and is continuing, the Administrative Agents shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of
the following actions: 
 (i) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid
thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower;

 (ii) require that the Borrower Cash Collateralize the Revolving L/C Obligations (in an amount equal to the then Outstanding
Amount thereof); and 
 (iii) exercise on behalf of itself, the other Agents and the Lenders all rights and remedies available
to it, the other Agents and the Lenders under the Loan Documents (including, without limitation, all of the Collateral Documents) or applicable Law; 
  

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 provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower
under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of any L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and
all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the Revolving L/C Obligations as aforesaid shall automatically become effective, in each case without
further act of any Agent or any Lender. 
 8.03. Application of Monies Upon Event of Default. Upon an Event of Default, any monies
received by any Agent shall be applied to the Obligations, subject to the priorities set forth in the Collateral Trust Agreement, in the following order of priority: 
 (i) first, to costs and expenses owed to the Agents and any L/C Issuer, ratably in accordance with such respective costs and
expenses then owing to the Agents and such L/C Issuers; 
 (ii) second, to fees and interest owed to the Lenders,
ratably in accordance with such respective fees and interest then owing to the Lenders; and 
 (iii) third, ratably to
payments of principal (and Cash Collateralization of Letters of Credit). 
 ARTICLE IX 
 ADMINISTRATIVE AGENTS AND OTHER AGENTS 
 9.01. Appointment and Authorization of
Agents. 
 (a) Each Lender hereby irrevocably appoints, designates and authorizes each Agent to take such action on its behalf under the
provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, no Agent shall have any duties or responsibilities, except those expressly set forth herein, nor shall any Agent have or be
deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist
against any Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting
parties. 
 (b) Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and such L/C Issuer shall have all of the benefits and immunities (i) provided to the Agents in this Article IX with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit
issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if the term “Agent” as used in this Article IX and in the definition of
“Agent-Related Person” included such L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such L/C Issuer. 
  

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 (c) Each of the Lenders (in its capacities as a Lender and L/C Issuer (if applicable)) hereby irrevocably
appoints and authorizes the Collateral Agent to act as the agent and as the representative of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the
Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent (and any co-agents, subagents and attorneys-in-fact appointed by the Collateral Agent or by either
Administrative Agent pursuant to Section 9.02 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the
direction of the Collateral Agent), shall be entitled to the benefits of all provisions of this Article IX (including, without limitation, Section 9.07, as though such co-agents, sub-agents and attorneys-in-fact were the
“collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto. 
 (d) Each of the Lenders hereby
irrevocably authorizes the Agents to enter into intercreditor arrangements on behalf of such Lender in respect of the 2003 Second Lien Notes and any other Parity Lien Debt (including amendments thereto, if any, (i) consistent with the terms of
this Agreement and (ii) which do not otherwise adversely affect the rights and remedies of the Lenders) and any Permitted Refinancing Indebtedness in respect of the 2003 Second Lien Notes and such Parity Lien Debt. 
 (e) Each Lender hereby irrevocably authorizes the Collateral Agent to (i) direct the Collateral Trustees to execute the Mortgage Supplements,
(ii) consent to the amendment to the Collateral Trust Agreement delivered pursuant to Section 4.01(a)(iv) and (iii) enter into any other documents necessary to reflect the terms of this Agreement or effectuate the provisions in
clauses (i) and (ii), in each case, in accordance with the Collateral Trust Agreement. 
 9.02. Delegation of Duties. Any
Agent may execute any of its duties under this Agreement or any other Loan Document (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising any
rights and remedies thereunder at the direction of the Administrative Agents) by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such
duties. No Agent shall be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 
 9.03. Liability of Agents. No Agent-Related Person shall (a) be liable for any action taken or omitted to be taken by any of them under or in
connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in connection with its duties expressly set forth herein), or (b) be responsible in any
manner to any Lender or participant for any recital, statement, representation or warranty made by any Loan Party or any officer thereof, contained herein or in any other Loan Document, or in any certificate, report, statement or other document
referred to or provided for in, or received by any Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document,
or the perfection or priority of any Lien or security interest created or purported to be created under the Collateral Documents, or for any failure of any Loan Party or any other party to any Loan Document to perform its obligations hereunder or
thereunder. No Agent-Related Person shall be under any obligation to any Lender or participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan
Document, or to inspect the properties, books or records of any Loan Party or any Affiliate thereof. 
  

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 9.04. Reliance by Agents. 
 (a) Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution,
representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by such Agent. Each Agent shall be fully justified in failing or
refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, 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. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any
other Loan Document in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto
shall be binding upon all the Lenders. The Lenders hereby acknowledge that each Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless
it shall be requested in writing to do so by the Required Lenders. Each Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction by
the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 
 (b) For purposes of determining compliance with the conditions specified in Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each
document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agents shall have received notice from such Lender prior to the proposed Closing Date specifying its
objection thereto. 
 9.05. Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default,
except with respect to defaults in the payment of principal, interest and fees required to be paid to the Payment Agent for the account of the Lenders, unless such Agent shall have received written notice from a Lender or the Borrower referring to
this Agreement, describing such Default and stating that such notice is a “notice of default.” The Administrative Agents will notify the Lenders of its receipt of any such notice. The Administrative Agents shall take such action, or direct
the Collateral Agent to take such action or refrain from taking such action, with respect to such Default as may be directed by the Required Lenders in accordance with Article VIII; provided that unless and until the Administrative
Agents or the Collateral Agent, as the case may be, have received any such direction, the Administrative Agents or the Collateral Agent, as the case may be, may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Default as they shall deem advisable or in the best interest of the Lenders. 
 9.06. Credit Decision; Disclosure of
Information by Agents. Each Lender acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review of the
affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information
in their possession. Each Lender represents to each Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the 

  

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Loan Parties and their respective Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made
its own decision to enter into this Agreement and to extend credit to the Borrower and the other Loan Parties hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the other Loan Parties. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by any Agent herein, such Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and
other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person. 
 9.07. Indemnification of Agents. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on
behalf of any Loan Party and without limiting the obligation of any Loan Party to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it; provided that no Lender shall
be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Agent-Related
Person’s own gross negligence or willful misconduct; provided that no action taken by any Agent-Related Person in accordance with the directions of the Required Lenders, and no action taken or refrained from being taken by the Collateral
Agent at the direction of an Administrative Agent, shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.07. In the case of any investigation, litigation or proceeding giving rise to any
Indemnified Liabilities, this Section 9.07 applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. As used herein, “Indemnified Liabilities” for each
Agent-Related Person means (i) any amounts not reimbursed by the Borrower for which such Agent-Related Person is entitled to reimbursement by the Borrower under the Loan Documents, (ii) any other reasonable expenses incurred by such
Agent-Related Person on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including, without limitation, for any reasonable expenses incurred by such Agent-Related
Person in connection with any dispute between such Agent-Related Person and any Lender or between two or more of the Lenders) and (iii) any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable costs,
expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against such Agent-Related Person in any way relating to or arising out of the Loan Documents or any other document delivered in connection
therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against such Agent-Related Person in connection with any dispute between such Agent-Related Person and any Lender or
between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents. Without limitation of the foregoing, each Lender shall reimburse each Agent and each L/C Issuer upon demand for its
ratable share of any reasonable costs or out-of-pocket expenses (including Attorney Costs) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that such Agent is not
reimbursed for such expenses by or on behalf of the Borrower. The undertaking in this Section 9.07 shall survive termination of the Commitments, the payment of all other Obligations and the resignation of such Agent. 
  

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 9.08. Agents in their Individual Capacities. Citicorp USA, Inc. and JPMCB and their respective
Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with each of the Loan
Parties and their respective Affiliates as though Citicorp USA, Inc. and JPMCB were not Agents hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, Citicorp USA, Inc. and JPMCB or
their respective Affiliates may receive information regarding any Loan Party or its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and acknowledge that no Agent
shall be under any obligation to provide such information to them. With respect to its Loans, each of Citicorp USA, Inc. and JPMCB shall have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers
as though it were not an Agent, and the terms “Lender” and “Lenders” include each of Citicorp USA, Inc. and JPMCB in its individual capacity. 
 9.09. Successor Agents. Any Agent may resign as Agent upon 30 days’ notice to the Borrower and to the Lenders. If any Agent resigns under this Agreement, the Required Lenders shall, with the consent of the
Borrower at all times other than during the existence of an Event of Default (which consent of the Borrower shall not be unreasonably withheld or delayed), appoint from among the Lenders a successor agent for the Lenders. If no successor agent is
appointed prior to the effective date of the resignation of such Agent, such Agent may appoint, after consulting with the Lenders and the Borrower, a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent
hereunder, the Person acting as such successor agent shall succeed to all the rights, powers and duties of the retiring Agent and the terms “Administrative Agent” and “Collateral Agent” shall mean such successor administrative
agent and collateral agent and the retiring Agent’s appointment, powers and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Article IX and Sections 11.04
and 11.05 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Agent under this Agreement. If no successor agent has accepted appointment as Agent by the date which is 30 days following a retiring
Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of such Agent hereunder until such time, if any, as the Required Lenders appoint
a successor agent as provided for above. Upon the acceptance of any appointment as Agent hereunder by a successor and upon the execution and filing or recording of such financing statements, or amendments thereto, and such amendments or supplements
to the Mortgages, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Collateral Documents, such
successor Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under the Loan Documents.
After any retiring Agent’s resignation hereunder as an Agent, the provisions of this Article IX shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as an Agent.

 9.10. Administrative Agents May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agents (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as
herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agents shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other
Obligations that are owing and unpaid and 

  

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to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Agents (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders and the Agents and their respective agents and counsel and all other amounts due the Lenders and the Agents under Sections 2.03(i) and (j), 2.08 and
11.04) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on
any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agents and, in the event that the Administrative Agents shall consent to the making of such payments directly to the Lenders, to pay to the
Administrative Agents any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due the Agents under Sections 2.08 and 11.04.

 Nothing contained herein shall be deemed to authorize the Administrative Agents to authorize or consent to or accept or adopt on behalf of
any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agents to vote in respect of the claim of any Lender in any such proceeding.

 9.11. Collateral and Guaranty Matters. 
 (a) Provided that no Event of Default then exists, the Collateral Agent shall, and shall direct the Collateral Trustees to, release any Lien on any property granted to or held by the Collateral Agent or the Collateral
Trustees under any Loan Document (i) upon termination of the Commitments and payment in full of all Obligations (other than contingent indemnification obligations not yet accrued and payable) and the expiration or termination of all Letters of
Credit, (ii) that is Disposed of as part of or in connection with any sale, lease, conveyance or other disposition permitted hereunder or under any other Loan Document, or (iii) subject to Section 11.01(f) and (g), if
approved, authorized or ratified in writing by the Required Lenders. 
 (b) Provided that no Event of Default then exists, the Administrative
Agents and the Collateral Agent shall, and shall direct the Collateral Trustees to, release any Loan Party from its obligations under the Loan Documents to which it is a party or by which it is bound (i) if such Person ceases to be a Subsidiary
or is no longer required to be a party to the Guaranty as a result of a transaction permitted hereunder or otherwise in accordance with the terms of the Loan Documents, or (ii) subject to Section 11.01(f) and (g), if
approved, authorized or ratified in writing by the Required Lenders. 
 (c) The Collateral Agent and the Administrative Agents, as the case
may be, will, at the Borrower’s expense, timely execute and deliver such documents and notices and take such other actions as the Borrower may reasonably request to evidence the release of any Collateral or Loan Documents in accordance with
this Section 9.11 and any other applicable terms of the Loan Documents. 
 (d) Each Lender hereby authorizes the Collateral Agent
or the Administrative Agents to take the actions required under this Section 9.11. Without limiting such authorization, the requisite Lenders will timely confirm in writing the authority of the Collateral Agent or the Administrative
Agents, as applicable, with respect to any action under this Section 9.11. 
 9.12. Other Agents; Arrangers and
Bookrunners. None of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a “syndication agent,” 

  

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“documentation agent,” “co-agent,” “bookrunner,” “lead manager,” “arranger,” “lead arranger” or
“co-arranger” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none of the
Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding
to enter into this Agreement or in taking or not taking action hereunder. 
 9.13. Appointment of Supplemental Collateral Agents.

 (a) It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any law of any jurisdiction
denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in
particular in case of the enforcement of any of the Loan Documents, or in case the Administrative Agents deem that by reason of any present or future law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or
in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, it may be necessary that the Administrative Agents appoint an additional individual or institution as a separate trustee,
co-trustee, collateral agent, collateral sub-agent or collateral co-agent (any such additional individual or institution being referred to herein individually as a “Supplemental Collateral Agent” and collectively as
“Supplemental Collateral Agents”). 
 (b) In the event that the Administrative Agents appoint a Supplemental
Collateral Agent with respect to any Collateral, (i) each and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or conveyed to the Administrative
Agents with respect to such Collateral shall be exercisable by and vest in such Supplemental Collateral Agent to the extent, and only to the extent, necessary to enable such Supplemental Collateral Agent to exercise such rights, powers and
privileges with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental
Collateral Agent shall run to and be enforceable by either the Administrative Agents or such Supplemental Collateral Agents, and (ii) the provisions of this Article and of Section 11.04 that refer to the Administrative Agent shall
inure to the benefit of such Supplemental Collateral Agent and all references therein to the Administrative Agent shall be deemed to be references to the Administrative Agents and/or such Supplemental Collateral Agent, as the context may require.

 (c) Should any instrument in writing from any Loan Party be required by any Supplemental Collateral Agent so appointed by the
Administrative Agents for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, such Loan Party shall execute, acknowledge and deliver any and all such instruments promptly upon request by the
Administrative Agents. In case any Supplemental Collateral Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Collateral Agent, to the extent
permitted by law, shall vest in and be exercised by the Administrative Agents until the appointment of a new Supplemental Collateral Agent. 
  

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 ARTICLE X 
 GUARANTY 
 10.01. Guaranty; Limitation of Liability. 
 (a) Each Guarantor, jointly and severally, hereby absolutely, unconditionally and irrevocably guarantees the punctual payment when due, whether at
scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise, of all Obligations of the Borrower and of all ACH Obligations now or hereafter existing (including, without limitation, any extensions,
modifications, substitutions, amendments or renewals of any or all of the foregoing Obligations), whether direct or indirect, absolute or contingent, and whether for principal, interest, premiums, fees, indemnities, contract causes of action, costs,
expenses or otherwise (such Obligations being the “Guaranteed Obligations”), and agrees to pay any and all expenses (including, without limitation, fees and expenses of counsel) incurred by any Agent or any other Secured
Party in enforcing any rights under this Guaranty or any other Loan Document. Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would
be owed by any other Loan Party to any Secured Party under or in respect of the Loan Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such
other Loan Party. 
 (b) Each Guarantor, and by its acceptance of this Guaranty, the Administrative Agents and each other Secured Party,
hereby confirms that it is the intention of all such Persons that this Guaranty and the Obligations of each Guarantor hereunder not constitute a fraudulent transfer or conveyance for purposes of Debtor Relief Laws, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty and the Obligations of each Guarantor hereunder. To effectuate the foregoing intention, the Administrative Agents, the
other Secured Parties and the Guarantors hereby irrevocably agree that the Obligations of each Subsidiary Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the Obligations of such Subsidiary Guarantor
under this Guaranty not constituting a fraudulent transfer or conveyance. 
 (c) Each Subsidiary Guarantor hereby unconditionally and
irrevocably agrees that in the event any payment shall be required to be made to any Secured Party under this Guaranty or any Guaranty Supplement, such Subsidiary Guarantor will contribute, to the maximum extent permitted by law, such amounts to
each other Subsidiary Guarantor and each other Guarantor so as to maximize the aggregate amount paid to the Secured Parties under or in respect of the Loan Documents. 
 10.02. Guaranty Absolute. Each Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Loan Documents, regardless of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Secured Party with respect thereto. The Obligations of each Guarantor under or in respect of this Guaranty are independent of the Guaranteed Obligations or any
other Obligations of any other Loan Party under or in respect of the Loan Documents, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce this Guaranty, irrespective of whether any action is brought
against the Borrower or any other Loan Party or whether the Borrower or any other Loan Party is joined in any such action or actions. The liability of each Guarantor under this Guaranty shall be irrevocable, absolute and unconditional irrespective
of, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or all of the following: 
 (a) any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto; 
  

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 (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the
Guaranteed Obligations or any other Obligations of any other Loan Party under or in respect of the Loan Documents, or any other amendment or waiver of or any consent to departure from any Loan Document, including, without limitation, any increase in
the Guaranteed Obligations resulting from the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise; 
 (c) any taking, exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or amendment or waiver of, or consent to departure from, any other guaranty, for all or any of the Guaranteed Obligations;

 (d) any manner of application of Collateral or any other collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or
any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Guaranteed Obligations or any other Obligations of any Loan Party under the Loan Documents or any other assets of any Loan Party or any of its
Subsidiaries; 
 (e) any change, restructuring or termination of the corporate structure or existence of any Loan Party or any of its
Subsidiaries; 
 (f) any failure of any Secured Party to disclose to any Loan Party any information relating to the business, condition
(financial or otherwise), operations, performance, properties or prospects of any other Loan Party now or hereafter known to such Secured Party (each Guarantor waiving any duty on the part of the Secured Parties to disclose such information);

 (g) the failure of any other Person to execute or deliver this Guaranty, any Guaranty Supplement or any other guaranty or agreement or the
release or reduction of liability of any Guarantor or other guarantor or surety with respect to the Guaranteed Obligations; or 
 (h) any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation by any Secured Party that might otherwise constitute a defense available to, or a discharge of, any Loan Party or
any other guarantor or surety. 
 This Guaranty shall survive termination of this Agreement and shall continue to be effective or be reinstated, as the case
may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by any Secured Party or any other Person upon the insolvency, bankruptcy or reorganization of the Borrower or any other Loan Party or
otherwise, all as though such payment had not been made. 
 10.03. Waivers and Acknowledgments. 
 (a) Each Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance, notice
of nonperformance, default, acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement that any Secured Party protect, secure, perfect or insure any Lien or any
property subject thereto or exhaust any right or take any action against any Loan Party or any other Person or any Collateral. 
 (b) Each
Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guaranty and acknowledges that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future. 
  

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 (c) Each Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by reason
of any claim or defense based upon an election of remedies by any Secured Party that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such
Guarantor or other rights of such Guarantor to proceed against any of the other Loan Parties, any other guarantor or any other Person or any Collateral and (ii) any defense based on any right of set-off or counterclaim against or in respect of
the Obligations of such Guarantor hereunder. 
 (d) Each Guarantor acknowledges that the Collateral Agent may, without notice to or demand
upon such Guarantor and without affecting the liability of such Guarantor under this Guaranty, foreclose under any mortgage by nonjudicial sale, and each Guarantor hereby waives any defense to the recovery by the Collateral Agent and the other
Secured Parties against such Guarantor of any deficiency after such nonjudicial sale and any defense or benefits that may be afforded by applicable law. 
 (e) Each Guarantor hereby unconditionally and irrevocably waives any duty on the part of any Secured Party to disclose to such Guarantor any matter, fact or thing relating to the business, condition (financial or
otherwise), operations, performance, properties or prospects of any other Loan Party or any of its Subsidiaries now or hereafter known by such Secured Party. 
 (f) Each Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated by the Loan Documents and that the waivers set forth in
Section 10.02 and this Section 10.03 are knowingly made in contemplation of such benefits. 
 10.04.
Subrogation. Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against the Borrower, any other Loan Party or any other insider guarantor that arise from the
existence, payment, performance or enforcement of such Guarantor’s Obligations under or in respect of this Guaranty or any other Loan Document, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or
indemnification and any right to participate in any claim or remedy of any Secured Party against the Borrower, any other Loan Party or any other insider guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or
under contract, statute or common law, including, without limitation, the right to take or receive from the Borrower, any other Loan Party or any other insider guarantor, directly or indirectly, in cash or other property or by set-off or in any
other manner, payment or security on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash, all Letters of Credit shall have
expired or been terminated and the Commitments shall have expired or been terminated. If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence at any time prior to the latest of (a) the payment in full in
cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, (b) the latest maturity date in respect of the Facilities outstanding from time to time and (c) the latest date of expiration or termination of all
Letters of Credit, such amount shall be received and held in trust for the benefit of the Secured Parties, shall be segregated from other property and funds of such Guarantor and shall forthwith be paid or delivered to the Administrative Agents in
the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the
Loan Documents, or to be held as Collateral for any Guaranteed Obligations or other amounts payable under this Guaranty thereafter arising. If (i) any Guarantor shall make payment to any Secured Party of all or any part of the Guaranteed
Obligations, (ii) all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash, (iii) the latest maturity date in respect of the Facilities outstanding from time to time shall
have occurred and (iv) all Letters of Credit shall have expired or been terminated, the Secured Parties will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate 

  

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documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the
Guaranteed Obligations resulting from such payment made by such Guarantor pursuant to this Guaranty. 
 10.05. Guaranty Supplements.
Upon the execution and delivery by any Additional Subsidiary Guarantor of a guaranty supplement substantially in the form of Exhibit H (each, a “Guaranty Supplement”), (a) such Person shall become and be a
Guarantor hereunder, and each reference in this Guaranty to a “Guarantor” shall also mean and be a reference to such Additional Subsidiary Guarantor, and each reference in any other Loan Document to a “Subsidiary Guarantor” shall
also mean and be a reference to such Additional Subsidiary Guarantor, and (b) each reference herein to “this Guaranty,” “hereunder,” “hereof” or words of like import referring to this Guaranty, and each reference
in any other Loan Document to the “Guaranty,” “thereunder,” “thereof” or words of like import referring to this Guaranty, shall mean and be a reference to this Guaranty as supplemented by such Guaranty Supplement.

 10.06. Subordination. Each Guarantor hereby subordinates any and all debts, liabilities and other obligations owed to such
Guarantor by each other Loan Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent and in the manner hereinafter set forth in this Section 10.06: 
 (a) Prohibited Payments, Etc. Except during the continuance of a Default (including the commencement and continuation of any proceeding under any
Debtor Relief Law relating to any other Loan Party), each Guarantor may receive regularly scheduled payments from any other Loan Party on account of the Subordinated Obligations. After the occurrence and during the continuance of any Default
(including the commencement and continuation of any proceeding under any Debtor Relief Law relating to any other Loan Party), however, unless the Required Lenders otherwise agree, no Guarantor shall demand, accept or take any action to collect any
payment on account of the Subordinated Obligations. 
 (b) Prior Payment of Guaranteed Obligations. In any proceeding under any Debtor
Relief Law relating to any other Loan Party, each Guarantor agrees that the Secured Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including all interest and expenses accruing after the commencement of a
proceeding under any Debtor Relief Law, whether or not constituting an allowed claim in such proceeding (“Post-Petition Interest”)) before such Guarantor receives payment of any Subordinated Obligations. 
 (c) Turn-Over. After the occurrence and during the continuance of any Default (including the commencement and continuation of any proceeding under
any Debtor Relief Law relating to any other Loan Party), each Guarantor shall, if the Administrative Agents so request, collect, enforce and receive payments on account of the Subordinated Obligations as trustee for the Secured Parties and deliver
such payments to the Administrative Agents on account of the Guaranteed Obligations (including all Post-Petition Interest), together with any necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner
the liability of such Guarantor under the other provisions of this Guaranty. 
 (d) Administrative Agents Authorization. After the
occurrence and during the continuance of any Default (including the commencement and continuation of any proceeding under any Debtor Relief Law relating to any other Loan Party), the Administrative Agents are authorized and empowered (but without
any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and to submit claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations
(including any and all Post-Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce, and to submit claims in respect of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the
Administrative Agents for application to the Guaranteed Obligations (including any and all Post-Petition Interest). 
  

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 10.07. Continuing Guaranty; Assignments. This Guaranty is a continuing guaranty and shall
(a) remain in full force and effect until the latest of (i) the payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, (ii) the latest maturity date in respect of the Facilities
outstanding from time to time and (iii) the latest date of expiration or termination of all Letters of Credit, (b) be binding upon each Guarantor and its successors and assigns and (c) inure to the benefit of and be enforceable by the
Secured Parties and their successors, transferees and assigns. Upon the occurrence of the latest date specified in clause (a) above, the Guarantors shall be released from other Obligations under the Loan Documents. Without limiting the
generality of clause (c) of the immediately preceding sentence, any Secured Party may assign or otherwise transfer all or any portion of its rights and obligations under this Agreement (including, without limitation, all or any portion
of its Commitments, the Advances owing to it and the Note or Notes held by it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party herein or otherwise, in
each case as and to the extent provided in this Section 10.07. No Guarantor shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders. 
 ARTICLE XI 
 MISCELLANEOUS 
 11.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by
the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by each Administrative Agent that Lenders
constituting the Required Lenders have approved such amendment or waiver, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided that no such amendment, waiver
or consent shall: 
 (a) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 8.02) without the written consent of such Lender; 
 (b) postpone any date scheduled for any payment of principal or
interest under Section 2.06 or 2.07, or any due date for any fees payable to the Lenders (or any of them) hereunder or under any other Loan Document, without the written consent of each Lender directly affected thereby;

 (c) reduce the principal of, or the rate of interest specified herein on, any Loan, Revolving L/C Borrowing, or any fees payable hereunder
or under any other Loan Document, without the written consent of each Lender directly affected thereby; provided that only the consent of the Required Lenders shall be necessary to change clause (c) of the definition of
“Default Rate”; 
 (d) change the order of application of any prepayment of Loans between the Facilities from the application
thereof set forth in the applicable provisions of Section 2.04(b), 2.11(i) or 2.11(j), respectively, or change the provisions for pro rata payments, pro rata sharing or other pro rata treatment of the Lenders under any Facility,
without the written consent of each Lender directly affected thereby; 
 (e) change any provision of this Section 11.01 or the
definition of “Pro Rata Share” or “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or
grant any consent hereunder, without the written consent of each Lender; 
  

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 (f) release all or substantially all of the Collateral (other than as permitted by the Loan Documents) in
any transaction or series of related transactions, without the written consent of each Lender; 
 (g) release all or substantially all of the
value of the Guaranty (in each case, other than as permitted by the Loan Documents), without the written consent of each Lender; or 
 (h)
impose any greater restriction on the ability of any Lender to assign, or sell participations in, any of its rights or obligations hereunder without the written consent of each Lender directly affected thereby; 
 and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by any L/C Issuer in addition to the Lenders
required above, affect the rights or duties of, or any fees or other amounts payable to, such L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued by it or, in the case of any
Term L/C Issuer, modify the provisions relating to the Term L/C Collateral Account; (ii) no amendment, waiver or consent shall, unless in writing and signed by an Agent in addition to the Lenders required above, affect the rights or duties of,
or any fees or other amounts payable to, such Agent under this Agreement or any other Loan Document; (iii) Section 11.07(g) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part
of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; and (iv) notwithstanding anything in this Section 11.01 to the contrary, any amendment to this Agreement or any other Loan
Document may be effected in accordance with the last sentence of Section 2.13(a). Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, except that (A) no such amendment, waiver or consent shall modify any provision of the Loan Documents (1) providing for Lenders to receive pro rata payments, pro rata sharing or other pro rata treatment or (2) in a manner
that has a disproportionate effect on such Lender in relation to other Lenders under the affected Facility and (B) the Commitment of such Lender may not be increased or extended, in each case without the consent of such Lender if the consent of
such Lender is otherwise required under the other provisions of this Section 11.01. 
 Anything in this Section 11.01
to the contrary notwithstanding: 
 (1) no waiver or modification of any provision of this Agreement that has the effect (either immediately
or at some later time) of enabling the Borrower to satisfy a condition precedent to the making of a Credit Extension under the Revolving Credit Facility shall be effective against the Revolving Credit Lenders unless the Revolving Credit Lenders
having more than 50% of the Revolving Credit Commitments shall have concurred with such waiver or modification; 
 (2) this Agreement may be
amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agents and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from
time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans (and any other credit facilities added pursuant to this clause
(2)) and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders; and 
 (3) this Agreement may be amended with the written consent of the Administrative Agents, the Borrower and the Lenders providing the
Replacement Term Loans (as defined below) to permit the refinancing of all outstanding Term L/C Facility Term Loans (or all loans under any other tranche of term loans added to this Agreement pursuant to clause (2) immediately above)
(“Refinanced 

  

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Term Loans”) with a replacement term loan tranche denominated in Dollars (“Replacement Term Loans”) hereunder;
provided that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans, (b) the Applicable Margin for such Replacement Term Loans shall not be higher
than the Applicable Margin for such Refinanced Term Loans, (c) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans at the time of
such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of a tranche of term loans under this Agreement) and (d) all other terms applicable to such Replacement
Term Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans, except to the extent necessary to provide for covenants and other terms
applicable to any period after the latest final maturity of the tranche or tranches of term loans in effect immediately prior to such refinancing. 
 11.02. Notices and Other Communications. 
 (a) General. Unless otherwise expressly provided herein, all notices and
other communications provided for hereunder or any other Loan Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or (subject to
Section 11.02(c)) electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 
 (i) if to the Borrower, the Payment Agent, an Administrative Agent or any L/C Issuer, to the address, facsimile number, electronic mail
address or telephone number specified for such Person on Schedule 11.02 or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

 (ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its
Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Borrower, the Administrative Agents and the L/C Issuers. 
 All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and
(ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile,
when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of Section 11.02(c)), when delivered; provided that notices and other
communications to the Administrative Agents and the L/C Issuers pursuant to Article II shall not be effective until actually received by such Person. In no event shall a voicemail message be effective as a notice, communication or
confirmation hereunder. 
 (b) Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted and/or signed by
facsimile. The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force and effect as manually-signed originals and shall be binding on all Loan Parties, the Agents and the Lenders. The Administrative
Agents may also require that any such documents and signatures be confirmed by a manually-signed original thereof; provided that 

  

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the failure to request or deliver the same shall not limit the effectiveness of any facsimile document or signature. 
 (c) Limited Use of Electronic Mail. Electronic mail and Internet and intranet websites may be used only to distribute routine communications, such
as financial statements and other information as provided in Sections 6.01 and 6.02, and to distribute Loan Documents for execution by the parties thereto, and may not be used for any other purpose. 
 (d) Reliance by Agents and Lenders. The Agents and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed
Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the
terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person
on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other communications with any Agent may be recorded by such Agent, and each of the parties hereto hereby consents to such recording. 
 11.03. No Waiver; Cumulative Remedies. No failure by any Lender or any Agent to exercise, and no delay by any such Person in exercising, any
right, remedy, power or privilege hereunder or any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by law. 
 11.04. Costs and Expenses. The Borrower agrees (a) to pay or reimburse each Agent, each L/C Issuer, and each
Joint Arranger named on the cover page of this Agreement for all reasonable costs and expenses incurred in connection with the development, preparation, negotiation, syndication and execution of this Agreement and the other Loan Documents, and any
amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated hereby or thereby are consummated), and the consummation and administration of the transactions contemplated hereby
and thereby, including all Attorney Costs for one principal counsel at any time for all such parties and reasonably required local counsel, and other professionals retained and (b) to pay or reimburse each Agent and each Lender for all costs
and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any
Debtor Relief Law), including all Attorney Costs. The foregoing costs and expenses shall include all search, filing, recording, title insurance and appraisal charges and fees and taxes related thereto, and other out-of-pocket expenses incurred by
any Agent and the cost of independent public accountants and other outside experts retained by any Agent. All amounts due under this Section 11.04 shall be payable within ten Business Days after demand therefor. The agreements in this
Section 11.04 shall survive the termination of the Commitments and repayment of all other Obligations. If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document,
including, without limitation, Attorney Costs and indemnities, such amount may be paid on behalf of such Loan Party by any Agent or any Lender, in its sole discretion. 
 11.05. Release and Indemnification by the Borrower and the Parent Guarantor. 
 (a) Whether or not the
transactions contemplated hereby are consummated, the Borrower and the Parent Guarantor hereby, jointly and severally, unconditionally release and forever discharge each 

  

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Agent-Related Person, each Lender and their respective Affiliates, successors, assigns, agents, directors, officers, employees, accountants, consultants,
contractors, advisors and attorneys (collectively, the “Indemnitees”) from all Claims and jointly and severally agree to indemnify the Indemnitees, and hold them harmless from any and all claims, losses, causes of action,
costs and expenses of every kind or character in connection with the Claims. As used in this Agreement, the term “Claims” shall mean any and all possible claims, demands, actions, causes of actions, costs, expenses and
liabilities whatsoever, known or unknown, at law or in equity, originating in whole or in part, which the Borrower or the Parent Guarantor, or any of their agents, employees or affiliates may now or hereafter have or claim against any of the
Indemnitees and irrespective of whether any such Claims arise out of contract, tort, strict liability, violation of Law or otherwise in connection with any of the Loan Documents and regardless of whether any Indemnitee is a party thereto, in all
cases, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses,
damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee. The Borrower and the Parent Guarantor, jointly and severally, agree that none of the Indemnitees have fiduciary or similar obligations to the Borrower or the Parent Guarantor and that their relationships are strictly that of
creditor and debtor. This release is accepted by each Lender pursuant to this Agreement and shall not be construed as an admission of liability by any Lender or any other Indemnitee. No Indemnitee shall be liable for any damages arising from the use
by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement, nor shall any Indemnitee have any liability for any indirect or consequential damages
relating to this Agreement or any other Loan Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date). In the case of an investigation, litigation or other proceeding to which the
indemnity in this Section 11.05 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, its directors, shareholders or creditors or an Indemnitee or any other
Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents is consummated. All amounts due under this Section 11.05 shall
be payable within ten Business Days after demand therefor. The agreements in this Section 11.05 shall survive the resignation of any Agent, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all the other Obligations. 
 (b) THE BORROWER AND EACH GUARANTOR ACKNOWLEDGES THAT THIS AGREEMENT AND OTHER TRANSACTION
DOCUMENTS CONTAIN PROVISIONS RELEASING EACH INDEMNITEE FROM LIABILITY AND/OR INDEMNIFYING AND HOLDING HARMLESS EACH INDEMNITEE FOR, AMONG OTHER THINGS, INDEMNITEE’S OWN NEGLIGENCE. EACH OF THE BORROWER AND THE PARENT GUARANTOR AGREES THAT THE
RELEASE AND/OR INDEMNITY PROVISIONS CONTAINED IN THESE DOCUMENTS ARE CAPTIONED TO CLEARLY IDENTIFY THE RELEASE AND/OR INDEMNITY PROVISIONS AND, THEREFORE, ARE SO CONSPICUOUS THAT EACH OF THE BORROWER AND THE PARENT GUARANTOR HAS FAIR NOTICE OF THE
EXISTENCE AND CONTENTS OF SUCH PROVISIONS. EACH OF THE BORROWER AND THE PARENT GUARANTOR HEREBY WAIVES ANY DEFENSES IT MIGHT ASSERT AGAINST EACH INDEMNITEE BASED ON THE HOLDING OF THE TEXAS SUPREME COURT IN ETHYL CORP. v. DANIEL CONST. CO.,
725 S.W.2d 705 (Tex. 1987), PAGE PETROLEUM, INC., et al. V. DRESSER INDUSTRIES, INC., et al., 853 S.W.2d 505 (Tex. 1993), AND QUORUM HEALTH RESOURCES, L.L.C. v. MAVERICK COUNTY HOSPITAL DISTRICT et al., 308 F.3rd 451 (5th Cir. 2002)
AND ANY RELATED CASE LAW HOLDINGS. 
  

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 11.06. Payments Set Aside. To the extent that any payment by or on behalf of any Loan Party is
made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to
the extent permitted by Law (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had
not occurred, and (b) each Lender severally agrees to pay to the Administrative Agents upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such
payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. 
 11.07. Successors and Assigns.

 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender and no Lender may assign or otherwise transfer any of its rights
or obligations hereunder except (i) in accordance with the provisions of Section 11.07(b), (ii) by way of participation in accordance with the provisions of Section 11.07(d), (iii) by way of pledge or
assignment of a security interest subject to the restrictions of Section 11.07(f) or (i), or (iv) to an SPC in accordance with the provisions of Section 11.07(g) (and any other attempted assignment or transfer by
any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to
the extent provided in Section 11.07(d) and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans (including, for purposes of this Section 11.07(b), participations in Revolving L/C Obligations) at the time owing to it) with the prior consent (not to be unreasonably withheld or delayed) of each
of the Borrower, the Payment Agent and (only in the case of assignments of the Revolving Credit Commitments) each Revolving L/C Issuer, provided that (i) no such consent of the Payment Agent shall be required for an assignment of a Term
L/C Facility Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; (ii) no such consent of the Borrower shall be required for an assignment (A) to a Lender, an Affiliate of a Lender or an Approved Fund, (B) if an Event
of Default has occurred and is continuing, to any other Person or (C) of a Term L/C Facility Term Loan; (iii) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under a Facility and
the Loans at the time owing to it thereunder or in the case of an assignment to a Lender or an Affiliate of a Lender or by the Administrative Agents, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding
thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loan of the assigning Lender subject to each such assignment shall not be less than $5,000,000 (or, in the case of the Term L/C Facility
Term Loans, $1,000,000), unless each of the Administrative Agents and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); (iv) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned under a Facility, except that this
clause (iv) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis; and (v) the parties to each assignment shall execute and deliver to the
Payment Agent an Assignment and Assumption, together with a processing and 

  

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recordation fee of $3,500 (which shall be payable by either the assignor or assignee, as they may agree). Subject to acceptance and recording thereof by the
Payment Agent pursuant to Section 11.07(c), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (other than delinquent obligations to any Revolving L/C Issuer) (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a
party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 11.04 and 11.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrower
(at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 11.07(b) shall be treated for purposes
of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.07(d). 
 (c) The Payment Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Payment Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and the L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive, and the Borrower, the Agents and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary. The Register shall be available for inspection by the Borrower, any Agent and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agents, sell participations to any Person (other
than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all
or a portion of its Commitment and/or the Loans (including such Lender’s participations in Revolving L/C Obligations) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver
or other modification described in the first proviso to Section 11.01 that directly affects such Participant. Subject to Section 11.07(e), the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.07(b). To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 11.09 as though it were a Lender, provided such Participant agrees to be subject to Section 2.12 as though it were a Lender. 
 (e) A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign
Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified of the participation sold to 

  

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such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 11.15 as though it were a Lender.

 (f) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including
under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (g) Notwithstanding anything to the contrary
contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Payment Agent and the Borrower (an
“SPC”) the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by
any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. Each party
hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its
obligations under Section 3.04), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes,
including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender
to the same extent, and as if, such Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year
and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement,
insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the
Payment Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information
relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. 
 (h) Notwithstanding anything to the contrary contained herein, any Lender may create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee as agent for
holders of obligations owed, or securities issued, by such Lender as security for such obligations or securities, provided that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this
Section 11.07, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan
Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise. 
 (i) Notwithstanding anything to the contrary contained herein, if at any time any of Citibank or JPMCB or any other L/C Issuer assigns all of its respective Commitments and Loans pursuant to Section 11.07(b), Citibank, JPMCB or
such L/C Issuer, as applicable, may, upon 30 days’ notice to the Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor
L/C Issuer hereunder; provided that no failure by the Borrower to appoint any such successor shall affect the resignation of any of Citibank, JPMCB or such L/C Issuer, as applicable, as L/C Issuer. If any of Citibank, JPMCB or any 

  

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other L/C Issuer, as applicable, resigns as L/C Issuer, it shall retain all the rights and obligations of the L/C Issuers hereunder with respect to all
Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed
Amounts pursuant to Section 2.03(c)). 
 11.08. Confidentiality. Neither any Agent nor any Lender may disclose to any
Person any confidential, proprietary or non-public information of the Parent Guarantor and its Subsidiaries furnished to the Agents or the Lenders by any Loan Party (such information being referred to collectively herein as the “Parent
Information”), except that each of the Agents and each of the Lenders may disclose Parent Information (i) to its and its affiliates’ employees, officers, directors, agents and other advisors, including accountants and legal
counsel (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Parent Information and instructed to keep such Information confidential on substantially the same terms as provided
herein), (ii) to the extent requested by any regulatory authority, (iii) to the extent required by applicable laws or regulations or by any judicial order, subpoena or similar legal process or requested by any regulatory body with
jurisdiction over any of the Agents or Lenders or their affiliates, employees, officers, directors, agents, accountants, attorneys and other advisors, (iv) to any other party to this Agreement, (v) in connection with the exercise of any
remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions
substantially the same as those of this Section 11.08, to any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement, (vii) to the extent such Parent
Information (A) is or becomes generally available to the public on a nonconfidential basis other than as a result of a breach of this Section 11.08 by such Agent or such Lender, or (B) is or becomes available to such Agent or
such Lender on a nonconfidential basis from a source other than a Loan Party and (viii) with the consent of the Borrower. 
 11.09.
Setoff. In addition to any rights and remedies of the Lenders provided by law, upon the occurrence and during the continuance of any Event of Default, each Lender and each of their respective Affiliates is authorized at any time and from time
to time, with prior notice to the Borrower or any other Loan Party, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by, such Lender to
or for the credit or the account of the respective Loan Parties against any and all Obligations owing to such Lender hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Agent or such Lender
shall have made demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness. Each Lender agrees
promptly to notify the Borrower, the Payment Agent and the Administrative Agents after any such set-off and application made by such Lender; provided that the failure to give such notice shall not affect the validity of such setoff and
application. The rights of the Payment Agent, the Administrative Agents and each Lender and their respective Affiliates under this Section 11.09 are in addition to other rights and remedies (including, without limitation, other
rights of setoff) that the Payment Agent, the Administrative Agents, such Lender and their respective Affiliates may have. 
 11.10.
Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by
applicable Law (the “Maximum Rate”). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds
such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a)

  

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characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects
thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
 11.11. Counterparts. This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Delivery by telecopier of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an
original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by telecopier be confirmed by a manually-signed original thereof; provided that
the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier. 
 11.12.
Integration. This Agreement, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject
matter. In the event of any conflict between the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; provided that the inclusion of supplemental rights or remedies in favor
of the Agents or the Lenders in any other Loan Document shall not be deemed a conflict with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against
nor in favor of any party, but rather in accordance with the fair meaning thereof. 
 11.13. Survival of Representations and
Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and
thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender
may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall
remain outstanding. 
 11.14. Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal,
invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 11.15. Tax
Forms. 
 (a) Each Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code (a
“Foreign Lender”) shall deliver to the Payment Agent, prior to receipt of any payment subject to withholding under the Code (or upon accepting an assignment of an interest herein), two duly signed completed copies of either
IRS Form W-8BEN or any successor thereto (relating to such Foreign Lender and entitling it to an exemption from, or reduction of, withholding tax on all payments to be made to such Foreign Lender by the Borrower pursuant to this Agreement) or IRS
Form W-8ECI or any successor thereto (relating to all payments to be made to such Foreign Lender by the Borrower pursuant to this Agreement) or such other evidence satisfactory to the Borrower and the Payment Agent that such Foreign Lender is
entitled to an exemption from, or reduction of, U.S. withholding tax, 

  

 134 

 
including any exemption pursuant to Section 881(c) of the Code, and in the case of a Foreign Lender claiming such an exemption under Section 881(c)
of the Code, a certificate that establishes in writing to the Administrative Agent that such Foreign Lender is not (i) a “bank” as defined in Section 881(c)(3)(A) of the Code, (ii) a 10-percent shareholder within the meaning
of Section 871(h)(3)(B) of the Code, and (iii) a controlled foreign corporation related to the Borrower within the meaning of Section 864(d) of the Code. Thereafter and from time to time, each such Foreign Lender shall
(A) promptly submit to the Payment Agent such additional duly completed and signed copies of one of such forms (or such successor forms as shall be adopted from time to time by the relevant United States taxing authorities) as may then be
available under then current United States laws and regulations to avoid, or such evidence as is satisfactory to the Borrower and the Payment Agent of any available exemption from or reduction of, United States withholding taxes in respect of all
payments to be made to such Foreign Lender by the Borrower pursuant to this Agreement, (B) promptly notify the Payment Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and
(C) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Laws
that the Borrower make any deduction or withholding for taxes from amounts payable to such Foreign Lender. 
 (i) Each Foreign
Lender, to the extent it does not act or ceases to act for its own account with respect to any portion of any sums paid or payable to such Lender under any of the Loan Documents (for example, in the case of a typical participation by such Lender),
shall deliver to the Payment Agent on the date when such Foreign Lender ceases to act for its own account with respect to any portion of any such sums paid or payable, and at such other times as may be necessary in the determination of the Payment
Agent (in the reasonable exercise of its discretion), (A) two duly signed completed copies of the forms or statements required to be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with
respect to which such Lender acts for its own account that is not subject to U.S. withholding tax, and (B) two duly signed completed copies of IRS Form W-81MY (or any successor thereto), together with any information such Lender chooses to
transmit with such form, and any other certificate or statement of exemption required under the Code, to establish that such Lender is not acting for its own account with respect to a portion of any such sums payable to such Lender. 
 (ii) The Borrower shall not be required to pay any additional amount to any Foreign Lender under Section 3.01 (A) with
respect to any Taxes required to be deducted or withheld on the basis of the information, certificates or statements of exemption such Lender transmits with an IRS Form W-8IMY pursuant to this Section 11.15(a) or (B) if such Lender
shall have failed to satisfy the foregoing provisions of this Section 11.15(a); provided that if such Lender shall have satisfied the requirement of this Section 11.15(a) on the date such Lender became a Lender or
ceased to act for its own account with respect to any payment under any of the Loan Documents, nothing in this Section 11.15(a) shall relieve the Borrower of its obligation to pay any amounts pursuant to Section 3.01 in the
event that, as a result of any change in any applicable Law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof, such Lender is no longer properly entitled to deliver forms,
certificates or other evidence at a subsequent date establishing the fact that such Lender or other Person for the account of which such Lender receives any sums payable under any of the Loan Documents is not subject to withholding or is subject to
withholding at a reduced rate. 
  

 135 

 (iii) The Payment Agent may, without reduction, withhold any Taxes required to be
deducted and withheld from any payment under any of the Loan Documents with respect to which the Borrower is not required to pay additional amounts under this Section 11.15(a). 
 (b) Upon the request of the Payment Agent, each Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the
Code shall deliver to the Payment Agent two duly signed completed copies of IRS Form W-9. If such Lender fails to deliver such forms, then the Payment Agent may withhold from any interest payment to such Lender an amount equivalent to the applicable
back-up withholding tax imposed by the Code, without reduction. 
 (c) If any Governmental Authority asserts that the Payment Agent did not
properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Payment Agent therefor, including all penalties and interest, any taxes imposed
by any jurisdiction on the amounts payable to the Payment Agent under this Section 11.15, and costs and expenses (including Attorney Costs) of the Payment Agent. The obligation of the Lenders under this Section 11.15
shall survive the termination of the Commitments, repayment of all other Obligations hereunder and the resignation of the Payment Agent. 
 11.16. Governing Law. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 
 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE
STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER, EACH AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER, EACH AGENT AND EACH LENDER IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. THE BORROWER, EACH AGENT AND EACH LENDER
WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE. 
 11.17. Waiver of Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN
DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN
ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 11.17  

  

 136 

 
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 11.18. Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrower and each Guarantor and each
Administrative Agent shall have been notified by each Lender and each L/C Issuer that each such Lender or L/C Issuer, as the case may be, has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, and each
Guarantor, each Agent-Related Person and each Lender and their respective successors and assigns and shall inure to the benefit of each Indemnitee, except that the Borrower shall not have the right to assign its rights hereunder or any interest
herein without the prior written consent of the Lenders. 
 11.19. Amendment and Restatement. This Agreement is an amendment and
restatement (but not an extinguishment) of the Existing DHI Credit Agreement and, other than as specifically amended and restated herein, the rights and obligations of the parties thereto shall remain in full force and effect. Each Revolving Credit
Lender that is a “Lender” under the Existing DHI Credit Agreement hereby waives any requirement thereunder to receive prior notice of the prepayment of any loans and/or termination of commitments thereunder, if applicable, and each such
Revolving Credit Lender agrees that as of the Closing Date it shall have, and continue to have, a Revolving Credit Commitment hereunder in the amount set forth opposite such Lender’s name on Schedule 2.01. 
 11.20. USA PATRIOT Act. Each Lender hereby notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will allow such
Lender to identify such Loan Party in accordance with said Act. 
 11.21. Lender Addendum. Each initial Lender shall become a party to
this Agreement by either signing a counterpart of this Agreement or delivering to the Administrative Agents a Lender Addendum duly executed by such Lender and the Borrower. 
  

 137 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

					
	 DYNEGY INC.

		
	 By:
	 	/s/ Charles C. Cook
		 	 Name:
	 	 Charles C. Cook

		 	 Title:
	 	 Senior Vice President and Treasurer

	
	 DYNEGY HOLDINGS INC.

		
	 By:
	 	/s/ Charles C. Cook
		 	 Name:
	 	 Charles C. Cook

		 	 Title:
	 	 Senior Vice President and Treasurer

					
	 SUBSIDIARY GUARANTORS:

	
	 DYNEGY POWER CORP.
 DPC II INC.
 DYNEGY ENGINEERING, INC.
 DYNEGY SERVICES, INC.
 DYNEGY POWER MANAGEMENT SERVICES, L.P.
 CALCASIEU POWER, INC.
 DYNEGY PARTS AND TECHNICAL SERVICES, INC.
 DYNEGY POWER MANAGEMENT SERVICES,
INC.
 HEP COGEN, INC.
 NORTHWAY COGEN, INC.
 DYNEGY POWER INVESTMENTS, INC.
 DYNEGY POWER SERVICES, INC.
 DYNEGY POWER NEVADA, INC.
 MICHIGAN COGEN, INC.
 MICHIGAN POWER, INC.
 OCG COGEN, INC.
 OYSTER CREEK COGEN, INC.
 RRP COMPANY
 DPC COLOMBIA – OPON POWER RESOURCES COMPANY
 TERMO SANTANDER HOLDING, LLC
 RIVERSIDE GENERATION, INC.
 RIVERSIDE GENERATING COMPANY, L.L.C.
 ROLLING HILLS GENERATION, INC.
 DYNEGY RENAISSANCE POWER, INC.
 DYNEGY NORTHEAST GENERATION, INC.
 HUDSON POWER, L.L.C.
 DYNEGY MIDSTREAM GP, INC.
 DYNEGY UPPER HOLDINGS, L.L.C.
 DYNEGY HOLDING COMPANY, L.L.C

		
	 By:
	 	/s/ Charles C. Cook
		 	 Name:
	 	 Charles C. Cook

		 	 Title:
	 	 Senior Vice President and Treasurer

					
	 DMG ENTERPRISES, INC.
 HAVANA DOCK ENTERPRISES, LLC
 DMT HOLDINGS, INC.
 DMT G.P., L.L.C.
 DMT HOLDINGS, L.P.
 DYNEGY MARKETING AND TRADE
 DYNEGY COAL TRADING & TRANSPORTATION, L.L.C.
 NGC STORAGE, INC.

BLACK THUNDER MEMBER, INC.
 ILLINOVA CORPORATION
 ILLINOVA GENERATING COMPANY
 IGC GRIMES COUNTY, INC.
 IGC GRIMES FRONTIER, INC.
 IPG FERNDALE, INC.
 IPG PARIS, INC.
 CHARTER OAK (PARIS) INC.
 ILLINOVA ENERGY PARTNERS, INC.
 PARISH POWER, INC.
 CALCASIEU POWER, LLC
 DELTA COGEN, INC.
 DYNEGY POWER HOLDINGS, INC.
 COGEN POWER, INC.
 COGEN POWER, L.P.
 BG HOLDINGS, INC.
 BLACK MOUNTAIN COGEN, INC.
 BLUEGRASS GENERATION, INC.
 BLUEGRASS GENERATION COMPANY, L.L.C.
 DYNEGY CABRILLO II LLC
 BLUE RIDGE GENERATION INC.
 BLUE RIDGE GENERATION LLC
 CHICKAHOMINY GENERATING COMPANY
 CHICKAHOMINY POWER, LLC
 FLORIDA MERCANTILE POWER, INC.
 GASIFICATION SERVICES, INC.
 PAMETTO POWER, L.L.C.
 DYNEGY OPERATING COMPANY

		
	 By:
	 	/s/ Charles C. Cook
		 	 Name:
	 	 Charles C. Cook

		 	 Title:
	 	 Senior Vice President and Treasurer

					
	 GEORGIA MERCANTILE POWER, INC.
 HEARD COUNTY POWER, L.L.C.
 DYNEGY ROSETON, L.L.C.
 DYNEGY HUDSON POWER RETAIL, L.L.C.
 DYNEGY GLOBAL ENERGY, INC.
 DYNEGY BROADBAND MARKETING AND TRADE
 DYNEGY GP INC.
 DYNEGY TECHNOLOGY CAPITAL CORP.
 DYNEGY STRATEGIC INVESTMENTS, L.P.
 DYNEGY STRATEGIC INVESTMENTS GP, L.L.C.
 RENAISSANCE POWER, L.L.C.
 ROLLING HILLS GENERATING, L.L.C.
 DYNEGY POWER MARKETING, INC.
 DYNEGY ENERGY SERVICES, INC.
 ILLINOIS POWER ENERGY, INC.
 DES NORTHEAST, INC.
 DEM GP, LLC
 DYNEGY ENERGY MARKETING, LP
 DYNEGY ADMINISTRATIVE SERVICES COMPANY
 NIPC, INC.
 DYNEGY CATLIN MEMBER, INC.
 DYNEGY MIDWEST GENERATION , INC.
 DYNEGY I.T., INC.
 JAMES RIVER ENERGY CORP.
 DPC POWER RESOURCES HOLDING COMPANY
 DRY CREEK POWER, INC.
 ROCKINGHAM POWER, L.L.C.
 DYNEGY POWER DEVELOPMENT COMPANY

		
	 By:
	 	/s/ Charles C. Cook
		 	 Name:
	 	 Charles C. Cook

		 	 Title:
	 	 Senior Vice President and Treasurer

					
	 DYNEGY STRATEGIC INVESTMENTS LP, INC.
 DYNEGY DANSKAMMER, L.L.C.
 DYNEGY MIDSTREAM HOLDINGS, INC.
 DYNEGY GAS TRANSPORTATION, INC.
 DYNEGY STORAGE TECHNOLOGY AND SERVICES, INC.
 CHESAPEAKE POWER, INC.
 ROCKY ROAD POWER LLC
 COGEN LYONDELL, INC.

		
	 By:
	 	/s/ Charles C. Cook
		 	 Name:
	 	 Charles C. Cook

		 	 Title:
	 	 Senior Vice President and Treasurer

					
	 DYNEGY MANAGEMENT, INC.
 DEM L.P., LLC
 DMT L.P., L.L.C.

		
	 By:
	 	/s/ Richard W. Eimer
		 	 Name:
	 	 Richard W. Eimer

		 	 Title:
	 	 Senior Vice President

					
	 JPMORGAN CHASE BANK, N.A.

		
	 By:
	 	/s/ Robert Traband
		 	 Name:
	 	 Robert Traband

		 	 Title:
	 	 Vice President

					
	 CITICORP USA, INC.

		
	 By:
	 	/s/ Richard Evans
		 	 Name:
	 	 Richard Evans

		 	 Title:
	 	 Vice President

					
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH

		
	 By:
	 	/s/ Thomas R. Cantello
		 	 Name:
	 	 Thomas R. Cantello

		 	 Title:
	 	 Vice President

		
	 By:
	 	/s/ Gregory S. Richards
		 	 Name:
	 	 Gregory S. Richards

		 	 Title:
	 	 Associate

					
	 BANK OF AMERICA, N.A.

		
	 By:
	 	/s/ Kevin P. Bertelson
		 	 Name:
	 	 Kevin P. Bertelson

		 	 Title:
	 	 Senior Vice President

					
	 LEHMAN COMMERCIAL PAPER INC.

		
	 By:
	 	/s/ Frank P. Turner
		 	 Name:
	 	 Frank P. Turner

		 	 Title:
	 	 Vice President

					
	 DRESDNER BANK AG
 NEW YORK AND GRAND CAYMAN BRANCHES

		
	 By:
	 	 /s/ Thomas R. Brady

		 	 Name:
	 	 Thomas R. Brady

		 	 Title:
	 	 Director

		
	 By:
	 	 /s/ Brian Smith

		 	 Name:
	 	 Brian Smith

		 	 Title:
	 	 Managing Director

					
	 ABN AMRO BANK N.V.

		
	 By:
	 	/s/ Jamie Conn
		 	 Name:
	 	 Jamie Conn

		 	 Title:
	 	 Managing Director

		
	 By:
	 	/s/ John Reed
		 	 Name:
	 	 John Reed

		 	 Title:
	 	 Director

					
	 UNION BANK OF CALIFORNIA, N.A.

		
	 By:
	 	/s/ Robert J. Cole
		 	 Name:
	 	 Robert J. Cole

		 	 Title:
	 	 Vice President

					
	 GENERAL ELECTRIC CAPITAL CORPORATION

		
	 By:
	 	/s/ Simon Duncan
		 	 Name:
	 	 Simon Duncan

		 	 Title:
	 	 Authorized Signatory

					
	 CITICORP USA, INC.,
 as Administrative Agent and Payment Agent

		
	 By:
	 	/s/ Richard Evans
		 	 Name:
	 	 Richard Evans

		 	 Title:
	 	 Vice President

	
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent

		
	 By:
	 	/s/ Robert Traband
		 	 Name:
	 	 Robert Traband

		 	 Title:
	 	 Vice President

	
	 CITIBANK, N.A.,
 as Revolving L/C Issuer

		
	 By:
	 	/s/ Richard Evans
		 	 Name:
	 	 Richard Evans

		 	 Title:
	 	 Vice President

	
	 JPMORGAN CHASE BANK, N.A.,
 as Collateral Agent

		
	 By:
	 	/s/ Janice Ott Rotunno
		 	 Name:
	 	 Janice Ott Rotunno

		 	 Title:
	 	 Vice President

					
	 JPMORGAN CHASE BANK, N.A.,
 as Revolving L/C Issuer and Term L/C Issuer

		
	 By:
	 	/s/ Robert Traband
		 	 Name:
	 	 Robert Traband

		 	 Title:
	 	 Vice President

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