Document:

Reimbursement Agreement

 Exhibit 10.45 
  
 [LOGO OF PNCBANK] 
  
 REIMBURSEMENT AGREEMENT 
  
 THIS REIMBURSEMENT AGREEMENT (this “Agreement”) is made as of this 10th day of October, 2003, between CONSOL ENERGY, INC., a Delaware corporation with an address of Consol Plaza, 1800 Washington Road, Pittsburgh, Pennsylvania
15241-1421 (the “Borrower”) and PNC BANK, NATIONAL ASSOCIATION, a national banking association (the “Bank”). 
  
 Recitals: 
  
 A. The Borrower has requested that the Bank extend a letter of credit facility to the Borrower not to exceed $185,365,850 and the Bank is willing to
extend such a credit facility to the Borrower pursuant to the terms and conditions set forth herein. 
  
 B. By entering into this Agreement, the parties intend that the Borrower may request, and the Bank, subject to the terms and conditions hereof, shall
issue, Letters of Credit (as defined below) up to the Letter of Credit Limit to secure performance obligations of the Borrower and its affiliates and for such other purposes as the Borrower may specify, all on the terms and subject to the conditions
set forth in this Agreement. 
  
 Agreement: 
  
 NOW, THEREFORE, in consideration of the mutual promises contained herein and the foregoing
recitals which are incorporated herein, and with the intent to be legally bound hereby, the Borrower and the Bank hereby agree as follows: 
  
 1. Letter(s) of Credit. 
  
 (a) Issuance of Letter of Credit. Subject to the terms and conditions hereof (including those set forth in Section 18 hereof), and relying upon
the representations and warranties herein set forth, the Bank agrees to issue one or more letters of credit (each a “Letter of Credit” and collectively, the “Letters of Credit”) for the account of the Borrower
within 5 Business Days after the Borrower’s request therefor. The Letters of Credit shall be in form and substance satisfactory to the Bank and to Borrower and shall be issued on the following terms and conditions: 
  
 (i) the amount of the Letters of Credit outstanding at any time shall not
exceed the Letter of Credit Limit; 
  
 (ii) the initial term of
each Letter of Credit shall not extend beyond the expiration of Three Hundred and Sixty-Five (365) days after the issuance of the Letter of Credit, unless otherwise agreed to by the Bank; provided that the term of the Letter of Credit may be
automatically extended pursuant to and in accordance with the terms of the Letter of Credit;  
  
 (iii) each Letter of Credit shall be issued in accordance with the Bank’s then current practices relating to the issuance by the Bank of letters of
credit including, but not limited to, the payment by the Borrower of all applicable fees in accordance with this Section 1. The Letter of Credit will be issued after all the conditions precedent to the issuance thereof have been satisfied;

 (iv) the Letters of Credit listed on Schedule 1(a)(iv) that is attached hereto and made a part hereof
shall be deemed to be issued hereunder and for the account of the Borrower; and 
  
 (v) no Letter of Credit shall be issued after the Termination Date. 
  
 (b) Letter of Credit Fees. The Borrowers shall pay to the Bank: 
  
 (i) customary fees with respect to each Letter of Credit. 
  
 (ii) a standby commission equal to the face amount of each Letter of Credit issued and outstanding hereunder multiplied by
fifty (50) basis points per annum, which fee shall be calculated on a daily basis and shall be paid quarterly in arrears. 
  
 (iii) a fronting fee of fifteen (15) basis points for each Letter of Credit based on the face amount of each Letter of Credit. 
  
 (c) Default Rate. Following the occurrence of an Event of Default
(defined below), the Borrower’s Indebtedness to the Bank hereunder shall bear interest from such date at a rate per annum which is equal to two percent (2%) in excess of the Base Rate. For purposes of this Agreement, the
“Borrower’s Indebtedness” shall mean all of the Borrower’s unreimbursed obligations to the Bank under this Agreement and under the Letters of Credit, including the payment of principal, interest, costs, fees and expenses
as set forth therein. 
  
 2. Payments. 
  
 (a) The Bank shall provide notice to the Borrower as to each draft or other
payment demand made under each Letter of Credit and the date such payment is to be made by the Bank. The Borrower shall repay promptly to the Bank, in immediately available funds in United States dollars, the Letter of Credit Reimbursement
Obligation. In no event, however, shall the Borrower pay to the Bank the Letter of Credit Reimbursement Obligation later than 11 a.m., Prevailing Time, on the date such payment is to be made by the Bank. Notwithstanding the foregoing, in the event
the Borrower does not promptly repay the Bank the Letter of Credit Reimbursement Obligation within the time frame required hereby, the Borrower hereby authorizes and directs the Bank to draw the same from the Cash Collateral Account (defined below)
to satisfy the Borrower’s obligations to repay the Bank the Letter of Credit Reimbursement Obligation. If the Letter of Credit call for the delivery by the Bank of an item other than money, the Borrower shall deliver or cause to be delivered
such item to the Bank at such time, in advance of the time the Bank is to deliver such item, as the Bank may reasonably require. All sums payable to the Bank under this subsection that are not promptly paid by the Borrower to the Bank shall bear
interest in accordance with Section 1(c) and shall be payable on the last Business Day of each month, from the date the corresponding amount is drawn under each Letter of Credit until such sums are paid in full (it being understood and agreed that
any sum paid after 3:00 p.m. on a Business Day shall bear interest as if it was paid at 9:00 a.m. on the next following Business Day), at the rate set forth and in accordance with Section 1(c) hereof. 
  

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 (b) The Borrower will pay to the Bank, upon receipt of the Bank’s invoice therefor, (i) all amounts
payable to the Bank pursuant to this Agreement and the Letters of Credit; provided that in no event shall the Borrower pay hereunder interest in excess of the maximum rate permitted by applicable law; (ii) the Bank’s fees as agreed in Section
1; and (iii) all charges and expenses paid or incurred by the Bank or any of the Bank’s correspondents in connection with this Agreement or the Letters of Credit, including all reasonable legal fees and expenses of external counsel to the Bank.

  
 (c) All amounts payable hereunder by the Borrower shall be
paid to the Bank in U.S. Dollars at its address set forth below or at such other place as the Bank may give notice from time to time, in immediately available funds, without set off, defense, recoupment, deduction, cross-claim or counterclaim of any
kind; and free and clear of, and without deduction for, any present or future Taxes. If the Bank or the Borrower pay any Taxes, whether or not correctly or legally assessed, the amounts payable hereunder shall be increased so that, after the payment
of such Taxes, the Bank shall have received an amount equal to the sum the Bank would have received had no such Taxes been paid. To effect any payment due hereunder, the Bank may debit the Cash Collateral Account (defined in Section 13 below).

  
 3. Nature of Obligations. 
  
 (a) The Borrower’s obligations to the Bank under this Agreement are
absolute, unconditional and irrevocable, and shall be paid and performed in accordance with the terms hereof irrespective of any act, omission, event or condition, including, without limitation (i) the form of, any lack of power or authority of any
signer of, or the lack of validity, sufficiency, accuracy, enforceability or genuineness of (or any defect in or forgery of any signature or endorsement on) any draft, demand, document, certificate or instrument presented in connection with the
Letters of Credit, or any fraud or alleged fraud in connection with the Letters of Credit or any obligation underlying the Letters of Credit, in each case, even if the Bank or any of their correspondents have been notified thereof, (ii) any claim of
breach of warranty that might be made by the Borrower or the Bank against any beneficiary of the Letters of Credit, or the existence of any claim, set off, recoupment, counterclaim, cross-claim, defense, or other right that the Borrower may at any
time have against any beneficiary, any successor beneficiary, any transferee or assignee of the proceeds of the Letters of Credit, the Bank or any correspondent or agent of the Bank, or any other person, however arising; (iii) any acts or omissions
by, or the solvency of, any beneficiary of the Letters of Credit, or any other person having a role in any transaction or obligation relating to the Letters of Credit; (iv) any failure by the Bank to issue the Letters of Credit in the form requested
by the Borrower, unless the Bank receives written notice from the Borrower of such failure within two (2) Business Days after the Borrower shall have received (by facsimile transmission or otherwise) a copy of such Letter of Credit and such
error is material; and (v) any action or omission (including failure or compulsion to honor a presentation under the Letter of Credit) by the Bank or any of their correspondents in connection with the Letters of Credit, draft or other demand for
payment, document, or any property relating to the Letters of Credit, and resulting from any censorship, law, regulation, order, control, restriction, or the like, rightfully or wrongly exercised by any Governmental Authority, or from any other
cause beyond the reasonable control of the Bank or any of their correspondents, or for any loss or damage to the Borrower or to anyone else, or to any property of the Borrower or anyone else, resulting from any such action or omission. 

 

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 (b) The Bank is authorized to honor any presentation under the Letters of Credit without regard to, and
without any duty on the Bank’s part to inquire into, any transaction or obligation underlying the Letters of Credit, or any disputes or controversies between the Borrower and any beneficiary of the Letters of Credit, or any other person,
notwithstanding that the Bank may have assisted the Borrower in the preparation of the wording of the Letters of Credit or documents required to be presented thereunder or that the Bank may be aware of any underlying transaction or obligation or be
familiar with any of the parties thereto. 
  
 (c) The Borrower
agrees that any action or omission by the Bank or any of the Bank’s correspondents in connection with the Letters of Credit or presentation thereunder shall be binding on the Borrower and shall not result in any liability to the Bank or any of
the Bank’s correspondents in the absence of the gross negligence or willful misconduct of the Bank or the Bank’s correspondents, as the case may be. Without limiting the generality of the foregoing, the Bank and each of the Bank’s
correspondents (i) may rely on any oral or other communication believed in good faith by the Bank or such correspondent to have been authorized or given by or on behalf of the Borrower; (ii) may honor any presentation if the documents presented
appear on their face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) shall not be liable to the Borrower for any consequential, punitive or special damages, or for any damages resulting from any change
in the value of any property relating to the Letters of Credit; (iv) may honor a previously dishonored presentation under the Letters of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful
dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by the Bank; (v) may honor any drawing that is payable upon presentation of a
statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or other document is being separately delivered), and shall not be liable for any failure of any such draft or other document to
arrive, or to conform in any way with the relevant Letter of Credit; (vi) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices of the place where such bank is located; and (vii) may settle or adjust
any claim or demand made on the Bank in any way related to an Order; and honor any drawing in connection with the Letters of Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented in connection with
such Letter of Credit fail to conform in any way with such Letter of Credit. 
  
 (d) If the Borrower or any other person seek to delay or enjoin the honor by the Bank of a presentation under the Letters of Credit, the Bank shall have no obligation to delay or refuse to honor the presentation until
validly so ordered by a court of competent jurisdiction. 
  
 4.
Set Off. The Borrower grants the Bank a right of set off against, to the fullest extent permitted under applicable law, all of the Borrower’s right, title, and interest in and to the Cash Collateral Account (defined below) and to take
such action as the Bank may deem necessary to register in the name of the Bank or the Bank’s nominee, or otherwise to transfer, all or any part of the collateral. The Bank’s right of set off may be exercised without demand on or notice to
the Borrower. The Bank shall be deemed to have exercised the Bank’s right of set off immediately upon the occurrence of an Event of Default (as defined below), although the Bank may enter such set off on its books and records at a later time.
The Borrower waives mutuality and maturity of debt in connection with such right of set off. 
  

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 5. Representations, Warranties, Covenants. The Borrower represents, warrants, and covenants
that (a) the Borrower is duly organized, validly existing and in good standing under the laws of the jurisdiction of the Borrower’s organization and duly qualified to do business in those jurisdictions in which the Borrower’s ownership of
property or the nature of the Borrower’s business activities makes such qualification necessary; (b) the Borrower has the requisite power and authority to execute and deliver this Agreement and to perform the Borrower’s obligations
hereunder; and all such action has been duly authorized by all necessary proceedings on the Borrower’s part, and neither now nor hereafter shall contravene or result in a breach of any organizational document of the Borrower, any agreement,
document, or instrument binding on the Borrower or the Borrower’s property, or any law, treaty, regulation, or order of any Governmental Authority, or require any notice, filing, or other action to or by any Governmental Authority; (c) the most
recent audited financial statements dated as of the 31st day of December, 2002 and received from the Borrower by the
Bank prior to the date hereof fairly and accurately present, as of the date thereof, the Borrower’s financial condition in accordance with generally accepted accounting principles, and there has been and shall occur no material adverse change
in the financial condition or business operations of the Borrower and its subsidiaries, taken as a whole, since the 31st day of December, 2002, which could reasonably be expected to materially and adversely affect the ability of the Borrower to perform its obligations under this Agreement; (d) from time to time, the Borrower shall execute and deliver
such further instruments and agreements and take and permit such further actions as may be reasonably necessary to carry out the provisions and purposes of this Agreement, and the Borrower shall provide such evidence of compliance with the terms
hereof and such financial statements and other information concerning the Borrower’s financial condition and/or business operations as the Bank may reasonably request; (e) the Borrower and each transaction and obligation underlying the Letters
of Credit are and shall remain in compliance in all material respects with all laws, treaties, rules, and regulations of any Governmental Authority, including, without limitation, foreign exchange control, United States foreign assets control, and
currency reporting laws and regulations, now or hereafter applicable; (f) this Agreement has been duly executed and delivered by the Borrower and this Agreement is the legal, valid and binding obligation of the Borrower enforceable against the
Borrower in accordance with its terms; (g) there are no pending or, to the knowledge of the Borrower, overtly threatened actions, investigations or proceedings before any court, governmental authority or arbitrator affecting the Borrower or any of
its subsidiaries (A) as to which there is a reasonable probability of an adverse determination, other than those that, in the aggregate, would not have a material adverse effect on the financial condition or business operations of the Borrower and
its subsidiaries, taken as a whole, or (B) which purport to affect the legality, validity or enforceability of this Agreement or the consummation of the transactions contemplated hereby; (h) the Borrower is not engaged in the business of extending
credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Letter of Credit will be used to purchase or carry any margin
stock or to extend credit to others for the purpose of purchasing or carrying any margin stock; and (i) the Borrower is not an “investment company”, or a company “controlled” by an “investment company”, within the
meaning of the Investment Company Act of 1940, as amended. 
  

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 6. Events of Default. The occurrence of any of the following is an “Event of
Default” hereunder: (a) the Borrower’s failure to pay when due and within the applicable cure period any obligation under this Agreement, the Letters of Credit, or the Pledge Agreement (defined in Section 13 below); (b) the
Borrower’s failure to perform or observe when due and within the applicable cure period any other term or covenant of this Agreement, the Letters of Credit, or the Pledge Agreement, or any representation or warranty contained in this Agreement,
the Letters of Credit, or the Pledge Agreement or in any document given now or hereafter by the Borrower in connection herewith is materially false, erroneous, or misleading; or (c) the Borrower’s default on any other indebtedness that
individually or in the aggregate exceeds $25,000,000 and the continuation thereof after the applicable cure period that causes the acceleration thereof. 
  
 7. Remedies. Upon the occurrence of any Event of Default (a) the Bank may exercise from time to time any of the rights and remedies available to
the Bank under this Agreement, under any other documents now or in the future evidencing or securing obligations of the Borrower to the Bank, or under applicable law, and all such remedies shall be cumulative and not exclusive; and (b) the Borrower
shall promptly deliver to the Bank in immediately available funds, as collateral for any and all obligations of the Borrower to the Bank under this Agreement and the Letters of Credit, an amount (taking into account the market value of the Cash
Collateral Account (defined below) then on deposit pursuant to the Pledge Agreement (defined below)) equal to 102.5% of the maximum aggregate amount then or at any time thereafter available to be drawn under the outstanding Letters of Credit, and
the Borrower hereby pledges to the Bank and grants to the Bank a security interest in all such funds as security for such obligations, acknowledges that the Bank shall at all times have control of such funds and shall be authorized to give
entitlement orders (as defined in the UCC) with respect to such funds, without further consent of the Borrower or any other person, and agree promptly to do all further things that the Bank may deem necessary in order to grant and perfect the
Bank’s security interest in such funds, and (c) the Borrower agrees from time to time to deliver to the Bank, on demand, such further agreements and instruments, as the Bank may require to secure the Borrower’s obligations hereunder. The
Borrower waives presentment, protest, dishonor, notice of dishonor, demand, notice of protest, notice of non-payment, and notice of acceptance of this Agreement, and any other notice or demand of any kind from the Bank. Notwithstanding the foregoing
or anything herein to the contrary, upon the occurrence and continuance of any Event of Default, no Letters of Credit may be issued hereunder. 
  
 8. Subrogation. The Bank, at its option, shall be subrogated to the Borrower’s rights against any person who may be liable to the Borrower on
any transaction or obligation underlying the Letters of Credit, to the rights of any holder in due course or person with similar status against the Borrower, and to the rights of any beneficiary or any successor or assignee of any beneficiary.

  
 9. Indemnification. The Borrower shall indemnify and
hold the Bank and the Bank’s affiliates and agents, and each of their respective officers, directors, shareholders and employees (each, an “Indemnified Party”) harmless from and against any and all claims, liabilities, losses,
damages, Taxes, penalties, interest, judgments, costs and expenses (including reasonable legal fees and costs of external counsel to the Bank), which may be incurred by or awarded against any Indemnified Party, and which arise out of or in
connection with (a) the Letters of Credit, this 

  

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Agreement, or the preparation for a defense of any investigation, litigation, or proceeding arising out of or in connection herewith or therewith (and
irrespective of who may be the prevailing party); (b) any payment or action taken in connection with the Letters of Credit, including, without limitation, any action or proceeding seeking to restrain any drawing under the Letters of Credit or to
compel or restrain any payment or any other action under the Letters of Credit or this Agreement (and irrespective of who may be the prevailing party); (c) the enforcement of this Agreement or the collection or sale of any property or collateral;
and (d) any act or omission of any Governmental Authority or other cause beyond the Bank’s reasonable control; except, in each case, to the extent such claim, liability, loss, damage, Tax, penalty, interest, judgment, cost or expense is found
by a final judgment of a court of competent jurisdiction to have resulted from the Bank’s gross negligence or willful misconduct. 
  
 10. Assignments by the Bank and Participations. 
  
 (a) Assignments. Subject to the remaining provisions of this Section, the Bank may at any time, in the ordinary course of its commercial banking
business, in accordance with applicable Law, sell to one or more Eligible Banks (which Eligible Banks may be affiliates of the Bank), a portion (but less than all) of its rights and obligations under this Agreement then held by it; provided that (i)
the aggregate amount being assigned pursuant to each such assignment shall in no event be less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof unless such assignment is being made to an affiliate of the Bank, and (ii) if such
Eligible Bank is not, prior to the date of such assignment, a Credit Agreement Lender, such assignment shall be subject to the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed), unless an Event of
Default shall have occurred and then be continuing, in which case the Borrower’s consent shall not be required. From and after the effective date of such transfer, the purchasing bank shall be a party hereto as the Bank and, to the extent of
its interest herein, shall have the rights and obligations of the Bank hereunder with its commitment as set forth therein. Such transfer shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the
adjustment of commitments arising from the purchase by such purchasing bank of a portion of the rights and obligations of the Bank under this Agreement. On or prior to the effective date of such transfer, if requested by the purchasing bank, the
Borrower shall execute and deliver to such purchasing bank a new reimbursement agreement and/or note to the order of such purchasing bank in an amount equal to the commitment assumed by it and purchased by it, and a new reimbursement agreement
and/or note to the order of the Bank in an amount equal to the commitment retained by it hereunder; provided, however, that in the event of any conflict between the terms of any such new reimbursement agreement(s) and/or note(s), the terms of this
Agreement shall govern. 
  
 (b) Assignment Register. The
Bank shall maintain a copy of each assignment and a register (the “Register”) for the recordation of the names and addresses of the banks and the amount of the Letter of Credit Reimbursement Obligation owing to each bank from time
to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower and the Bank may treat each Person whose name is recorded in the Register as the owner of the Letter of Credit Reimbursement Obligation
recorded therein for all purposes of this Agreement. 
  
 (c)
Participations. Subject to the remaining provisions of this Section, the Bank may, in the ordinary course of its commercial banking business and in accordance with applicable 

  

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Law, at any time sell to one or more participants (which participants may be affiliates of the Bank) participations in the Letters of Credit and the Letter
of Credit Reimbursement Obligation owing to the Bank, any commitment of the Bank or any other interest of the Bank hereunder. In the event of any sale by the Bank of a participation to a participant, the Bank’s obligations under this Agreement
to the other parties to this Agreement shall remain unchanged, the Bank shall remain solely responsible for the performance thereof, the Bank shall remain the holder of any instrument made payable to it for all purposes under this Agreement
(including voting rights hereunder). The Borrower agrees that if amounts outstanding under this Agreement, the Letters of Credit, or the Pledge Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the
occurrence of an Event of Default, such participant shall be deemed to have, to the extent permitted by applicable Law, a right of setoff (as described in Section 4 of this Agreement) in respect of its participation in amounts owing under this
Agreement, the Letters of Credit, or the Pledge Agreement to the same extent as if the amount of its participation were owing directly to it as the Bank under this Agreement, the Letters of Credit, or the Pledge Agreement; provided,
however, that such right of setoff shall be subject to the obligation of such participant to share with the Bank as and to the extent provided in the applicable participation agreement. 
  
 11. Miscellaneous. All notices, demands, requests, consents, approvals
and other communications required or permitted hereunder shall be in accordance with the Credit Agreement or shall be in writing, will be effective upon receipt, and shall be delivered by registered mail, return receipt requested, by facsimile
transmission with confirmation of delivery, or by nationally recognized overnight courier service, to the intended recipient at its address set forth in this Agreement, or at such other address of which such party shall have given notice to the
other in accordance herewith. No delay or omission of the Bank to exercise any right or power arising hereunder shall impair any such right or power or be considered to be a waiver of any such right or power. No modification, amendment or waiver of
any provision of this Agreement, or consent to any departure therefrom, will be effective unless made in a writing signed by the Borrower and the Bank, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. If any provision of this Agreement is found to be invalid by a court, all the other provisions of the Agreement will remain in full force and effect. This Agreement will be binding upon and inure to the benefit of the
Borrower and the Bank and their respective heirs, executors, administrators, successors and assigns; provided, however, that the Borrower may not assign this Agreement in whole or in part without the Bank’s prior written consent
and the Bank may at any time assign this Agreement in whole or in part with the Borrower’s prior written consent, which shall not be unreasonably withheld. The Borrower hereby authorize the Bank, from time to time, without notice to the
Borrower, provide any information pertaining to the financial condition, business operations or creditworthiness of the Borrower to or at the direction of any Governmental Authority, to any of the Bank’s correspondents, and the Bank’s
affiliates, and to any of their directors, officers, employees, auditors and professional advisors, to any person which in the ordinary course of its business makes credit reference inquiries, to any person which may succeed to or participate in all
or part of the Bank’s interest hereunder, and as may be necessary or advisable for the preservation of the Bank’s rights hereunder. This is a continuing Agreement and shall remain in full force and effect until no obligations of the
Borrower and no Letter of Credit remains outstanding hereunder; provided, however, that termination of this Agreement shall not release the Borrower from any payment or performance that is subsequently rescinded or recouped, and the obligation to
make any such payment or performance shall continue until paid or performed as if no such payment or performance ever occurred. Provisions concerning payment, indemnification, Taxes, immunity, and jurisdiction shall survive the termination of this
Agreement. 
  

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 12. Definitions and Interpretation. For purposes of this Agreement, the terms used herein shall
have the meanings and interpretations set forth on Schedule 12, which is attached hereto and made a part hereof. 
  
 13. Collateral Security. 
  
 (a) As collateral security for the Borrower’s obligations to the Bank under this Agreement and the Letters of Credit (the “Secured
Obligations”), the Borrower shall, on or prior to the date of this Agreement, deposit or cause to be deposited with the Bank or an affiliate thereof as directed by the Bank, ONE HUNDRED FIFTY-TWO MILLION ONE HUNDRED NINETY-THREE THOUSAND
FIVE HUNDRED SEVENTY-ONE and 00/100 Dollars ($152,193,571) in cash, which amount shall be held by the Bank or such affiliate in an interest bearing cash collateral account(s) established with the Bank, which shall include, but shall not be limited
to, Blackrock Account No. 25497 titled “PNC Bank, National Association, Pledgee f/b/o Consol Energy, Inc.” (the “Cash Collateral Account”). This initial funding of the Cash Collateral Account shall serve as the
collateral security for the Letters of Credit that are deemed to be issued hereunder and are set forth on Schedule 1(a)(iv). Thereafter, prior to the requested issuance of any Letter of Credit by the Bank hereunder or prior to the requested transfer
of a Credit Agreement LOC to this Agreement (which Credit Agreement LOC shall be deemed to be issued hereunder), Borrower shall be required, as a condition precedent to the issuance of such Letter of Credit, to deposit an amount equal to 102.5% of
the face amount of such requested Letter of Credit into the Cash Collateral Account. The Cash Collateral Account shall always equal or exceed 102.5% of the aggregate amount of all of the Letters of Credit issued hereunder. In the event and to the
extent of any insufficiency, the Borrower shall, upon the request of the Bank, deposit an additional amount into the Cash Collateral Account so that the balance in the Cash Collateral Account shall equal 102.5% of the aggregate amount of all of the
Letters of Credit. The Bank shall have sole dominion and control over all funds in the Cash Collateral Account and such funds may be withdrawn only by the Bank. The Borrower shall have no control over or withdrawal rights in respect of the Cash
Collateral Account. Except as otherwise provided herein, the Bank may, in its discretion, release to the Borrower from time to time all or any part of the funds deposited in the Cash Collateral Account, but the Bank shall have the right at any time
to apply all or any part of the funds on deposit in the Cash Collateral Account to the payment of such portion of the Secured Obligations as may then be due and payable, whether on account of principal or interest or otherwise as the Bank in its
discretion may elect, until all of the Borrower’s Secured Obligations are paid in full. Notwithstanding the foregoing, any time that the amount in the Cash Collateral Account exceeds 102.5% of the the aggregate amount of all of the Letters of
Credit issued and outstanding, the Borrower may make written request to the Bank and the Bank shall release all or any portion, as requested by Borrower, of the amount in the Cash Collateral Account that is in excess of 102.5% of the the aggregate
amount of all of the Letters of Credit issued and outstanding; provided, however, that if any Letters of Credit are subsequently requested the Borrower understands that, as a condition precedent to the issuance of such Letter of Credit, the Borrower
shall be required to deposit an amount equal to 102.5% of the face amount of such requested Letter of Credit into the Cash Collateral Account in accordance with the foregoing provisions. The Borrower hereby grants to the Bank a lien and security
interest in and to the Cash Collateral Account, as more particularly set forth in that 

  

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certain Pledge Agreement dated as of even date herewith between the Borrower and the Bank, as the same may be amended, modified, supplemented or replaced
from time to time (the “Pledge Agreement”) granting the Bank a first priority perfected lien on the Borrower’s interest in and to the Cash Collateral Account and all UCC-1 financing statements executed and filed with respect
thereto which security interest shall be prior and superior to all liens to the full extent permitted by law. 
  
 (b) In the event any additional shares are issued to the Borrower as a stock dividend or in lieu of interest on any of the Cash Collateral Account, as a
result of any split of any of the investment property or security entitlements set forth in the Cash Collateral Account, by reclassification or otherwise, any certificates evidencing any such additional shares will be immediately delivered to the
Bank and such shares will be subject to the Pledge Agreement and a part of the Cash Collateral Account to the same extent as the original investment property or security entitlements set forth in the Cash Collateral Account. At any time after the
occurrence of an Event of Default, the Bank shall be entitled to retain in the Cash Collateral Account all cash or stock dividends, interest and premiums declared or paid in connection with the Cash Collateral Account. 
  
 14. Waiver of Immunity. The Borrower acknowledges that this
Agreement is entered into, and each Letter of Credit will be issued, for commercial purposes and, if the Borrower now or hereafter acquire any immunity (sovereign or otherwise) from the jurisdiction of any court or from any legal process with
respect to itself or any of its property, the Borrower hereby irrevocably waives such immunity. 
  
 15. Jurisdiction. The Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the judicial district or
the state in which the Bank’s office set forth below is located, provided that nothing contained in this Agreement will prevent the Bank from bringing any action, enforcing any award or judgment, or exercising any right against the Borrower
individually, against any security, or against any property of the Borrower within any other jurisdiction. The Borrower agrees that the venue provided above is the most convenient forum for the Bank and the Borrower. The Borrower waives any
objection to venue and any objection based on a more convenient forum in any action under this Agreement. 
  
 16. WAIVER OF JURY TRIAL. THE BORROWER AND THE BANK IRREVOCABLY WAIVE ALL RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
CLAIM OF ANY NATURE RELATING TO THIS AGREEMENT, ANY LETTER OF CREDIT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY LETTER OF CREDIT, OR ANY OBLIGATION OR TRANSACTION UNDERLYING ANY OF THE FOREGOING. THE BORROWER AND THE BANK
ACKNOWLEDGE THAT THIS WAIVER IS KNOWING AND VOLUNTARY. 
  
 17. Governing Law. This Agreement and each Credit shall be interpreted, construed, and enforced according to (a) the laws of the Commonwealth of Pennsylvania, including, without limitation, the UCC; and (b) the UCP, which is
incorporated herein by reference and which shall control (to the extent not prohibited by the law referred to in (a)) in the event of any inconsistent provisions of such law. In the event that a body of law other than that set forth above is
applicable to the Letters of Credit, the Borrower shall be obligated to pay and reimburse the Bank for any payment made under such Credit if such payment is, in the Bank’s judgment, justified under either the law governing this Agreement or the
law governing such Credit. 
  

 10 

 18. Conditions Precedent. The obligations of the Bank hereunder are subject to the following conditions
precedent: 
  
 (a) The obligation of the Bank to enter into this
Agreement and to issue any Letters of Credit hereunder is subject to the satisfaction of each of the following conditions precedent (which must be satisfied prior to the date of this Agreement and immediately prior to the issuance of each Letter of
Credit): 
  
 (i) No Default. The Borrower shall have
performed and complied in all material respects with all agreements, covenants and conditions herein required to be performed or complied with by the Borrower, and no condition or event shall exist which constitutes or, which after the giving of
notice or passage of time or both, would constitute, an Event of Default. 
  
 (ii) Representations Correct. The representations and warranties contained herein and otherwise made in writing by or on behalf of the Borrower in connection with the transactions contemplated hereby shall be
true and correct in all material respects when made and at the time of the issuance of each Letter of Credit, except events contemplated by or permitted pursuant to this Agreement. 
  
 (iii) No Material Adverse Change. Prior to the date of this Agreement and prior to the issuance of any Letter of
Credit, there shall have been no Material Adverse Change in the financial condition of the Borrower since the 31st
day of December, 2002. 
  
 (iv) Each request by the Borrower for
the issuance of any Letter of Credit shall constitute a representation and warranty by the Borrower that the conditions set forth in this Section have been satisfied as of the date of such request. Failure of the Bank to receive notice from the
Borrower to the contrary before such Letter of Credit is issued shall constitute a further representation and warranty by the Borrower that the conditions referred to in this Section have been satisfied as of the date such Letter of Credit is
issued. 
  
 (b) The Borrower shall have caused to be delivered to
the Bank prior to, or simultaneously with, the date of execution and delivery of this Agreement, the following: 
  
 (i) A duly executed Pledge Agreement, in form and substance satisfactory to the Bank; 
  
 (ii) A duly executed Control Letter for Blackrock Funds, in form and substance satisfactory to the Bank; 
  
 (iii) A duly executed Form U-1, in form and substance satisfactory to the
Bank; 
  
 (iv) Duly executed Loan Documents (that are not set
forth above), in form and substance acceptable to the Bank; 
  

 11 

 (v) With respect to the Borrower, a certificate (dated as of the date hereof) of the Borrower’s
corporate secretary or assistant secretary (i) as to the incumbency and signatures of the officers of the Borrower signing the Loan Documents, (ii) providing a true, correct and complete copy of the Borrower’s articles of incorporation and
bylaws and (iii) providing a true, correct and complete copy of resolutions of the Borrower’s board of directors authorizing the execution, delivery and performance of the Loan Documents to be delivered pursuant hereto; 
  
 (vi) With respect to the Borrower, a certificate, as of the most recent date
practicable, of the Secretary of State of Delaware as to the good standing of the Borrower; 
  
 (vii) Such UCC-1’s as the Bank may request in order to perfect the security interests granted by the Borrowers to the Bank pursuant to the terms hereof; 
  
 (viii) A written opinion of counsel to the Borrower, dated as of the date
hereof and addressed to the Bank, in form and substance satisfactory to the Bank and the Bank’s counsel; 
  
 (ix) Payment of such fees as are due on the closing date of this Agreement, as well as the payment of all other fees and charges required herein,
including legal fees of the Bank, closing costs and similar matters pertinent hereto; and 
  
 (x) All legal details and proceedings in connection with the transactions contemplated by this Agreement shall be satisfactory to the Bank and the Bank’s counsel and the Bank shall have received all such
counterpart originals or certified or other copies of such documents and proceedings in connection with such transactions, in form and substance satisfactory to the Bank, as the Bank may from time to time request. 
  
 19. POWER TO CONFESS JUDGMENT. THE BORROWER HEREBY EMPOWERS ANY
ATTORNEY OF ANY COURT OF RECORD, AFTER THE OCCURRENCE OF ANY EVENT OF DEFAULT HEREUNDER, TO APPEAR FOR THE BORROWER AND, WITH OR WITHOUT COMPLAINT FILED, CONFESS JUDGMENT, OR A SERIES OF JUDGMENTS, AGAINST THE BORROWER IN FAVOR OF THE BANK OR ANY
HOLDER HEREOF FOR THE ENTIRE PRINCIPAL BALANCE OUTSTANDING UNDER THIS AGREEMENT AND THE LETTERS OF CREDIT, ALL ACCRUED INTEREST AND ALL OTHER AMOUNTS DUE HEREUNDER, TOGETHER WITH COSTS OF SUIT AND AN ATTORNEY’S COMMISSION OF THE GREATER OF 10%
OF SUCH PRINCIPAL AND INTEREST OR $1,000 ADDED AS A REASONABLE ATTORNEY’S FEE, AND FOR DOING SO THIS AGREEMENT OR A COPY VERIFIED BY AFFIDAVIT SHALL BE A SUFFICIENT WARRANT. THE BORROWER HEREBY FOREVER WAIVES AND RELEASES ALL ERRORS IN SUCH
PROCEEDINGS AND ALL RIGHTS OF APPEAL AND ALL RELIEF FROM ANY AND ALL APPRAISEMENT, STAY OR EXEMPTION LAWS OF ANY STATE NOW IN FORCE OR HEREAFTER ENACTED. INTEREST ON ANY SUCH JUDGMENT SHALL ACCRUE AT THE DEFAULT RATE. 
  
 NO SINGLE EXERCISE OF THE FOREGOING POWER TO CONFESS JUDGMENT, OR A SERIES OF
JUDGMENTS, SHALL BE DEEMED TO EXHAUST THE POWER, 

  

 12 

 
WHETHER OR NOT ANY SUCH EXERCISE SHALL BE HELD BY ANY COURT TO BE INVALID, VOIDABLE, OR VOID, BUT THE POWER SHALL CONTINUE UNDIMINISHED AND IT MAY BE
EXERCISED FROM TIME TO TIME AS OFTEN AS THE BANK SHALL ELECT UNTIL SUCH TIME AS THE BANK SHALL HAVE RECEIVED PAYMENTS IN FULL OF THE DEBT, INTEREST AND COSTS. 
  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 13 

 IN WITNESS WHEREOF, the parties hereto by their authorized agents with intent to be legally bound hereby
have executed this Agreement on the date first above written. 
  

	BORROWER:
	
	 CONSOL ENERGY, INC.

		
	 By:
	 	 /s/    John M. Reilly        

	 Name:
	 	 John M. Reilly

		
	 Title:
	 	 Treasurer

		
	 	 	 Consol Plaza

	 	 	 1800 Washington Road

	 	 	 Pittsburgh, Pennsylvania 15241-1421

		
	 	 	 Tax ID No.: 51-0337383

	
	BANK:
	
	 PNC BANK, NATIONAL ASSOCIATION

	
	 By:

		
	 Name:
	 	  

		
	 Title:
	 	  

	 	 	 One PNC Plaza

	 	 	 3rd Floor

	 	 	 249 Fifth Avenue

	 	 	 Pittsburgh, PA 15222

	 	 	 Fax: 412-762-             

 SCHEDULE 12 
  
 Definitions 
  
 In addition to other words and terms defined elsewhere in this Agreement, the following words and terms shall have the following respective meanings, unless otherwise
defined or the context otherwise clearly requires: 
  
 “Authority” shall mean any federal, state, local or foreign government or political subdivision thereof, or any agency, regulatory authority, bureau, central bank, commission, department or instrumentality of any of the
foregoing, or any court, tribunal, grand jury or arbitrator. 
  
 “Base
Rate” shall mean 1⁄2% plus the higher of the Bank’s prime rate or the Federal Funds rate. 
  
 “Business Day” means any day other than a Saturday, Sunday or other day on which Bank in Pittsburgh, Pennsylvania, or any other city of which the Bank may give the Borrower notice from time to time,
are authorized or required by law to close. 
  
 “Credit
Agreement” means that certain Three year Credit Agreement among the Credit Agreement Lenders and the Borrower dated as of the 16th day of September, 2002, as the same may be amended, modified, supplemented, and/or replaced from time to time.. 
  
 “Credit Agreement Lenders” means Citibank, N.A., as the administrative agent; the Bank, as the initial issuing bank thereunder; and the other banks
parties to the Credit Agreement from time to time. 
  
 “Credit Agreement
LOC” means a letter of credit originally issued under and pursuant to the Credit Agreement. 
  
 “Dollars”, “dollars” or the symbol “$” shall mean lawful money of the United States of America. 
  
 “Eligible Bank” means (a) any Credit Agreement Lender which is a commercial bank, or (b) any other commercial bank having
total assets in excess of $5,000,000,000. 
  
 “Governmental
Authority” means any de facto or de jure domestic or foreign government, court, tribunal, agency, or other purported authority. 
  
 “Indebtedness” shall mean all of the obligations of Borrower to the Bank pursuant to this Agreement. 
  
 “Law” shall mean any law (including common law), constitution, statute,
treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Authority. 
  
 “Letter of Credit Limit” at any time shall mean an amount equal to $185,365,850; provided, however, that the Letter of Credit Limit shall be permanently and automatically reduced by the face amount of
any Letter of Credit issued (or deemed to be issued) hereunder that is permanently retired. 

 “Letter of Credit Reimbursement Obligation” with respect to the Letters of Credit means the obligation
of the Borrower to reimburse the Bank for Letter of Credit Unreimbursed Draws, together with interest thereon. 
  
 “Letter of Credit Undrawn Availability” with respect to the Letters of Credit at any time shall mean the maximum amount available to be drawn under such Letters of Credit at such time or thereafter,
regardless of the existence or satisfaction of any conditions or limitations on drawing. 
  
 “Letter of Credit Unreimbursed Draws” with respect to the Letters of Credit at any time shall mean the aggregate amount at such time of all payments made by the Bank under the Letters of Credit, to
the extent not repaid by the Borrower. 
  
 “Lien” shall mean any
lien (statutory or otherwise), mortgage, pledge, hypothecation, security interest, tax lien, encumbrance, conditional sale or title retention arrangement, capitalized lease or any other interest in property designed to secure the repayment of
Indebtedness, whether arising by agreement or under any Law or otherwise. 
  
 “Loan Documents” shall mean all or any of the agreements of the Borrower and the Bank relating to this Agreement and any and all other agreements, instruments or documents executed or delivered in connection herewith or
therewith, and any and all renewals, modifications, extensions, replacements or amendments hereto and thereto. 
  
 “Material Adverse Change” shall mean any set of circumstances or events which (a) has any material adverse effect whatsoever upon the validity or enforceability of this Agreement or any other Loan
Documents, (b) is material and adverse to the business, properties, assets, financial condition, results of operations or prospects of the Borrower and its subsidiaries, taken as a whole, (c) impairs materially the ability of the Borrower to duly
and punctually pay or perform its obligations under the Loan Documents, or (d) impairs materially the ability of the Bank, to the extent permitted, to enforce its legal remedies pursuant to this Agreement or any other Loan Documents. 
  
 “Order” shall mean any order, writ, judgment, injunction or decree issued by
any governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, agency, bureau, body or entity of the United States of America or of any state, county, municipality or other political subdivision located therein.

  
 “Person” shall mean any individual, corporation, joint
venture, general or limited partnership, limited liability company, trust, association, unincorporated organization or other business entity. 
  
 “Prevailing Time” means the prevailing time in Pittsburgh, Pennsylvania (or any other city in the United States of which the Bank may have given the
Borrower notice) on the date in question. 

 “Taxes” means all taxes, fees, duties, levies, imposts, deductions, charges or withholdings of any kind
(other than taxes on the Bank’s net income and franchise taxes imposed on the Bank). 
  
 “Termination Date” means the 9th day of October, 2004 on which the
Borrower’s right to request a Letter of Credit terminates. 
  
 “UCP” means the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 500, and any subsequent official revision thereof. 

 SCHEDULE 12 
  
 Interpretation 
  
 Any reference herein to this Agreement, the Letter of Credit, or any other instrument, agreement or document related hereto or thereto shall be deemed to refer to an
amendments, modifications, extensions and renewals hereof and thereof. Except to the extent the context clearly otherwise requires, terms not defined herein shall have the respective meanings ascribed to them by the UCP or, if not defined therein,
then by relevant provisions of the Uniform Commercial Code (the “UCC”) of Pennsylvania or such other jurisdiction of which the Bank may give the Borrower notice, with the definitions of Article 5 of the UCC controlling over any
conflicting definitions in other UCC Articles. Determinations made by the Bank pursuant to the terms hereof shall be conclusive absent manifest error.Pledge Agreement

 Exhibit 10.46 
  
 [LOGO OF PNCBANK] 
  
 Pledge Agreement 
 (Stocks, Bonds and Commercial Paper)

  
 THIS PLEDGE AGREEMENT, dated as of this
10th day of October, 2003, is made by CONSOL ENERGY INC. (the “Pledgor”), with an address at
Consol Plaza, 1800 Washington Road, Pittsburgh, Pennsylvania 15241-1421, in favor of PNC BANK, NATIONAL ASSOCIATION (the “Secured Party”), with an address at One PNC Plaza, 249 Fifth Avenue, Pittsburgh, Pennsylvania
15222-2707. 
  
 1. Pledge. In order to induce the
Secured Party to extend the Obligations (as defined below), the Pledgor hereby grants a security interest in and pledges to the Secured Party, and to all other direct or indirect subsidiaries of The PNC Financial Services Group, Inc., all of the
Pledgor’s right, title and interest in and to the investment property and other assets described in Exhibit A attached hereto and made a part hereof, and all security entitlements of the Pledgor with respect thereto, whether now owned or
hereafter acquired, together with all additions, substitutions, replacements and proceeds thereof and all income, interest, dividends and other distributions thereon (collectively, the “Collateral”). If the Collateral includes
certificated securities, documents or instruments, such certificates are herewith delivered to the Secured Party accompanied by duly executed blank stock or bond powers or assignments as applicable. The Pledgor hereby authorizes the transfer of
possession of all certificates, instruments, documents and other evidence of the Collateral to the Secured Party. 
  
 2. Obligations Secured. The Collateral secures payment to the Secured Party of the indebtedness of the Pledgor evidenced by that certain
Reimbursement Agreement, dated October 10, 2003, with respect to the issuance of letters of credit by the Secured Party for the benefit of the Pledgor in the principal amount not to exceed $185,365,850 and any amendments, extensions, increases or
renewals thereof, and all costs and expenses of the Secured Party in the collection of the foregoing, including but not limited to reasonable attorney’s fees and expenses (hereinafter referred to collectively as the
“Obligations”). 
  
 3. Representations and
Warranties. The Pledgor represents and warrants to the Secured Party as follows: 
  
 3.1 There are no restrictions on the pledge or transfer of any of the Collateral, other than restrictions referenced on the face of any certificates evidencing the Collateral. 
  
 3.2 The Pledgor is the legal owner of the Collateral, which is registered in
the name of the Pledgor, the Custodian (as hereinafter defined) or a nominee. 
  
 3.3 The Collateral is free and clear of any security interests, pledges, liens, encumbrances, charges, agreements, claims or other arrangements or restrictions of any kind, except as referenced in Section 3.1 above;
and the Pledgor will not incur, create, assume or permit to exist any pledge, security interest, lien, charge or other encumbrance of any nature whatsoever on any of the Collateral or assign, pledge or otherwise encumber any right to receive income
from the Collateral, other than in favor of the Secured Party. 
  
 3.4 The Pledgor has the right to transfer the Collateral free of any encumbrances and the Pledgor will defend the Pledgor’s title to the Collateral against the claims of all persons, and any registration with, or consent or approval
of, or other action by, any federal, state or other governmental authority or regulatory body which was or is necessary for the validity of the pledge of and grant of the security interest in the Collateral has been obtained. 
  
 3.5 The pledge of and grant of the security interest in the Collateral is
effective to vest in the Secured Party a valid and perfected first priority security interest, superior to the rights of any other person, in and to the Collateral as set forth herein. 

 4. Covenants. 
  
 4.1 Unless otherwise agreed in writing between the Pledgor and the Secured Party, the Pledgor agrees to maintain at all
times Collateral having a minimum Margin Value in an amount not less than 102.5% of the outstanding amount of the Obligations, at all times, and to provide additional Collateral to the Secured Party promptly upon the Secured Party’s request if
the minimum Margin Value is not maintained. “Margin Value” shall be calculated by multiplying the market value of the Collateral times 102.5%. The margin requirements currently in effect are 102.5%, and the Secured Party will
endeavor to promptly notify the Pledgor of any change in the margin requirements. 
  
 4.2 If all or part of the Collateral constitutes “margin stock” within the meaning of Regulation U of the Federal Reserve Board, the Pledgor agrees to execute and deliver Form U-1 to the Secured Party and,
unless otherwise agreed in writing between the Pledgor and the Secured Party, no part of the proceeds of the Obligations may be used to purchase or carry margin stock. 
  
 4.3 Pledgor agrees not to invoke, and hereby waives its rights under, any statute under any state or federal law which
permits the recharacterization of any portion of the Collateral to be interest or income. 
  
 5. Default. 
  
 5.1
If any of the following occur (each an “Event of Default”): (i) any Event of Default (as defined in any of the Obligations), (ii) any default under any of the Obligations that does not have a defined set of “Events of
Default” and the lapse of any notice or cure period provided in such Obligations with respect to such default, (iii) the Pledgor’s default on any indebtedness that individually or in the aggregate exceeds $25,000,000 and the continuation
thereof after the applicable cure period that causes the acceleration thereof; (iv) demand by the Secured Party under any of the Obligations that have a demand feature, (v) the failure by the Pledgor to perform any of its obligations hereunder, (vi)
the material falsity, material inaccuracy or material breach by the Pledgor of any written warranty, representation or statement made or furnished to the Secured Party by or on behalf of the Pledgor, (vii) the failure of the Secured Party to have a
perfected first priority security interest in the Collateral, (viii) any restriction is imposed on the pledge or transfer of any of the Collateral after the date of this Agreement without the Secured Party’s prior written consent,, or (ix) the
breach of the Control Agreement (referred to in Section 8 below), or receipt of notice of termination of the Control Agreement if no successor custodian acceptable to the Secured Party has executed a Control Agreement in form and substance
acceptable to the Secured Party on or before 10 days prior to the effective date of the termination, then the Secured Party is authorized in its discretion to declare any or all of the Obligations to be immediately due and payable without demand or
notice, which are expressly waived, and may exercise any one or more of the rights and remedies granted pursuant to this Pledge Agreement or given to a secured party under the Uniform Commercial Code of the applicable state, as it may be amended
from time to time, or otherwise at law or in equity, including without limitation the right to issue a Notice of Exclusive Control (as defined in the Control Agreement) to the Custodian, and/or to sell or otherwise dispose of any or all of the
Collateral at public or private sale, with or without advertisement thereof, upon such terms and conditions as it may deem advisable and at such prices as it may deem best. As used herein, the term “Obligor” means the Pledgor, any
of its affiliates and any other person or entity providing collateral support for the Pledgor’s obligations to the Bank existing on the date of this Pledge Agreement or arising in the future. 
  
 5.2 (a) At any bona fide public sale, and to the extent permitted by law, at
any private sale, the Secured Party shall be free to purchase all or any part of the Collateral, free of any right or equity of redemption in the Pledgor, which right or equity is hereby waived and released. Any such sale may be on cash or credit.
The Secured Party shall be authorized at any such sale (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to persons who will represent and agree that they are purchasing the Collateral for their own account in
compliance with Regulation D of the Securities Act of 1933 (the “Act”) or any other applicable exemption available under such Act. The Secured Party will not be obligated to make any sale if it determines not to do so, regardless of
the fact that notice of the sale may have been given. The Secured Party may 

  

 -2- 

 
adjourn any sale and sell at the time and place to which the sale is adjourned. If the Collateral is customarily sold on a recognized market or threatens to
decline speedily in value, the Secured Party may sell such Collateral at any time without giving prior notice to the Pledgor. Whenever notice is otherwise required by law to be sent by the Secured Party to the Pledgor of any sale or other
disposition of the Collateral, ten (10) days written notice sent to the Pledgor at its address specified above will be reasonable. 
  
 (b) The Pledgor recognizes that the Secured Party may be unable to effect or cause to be effected a public sale of the Collateral by reason of certain
prohibitions contained in the Act, so that the Secured Party may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obligated to agree, among other things, to acquire the Collateral for their own
account, for investment and without a view to the distribution or resale thereof. The Pledgor understands that private sales so made may be at prices and on other terms less favorable to the seller than if the Collateral were sold at public sales,
and agrees that the Secured Party has no obligation to delay or agree to delay the sale of any of the Collateral for the period of time necessary to permit the issuer of the securities which are part of the Collateral (even if the issuer would
agree), to register such securities for sale under the Act. The Pledgor agrees that private sales made under the foregoing circumstances shall be deemed to have been made in a commercially reasonable manner. 
  
 5.3 The net proceeds arising from the disposition of the Collateral after
deducting expenses incurred by the Secured Party will be applied to the Obligations in the order determined by the Secured Party. If any excess remains after the discharge of all of the Obligations, the same will be paid to the Pledgor. If after
exhausting all of the Collateral there is a deficiency, the Pledgor will be liable therefor to the Secured Party; provided, however, that nothing contained herein will obligate the Secured Party to proceed against the Pledgor or any
other party obligated under the Obligations or against any other collateral for the Obligations prior to proceeding against the Collateral. 
  
 5.4 If any demand is made at any time upon the Secured Party for the repayment or recovery of any amount received by it in payment or on account of any of
the Obligations and if the Secured Party repays all or any part of such amount by reason of any judgment, decree or order of any court or administrative body or by reason of any settlement or compromise of any such demand, the Pledgor will be and
remain liable for the amounts so repaid or recovered to the same extent as if such amount had never been originally received by the Secured Party. The provisions of this section will be and remain effective notwithstanding the release of any of the
Collateral by the Secured Party in reliance upon such payment (in which case the Pledgor’s liability will be limited to an amount equal to the fair market value of the Collateral determined as of the date such Collateral was released) and any
such release will be without prejudice to the Secured Party’s rights hereunder and will be deemed to have been conditioned upon such payment having become final and irrevocable. This Section shall survive the termination of this Pledge
Agreement. 
  
 6. Voting Rights and Transfer. Prior
to the occurrence of an Event of Default, the Pledgor will have the right to exercise all voting rights with respect to the Collateral. At any time after the occurrence of an Event of Default, the Secured Party may transfer any or all of the
Collateral into its name or that of its nominee and may exercise all voting rights with respect to the Collateral, but no such transfer shall constitute a taking of such Collateral in satisfaction of any or all of the Obligations unless the Secured
Party expressly so indicates by written notice to the Pledgor. 
  
 7. Dividends, Interest and Premiums. The Pledgor will have the right to receive all cash dividends, interest and premiums declared and paid on the Collateral prior to the occurrence of any Event of Default. In the event any
additional shares are issued to the Pledgor as a stock dividend or in lieu of interest on any of the Collateral, as a result of any split of any of the Collateral, by reclassification or otherwise, any certificates evidencing any such additional
shares will be immediately delivered to the Secured Party and such shares will be subject to this Pledge Agreement and a part of the Collateral to the same extent as the original Collateral. At any time after the occurrence of an Event of Default,
the Secured Party shall be entitled to receive all cash or stock dividends, interest and premiums declared or paid on the Collateral, all of which shall be subject to the Secured Party’s rights under Section 5 above. 
  

 -3- 

 8. Securities Account. If the Collateral includes securities or any other financial or
other asset maintained in a securities account, then the Pledgor agrees to cause the securities intermediary on whose books and records the ownership interest of the Pledgor in the Collateral appears (the “Custodian”) to execute and
deliver, contemporaneously herewith, a notification and control agreement or other agreement (the “Control Agreement”) satisfactory to the Secured Party in order to perfect and protect the Secured Party’s security interest in
the Collateral. 
  
 9. Further Assurances. By its
signature hereon, the Pledgor hereby irrevocably authorizes the Secured Party, at any time and from time to time, to execute (on behalf of the Pledgor), file and record against the Pledgor any notice, financing statement, continuation statement,
amendment statement, instrument, document or agreement under the Uniform Commercial Code that the Secured Party may consider necessary or desirable to create, preserve, continue, perfect or validate any security interest granted hereunder or to
enable the Secured Party to exercise or enforce its rights hereunder with respect to such security interest. Without limiting the generality of the foregoing, the Pledgor hereby irrevocably appoints the Secured Party as the Pledgor’s
attorney-in-fact to do all acts and things in the Pledgor’s name that the Secured Party may deem necessary or desirable. This power of attorney is coupled with an interest with full power of substitution and is irrevocable. The Pledgor hereby
ratifies all that said attorney shall lawfully do or cause to be done by virtue hereof. 
  
 10. Notices. All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”) must be in writing and will be effective upon
receipt. Notices may be given in any manner to which the parties may separately agree, including electronic mail. Without limiting the foregoing, first-class mail, facsimile transmission and commercial courier service are hereby agreed to as
acceptable methods for giving Notices. Regardless of the manner in which provided, Notices may be sent to a party’s address as set forth above or to such other address as either the Pledgor or the Secured Party may give to the other for such
purpose in accordance with this section. 
  
 11.
Preservation of Rights. (a) No delay or omission on the Secured Party’s part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the
Secured Party’s action or inaction impair any such right or power. The Secured Party’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Secured Party may have under other agreements,
at law or in equity. 
  
 (b) The Secured Party may, at any time
and from time to time, without notice to or the consent of the Pledgor unless otherwise expressly required pursuant to the terms of the Obligations, and without impairing or releasing, discharging or modifying the Pledgor’s liabilities
hereunder, (i) change the manner, place, time or terms of payment or performance of or interest rates on, or other terms relating to, any of the Obligations; (ii) renew, substitute, modify, amend or alter, or grant consents or waivers relating to
any of the Obligations, any other pledge or security agreements, or any security for any Obligations; (iii) apply any and all payments by whomever paid or however realized including any proceeds of any collateral, to any Obligations of the Pledgor
in such order, manner and amount as the Secured Party may determine in its sole discretion; (iv) deal with any other person with respect to any Obligations in such manner as the Secured Party deems appropriate in its sole discretion; (v) substitute,
exchange or release any security or guaranty; or (vi) take such actions and exercise such remedies hereunder as provided herein. The Pledgor hereby waives (a) presentment, demand, protest, notice of dishonor and notice of non-payment and all other
notices to which the Pledgor might otherwise be entitled, and (b) all defenses based on suretyship or impairment of collateral. 
  
 12. Illegality. In case any one or more of the provisions contained in this Pledge Agreement should be invalid, illegal or unenforceable in
any respect, it shall not affect or impair the validity, legality and enforceability of the remaining provisions in this Pledge Agreement. 
  
 13. Changes in Writing. No modification, amendment or waiver of, or consent to any departure by the Pledgor from, any provision of this
Pledge Agreement will be effective unless made in a writing signed by the Secured Party, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on the Pledgor in
any case will entitle the Pledgor to any other or further notice or demand in the same, similar or other circumstance. 
  

 -4- 

 14. Entire Agreement. This Pledge Agreement (including the documents and instruments
referred to herein) constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, between the Pledgor and the Secured Party with respect to the subject matter hereof. 
  
 15. Successors and Assigns. This Pledge Agreement will be
binding upon and inure to the benefit of the Pledgor and the Secured Party and their respective heirs, executors, administrators, successors and assigns; provided, however, that the Pledgor may not assign this Pledge Agreement in whole
or in part without the Secured Party’s prior written consent and the Secured Party at any time may assign this Pledge Agreement in whole or in part. 
  
 16. Interpretation. In this Pledge Agreement, unless the Secured Party and the Pledgor otherwise agree in writing, the singular includes the
plural and the plural the singular; references to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute referred to; the word “or” shall be deemed to include “and/or”,
the words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; and references to agreements and other contractual instruments shall be deemed to include all
subsequent amendments and other modifications to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Pledge Agreement. Section headings in this Pledge Agreement are included for
convenience of reference only and shall not constitute a part of this Pledge Agreement for any other purpose. If this Pledge Agreement is executed by more than one party as Pledgor, the obligations of such persons or entities will be joint and
several. 
  
 17. Indemnity. The Pledgor agrees to
indemnify each of the Secured Party, each legal entity, if any, who controls, is controlled by or is under common control with the Secured Party, and each of their respective directors, officers and employees (the “Indemnified
Parties”), and to hold each Indemnified Party harmless from and against, any and all claims, damages, losses, liabilities and expenses (including all fees and charges of internal or external counsel with whom any Indemnified Party may
consult and all expenses of litigation or preparation therefor) which any Indemnified Party may incur, or which may be asserted against any Indemnified Party by any person, entity or governmental authority (including any person or entity claiming
derivatively on behalf of the Pledgor), in connection with or arising out of or relating to the matters referred to in this Pledge Agreement or under any Control Agreement, whether (a) arising from or incurred in connection with any breach of a
representation, warranty or covenant by the Pledgor, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or
contract or otherwise, before any court or governmental authority; provided, however, that the foregoing indemnity agreement shall not apply to claims, damages, losses, liabilities and expenses solely attributable to an Indemnified
Party’s gross negligence or willful misconduct. The indemnity agreement contained in this Section shall survive the termination of this Pledge Agreement. The Pledgor may participate at its expense in the defense of any such action or claim.

  
 18. Governing Law and Jurisdiction. This Pledge
Agreement has been delivered to and accepted by the Secured Party and will be deemed to be made in the State where the Secured Party’s office indicated above is located. THIS PLEDGE AGREEMENT
WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PLEDGOR AND
THE SECURED PARTY DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE
WHERE THE SECURED PARTY’S OFFICE INDICATED ABOVE IS LOCATED, EXCLUDING
ITS CONFLICT OF LAWS RULES. The Pledgor hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where
the Secured Party’s office indicated above is located; provided that nothing contained in this Pledge Agreement will prevent the Secured Party from bringing any action, enforcing any award or judgment or exercising any rights against the
Pledgor individually, against any security or against any property of the Pledgor within any other county, state or other foreign or domestic jurisdiction. The Pledgor acknowledges and agrees that the venue provided above is the most convenient
forum for both the Secured Party and the Pledgor. The Pledgor waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Pledge Agreement. 
  

 -5- 

 19. Authorization to Obtain Credit Reports. By signing below, each Pledgor who is an
individual provides written authorization to the Secured Party or its designee (and any assignee or potential assignee hereof) to obtain the Pledgor’s personal credit profile from one or more national credit bureaus. Such authorization shall
extend to obtaining a credit profile in considering this Pledge Agreement and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account. 
  
 20. WAIVER OF JURY TRIAL. THE PLEDGOR IRREVOCABLY WAIVES ANY AND
ALL RIGHT THE PLEDGOR MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS PLEDGE AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS PLEDGE AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH
DOCUMENTS. THE PLEDGOR ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 
  
 The Pledgor acknowledges that it has read and understood all the provisions of this Pledge Agreement, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate. 

 
 WITNESS the due execution hereof as a document under seal, as of the date first
written above, with the intent to be legally bound hereby. 
  

	 WITNESS / ATTEST:
	 	 	 	 Consol Energy Inc.
 (Corporation)

			
	  

	 	 	 	 By:     /s/    John M.
Reilly

	 	 	 	 	 	 	 	 	(SEAL)
	 Print Name:
	 	  

	 	 	 	 Print Name:
	 	   John M. Reilly

	 Title:

	 	 	 	 Title:  Treasurer

	 (Include title only if an officer of entity signing to the right)
	 	 	 	 

  

 -6- 

 EXHIBIT A TO PLEDGE AGREEMENT 
 (UNCERTIFICATED SECURITIES) 
  
 With respect to the following account: 
  

	 Title of the Securities Account:
	  	PNC Bank, National Association, Pledgee f/b/o Consol Energy Inc.
	 Securities Account No.:
	  	25497
	 Custodian:
	  	BlackRock Institutional Management Corporation

  
 Check applicable blank. If no blank is
checked, Option #1A applies. 
  

	

	 Option #1A      ̈    
	  	The securities account referred to above and all assets in the securities account (including, without limitation, all financial assets, but excluding any units in any common trust
fund or collective investment fund) are being pledged as collateral and are restricted from trading and withdrawals. The Secured Party’s written approval is required prior to any trading or withdrawals of such assets.
		
	 Option #1B      ̈    
	  	The specific assets listed below, which are in the securities account referred to above, are being pledged as collateral and are restricted from trading and withdrawals. The
Secured Party’s written approval is required prior to any trading or withdrawal of such assets:
		
	 	  	             Quantity                        
                Description of Securities
  
  

		
	 Option #2       x    
	  	The securities account referred to above and all assets in the securities account (including, without limitation, all financial assets, but excluding any units in any common trust
fund or collective investment fund) are being pledged as collateral. Any withdrawals require the Secured Party’s prior written approval.

  

 B-1

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