Document:

Exhibit
10.20

 

	
   

  	
   

  

 

NUCO2 MANAGEMENT LLC,

as Transaction Manager

 

NUCO2 FUNDING LLC,

as Master Issuer

 

and

 

NUCO2 LLC, NUCO2 SUPPLY LLC and NUCO2 IP LLC,

as Issuer Subsidiaries

 

 

TRANSACTION MANAGEMENT AGREEMENT

 

 

Dated as of May 28, 2008

	
   

  	
   

  

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I.

  	
  DEFINITIONS

  	
  1

  
	
  Section 1.1

  	
  Defined Terms

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II.

  	
  DUTIES OF THE TRANSACTION
  MANAGER

  	
  2

  
	
  Section 2.1

  	
  Nature of Services

  	
  2

  
	
  Section 2.2

  	
  Transaction Management Fee and Reimbursement of Expenses

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE III.

  	
  TERM OF AGREEMENT

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV.

  	
  DEPOSIT OF CUSTOMER
  COLLECTIONS

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE V.

  	
  REPRESENTATIONS AND
  WARRANTIES OF THE TRANSACTION MANAGER

  	
  9

  
	
  Section 5.1

  	
  Representations and Warranties

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI.

  	
  COVENANTS OF THE
  TRANSACTION MANAGER

  	
  12

  
	
  Section 6.1

  	
  Covenants

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII.

  	
  EVENTS OF DEFAULT

  	
  15

  
	
  Section 7.1

  	
  Transaction Manager Default

  	
  15

  
	
  Section 7.2

  	
  Termination of Transaction Manager

  	
  16

  
	
  Section 7.3

  	
  Appointment of Successor Transaction Manager

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII.

  	
  MISCELLANEOUS

  	
  17

  
	
  Section 8.1

  	
  Notices

  	
  17

  
	
  Section 8.2

  	
  Entire Agreement

  	
  18

  
	
  Section 8.3

  	
  Severability

  	
  18

  
	
  Section 8.4

  	
  CONSENT TO JURISDICTION

  	
  18

  
	
  Section 8.5

  	
  Waiver of Jury Trial

  	
  19

  
	
  Section 8.6

  	
  Further Assurances

  	
  19

  
	
  Section 8.7

  	
  Amendments; Waivers

  	
  19

  
	
  Section 8.8

  	
  Third Party Beneficiaries

  	
  19

  
	
  Section 8.9

  	
  Successors and Assigns

  	
  20

  
	
  Section 8.10

  	
  No Bankruptcy Petition

  	
  20

  
	
  Section 8.11

  	
  Relationship of Parties

  	
  20

  
	
  Section 8.12

  	
  Limitation on Liability; Indemnity

  	
  20

  
	
  Section 8.13

  	
  Governing Law

  	
  21

  
	
  Section 8.14

  	
  Counterparts

  	
  21

  

 

 

TABLE OF
CONTENTS

(continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 8.15

  	
  Limitation on Payment

  	
  21

  
	
  Section 8.16

  	
  Status of Parties

  	
  21

  
	
  Section 8.17

  	
  Limitations on Authority

  	
  21

  
	
  Section 8.18

  	
  Headings and Captions

  	
  21

  

 

ii

 

TRANSACTION MANAGEMENT
AGREEMENT

 

This
TRANSACTION MANAGEMENT AGREEMENT (the “Transaction Management Agreement”)
is dated as of May 28, 2008, and is by and among NUCO2 MANAGEMENT LLC, a Delaware limited liability
company (the “Transaction Manager”), NUCO2 FUNDING LLC,
a Delaware limited liability company (the “Master Issuer”), NUCO2 LLC, a Delaware limited liability company (the
“Contract Holder”), NUCO2 SUPPLY LLC, a
Delaware limited liability company (the “Equipment Holder”) and NUCO2 IP LLC, a Delaware limited liability company
(the “IP Holder” and together with Contract Holder and Equipment Holder,
the “Issuer Subsidiaries” and each an “Issuer Subsidiary”).

 

PRELIMINARY STATEMENT

 

WHEREAS,
the Transaction Manager, the Master Issuer and each of the Issuer Subsidiaries
desire to set forth the terms upon which the Transaction Manager will provide
the Transaction Management Services (as defined in Section 2.1(a) below)
and the Transaction Servicing Services (as defined in Section 2.1(c) below)
for the Master Issuer and the Issuer Subsidiaries.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

ARTICLE I.

 

DEFINITIONS

 

Section 1.1.  Defined
Terms.

 

(a)           Except as otherwise expressly provided
herein or unless the context otherwise requires, the capitalized terms used,
but not defined, herein shall have the respective meanings specified in Annex A
of that certain base indenture, dated as of May 28, 2008 by and among the
Master Issuer, the Issuer Subsidiaries and U.S. Bank National Association, as
trustee, administrative agent and securities intermediary, as supplemented
by that certain Series 2008-1 Supplement dated as of the same date
(collectively, the “Indenture”), which is incorporated herein by this reference.  The definitions of such terms are equally
applicable both to the singular and plural forms of such terms.  As used in this Agreement, “Intercompany
Agreement MAE” shall mean a material adverse effect on (i) the
business, assets, liabilities, condition (financial or otherwise), results of
operations or prospects of the Co-Issuers or (ii) the ability of the
Co-Issuers to perform (A) their obligations under any of the Intercompany
Agreements or (B) their obligations under the Customer Contracts (taken as
a whole). As used in
this Agreement, “Intercompany Agreement” shall mean any of this
Agreement, the Employee Services Agreement, the Securitization IP License
Agreement, the First Tier Contribution Agreement, the Delivery and Customer
Services Agreement, the Master Management Agreement, any Second-

 

 

Tier Contribution
Agreement and any other agreement entered into by and between the Affiliates of
NuCO2 pursuant to or related to the Indenture.

 

(b)           All references
in this instrument to designated “Articles,” “Sections,” “Subsections” and
other subdivisions are to the designated Articles, Sections, Subsections and
other subdivisions of this instrument as originally executed or if amended or
supplemented, as so amended and supplemented. 
The words “herein,” “hereof,” “hereunder” and other words of similar
import refer to this Transaction Management Agreement as a whole and not to any
particular Article, Section, Subsection or other subdivision.  The words “including” and “include” shall be
deemed to be followed by the words “without limitation”.

 

ARTICLE II.

 

DUTIES OF THE TRANSACTION MANAGER

 

Section 2.1.  Nature of
Services.

 

(a)           Transaction
Management Services.  The Master
Issuer and each Issuer Subsidiary (collectively, the “Securitization
Entities” and each a “Securitization Entity”) hereby appoint the
Transaction Manager, as manager, to provide, and the Transaction Manager hereby
accepts such appointment and agrees to perform, all of the following services
(the “Transaction Management Services”) in accordance with the terms of
this Transaction Management Agreement, including the standards set forth in Section 2.1(b) hereof,
for the benefit of the Securitization Entities:

 

(i)            calculating and compiling information required in
connection with any report to be delivered by the Securitization Entities
pursuant to the Related Documents, except for certain reports prepared pursuant
to Section 2.1(c) hereof;

 

(ii)           preparing and filing of all tax returns, tax reports
and any other tax-related statements required to be prepared by any of the
Securitization Entities;

 

(iii)          monitoring industry conditions and advising the
Issuer Subsidiaries regarding the adoption of practices (including revisions to
collection and servicing policies) to meet changing needs of Customers;

 

(iv)          recommending and assisting in the implementation of
quality control standards;

 

(v)           advising the Securitization Entities regarding
business strategy and the continued development and expansion by the Contract
Holder of its Customer base and the products and services offered to such
Customers, including causing adequate capital, to the extent available, to be
expended in connection therewith;

 

2

 

(vi)          complying with, or causing each of the
Securitization Entities to comply with and to perform, its obligations under
each of the Related Documents and the related Collateral Bulk Gases Business
Documents;

 

(vii)         performing the obligations and exercising the rights
of the Securitization Entities under the Third Party IP License Agreements;
acquiring, developing, maintaining, protecting and enforcing, and undertaking
such other duties and services as may be necessary in connection with, the
Securitization IP on behalf of the Securitization Entities; and taking all
reasonable measures to maintain confidentiality and to prevent non-confidential
disclosures of Know-How included in the Securitization IP and Know-How of each
of the Securitization Entities;

 

(viii)        performing or causing each of the Securitization
Entities to cause to be performed certain administrative services, including
bookkeeping and accounting services, payroll services and other services; and

 

(ix)           performing or causing each of the Securitization
Entities to perform all other matters in managing the Bulk Gases Business not
expressly reserved to the Securitization Entities.

 

The
list of Transaction Management Services may be amended from time to time by
mutual agreement of the Transaction Manager, the Master Manager and the
Securitization Entities; provided, that any amendment to reduce the scope of
existing Transaction Management Services shall require the prior consent of the
Control Party.

 

(b)           Transaction
Manager’s Standard of Performance for Transaction Management Services.  The Transaction Manager shall perform the Transaction Management Services in a
manner that (i)(A) is in accordance with the practices of NuCO2 Inc. immediately prior to the Closing Date and
(B) to the extent of changed circumstances, practices, technologies,
strategies or implementation methods, procedures and degrees of care, is at
least equal or superior to that employed by third parties generally recognized
as competent managers of businesses and assets of a nature reasonably similar
to those managed hereunder; (ii) would enable the Transaction Manager to
cause compliance by the Securitization Entities in all material respects with
all of the duties and obligations of the Securitization Entities under the
Related Documents and the Collateral Bulk Gases Business Documents; (iii) is
in compliance in all material respects with the Customer Contracts, Third Party
IP License Agreements, Delivery Truck Leases, Real Estate Leases, Supply
Contracts and other agreements and arrangements with Customers and other
parties; and (iv) is in compliance in all material respects with all
applicable Requirements of Law (collectively, the “Transaction Management
Standard”).  To the extent that the
Transaction Management Standard is modified as a result of a change described
in sub-clause (i)(B) of the definition thereof, such change will be
described in the next following Monthly Manager’s Certificate.

 

(c)           Transaction
Servicing Services.  The
Securitization Entities hereby appoint the Transaction Manager, as manager, to
provide, and the Transaction Manager hereby accepts such appointment and agrees
to perform, all of the following services (the “Transaction Servicing 

 

3

 

Services”, together
with the Transaction Management Services, the “Transaction Services”) in
accordance with the standards set forth in Section 2.1(d) hereof,
as agent for and on behalf of the Securitization Entities:

 

(i)             establishing and maintaining
all deposit and other accounts required under, and in compliance with, the
Indenture Documents and taking all actions required of the Co-Issuers and/or
the Transaction Manager in connection with such accounts under the Indenture
Documents;

 

(ii)            calculating and compiling
financial information required in connection with each report or financial
statement to be delivered by the Co-Issuers or the Transaction Manager pursuant
to the Indenture, and requesting information from the Administrative Agent,
Trustee or other relevant party as may be necessary for such reports;

 

(iii)           preparing, executing and
delivering the Weekly Manager’s Certificate, the Monthly Manager’s Certificate,
each Noteholders’ Statement, each Quarterly Customer Contracts Report and each
Compliance Certificate, in reasonable detail as required by the Indenture, and
all directions for payments among the Co-Issuers, the Employee Company, in its
individual capacity and in its capacity as Transaction Manager and third
parties in accordance with the terms of the Related Documents;

 

(iv)           preparing each renewal
notice of the term for this Transaction Management Agreement, the Master
Management Agreement, the Delivery and Customer Services Agreement and the
Employee Services Agreement for execution by the party with the right of
renewal;

 

(v)            preparing and delivering
drawing notices with respect to advances under any Notes, and advising the
Co-Issuers of the conditions to such advances to be satisfied and assembling
and delivering all required deliverable items in satisfaction of such
conditions;

 

(vi)           managing all aspects of the
Co-Issuers’ rights and servicing all of the Co-Issuers’ obligations under the
e-payables and purchase card program currently existing with Bank of America
and each replacement therefor;

 

(vii)          performing such other
activities as are customarily performed by financial servicers; and

 

(viii)        performing such
other matters reasonably incidental to the foregoing.

 

(d)           Transaction
Manager’s Standard of Performance for Transaction Servicing Services.  The Transaction Manager shall perform the
Transaction Servicing Services (i) using a standard of care that (A) has
heretofore been employed by NuCO2 Inc. in the
servicing of its revolving financing facilities and term note issuances and (B) to
the extent of changed circumstances, practices, technologies, strategies or
implementation methods, procedures and degrees of care, is at least equal or
superior to that employed by third parties generally recognized as competent
servicers engaged in the business of delivering services similar to the
Transaction Servicing Services; (ii) would enable the Co-Issuers to comply
in all material respects with all of the Indenture Documents; and (iii) is
in compliance in all material respects with all applicable Requirements of Law
(collectively, the “Transaction Servicing Standard”).  

 

4

 

To
the extent that the
Transaction Servicing Standard is modified as a result of a change described in
sub-clause (i)(B) of the definition thereof, such change shall be
described in the next following Monthly Manager’s Certificate.

 

(e)           Discretionary
Powers.  The Transaction Manager shall
exercise all discretionary powers involved in connection with the Transaction Services, subject to the
terms hereof, and shall be required to, except as may otherwise be provided
herein, pay at its sole cost and expense all costs and expenses incurred in
connection therewith that may be necessary or advisable for the carrying out of
the transactions contemplated by this Transaction Management Agreement.  The Transaction Manager may, for its own
account, seek the assistance of other Persons in carrying out any and all of
its duties hereunder and may enter into sub-management agreements in connection
therewith; provided, that the Transaction Manager will at all times remain
liable for the performance of the Transaction Services provided herein.

 

(f)            No Financial
Liability.  No
provision of this Transaction Management Agreement will require the Transaction
Manager to expend or risk its funds or otherwise incur any financial liability
in the performance of any of its rights or powers hereunder, if the Transaction
Manager has reasonable grounds for believing that repayment of such funds, or
adequate indemnity against such risk or liability, is not compensated by the
payment of the Transaction Management Fee or for the reimbursement of expenses
and is otherwise not reasonably assured or provided to it.  Further, the Transaction Manager will not be
obligated to perform any services not enumerated or otherwise contemplated
under this Transaction Management Agreement, unless the Transaction Manager
determines that it is more likely than not that it will be reimbursed for all
of its expenses incurred in connection with such performance.

 

(g)           Approvals.  Subject to the last paragraph of Section 2.1(a),
the Transaction Manager shall consult with and obtain approval from the Master
Issuer, Contract Holder, Equipment Holder or IP Holder, as the case may be, for
any action that is not within the scope of the Transaction Services.  The Transaction Manager shall not have any authority to
(A) enter into on behalf of a Securitization Entity (or cause such
Securitization Entity to enter into) (1) any contract in violation of any
provisions of the Related Documents or (2) any amendment, modification,
supplement or waiver, or consent under, any of the Related Documents, unless so
authorized by the written direction of such Securitization Entity, (B) enter
into any transaction requiring the prior approval of all or any Member of a
Securitization Entity under such Securitization Entity’s Organizational
Documents, (C) take any action pursuant to this Transaction
Management Agreement on behalf of the Securitization Entities which is
inconsistent with, or would cause any of the Securitization Entities to be in
breach of, a provision of any of the Related Documents or any Requirements of
Law.  Notwithstanding the foregoing, to the extent not
expressly delegated to the Transaction Manager hereunder, the Member of each
Securitization Entity retains full power and authority (subject to Section 6(c) of
the Replacement Management Agreement) to direct the management of such
Securitization Entity in accordance with its Organizational Documents and the
laws of the State of Delaware.

 

(h)           Principal Place
of Business.  All
activities hereunder by the Transaction Manager shall be conducted from the
Transaction Manager’s principal place of business identified in Section 8.1
hereof, or at such other location, provided the Securitization Entities,
the Rating 

 

5

 

Agencies,
the Trustee, the Administrative Agent and the Replacement Manager are provided
30 days’ prior written notice with respect to such other location.

 

(i)            Registration
and Enforcement of the Securitization IP.  In furtherance of its duties hereunder, the
Transaction Manager shall perform the following duties, including,

 

(i)            As attorney-in-fact for IP Holder, the Transaction
Manager shall prosecute and maintain the applications and registrations held by
IP Holder and any future registrations resulting or derivative therefrom in the
United States, including by assuring the continued use of the applicable
Securitization IP as required by applicable Requirements of Law with the
exception of such Securitization IP that is no longer used in, or of benefit to
the business of the IP Holder or any of its licensees.  Nonetheless, ownership of the Securitization
IP and all goodwill generated by use of the Securitization IP by the
Transaction Manager shall inure to the benefit of IP Holder.  As between the Transaction Manager, on the
one hand, and the Securitization Entities, on the other hand, all Securitization
IP, including all After-Acquired IP Assets and all rights of the IP Holder
under the Third Party IP License Agreements, shall be owned or held exclusively
and separately by the IP Holder.  Nothing
herein shall be deemed to vest in the Transaction Manager any right, title or
interest, including any ownership interest, in or to the Securitization
IP.  The Transaction Manager shall assign
and transfer, and hereby does irrevocably assign, transfer, convey and relinquish
to the IP Holder all right, title and interest in and to any Securitization IP
that the Transaction Manager may acquire or develop and will take all measures
required or reasonably requested by the IP Holder to record any such
assignments at the Transaction Manager’s sole cost and expense.  All use of the Securitization IP hereunder,
and any goodwill arising from the use of the Trademarks included in the
Securitization IP hereunder, shall inure solely to the benefit of the IP
Holder, and the Transaction Manager agrees to execute any and all documents
that may be submitted to the Transaction Manager reasonably necessary to carry
out the intention of this covenant.  This
covenant shall survive termination of this Transaction Management Agreement for
any reason.  The Transaction Manager also
agrees that any Third Party IP License Agreement included in the After-Acquired
IP Assets shall be entered into in the name of the IP Holder and not the
Transaction Manager.

 

(ii)           The Transaction Manager shall neither assert nor
assist any third party in asserting any independent rights in the
Securitization IP (or any other designations confusingly similar thereto) in
the Territory for any goods or services. 
IP Holder shall provide written notice to the Transaction Manager if it
intends to abandon any applications for the registration of any Trademark.  The Transaction Manager acknowledges the
critical importance of exercising quality control over the nature and quality
of the goods and services offered under the Securitization IP in order to
preserve 

 

6

 

the continued integrity and validity of the Securitization IP and to
protect the goodwill associated with the Securitization IP.  The Transaction Manager shall exercise
quality control over the use of the Securitization IP (including with respect
to the use of the Securitization IP by any sub-licensee) to a degree reasonably
necessary to maintain such quality.  The
Transaction Manager acknowledges the quality of the products heretofore sold or
provided under the Securitization IP and adopts and shall enforce the standards
of such quality.  The Transaction Manager
shall comply, and shall require all sub-licensees to comply, with all notice
and marking Requirements of Law or regulation applicable to or necessary for
the protection of the Securitization IP. 
The Transaction Manager and IP Holder shall notify each other promptly
after learning of a possible infringement of the Securitization IP or of any
imitation, unauthorized possession, knowledge, or use of the Securitization IP
or of any claim by a third party that the Securitization IP may be infringing
on the rights of a third party.

 

(iii)          The Transaction Manager shall be responsible for the
protection, policing and defense of the Securitization IP and shall take all
reasonable steps in this regard, including preparing and following up on demand
and notice letters and addressing third-party infringement of the
Securitization IP.

 

(iv)          IP Holder hereby authorizes the Transaction Manager
to institute legal proceedings against any third party that is reasonably
believed to be infringing the Securitization IP.  Furthermore, the Transaction Manager shall
defend any action brought by a third party against either IP Holder or the
Transaction Manager, or both, seeking to invalidate or otherwise challenging
the validity of any of the Securitization IP. 
The Transaction Manager shall bear all costs related to bringing or
defending any such action which shall be reimbursed to the Transaction Manager
by IP Holder as Operating Expenses.  The
Transaction Manager shall not settle or compromise any claim or action relating
to the Securitization IP without the prior consent of IP Holder.  IP Holder shall be entitled to any and all
settlement amounts, damages, license fees, and costs recovered or required to
be paid relating to the Securitization IP.

 

(v)           The IP Holder and the Transaction Manager expressly
agree that, to the fullest extent allowed by law, all Copyrights included in
any After-Acquired IP Assets created as a result of the Transaction Manager’s
services hereunder shall be considered a “work made for hire,” as that term is
defined in Section 101 of the United States Copyright Act, as amended, and
shall vest in the IP Holder as author. 
Any right, title and interest in and to the After-Acquired IP Assets,
whether copyrightable or not, including any works which may be deemed by
competent authority not to be “works made for hire” created pursuant to this
Transaction Management Agreement, are hereby assigned by the Transaction
Manager to the IP Holder.  The
Transaction Manager shall, at its own expense,

 

7

 

execute, and secure the execution or other written authorization from
the applicable authors retained by the Transaction Manager, of all Copyrights
or other transfer or conveyance of ownership in any such After-Acquired IP
Assets transferred to the IP Holder pursuant to this Transaction Management
Agreement.

 

(j)                                     License Grant.  (i) 
IP Holder grants to the Transaction Manager a non-exclusive, license in
and right to use the Securitization IP to the extent reasonably necessary for
the Transaction Manager to perform its obligations hereunder.  The Transaction Manager shall use the
Securitization IP licensed pursuant to this Section 2.1(j) subject
to the terms of the Related Documents and any other agreements relating to the
Securitization IP.  The foregoing license
grant shall extend to the Transaction Manager’s employees, agents and, solely
to the extent the same are permitted to perform obligations of the Transaction
Manager hereunder, independent contractors. 
Such license shall terminate on the date this Transaction Management
Agreement is terminated.  The fee for
such license shall be an amount equal to $25,000 payable to IP Holder on the
date hereof.

 

(ii)  The Transaction Manager
acknowledges that it is not the owner of the Securitization IP and that its
right to use the Securitization IP is derived solely from this Transaction
Management Agreement.  The Transaction
Manager acknowledges that it shall not acquire or claim adversely to the IP
Holder any right, title or interest in and to any of the Securitization IP or
any of the goodwill related thereto.  The
Transaction Manager acknowledges that each and every use of the Securitization
IP by the Transaction Manager under this Transaction Management Agreement and
any and all goodwill resulting from the Transaction Manager’s use of the
Securitization IP shall at all times inure to the benefit of the IP Holder, and
the Transaction Manager agrees to execute any and all documents that may be
submitted to the Transaction Manager reasonably necessary to carry out the
intention of this covenant.  This
covenant shall survive termination of this Transaction Management Agreement for
any reason.

 

Section 2.2.  Transaction
Management Fee and Reimbursement of Expenses.

 

(a)                                  As compensation
for the performance of the Transaction Management Services and the Transaction Servicing Services, the
Transaction Manager, or any Person operating on its behalf, shall be entitled
to receive and accrue to its benefit, the Transaction Management Fee.  The Transaction Management Fee will be
adjusted annually based on the CPI.  In
addition, the Transaction Manager, or any Person operating on its behalf, shall
be entitled to reimbursement of all expenses incurred by the Transaction
Manager.  The Transaction Management Fee and any
reimbursement of expenses shall be payable to the Transaction Manager, or any
Person operating on its behalf, solely pursuant to the terms hereof, and only
to the extent amounts are available for payment under, Section 5.13
of the Base Indenture.

 

(b)                                 Power of Attorney.  Subject to Section 6(c) of the
Replacement Management Agreement, so long as this Transaction
Management Agreement is in effect, each of the Master Issuer and each Issuer
Subsidiary hereby irrevocably constitutes and appoints the Transaction Manager,
any officer thereof, with full power of substitution, as its true and lawful
attorney-in-fact with full power and authority to act in the place and stead of
the Master Issuer, Contract Holder, Equipment Holder and IP Holder,
respectively, and in the name of the Master Issuer, 

 

8

 

Contract Holder, Equipment Holder or IP
Holder, respectively, or in its own name, from time to time in the Transaction
Manager’s discretion, for the purpose of providing the Transaction Services in
accordance with the terms of this Transaction Management Agreement, and will
execute the power of attorney in the form attached hereto as Exhibit A,
which power of attorney shall terminate with respect to the Transaction Manager
in the event that the Transaction Manager’s rights under this Transaction
Management Agreement are terminated as provided for herein but shall be
effective for each successor Transaction Manager.

 

ARTICLE III.

 

TERM
OF AGREEMENT

 

The term of this Transaction Management
Agreement shall commence on the date hereof (the “Effective Date”) and,
except as provided in Article VII, shall expire on the last day of
each calendar month thereafter; provided, however, that the
Securitization Entities may renew this Transaction Management Agreement for the
following calendar month if they give the Transaction Manager prior written
notice of such election (which notice will be included in the Monthly Manager’s
Certificate which the Co-Issuers will provide to the Transaction Manager for
further delivery on the Co-Issuers’ behalf, as provided in Section 4.1(b) of
the Base Indenture).  Should the
Securitization Entities fail to deliver a written notice of renewal, the
Securitization Entities may, at any time prior to the end of the next calendar
month, deliver a notice to the Transaction Manager that they wish to reinstate
this Transaction Management Agreement, in which case this Transaction
Management Agreement shall be deemed to have been renewed for such calendar
month.  The Transaction Manager may
terminate this Transaction Management Agreement any time following the date
that the Indenture has been satisfied and discharged in accordance with the
terms thereof.

 

ARTICLE IV.

 

DEPOSIT
OF CUSTOMER COLLECTIONS

 

The Transaction Manager acknowledges and
agrees that all Customer Collections shall be the property of the Contract
Holder.  All Customer Collections
received by the Transaction Manager shall be deposited by the Transaction
Manager into the Concentration Account within two Business Days after receipt
thereof.

 

ARTICLE V.

 

REPRESENTATIONS
AND WARRANTIES OF THE TRANSACTION MANAGER

 

Section 5.1.  Representations
and Warranties.  The Transaction
Manager represents and warrants to and in favor of the Master Issuer and each
Issuer Subsidiary that as of the Effective Date:

 

(a)                                  Organization,
Power, Qualification.  The
Transaction Manager is a limited liability company duly organized, validly
existing and in good standing under the laws of Delaware, has the power, legal
right and authority to own its properties and to carry on its 

 

9

 

business as now being and hereafter proposed
to be conducted and is duly qualified and is in good standing and authorized to
do business in each jurisdiction in which the character of its properties or
the nature of its business requires such qualification or authorization and the
failure to be so qualified would, individually or in the aggregate, have an
Intercompany Agreement MAE.

 

(b)                                 Authorization,
Enforceability.  The
Transaction Manager has the power, and has taken all necessary action to
authorize it to execute, deliver and perform this Transaction Management
Agreement in accordance with its terms and to consummate the transactions
contemplated hereby.  This Transaction
Management Agreement has been duly executed and delivered by the Transaction
Manager and is a legal, valid and binding obligation of the Transaction
Manager, enforceable in accordance with its terms, subject, as to enforcement
of remedies, to any applicable bankruptcy, insolvency or other similar law
affecting the enforcement of creditors’ rights and secured parties generally,
and subject to the limitation that the availability of the remedy of specific
performance or injunctive relief is subject to the discretion of the court
before which any proceeding therefor may be brought.

 

(c)                                  Non-Contravention.  The execution, delivery and performance of
this Transaction Management Agreement in accordance with its terms and the
consummation of the transactions contemplated hereby by the Transaction Manager
do not and will not (i) require any consent or approval of any Person,
except for consents and approvals that have already been obtained, (ii) violate
any Requirements of Law, (iii) conflict with, result in a breach of, or
constitute a default under its Organization Documents, as the same may have
been amended or restated, or conflict with, result in a breach of or constitute
a default under (with or without notice or lapse of time or both) any indenture,
agreement or other instrument, to which the Transaction Manager is a party or
by which it or any of its properties or assets may be bound, which conflict,
breach or default would have an Intercompany Agreement MAE, or (iv) result
in or require the creation or imposition of any Lien upon or with respect to
any property now owned or hereafter acquired by the Transaction Manager except
the Lien in favor of the Noteholders under the Indenture.

 

(d)                                 No Litigation.  There is no pending action, suit, proceeding or
investigation, against or affecting the Transaction Manager before any court,
administrative agency, arbitrator or governmental body or, to the best
knowledge of the Transaction Manager, any threatened action or proceeding,
against or affecting the Transaction Manager before any of the foregoing which,
if decided adversely to the Transaction Manager, would have an Intercompany
Agreement MAE.  The Transaction Manager
is not subject to any material order of any court, governmental authority or
agency or arbitration board or tribunal.

 

(e)                                  Governmental
Regulation.  No consent,
order or other action of, or filing with, any Governmental Authority is
required by the Transaction Manager in connection with the execution, delivery
and performance of this Transaction Management Agreement, except those that
have been obtained or made or where the failure to so obtain or make would not
have an Intercompany Agreement MAE.

 

(f)                                    Investment
Company.  The Transaction Manager is not
an “investment company” within the meaning of the Investment Company Act.

 

10

 

(g)                                 Bankruptcy.  The Transaction Manager is not a debtor in a
bankruptcy case.

 

(h)                                 Absence of
Default.  The Transaction Manager is in
compliance with all of the provisions of its Organizational Documents, as the
same may have been amended or restated (or comparable constitutive documents)
and no event has occurred, or failed to occur, which has not been remedied or
waived, the occurrence or nonoccurrence of which constitutes, or which with the
passage of time or giving of notice or both would constitute, (i) a
Transaction Manager Default or (ii) a default by the Transaction Manager
under any agreement or other instrument, or any judgment, decree or order to
which the Transaction Manager is a party or by which the Transaction Manager or
any of its properties or assets may be bound, which default would have an
Intercompany Agreement MAE.

 

(i)                                     Taxes.  The Transaction Manager has timely filed all
tax returns (federal, state and local) which are required to be filed and has
paid all taxes related thereto where the failure to do so would have an
Intercompany Agreement MAE.  There has
been no waiver of any statutes of limitation in respect of taxes or agreement
to any extension of time with respect to a tax assessment or deficiency of the
Transaction Manager; there is no claim, audit, action, suit or proceeding
against or with respect to the Transaction Manager in any tax; the Transaction
Manager has not received from any taxing authority any formal or informal (i) notice
indicating an intent to open an audit or other review, (ii) request for
information related to tax matters or (iii) notice of deficiency or
proposed adjustment for any amount of tax proposed, asserted or assessed by any
taxing authority against the Transaction Manager.

 

(j)                                     Defaults.  The Transaction Manager has no knowledge of
any Transaction Manager Default or Indenture Event of Default or any event
which the Transaction Manager reasonably believes will result in the occurrence
of an Indenture Event of Default or Transaction Manager Default.

 

(k)                                  Subsidiaries.  There are no corporations, partnerships,
limited liability companies, joint ventures or other business entities in which
the Transaction Manager owns, of record or beneficially, a direct or indirect
equity interest or contract or agreement, contingent or otherwise, to acquire
the same.

 

(l)                                     Insurance. The Transaction Manager has the insurance set forth
on Schedule 5.1(l) hereto, with financially sound insurers, and
such insurance provides coverage against such risks and on such amounts
(subject to deductibles) as is customary for business operations of the type
conducted by the Transaction Manager.

 

(m)                               No ERISA Plan. 
Neither the Transaction Manager nor any corporation or trade, business,
organization or other entity (whether or not incorporated) that would be
treated together with any Securitization Entity as a single employer under Section 414(b),
(c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA has
established, maintains, contributes to, or has any liability in respect of (or
has in the past six years established, maintained, contributed to, or had any
liability in respect of) any Plan.  No
corporation or trade, business, organization or other entity (whether or not
incorporated) that is a member of a Controlled Group which includes the
Transaction Manager has any contingent liability with respect to any
post-retirement welfare 

 

11

 

benefits under a Welfare Plan, other than liability for continuation
coverage described in Part 6 of Subtitle B of Title I of ERISA or other
applicable continuation of coverage laws.

 

ARTICLE VI.

 

COVENANTS
OF THE TRANSACTION MANAGER

 

Section 6.1.  Covenants.  So long as this Transaction Management
Agreement remains in effect:

 

(a)                                  Annual Accountants’ Reports. 
As soon as available, the Transaction Manager shall furnish, or cause to
be furnished, to the Trustee, the Administrative Agent and the Rating Agencies
the Annual Accountants’ Reports received from the Master Manager pursuant to Section 6.1(b) of
the Master Management Agreement.

 

(b)                                 Notices.  The
Transaction Manager will give prompt notice in a manner consistent with Section 8.1
hereof (A) to the Trustee and the Administrative Agent of (i) an
Indenture Event of Default of which the Transaction Manager has actual
knowledge, (ii) a Transaction Manager Default of which the Transaction
Manager has actual knowledge, and (iii) any event of which the Transaction
Manager has actual knowledge that the Transaction Manager reasonably believes
will result in the occurrence of an Indenture Event of Default or Transaction
Manager Default if not cured or waived within any relevant grace period (such
notice, a “Notice of Default”) and (B) to the applicable Rating
Agencies, with respect to any amendment to this Transaction Management
Agreement, other than clerical or administrative amendments.

 

(c)                                  Company
Existence; Governing Documents.  The Transaction Manager will keep in full
force and effect its existence and rights as a limited liability company under
the laws of its state of organization and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this
Transaction Management Agreement.  The
Transaction Manager shall maintain its existence separate and distinct from the
Master Issuer and the Issuer Subsidiaries.

 

(d)                                 Modification of
Customer Contract Origination Practices.  The Transaction Manager agrees that
immediately prior to the Effective Date, one of NuCO2 Inc.’s
objectives was the development and maintenance of relationships with Customers
pursuant to Customer Contracts that are (i) written and (ii) of a
long term nature.  The Transaction
Manager agrees to cause the Equipment Holder or the Contract Holder to maintain
the practice, with respect to all or a substantial portion of new and existing
Customer Contracts, of (i) having written Customer Contracts and (ii) unless
the Transaction Manager determines, in accordance with the Transaction
Management Standard, that it is not commercially reasonable or practicable to
do so, having Customer Contracts of a long term nature.  Nothing in this Section 6.1(d) shall
prohibit the Transaction Manager from allowing (subject to the Transaction
Management Standard) the Contract Holder or the Equipment Holder, on a case by
case basis, to originate individual new Customer Contracts of a short term
nature or modify individual existing Customer Contracts to shorten the term
thereof.

 

12

 

(e)                                  Requirements of
Law.  If the grant by the Master
Issuer, the Contract Holder, the Equipment Holder and the IP Holder of the
first priority perfected security interests under the Indenture, or any portion
or aspect thereof, requires any further approval, perfection or compliance with
any Requirements of Law or administrative rule, or shall be prohibited under or
in violation of any Requirements of Law or administrative rule, the Transaction
Manager agrees to cause the Master Issuer, the Contract Holder, the Equipment
Holder and the IP Holder, as applicable, to do all things and, at its expense,
to take all action reasonably necessary or advisable to obtain all such
approvals and to accomplish such perfection or compliance, and/or expeditiously
to remove any prohibition and cure any violation, so as to effectuate to the
fullest extent permissible by law the entire security interest granted under the
Indenture.

 

(f)                                    No Liens.  The Transaction Manager shall not create,
incur, assume or suffer to exist any Lien upon or with respect to any property
or assets of any kind of the Master Issuer, the Contract Holder, the Equipment
Holder and the IP Holder other than the Lien of the Indenture and any other
Related Documents and Permitted Liens.

 

(g)                                 Inspection.  At any time and from time to time, the
Transaction Manager shall permit the Master Issuer, the Contract Holder, the
Equipment Holder, the IP Holder, the Administrative Agent, or their respective
agents or representatives, during regular business hours and upon five Business
Days’ prior written notice (but not more often than two times in any twelve
month period so long as no Transaction Manager Default has occurred and is
continuing):  (i) to examine and
make copies of and abstracts from the books and records (financial and
corporate) of the Transaction Manager, insofar as they relate to the assets of
the Issuer Subsidiaries or its duties hereunder as Transaction Manager, (ii) to
visit the offices and properties of the Transaction Manager for the purpose of
examining such books and records and to discuss matters relating thereto and to
the performance of the Transaction Manager under this Transaction Management
Agreement with any of the officers or employees of the Transaction Manager
having knowledge of such matters and (iii) to monitor the quality of
products and services marketed under or in connection with the Securitization
IP.

 

(h)                                 Securitization
IP Notices.  The
Transaction Manager shall notify the IP Holder and the Trustee promptly (i) if
it knows or reasonably believes that any pending application for registration
or recording of a material Trademark or a registration or recording of a
material Trademark may become forfeited, abandoned or dedicated to the public,
or of any material adverse determination or development (including any
proceeding in the PTO or any court or tribunal in any country); and (ii) of
any claim by a third party that the Trademarks may be materially infringing on
the rights of a third party in the United States.

 

In the event that any material Securitization
IP is infringed, misappropriated, diluted or violated by a third party, the
Transaction Manager shall notify the IP Holder and the Trustee promptly after
the Transaction Manager has actual knowledge of such circumstance.

 

(i)                                     The Transaction
Manager Not To Resign; No Assignment.

 

(i)                                     The Transaction Manager
shall not resign from the duties and obligations hereby imposed on it except
upon a determination by the Master Issuer and each Issuer Subsidiary that by
reason of a change in applicable legal 

 

13

 

requirements, the continued performance by the Transaction Manager of
its duties under this Transaction Management Agreement would cause it to be in
material violation of such legal requirements (i.e., requirements pursuant to
law or regulation, rather than contractual), said determination to be evidenced
by an opinion of counsel to such effect.

 

(ii)                                  The Transaction Manager may
not assign this Transaction Management Agreement, without the prior written
consent of the Master Issuer and each Issuer Subsidiary.

 

(iii)                               Except as provided in this Section 6.1(i) or
in Sections 7.2 and 7.3, the duties and obligations of the
Transaction Manager under this Transaction Management Agreement shall continue
until this Transaction Management Agreement shall have been terminated as
provided in Articles III and VII, and shall survive the exercise
by the Master Issuer, the Contract Holder, the Equipment Holder or the IP
Holder of any right or remedy under this Transaction Management Agreement, or
the enforcement by the Master Issuer, the Contract Holder, the Equipment Holder
or  the IP Holder of any provision of
this Transaction Management Agreement. 
The Transaction Manager shall continue to serve as Transaction Manager
hereunder until such time as a successor shall be appointed and assume the
duties of Transaction Manager hereunder.

 

(j)                                     Insurance. The
Transaction Manager shall maintain, or cause the Master Issuer and the Issuer
Subsidiaries to maintain, as applicable, with financially sound insurers,
insurance coverages customary for business operations of the type conducted in
respect of the transactions contemplated by the Related Documents and the
assets of the Issuer Subsidiaries.  The
Transaction Manager shall annually provide to the Trustee, the Administrative
Agent and the Replacement Manager evidence that the insurance required to be
maintained by the Transaction Manager, the Master Issuer and the Issuer
Subsidiaries hereunder is in full force and effect, by not later than July 31
of each calendar year.  The Transaction
Manager shall forward to the Trustee, within 5 Business Days of receipt, any notices
received indicating that any insurance maintained by the Master Issuer and the
Issuer Subsidiaries will lapse.

 

(k)                                  Taxes.  The Transaction Manager shall, and shall
cause the Master Issuer, the Contract Holder, the Equipment Holder and the IP
Holder to, (i) pay all Taxes when due or payable, together with any
interest or penalty, addition to tax or additional amount imposed thereon or in
connection therewith, (ii) file, when due, all tax returns, statements,
reports or forms required to be filed with any taxing authority and (iii) except
for consolidated tax returns, not become, or permit itself to become, liable
for the Taxes of any other Person or entity, whether by contract, operation of
law or otherwise.

 

(l)                                     Maintain
Business.  The
Transaction Manager shall cause the Contract Holder, the Equipment Holder and
the Employee Company to be primarily engaged in the Bulk Gases Business.

 

14

 

(m)                               Information. 
All written information, reports and other papers and data furnished by
the Transaction Manager hereunder shall be, at the time the same is so
furnished, true and correct in all material respects.

 

(n)                                 Default.  The
Transaction Manager shall not willfully cause the Securitization Entities to
default under the Related Documents.

 

ARTICLE VII.

 

EVENTS
OF DEFAULT

 

Section 7.1.  Transaction
Manager Default.  Each of the
following shall constitute a “Transaction Manager Default”:

 

(a)                                  the Transaction
Manager shall fail to deliver (i) the Manager’s Certificates, the
Noteholders’ Statement and the Compliance Certificate within one Business Day
after the date that such report is due or (ii) any other report required
to be delivered by the Transaction Manager under the Related Documents within
five Business Days after the date that such report is due; or

 

(b)                                 the Transaction
Manager shall fail within two Business Days after receipt thereof, to remit or
cause to be remitted to the Concentration Account, or as otherwise directed by
the Contract Holder, any Customer Collections received by it; or

 

(c)                                  default in the
performance, or breach, of any covenant of the Transaction Manager in this
Transaction Management Agreement (not referenced in clause (b) above), and
where such default or breach continues for a period of 30 days after the
earlier of (i) the date on which an officer of the Transaction Manager
first has actual, personal knowledge of such default or breach and (ii) the
date on which a Notice of Default, specifying in reasonable detail, such
default or breach and requiring it to be remedied shall have been given to the
Transaction Manager; or

 

(d)                                 a failure of
any representation or warranty of the Transaction Manager in this Transaction
Management Agreement to be true and correct in all material respects as and
when made, which, if susceptible of being cured, remains uncured 30 days after
the earlier of (i) the date on which an officer of the Transaction Manager
first has actual, personal knowledge of such failure  and (ii) the date on which a Notice of
Default, specifying in reasonable detail, such failure and requiring it to be
remedied shall have been given to the Transaction Manager; or

 

(e)                                  the entry of a
decree or order for relief by a court having jurisdiction in respect of the
Transaction Manager in an involuntary case under the federal bankruptcy laws,
as now or hereafter in effect, or any other present or future federal or state
bankruptcy, insolvency or similar law, or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Transaction Manager or of any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Transaction Manager and the
continuance of any such decree or order unstayed and in effect for a period of
60 consecutive days; or

 

15

 

(f)                                    the
commencement by the Transaction Manager of a voluntary case under the federal
bankruptcy laws, as now or hereafter in effect, or any other present or future
federal or state bankruptcy, insolvency or similar law, or the consent by the
Transaction Manager to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Transaction Manager or any substantial part of its property or
the making by the Transaction Manager of an assignment for the benefit of
creditors or the failure by the Transaction Manager generally to pay its debts
as such debts become due or the taking of action by the Transaction Manager in
furtherance of any of the foregoing; or

 

(g)                                 a final
non-appealable judgment shall be entered by any court against the Transaction
Manager (i) for the payment of money the uninsured portion of which,
together with the uninsured portion of all other outstanding final
non-appealable judgments against the Transaction Manager, exceeds $15,000,000
in the aggregate and either (A) such judgment is not discharged within the
period of 30 days after entry thereof or (B) there shall be any period of 30
consecutive days during which a stay of enforcement of such judgment shall not
be in effect or (ii) for equitable or injunctive relief that has an
Intercompany Agreement MAE.

 

Section 7.2.  Termination
of Transaction Manager.

 

(a)                                  In the event of
a Transaction Manager Default or at any time during a Hot Back-Up Services
Period (as defined in the Replacement Management Agreement), the Securitization
Entities shall have all rights and remedies against the Transaction Manager as
may exist at law or in equity, and in such event or period, as applicable, any
Securitization Entity (at the direction of the Control Party or the Replacement
Manager) may by notice then given in writing to the Transaction Manager (a “Transaction
Manager Termination Notice”), terminate all or any part of the rights and
obligations of the Transaction Manager under this Transaction Management
Agreement.

 

(b)                                 After receipt
by the Transaction Manager of a Transaction Manager Termination Notice, on the
date that a successor Transaction Manager shall have been appointed by the
Securitization Entities pursuant to Section 7.3, all authority and power
of the Transaction Manager under this Transaction Management Agreement shall
pass to and be vested in such successor Transaction Manager (a “Transaction
Management Transfer”).  The
Transaction Manager agrees to cooperate with the Securitization Entities and
the successor Transaction Manager in effecting the termination of the
responsibilities and rights of the Transaction Manager to conduct the Transaction
Services hereunder, including, without limitation, the transfer to such
successor Transaction Manager of all authority of the Transaction Manager to
conduct the Transaction Services.  The
Transaction Manager shall promptly (x) assemble all of the Transaction
Manager’s documents (including copies of all Customer Contracts), instruments
and other records (including files, licenses, rights, copies of all relevant
computer programs and any necessary licenses for the use thereof, related
material, computer tapes, disks, cassettes and data) that are necessary or
desirable to enable the successor Transaction Manager to effect the immediate
performance of the Transaction Services hereunder, with or without the
participation of the Master Issuer, the Issuer Subsidiaries or the Transaction
Manager, and (y) either (i) deliver all of the foregoing documents,
instruments and other records to the successor Transaction Manager at a place
designated by it or (ii) grant a license to (x) occupy and use the
premises 

 

16

 

where all of the foregoing documents,
instruments and other records are located and (y) access such documents,
instruments and other records.

 

(c)                                  Within 30 days
of termination of this Transaction Management Agreement for any reason, the
Transaction Manager shall deliver and surrender up to the IP Holder any and all
products, materials or other physical objects containing the Trademarks
included in the Securitization IP or Confidential Information of the IP Holder
and any copies of copyrighted works included in the Securitization IP in the
Transaction Manager’s possession or control, and shall terminate all use of all
Securitization IP, including trade secrets.

 

(d)                                 All costs and
expenses incurred by the Transaction Manager, the successor Transaction
Manager, the Master Issuer and the Issuer Subsidiaries in connection with any
Transaction Management Transfer shall be reimbursed pursuant to the terms, and
to the extent of amounts available for payment under, Section 5.13
of the Base Indenture.

 

(e)                                  The parties
hereto each agree that the successor Transaction Manager shall be selected in
accordance with the terms of the Replacement Management Agreement.  In the event of any conflict between this
Management Agreement and the Replacement Manager Agreement, the Replacement
Management Agreement shall control.

 

Section 7.3.  Appointment
of Successor Transaction Manager.

 

(a)                                 On and after
the date of receipt by the Transaction Manager of a Transaction Manager
Termination Notice pursuant to Section 7.2  or the Transaction Manager’s resignation in
accordance with the terms of this Transaction Management Agreement, the
Transaction Manager shall continue to perform all Transaction Services
hereunder, until (i) in the case of termination the date specified in such
Transaction Manager Termination Notice or, if no such date is specified in such
Transaction Manager Termination Notice or is otherwise specified by the
Securitization Entities (acting at the direction of the Control Party or the
Replacement Manager) or (ii) a date mutually agreed up by the Transaction
Manager and the Securitization Entities, and in the case of resignation, is the
date upon which the predecessor Transaction Manager shall become unable to act
as Transaction Manager, as specified in the notice of resignation.  The Securitization Entities (acting at the
direction of the Control Party or the Replacement Manager) shall as promptly as
possible after the giving of a Transaction Manager Termination Notice or receiving
notice of the Transaction Manager’s resignation, appoint a successor
Transaction Manager.

 

ARTICLE VIII.

 

MISCELLANEOUS

 

Section 8.1.                      Notices.  All notices from one party to the other party
shall be in writing and shall be sent to the other party’s address by (a) delivery
by a reputable courier service or by certified mail (return receipt requested)
or (b) by facsimile transmission (or the equivalent transmission providing
written confirmation of receipt at the facsimile number of the addressee) with
a copy sent in either manner described in clause (a), all charges prepaid.  The date of receipt or refusal to accept
shall be the effective date of any such notice.

 

17

 

 

	
  Master Issuer

  NuCO2 Funding LLC

  2800 S.E. Market Place

  Stuart, FL 34997

  Attention: General Counsel

  	
   

  	
  The Transaction Manager

  NuCO2 Management LLC

  2800 S.E. Market Place

  Stuart, FL 34997

  Attention: General Counsel

  
	
   

  	
   

  	
   

  
	
  Contract Holder

  NuCO2 LLC

  2800 S.E. Market Place

  Stuart, FL 34997

  Attention: General Counsel

  	
   

  	
  Equipment Holder

  NuCO2 Supply LLC

  2800 S.E. Market Place

  Stuart, FL 34997

  Attention: General Counsel

  
	
   

  	
   

  	
   

  
	
  IP Holder

  NuCO2 IP LLC

  2800 S.E. Market Place

  Stuart, FL 34997

  Attention: General Counsel

  	
   

  	
  Trustee

  U.S. Bank National Association

  EP-MN-WS3D

  60 Livingston Avenue

  St. Paul, MN 55107

  Attention: Structured Finance/NuCO2

  
	
   

  	
   

  	
   

  
	
  Moody’s

  Moody’s Investors Service, Inc.

  7 World Trade Center

  250 Greenwich Street, 25th Floor

  New York, NY 10007

  Attention: ABS/RMBS Monitoring Department

  Facsimile: 212-553-0573

  	
   

  	
  Fitch

  Fitch, Inc.

  70 W. Madison, Suite 1100

  Chicago, IL 60602

  Attention: ABS Surveillance - New Assets

  Facsimile: 312-368-2069

  

 

Section 8.2.  Entire
Agreement.  This Transaction
Management Agreement and the other Related Documents set forth the entire
agreement and understanding among the parties with reference to the
transactions contemplated hereby and supersede any and all other oral or
written agreements heretofore made.

 

Section 8.3.  Severability.  If any provision of this Transaction
Management Agreement or the application of any provision hereof to any Person
or in any circumstances is held invalid, the remainder of this Transaction
Management Agreement and the application of such provision to other Persons or
circumstances shall not be affected unless the provision held invalid shall
substantially impair the benefits of the remaining portions of this Transaction
Management Agreement.

 

Section 8.4.  CONSENT TO
JURISDICTION.

 

EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS
TO THE EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN
NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
TRANSACTION MANAGEMENT AGREEMENT OR ANY OTHER RELATED DOCUMENT, AND HEREBY IRREVOCABLY
AGREES THAT ALL 

 

18

 

CLAIMS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO THE
SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING,
OR DELIVERY, OF COPIES OF SUCH PROCESS TO SUCH PARTY AT ITS ADDRESS SPECIFIED
IN SECTION 8.1 HEREOF.  EACH
PARTY AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section 8.5.  Waiver of
Jury Trial.  The parties hereto each
waive their respective rights to a trial by jury of any claim or cause of
action based upon or arising out of or related to this Transaction Management
Agreement, or the transactions contemplated hereby, in any action, proceeding
or other litigation of any type brought by any of the parties against any other
party or parties, whether with respect to contract claims, tort claims, or
otherwise.  The parties hereto each agree
that any such claim or cause of action shall be tried by a court trial without
a jury.  Without limiting the foregoing,
the parties further agree that their respective right to a trial by jury is
waived by operation of this Section 8.5 as to any action,
counterclaim or other proceeding which seeks, in whole or in part, to challenge
the validity or enforceability of this Transaction Management Agreement or any
provision hereof.  This waiver shall
apply to any subsequent amendments, renewals, supplements or modifications to
this Transaction Management Agreement.

 

Section 8.6.  Further
Assurances.  The Transaction Manager
shall furnish to each of the Master Issuer and each Issuer Subsidiary any
further instruments, in form and substance reasonably satisfactory to it, which
it may reasonably require or deem necessary, from time to time, to evidence,
establish, protect, enforce, defend or secure it and any and all of its rights
hereunder.

 

Section 8.7.  Amendments;
Waivers.  Any term, covenant,
agreement or condition of this Transaction Management Agreement may only be
amended with the consent of the Transaction Manager, the Master Issuer and each
Issuer Subsidiary or compliance therewith may be waived (either generally or in
a particular instance and either retroactively or prospectively) by the Master
Issuer and each Issuer Subsidiary and in any such event the failure to observe,
perform or discharge any such covenant, condition or obligation (whether such
amendment is executed or such consent or waiver is given before or after such
failure) shall not be construed as a breach of such covenant, condition or
obligation or as a Transaction Manager Default.

 

Section 8.8.  Third Party Beneficiaries.  Each of the Control Party and the Replacement
Manager is an intended third party beneficiary of this Transaction Management
Agreement and may exercise the rights of the Transaction Manager and each of
the Co-Issuers, and enforce the obligations of the Transaction Manager and each
of the Co-Issuers hereunder, in each case 

 

19

 

without the consent of
either the Transaction Manager or any of the Co-Issuers, provided that such
action shall be in accordance with the terms of the Replacement Management
Agreement.

 

Section 8.9.  Successors
and Assigns.  This Transaction
Management Agreement shall be binding upon and inure to the benefit of and be
enforceable by the respective successors and assigns of the parties hereto.  All agreements, statements, representations
and warranties made by the Transaction Manager herein or in any certificate or
other instrument delivered by the Transaction Manager or on its behalf under
this Transaction Management Agreement shall be considered to have been relied
upon by the Master Issuer and each Issuer Subsidiary and shall survive the
execution and delivery of this Transaction Management Agreement.  The Transaction Manager acknowledges and agrees that
the rights of the Securitization Entities hereunder will be pledged to the
Trustee pursuant to the Indenture.

 

Section 8.10.  No
Bankruptcy Petition.  The Transaction
Manager by entering into this Transaction Management Agreement covenants and
agrees that, prior to the date which is one year and one day after the full
satisfaction and discharge of the Indenture in accordance with the terms
thereof, it will not institute against, or join any other Person in instituting
against the Master Issuer or any Issuer Subsidiary any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any federal or state bankruptcy or similar law.

 

Section 8.11.  Relationship
of Parties.  Except as provided in Section 8.15
of this Agreement, nothing contained in this Transaction Management Agreement
is intended to create, or shall in any event or under any circumstance be
construed as creating, a partnership, joint venture, tenancy-in-common, joint
tenancy, agency or other relationship of any nature whatsoever between the
Master Issuer and the Issuer Subsidiaries, on the one hand, and the Transaction
Manager, on the other hand.  The
Transaction Manager acknowledges that (a) the Transaction Manager is
represented by competent counsel and has consulted counsel before executing
this Transaction Management Agreement and (b) it has relied solely on its
own judgment and advisors in entering into the transactions contemplated
hereby.

 

Section 8.12.  Limitation
on Liability; Indemnity.  (a) None
of the members, managers, directors, officers, employees or agents of the
Transaction Manager shall be under any liability to the Master Issuer, the
Contract Holder, the Equipment Holder, the IP Holder, or any other Person for
any action taken or for refraining from the taking of any action taken in good
faith pursuant to this Transaction Management Agreement; provided, however,
that this provision shall not protect the Transaction Manager against any
liability which would otherwise be imposed by reason of willful misfeasance,
bad faith or gross negligence in the performance of its duties hereunder.

 

(b)                                 Notwithstanding the
foregoing, the Transaction Manager hereby agrees to indemnify and hold harmless
each of the Master Issuer, the Contract Holder, the Equipment Holder and the IP
Holder, each successor and assign of the Master Issuer, the Contract Holder,
the Equipment Holder and the IP Holder, as the case may be, and each of their
respective officers, directors, affiliates, agents and representatives from and
against any claim, loss, liability, damage, settlement, cost or other expense
including reasonable attorney’s fees and expenses that arise out of, relate to
or are in connection with any negligent act or any negligent 

 

20

 

failure to act of the Transaction Manager in the performance of its
duties hereunder or any breach by the Transaction Manager of any
representation, covenant or other provision hereunder.

 

This Section 8.12 shall survive termination of this
Transaction Management Agreement.

 

Section 8.13.  Governing
Law.

 

THIS TRANSACTION MANAGEMENT AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW, OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK.

 

Section 8.14.  Counterparts.  This Transaction Management Agreement may be
executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

 

Section 8.15.  Limitation
on Payment.  Any and all payments,
including but not limited to fees, expenses and costs, to be made to the
Transaction Manager under this Transaction Management Agreement shall be made
only to the extent of funds available therefor in accordance with Section 5.13
of the Base Indenture.

 

Section 8.16.  Status of
Parties.  The Transaction Manager is
authorized pursuant to this Transaction Management Agreement to act as the
authorized agent of the Master Issuer and the Issuer Subsidiaries for the
purposes set forth in this Transaction Management Agreement.

 

Section 8.17.  Limitations
on Authority.  Except as expressly
set forth herein, the Transaction Manager shall not be authorized to manage the
affairs of the Master Issuer, the Contract Holder, the Equipment Holder or the
IP Holder.  The management, policies, and
operations of the Master Issuer, the Contract Holder, the Equipment Holder and
the IP Holder shall be the responsibility of the Master Issuer, Contract
Holder, the Equipment Holder and the IP Holder, respectively, and officers of
the Master Issuer, the Contract Holder, the Equipment Holder and the IP Holder,
respectively, acting pursuant to and in accordance with their respective
Organizational Documents and other applicable documents.

 

Section 8.18.  Headings
and Captions.  The headings or
captions in this Transaction Management Agreement are inserted for convenience
and identification only and are in no way intended to describe, interpret,
define, or limit the scope, extent, or intent of this Transaction Management
Agreement or any provisions thereof.

 

[Remainder of Page Intentionally Left
Blank]

 

21

 

IN WITNESS WHEREOF, this Transaction
Management Agreement has been executed by the duly authorized signatories of
the parties hereto all as of the day and year first above written.

 

	
   

  	
  NuCO2 Management LLC, as Transaction Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2 Inc., its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
  Name:

  	
  Eric M. Wechsler

  
	
   

  	
   

  	
  Title:

  	
  General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2
  Funding LLC, as Master Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2
  Inc., its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
  Name:

  	
  Eric M. Wechsler

  
	
   

  	
   

  	
  Title:

  	
  General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2
  LLC, as Contract Holder

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2
  Funding LLC, its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2
  Inc., its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Eric
  M. Wechsler

  
	
   

  	
   

  	
   

  	
  Title:

  	
  General
  Counsel

  

 

[SIGNATURE PAGE
CONTINUES]

 

 

	
   

  	
  NuCO2
  Supply LLC, as Equipment Holder

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2
  Funding LLC, its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2
  Inc., its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Eric
  M. Wechsler

  
	
   

  	
   

  	
   

  	
  Title:

  	
  General
  Counsel

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NuCO2
  IP LLC, as IP Holder

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2
  Funding LLC, its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2
  Inc., its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Eric
  M. Wechsler

  
	
   

  	
   

  	
   

  	
  Title:

  	
  General
  Counsel

  

 

 

EXHIBIT A

 

POWER OF ATTORNEY

 

LIMITED POWER OF ATTORNEY (SPECIAL)

 

KNOW ALL MEN BY THESE
PRESENTS, that each of NuCO2 Funding LLC
(the “Master Issuer”),  NuCO2 LLC  (the “Contract Holder”),  NuCO2 Supply
LLC  (the “Equipment Holder”)  and  NuCO2 IP
LLC  (the “IP Holder”)  in its full capacity under
the Transaction Management Agreement (the “Transaction Management Agreement”),
dated as of May 28, 2008, by and between NuCO2 Management
LLC, as transaction manager (the “Transaction Manager”), the Master
Issuer, the Contract Holder, the Equipment Holder and the IP Holder, does
hereby nominate, constitute and appoint the Transaction Manager as its true and
lawful attorney-in-fact for it and in its name, place, stead and for its use
and benefit:

 

To perform any and all acts
which may be necessary or appropriate to enable the Transaction Manager to
provide the Transaction Services in accordance with the terms of the Transaction
Management Agreement, giving and granting unto the Transaction Manager full
power and authority to do and perform any and every act necessary, requisite,
or proper in connection with the foregoing and hereby ratifying, approving or
confirming all that the Transaction Manager shall lawfully do or cause to be
done by virtue hereof.

 

Capitalized terms used herein but not
otherwise defined shall have the meanings set forth in the Transaction
Management Agreement.

 

1

 

IN WITNESS WHEREOF, the undersigned has caused this limited
power of attorney to be executed as of this       
day of                         
2008.

	
   

  	
  NuCO2
  Funding LLC, as Master Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2
  Inc., its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2
  LLC, as Contract Holder

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2
  Funding LLC, its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2
  Inc., its Member

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2
  Supply LLC, as Equipment Holder

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2
  Funding LLC, its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2
  Inc., its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2
  IP LLC, as IP Holder

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2
  Funding LLC, its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2
  Inc., its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  

 

 

Schedule 5.1(l)

 

INSURANCE

 

	
  Policy

  	
   

  	
  Primary Insured

  	
   

  	
  Co-Insureds

  
	
  Auto

  	
   

  	
  NuCO2 Supply LLC

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Management LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  Workers
  Compensation

  	
   

  	
  NuCO2 Management
  LLC

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  General Liability

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Umbrella

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Excess Liability

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Punitive Damages
  Wrap

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Property

  	
   

  	
  NuCO2 Supply LLC

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Management LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  Crime

  	
   

  	
  NuCO2 Management
  LLC

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  Employment
  Practices

  	
   

  	
  NuCO2 Management
  LLC

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  D&O (no
  transfer)

  	
   

  	
  NuCO2 Inc.

  	
   

  	
  NuCO2 Funding
  LLC, NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC,
  Alvarez & Marsal, Inc., Alvarez & Marsal North
  America, LLCExhibit 10.21

 

REPLACEMENT MANAGEMENT AGREEMENT

 

REPLACEMENT MANAGEMENT AGREEMENT (this “Agreement”), dated as of May 28,
2008, by and among NuCO2, Inc., a Florida corporation (“NuCO2”) in its capacity as the “Master Manager”
of the Co-Issuers and as manager of the Employee Company (as defined below)
(the “Employee Company Manager”),
Alvarez & Marsal North America LLC, a Delaware limited liability
company (the “Replacement Manager”), NuCO2 Funding LLC, a
Delaware limited liability company (the “Master Issuer”),
each other Co-Issuer, NuCO2 Management LLC, a Delaware limited liability
company (the “Employee Company”) as itself
and in its capacity as the “Transaction Manager”, U.S. Bank National
Association, a national banking association (“U.S.
Bank”), acting hereunder in its capacity as “Trustee” under the
Indenture (as defined below) and not in its individual capacity for the benefit
of the Secured Parties and U.S. Bank, acting hereunder as “Administrative Agent”
under the Indenture and not in its individual capacity (the “Administrative Agent”).

 

PRELIMINARY STATEMENT

 

WHEREAS, the Co-Issuers have entered into an
Indenture, dated as of the date hereof (as amended, modified or otherwise
supplemented, the “Indenture”) with the Trustee
and the Administrative Agent pursuant to which the Co-Issuers may issue from
time to time one or more series of notes (the “Notes”),
in each case in accordance with a series supplement thereto;

 

WHEREAS, NuCO2 in its capacity as the Master Manager provides certain services to the
Co-Issuers, and as the Employee Company Manager provides certain services to
Employee Company;

 

WHEREAS, the Employee Company in its capacity as the
Transaction Manager provides certain services to the Co-Issuers;

 

WHEREAS, it is a condition of the issuance of the
Notes that the Co-Issuers and Employee Company engage the Replacement Manager
to perform the monitoring, advisory, management and other services described
herein;

 

WHEREAS, the Co-Issuers and Employee Company wish to
engage the Replacement Manager to provide the monitoring, advisory, management
and other services described herein, and the Replacement Manager has indicated
that it is willing to be so engaged.

 

NOW, THEREFORE, in consideration of the premises and
of the mutual covenants herein contained and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.                                       Definitions; Representations;
Effectiveness.  (a) Capitalized terms used but not
defined herein shall have the meanings given to them in Annex A
to the Indenture.

 

 

(b)                                 The Replacement Manager hereby
represents, warrants and covenants, for its own part as Replacement Manager
hereunder and with respect to this Agreement:

 

(i)                                     It is a duly organized, validly existing
limited liability company in good standing under the laws of the state of its
organization.  It has full limited
liability company power, authority and legal right to execute, deliver and
perform its obligations under this Agreement.

 

(ii)                                  The execution and delivery of this
Agreement and the performance by the Replacement Manager of its duties
hereunder have been duly authorized by all necessary action on its part.

 

(iii)                               The execution and delivery of this
Agreement will not (i) conflict with any provision of the certificate of
formation of the Replacement Manager or the operating agreement of the
Replacement Manager, (ii) violate or result in a breach of any material
contract to which the Replacement Manager is a party or (iii) violate any
law to which the Replacement Manager is subject.

 

(iv)                              This Agreement constitutes a legal, valid
and binding obligation of the Replacement Manager, enforceable against the
Replacement Manager in accordance with its terms.

 

(v)                                 The Replacement Manager has the requisite
degree of expertise and resources to enable it to perform its duties and
obligations under this Agreement.

 

(vi)                              In performing its duties and obligations
under this Agreement the Replacement Manager shall exercise a degree of
diligence, skill and care that an ordinarily careful and prudent person would
in performing back-up and other services comparable to those that the
Replacement Manager has agreed to provide under this Agreement and shall devote
such time and resources as are necessary to enable it to perform such services.

 

(c)                                  Except as otherwise set forth herein,
this Agreement shall become effective on the date hereof and the Replacement
Manager shall render the services specified herein during the term of this
Agreement.

 

(d)                                 Upon the date of the receipt by the
Replacement Manager of written notice from the Administrative Agent (acting at
the direction of the Control Party) to the Replacement Manager to the effect
that an Early Amortization Event, Master Manager Default, Transaction Manager Default
or Employee Company Manager Default has occurred (such date, a “Warm Back-Up Services Effective Date”),
Section 3 of this Agreement shall become effective and the Replacement
Manager shall promptly render the services specified in Section 3 of this
Agreement until the date that the Replacement Manager receives written notice
from the Administrative Agent (acting at the direction of 

 

2

 

the Control Party) that such Early Amortization Event, Master Manager
Default, Transaction Manager Default or Employee Company Manager Default is no
longer continuing as of a specified date or the Hot Back-Up Services Effective
Date has occurred (such date, a “Warm Back-Up Services
Termination Date” and the period from a Warm Back-Up Services
Effective Date to and including a Warm Back-Up Services Termination Date, a “Warm Back-Up Services Period”).

 

(e)                                  Upon the date of receipt of written
notice by the Replacement Manager from the Administrative Agent (acting at the
direction of the Control Party) to the Replacement Manager to the effect that
(x)(i) the Three-Month DSCR for any Payment Date is less than 1.20 times, (ii) an
Event of Default has occurred and is continuing or (iii) any of the Master
Manager, the Employee Company Manager or the Transaction Manager has resigned
and has not been replaced with a party reasonably acceptable to the Control
Party, and (y) the Administrative Agent (acting at the direction of the
Control Party) intends to exercise its rights to engage the services of the
Replacement Manager under Section 4 hereof (a “Hot
Back-Up Services Effective Date”), Section 4 of this
Agreement shall become effective and the Replacement Manager shall promptly
render the services specified in Section 4 of this Agreement until the
date that the Replacement Manager receives written notice from the
Administrative Agent (acting at the direction of the Control Party) that such
Services are terminated (such date, a “Hot Back-Up Services
Termination Date” and the period from a Hot Back-Up Services
Effective Date to and including a Hot Back-Up Services Termination Date, a “Hot Back-Up Services Period”).

 

(f)                                    The Administrative Agent shall provide
the Master Manager, the Transaction Manager and the Employee Company Manager with
written notice to the effect that a Hot Back-Up Services Period shall have
started or shall have terminated, as applicable.

 

2.                                       Monitoring and Advisory Services. 
The Replacement Manager hereby agrees, commencing on the date hereof, to
render the following services to the Co-Issuers, the Administrative Agent and
the Trustee, for the benefit of the Secured Parties (collectively, the “Monitoring and Advisory Services”):

 

(a)                                  based on the information provided to it
in accordance with the terms of this Agreement, to monitor and evaluate the
performance of the Master Manager under the Master Management Agreement, the
Transaction Manager under the Transaction Management Agreement and of the
Employee Company Manager under the Employee Company LLC Agreement by:

 

(i)                                     reviewing the periodic reports from the
Master Manager, the Transaction Manager and the Employee Company Manager as
described in Section 5 below;

 

(ii)                                  for each of the first three fiscal
quarters of each fiscal year, discussing (by phone) with members of the
Leadership Team of the Master Manager and the Administrative Agent the
performance of the Bulk 

 

3

 

Gases Business and the
Employee Company’s and the Co-Issuers’ evaluation of their compliance with the
terms of the Related Documents; provided that
such discussion shall occur within sixty (60) days of the last day of each such
fiscal quarter (each, a “Quarter”)
of each fiscal year of the Co-Issuers (each a “Quarterly
Call”); and

 

(iii)                               on an annual basis meeting and discussing
(in person) with the Leadership Team and the Administrative Agent the
performance of the Bulk Gases Business and the Employee Company’s and the
Co-Issuers’ evaluation of their compliance with the terms of the Related
Documents; provided that such meeting shall occur
within one-hundred and five (105) days of the last day of each fiscal year of
the Co-Issuers (the “Annual Visit”);

 

(b)                                 to perform a review of the Bulk Gases
Business and the Employee Company’s and the Co-Issuers’ evaluation of their
compliance with the terms of the Related Documents on a quarterly basis (a “Quarterly Replacement Manager Review”)
based upon the corresponding Quarterly Call and the information distributed to
the Replacement Manager pursuant to Section 5 during such Quarter, and to
deliver a written report (each a “Quarterly Replacement
Manager Report”) to the Trustee, the Administrative Agent, the
Master Manager, the Transaction Manager and the Employee Company Manager
summarizing such Quarterly Replacement Manager Review within seventy-five (75)
days of the last day of each of the first three Quarters of each fiscal year of
the Co-Issuers; and

 

(c)                                  to perform a review of the Bulk Gases
Business and the Employee Company’s and the Co-Issuers’ evaluation of their
compliance with the terms of the Related Documents on an annual basis based
upon the Annual Visit and the information distributed to the Replacement
Manager pursuant to Section 5 during such annual period as well as the
Quarterly Replacement Manager Review for the previous three (3) Quarters,
which will examine the performance of the Bulk Gases Business, the evaluation
of the Master Manager’s compliance with the terms of the Master Management
Agreement, the evaluation of the Transaction Manager’s compliance with the
terms of the Transaction Management Agreement, the cash management system of
the Master Manager, the Transaction Manager and the Co-Issuers and the overall
business of the Co-Issuers (“Annual Replacement Manager
Review”) and to deliver a written report to the Trustee, the
Administrative Agent, the Master Manager, the Transaction Manager and the
Employee Company Manager summarizing the Annual Replacement Manager Review
within one-hundred twenty (120) days of the last day of each fiscal year.

 

Delivery of reports, information and documents by the
Replacement Manager pursuant to Sections 2(b) and (c) is for
informational purposes only and the receipt by the recipients of such reports
shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the Co-Issuers’,
the Master Manager’s, the Transaction Manager’s, the Employee Company Manager’s
or any other entity’s compliance with any of its covenants under any 

 

4

 

of the Related Documents (as to which the Trustee and
Administrative Agent are entitled to rely on officer’s certificates from such
entities).

 

3.                                       Warm Back-Up Services. 
The Replacement Manager hereby agrees, during each Warm Back-Up Services
Period, to render, in addition to the Monitoring and Advisory Services
described above, the following additional services to the Co-Issuers, Employee
Company, the Administrative Agent and the Trustee, for the benefit of the Secured
Parties (collectively, the “Warm Back-Up Services”):

 

(a)                                  to attend (in-person or telephonically)
those Leadership Team meetings (as an observer) that the Replacement Manager,
in consultation with the Administrative Agent, deems appropriate and useful to
accomplishing its other Warm Back-Up Services (it being agreed by the Master
Manager, the Transaction Manager and the Employee Company Manager shall provide
at least one Business Day’s written (including email) notice of each Leadership
Team meeting pursuant to Section 6(h) below);

 

(b)                                 to perform an in-depth situation analysis
of the Master Manager, the Transaction Manager, the Employee Company Manager
and their respective financial position and of the Bulk Gases Business and the
Co-Issuers, based on information provided to the Replacement Manager pursuant
to Section 5 hereof, that analyzes among other things, (i) the key
drivers of historical performance, (ii) the strategic business plan for
the Bulk Gases Business to determine weaknesses (if any) and viability and (iii) the
causes of poor performance (e.g., pricing, cost structure, leverage);

 

(c)                                  to generate revised projections
(including cash forecasts, income statements and balance sheets) for the Bulk
Gases Business and the Co-Issuers, which projections will be based on (i) variance
analyses and (ii) stress tests to sensitize forecasts and incorporate
changes to the model used by the Rating Agencies in connection with their
issuance of ratings on the Notes;

 

(d)                                 to the degree relevant based on its situation
analysis, to identify alternative suppliers and providers of Contract Services
and Employee Services and suppliers of other services provided under the
Master Management Agreement, the Transaction Management Agreement, and the
Delivery and Customer Services Agreement as directed by the Administrative
Agent (at the direction of the Control Party);

 

(e)                                  to develop a plan (a “Transition  Plan”)
pursuant to which, based on the Replacement Manager’s situation analysis and
the situation at hand, the Replacement Manager will identify one or more
Persons that would be suitable to serve as a successor Master Manager
under the Master Management Agreement, a successor Transaction Manager under
the Transaction Management Agreement or a successor Employee Company Manager
(as the case may be). In developing the Transition Plan, the Replacement
Manager will also be permitted to identify (A) personnel, if any, at the
Master Manager, which it will recommend to be transferred to the Replacement
Manager to provide the Hot Back-Up Services and to assist in the transfer of
accounting, receivables, payables, finance, payroll and other financial
services to the Replacement Manager; and (B) individuals (i) from NuCO2’s existing Leadership Team, to the extent the
Replacement 

 

5

 

Manager determines to recommend the retention
of all or part of the existing members of NuCO2’s Leadership Team, (ii) from its own organization, to the extent
the Replacement Manager determines to recommend the appointment of certain
executives from within its own organization, or (iii) from any other
organization, to the extent the Replacement Manager determines to recommend the
retention or appointment of certain persons not affiliated with either NuCO2’s existing Leadership Team or the Replacement
Manager’s own organization, in each case, to assist the Replacement Manager,
any successor Master Manager or successor Employee Company Manager (as the case
may be) in providing the necessary “Services” under this Agreement. Any
Transition Plan may include, but is not limited to, a recommendation to (i) terminate
NuCO2’s position as Master
Manager under the Master Management Agreement or Employee Company Manager (as
the case may be) or the Employee Company’s position as Transaction Manager
under the Transaction Management Agreement or (ii) re-engage NuCO2 to serve as
Master Manager under the Master Management Agreement or Employee Company
Manager (as the case may be) or re-engage the Employee Company to serve as Transaction
Manager under the Transaction Management Agreement.  The Administrative Agent will provide such
Transition Plan to the Control Party (in the manner described in the
Indenture).

 

4.                                       Hot Back-Up Services. 
The Replacement Manager hereby agrees, during each Hot Back-Up Services
Period, to render, in addition to the Monitoring and Advisory Services and the
Warm Back-Up Services, the following additional services to the Co-Issuers,
Employee Company, the Administrative Agent and the Trustee, for the benefit of
the Secured Parties (collectively, the “Hot Back-Up Services”):

 

(a)                                  to implement the Transition Plan,
including to assist the Control Party in selecting one or more Persons to serve
as a successor Master Manager, Transaction Manager and/or Employee Company
Manager; and

 

(b)                                 if so requested by the Administrative
Agent (as directed by the Control Party), to provide, directly or indirectly,
any or all of the following: (i) the Master Management Services set forth
under the Master Management Agreement, (ii) the Transaction Management
Services, (iii) the Transaction Servicing Services set forth under the
Transaction Management Agreement and (iv) the services (the “Manager Services”) of the Employee
Company Manager under the Employee Company LLC Agreement; provided,
however, that:

 

(i)                                     the Replacement Manager shall not be
required to recommend and assist in implementing quality control standards
unless, in its reasonable judgment, such a service is required;

 

(ii)                                  the Replacement Manager shall only be
required to use commercially reasonable efforts to cause each of the
Securitization Entities and the Employee Company to comply with and to perform
its respective obligations under each of the Related Documents to which it is a
party;

 

6

 

(iii)                               Master Management Services, Transaction
Management Services, Transaction Servicing Services and Manager Services shall
not include any provisions arising from modifications or supplements to the
Master Management Agreement, the Transaction Management Agreement or the
Employee Company LLC Agreement after the date hereof, unless agreed to by the
Replacement Manager;

 

(iv)                              the Replacement Manager shall only be
required to provide the Transaction Management Services (and any correlative
Master Management Services) set forth in Section 2.1(a)(vii) and (ix) and
Sections 2.1(c)(vii) and (viii) of the Transaction Management
Agreement as it deems necessary in its reasonable judgment;

 

(v)                                 such Master Management Services,
Transaction Management Services, Transaction Servicing Services and Manager
Services shall be provided by the Replacement Manager, as modified by and
otherwise subject to the terms hereof, including without limitation Section 5,
Section 6 and Section 10;

 

(vi)                              for purposes of providing the Manager
Services, the Replacement Manager shall be the “manager” of the Employee
Company within the meaning of the Delaware Limited Liability Act, as amended
from time to time;

 

(vii)                           in addition to any discretionary powers
provided herein, the Replacement Manager shall have the right to exercise all
discretionary powers in rendering the Master Management Services, Transaction
Management Services, Transaction Servicing Services and Manager Services as is
afforded to the Transaction Manager, Master Manager or Employee Company Manager
under the Transaction Management Agreement, Master Agreement or Employee
Company LLC Agreement, respectively; and

 

(viii)                        with respect to any obligations to
provide any Transaction Servicing Services, the Replacement Manager shall only
be obligated to use its commercially reasonable efforts to cause the
Securitization Entities and the Employee Company to perform the Transaction
Servicing Services (to the extent that it can cause such Persons to act or
refrain from acting) and shall not be required to provide such Transaction
Servicing Services itself.

 

(c)                                  Notwithstanding anything to the contrary
herein, the Replacement Manager shall have no obligation to provide any
Services, including Hot Back-Up Services, unless the Co-Issuers shall have
complied with the insurance requirements set forth in the Replacement
Management Fee Letter, dated as of the date hereof (the “Fee
Letter”), between the Co-Issuers and the Replacement Manager.

 

7

 

5.                                       Information.

 

(a)                                  The Master Manager, the Transaction
Manager and the Employee Company Manager each hereby agrees, as soon as is
available, to provide the Replacement Manager with the information listed on
Schedule A hereto or referred to in Sections 2, 3 and 4 and any other
information reasonably requested by the Replacement Manager that is necessary
for it to perform the Monitoring and Advisory Services, the Warm Back-Up
Services and the Hot Back-Up Services (collectively, the “Services”);
provided, however,
that, in connection with its performance of the Monitoring and Advisory
Services, the Replacement Manager shall not require the Master Manager, the
Transaction Manager or the Employee Company Manager to produce reports or
information that the Master Manager, the Transaction Manager or the Employee
Company Manager does not at the time of the request produce or have or which
would be unreasonably expensive or burdensome to prepare or
produce.

 

(b)                                 The Replacement Manager shall only be
required to review the information provided by the Master Manager, the
Transaction Manager and the Employee Company Manager pursuant to this Section 5
and its obligation to report any inconsistencies shall be limited to those
determinable from such information.

 

(c)                                  The Master
Manager, the Transaction Manager, the Employee Company Manager, the Co-Issuers,
the Trustee, on behalf of the Secured Parties, and the Administrative Agent,
agree that, in rendering the Services, the Replacement Manager shall have the
right to rely on the truth, completeness, accuracy and factual content of all conversations, reports and other
information that the Replacement Manager (i) may receive from the Master
Manager, the Transaction Manager, the Employee Company Manager or the
Administrative Agent as contemplated herein and from any other parties to the
Related Documents, including any successor Master Manager, the Transaction
Manager or Employee Company Manager or other third party (“Third Party”) or (ii) believed to be genuine and made by the
proper person and upon the advice or opinion of counsel or other experts
selected by the Replacement Manager. The Replacement Manager shall not be
liable for an error of judgment made in good faith by an officer of the
Replacement Manager, unless it shall be proven that the Replacement Manager was
grossly negligent in ascertaining the pertinent facts.  The Replacement Manager shall not be bound to
make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
entitlement order, approval or other paper or document; provided, however, that
if in the reasonable judgment of the Replacement Manager, an investigation is
advisable then the Replacement Manager shall make, or shall cause a third
party to make, such investigation. 
For the avoidance of doubt, the parties hereto agree that the
Replacement Manager shall have the right to rely on the truth of any representation
on the part of the Administrative Agent to the effect that the Administrative
Agent is acting at the direction of the Control Party, and the Replacement
Manager shall not have to independently confirm the truth of such
representation.

 

(d)                                 The Replacement Manager shall have no
liability for the acts or omissions of the Master Manager, the Transaction
Manager, the Employee Company Manager or any Third Party or for the inaccuracy
of any data provided, produced or 

 

8

 

supplied by the Master Manager, the Transaction Manager, the Employee
Company Manager or (except as provided under Section 17) such Third Party.
If any error exists in any information provided to the Replacement Manager and
such errors cause or materially contribute to the Replacement Manager making a
continuing error, the Replacement Manager shall have no liability for such
continued errors.

 

6.                                       Cooperation.

 

(a)                                  The Master
Manager, the Transaction Manager and the Employee Company Manager each
covenants to cooperate with the Replacement Manager in the performance of the
Services and to use its best efforts to facilitate the Transition Plan.  The Replacement Manager covenants to
cooperate with the Master Manager, the Transaction Manager and the Employee
Company Manager in the performance of the Services and to use its best efforts
to facilitate the Transition Plan.  The parties hereto acknowledge that
Replacement Manager’s ability to provide the Services may be impaired by the
Master Manager’s, the Transaction Manager’s or the Employee Company Manager’s
refusal or inability to cooperate with the Replacement Manager or to deliver
the information required to be delivered to the Replacement Manager pursuant to
Section 5.

 

(b)                                 Upon the
termination of the Master Manager, the Transaction Manager and/or the Employee
Company Manager in accordance with the Master Management Agreement, the
Transaction Management Agreement and the Employee Company LLC Agreement, as the
case may be, and this Agreement, such party shall, in accordance with the terms
of the Master Management Agreement, the Transaction Management Agreement and/or
the Employee Company LLC Agreement (as the case may be), (i) continue to
cooperate with the Replacement Manager in the conduct of the Services and the
implementation of the Replacement Manager Plan until a successor Master
Manager, Transaction Manager or Employee Company Manager (as the case may be)
is identified and (ii) cooperate in the transition to the Replacement
Manager, with the objective of mitigating interruption or adverse impact on the
provision of Services.  Thereafter, each
of the Master Manager, the Transaction Manager and the Employee Company Manager
will cooperate fully with the Replacement Manager and otherwise promptly take
all actions required to assist in effecting a complete disentanglement from the
Master Manager, the Transaction Manager or the Employee Company Manager, as the
case may be, and will follow any commercially reasonable directions that may be
provided by the Replacement Manager or the Administrative Agent (at the
direction of the Control Party).  Each of
the Master Manager, the Transaction Manager and the Employee Company Manager
will provide all appropriate information and assistance regarding the
terminated services required for disentanglement, including data conversion and
migration, interface specifications, and related professional services.  Each of the Master Manager, the Transaction
Manager and the Employee Company Manager will provide for the prompt and
orderly conclusion of all work, as the Replacement Manager and the
Administrative Agent (at the direction of the Control Party) may direct,
including completion or partial completion of projects, documentation of all
work in progress, and other measures to assure an orderly transition to the
Replacement Manager.  The Replacement
Manager shall cooperate with the Master Manager, the Transaction Manager and
the Employee Company Manager with respect to the foregoing.

 

9

 

During this period, the
Master Manager will continue to be entitled to payment of its fees under the
Master Management Agreement, except pursuant to the last sentence of Section 7
hereof, and the Transaction Manager will continue to be entitled to payment of
its fees under the Transaction Management Agreement. Upon the Replacement
Manager’s assumption of the obligation to perform all Services of the Master
Manager, the Transaction Manager or the Employee Company Manager, as the case
may be, the Master Manager, the Transaction Manager and the Employee Company
Manager will be entitled to reimbursement of its actual costs by the Co-Issuers
and the Employee Company for the provision of any of the foregoing
disentanglement.

 

(c)                                  For any and all periods in which the
Replacement Manager is required to provide Master Management Services, the
Transaction Management Services, the Transaction Servicing Services or Manager
Services pursuant to Section 4, each of NuCO2,
the Co-Issuers and the Employee Company hereby irrevocably constitutes and
appoints the Replacement Manager and any officer thereof with full power of
substitution, as its true and lawful attorney-in-fact with full power and
authority to act in the place and stead of the Master Manager, Employee Company
Manager, Master Issuer, Employee Company, NuCO2 LLC (“Contract Holder”),
NuCO2 Supply LLC (“Equipment
Holder”), NuCO2 IP LLC (“IP Holder”),
or Transaction Manager, respectively, and in the name of the Master Manager,
Employee Company Manager, Master Issuer, Employee Company, Contract Holder,
Equipment Holder, IP Holder, or Transaction Manager, respectively, or in its
own name, from time to time in the Replacement Manager’s discretion, for the
purpose of providing Master Management Services, the Transaction Management
Services, Transaction Servicing Services or Manager Services pursuant to Section 4
in accordance with the terms of this Agreement, and will execute the power of
attorney in the form attached hereto as Exhibit A.

 

(d)                                 The Replacement Manager shall not be
liable for any act, or failure to act, by the Employee Company or any
Co-Issuer, with respect to which the Replacement Manager had no authority to
cause or prevent.

 

(e)                                  Effective as of the first day of a Hot
Back-Up Service Period, IP Holder grants to the Replacement Manager a
non-exclusive, royalty-free license in and right to use the Securitization IP
to the extent reasonably necessary for the Replacement Manager to perform its
obligations hereunder.  The foregoing
license grant shall extend to the Replacement Manger’s employees, agents and,
solely to the extent the same are permitted to perform obligations of the
Replacement Manager hereunder, independent contractors.  Such license shall terminate on the earlier
of (i) the date such Hot Back-Up Services Period is terminated or (ii) the
date on which this Agreement is terminated.

 

(f)                                    The Replacement Manager acknowledges that
it is not the owner of the Securitization IP and that its right to use the
Securitization IP is derived solely from this Agreement.  The Replacement Manager acknowledges that it
shall not acquire or claim adversely to IP Holder any right, title or interest
in and to any of the Securitization IP or any of the goodwill related
thereto.  The Replacement Manager
acknowledges that each and every use of the Securitization IP by the
Replacement Manager under this Agreement and any and all goodwill resulting
from the Replacement Manager’s use of the

 

10

 

Securitization IP shall at all times inure to the benefit of IP Holder,
and the Replacement Manager agrees to execute any and all documents that may be
submitted to the Replacement Manager reasonably necessary to carry out the
intention of this covenant.  This
covenant shall survive termination of this Agreement for any reason.

 

(g)           The Replacement Manager shall immediately
notify IP Holder of any apparent infringement of, challenge to the Replacement
Manager’s use of, or adverse claim of rights to, the Securitization IP, and the
Replacement Manager shall not communicate with any person other than IP Holder
and its counsel or the Replacement Manager’s counsel in connection with any
such infringement, challenge or claim.

 

(h)           The Master Manager, the Transaction
Manager and the Employee Company Manager agree to provide the Replacement
Manager with at least one Business Day prior written notice (including by
email) of each Leadership Team meeting.

 

7.             Compensation for Monitoring and Advisory
Services.  As compensation for rendering the Services
hereunder, in addition to the expenses set forth in Section 8, the
Co-Issuers and the Employee Company shall make payments to the Replacement
Manager in accordance with the fee arrangement (the “Replacement
Management Fees”) set forth in the Fee Letter, provided that such payments shall be paid only from amounts
available for such purpose pursuant to the Priority of Payments set forth in Section 5.13
of the Indenture.  Fees incurred as of
any date will be billed promptly by the Replacement Manager to the Co-Issuers
and the Employee Company, but at least on a quarterly basis, and payment
thereof will be the responsibility of the Co-Issuers and the Employee
Company.  The Replacement Management Fees
paid to the Replacement Manager during the Hot Back-Up Services Period may be
amended at any time with the agreement of the Control Party and the Replacement
Manager.  During the Hot Back-Up Services
Period, all or a portion of the Master Management Fee may be paid by the
Transaction Manager to the Replacement Manager, but only to the extent
necessary pursuant to the terms of the Related Documents.  To the extent that the Replacement Manager
declines to provide services pursuant to Section 4(c), it shall be not be
entitled to compensation for such declined services.

 

8.             Reimbursable Costs. 
In consideration of the fees payable hereunder, the Replacement Manager
agrees to bear as non-reimbursable costs, all of the Replacement Manager’s
general overhead and administrative costs and all of the Replacement Manager’s
routine incidental costs incurred by the Replacement Manager in rendering the
Services.  The Co-Issuers and the
Employee Company will reimburse the Replacement Manager for the reasonable and
documented out-of-pocket expenses incurred by the Replacement Manager in
connection with the negotiation, execution and performance of this Agreement
and the Services hereunder, including, without limitation, approved market
research, travel, hotels, meals, long distance telephone calls, overnight
couriers, document duplication and authorized third-party professional fees.

 

11

 

9.             Term.

 

(a)           The term of this Agreement shall continue
from the date hereof until satisfaction and discharge of the Indenture pursuant
to Article XI thereof, or, if earlier, until terminated as set forth
below.

 

(b)           The Replacement Manager has no right to
resign except that it may resign (x) on thirty (30) days’ prior written
notice to the parties hereto, if the Replacement Manager is prohibited from
acting as Replacement Manager as a matter of law or (y) on not less than
sixty (60) days’ prior written notice to the parties hereto; provided that in each case the Replacement Manager shall not
resign prior to the engagement of a substitute Replacement Manager.

 

(c)           The Replacement
Manager agrees that, if it resigns or is replaced before the Indenture is
terminated, it will cooperate with the transition to a substitute Replacement
Manager.

 

(d)           The
Administrative Agent (at the direction of the Control Party) and, with the
Control Party’s prior written consent, the Co-Issuers and the Employee Company,
will have authority to terminate the Replacement Manager upon not less than two (2) weeks
prior written notice to the Replacement Manager, to each other party hereto and
to each Rating Agency, which termination shall be effective upon the engagement
of a substitute Replacement Manager).

 

(e)           If the Replacement Manager is replaced or if
it resigns, the Co-Issuers and the Employee Company, the Master Manager, the
Transaction Manager and the Employee Company Manager agree to (i) accept
any substitute Replacement Manager designated by the Administrative Agent (at
the direction of the Control Party) and (ii) with written notice to the
applicable Rating Agencies execute a Replacement Management Agreement with
substantially similar terms and conditions to those herein and with similar
duties for the Trustee and the Administrative Agent, or such other terms as may
be reasonably acceptable to the Control Party, the Rating Agencies, the
Co-Issuers (so long as no Event of Default shall have occurred and be
continuing), the Employee Company, the Master Manager (so long as no Master
Manager Default shall have occurred and be continuing), the Transaction Manager
(so long as no Transaction Manager Default shall have occurred and be
continuing) and the Employee Company Manager (so long as no Employee Company
Manager Default shall have occurred and be continuing).

 

10.           Limitation of Liability.

 

(a)           Assuming performance by the Replacement
Manager of its obligations hereunder, except to the extent finally determined
to have resulted from its own willful misconduct, gross negligence or
fraudulent behavior, the Replacement Manager shall not be liable to the Master
Manager, the Transaction Manager, the Employee Company Manager, the Co-Issuers,
the Employee Company, the Noteholders or any other party-in-interest to this
Agreement, whether a claim be in tort, contract or otherwise.

 

12

 

(b)           Other than as specifically set forth in
this Replacement Management Agreement, the Replacement Manager shall have no
obligation to supervise, verify, monitor or administer the performance of the
Master Manager, the Transaction Manager or the Employee Company Manager and
shall have no liability for any action taken or omitted by the Master Manager,
the Transaction Manager or the Employee Company Manager.

 

(c)           The status of the Replacement Manager
with respect to the Master Manager, the Transaction Manager, the Employee
Company Manager, the Trustee, the Administrative Agent, the Noteholders, the
Employee Company and the Co-Issuers shall be that of an independent contractor
status.  None of the Replacement Manager’s
employees or agents shall be deemed employees of the Master Manager, the
Transaction Manager, the Employee Company Manager, the Trustee, the
Administrative Agent, the Noteholders, the Employee Company and the Co-Issuers.

 

(d)           The Co-Issuers shall jointly and
severally indemnify, defend and hold harmless the Replacement Manager and its
respective officers, directors, agents and employees from and against any and
all costs, expenses, losses, claims, damages and liabilities to the extent that
such cost, expense, loss, claim, damage or liability arose out of, or was
imposed upon the Replacement Manager as acting as or in the stead of the Master
Manager or Transaction Manager, except to the extent finally determined to have
resulted from the Replacement Manager’s own willful misconduct, gross
negligence or fraudulent behavior.  The
Employee Company shall indemnify, defend and hold harmless the Replacement
Manager and its respective officers, directors, agents and employees from and
against any and all costs, expenses, losses, claims, damages and liabilities to
the extent that such cost, expense, loss, claim, damage or liability arose out
of, or was imposed upon the Replacement Manager as acting as or in the stead of
the Employee Company Manager or Transaction Manager, except to the extent
finally determined to have resulted from the Replacement Manager’s own willful
misconduct, gross negligence or fraudulent behavior.  Each of the Master Manager, the Transaction
Manager and Employee Company Manager further agrees to indemnify, defend and
hold harmless the Replacement Manager and its respective officers, directors,
agents and employees from and against any and all costs, expenses, losses,
claims, damages and liabilities to the extent that such cost, expense, loss,
claim, damage or liability arose out of, or was imposed upon the Replacement
Manager through the gross negligence or misconduct of any Third Party with
respect to the information provided pursuant to Section 5 hereof or
through the Master Manager’s, Transaction Manager’s or Employee Company Manager’s
breach of this Agreement, willful misconduct, gross negligence or fraudulent
behavior, except to the extent finally determined to have resulted from the
Replacement Manager’s own willful misconduct, gross negligence or fraudulent
behavior.

 

(e)           Indemnification under this Section 10
shall include, without limitation, reasonable fees and expenses of counsel and
expenses of litigation. If the indemnifying party has made any indemnity
payments pursuant to this Section 10 and the recipient thereafter collects
any of such amounts from others, the recipient shall promptly repay such
amounts collected to the indemnifying party, together with any interest earned
thereon.

 

13

 

(f)            The provisions of this Section 10
shall survive the termination of this Agreement.

 

11.           Confidentiality.  “Confidential Information” means
Know-How and any other information treated as confidential and proprietary by
its owner, whether or not designated as confidential, that is disclosed by one
party hereto (“Discloser”), either directly
or indirectly, in writing or orally, to another party hereto (“Recipient”).

 

(a)           Each of the Master Manager, the
Transaction Manager, the Employee Company Manager, the Co-Issuers, the Employee
Company, the Trustee, the Administrative Agent and the Replacement Manager
acknowledges that during the term of this Agreement, a party may receive
Confidential Information from another party. 
Each such party agrees to maintain the Confidential Information in
strict confidence and will not, at any time, use, disseminate or disclose any
Confidential Information to any person or entity other than those of its
employees or representatives who have a “need to know”, who have been apprised
of this restriction.  Recipient shall be
liable for any breach of this Section 11 by any of its employees or
representatives and shall immediately notify Discloser in the event of any loss
or disclosure of any Confidential Information. 
Upon termination of this Agreement, Recipient will return to Discloser,
or at Discloser’s request, destroy all documents and records in its possession
containing the Confidential Information of Discloser; provided
that Recipient may retain copies of the Confidential Information supporting
prior reports delivered pursuant to Section 2 above, subject to the
continuing obligations under this Section 11.  Confidential Information shall not include
information that (i) is already known to Recipient without restriction on
use or disclosure prior to receipt of such information from Discloser; (ii) is
or becomes part of the public domain other than by breach of this Agreement by,
or other wrongful act of, Recipient; (iii) is developed by Recipient
independently of and without reference to any Confidential Information; (iv) is
received by Recipient from a Third Party who Recipient knows is not under any
obligation to Discloser to maintain the confidentiality of such information; or
(v) is required to be disclosed by applicable law, statute, rule, regulation,
subpoena, court order or legal process; provided that
Recipient shall promptly inform Discloser of any such requirement and cooperate
with any attempt by Discloser to obtain a protective order or other similar
treatment.  It shall be the obligation of
Recipient to prove that any exception to the definition of Confidential
Information is applicable.

 

(b)           All books, records, documents, papers or
other materials relating to the Co-Issuers’, the Employee Company’s, the Master
Manager’s, Transaction Manager’s or the Employee Company Manager’s business,
intellectual property, customers, suppliers, distributors, products or projects
received by the Replacement Manager from the Co-Issuers, the Employee Company,
the Master Manager, the Transaction Manager or the Employee Company Manager in
the Replacement Manager’s possession, under the Replacement Manager’s control
or containing Confidential Information or other proprietary information or
trade secrets of the Co-Issuers, the Employee Company, the Master Manager, the
Transaction Manager or the Employee Company Manager, including any copies
thereof shall at all times be and remain the property of the Co-Issuers, the
Master Manager, the Transaction Manager or the Employee Company Manager, as the
case may be, and shall be returned immediately to the Co-

 

14

 

Issuers, the Employee Company, the Master Manager, Transaction Manager
or the Employee Company Manager, as the case may be, upon termination of this
Agreement.

 

(c)           Nothing in this Section 11 shall be
construed as preventing the Co-Issuers, the Employee Company, the Master
Manager, the Transaction Manager or the Employee Company Manager, the Trustee,
the Administrative Agent or the Control Party from pursuing any and all
remedies available to it for the breach or threatened breach of covenants made
in this Section 11, including recovery of money damages or temporary or
permanent injunctive relief.

 

(d)           It is understood that nothing in this
Agreement is intended to preclude the Replacement Manager or its affiliates
from engaging in related types of consulting work with other firms or
organizations, whether in a related business or otherwise; provided
that reasonable and proper professional safeguards are maintained to ensure
that Confidential Information is not made available to such others.

 

12.           No Bankruptcy Petition. 
The Replacement Manager agrees that, prior to the date which is one year
and one day after the payment in full of the latest maturing Note, it will not
institute against, or join any other person in instituting against any
Co-Issuer or the Employee Company, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any federal
or state bankruptcy or similar law.

 

13.           Notices.  All notices
and other communications under this Agreement shall be in writing and shall be
deemed to have been given on the Business Day next following the day when sent
out by telecopy addressed to the party to which such notices is directed at its
address determined herein.  All notices
and other communications under this Agreement shall be given to the parties
hereto at the following addresses:

 

If to any Co-Issuer:

 

c/o NuCO2 Inc.

2800 S.E. Market Place

Stuart, FL 34997

Attention: General Counsel

 

If to the Master Manager:

 

2800 S.E. Market Place

Stuart, FL 34997

Attention: General Counsel

 

15

 

If to the Transaction Manager:

 

c/o NuCO2 Inc.

2800 S.E. Market Place

Stuart, FL 34997

Attention: General Counsel

 

If to the Employee Company Manager or Employee Company:

 

c/o NuCO2 Inc.

2800 S.E. Market Place

Stuart, FL 34997

Attention: General Counsel

 

If to the
Replacement Manager:

 

Alvarez &Marsal
North America LLC

600 Lexington Avenue

6th Floor

New York, NY 10022

Phone: (212) 759-4433

Fax: (646) 495-3600

Attention: Joseph A.
Bondi

 

If to the Trustee:

 

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3D

St. Paul, MN 55107

Fax: (866) 831-7910

Attention: Structured Finance/NuCO2

 

If to the Administrative
Agent:

 

U.S. Bank National Association

1310 Madrid Street, Suite 103

Marshall, MN 56258

Fax: (866) 806-0775

Attention: Joe Andries/NuCO2

 

If to the Rating Agencies:

 

Fitch Ratings

ABS Surveillance - New
Assets

70 W. Madison, Suite 1100

Chicago, IL 60602

 

16

 

Any
party hereto may change the address to which notices shall be directed by
giving ten (10) days’ notice of such change to the other parties.  Each party sending or delivering a notice of
any kind hereunder shall also provide a copy of the notice in any manner
authorized herein to the Trustee and the Administrative Agent.

 

14.           Entire Agreement. 
This Agreement and the Related Documents, including the Fee Letter, the
Master Management Agreement, the Transaction Management Agreement and the
Employee Company LLC Agreement, set forth the entire agreement and
understanding of the parties relating to the subject matter hereof and
supersede all prior and contemporaneous agreements and understandings, whether
oral or written, relating to the subject matter hereof.

 

15.           Severability. 
If any provision of this Agreement or the application of any provision
hereof to any person or in any circumstances is held invalid, the remainder of
this Agreement and the application of such provision to other persons or
circumstances shall not be affected unless the provision held invalid shall
substantially impair the benefits of the remaining portions of this Agreement.

 

16.           Amendments; Waivers. 
Any term, covenant, agreement or condition of this Agreement may be
amended, modified or waived only by a writing signed by all parties to this
Agreement and consented to by the Administrative Agent (at the direction of the
Control Party).  Unless otherwise specified
in such waiver, a waiver of any right under this Agreement shall be effective
only in the specific instance and for the specific purpose for which it is
given.  No election not to exercise,
failure to exercise or delay in exercising any right, nor any course of dealing
or performance, shall operate as a waiver of any right under this Agreement or
applicable law, nor shall any single or partial exercise of any such right
preclude any other for further exercise thereof or the exercise of any other
right under this Agreement or applicable law.

 

17.           Successors and Assigns; Third Party
Beneficiaries; Sub Contractors; Agents.

 

(a)           This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the respective successors and
assigns of the parties hereto; provided, however, that the Replacement Manager may not assign or
transfer any of its rights or obligations hereunder without the prior written
consent of the Master Issuer, the Trustee and the Control Party.

 

(b)           The Control Party is an intended third
party beneficiary of this Agreement and may indirectly (through the
Administrative Agent and the Replacement Manager, each acting in accordance
with the Control Party’s direction) enforce the provisions of this Agreement,
exercise the rights of the Master Manager, the Transaction Manager, the
Employee Company Manager, the Employee Company and the Co-Issuers and enforce
the obligations of the Replacement Manager hereunder without the consent of the
Master Manager, the Transaction Manager, the Employee Company Manager, the
Employee Company or any Co-Issuer.

 

17

 

(c)           Notwithstanding anything to the contrary
herein, the Replacement Manager may (a) outsource certain specific
functions to a Third Party, and (b) in order to fulfill its obligations as
Replacement Manager hereunder, delegate certain specific functions to any
entity that is directly or indirectly owned by Replacement Manager or any
entity controlling, controlled by or under common control with, Replacement
Manager.  Replacement Manager shall
remain liable for the conduct of any subcontractor, including any Third Party
to which it outsources or otherwise delegates its specific functions, to the
same extent as Replacement Manager’s liability under this Agreement.  Replacement Manager shall be solely
responsible for the compensation due to any such subcontractor for Services
rendered in connection with this Agreement.

 

(d)           The Replacement Manager may execute any
of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents, attorneys, custodians or nominees appointed
with due care.

 

18.           Headings.  Headings to
paragraphs of this Agreement are included for convenience of reference only and
shall not constitute a part of this Agreement for any other purpose or in any
way affect the meaning or construction of any provision of this Agreement.  All words used in this Agreement shall be
construed to be of such gender as the circumstances require.

 

19.           Governing Law; Jurisdiction.

 

(a)           THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(b)           The parties hereto each hereby
irrevocably submit (to the fullest extent permitted by applicable law) to the
non-exclusive jurisdiction of any New York state or federal court sitting
in the borough of Manhattan, New York City, State of New York, over
any action or proceeding arising out of or relating to this Agreement or any
related documents and the parties hereto hereby irrevocably agree that all
claims in respect of such action or proceeding shall be heard and determined in
such New York state or federal court. The parties hereto each hereby
irrevocably waive, to the fullest extent permitted by applicable law, any objection
each may or may not hereafter have, to remove any such action or proceeding,
once commenced, to another court on the grounds of forum
nonconveniens or otherwise.

 

20.           Waiver of Jury Trial. 
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

21.           Counterparts. 
This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original, but all such separate counterparts
shall together constitute one and the same instrument.

 

18

 

IN WITNESS WHEREOF, this
Replacement Management Agreement has been executed by the duly authorized
signatories of the parties hereto all as of the day and year first above
written.

 

 

	
   

  	
   

  	
  NuCO2 FUNDING LLC,
  as Co-Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  General Counsel

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NuCO2 LLC, as
  Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  General Counsel

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NuCO2 SUPPLY LLC,
  as Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  General Counsel

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NuCO2 IP LLC, as
  Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  General Counsel

  
								

 

 

	
   

  	
   

  	
  NuCO2  MANAGEMENT LLC, as Transaction Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 INC., its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Eric M. Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  General Counsel

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ALVAREZ &
  MARSAL NORTH AMERICA LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Joseph A. Bondi

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Joseph A. Bondi

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION, as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Edward F. Kachinski

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Edward F. Kachinski

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION, as Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Edward F. Kachinski

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Edward F. Kachinski

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
								

 

 

Schedule A

 

1.             The Transaction Manager shall provide the Replacement
Manager with all reports, certificates and financial statements delivered or
furnished pursuant to Section IV of the Indenture in the manner set forth
therein.

 

2.             The Transaction Manager shall provide the Replacement
Manager with all reports delivered or furnished pursuant to the Transaction
Management Agreement in the manner set forth therein.

 

3.             The Employee Company Manager shall provide the
Replacement Manager with all reports delivered or furnished pursuant to the
Employee LLC Agreement in the manner set forth therein

 

4.             NuCO2 shall provide the Replacement Manager with the
information contained in any departmental or operating reports provided to the
board of directors of NuCO2, relating
to its operations as the Master Manager and the Employee Company Manager,
including, without limitation, the information contained in any reports with
respect to ongoing litigation, promptly after such reports are provided to the
board of directors of NuCO2.

 

1

 

EXHIBIT A

 

POWER OF ATTORNEY

 

LIMITED POWER OF ATTORNEY (SPECIAL)

 

KNOW ALL MEN BY THESE PRESENTS, that each of NuCO2, Inc. (“NuCO2”), NuCO2
Funding LLC (“Master Issuer”), NuCO2 Inc. (“Master Manager”),  NuCO2 LLC (“Contract Holder”),  NuCO2 Supply LLC (“Equipment Holder”),  NuCO2 IP LLC (“IP Holder”)  and  NuCO2 Management LLC (“Employee Company”)
in its full capacity under the Replacement Management Agreement (the “Replacement Management Agreement”),
dated as of May 28, 2008, by and between Alvarez & Marsal North
America LLC. (the “Replacement Manager”), Master
Manager, Master Issuer, Contract Holder, Equipment Holder, IP Holder, Employee
Company, the Trustee and the Administrative Agent does hereby nominate,
constitute and appoint the Replacement Manager as its true and lawful
attorney-in-fact for it and in its name, place, stead and for its use and
benefit:

 

To perform any and all acts which may be
necessary or appropriate to enable the Replacement Manager to provide the
Services in accordance with the terms of the Replacement Management Agreement,
giving and granting unto the Replacement Manager full power and authority to do
and perform any and every act necessary, requisite, or proper in connection
with the foregoing and hereby ratifying, approving or confirming all that the
Replacement Manager shall lawfully do or cause to be done by virtue hereof.

 

Capitalized terms used herein but not otherwise
defined shall have the meanings set forth in the Replacement Management
Agreement.

 

1

 

IN WITNESS WHEREOF, the undersigned has caused this limited
power of attorney to be executed as of this 28 day of May 2008.

 

	
   

  	
   

  	
  NuCO2 FUNDING LLC,
  as Co-Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NuCO2 LLC, as
  Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NuCO2 SUPPLY LLC,
  as Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NuCO2 IP LLC, as
  Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  
								

 

2

 

	
   

  	
   

  	
  NuCO2  MANAGEMENT LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 INC., its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00172-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00172-of-00352.parquet"}]]