Document:

Exhibit
10.3

       

      CONSENT,
EXCHANGE AND PREEMPTIVE RIGHTS AGREEMENT

       

      This CONSENT, EXCHANGE AND PREEMPTIVE
RIGHTS AGREEMENT (this “Consent”) is dated as
of May 9, 2008 among:

       

      (i)           CEH/LA PALOMA HOLDING COMPANY,
LLC, a Delaware limited liability company (“Issuer”), COMPLETE ENERGY HOLDINGS, LLC,
a Delaware limited liability company (“CEH”), Lori A. Cuervo
(“Cuervo”),
Hugh A. Tarpley (“Tarpley”) and Peter
J. Dailey (“Dailey” and together
with Cuervo and Tarpley, each, a “CEH Member” and,
collectively, the “CEH
Members,” and together with Issuer and CEH, the “CEH
Parties”);

       

      (ii)           GSC ACQUISITION
COMPANY, a Delaware
corporation (“GSCAC”), GSCAC HOLDINGS I
LLC, a Delaware limited
liability company (“Holdco
Sub”), GSCAC HOLDINGS II
LLC, a Delaware limited
liability company (“Holdco
Sub2”), GSCAC MERGER SUB
LLC, a Delaware limited
liability company (“Merger
Sub”, and together with
GSCAC, Holdco Sub and Holdco Sub2, the “GSCAC
Parties”);
and

       

      (iii)          TCW ASSET MANAGEMENT COMPANY,
a California corporation (“Agent”), in its
capacity as administrative agent for the Note Holders (as defined in that
certain Note Purchase Agreement, dated as of August 16, 2005, among Issuer,
Agent, and each Person identified as a Note Purchaser on the signature pages
thereto, as amended by that certain Consent and Amendment Agreement, dated as of
October 31, 2006, and that certain Consent, Waiver and Amendment No. 1 to Note
Purchase Agreement, dated as of November 30, 2007, and as may be further
amended, supplemented, restated or otherwise modified (the “Existing Note Purchase
Agreement”)) and each Note Holder and each Option Holder (as defined
below) listed on the signature pages hereto.  Agent, the Note Holders
and the Option Holders are collectively referred to herein as the “TCW/MS
Parties.”

       

      Capitalized
terms used herein without definition and which are defined in the Existing Note
Purchase Agreement shall have the meanings ascribed to them in the Existing Note
Purchase Agreement.

       

      WHEREAS, pursuant to the terms
of the Existing Note Purchase Agreement, Issuer has issued Notes (the “Existing Notes”) to
the Note Holders and entered into Cash Settled Options, each granting an Option
(as defined in the Cash Settled Options) in favor of each Option Holder (as
defined in the Cash Settled Options) (each such holder, an “Option
Holder”);

       

      WHEREAS, CEH desires to enter
into that certain Merger Agreement among GSCAC, Holdco
Sub, Holdco Sub2, Merger Sub and CEH in the form attached hereto as
Exhibit
A (the “Merger
Agreement”), pursuant to
which Merger Sub would merge with and into CEH upon the terms and subject
to the conditions set forth therein, with CEH as the surviving entity and an
indirect subsidiary of GSCAC (the “Merger” and the
entity surviving the Merger, the “Surviving
Company”); and

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      WHEREAS, the parties hereto (collectively, the “Parties” and each, a “Party”) desire to set forth their
agreement concerning various matters relating to the consummation of the Merger
and other transactions contemplated by the Merger Agreement.

       

      NOW THEREFORE, in consideration of the premises set forth
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as
follows:

       

      
        Section
1.  Consents.

      

       

      (a) CEH Member
Transfers.

       

      (i) At any
time after the date hereof, one or more of the CEH Members may contribute all of
their respective equity interests in CEH to a CEH Permitted Transferee (as such
term is defined in the Acquisition Company Operating Agreement as in effect on
the date hereof).  From and after the date of such contribution, the
recipient thereof shall be deemed to be a “CEH Member” for all purposes under
this Consent, shall be bound in all respects by the terms and conditions of this
Consent as if it were a CEH Member on the date hereof and shall be deemed to
make the
representations and warranties set forth in Section
2(c)
below; in
which case the transferor CEH Member (if such Person shall have contributed all
of his or her equity interests in CEH to such CEH Permitted Transferee) shall be
released from any and all obligations hereunder (other than in respect of
Section
2(c)(iv) and
Section
4(b)).

       

      (ii) Agent and
each of the Note Holders and Option Holders hereby consent to each transaction
referred to in Section
1(a)(i).

       

      (b) Consent to Merger and
Related Transactions.

       

      (i) Subject to
the satisfaction or waiver of the Specified Conditions as provided in Sections 1(b)(ii) and
1(h)(ii) below,
Agent, each Note Holder and each Option Holder hereby consent to the Merger in
accordance with the terms of the Merger Agreement attached as Exhibit A hereto
(subject to any Permitted Changes (as defined below)) and waive any rights under
the Existing Notes, the Existing Note Purchase Agreement or any other
Transaction Document arising solely as a result of the Change of Control to be
effected pursuant to such Merger.

       

      (ii) This Consent shall become
effective in accordance with Section
3 below, but
the consent and waiver provided in Section
1(b)(i) above
and the agreements of the Parties provided in Sections
1(c),
(d), (e) and (g) through (j) below are subject
to the satisfaction (or waiver in writing by the Note Holders and the Option
Holders, including any deemed waiver by delivery of a TCW/MS Closing
Acknowledgment (as defined below) as provided in Section 1(h)(ii)
below) of each of the following conditions (the “Specified
Conditions”):

       

      (A) the Merger
and the other transactions contemplated by the Merger Agreement to be
consummated at the Closing (as defined in the Merger Agreement, the “Closing”) shall be
consummated in accordance with the terms 

       

       

      
        
          
          

        

        
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      and
conditions of the Merger Agreement
without any amendments, waivers or consents granted thereunder other than
amendments, waivers and consents that do not (1) result in any change in
the type of consideration or aggregate consideration payable to any CEH Member
or any other Person receiving consideration in connection with the Merger, or
otherwise constitute an amendment to or modification to Exhibit F to the Merger
Agreement, except as expressly provided in Section 1(b)(ii)(B)
below, (2) have a material and adverse effect on the interests of Agent, the
Note Holders or the Option Holders in connection with the transactions
contemplated by this Consent or the Transactions (as defined in the Merger
Agreement), including, without limitation, their investment in GSCAC or Holdco
Sub, as applicable, at Closing (it being understood that any consent to waive
any restriction under the Merger Agreement solely to the extent required in
connection with the issuance of Equity Securities (as defined in the Merger
Agreement) in connection with a GSCAC Equity Raise (as defined below) or the
incurrence of Indebtedness in connection with a Replacement Mezzanine PIK
Facility (as defined below), respectively, in each case, in accordance with the
terms of Section
1(c)(i) below, shall be deemed not to have a material adverse effect on
the interests of Agent, the Note Holders or the Option Holders hereunder), (3)
other than to reflect the issuance of Equity Securities (as defined in the
Merger Agreement) in connection with a GSCAC Equity Raise in accordance with
Section 1(c)(i)
below, amend any representation or warranty of the GSCAC Parties (or any GSCAC
Disclosure Schedule to the Merger Agreement relating thereto) incorporated by
reference herein in Section 2(d)(iv)
below or (4) amend the definition of any capitalized term that is used in this
Consent or in the New TCW/MS Financing Documents (as defined below) with the
meaning set forth in the Merger Agreement (all such permitted amendments, waivers and consents,
collectively, the
“Permitted
Changes”); provided, however, that (x) if any of CEH and GSCAC
notifies the
TCW/MS Parties in writing that such Party believes that it is likely that any of
the Specified Conditions will not be satisfied and requests a waiver of such
failure to satisfy the applicable Specified Condition(s) and (y) if each TCW/MS
Party does not waive in writing the failure to satisfy the applicable Specified
Condition(s) described in such notice and request for waiver on or prior to the
tenth Business Day following such TCW/MS Party’s receipt of such notice and
request for waiver, the CEH Parties and the GSCAC Parties shall have the right
to terminate this Consent without liability (other than as described in
Section 7(k)(ii)) by delivering written
notice of such termination to the TCW/MS Parties; 

       

      (B) any
purchase of LP Minority Units (as defined in the Merger Agreement) by GSCAC, any
CEH Party or any Affiliate thereof at or prior to the Closing shall be on terms
that are no more favorable in any material respect to the applicable LP Minority
Holders (as defined in the Merger Agreement, the “LP Minority Holders”)
relative to the terms set forth in the form of LP Minority Exchange Agreement
attached as Exhibit O to the Merger Agreement (including the calculation of the
consideration payable in respect thereof pursuant to Exhibit F to the Merger
Agreement), except to the extent required to comply with the 

       

       

      
        
          
          

        

        
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      provisions
of Article IV of the limited liability company agreement of La Paloma
Acquisition Co, LLC, or with such changes as are reasonably acceptable to the
Note Holders, the Option Holders and the parties to the Merger
Agreement;

       

      (C) any
purchase of membership interests in CEP Batesville Holding Company, LLC from
Fulcrum Power Services L.P. (“Fulcrum”) by GSCAC,
any CEH Party or any Affiliate thereof at or prior to the Closing shall be on
terms that are no more favorable in any material respect to Fulcrum relative to
the terms of the LP Minority Exchange Agreement attached as Exhibit O to the
Merger Agreement (including the calculation of the consideration payable in
respect thereof pursuant to Exhibit F to the Merger Agreement) or with such
changes as are reasonably acceptable to the Note Holders, the Option Holders and
the parties to the Merger Agreement;

       

      (D) upon
consummation of the Merger, the corporate, capital and ownership structure of
GSCAC and its Subsidiaries, including the La Paloma Project (as defined in the
Merger Agreement) and the Batesville Project (as defined in the Merger
Agreement), shall be as set forth on Exhibit D attached
hereto, in each case subject to changes based on decisions by the LP Minority
Holders as to whether to elect to exercise their “tag-along” rights pursuant to
Article IV of the limited liability company agreement of La Paloma Acquisition
Co, LLC, decisions by Fulcrum as to whether to exchange its membership interests
in CEP Batesville Holding Company, LLC, the consummation of a GSCAC Equity Raise
or a Replacement Mezzanine PIK Facility, in each case, pursuant to Section 1(c)(i)
below, or with such other changes as are reasonably acceptable to the Note
Holders, the Option Holders and the parties to the Merger
Agreement;

       

      (E) (1) after
giving effect to the Merger, the organizational documents of GSCAC, Holdco Sub,
Holdco Sub2 and the Surviving Company shall, in each case, be in substantially
the forms attached as exhibits to the Merger Agreement attached hereto (but
subject to any Permitted Changes) or otherwise in form and substance reasonably
satisfactory to the Note Holders, the Option
Holders and the parties to the Merger Agreement and (2) there shall have
been no amendment or modification to any provisions of any Organizational
Document of any Subsidiary of CEH (other than as required pursuant to the New
TCW/MS Financing Documents) which has had or could reasonably be expected to
have a material and adverse effect on the interests of the Note Holders or the
Option Holders in connection with the transactions contemplated by this Consent
and the Transactions (as defined in the Merger Agreement);

       

      (F) each of
(1) the Additional Agreements (as defined in the Merger Agreement) (other than
the LP Minority Exchange Agreement) shall have been executed and delivered by
the parties thereto (other than Agent, any Note Holder or any Option Holder), in
each case in substantially the forms attached as exhibits to the Merger
Agreement attached hereto (but subject to any Permitted Changes), 

       

       

      
        
          
          

        

        
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      or
otherwise in form and substance reasonably satisfactory to the Note Holders, the
Option Holders and the parties to the Merger Agreement, (2) the other
material agreements,
documents,
instruments and
certificates delivered at the
Closing pursuant to the Merger
Agreement and
each
Additional Agreement shall have been executed
and delivered by the applicable parties thereto (other than Agent, any
Note Holder or any Option Holder), in each case in form and substance reasonably
satisfactory to the
Note Holders, the Option Holders and the parties to the Merger Agreement,
and (3) all obligations under the Additional Agreements to be performed at
or prior to the Closing shall have been performed in all material
respects;

       

      (G) each of
the New TCW/MS Financing Documents (or other definitive documentation evidencing
the Replacement Mezzanine PIK Facility entered into in lieu thereof pursuant to
Section
1(c)(i)) shall have been executed and delivered by the parties thereto
(other than Agent, any Note Holder or any Option Holder), and the conditions to
the closing set forth in the New TCW/MS Financing Documents (or in such other
definitive documentation evidencing the Replacement Mezzanine PIK Facility
entered into in lieu thereof pursuant to Section 1(c)(i))
shall have been satisfied or waived in accordance with the provisions thereof;
provided, however, that (x)
Issuer may amend or supplement in writing the disclosure schedules attached to
the New TCW/MS NPA attached hereto as Exhibit B solely with
respect to any matter arising after the date of this Consent, which, if existing
or occurring on the date of this Consent, would have been required to be set
forth or described in such disclosure schedules so long as such supplemental
disclosure could not reasonably be expected to be adverse in any material
respect to the interests of Agent, the Note Holders or the Option Holders in
connection with the transactions contemplated by the New TCW/MS Financing
Documents, including, without limitation, their investment in the Mezzanine PIK
Notes at Closing (“Permitted
Disclosure
Supplements”);

       

      (H) (1) all
principal, interest and all other amounts payable under the Existing Holdco
Financing Documents shall be repaid in full prior to or simultaneously with the
Closing (collectively, the “Holdco Financing Repayment
Amount”), as evidenced by a payoff letter in form and substance
reasonably satisfactory to Agent, the Note Holders and
Option Holders, (2) the Existing Holdco Financing Documents (and all
commitments for extension of credit relating thereto) shall have been (or
simultaneously with the Closing shall be) terminated immediately upon such
repayment and (3) the Lenders (as defined in the Existing Holdco Credit
Agreement) shall have released all liens and encumbrances on the Collateral (as
defined in the Existing Holdco Credit Agreement); 

       

      (I) (1) all
principal, interest and all other amounts payable in respect of any Permitted
Refinancing Indebtedness (as defined in the Merger Agreement) shall be repaid in
full prior to or simultaneously with the Closing, as evidenced by a payoff
letter in form and substance reasonably satisfactory to Agent, the Note

       

       

      
        
          
          

        

        
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      Holders and Option
Holders, (2) all documents and instruments evidencing any and all
Permitted Refinancing Indebtedness (as defined in the Merger Agreement) (and all
commitments for extension of credit relating thereto) shall have been (or
simultaneously with the Closing shall be) terminated immediately upon such
repayment and (3) the lenders in respect of all Permitted Refinancing
Indebtedness shall have released all liens and encumbrances on all collateral
securing such Permitted Refinancing Indebtedness (as defined in the Merger
Agreement);

       

      (J) there
shall be no Indebtedness of Holdco Sub2 or of CEH or any of its Subsidiaries
outstanding as of the Closing other than under or pursuant to (1) the New TCW/MS
Financing Documents (or any Replacement Mezzanine PIK Facility entered into in
lieu thereof in accordance with Section 1(c)(i)), (2)
the Project Financing Documents (in respect of the Project Company), (3) the
Trust Indenture (in respect of LSP Batesville Funding Corporation and LSP Energy
Limited Partnership) and (4) Indebtedness of the Project Company, LSP Batesville
Funding Corporation and LSP Energy Limited Partnership permitted to be incurred
under or pursuant to the agreements set forth in clauses (2) and (3) of this Section 1(b)(ii)(J).

       

      (K) the Closing shall occur on or before the
Termination Date (as defined in the Merger Agreement);

       

      (L) all
representations and warranties of the CEH Parties and the GSCAC Parties
contained in this Consent (including, without limitation, all representations
and warranties of CEH and the GSCAC Parties contained in the Merger Agreement
and incorporated herein by reference in Section 2(b)(iv)
(after giving effect to any Permitted Changes) and Section 2(d)(iv))
shall be true and correct in all material respects, it being understood that,
for purposes of this Section 1(b)(ii)(L),
the references to “as of the date of this Agreement” in the lead in to each of
Article IV and V of the Merger Agreement, which precede Sections 4.01 and 5.01,
respectively, of the Merger Agreement, shall be disregarded; 

       

      (M) Agent, the Note Holders and Option
Holders shall have received the executed legal opinion of Vinson & Elkins
LLP, New York counsel to CEH and its Subsidiaries, dated as of the date of the
Closing, substantially in
the form attached as Exhibit E-1 to the New TCW/MS NPA (as defined below),
modified as applicable if a Replacement Mezzanine Facility is entered
into in lieu of the New TCW/MS Financing Documents in accordance with Section 1(c)(i)
below;

       

      (N) Each Note Holder and Option Holder (or
its Designee (as defined below) pursuant to Section
7(j) below) shall have
received a management rights letter from Holdco Sub or GSCAC (in each case, the
applicable issuer of the Equity Consideration or the Contingent Consideration to
such Note Holder or Option Holder (or its Designee pursuant to Section
7(j) below), in the form
attached hereto as Exhibit
C attached
hereto; 

       

       

      
        
          
          

        

        
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      (O) all
costs, fees and expenses payable to Agent, the Note Holders and the Option
Holders and their respective counsel arising under, relating to or in connection
with this Consent, the Existing Note Purchase Agreement, the Cash Settled
Options, the other Transaction Documents, the New TCW/MS Financing Documents,
the Merger and the transactions contemplated hereby and thereby (collectively,
the “TCW/MS
Expenses”) shall have been paid in full to the extent an estimate of such
TCW/MS Expenses as of the Closing and supporting documentation shall have been
provided in accordance with Section 1(f); 

       

      (P) a Person
designated by Required Holders shall, as of the Closing, become a member of the
Board of Directors of GSCAC with a term of office that is scheduled to expire no
sooner than the 2011 annual meeting of GSCAC’s stockholders;

       

      (Q) Agent, the
Note Holders and the Option Holders shall have received a certificate from CEH
and/or GSCAC certifying as of the date of the Closing that each of the Specified
Conditions have been (or
simultaneously with the Closing shall be) satisfied (for this purpose assuming
the satisfaction of Agent, the Note Holders and/or the Option Holders with any
condition stated to be subject to the satisfaction of the Agent, the Note
Holders and/or the Option Holders);

       

      (R) there shall not be any Proceeding (as
defined in the Merger Agreement) threatened or filed by any Person (other than any TCW/MS Party
) seeking to restrain,
enjoin or otherwise prohibit, or any Law or order restraining, enjoining or
otherwise prohibiting or making illegal or threatening to restrain, enjoin or
prohibit or make illegal the consummation of the transactions contemplated by
this Consent; and

       

      (S) all
authorizations, consents, or approvals of, or notices, filings or other action
by, to or with any Governmental Authority, necessary for the consummation by
each TCW/MS Party of the transactions to occur on the Closing Date (as defined
in the Merger Agreement) as contemplated by this Consent and the Transaction
Documents (as defined in the Merger Agreement) to which any TCW/MS Party is a
party shall have been obtained or made, and all waiting periods (and any
extensions thereof) imposed by any Governmental Authority (including without
limitation, the waiting period (and any extensions thereof) prescribed by the
HSR Act (as defined below)) applicable to the consummation by any TCW/MS Party
of the transactions to occur on the Closing Date (as defined in the Merger
Agreement) as contemplated by this Consent and the Transaction Documents (as
defined in the Merger Agreement) to which any TCW/MS Party is a party shall have
expired.

       

      For
purposes of this Consent, (1) “Existing Holdco Credit
Agreement” means that certain Credit Agreement, dated as of November 30,
2007, among CEH, CEH/La Paloma I, LLC and Complete Energy Batesville III, LLC,
as borrowers, the lenders from time to time party thereto, JPMorgan

       

       

      
        
          
          

        

        
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      Chase
Bank, N.A., as documentation agent and as syndication agent, and Wilmington
Trust Company, as administrative agent (as amended, restated, modified or
supplemented from time to time); (2) “Existing Holdco Financing
Documents means the “Loan Documents” as defined in the Existing Holdco
Credit Agreement; and (3) “Trust Indenture”
means that certain Trust Indenture, dated as of May 21, 1999, by and among LSP
Batesville Funding Corporation, LSP Energy Limited Partnership and The Bank of
New York, as Trustee and Securities Intermediary, which has been supplemented on
or prior to the date hereof by the First Supplemental Indenture thereto dated as
of May 21, 1999, the Second Supplemental Indenture thereto dated as of May 21,
1999, the Third Supplemental Indenture thereto dated as of April 11, 2000 and
the Fourth Supplemental Indenture thereto dated as of April 11,
2000.

       

      (c) Payoff
Transactions.  Subject to the
satisfaction or waiver of the Specified Conditions in accordance with
Section
1(b)(ii)
above and Section
1(h)(ii)
below, (1) each of Agent, the Note Holders and the Option Holders hereby
agrees to accept at the Closing its pro rata share (as described in the last
paragraph of this Section 1(c)) of the
Payoff Consideration in full satisfaction of (i) any and all Indebtedness and
other Obligations owing pursuant to the Existing Notes, the Existing Note
Purchase Agreement and any other Transaction Documents and (ii) all obligations
and liabilities of any Transaction Document Party or any of their respective
Affiliates owing pursuant to the Cash Settled Options (including, without
limitation, any cash settlement amount and any interest thereon) (all such
obligations and liabilities in respect of the Cash Settled Options, the “Cash Settled Option
Obligations”) and (2) GSCAC, Holdco Sub, Holdco Sub2 and CEH agree to
cause the Payoff Consideration to be issued or paid at the Closing to the Note
Holders and the Option Holders (or their respective Designees pursuant to Section
7(j) below) in
accordance with the terms of this Consent.  As used herein, “Payoff Consideration”
means the following consideration:

       

      (i) a cash payment in respect of the
Existing Notes in an amount (the “Cash Payoff Amount”)
equal to the lesser of (but in no event to exceed the outstanding principal
amount outstanding in respect of the Existing Notes) (x) $50 million and (y) the
Net Available Cash Amount (as defined below), by wire transfer of immediately
available funds in accordance with the wire instructions set forth on Schedule 1 hereto;
provided, however, that the
Cash Payoff Amount shall be increased by an amount in excess of $50 million, but
to not more than $100 million (the amount of such excess, the “Excess Cash Payment”)
(I) with the net proceeds (other than the Permitted Working Capital Retention
Amount (as defined below)) of a GSCAC Equity Raise, in which case the aggregate
principal amount of the Mezzanine PIK Notes shall be reduced by the Excess Cash
Payment on a dollar-for-dollar basis and (II) with all of the net proceeds of
any Replacement Mezzanine PIK Facility.  As used herein,
(w) “Replacement
Mezzanine PIK Facility” means an issuance, in lieu of the Mezzanine PIK
Notes, of debt securities of CEH at the Closing with a principal amount of $50
million (plus any fees or expenses incurred in connection with such replacement
financing) and otherwise on the same terms and conditions or equal to or more
favorable in the aggregate to CEH and its Subsidiaries than those set forth in
the New TCW/MS Financing Documents, (x) “GSCAC Equity Raise”
means the issuance of Equity Securities (as defined below) of GSCAC at or prior
to the Closing with gross proceeds not to exceed $75 million (provided no such
equity issuance shall result in any adjustment in respect of the Initial GSCAC
Warrants (as defined below) or in respect of the Warrant Shares (as defined
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      thereof,
in each case, pursuant to
Section 11 of the Initial Warrant Agreement (as defined below)), (y) “Permitted Working Capital
Retention Amount” means an amount equal to $10 million of the net
proceeds of any GSCAC Equity Raise, to be retained for working capital purposes
of GSCAC and its Subsidiaries if and only if the Cash Payoff Amount, before
giving effect to such Permitted Working Capital Retention Amount, is at least
$50,000,000) and (z) “Net Available Cash
Amount” means the aggregate amount of all cash and cash equivalents of
the GSCAC Parties and all cash and cash equivalents of CEH and its Subsidiaries
contained in the Designated Accounts (as defined below), in each case, as of the
end of the day immediately preceding the date of the Closing, before giving
effect to the Merger or the payment of the Cash Payoff Amount or any amounts
described in any of clauses (A) through
(E) below of
this Section
1(c)(i), minus the sum of the
following (to the extent not paid prior to the end of the day immediately
preceding the date of the Closing), without duplication:

       

      (A) the Holdco
Financing Repayment Amount and the amount required to repay in full all
principal, interest and other amounts payable in respect of any Permitted
Refinancing Indebtedness (as defined in the Merger Agreement);

       

      (B) the amount
required to repay in full all indebtedness and other obligations outstanding
under the promissory note issued by CEH to Milton L. Scott, in the original
principal amount of $736,460;

       

      (C) the
Conversion Amount (as defined in the Merger Agreement);

       

      (D) the
Deferred Underwriting Fees (as defined in the Merger Agreement);

       

      (E) the
aggregate amount of reasonable out-of-pocket documented third party fees and
expenses that are incurred by any CEH Party or GSCAC Party (or that any CEH
Party or GSCAC Party is required to pay, including the TCW/MS Expenses) in
connection with the Transactions (as defined in the Merger Agreement), including
the investment banking fees and third party accounting, legal and other
professional fees (collectively, the “Transaction
Expenses”); and

       

      (F) $10,000,000 (provided that the
amount set forth in this clause (F) shall be
increased by the Permitted Working Capital Retention Amount from the proceeds of
an Equity Raise prior to the Closing);

       

      (ii) the payment in cash of all
accrued but unpaid interest in respect of the Existing Notes from funds on
deposit in the Debt Service Reserve Sub Account (or, if funds in such account
are not sufficient, from other sources) by wire transfer of immediately
available funds in accordance with the wire instructions set forth on Schedule 1
hereto;

       

      (iii) in exchange for $50 million (less
the Excess Cash Payment, if any) of the unpaid principal amount of the Existing
Notes, the issuance of an aggregate of $50 

       

       

      
        
          
          

        

        
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      million
(less the Excess Cash Payment, if any) of new senior secured promissory notes of the
Surviving Company pursuant to the Note Purchase Agreement among the Surviving
Company (as issuer), Agent and the Note Holders, substantially in the form
attached hereto as Exhibit B (the “New TCW/MS NPA” and,
together with the exhibits, schedules and other definitive documentation
relating thereto in substantially the forms attached as exhibits or schedules to
the New TCW/MS NPA attached hereto (but subject to any Permitted Disclosure
Supplement), the “New
TCW/MS Financing Documents,” and the notes issued pursuant thereto to the
Note Holders or their respective Designees pursuant to Section
7(j) below, the
“Mezzanine PIK
Notes”); and 

       

      (iv)   in respect of, and in
exchange for, the remaining unpaid principal amount on the Existing Notes, all
Additional Interest accrued but unpaid in respect of the Existing Notes, the Yield Maintenance
Amount due thereon, the Cash Settled Option Obligations and all other
Indebtedness and Obligations outstanding under the Transaction Documents, the
issuance of an aggregate number of shares of GSCAC Class A Common Stock (as
defined below) equal to (the “Equity
Consideration”) the sum of 

       

      (A)   the result obtained by
dividing (x) $150.4 million, plus, to the extent
there exists a Cash Shortfall Amount (as defined below), 100% of the Cash
Shortfall Amount up to 15.78% of the lesser of $9.4 million and the JPM Fee (as
defined in Exhibit F to the Merger Agreement), plus 150% of the Cash
Shortfall Amount to the extent exceeding 15.78% of the lesser of $9.4 million
and the JPM Fee (as defined in Exhibit F to the Merger Agreement), by (y) the
Share Price (as defined in Exhibit F to the Merger
Agreement); plus

       

      (B)   the result (but not
less than zero) obtained by dividing (x) $19.6 million, plus or minus 22.80% of the amount by which
the Designated Account Cash Balance (as defined in Exhibit F to the Merger
Agreement) of the Acquisition Company and the Project Company exceeds or is
less, respectively, than $17 million, as the case may be,
plus or minus 22.80% of the
amount by which the outstanding Debt (as defined in Exhibit F to the Merger
Agreement) of the Acquisition Company and the Project Company is less than or
exceeds, respectively, $425.4 million, as the case may be, minus 15.78% of the
lesser of $9.4 million and the JPM Fee (as defined in Exhibit F to the Merger
Agreement) by (y) the Share Price (as defined in Exhibit F to the Merger
Agreement);

       

      provided, however ̧ that each
Note Holder and each Option Holder shall be entitled to elect in its sole
discretion, by providing written notice to GSCAC no later than 30 days after the
date hereof, to receive from Holdco Sub, in lieu of the shares of GSCAC Class A
Common Stock (as defined below) otherwise payable by GSCAC to such Note Holder
or Option Holder hereunder, (i) a number of shares of Holdco Class B Common
Units (as defined below) equal to such number of shares of GSCAC Class A Common
Stock otherwise payable to such Note Holder or Option Holder hereunder, (ii) an
equal number of shares of GSCAC Class B Common Stock (as defined below) and
(iii) Exchange Rights (as defined below) with respect to the foregoing into
GSCAC Class A Common Stock in accordance with the terms of the Holdco Sub LLC
Agreement (as defined below); and

       

       

      
        
          
          

        

        
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      (v)   the TCW/MS Contingent
Warrants (as defined below); provided, however, that any
Note Holder or Option Holder electing to receive Holdco Class B Common Units,
GSCAC Class B Common Stock and Exchange Rights in accordance with Section 1(c)(iv)
shall be entitled to receive in lieu thereof an equivalent number of Holdco
Class C Common Units (as defined below) and Holdco Class D Common Units (as
defined below) (the consideration payable pursuant to this Section 1(c)(v), the
“Contingent
Consideration”).

       

      The Payoff Consideration (other than
the Equity Consideration and the Contingent Consideration) shall be paid to the
Note Holders in accordance with Section 3.6A of the Existing Note Purchase
Agreement.  The Equity Consideration and the Contingent Consideration
shall be paid to the Note Holders and Option Holders (or their respective
Designees pursuant to Section 7(j) below) in accordance with Schedule 4
hereto.  Any Note Holder and any Option Holder may specify by written
notice to the GSCAC Parties a Designee to receive the Equity Consideration or
Contingent Consideration payable to it in accordance with the procedures in
Section 1(l)
below.  The transactions described in clauses (i) through (v) of this
Section 1(c)
(including the provisos thereto) are collectively referred to herein as the
“Payoff
Transactions.”  As used herein, (I) “Cash Shortfall
Amount” means the amount by which the Net Available Cash Amount is less
than $50 million; (II) each of “GSCAC Class A Common
Stock”, “GSCAC
Class B Common Stock,” “Holdco Class B Common
Units,” “Holdco
Class C Common Units,” “Holdco Class D Common
Units,” “Equity
Securities,” “Exchange Rights,”
“Holdco Sub LLC
Agreement,” “Initial GSCAC
Warrants” and “Designated Accounts”
shall have the meaning ascribed to such term in the Merger Agreement; (III)
“TCW/MS Contingent
Warrants” means 798,000 $14.50 Warrants (as defined in the Form of TCW/MS
Contingent Warrant Agreement attached hereto as Exhibit E and as Exhibit I to
the Merger Agreement attached hereto) and 798,000 $15.50 Warrants (as defined in
the Form of TCW/MS Contingent Warrants attached hereto as Exhibit E), in each
case, to purchase shares of GSCAC Class A Common Stock upon the terms, and
subject to the conditions, set forth in the Form of TCW/MS Contingent Warrant
Agreement attached hereto as Exhibit E and as Exhibit I to the Merger Agreement
attached hereto; (IV) “Initial Warrant
Agreement” means that certain Warrant Agreement, dated as of June 25,
2007, between GSCAC and American Stock Transfer & Trust Company (as Warrant
Agent); and (V) “Warrant Shares” has
the meaning ascribed to such term in the Initial Warrant Agreement.

       

      (d) Adjustments to Payoff
Consideration.  (i) The number of shares of GSCAC Class A
Common Stock, Holdco Class B Common Units, Holdco Class C Common Units, Holdco
Class D Common Units, TCW/MS Contingent Warrants and shares of GSCAC Class B
Common Stock and/or shares of GSCAC Class A Common Stock issuable pursuant to
the Exchange Rights that the Note Holders and Option Holders (or their
respective Designees pursuant to Section
7(j) below) are
entitled to receive pursuant to Section 1(c), (ii)
the definition of Share Price (as defined in Exhibit F to the Merger Agreement)
and (iii) any dollar amounts set forth in the documents relating to the
Contingent Consideration shall, in the case of clauses (i), (ii) and (iii) of this Section 1(d), be
equitably adjusted to reflect appropriately the effect of any stock split,
reverse stock split, stock dividend (including any dividend or distribution of
securities convertible into GSCAC Class A Common Stock, GSCAC Class B Common
Stock, Holdco Class B Common Units, Holdco Class C Common Units, Holdco Class D
Common Units or TCW/MS Contingent Warrants), reorganization, recapitalization,
reclassification, combination, 

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

       

      exchange
of shares or other like change with respect to the GSCAC Class A Common Stock,
GSCAC Class B Common Stock or Holdco Class B Common Units, Holdco Class C Common
Units, Holdco Class D Common Units or TCW/MS Contingent Warrants occurring on or
after the date hereof and prior to the Closing.

       

      (e) Fractional
Shares.  No fraction of a Holdco Class B Common Unit, Holdco
Class C Common Unit, Holdco Class D Common Unit or fraction of a share of GSCAC
Class A Common Stock or GSCAC Class B Common Stock will be issued as part of the
Payoff Consideration and none of the TCW/MS Contingent Warrants shall entitle
the holder thereof to purchase any fraction of a share of GSCAC Class A Common
Stock.  Instead, each Note Holder or Option Holder (or their
respective Designees pursuant to Section
7(j) below or any
transferees of the Contingent Consideration) that would otherwise be
entitled to receive a fraction of a Holdco Class B Common Unit, Holdco Class C
Common Unit, Holdco Class D Common Unit or fraction of a share of GSCAC Class A
Common Stock or GSCAC Class B Common Stock shall be permitted to aggregate all
fractional Holdco Class B Common Units, Holdco Class C Common Units, Holdco
Class D Common Units or fractions of a share of GSCAC Class A Common Stock and
GSCAC Class B Common Stock that otherwise would be received by such Note Holder
or Option Holder (or such Designee pursuant to Section
7(j) below or transferee of
the Contingent Consideration), as the case may be, and any resulting
fractional shares or units shall be rounded to the nearest whole number, and the
number of shares of GSCAC Class A Common Stock issuable upon exercise of each
TCW/MS Contingent Warrant shall be rounded to the nearest whole
number.

       

      (f) Pre-Closing
Statement.  CEH shall deliver to Agent not less than five
Business Days’ notice of the anticipated date of the Closing (the “Closing Notice”), and
following receipt of the Closing Notice, Agent hereby agrees to deliver not
later than two Business Days prior to the Closing a statement evidencing the
amount of accrued but unpaid interest as of the anticipated date of the Closing
(together with any applicable per diem), and an estimate of the TCW/MS Expenses
as of the date of the Closing; provided that if CEH
delivers such a Closing Notice and thereafter delivers written notice to Agent
that the Closing is delayed beyond the anticipated date of the Closing set forth
therein, Agent agrees promptly to confirm the amounts specified therein and/or
provide revised amounts in writing to CEH.

       

      (g) Additional Agreements of
Agent, Note Holders and Options Holders.  Agent and each Note
Holder and Option Holder hereby agree that, upon the delivery of the TCW/MS
Closing Acknowledgment to CEH and GSCAC in accordance with Section 1(h)(ii)
below and the delivery of the Payoff Consideration as provided
herein:

       

      (i) all
Indebtedness and other Obligations under the Existing Notes, the Existing Note
Purchase Agreement or any other Transaction Document and all Cash Settled Option
Obligations shall be deemed paid or discharged in full;

       

      (ii) any and
all Liens granted by a Transaction Document Party to secure the Obligations and
Cash Settled Option Obligations shall automatically be terminated and released
and be of no further force and effect without any further action on the part of
Agent, the Note Holders or any other Person; and

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

       

      
        (iii) the
Existing Note Purchase Agreement and each of the other Transaction Documents
(including the Cash Settled Options) shall automatically be terminated and of no
further force and effect without any further action on the part of Agent, the
Note Holders or the Option Holders;

      

       

      provided that none of
the foregoing in clauses (i), (ii) and (iii) of this Section 1(g) shall
constitute a release or termination of (x) any rights of, or obligations owing
to, Agent, any Note Holder, any Option Holder or any of their respective
Affiliates under or relating to the Consent or any document entered into in
connection with the Payoff Consideration (including, without limitation, the New
TCW/MS Financing Documents and the Additional Agreements), (y) any Liens for the
benefit of Agent or any Note Holder with respect to any Collateral (as defined
in the New TCW/MS NPA), or (z) any indemnification obligations under the
Transaction Documents which are not then due and payable, which shall survive
until extinguished in accordance with their terms.

       

      (h) Additional Closing
Documents.  

       

      (i) At the
Closing, upon the delivery of the TCW/MS Closing Acknowledgment to CEH and GSCAC
in accordance with Section 1(h)(ii)
below and the delivery of the Payoff Consideration as provided herein, Agent and
each Note Holder and Option Holder (as applicable) shall: 

       

      (A) deliver to
GSCAC and CEH, at Issuer’s and the Surviving Company’s sole cost and
expense:

       

      (1) UCC-3
termination statements with respect to the UCC-1 financing statements set forth
on Schedule 5
hereto (and Agent and the Note Holders shall be deemed to authorize following
the delivery of the TCW/MS Closing Acknowledgment the Transaction Document
Parties or their designees to file such UCC-3 termination statements on behalf
of Agent and the Note Holders);

       

      (2) all
Existing Notes issued to such Note Holder pursuant to the Existing Note Purchase
Agreement, as set forth on Schedule 2 hereto (or
affidavits of loss with respect thereto, in form and substance reasonably
acceptable to GSCAC and CEH), marked “Paid in Full”;

       

      (3) all
Options issued to such Option Holder pursuant to the Cash Settled Options, as
set forth on Schedule
3 hereto (or affidavits of loss with respect thereto);

       

      (4) the
original Limited Sponsor Guaranty executed by CEH in connection with the
Existing Note Purchase Agreement (or an affidavit of loss with respect
thereto);

       

      (5) the
original Manager Guaranty executed by Manager in connection with the Existing
Note Purchase Agreement (or an affidavit of loss with respect
thereto);

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

       

      (6) and each
original certificate set forth on Schedule 6 hereto (or
an affidavit of loss with respect thereto, in form and substance reasonably
acceptable to GSCAC and CEH); and

       

      (7) a letter
addressed to the Account Bank terminating the Account Agreement.

       

      (B) to the
extent a Note Holder or Option Holder (or its Designee pursuant to Section
7(j) below) is
receiving Equity Consideration or Contingent Consideration comprised of Holdco
Class B Common Units, Holdco Class C Common Units and/or Holdco Class D Common
Units, such Note Holder or Option Holder (or its Designee pursuant to Section 7(j) below)
shall execute and deliver (1) a Joinder to the Holdco Sub LLC Agreement, in the
form attached hereto as Exhibit B to the Merger Agreement (or otherwise in form
and substance reasonably satisfactory to the Note Holders and
Option Holders) and (2) a Regulatory Certificate (as defined in the
Holdco Sub LLC Agreement) in the form attached as Exhibit C to the Holdco Sub
LLC Agreement (in the form attached hereto as Exhibit B to the Merger
Agreement);

       

      

       

      (C) execute
and deliver a Joinder to the Registration Rights Agreement, in the form attached
hereto as Exhibit G to the Merger Agreement (or otherwise in form and substance
reasonably satisfactory to the Note Holders and
Option Holders); and 

       

      

       

      (D) execute
and deliver such other documents and instruments, and take such other actions
(at the expense of Issuer and the Surviving Company), in each case as are
required under Law and reasonably requested by Issuer, GSCAC or CEH to release
any remaining Liens on the Collateral (as defined in the Existing Note Purchase
Agreement) securing the Obligations; provided that none of
the foregoing shall constitute or require a release or termination of any Liens
for the benefit of Agent or any Note Holder with respect to any Collateral (as
defined in the New TCW/MS NPA).

       

      (ii) TCW/MS Closing
Acknowledgment.  Upon the determination by Agent, the Note
Holders and Option Holders in good faith at the Closing that (1) the conditions
to closing set forth in the New TCW/MS Financing Documents have been satisfied
or waived in accordance with terms of the New TCW/MS NPA and (2) the Specified
Conditions have been satisfied or waived in accordance with the terms of this
Consent, Agent (at the direction of the Note Holders and Option Holders), the
Note Holders and Option Holders agree to deliver to CEH and GSCAC an
acknowledgment in writing that all such conditions and Specified Conditions have
been satisfied or waived (the “TCW/MS Closing
Acknowledgment”).  To the extent that any such condition is not
satisfied, the delivery of the TCW/MS Closing Acknowledgement by the TCW/MS
Parties to CEH and GSCAC shall be deemed to constitute a written waiver of each
such condition; provided, however, such deemed
waiver shall be solely for purposes of the Closing and in no event shall the
delivery of the TCW/MS Closing Acknowledgment be deemed or construed as a waiver
of (1) any breach of any representation, warranty, 

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

       

      covenant
or agreement that by the terms of this Consent survives the Closing, (2) any
breach of any representation, warranty, covenant or agreement in the New TCW/MS
Financing Documents, (3) any knowingly or intentionally false certification by
any CEH Party or any GSCAC Party pursuant to Section 1(b)(ii)(Q),
or (4) any failure of any certification by any Note Document Party (as defined
in the New TCW/MS NPA) in connection with the closing under the New TCW/MS
Financing Documents to be true and correct.

       

      (i) Acknowledgement if Payoff
Consideration is Voided or Rescinded.  Each of CEH and Issuer
acknowledges and agrees that the Obligations and liabilities of Issuer and the
other Transaction Document Parties under the Existing Note Purchase Agreement
and the other Transaction Documents shall be reinstated with full force and
effect if, at any time on or after the date of the Closing, all or any portion
of the Payoff Consideration is voided or rescinded or otherwise must be returned
by Note Holders or Option Holders (or any of their respective Designees pursuant
to Section
7(j) below) to
Issuer, CEH, the Surviving Company, GSCAC, Holdco Sub, Holdco Sub2 or any of
their respective Affiliates upon the insolvency, bankruptcy, reorganization or
otherwise of Issuer, CEH, the Surviving Company, GSCAC, Holdco Sub, Holdco Sub2
or any of their respective Affiliates, all as though such payment or issuance of
the Payoff Consideration had not been made or the Payoff Transactions had not
been consummated.

       

      (j) Release to be Effective at
the Closing.  Effective upon the delivery of the TCW/MS Closing
Acknowledgment to CEH and GSCAC in accordance with Section 1(h)(ii)
below and the delivery of the Payoff Consideration as provided herein, Issuer
and each CEH Party, each for itself and on behalf of its successors and assigns,
hereby irrevocably releases and forever discharges Agent, each Note Holder and
each Option Holder and their respective past and present officers, directors,
employees, agents and equityholders, and each of their respective successors and
assigns, of and from any and all claims, causes of action, liabilities, losses,
costs, damages, penalties, charges, expenses and all other forms of liability or
obligation whatsoever, in law or equity, whether asserted or unasserted, known
or unknown, foreseen or unforeseen, matured or unmatured, fixed or contingent,
arising prior to the Closing for, upon or by reason of any matter or cause
arising under, or relating to, any Transaction Document Party, any Subject
Company or any Subsidiary of any of the foregoing, the Existing Notes, the
Existing Note Purchase Agreement, the Cash Settled Options or any other
Transaction Document, other than any rights of the CEH Parties under this
Consent, the New TCW/MS Financing Documents and the other Transaction Documents
(as defined in the Merger Agreement) to which a TCW/MS Party is a
party.  Each Party expressly acknowledges that the release contained
herein applies to all claims, causes of action, liabilities, losses, costs,
damages, penalties, charges, expenses and all other forms of liability or
obligation released hereunder (collectively, the “Released Claims”),
whether such Released Claims are known or unknown, and include Released Claims
which if known by the releasing party might materially affect its decision to
effect the transactions contemplated by this Consent.  Each Party has
considered and taken into account the possible existence of such Released Claims
in determining to execute and deliver this Consent.  Without limiting
the generality of the foregoing, each Party expressly waives any and all rights
conferred upon it by any statute or rule of law that provides that a release
does not extend to claims which the releasing party does not know or suspect to
exist in its favor at the time of executing the release, which if known by the
releasing party would have materially affected the releasing 

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

       

      party’s
decision to grant such release.  This Consent constitutes a complete
defense of any and all Released Claims.

       

      (k) Limitation on
Consent.  This Consent shall be limited precisely as
written.  No Party is committing or offering any similar consent or
agreement (including any agreement regarding the application of proceeds) in
respect of any other transaction (even if substantially the same as the
transaction contemplated by the Merger Agreement), and each Party expressly
acknowledges that there is no such commitment or offering.  Nothing in
this Consent shall be deemed to constitute any agreement, commitment or offer by
Agent, any Note Holder or any Option Holder to refrain from enforcing any rights
or exercising any remedies available under the Existing Note Purchase Agreement,
the Cash Settled Options or any other Transaction Document or any instrument or
agreement referred to therein (except, subject to the satisfaction of the terms
and conditions set forth in this Consent, with respect to an Event of Default
(or Potential Event of Default) to the extent solely arising from the occurrence
of a Change of Control as a result of the consummation of the Merger in
accordance with the terms of the Merger Agreement, subject to any Permitted
Changes).  For the avoidance of doubt, Agent shall have the
right, at the direction of Required Holders to terminate this Consent upon the
occurrence of an Event of Default (other than as specified in the parenthetical
at the end of the immediately prior sentence) and the acceleration of the
Obligations as a result of such Event of Default.

       

      (l) Abstention from Sale or
Transfer.  Each of Agent, the Note Holders and the Option
Holders hereby agrees that prior to earlier of the date when this Consent is
terminated in accordance with the terms hereof and the date when the Merger
Agreement is terminated in accordance with its terms, it will not sell, pledge,
transfer or cause to be sold, pledged, or transferred any Existing Note or Cash
Settled Option, other than to an existing Note Holder or Option Holder (as the
case may be) or to any Permitted Transferee who shall execute a joinder to this
Consent agreeing to be bound (and cause its successors in interest to be bound)
by the terms and conditions of this Consent, including Section 4, and make
the representations and warranties in Section 2(e), in
which case the transferor Note Holder or Option Holder (as the case may be)
shall be released from any and all obligations hereunder to the extent of its
assigned interest.  If any such permitted transfer occurs, or if any
Note Holder or Option Holder shall designate any other Person to receive any
portion of its Payoff Consideration as permitted by Section 7(j) below,
Agent agrees to amend Schedules 1, 2, 3 and 4 to this Consent to
reflect the proper allocation of the Payoff Consideration, payment or delivery
instructions and other information after giving effect to such transfer or such
designations, and to deliver a copy of such amended Schedules to the Issuer, CEH
and GSCAC, and the Agent, Note Holders and Option Holders acknowledge and agree
that Issuer, CEH and GSCAC may rely on such amended Schedules.

       

      
        Section
2.  Representations And
Warranties

      

       

      (a) Issuer.  Issuer
hereby represents and warrants to the other Parties that:

       

      (i) Authority.  Issuer
has all requisite limited liability company power and authority to enter into
this Consent and to carry out the transactions contemplated hereby and to
perform its obligations hereunder.  The execution and delivery by
Issuer of this Consent, the performance by Issuer of its obligations hereunder
and the consummation of 

       

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

       

      all of the
transactions contemplated hereby have been duly authorized by all necessary
action on the part of Issuer.

       

      (ii) No
Conflict.  The execution and delivery by Issuer of this
Consent, the performance by Issuer of its obligations hereunder and the
consummation of the transactions contemplated hereby, do not and will not (A)
violate any provision of any Law applicable to Issuer or any other Subject
Company, the Organizational Documents of Issuer or any other Subject Company or
any order, judgment or decree of any Governmental Authority binding on Issuer or
any other Subject Company or (B) conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any
Contractual Obligation of Issuer or any other Subject Company.

       

      (iii) Validity;
Enforceability.  This Consent is the legally valid and binding
obligation of Issuer, enforceable against Issuer in accordance with its terms,
except (A) as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditors’ rights generally
and (B) as the remedy of specific performance and injunctive or other forms of
equitable relief may be subject to equitable defenses and the discretion of the
court before which any proceeding may be brought.

       

      (iv) No
Default.  As of the date hereof, no Event of Default or
Potential Event of Default has occurred and is
continuing.  

       

      (b) CEH.  CEH
represents and warrants to the other Parties that:

       

      (i) Authority.  CEH
has all requisite limited liability company power and authority to enter into
this Consent and to carry out the transactions contemplated hereby and to
perform its obligations hereunder.  The execution and delivery by it
of this Consent, the performance by it of its obligations hereunder and the
consummation of all of the transactions contemplated hereby have been duly
authorized by all necessary action on the part of it.

       

      (ii) No
Conflict.  The execution and delivery by it of this Consent,
the performance by it of its obligations hereunder and the consummation of the
transactions contemplated hereby, do not and will not (A) violate any
provision of any Law applicable to it, the Organizational Documents of CEH or
any order, judgment or decree of any Governmental Authority binding on it or
(B) conflict with, result in a breach of or constitute (with due notice or
lapse of time or both) a default under any Contractual Obligation of
it.

       

      (iii) Validity;
Enforceability.  This Consent is the legally valid and binding
obligation of it, enforceable
against it in
accordance with its terms, except (A) as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally and (B) as the remedy of specific performance
and injunctive or other forms of equitable relief may be subject to equitable
defenses and the discretion of the court before which any proceeding may be
brought.

       

      (iv) Merger
Agreement.  Each of the representations and warranties
contained in Article IV of the Merger Agreement (including any defined term referenced
therein 

       

       

      
        
          
          

        

        
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      and schedule thereto) is hereby
incorporated by reference (as and to the extent modified by any Permitted
Changes) as if stated in full herein and shall be deemed made herein by CEH for
the benefit of Agent, each Note Holder and each Option Holder.

       

      (v) Project Financing
Documents.  The Merger, the Transactions (as defined in the
Merger Agreement) and the transactions contemplated thereby and hereby do not
constitute a Change of Control (as such term is defined in any of the Project
Financing Documents or the Trust Indenture) and do not otherwise give rise to
any obligation to repay or prepay, or to offer to repay or prepay, the
Indebtedness outstanding under any of the Project Financing Documents, the Trust
Indenture or any other Indebtedness, in each case, other than under the Existing
Note Purchase Agreement and the Transaction Documents.

       

      (vi) ERISA.  Neither
CEH nor any of its affiliates (within the meaning of Section 407(D)(7) of ERISA
is a participating employer in, or otherwise a party in interest (within the
meaning of Section 3(14) of ERISA) with respect to, The Boilermaker-Blacksmith
National Pension Trust.

       

      (c) CEH
Members.  Each CEH Member hereby severally (but not jointly and
severally) represents and warrants (as to itself only) to the other Parties
that:

       

      (i) Authority.  Such
CEH Holder has the legal capacity to enter into this Consent and to carry out
the transactions contemplated hereby and to perform its obligations
hereunder.  The execution and delivery by it of this Consent, the
performance by it of its obligations hereunder and the consummation of all of
the transactions contemplated hereby have been duly authorized by all necessary
action on the part of such CEH Member.

       

      (ii) No
Conflict.  The execution and delivery by such CEH Member of
this Consent, the performance by it of its obligations hereunder and the
consummation of the transactions contemplated hereby, do not and will not
(A) violate any provision of any Law applicable to it, its Organizational
Documents (if such Person is other than a natural person) or any order, judgment
or decree of any Governmental Authority binding on it or (B) conflict with,
result in a breach of or constitute (with due notice or lapse of time or both) a
default under any Contractual Obligation of such CEH Member.

       

      (iii) Validity;
Enforceability.  This Consent is the legally valid and binding
obligation of it, enforceable
against it in
accordance with its terms, except (A) as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally and (B) as the remedy of specific performance
and injunctive or other forms of equitable relief may be subject to equitable
defenses and the discretion of the court before which any proceeding may be
brought.

       

      (iv) Distributions.  From
and after the date hereof through and including the Closing Date, neither it nor
its Affiliates (other than CEH and its Subsidiaries) is receiving, nor will any
such Person receive, any payments or distributions (whether in cash or in kind),
other than in respect of the CEH Merger Consideration (as defined in the

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

       

      Merger
Agreement) (which shall in no event include cash) and compensation and benefits
in respect of employment in the ordinary course of business consistent with past
practice.  

       

      (d) GSCAC
Parties.  The GSCAC Parties each hereby jointly and severally
represents and warrants to the other Parties that:

       

      (i) Authority.  Such
GSCAC Party has all requisite corporate or limited liability company power and
authority to enter into this Consent and to perform its obligations
hereunder.  The execution and delivery by such GSCAC Party of this
Consent, the performance by such GSCAC Party of its obligations hereunder and
the consummation of all of the transactions contemplated hereby have been duly
authorized by all necessary action on the part of such GSCAC Party.

       

      (ii) No
Conflict.  The execution and delivery by such GSCAC Party of
this Consent, the performance by such GSCAC Party of its obligations hereunder
and the consummation of the transactions contemplated hereby, do not and will
not (A) violate any provision of any Law applicable to such GSCAC Party, its
Organizational Documents or any order, judgment or decree of any Governmental
Authority binding on such GSCAC Party or (B) conflict with, result in a breach
of or constitute (with due notice or lapse of time or both) a default under any
Contractual Obligation of such GSCAC Party.

       

      (iii) Validity;
Enforceability.  This Consent is the legally valid and binding
obligation of such GSCAC Party, enforceable against such GSCAC Party in
accordance with its terms, except (A) as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally and (B) as the remedy of specific performance and
injunctive or other forms of equitable relief may be subject to equitable
defenses and the discretion of the court before which any proceeding may be
brought.

       

      (iv) Merger
Agreement.  Each of the representations and warranties
contained in Sections 5.01, 5.02. 5.03, 5.07, 5.08 (without giving effect to
item numbered 2 on Schedule 5.08(b) of the GSCAC Disclosure Schedules to the
Merger Agreement, except in connection with a GSCAC Equity Raise in accordance
with Section
1(c)(i) above), 5.19 and 5.20 of the Merger Agreement (including any defined term referenced
therein and schedule thereto) is hereby incorporated by reference as if
stated in full herein and shall be deemed made herein by the GSCAC Parties for
the benefit of Agent, each Note Holder and each Option Holder.  As of
the Closing, the representations and warranties contained in Section 5.08 of the
Merger Agreement as incorporated herein by reference as described above shall be
deemed to be made as of the Closing without reference to the “as of the date
this Agreement” included in the lead in to Article V of the Merger Agreement,
which precedes Section 5.01 of the Merger Agreement and without giving effect to
item numbered 2 on Schedule 5.08(b) of the GSCAC Disclosure Schedules to the
Merger Agreement, except in connection with a GSCAC Equity Raise in accordance
with Section
1(c)(i) above.

       

       

      
        
          
          

        

        
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      (v) Validity of
Securities.  At the Closing, the GSCAC Class A Common Stock,
the GSCAC Class B Common Stock, the Holdco Class B Common Units, the Holdco
Class C Common Units, the Holdco Class D Common Units and the TCW/MS Contingent
Warrants to be issued pursuant to this Consent, and upon issuance (i) the GSCAC
Class A Common Stock to be issued pursuant to the Exchange Rights, (ii) the
GSCAC Class B Common Stock and Holdco Class B Common Units to be issued upon
conversion of the Holdco Class C Common Units and Holdco Class D Common Units
and (iii) the GSCAC Class A Common Stock to be issued upon exercise of the
TCW/MS Contingent Warrants will be duly authorized, validly issued, fully paid,
non-assessable, free and clear of all Liens and not issued in violation of or
subject to any preemptive right (except as set forth in the Transaction
Documents, as defined in the Merger Agreement).

       

      (vi) ERISA.  No
GSCAC Party nor any of its affiliates (within the meaning of Section 407(D)(7)
of ERISA is a participating employer in, or otherwise a party in interest
(within the meaning of Section 3(14) of ERISA) with respect to, The
Boilermaker-Blacksmith National Pension Trust.  

       

      (e) TCW/MS
Parties.  Each TCW/MS Party severally (but not jointly and
severally) represents and warrants (as to itself only) to the other Parties
that:

       

      (i) Authority.  Such
TCW/MS Party has all requisite power and authority to enter into this Consent
and to perform its obligations hereunder.  The execution and delivery
by such TCW/MS Party of this Consent, the performance by such TCW/MS Party of
its obligations hereunder and the consummation of all of the transactions
contemplated hereby have been duly authorized by all necessary action on the
part of such TCW/MS Party.

       

      (ii) No
Conflict.  The execution and delivery by such TCW/MS Party of
this Consent, the performance by such TCW/MS Party of its obligations hereunder
and the consummation of the transactions contemplated hereby, do not and will
not (A) violate any provision of any Law applicable to such TCW/MS Party, its
Organizational Documents or any order, judgment or decree of any Governmental
Authority binding on such TCW/MS Party or (B) conflict with, result in a breach
of or constitute (with due notice or lapse of time or both) a default under any
Contractual Obligation of such TCW/MS Party.

       

      (iii) Validity;
Enforceability.  This Consent is the legally valid and binding
obligation of such TCW/MS Party, enforceable against such TCW/MS Party in
accordance with its terms, except (A) as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally and (B) as the remedy of specific performance and
injunctive or other forms of equitable relief may be subject to equitable
defenses and the discretion of the court before which any proceeding may be
brought.

       

      (iv) Ownership of Existing
Notes.  As of the date hereof, such TCW/MS Party (A) holds all
Existing Notes issued to it pursuant to the Existing Note Purchase Agreement or
otherwise acquired by it, in each case, as described on Schedule 2 hereto,

       

       

      
        
          
          

        

        
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      and (B)
has not sold, assigned, pledged or otherwise transferred any such Existing Notes
or any portion thereof issued to it or acquired by it. 

       

      (v) Ownership of Cash Settled
Options.  As of the date hereof, such TCW/MS Party (A) holds
all Options issued to it pursuant to the Cash Settled Options or otherwise acquired by
it, in each case, as described on Schedule
3 hereto,
and (B) has not sold, assigned, pledged or otherwise transferred any such
Options, Cash Settled Options or any portion thereof issued to it or acquired by
it.

       

      (vi) Purchase for
Investment.  Such TCW/MS Party (or its Designee pursuant
to Section
7(j) below) is
acquiring the Equity Consideration and the Contingent Consideration
(collectively, the “TCW/MS Equity Securities”)
solely for its own account, for investment purposes, and not with a view to or
in connection with the resale or other distribution of the TCW/MS Equity
Securities, without prejudice, however, to the rights of such TCW/MS Party to
transfer or otherwise dispose of its TCW/MS Equity Securities;

       

      (vii) TCW/MS Equity
Securities.  Such TCW/MS Party understands that (A) the TCW/MS
Equity Securities (1) have not been registered under the Securities Act or under
any state securities Laws or “blue sky” Laws, (2) will be issued in reliance
upon an exemption from the registration and prospectus delivery requirements of
the Securities Act pursuant to Section 4(2) and/or Regulation D thereunder, (3)
will be issued in reliance upon exemptions from the registration and prospectus
delivery requirements of state securities or “blue sky” Laws which relate to
private offerings and (4) are subject to restrictions on transferability and
resale as set forth in this Consent and (B) such Person may therefore be
required to bear the economic risk of investment in its  TCW/MS Equity
Securities indefinitely unless a subsequent transfer thereof is either
registered under the Securities Act and applicable state securities or “blue
sky” Laws or is exempt therefrom; and

       

      (viii) Accredited Investor; Full
Information.  Such TCW/MS Party is an accredited investor
within the meaning of Rule 501 under the Securities Act, has the knowledge,
skill and experience in financial, business and investment matters relating to
an acquisition of interests similar to the TCW/MS Equity Securities and is
capable of evaluating the merits and risks of such investment and protecting
such Person’s interest in connection with the acquisition of the TCW/MS Equity
Securities.  Such TCW/MS Party understands that the acquisition of the
TCW/MS Equity Securities is a speculative investment and involves substantial
risks and that such Person could lose its entire investment in the TCW/MS Equity
Securities.  Such TCW/MS Party (A) has received all information that
such Person deems necessary to make an informed investment decision with respect
to an investment in GSCAC and Holdco Sub, as applicable and (B) has had the
opportunity to make such investigation as such Person desires pertaining to
GSCAC and Holdco Sub, as applicable, and an investment therein and to verify any
information furnished to such Person.  To the extent deemed necessary
by such Person, it has retained, at its own expense, and has relied upon
appropriate professional advice regarding the investment, tax and legal merits
and consequences of purchasing and owning the TCW/MS Equity
Securities.  Such TCW/MS Party has the ability to bear the

       

       

      
        
          
          

        

        
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      economic
risks of its investment in GSCAC and Holdco Sub, as applicable, including a
complete loss of the investment, and such Person has no need for liquidity in
such investment.

       

      Section
3. Conditions
Precedent.  This Consent
shall become
effective as of the date above written, if, and only if, Agent has received
copies of duly executed signature pages to this Consent from each
Party.

       

      Section
4. Covenants.

       

      (a) Notices.  CEH
agrees to provide to the TCW/MS Parties a copy of all notices delivered or
received by it pursuant to the Merger Agreement promptly (and in any event
within five Business Days) after its delivery or receipt of any such notice
pursuant to the Merger Agreement.  If any notice shall be given or
received pursuant to Section 6.18(b) of the Merger Agreement and CEH and/or
GSCAC have not delivered to the TCW/MS Parties notice of such Permitted Changes
as may be necessary to remedy the failure of the applicable closing conditions
in the Merger Agreement within five Business Days after CEH provides such notice
to the TCW/MS Parties, each TCW/MS Party shall have the right to terminate this
Consent at any time prior to Closing by delivering written notice of such
termination to the other Parties.

       

      (b) Distributions.  From
and after the date hereof through and including the date of the Closing, CEH
shall not, and shall not cause to be made to the holders of CEH Units (as
defined in the Merger Agreement), and no CEH Member or its Affiliates (other
than CEH and its Subsidiaries) shall receive, any payment or distribution
(whether in cash or in kind (other than CEH Units (as defined in the Merger
Agreement) to be cancelled in connection with the Merger in accordance with the
Merger Agreement), other than in respect of the CEH Merger Consideration (as
defined in the Merger Agreement) (which shall in no event include cash) and
compensation and benefits in respect of employment in the ordinary course of
business consistent with past practice.

       

      (c) Calculation of Payoff
Consideration.  Each of the CEH Parties and the GSCAC Parties
agrees to provide the TCW/MS Parties with reasonable access to their respective
books, records and employees as is reasonably requested in connection with the
calculation of the CEH Group Merger Consideration (as defined in the Merger
Agreement), all amounts specified on Exhibit F to the Merger Agreement, the
Payoff Consideration, the LP Minority Exchange Consideration (as defined in the
Merger Agreement), the Fulcrum Exchange Consideration (as defined in the Merger
Agreement).  Following the close of business on the second day
preceding the Closing Date, CEH shall in good faith determine its estimate, as
of the end of the day immediately preceding the anticipated Closing Date, of
each of the Designated Account Cash Balances (as defined in the Merger
Agreement) and Debt (as defined in the Merger Agreement) amounts specified on
Exhibit F to the Merger Agreement and shall provide the TCW/MS Parties and GSCAC
with written notice of such estimates and reasonable evidence (such as bank
statements) to support such estimates.  To the extent such estimates
have been prepared in good faith and are supported by reasonable evidence
provided to the TCW/MS Parties and GSCAC, such estimates shall be used to
calculate the CEH Group Merger Consideration, all other amounts specified on
Exhibit F to the Merger Agreement, the Payoff Consideration, the LP Minority
Exchange Consideration and the Fulcrum Exchange Consideration.

       

       

      
        
          
          

        

        
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      (d) Proxy
Statement.  GSCAC agrees to furnish a draft of the preliminary
Proxy Statement (as defined in the Merger Agreement) to the TCW/MS Parties
reasonably in advance of its filing with the SEC so as to give the TCW/MS
Parties and their legal counsel a reasonable opportunity to review such draft
prior to such filing, and agrees to consult with the TCW/MS Parties and their
legal counsel to discuss changes suggested by the TCW/MS Parties in connection
therewith.  GSCAC agrees to promptly notify the TCW/MS Parties of the
receipt of any comments of the SEC staff with respect to the preliminary Proxy
Statement (as defined in the Merger Agreement) and of any requests by the SEC or
its staff for any amendment or supplement thereto or for additional information
and promptly to provide the TCW/MS Parties with a copy of each amendment or
supplement to each of the preliminary and the definitive Proxy Statement (as
defined in the Merger Agreement).  GSCAC further agrees to provide
drafts of the Other Filings (as defined in the Merger Agreement) to the TCW/MS
Parties reasonably in advance of such filings with, or submissions to, the
applicable Governmental Authorities so as to give the TCW/MS Parties and their
legal counsel a reasonable opportunity to review such drafts of the Other
Filings (as defined in the Merger Agreement) prior to such filings or
submissions, and agrees to consult with the TCW/MS Parties and their legal
counsel in connection with such filings and submissions and promptly to provide
the TCW/MS Parties with a copy of each amendment or supplement to such Other
Filings (as defined in the Merger Agreement).

       

      (e) Lock-Up.  Each
Note Holder and Option Holder (other than Morgan Stanley & Co. Incorporated)
agrees that it will not, until after the date that is 180 days after the Closing
Date (as defined in the Merger Agreement):  (i) offer, pledge,
announce any intention to sell, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, or otherwise transfer or dispose of, directly or
indirectly, any shares of GSCAC Class A Common Stock, any shares of GSCAC Class
B Common Stock or any Holdco Class B Common Units, in each case, issued to such
Note Holder or Option Holder (or their respective Designees pursuant to Section 7(j) below),
as the case may be, in connection with the Payoff Consideration or (ii) enter
into any swap or other agreement that transfers, in whole or in part, any of the
economic consequences of ownership of any such securities, whether any such
transaction described in clause (i) or (ii) of this Section 4(e) is
to be settled by delivery of any such securities, cash or otherwise; provided, however, that none of
the foregoing shall restrict (A) any transfer to any Designee (as defined in
Section 7(j)
below), (B) the exchange of any shares of GSCAC Class B Common Stock and Holdco
Class B Units into GSCAC Class A Common Stock pursuant to an exercise of the
Exchange Rights, (C) any exercise of the TCW/MS Contingent Warrants or (D) any
reclassification of Holdco Class C Common Units or Holdco Class D Common Units
into Holdco Class B Common Units in accordance with the terms of the Holdco Sub
LLC Agreement.  Notwithstanding the foregoing and anything to the
contrary contained in this Consent or in the Transaction Documents (as defined
in the Merger Agreement), if any “lock-ups” applicable to GSC Secondary Interest
Fund, LLC, any CEH Holder, any other holder of CEH Units (as defined in the
Merger Agreement), any holder of equity interests in Holdco Sub or any holder of
Equity Securities issued pursuant to a GSCAC Equity Raise shall be amended or
waived to reduce the term of the lock-up period to a date that is earlier than
180 days after the Closing Date, then the lock-up period applicable to the Note
Holders and Option Holders (or their respective Designees pursuant to Section 7(j) below)
pursuant to this Section 4(e) shall be
similarly reduced or waived, as the case may be.  For the avoidance of
doubt, none of Morgan Stanley & Co. Incorporated, its Designees pursuant to

       

       

      
        
          
          

        

        
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      Section 7(j) below or
its Permitted Transferees shall be bound by the provisions of this Section
4(e).

       

      (f) Regulatory
Filings.  Each Note Holder and Option Holder (other than Morgan
Stanley & Co. Incorporated) agrees (i) to prepare
and file, as soon as is practical following the execution of this Consent, all
filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as
amended (the “HSR
Act”) applicable to it in connection with the transactions contemplated
by this Consent or any other Transaction Document (as defined in the Merger
Agreement) to which such Person is a party and (ii) reasonably to cooperate in
the preparation and filing, as soon as practical following the execution of this
Consent, of all filings by CEH (or any of its Subsidiaries) and/or GSCAC under
the FPA applicable to such Note Holder or Option Holder, as the case may be, in
connection with the transactions contemplated by this Consent or any other
Transaction Document (as defined in the Merger Agreement) to which such Note
Holder or Option Holder, as the case may be, is a party.  No TCW/MS
Party or any of their respective Affiliates will be required to (x) enter into
any settlement, undertaking, consent decree, stipulation or agreement with any
Governmental Authority in connection with the transactions contemplated by this
Consent or any Transaction Document (as defined in the Merger Agreement) to
which such TCW/MS Party is a party or (y) divest or hold separate any business
or assets in connection with the consummation of the transactions contemplated
by this Consent or any Transaction Document (as defined in the Merger Agreement)
to which such TCW/MS Party is a party.  Each Party agrees to
cooperate, and to furnish non-confidential information in such Party’s
possession that is necessary, in connection with the preparation of filings or
submissions by any other Party or any Subsidiary of CEH under any federal, state
or local Laws in connection with the transactions contemplated by this Consent
or any Transaction Document (as defined in the Merger Agreement).

       

      (g) Confidentiality.  From
the date hereof through the Closing, but subject to Section 7(k)(ii),
each TCW/MS Party agrees not to disclose or permit the disclosure of any
confidential, non-public or proprietary information relating to the assets or
the business of the GSCAC Parties and/or CEH and its Subsidiaries provided to it
pursuant to or in connection with this Consent (collectively, “Confidential
Information”); provided that such
disclosure may be made (i) to any Person who is an Affiliate or a Representative
(as defined below) of such TCW/MS Party, to any Representative of the GSCAC
Parties or the CEH Parties, or to any rating agency or valuation firm engaged by
such TCW/MS Party, in each case, solely for their use and on a need-to-know
basis; provided, further, that such
Persons are notified of such TCW/MS Party’s confidentiality obligations
hereunder, (ii) to a proposed transferee of the Existing Notes and the Cash
Settled Options, provided that such
proposed transferee enters into a confidentiality agreement containing
comparable terms and conditions as set forth in this Section 4(g) prior to
disclosure of such Confidential Information, (iii) pursuant to a subpoena, order
or regulation issued by a court, arbitrator or governmental body, agency or
official (a “Requesting
Authority”) or pursuant to a formal request issued under the rules and
regulations of, or applicable to, a Requesting Authority, or as required to
obtain an approval from a Governmental Authority, provided that, to the
extent permitted by applicable Law, the disclosing TCW/MS Party formally
requests confidential treatment of the Confidential Information pursuant to the
rules and regulations applicable to the Requesting Authority or Governmental
Authority to which Confidential Information is being provided if and to the
extent confidential treatment is available pursuant to such rules and
regulations, (iv) to representatives of any bank regulatory authority in

       

       

      
        
          
          

        

        
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      connection
with their examination of the records of the TCW/MS Party or any Affiliate
thereof, (v) to any lender providing financing to such TCW/MS Party or any
Affiliate thereof, provided that such lender enters
into a confidentiality agreement containing comparable terms and conditions as
set forth in this Section 4(g) prior to
disclosure of such Confidential Information, or (vi) to the extent already
public through no fault of such TCW/MS Party under this Consent.  For
purposes of this Consent, “Representative” shall
mean, as to any Person, holders of individual accounts managed by such Person
and such Person’s officers, directors, employees, managers, members, partners,
shareholders, owners, beneficiaries, counsel, accountants, advisors, trustees,
consultants and agents.

       

      (h) Public
Disclosure.  From the date hereof through the Closing, but
subject to Section 4(g) and
Section 7(k)(ii),
each TCW/MS Party agrees that no public release or announcement concerning this
Consent, the transactions contemplated by this Consent or any Transaction
Document (as defined in the Merger Agreement) shall be issued by such TCW/MS
Party without the prior consent of GSCAC and CEH, unless such TCW/MS Party
determines that it is required by any Laws or by the rules and regulations of,
or pursuant to any agreement with, a stock exchange or trading
system.  If any TCW/MS Party determines that it is required by any
Laws or by the rules and regulations of, or pursuant to any agreement with, a
stock exchange or trading system, to make this Consent and the terms of the
transactions contemplated by this Consent or any other Transaction Documents
public or otherwise issue a press release or make public disclosure with respect
thereto, it shall, to the extent permitted by Law, at a reasonable time before
making any public disclosure, consult with the GSCAC and CEH regarding such
disclosure and give GSCAC and CEH reasonable time to comment on such release or
announcement in advance of such issuance. 

       

      (i) Accounts.  CEH
covenants and agrees to, and to cause its Subsidiaries to, operate their
respective bank accounts (including, without limitation, the Designated
Accounts) and to make all deposits of cash and cash equivalents thereinto and
all payments therefrom, in each case, in accordance with the provisions of the
Project Financing Documents, the Trust Indenture, the Existing Note Purchase
Agreement and the Existing Holdco Credit Agreement and in the ordinary course of
business consistent with past practice.

       

      
        Section
5.  Preemptive
Rights.

      

       

      (a) Subject to
Section 5(f)
below, prior to the issuance by
GSCAC of any Applicable Securities (as defined below), which issuance would result in an adjustment in
the number of Warrant
Shares issuable upon the exercise of the Initial GSCAC Warrants pursuant to
Section 11(d) or Section 11(e) of the Initial Warrant Agreement, GSCAC shall
give each TCW/MS Party notice (an “Issuance
Notice”) of any such proposed issuance at least
20 Business Days prior to the proposed issuance date. The Issuance Notice shall specify the
price at which such Applicable Securities are to be issued and the other
material terms of the issuance.  Each TCW/MS Party shall be entitled to
purchase up to such TCW/MS Party’s Pro Rata Share of the Applicable
Securities proposed to be issued, at the price and on the terms specified in the
Issuance Notice.  “Applicable
Securities” means shares of Class A common stock, par value $0.001 per
share, of GSCAC now or hereafter authorized or any other class of stock of
GSCAC, however designated, that has the right (subject to any prior rights of
any class or series of preferred stock) to participate in any distribution of
the assets or earnings of GSCAC without limit as to per share 

       

       

      
        
          
          

        

        
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      amount.  “Pro Rata Share”
means, for any TCW/MS Party, the fraction that results from dividing (i) the
number of shares of GSCAC Class A Common Stock and GSCAC Class B Common Stock
owned by such TCW/MS Party (immediately before giving effect to such issuance)
by (ii) the total number of shares of GSCAC Class A Common Stock and GSCAC Class
B Common Stock then outstanding (immediately before giving effect to such
issuance).  

       

      (b) Each
TCW/MS Party who desires to purchase any or all of its Pro Rata Share of the
Applicable Securities specified in the Issuance Notice must deliver notice to
GSCAC (each an “Exercise Notice”) of
its election to purchase such Applicable Securities within 10 Business Days
after its receipt of the Issuance Notice.  The Exercise Notice must
specify the number (or amount) of Applicable Securities to be purchased by such
TCW/MS Party and shall constitute exercise by such TCW/MS Party of its rights
under this Section 5 and a
binding agreement of such TCW/MS Party to purchase, at the price and on the
terms specified in the Issuance Notice, the number of shares (or amount) of
Applicable Securities specified in the Exercise Notice.  If, at the
termination of such 10-Business-Day period, any TCW/MS Party shall not have
delivered an Exercise Notice to GSCAC, such TCW/MS Party shall be deemed to have
waived all of its rights under this Section 5 with
respect to the purchase of such Applicable Securities.

       

      (c) GSCAC
shall have a period of 90 days after the date of the Issuance Notice to
consummate the proposed issuance of any or all of such Applicable Securities
that the TCW/MS Parties have not elected to purchase at the price and upon terms
that are not materially less favorable to GSCAC than those specified in the
Issuance Notice, provided that, if such issuance is subject to regulatory
approval, such 90-day period shall be extended until the expiration of five
Business Days after all such approvals have been received, but in no event later
than 180 days from the date of the Issuance Notice.  If GSCAC proposes
to issue any such Applicable Securities after such 90-day (or 180-day) period,
it shall again comply with the procedures set forth in this Section 5.

       

      (d) The
closing of the purchase and sale of Applicable Securities to the TCW/MS Parties
that have delivered Exercise Notices to GSCAC shall take place at substantially
the same time as the issuance to other Persons.  At such closing,
GSCAC shall issue to each such TCW/MS Party the Applicable Securities to be
purchased by such TCW/MS Party, registered in the name of such TCW/MS Party,
against payment by such TCW/MS Party of the purchase price for such Applicable
Securities in accordance with the terms and conditions as specified in the
Issuance Notice.

       

      (e) For the
avoidance of doubt, all references to “TCW/MS Party” in this Section 5 shall be to
each such TCW/MS Party, together with its Permitted Transferees and its Designee
pursuant to Section
7(j) below.

       

      (f) The
provisions of this Section 5 become
effective after the Closing and shall terminate on June 25, 2011.

       

      
        Section
6.  Waiver of
Claims Against Trust Account.

      

       

      (a) Each
TCW/MS Party understands that GSCAC is a recently organized “blank check
company” formed for the purpose of acquiring one or more businesses or assets
(an 

       

       

      
        
          
          

        

        
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      “Initial Business
Combination”).  Each of the TCW/MS Parties further acknowledges
that GSCAC’s sole assets consist of the cash proceeds of the recent initial
public offering (the “IPO”) and private
placement of its securities, and that substantially all of those proceeds have
been deposited in a trust account with a third party (the “Trust Account”) for
the benefit of GSCAC, its public stockholders (as defined in the agreement
governing the Trust Account) and the underwriters of its IPO.  The
monies in the Trust Account may be disbursed only (1) to GSCAC in limited
amounts from time to time (and in no event more than $2,400,000 in total) in
order to permit GSCAC to pay its operating expenses; (2) if GSCAC completes an
Initial Business Combination, to certain dissenting public stockholders, to the
underwriters in the amount of underwriting discounts and commissions they earned
in the IPO but whose payment they have deferred, and then to GSCAC; and (3) if
GSCAC fails to complete an Initial Business Combination within the allotted time
period and liquidates subject to the terms of the agreement governing the Trust
Account, to GSCAC in limited amounts to permit GSCAC to pay the costs and
expenses of its liquidation and dissolution and then to GSCAC’s public
stockholders. 

       

      (b) Each of
the TCW/MS Parties hereby waives any right, title, interest or claim of any kind
(each, a “Claim”) that it has
or may have in the future in or to any monies in the Trust Account and not to
seek recourse against the Trust Account or any funds distributed therefrom
(except amounts released to GSCAC as described in clause (1) of the
preceding paragraph or amounts distributed to GSCAC (excluding amounts described
in clause (2)
of the preceding paragraph) at or after the consummation of its Initial Business
Combination) as a result of, or arising out of, any Claims against GSCAC in
connection with this Consent or any related transactions.

       

      
        Section
7.  Miscellaneous

      

       

      (a) Notices.  All
notices, requests and demands provided for in this Consent, or served, given or
made in connection with this Consent, to be effective shall be in writing, and,
unless otherwise expressly provided herein, shall be deemed to have been duly
served, given or made if delivered in person or sent by facsimile (with proof of
transmission) or sent by registered or certified mail, return receipt requested,
postage prepaid, or by a nationally recognized overnight courier service that
provides a receipt of delivery, in each case, to the Parties at the addresses
specified below (or to such other address as may be hereafter notified by the
applicable Party):

       

      
        	
                If
      to Agent or any TCW/MS Party, to:

              	
                TCW
      Asset Management Company (as Agent)

              
	 
      	
                865
      South Figueroa Street

                Suite
      1800

                Los
      Angeles, CA 90017

              
	 
      	
                Attn:
      R. Blair Thomas

              
	 
      	
                Telephone
      No.: (213) 244-0000

              
	 
      	
                Facsimile
      No.: (213) 244-0604

              
	 
      	 
      
	 
      	
                with
      a copy (which shall not constitute notice) to:

              
	 
      	 
      
	 
      	
                TCW
      Asset Management Company (as Agent)

              
	 	
                200
      Park Avenue, Suite 2200

              

      

       

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

       

       

      
        	 
      	
                New
      York, NY 10166

              
	 
      	
                Attn:
      Brian O’Connor

              
	 
      	
                Telephone
      No.: (212) 771-4000

              
	 
      	
                Facsimile
      No.: (212) 771-4066

              
	 
      	 
      
	 
      	
                with
      a copy (which shall not constitute notice) to:

              
	 
      	 
      
	 
      	
                O’Melveny
      & Myers LLP

              
	 
      	
                Times
      Square Tower

                7
      Times Square

                New
      York, NY 10036

              
	 
      	
                Attn:
      Todd R. Triller, Esq.

              
	 
      	
                Telephone
      No.: (212) 326-2000

              
	 
      	
                Facsimile
      No.: (212) 326-2061

              
	 
      	 
      
	 
      	
                with
      a copy to:

              
	 
      	
                Morgan
      Stanley & Co. Incorporated

              
	 
      	
                1585
      Broadway, 2nd Floor

                New
      York, NY 10036

              
	 
      	
                Attn:  Stephen
      Lehner

              
	 
      	
                Telephone
      No.: (212) 761-1757

              
	 
      	
                Facsimile
      No.: (212) 507-3728

              
	 
      	 
      
	 
      	
                with
      a copy (which shall not constitute notice) to:

              
	 
      	
                Latham
      & Watkins LLP

              
	 
      	
                633
      West Fifth Street, Suite 4000

                Los
      Angeles, CA 90071

              
	 
      	
                Attn:  Jeffrey
      Greenberg, Esq.

              
	 
      	
                Telephone
      No.: (213) 891-8080

              
	 
      	
                Facsimile
      No.: (213) 891-8763

              
	 
      	 
      
	 
      	 
      
	
                If
      to any CEH Party, to:

              	
                c/o
      Complete Energy Holdings, LLC

                1331
      Lamar, Suite 650

                Houston,
      TX 77010

              
	 
      	
                Telephone
      No.: (713) 600-2000

              
	 
      	
                Facsimile
      No.: (713) 600-2001

              
	 
      	
                Attn:  Hugh
      A. Tarpley

              
	 
      	 
      
	 
      	 
      
	
                If
      to any GSCAC Party, to:

              	
                GSC
      Acquisition Company

              
	 
      	
                500
      Campus Drive, Suite 220

              
	 
      	
                Florham
      Park, New Jersey 07932

              
	 
      	
                Attn:
      Matthew Kaufman and Joshua Porter

              
	 
      	
                Telephone
      No.: (212) 884-6200

              
	 
      	
                Facsimile
      No.: (212) 884-6184

              
	 
      	 
      

      

       

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

       

      
        	 
      	
                with
      copies to (which shall not constitute notice) to:

              
	 
      	 
      
	 
      	
                Davis
      Polk & Wardwell

              
	 
      	
                450
      Lexington Avenue

              
	 
      	
                New
      York, New York 10017

              
	 
      	
                Attn:
      Nancy L. Sanborn

              
	 
      	
                Telephone
      No.: (212) 450-4000

              
	 
      	
                Facsimile
      No.: (212) 450-3800

              
	 
      	 
      

      

      Notice
given by personal delivery, mail or overnight courier pursuant to this Section 7(a) shall be
effective upon physical receipt.  Notice given by facsimile pursuant
to this Section
7(a) shall be effective as of the date of confirmed delivery if delivered
before 5:00 p.m., Eastern Time on any Business Day or the next succeeding
Business Day if confirmed delivery is after 5:00 p.m. Eastern Time on any
Business Day or any non-Business Day.

       

      (b) Amendment.  No
provision, term or condition of this Consent may be amended except by a writing
signed by each Party hereto.

       

      (c) Governing
Law.  This Consent shall be governed by and construed in
accordance with the laws of the State of New York (including Section 5-1401
of the General Obligations Law of the State of New York) without giving
effect to any conflict or choice of law provision that would result in the
imposition of another state’s law.

       

      (d) Submission to
Jurisdiction.  Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection
with, this Consent or the transactions contemplated hereby may be brought in any
State or Federal court of competent jurisdiction in the State, County and City
of New York.  Each of the Parties hereby irrevocably consents to the
nonexclusive jurisdiction and venue of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and
irrevocably waives, to the fullest extent permitted by law, any objection that
it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding in any such court or that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient
forum.  Each Party agrees that service of process on such Party made
by registered or certified mail, return receipt requested, postage prepaid as
provided in Section
7(a) shall be effective service of process on such
Party.  Notwithstanding the foregoing, each Party agrees that each
other Party retains the right to serve process in any other manner permitted by
law or to bring proceedings against it in the courts of any other
jurisdiction.

       

      (e) WAIVER
OF JURY TRIAL.  WITH RESPECT
TO ANY LEGAL ACTION OR PROCEEDING RELATING TO, ARISING OUT OF OR BASED UPON THIS
CONSENT OR THE TRANSACTIONS CONTEMPLATED, EACH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY.  THE WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
CONSENT. In the
event of litigation, this Consent may be filed as a written consent to a trial
by the court. The scope of this waiver is intended to
be all-

       

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

       

      encompassing of any and all disputes
that may be filed in any court and that relate to the subject matter of this
transaction, including contract claims, tort claims, breach of duty claims and
all other common law and statutory claims.  Each Party hereby warrant
and represent that each has reviewed this waiver with its legal counsel, and
that each knowingly and voluntarily waives its jury trial rights following
consultation with legal counsel.

       

      (f) Fees and
Expenses.  Each of the CEH Parties acknowledges and agrees
that, upon the earlier to occur of the Closing and the termination of this
Consent (but subject to the proviso below), all costs, fees and expenses
incurred by Agent, Note Holders, Option Holders and their counsel arising under, relating to
or in connection with this Consent, the Existing Note Purchase Agreement, the
Cash Settled Options, the other Transaction Documents, the New TCW/MS Financing
Documents, the Merger, the Transaction Documents (as defined in the Merger
Agreement) and the transactions contemplated hereby and thereby, including,
without limitation, all regulatory filing fees, shall be for the account
of CEH and shall be paid by CEH to Agent, Note Holders and/or Option Holders, as
applicable; provided, however, that CEH
shall promptly (and in any event within five Business Days following demand
therefor) reimburse the applicable TCW/MS Party for any and all costs in respect
of regulatory filing fees. 

       

      (g) Counterparts.  This
Consent may be executed in counterparts, each of which when so executed and
delivered shall be deemed an original, and when taken together shall constitute
but one and the same instrument.

       

      (h) Effect on Transaction
Documents.

       

      (i) Except as
specifically modified by this Consent, the Existing Note Purchase Agreement and
the other Transaction Documents shall remain in full force and
effect.

       

      (ii) This
Consent shall be deemed an Additional Transaction Document (as defined in the
Existing Note Purchase Agreement); provided, however, that no
breach of this Consent (other than the failure at Closing to deliver the Payoff
Consideration to the TCW/MS Parties in accordance with the provisions of this
Consent) in and of itself shall constitute a breach or default under the
Existing Note Purchase Agreement or any other Transaction Document.

       

      (i) Entire
Agreement.  This Consent, the Transaction Documents and the
Transaction Documents (as defined in the Merger Agreement) constitute the entire
agreement among the Parties concerning the subject matter hereof.

       

      (j) Successors and
Assigns.  The provisions of this Consent shall be binding upon
and inure to the benefit of the Parties and their respective successors and
permitted assigns; provided that (i)
except as permitted by, and in accordance with, Section 1(a)(i) or
Section 1(l),
no Party may assign, delegate or otherwise transfer any of its rights or
obligations under this Consent without the consent of each other Party and (ii)
each TCW/MS Party shall be permitted to designate a Designee to receive any
Payoff Consideration to which such TCW/MS Party is entitled hereunder but such
TCW/MS Party must deliver written notice of such designation to CEH and GSCAC
not later than 30 days after the date hereof and the Designee must provide to

       

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

       

      CEH and
GSCAC a written agreement to be bound by the provisions of this Consent to the
extent applicable, which agreement shall include representations by such
Designee with respect to the matters set forth in Section
2(e).  For purposes of this Consent, “Designee” shall mean,
with respect to any Note Holder or Option Holder, any Person (1) that is
administrated or managed by such Note Holder or Option Holder, as the case may
be, (2) that is an Affiliate of such Note Holder or Option Holder, as the case
may be, (3) that is an entity or an Affiliate of an entity that administers or
manages such Note Holder or an Option Holder, as the case may be, or (4) that is
a shareholder, partner, member, account holder or trust beneficiary of such Note
Holder or Option Holder, as the case may be.

       

      (k) Survival of Representations,
Warranties and Agreements.  

       

      (i) It is
expressly agreed by the Parties that the representations, warranties,
pre-Closing covenants and pre-Closing agreements set forth in this Consent shall
terminate and be of no further force or effect upon the Closing; provided that the
representations and warranties set forth in each of Section 2(a) (other
than Section 2(a)(iv)),
Section
2(b)(i), Section 2(b)(ii),
Section
2(b)(iii), Section 2(b)(vi),
Section 2(c),
Section 2(d)
and Section
2(e) shall survive the Closing.  This Section 7(k) shall
not limit in any way the survival and enforceability of any covenant or
agreement of the Parties hereto which by its terms contemplates performance on
or after the Closing, which shall survive the Closing.

       

      (ii) Notwithstanding
anything to contrary contained in this Consent, the agreements of the Parties
contained in Section
4(g), Section
4(h) and this Section 7 (other than
Section 7(m))
shall survive the termination of this Consent.

       

      (l) Exculpation; Limitation on
Liability. 

       

      (i) If the
Merger Agreement or this Consent is terminated in accordance with its terms, no
CEH Party or GSCAC Party shall have any liability to the TCW/MS Parties for any
breach of any representation, warranty, covenant or agreement contained in the
Merger Agreement and incorporated herein by reference.

       

      (ii) None of
Agent, any Note Holder, any Option Holder or any of their respective Affiliates
shall have any liability for any breach by any party to the Merger Agreement of
any representation, warranty, covenant or agreement contained in the Merger
Agreement.

       

      (iii) No Party
nor any of its Affiliates shall have any liability for any breach of any
representation, warranty, covenant or agreement contained in this Consent (or
incorporated herein by reference) and made or to be performed prior to the
Closing, except each Party shall be liable to the other Parties for all Losses
(as defined in the Merger Agreement) incurred or suffered by the other Parties
as a result of (i) the willful and knowing failure of such Party (or any of its
Affiliates) to perform any covenant required by this Consent to be performed or
complied with by such Party at or before the Closing or (ii) any willful and
knowing breach by such Party (or any of its Affiliates) of 

       

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

       

       

      any
representation or warranty of such Party contained in this Consent (or
incorporated herein by reference).

       

      (iv) No
Affiliate of any Party, nor any of their respective partners, beneficiaries,
trustees, investment managers or advisers, or any investor or participant in the
partners of any Party, nor any of their respective officers, directors,
employees, partners, members, shareholders, owners, counsel, accountants,
financial advisers or consultants shall have any liability to any Party or any
other Person as a result of the breach of any representation, warranty,
covenant, agreement or obligation of such Party in this Consent or any
instrument or document delivered pursuant to this Consent, the Merger Agreement
or any other Transaction Document (as defined in the Merger
Agreement).

       

      (v) No Note
Holder or Option Holder shall have any liability for (i) the breach by any other
Note Holder or Option Holder of any representation, warranty, covenant or
agreement of such other Note Holder or Option Holder contained in this Consent
or (ii) the failure of any other Note Holder or Option Holder to execute the
TCW/MS Closing Acknowledgment.

       

      (vi) Without
limiting the foregoing or the generality of the provisions of the Existing Note
Purchase Agreement, Agent shall be entitled to rely on certifications from any
Party in making any determination in respect of any matter under this Consent
and shall have no liability for relying on any such
certifications.  Each Party acknowledges and agrees that (1) if Agent
shall have requested instructions from the Note Holders and
Option Holders, Agent shall be entitled to refrain from taking any action
hereunder unless Agent shall have received instructions from the Note Holders and
Option Holders, (2) no Party or its Affiliates shall have any right of
action against Agent as a result of Agent acting or refraining from acting
hereunder in accordance with the instructions of the Note Holders and
Option Holders, (3) Agent shall be fully justified in failing or refusing
to take any action hereunder if such action would, in the opinion of Agent, be
contrary to law or the terms of this Consent and (4) Agent shall have no
obligation to deliver the TCW/MS Closing Acknowledgment unless Agent shall have
been instructed to deliver the TCW/MS Closing Acknowledgment by each Note Holder
and each Option Holder.  Each Party further acknowledges and agrees
that neither Agent nor any of its Affiliates nor any of their respective
officers, directors, employees, agents or representatives shall be liable for
any action taken or omitted to be taken by it under this Consent or in
connection herewith, except for damages determined by a final order of a court
of competent jurisdiction to have been caused by Agent’s or their own willful
misconduct or fraud.  

       

      (vii) Notwithstanding
anything in this Consent to the contrary, no Party nor any of its Affiliates
shall be liable for special, punitive, exemplary, incidental, consequential or
indirect damages, or lost profits, whether based on contract, tort, strict
liability, other law or otherwise and whether or not arising from any other
Party’s or such Party’s Affiliates’ sole, joint or concurrent negligence, strict
liability or other fault.

       

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

       

       

      (m) Specific
Performance.  The Parties agree that irreparable damage would
occur in the event that any of the provisions of this Consent were not performed
in accordance with their specific terms or were otherwise
breached.  It is accordingly agreed that the Parties shall be entitled
to seek an injunction or injunctions to prevent breaches of this Consent and to
enforce specifically the terms and provisions hereof in any court of the United
States or any State having jurisdiction.

       

       

       

       

       

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

       

       

      IN WITNESS WHEREOF, this Consent, Exchange and Preemptive Rights
Agreement has been duly executed and delivered by
the duly authorized officer of each Party as of the date first above
written.

       

      
        
          	 
      	
                  COMPLETE ENERGY HOLDINGS,
      LLC

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  By: /s/ Lori A.
      Cuervo               
      

                	 
      
	 
      	
                  Name: Lori A.
      Cuervo

                	 
      
	 
      	
                  Title: Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  CEH/LA
      PALOMA HOLDING COMPANY, LLC

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Lori A.
      Cuervo               
      

                  

                	 
      
	 
      	
                  Name: Lori A.
      Cuervo

                	 
      
	 
      	
                  Title: Authorized
      Officer

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Lori A.
      Cuervo               
      

                  

                	 
      
	 
      	
                  Name: Lori A.
      Cuervo

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Peter J.
      Dailey                
      

                  

                	 
      
	 
      	
                  Name: Peter J.
      Dailey

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Hugh A.
      Tarpley            
      

                  

                	 
      
	 
      	
                  Name: Hugh A.
      Tarpley

                	 
      

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        
          	 
      	
                  GSC ACQUISITION
      COMPANY

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Matthew
      Kaufman         

                  

                	 
      
	 
      	
                  Name: Matthew
      Kaufman

                	 
      
	 
      	
                  Title:
      President

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  GSCAC HOLDINGS I
      LLC

                	 
      
	 
      	
                  By: GSC ACQUISITION
      COMPANY,

                	 
      
	 
      	
                         as
      its sole member

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Matthew Kaufman        
       

                  

                	 
      
	 
      	
                  Name: Matthew
      Kaufman

                	 
      
	 
      	
                  Title:
      President

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  GSCAC HOLDINGS II
      LLC

                	 
      
	 
      	
                  By: GSCAC HOLDINGS I
      LLC,

                	 
      
	 
      	
                         as
      its sole member

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: GSC ACQUISITION
      COMPANY,

                	 
      
	 
      	
                         as
      its sole member

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Matthew
      Kaufman         
      

                  

                	 
      
	 
      	
                  Name: Matthew
      Kaufman

                	 
      
	 
      	
                  Title:
      President

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  GSCAC MERGER SUB
      LLC

                	 
      
	 
      	
                  By: GSCAC HOLDINGS II
      LLC,

                	 
      
	 
      	
                         as
      its sole member

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: GSCAC HOLDINGS I
      LLC,

                	 
      
	 
      	
                         as
      its sole member

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: GSC ACQUISITION
      COMPANY,

                	 
      
	 
      	
                         as
      its sole member

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Matthew
      Kaufman         
      

                  

                	 
      
	 
      	
                  Name: Matthew
      Kaufman

                	 
      
	 
      	
                  Title:
      President

                	 
      

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        
          	 
      	
                  TCW ASSET MANAGEMENT
      COMPANY,

                	 
      
	 
      	
                  in
      its capacity as Agent for the Note Holders

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian O’Connor

                	 
      
	 
      	
                  Title: Senior Vice President

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  TRUST COMPANY OF THE
      WEST, not in its individual capacity but solely as trustee of the
      trust established pursuant to an Individual Trust Agreement dated as of
      January 31, 1987, as amended, between itself and the Boilermaker
      Blacksmith National Pension Trust, as Note Holder and Option
      Holder

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian
      O’Connor

                	 
      
	 
      	
                  Title: Senior Vice President

                	 
      

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        
          	 
      	
                  TCW ENERGY FUND
      X-NL, L.P.,

                	 
      
	
                	
                  a California limited partnership, as Note
      Holder

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW (ENERGY X)
      LLC,

                	 
      
	 
      	
                  its General
      Partner

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW ASSET MANAGEMENT
      COMPANY,

                	 
      
	 
      	
                  its Managing
      Member

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian O’Connor

                	 
      
	 
      	
                  Title: Senior Vice
      President

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  TCW ENERGY FUND
      XB-NL, L.P.,

                	 
      
	
                	
                  a California limited partnership, as Note
      Holder

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW (ENERGY X)
      LLC,

                	 
      
	 
      	
                  its General
      Partner

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW ASSET
      MANAGEMENT COMPANY,

                	 
      
	 
      	
                  its Managing
      Member

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian O’Connor

                	 
      
	 
      	
                  Title: Senior Vice President

                	 
      

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        
          	 
      	
                  TCW ENERGY FUND
      XC-NL, L.P.,

                	 
      
	
                	
                  a California limited partnership, as Note
      Holder

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW (ENERGY X)
      LLC,

                	 
      
	 
      	
                  its General
      Partner

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW ASSET
      MANAGEMENT COMPANY,

                	 
      
	 
      	
                  its Managing
      Member

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian O’Connor

                	 
      
	 
      	
                  Title: Senior Vice President

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  TCW ENERGY FUND
      XD-NL, L.P.,

                	 
      
	
                	
                  a California limited partnership, as Note
      Holder

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW (ENERGY X)
      LLC,

                	 
      
	 
      	
                  its General
      Partner

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW ASSET
      MANAGEMENT COMPANY,

                	 
      
	 
      	
                  its Managing
      Member

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian O’Connor

                	 
      
	 
      	
                  Title: Senior Vice President

                	 
      

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        
          	 
      	
                  TCW ASSET
      MANAGEMENT COMPANY, a
      California corporation, as Investment
      Manager under the Amended and Restated Investment Management and
      Custody Agreement dated as of December 3, 2003, among Ensign Peak
      Advisors, Inc., TCW Asset Management Company and Trust Company of the
      West, a California trust company, as Sub-Custodian,

                	 
      
	
                	
                  as
      Note Holder

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian O’Connor

                	 
      
	 
      	
                  Title: Senior Vice President

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  TEP DEBT
      HOLDINGS ONSHORE, L.L.C.,

                	 
      
	
                	
                  as
      Note Holder

                	 
      
	 
      	 
      	 
      
	 
      	
                  By TEP ENERGY
      PARTNERS, LLC,

                	 
      
	 
      	
                  its Managing
      Member

                	 
      
	 
      	 
      	 
      
	 
      	
                  By TCW ASSET
      MANAGEMENT COMPANY,

                	 
      
	 
      	
                  its Managing
      Member

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian
      O’Connor

                	 
      
	 
      	
                  Title: Senior Vice
      President

                	 
      

        

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	 
      	
                  TCW ASSET
      MANAGEMENT COMPANY, a
      California corporation, as Investment Manager under the Amended and
      Restated Investment Management and Custody Agreement dated as of December
      11, 2003, among Harry L. Bradley, Jr. Partition Trust, Harry L. Bradley,
      Jr. Trust, Jane Bradley Uihlien Pettit Partition Trust, Jane Bradley
      Uihlien Trust, TCW Asset Management Company and Trust Company of the West,
      a California trust company,
      as Sub-Custodian,

                	 
      
	
                	
                  as
      Note Holder

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian
      O’Connor

                	 
      
	 
      	
                  Title: Senior Vice
      President

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  TCW ASSET
      MANAGEMENT COMPANY, a
      California corporation, as Investment
      Manager under the Amended and Restated Investment Management and
      Custody Agreement dated as of March 18, 2004, among ING Life Insurance and
      Annuity Company, TCW Asset Management Company and Trust Company of the
      West, a California trust company, as
      Sub-Custodian, as Note Holder

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian
      O’Connor

                	 
      
	 
      	
                  Title: Senior Vice
      President

                	 
      

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        
          	 
      	
                  TCW ENERGY
      FUNDS X HOLDINGS, L.P.,

                	 
      
	
                	
                  as Option
      Holder

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW (ENERGY X)
      LLC,

                	 
      
	 
      	
                  its General
      Partner

                	 
      
	 
      	 
      	 
      
	 
      	
                  By: TCW ASSET
      MANAGEMENT COMPANY,

                	 
      
	 
      	
                  its Managing
      Member

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
      Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian O’Connor

                	 
      
	 
      	
                  Title:Senior Vice President

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  TEP EQUITY
      HOLDINGS CAYMAN BLOCKER, LTD., as Option
      Holder

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ R. Blair
      Thomas             
      

                  

                	 
      
	 
      	
                  Name: R. Blair
    Thomas

                	 
      
	 
      	
                  Title: Group Managing
      Director

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Brian
      O'Connor              
      

                  

                	 
      
	 
      	
                  Name: Brian
      O’Connor

                	 
      
	 
      	
                  Title: Senior Vice
      President

                	 
      

        

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	 
      	
                  MORGAN STANLEY
      & CO. INCORPORATED, as Note Holder and Option
      Holder

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By: /s/ Dan M.
      Allen                 
      

                  

                	 
      
	 
      	
                  Name: Dan M.
      Allen

                	 
      
	 
      	
                  Title: Authorized
      Signatory

                	 
      

        

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

       

      CREDIT SUPPORT PARTY
ACKNOWLEDGMENT

       

      Reference
is made to the Consent, Exchange and Preemptive Rights Agreement, dated as of
May 9, 2008, among CEH/La Paloma Holding Company, LLC, Complete Energy
Holdings, LLC, Lori A. Cuervo, Hugh A. Tarpley, Peter J. Dailey, GSC ACQUISITION COMPANY, GSCAC HOLDINGS I LLC, GSCAC HOLDINGS II LLC, GSCAC MERGER SUB LLC,
TCW Asset Management Company (in the representative capacity identified
therein) and the Note Holders and Option Holders party thereto (the “Consent”).  Capitalized
terms used herein without definition shall have the meanings ascribed to them in
the Consent, provided, however, that
capitalized terms used herein without definition and without definition in the
Consent shall have the meanings ascribed to them in the Existing Note Purchase
Agreement.

       

      Complete
Energy Holdings, LLC is party to the Limited Sponsor Guaranty, pursuant to which
Complete Energy Holdings, LLC has guaranteed the performance of the Guarantied
Obligations (as defined in the Limited Sponsor Guaranty).  CEH/La
Paloma II, LLC is a party to the Amended and Restated Parent Pledge Agreement,
pursuant to which CEH/La Paloma II, LLC has pledged all of its equity interests
in Issuer to Note Purchasers to secure the Secured Obligations (as defined in
the Parent Pledge Agreement).  CEP La Paloma Operating Company LLC is
a party to the Manager Security Agreement and the Manager Guaranty pursuant to
which CEP La Paloma Operating Company LLC has (i) created Liens in favor of Note
Purchasers on certain collateral to secure the Secured Obligations (as defined
in the Manager Security Agreement) and (ii) guaranteed the performance of the
Guarantied Obligations (as defined in the Manager Guaranty).  CEP
Operating Company LLC is a party to the Manager Pledge Agreement pursuant to
which CEP Operating Company LLC has pledged all of its equity interests in CEP
La Paloma Operating Company LLC to Note Purchasers to secure the Secured
Obligations (as defined in the Manager Pledge Agreement).  CEH/La
Paloma II, LLC, Complete Energy Holdings, LLC, CEP La Paloma Operating Company
LLC and CEP Operating Company LLC are collectively referred to herein as the
“Credit Support
Parties,” and the Amended and Restated Parent Pledge Agreement, Limited
Sponsor Guaranty, Manager Security Agreement, Manager Guaranty and Manager
Pledge Agreement, are collectively referred to herein as the “Credit Support
Documents.”

       

      Each
Credit Support Party hereby acknowledges that it has reviewed the terms and
provisions of the Existing Note Purchase Agreement and the Consent and consents
to the matters set forth therein.  Each Credit Support Party hereby
confirms that each Credit Support Document to which it is a party or otherwise
bound and all Collateral encumbered thereby will continue to guarantee or
secure, as the case may be, to the fullest extent possible the payment and
performance of all “Obligations,” “Guarantied Obligations,” and “Secured
Obligations” as the case may be (in each case as such terms are defined in the
applicable Credit Support Document), including without limitation the payment
and performance of all such “Obligations,” “Guarantied Obligations,” and
“Secured Obligations as the case may be, in respect of the Obligations of Issuer
now or hereafter existing under or in respect of the Existing Note Purchase
Agreement in accordance with the respective terms, and subject to the respective
limitations, of the applicable Credit Support Document.  Each Credit
Support Party acknowledges and agrees that any of the Credit Support Documents
to which it is a party or otherwise bound shall continue in full force

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      and effect
and that all of its obligations thereunder shall be valid and enforceable and
shall not be impaired or limited by the execution or effectiveness of this
Consent.

       

      

      [Remainder
of page intentionally left blank]

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      IN WITNESS
WHEREOF, the parties hereto have caused this Acknowledgment to the Consent,
Exchange and Preemptive Rights Agreement to be duly executed and delivered by
their respective officers thereunto authorized as of the date first written
above.

       

      
        
          	 	
                  COMPLETE
      ENERGY HOLDINGS, LLC

                
	 	 
      
	 	 
      
	 	
                  By: /s/ Lori
      Cuervo                   
      

                
	 	
                  Name: Lori 
      Cuervo

                
	 	
                  Title: Managing
      Director

                
	 	 
      
	 	 
      
	 	
                  CEH/LA PALOMA II,
      LLC

                
	 	 
      
	 	 
      
	 	
                  
                    By: /s/ Lori
      Cuervo                   
      

                  

                
	 	
                  Name: Lori
      Cuervo

                
	 	
                  Title: Authorized
      Officer

                
	 	 
      
	 	 
      
	 	
                  CEP
      LA PALOMA OPERATING COMPANY LLC

                
	 	 
      
	 	 
      
	 	
                  
                    By: /s/ Lori
      Cuervo                   
      

                  

                
	 	
                  Name: Lori
      Cuervo

                
	 	
                  Title:
      President

                
	 	 
      
	 	 
      
	 	
                  CEP
      OPERATING COMPANY LLC

                
	 	 
      
	 	 
      
	 	
                  
                    By: /s/ Lori
      Cuervo                   
      

                  

                
	 	
                  Name: Lori
      Cuervo

                
	 	
                  Title: Executive VP &
      Secretary

                

        

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      EXHIBIT
A

       

      Merger
Agreement

       

      (see
attached)

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
B

       

      Form of New TCW/MS
NPA

       

      (see
attached)

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
C

       

      Form of Management Rights
Letter

       

      

      

      [________],
2008

      

      [INSERT
FUND NAME]

      [INSERT
ADDRESS]

      [INSERT
ADDRESS]

      [INSERT
ADDRESS]

      

      Re: [GSCAC
Acquisition Company / GSCAC Holdco Sub]

       

      Ladies and
Gentlemen:

       

      Reference
is hereby made to that certain Consent and Agreement dated as of May 9, 2008
(the “Consent”)
among CEH/La Paloma Holding Company, LLC, Complete Energy Holdings, LLC, Lori A.
Cuervo, Hugh A. Tarpley, Peter J. Dailey, GSC Acquisition Company, GSCAC
Holdings I LLC, GSCAC Holdings II LLC, GSCAC Merger Sub LLC, TCW Asset
Management Company in its capacity as administrative agent for the Note Holders
(as defined in that certain Note Purchase Agreement dated as of August 16, 2005
among CEH/La Paloma Holding Company, LLC, TCW Asset Management Company in its
capacity as administrative agent for the Note Holders (as defined therein), and
each Person identified as a Note Purchaser on the signature pages thereto, as
amended by that certain Consent, Waiver and Amendment No. 1 to Note Purchase
Agreement, dated as of November 30, 2007, and as may be further amended,
supplemented, restated or otherwise modified) and each Note Holder and each
Option Holder identified on the signature pages thereto, including [_______________]
(the “Fund”).  Capitalized
terms used but not defined herein shall have the meanings ascribed thereto in
the Consent.  This letter will confirm the agreement between the
Company1, [Parent]2 and the Fund to provide the Fund with the
contractual rights set forth below during the period of time that the Fund is a
holder of [shares of GSCAC Class A Common Stock / GSCAC Class B Common Stock/
Holdco Class B Common Units / Holdco Class C Common Units / Holdco Class D
Common Units / TCW/MS Contingent Warrants], or any other equity securities of
the Company [or Parent] resulting from the reclassification, conversion,
exchange or exercise of any of the foregoing (the “Fund Equity
Securities”).

      

      1.           With
respect to financial statements and other information, upon and to the extent so
requested by the Fund, the Company shall deliver to the Fund:

       

      (a) as
soon as available, but in any event within 45 days after the end of each of the
first three quarterly periods of each Fiscal Year of the Company, the unaudited
consolidated balance sheet of the Company and its consolidated Subsidiaries as
at the end of such quarter 

       

      ____________________

      
        
          1 Note:
“Company” may be GSC Acquisition Company or GSCAC Holdings I LLC, depending on
the level at which the Fund invests.  If investment is at GSCAC
Holdings I LLC,

        

          
          2 Note: If
investment is at GSCAC Holdings I LLC, “Parent” shall refer to GSC Acquisition
Company.

        

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      and the
related unaudited consolidated statements of income and of cash flows of the
Company and its consolidated Subsidiaries for such quarter and the portion of
the Fiscal Year through the end of such quarter prepared in conformity with
generally accepted accounting principles in the United States applied on a
consistent basis, except as otherwise noted therein, and subject to the absence
of footnotes and to year-end adjustments, setting forth, beginning with the
fiscal quarter ending after the fiscal quarter ending one year after Closing, in
each case in comparative form the figures for the previous year, certified by a
Responsible Officer (in his or her capacity as such and not in his or her
individual capacity) as being fairly stated in all material respects (subject to
normal year-end audit adjustments);

       

      (b) as
soon as available, but in any event within 120 days after the end of each
Fiscal Year of the Company, a copy of the audited consolidated balance sheet of
the Company and its consolidated Subsidiaries as at the end of such year and the
related audited consolidated statements of income and of cash flows of the
Company and its consolidated Subsidiaries for such year prepared in conformity
with generally accepted accounting principles in the United States applied on a
consistent basis, except as otherwise noted therein, setting forth commencing
with the fiscal year ending December 31, 2009, in each case in comparative form
the figures for the previous year, reported on without qualification arising out
of the scope of the audit, by UHY LLP or other independent certified public
accountants of nationally recognized standing; and

       

      (c) to the
extent the Company is required by law or pursuant to the terms of any
outstanding indebtedness of the Company to prepare such reports, any annual
reports, quarterly reports and other periodic reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 actually prepared by the Company as
soon as available.

       

      2.           (a)           With
respect to inspection and access, the Company and its Subsidiaries shall provide
to the Fund, true and correct copies of all documents, reports, financial data
and other information as the Fund may reasonably
request.  Additionally, the Company shall permit any authorized
representatives designated by the Fund to visit and inspect any of the
properties of the Company and its Subsidiaries or any of its Subsidiaries,
including its and their books of account, and to discuss its and their affairs,
finances and accounts with its and their officers, all at such times as the Fund
may reasonably request; provided, however, that the
Company and its Subsidiaries reserve the right to withhold any information if
access to such information could reasonably be expected to adversely affect the
attorney-client privilege between the Company and its Subsidiaries and their
respective counsel.

       

      (b)           The
Fund agrees not to disclose or permit the disclosure of any confidential,
non-public or proprietary information relating to the assets or the business of
the Company and its Subsidiaries provided to it and marked “Confidential” by the
Company or any of its Subsidiaries pursuant to or in connection with this letter
agreement that is designated by the provider thereof as confidential
(collectively, “Confidential
Information”); provided that such
disclosure may be made (i) to any Person who is an Affiliate or a Representative
(as defined below) of such Fund, to any Representative of the Company and its
Subsidiaries, or to any rating agency or valuation firm engaged by the Fund, in
each case, solely for their use and on a need-to-know basis; 

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      provided, further, that such
Persons are notified of the Fund’s confidentiality obligations hereunder, (ii)
to a proposed transferee of the Fund Equity Securities, provided that such
proposed transferee enters into a confidentiality agreement containing
comparable terms and conditions as set forth in this paragraph 2 prior to
disclosure of such Confidential Information, (iii) pursuant to a subpoena, order
or regulation issued by a court, arbitrator or governmental body, agency or
official (a “Requesting
Authority”) or pursuant to a formal request issued under the rules and
regulations of, or applicable to, a Requesting Authority, or as required to
obtain an approval from a Governmental Authority, provided that, to the
extent permitted by applicable Law, the Fund formally requests confidential
treatment of the Confidential Information pursuant to the rules and regulations
applicable to the Requesting Authority or Governmental Authority to which
Confidential Information is being provided if and to the extent confidential
treatment is available pursuant to such rules and regulations, (iv) to
representatives of any bank regulatory authority in connection with their
examination of the records of the Fund or any Affiliate thereof, (v) to any
lender providing financing to the Fund or any Affiliate thereof, provided that such lender enters
into a confidentiality agreement containing comparable terms and conditions as
set forth in this paragraph 2 prior to disclosure of such Confidential
Information, or (vi) to the extent already public through no fault of the Fund
under this letter agreement.  For purposes of this letter agreement,
“Representative” shall
mean, as to any Person, holders of individual accounts managed by such Person
and such Person’s officers, directors, employees, managers, members, partners,
shareholders, owners, beneficiaries, counsel, accountants, advisors, trustees,
consultants and agents.

       

      3.            The
Fund shall have the right to consult with and advise the management of the
Company and its Subsidiaries, upon reasonable notice at reasonable times from
time to time, on all matters relating to the operation of the Company and its
Subsidiaries.

      

      4.            In
connection with the foregoing contractual rights, the Company will take such
action as is necessary in order to cause any Subsidiary of the Company to comply
with the obligations of this letter.

      

      [Upon the
exchange or conversion of any Holdco Class B Common Units and GSCAC Class B
Common Stock held by the Fund for shares of GSCAC Class A Common Stock pursuant
to the Exchange Rights or otherwise in accordance with the terms of the Holdco
Sub LLC Agreement, all references to the Company in paragraphs 1 through 4 above
shall also be deemed to be references to Parent.]

       

      The rights
granted to the Fund by the Company [or Parent, as the case may be,] in this
letter agreement are intended to satisfy the requirement of management rights
for purposes of qualifying the Fund’s investments in the Company as “venture
capital investments” for purposes of the Department of Labor “plan assets”
regulation, 29 C.F.R. § 2510.3-101.  In the event the
aforementioned rights are not satisfactory for such purpose, the Company[,
Parent] and the Fund shall reasonably cooperate in good faith to agree upon
mutually satisfactory management rights that satisfy such
regulations.  Furthermore, the rights granted to the Fund by the
Company [or Parent, as the case may be,] in this letter agreement are not in
substitution for, and shall not be deemed to be in limitation of, any rights
otherwise available to the Fund as a holder of any securities of the Company [or
Parent, as the case may be].  In addition, the Company [or Parent, as
the case may be,] shall require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company [or Parent, as the case may be,] to
expressly assume and agree to perform this agreement in the same manner and to
the same extent that the Company [or Parent, as the case may be,] would have
been required to perform if no such succession had taken place.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      In the
event the Fund transfers, sells, assigns or otherwise disposes of all or
substantially all of the Fund Equity Securities to a person or group of persons
acting together (the “Transferee”), the
Company [and Parent] hereby agree[s] to enter into a substantially similar
letter agreement with such Transferee.

       

      The
agreements of the Fund set forth in paragraph 2(b) above shall survive the
termination of this letter agreement.

       

      No
provision of this letter agreement may be modified or waived or discharged
unless agreed to in writing by the Fund, the Company [and Parent].  No
waiver by the Fund at any time of any breach by the Company [or Parent] of, or
compliance with, any condition or provision of this letter agreement to be
performed by the Company [or Parent] shall be deemed a waiver of any similar or
dissimilar provision or condition at the same or at any prior or subsequent
time.

       

      This
letter agreement and the rights and the obligations of the parties hereto shall
be governed by, and construed, enforced and interpreted in accordance with, the
internal laws of the State of New York (including Section 5-1401 of the General
Obligations Law of the State of New York) without regard to conflict of laws
principles, and may be executed in counterparts, This letter agreement may be
executed by one or more of the parties hereto on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      IN WITNESS WHEREOF, the parties have
executed this VCOC Management Rights Letter as of the date first appearing
above.

       

      
         

        
          	 
      	
                  [COMPANY]

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  
                    By:
      _________________________________________

                  

                	 
      
	 
      	
                  Name:

                	 
      
	 
      	
                  Title:

                	 
      

        

        
           

          
             

            
              	 
      	
                      [PARENT]

                    	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                      
                        By:
      _________________________________________

                      

                    	 
      
	 
      	
                      Name:

                    	 
      
	 
      	
                      Title:

                    	 
      

            

             

          

        

      

       

      Accepted
and agreed:

      

      [____________________]

       

      

      
        	
                By:
      ___________________________________

              	 	 

      

      
        	
                 
      

              	
                Name:

              

      

      
        	
                 
      

              	
                Title:

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

       

      EXHIBIT
D

       

      Post-Merger Corporate,
Capital and Ownership Structure

       

      (see
attached)

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
E

       

      Form of TCW/MS Contingent Warrant
Agreement

       

      (see
attached)Exhibit 10.4

       

      EXECUTION
COPY

       

      EMPLOYMENT
AGREEMENT

       

      EMPLOYMENT
AGREEMENT (the “Agreement”) dated May 9, 2008
is made and executed to be effective as of the Closing Date, by and between CEP
Operating Company LLC, a Delaware Limited Liability Company (“CEP OPCO”), GSC Acquisition
Company, a Delaware Corporation (“GSCAC”) (CEP OPCO, GSCAC and
their respective Subsidiaries are collectively referred to herein as the “Company”) and Hugh A. Tarpley
(“Executive”).  Defined
terms used herein have the meaning attributed thereto in the text hereof or, if
not so defined, as set forth in Section 12.

       

      WHEREAS,
GSCAC, GSCAC Holdings I LLC, a Delaware Limited Liability Company, GSCAC
Holdings II LLC, a Delaware Limited Liability Company, GSCAC Merger Sub LLC, a
Delaware Limited Liability Company (“MergerSub”) and Complete
Energy Holdings, LLC, a Delaware Limited Liability Company (“CEH”) entered into an
Agreement and Plan of Merger, dated as of May 9, 2008, (the “Merger Agreement”) upon the
consummation of which Merger Sub will be merged with and into CEH, with CEH as
the surviving entity;

       

      WHEREAS,
in connection with and by virtue of the transactions contemplated by the Merger
Agreement, GSCAC will become the ultimate parent of the Company;
and

       

      WHEREAS,
the Company and Executive desire to memorialize in this Agreement the terms of
Executive’s employment with the Company effective as of the consummation of the
transactions contemplated by such Merger Agreement (the “Merger”), with the
understanding that this Agreement shall supersede any and all prior agreements
relating to Executive’s employment with the Company, GSCAC or any subsidiary or
affiliate of either in all respects;

       

      NOW,
THEREFORE, in consideration of the premises and mutual covenants herein and for
other good and valuable consideration, the parties agree as
follows:

       

      1. Employment; Term of
Employment.  The Company hereby employs Executive, and
Executive hereby accepts employment with the Company, on the terms and
conditions hereinafter set forth.  The initial term of this Agreement
shall commence and shall be effective as of the Closing Date (as defined in the
Merger Agreement) and shall extend from that date for three (3) years unless
earlier terminated pursuant to Section 7 of this
Agreement; provided
that the Employment Term shall be automatically extended for successive one year
periods unless not later than thirty (30) days prior to such automatic extension
the Company or Executive shall have given written notice to the
contrary.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      2. Position.

       

      (a) Executive
shall serve as Chief Executive Officer of the Company.  Executive
shall also serve as Chairman of the Board of GSCAC.   In such
positions, Executive shall have such duties and authority as shall be determined
from time to time by the Board or its designee.  While serving in such
positions, Executive shall report to the Board.

       

      (b) During the
term of Executive’s employment hereunder, Executive will devote substantially
all of Executive’s business time and best efforts to the performance of
Executive’s duties hereunder and will not engage in any other business,
profession or occupation for compensation or otherwise which would conflict with
the rendition of such services either directly or indirectly, without the prior
written consent of the Board; provided, however, that
nothing herein shall be deemed to preclude Executive from serving on the Board
of Directors of any charitable organization provided that such activities do not
materially interfere with the performance of Executive’s duties
hereunder.

       

      3. Base
Salary.  Company shall pay Executive an annual base salary, (as
it may be increased from time to time, “Base Salary”) at the initial
annual rate of $500,000, payable in arrears in accordance with the Company’s
usual payment practices during the Employment Term.  The Executive
shall be entitled to such increases in Executive’s Base Salary as may be
determined from time to time in the sole discretion of the Board.

       

      4. Bonus.  Executive
shall be eligible to receive a cash bonus opportunity (the “Bonus”) under the annual
incentive plan, if any, established and maintained by the Board during the
Employment Term.  The terms and amount of such Bonus, if any, shall be
determined by the Board in its sole discretion.

       

      5. Employee
Benefits.  Executive shall be provided employee benefits
(including fringe benefits, vacation, pension and profit sharing plan
participation and life, health, accident and disability insurance) on the same
basis as those benefits are generally made available to senior executives of the
Company.

       

      6. Business Expenses and
Perquisites.  Reasonable and documented travel, entertainment
and other business expenses incurred by Executive in the performance of
Executive’s duties hereunder shall be reimbursed by the Company in accordance
with Company policies.

       

      7. Termination.

       

      (a) By the Company for
Cause.  Executive’s employment hereunder may be terminated by
the Company for Cause.  If Executive is terminated for Cause,
Executive shall be entitled to receive a lump sum, in cash, equal to Executive’s
earned but unpaid Base Salary and any other vested but unpaid cash entitlements
for the period through and including the date of termination of 

       

       

      
        
          
          

        

        
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      Executive’s
employment, including unused earned vacation pay and unreimbursed documented
business expenses (collectively, “Accrued Compensation”); provided, however, that if
the Notice of Termination provided to Executive in connection with the
termination of Executive’s employment under this Section 7(a) cites clause (ii)
of the definition of Cause as the reason for such termination and the facts
recited in such Notice as the basis for such termination do not result in
Executive’s conviction of, or plea of no-contest to, a felony within a
reasonable time taking into account all relevant facts, Executive shall be
entitled to a lump sum cash payment of the amount set forth in Section
7(c)(B).  All other benefits due Executive following Executive’s
termination of employment pursuant to this Subsection 7(a) shall be determined
in accordance with the plans, policies and practices of the
Company.

       

      (b) Disability or
Death.  Executive’s employment hereunder shall terminate upon
Executive’s death or if Executive becomes physically or mentally incapacitated
and is therefore unable for a period of 90 consecutive calendar days or for 120
calendar days in any consecutive 12 month period to perform his duties hereunder
(such incapacity is hereinafter referred to as “Disability”).  Any
question as to the existence of the Disability of Executive as to which
Executive and the Company cannot agree shall be determined in writing by a
qualified independent physician mutually acceptable to Executive and the
Company.  If Executive and the Company cannot agree as to a qualified
independent physician, each shall appoint such a physician and those two
physicians shall select a third who shall make such determination in
writing.  The determination of Disability made in writing to the
Company and Executive shall be final and conclusive for all purposes of the
Agreement.  Upon any termination for death or Disability, Executive
shall be entitled to the Accrued Compensation and Pro-Rata Bonus Amount and,
notwithstanding any provision of any stock option plan or stock option agreement
to the contrary, Executive’s outstanding stock options shall become fully
exercisable and nonforfeitable to the extent such stock options are not
otherwise fully exercisable and nonforfeitable.  All other benefits
due Executive following Executive’s termination for Disability or death shall be
determined in accordance with the plans, policies and practices of the
Company.

       

      (c) Without Cause by the
Company.  If Executive’s employment is terminated by the
Company without “Cause” (other than by reason of Disability or death), the
Company shall pay to Executive (A) the Accrued Compensation and (B) $1,500,000
payable in cash in 12 equal monthly installments and, notwithstanding any
provision of any stock option plan or stock option agreement to the contrary,
the Company shall cause Executive’s outstanding stock options to become fully
exercisable and nonforfeitable to the extent such stock options are not
otherwise fully exercisable and nonforfeitable; provided, however, that the
post-employment exercise period for such options shall not be extended beyond
the normal post-employment exercise term provided in the applicable option plan
and agreement; provided,
further, that the Company’s obligations to make the payments described in
this Section 7(c)(B) and to cause Executive’s outstanding 

       

       

      
        
          
          

        

        
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      stock
options to become fully exercisable shall be subject to and conditioned upon
Executive’s delivery to the Company of a general release in form and substance
reasonably satisfactory to the Company that is effective and irrevocable within
55 days after the date of the termination of Executive’s employment with the
Company.  Payment of the first installment described in Clause (B)
shall be made within five business days after the date Executive’s release
becomes irrevocable according to its terms and each subsequent installment shall
be paid on first day of each subsequent calendar month; provided, further, that if
Executive is a specified employee (as such term is defined in Section 409A of
the Code), then, with respect to any payments of such installment amounts that
(x) are not short-term deferrals within the meaning of Section 409A of the Code,
(y) would be paid during the first six months following the date of Executive’s
termination of employment, and (z) exceed in the aggregate during such six-month
period two times the lesser of Executive’s annualized compensation based upon
Executive’s annual rate of pay for services during the taxable year of Executive
preceding the year in which the termination of employment occurs (adjusted for
any increase during that year that was expected to continue indefinitely had no
termination of employment occurred) or the maximum amount of compensation that
may be taken into account under a qualified plan pursuant to Section 401(a)(17)
of the Code for the year in which the termination of employment occurs, such
payments of installment amounts in excess of the amount described in clause (z)
above that would otherwise have been paid during such six-month period shall be
accumulated and paid on the date that is six months after the date of
Executive’s termination of employment or such earlier date upon which such
amount can be paid or provided under Section 409A of the Code without being
subject to additional taxes and interest.  The right to payment of the
installment amounts pursuant to this paragraph shall be treated as a right to a
series of separate payments for purposes of Section 409A of the
Code.  All other benefits due Executive following Executive’s
termination of employment by the Company without Cause shall be determined in
accordance with the plans, policies and practices of the Company.  For
the avoidance of doubt, delivery by the Company of a notice of non-extension as
provided in Section 1 shall not constitute a termination of employment without
Cause hereunder.

       

      (d) Termination
by Executive.

       

      (i) If
Executive terminates Executive’s employment with the Company within 60 days
following and in connection with or based upon a Good Reason Event as provided
below, Executive shall be entitled to the same payments and benefits Executive
would have received if Executive’s employment had been terminated by the Company
without Cause (other than by reason of Disability or death) pursuant to Section
7(c).  Prior to Executive’s termination of employment under this
Section 7(d)(i), Executive must give written notice to Company of the Company
actions or failures to act constituting the Good Reason
Event.  Executive shall be entitled to terminate employment under this
Section 7(d)(i) only if the 

       

       

      
        
          
          

        

        
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      Company
actions or failures to act set forth in such notice have not been corrected by
the Company within the 30 days following the Company’s receipt
thereof.

       

      (ii) If
Executive terminates Executive’s employment with the Company for any reason
other than a Good Reason Event, Executive shall be entitled to the Accrued
Compensation.

       

      (iii) All other
benefits due Executive following Executive’s termination of employment pursuant
to this Subsection 7(d) shall be determined in accordance with the plans,
policies and practices of the Company.

       

      (e) Notice of
Termination.  Any purported termination of employment by the
Company or by Executive shall be communicated by written Notice of Termination
to the other party hereto in accordance with Section 11(h) hereof.

       

      (f) Effect of
Termination.  Any termination of Executive’s employment with
the Company shall also be deemed and shall constitute, without any action by
Executive or the Company or any subsidiary thereof required, termination of all
Executive’s positions with the Company and its subsidiaries, including
membership or service on any boards of directors thereof.

       

      (g) Certain Delayed
Payments.  Notwithstanding any provision of this Agreement to
the contrary, if the payment of any amount or benefit under this Agreement would
be subject to additional taxes and interest under Section 409A of the Code if
the timing of such payment were not delayed as provided in Section
409A(a)(2)(B)(i) of the Code and the regulations thereunder, then any such
payment or benefit that Executive would otherwise be entitled to during the
first six months following the date of Executive’s termination of employment
shall be accumulated and paid or provided, as applicable, on the date that is
six months after the date of Executive’s termination of employment (or if such
date does not fall on a business day of the Company, the next following business
day of the Company), or such earlier date upon which such amount can be paid or
provided under Section 409A of the Code without being subject to such additional
taxes and interest.  If the provisions of the preceding sentence
become applicable such that the payment of any amount is delayed, any payments
that are so delayed shall accrue interest on a non-compounded basis, from the
date of Executive’s termination of employment to the actual date of payment, at
the prime or base rate of interest announced by JPMorgan Chase Bank (or any
successor thereto) at its principal office in New York on the date of such
termination (or the first business day following such date if such termination
does not occur on a business day) and shall be paid in a lump sum on the actual
date of payment of the delayed payment amount.  Executive hereby
agrees to be bound by the Company’s determination of its “specified employees”
(as such term is defined in Section 409A of the Code) in 

       

       

      
        
          
          

        

        
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      accordance
with any of the methods permitted under the regulations issued under Section
409A of the Code.

       

      (h) Additional Payments by the
Company.

       

      (i) Notwithstanding
anything to the contrary in this Agreement, in the event that any payment or
distribution by the Company to or for the benefit of Executive, whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise (a “Payment”), is subject to the
excise tax imposed by Section 4999 of the Code, or any interest or penalties
with respect to such excise tax (such excise tax, together with any such
interest or penalties, are hereinafter collectively referred to as the “Excise Tax”), the Company
shall pay to Executive an additional payment (a “Gross-up Payment”) in an
amount such that after payment by Executive of all taxes (including any interest
or penalties imposed with respect to such taxes), including any Excise Tax
imposed on any Gross-up Payment, Executive retains an amount of the Gross-up
Payment equal to the Excise Tax imposed upon the Payments.  The
Gross-up Payment attributable to a particular Payment shall be made at the time
such Payment is made; provided, however, that in no event shall the Gross-up
Payment be made later than the end of Executive’s taxable year next following
Executive’s taxable year in which Executive remits the related
taxes.

       

      (ii) Except as
provided below, the determination that a Payment is subject to an Excise Tax
shall be made in writing by a nationally recognized accounting firm or executive
compensation consulting firm selected by the Company (the “Accounting
Firm”).  Such determination shall include the amount of the
Gross-Up Payment and detailed computations thereof, including any assumptions
used in such computations.  Any determination by the Accounting Firm
will be binding on the Company and the Executive. The Company and Executive
shall make an initial determination as to whether a Gross-up Payment is required
and the amount of any such Gross-up Payment.  Executive shall notify
the Company in writing of any claim by the Internal Revenue Service which, if
successful, would require the Company to make a Gross-up Payment (or a Gross-up
Payment in excess of that, if any, initially determined by the Accounting Firm)
within 10 days of the receipt of such claim.  The Company shall notify
Executive in writing at least 10 days prior to the due date of any response
required with respect to such claim if it plans to contest the
claim.  The Executive shall not pay such claim prior to the expiration
of the 10-day period following the date on which the Executive gives such notice
to the Company (or such shorter period ending on the date that any payment of
taxes, interest, penalties or additions to tax with respect to such claim is
due).  If the Company notifies the Executive in writing prior to the
expiration of such 10-day 

       

       

      
        
          
          

        

        
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      period
(regardless of whether such claim was earlier paid as contemplated by the
preceding parenthetical) that it desires to contest such claim, the Executive
shall: (A) give the Company any information reasonably requested by the Company
relating to such claim; (B) take such action in connection with contesting such
claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to
such claim by an attorney selected by the Company; (C) cooperate with the
Company in good faith in order effectively to contest such claim; and (D) permit
the Company to participate in any proceedings relating to such
claim;  provided,
however, the Company shall bear and pay directly or indirectly all costs
and expenses (including additional interest and penalties) incurred in
connection with such action and shall indemnify and hold Executive harmless, on
an after-tax basis, for any Excise Tax or income tax, including interest and
penalties with respect thereto, imposed as a result of the Company’s
action.

       

      (iii) Without
limitation on the foregoing provisions of this Section 7(h), and to the extent
its actions do not unreasonably interfere with or prejudice the Executive’s
disputes with the Internal Revenue Service as to other issues, the Company shall
control all proceedings taken in connection with such contest and, in its
reasonable discretion, may pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with the Internal Revenue
Service  in respect of such claim and may, at its or in their sole
option, either direct the Executive to pay the tax, interest or penalties
claimed and sue for a refund or contest the claim in any permissible manner, and
the Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as the Company shall determine; provided, however, that if the
Company directs the Executive to pay such claim and sue for a refund, the
Company shall advance an amount equal to such payment to the Executive, on an
interest-free basis, and shall indemnify and hold the Executive harmless, on an
after-tax basis, from all taxes (including, without limitation, income and
excise taxes), interest, penalties and additions to tax imposed with respect to
such advance or with respect to any imputed income with respect to such advance,
as any such amounts are incurred; and, further, provided, that any extension of
the statute of limitations relating to payment of taxes, interest, penalties or
additions to tax for the taxable year of the Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount; and, provided, further, that any settlement of any claim shall be
reasonably acceptable to the Executive, and the Company’s control of the contest
shall be limited to issues with respect to which a Gross-Up Payment would be
payable hereunder, and the Executive shall be entitled to settle or contest, as
the case may be, any other issue. If, as a result of the 

       

       

      
        
          
          

        

        
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      Company’s
action with respect to a claim, Executive receives a refund of any amount paid
by the Company with respect to such claim, Executive shall promptly pay such
refund to the Company.  If the Company fails to timely notify
Executive whether it will contest such claim or Company determines not to
contest such claim, then the Company shall immediately pay to Executive the
portion of such claim, if any, which it has not previously paid to
Executive.

       

      (iv) It is
possible that no Gross-Up Payment will initially be made but that a Gross-Up
Payment should have been made, or that a Gross-Up Payment will initially be made
in an amount that is less than what should have been made (either of such events
is referred to as an “Underpayment”).  It
is also possible that a Gross-Up Payment will initially be made in an amount
that is greater than what should have been made (an “Overpayment”).  The
determination of any Underpayment or Overpayment shall be made by the Accounting
Firm in accordance with Subsection (ii).  In the event of an
Underpayment, the amount of any such Underpayment shall be paid to the Executive
as an additional Gross-Up Payment.  In the event of an Overpayment,
the Executive shall promptly pay to the Company the amount of such Overpayment
together with interest on such amount at the applicable Federal rate provided
for in Section 1274(d) of the Code for the period commencing on the date of the
Overpayment to the date of such payment by the Executive to the
Company.  The Executive shall make such payment to the Company as soon
as administratively practicable after the Company notifies the Executive of (A)
the Accounting Firm’s determination that an Overpayment was made and (B) the
amount to be repaid.

       

      (v) Nothing in
this Section 7(h) is intended to violate the Sarbanes-Oxley Act of 2002, as
amended, and to the extent that any advance or repayment obligation hereunder
would constitute such a violation, such obligation shall be modified so as to
make the advance a nonrefundable payment to the Executive and the repayment
obligation null and void to the extent required by such Act.

       

      8. Non-Competition.

       

      (a) Executive
acknowledges and recognizes the highly competitive nature of the businesses of
the Company and its affiliates and accordingly agrees that:  during
the period of Executive’s employment with the Company and, in the event of
Executive’s termination of employment pursuant to Section 7(a), Section 7(c) or
Section 7(d), one year thereafter (“Restricted
Period”):

       

      (i) Executive
will not become an employee, owner (except for passive investments of not more
than one percent of the outstanding shares of, or any other equity interest in,
any company or entity listed or traded 

       

       

      
        
          
          

        

        
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      on a
national securities exchange or in an over-the-counter securities market),
officer, agent or director of any independent power producing company in the
United States.  Notwithstanding any provision of this Agreement to the
contrary, if Executive is employed by the Company, any breach of the provisions
of this Section 8(a) shall permit the Company to terminate the employment of
Executive for Cause; and

       

      (ii) Executive
will not induce any employee of the Company or its affiliates to terminate his
or her employment with the Company or its affiliates, or solicit for hire or
employment or assist in the hiring or employment of any such employee by any
person, association, or entity not affiliated with the Company unless such
person shall have ceased to be employed by the Company or any of its affiliates
for a period of at least 12 months; provided, however, that this
Section 8(a)(ii) shall not apply to any solicitation (or hiring or employment as
a result of any solicitation) that consists of advertising in a newspaper or
periodical of general circulation or through the Internet.

       

      (iii) Whether or
not Executive is employed by the Company, from and after any breach by Executive
of the provisions of this Section 8(a), the Company shall cease to have any
obligations to make payments to Executive under this Agreement, and any vested
or unvested stock options previously granted to Executive, including, without
limitation, any options that were otherwise considered nonforfeitable under
Section 7(c) or (d), shall be immediately forfeited.

       

      (b) It is
expressly understood and agreed that although Executive and the Company consider
the restrictions contained in Section 8(a) to be reasonable, if a final judicial
determination is made by a court of competent jurisdiction that the time or
territory or any other restriction contained in this Agreement is an
unenforceable restriction against Executive, the provisions of this Agreement
shall not be rendered void but shall be deemed amended to apply as to such
maximum time and territory and to such maximum extent as such court may
judicially determine or indicate to be enforceable.  Alternatively, if
any court of competent jurisdiction finds that any restriction contained in this
Agreement is unenforceable, and such restriction cannot be amended so as to make
it enforceable, such finding shall not affect the enforceability of any of the
other restrictions contained herein.

       

      9. Confidentiality.  Executive
will not at any time (whether during or within two years after Executive’s
employment with the Company) disclose or use for Executive’s own benefit or
purposes or the benefit or purposes of any other person, firm, partnership,
joint venture, association, corporation or other business organization, entity
or enterprise other than the Company and any of its subsidiaries or affiliates,
any trade secrets, information, data, or other confidential information relating
to customers, development programs, costs, marketing, 

       

       

      
        
          
          

        

        
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      trading,
investment, sales activities, promotion, business planning, credit and financial
data, manufacturing processes, financing methods, plans, or the business and
affairs of the Company generally, or of any subsidiary or affiliate of the
Company, provided that
the foregoing shall not apply to (a) confidential information which is or
becomes a part of the public domain or is available to the public by publication
or otherwise without disclosure by Executive; (b) confidential information
which, either prior or subsequent to the Company’s disclosure to Executive, was
disclosed to Executive, without an obligation of confidentiality, by a third
party who did not acquire such information, directly or indirectly from
Executive, the Company, or from any third party who is under an obligation of
confidentiality; or (c) any disclosure of confidential information by Executive
which is required by law, including deposition or trial testimony by Executive
pursuant to subpoena.  If Executive is requested or required (by oral
questions, interrogatories, requests for information or documents, subpoena,
civil investigative demand, or similar process) to disclose any confidential
information, Executive will promptly notify the Company of such request or
requirements so that the Company may seek an appropriate protective order or
waive compliance with the provisions of this Agreement.  Executive
agrees that upon termination of Executive’s employment with the Company for any
reason, Executive will return to the Company immediately all memoranda, books,
papers, plans, information, letters and other data, and all copies thereof or
therefrom, in any way relating to the business of the Company and its
affiliates, except that Executive may retain personal notes, notebooks and
diaries.  Executive further agrees that Executive will not retain or
use for Executive’s account at any time any trade names, trademark or other
proprietary business designation used or owned in connection with the business
of the Company or its affiliates.

       

      10. Specific
Performance.  Executive acknowledges and agrees that the
Company’s remedies at law for a breach or threatened breach of any of the
provisions of Section 8 or Section 9 would be inadequate and, in recognition of
this fact, Executive agrees that, in the event of such a breach or threatened
breach, in addition to any remedies at law, the Company, without posting any
bond, shall be entitled to obtain equitable relief in the form of specific
performance, temporary restraining order, temporary or permanent injunction or
any other equitable remedy which may then be available.

       

      11. Miscellaneous.

       

      (a) Governing Law; No Liability of
Executive.  This Agreement shall be governed by and construed
in accordance with the laws of the State of Texas.  Executive shall
not be subject to liability for breach of this Agreement by reason of
Executive’s termination of employment hereunder.

       

      (b) Entire
Agreement/Amendments/Termination.

       

       

      
        
          
          

        

        
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      (i) This
Agreement contains the entire understanding of the parties with respect to the
employment of Executive by the Company and supersedes all prior agreements and
understanding, written or oral, including, without limitation any and all
employment agreements or arrangements with CEH.  There are no
restrictions, agreements, promises, warranties, covenants or undertakings
between the parties with respect to the subject matter herein other than those
expressly set forth herein.  This Agreement may not be altered,
modified, or amended except by written instrument signed by the parties
hereto.

       

      (ii) In the
event the Merger is not consummated prior to the Termination Date, or the Merger
Agreement is otherwise terminated by the parties thereto pursuant to the terms
thereof, this Agreement shall immediately terminate and be of no force or
effect.

       

      (c) No Waiver.  The
failure of a party to insist upon strict adherence to any term of this Agreement
on any occasion shall not be considered a waiver of such party’s rights or
deprive such party of the right thereafter to insist upon strict adherence to
that term or any other term of this Agreement.

       

      (d) Severability.  In
the event that any one or more of the provisions of this Agreement shall be or
become invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions of this Agreement shall not be
affected thereby.

       

      (e) Assignment.  This
Agreement shall not be assignable by Executive.

       

      (f) No
Mitigation.  Executive shall not be required to mitigate the
amount of any payment provided for pursuant to this Agreement by seeking other
employment.

       

      (g) Successors; Binding
Agreement.  This Agreement shall inure to the benefit of and be
binding upon personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

       

      (h) Notice.  For the
purpose of this Agreement, notices and all other communications provided for in
the Agreement shall be in writing and shall be deemed to have been duly given
when delivered or mailed by United States registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth on
the execution page of this Agreement, provided that all notices to
the Company shall be directed to the attention of the Board with a copy to the
Secretary of the Company, or to such other address as either party may have
furnished to the other in writing in accordance herewith, except that notice of
change of address shall be effective only upon receipt.

       

       

      
        
          
          

        

        
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      (i) Withholding
Taxes.  The Company may withhold from any amounts payable under
this Agreement such Federal, state and local taxes as may be required to be
withheld pursuant to any applicable law or regulation.

       

      (j) Counterparts;
Effectiveness.  This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.  This Agreement
shall become effective when each party hereto shall have received a counterpart
hereof signed by the other party hereto.

       

      12. Defined
Terms.

       

      “Accounting Firm” has the
meaning set forth in Section 7.

       

      “Accrued Compensation” has the
meaning set forth in Section 7.

       

      “Agreement” has the meaning set
forth in the introductory paragraph.

       

      “Base Salary” has the meaning
set forth in Section 3.

       

      “Board” means the Board of
Directors of GSCAC.

       

      “Bonus” has the meaning set
forth in Section 4.

       

      “Cause” means Executive:  (i)
has engaged in gross negligence or willful misconduct in the performance of the
duties required of Executive hereunder, (ii) has committed a felony, as
reasonably determined by the Board in good faith, (iii) has willfully refused,
within 5 business days following written notice by the Company, and without
proper legal reason to materially perform the duties and responsibilities
required of Executive hereunder, (iv) has materially breached any material
corporate policy maintained and established by the Company that is of general
applicability to Company’s executive employees which, if correctable, remains
uncorrected for 5 business days following written notice to Executive by the
Company of such breach, (v) has willfully engaged in conduct that Executive
knows or should know is materially injurious to the Company or any of its
affiliates, (vi) is engaging in the illegal use of controlled substances, or
(vii) has materially breached any material provision of this Agreement which is
uncorrectable or, if correctable, remains uncorrected for 5 business days
following written notice to Executive by the Company of such
breach.

       

      “Code” means the Internal
Revenue Code of 1986, as amended, and the regulations promulgated
thereunder.

       

      “Disability” has the meaning
set forth in Section 7.

       

      “Employment Term” has the
meaning set forth in Section 1.

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

       

      “Excise Tax” has the meaning
set forth in Section 7.

       

      “Executive” has the meaning set
forth in the introductory paragraph.

       

      “Good Reason Event”
means:  (i) a material breach by the Company of any material provision
of this Agreement (provided, however, that a reduction in Executive’s annual
base salary that is consistent with reductions taken generally by other
executives of the Company shall not be considered a material breach of a
material provision of this Agreement); (ii) a material diminution in the nature
or scope of Executive’s duties and responsibilities, including the Company’s
failure to use reasonable efforts to secure Executive’s election (or reelection)
to the Board (for clarity, if the Company uses such reasonable efforts, the
Executive ceasing to be a member of the Board or its Chairman shall not be
considered a Good Reason Event); (iii) the assignment to Executive of duties and
responsibilities that are materially inconsistent with the positions referred to
in Section 2(a) and that result in a material negative change to Executive; or
(iv) any material change in the geographic location at which Executive must
perform services; provided,
however, that business travel reasonably required for the performance of
Executive’s duties hereunder shall not constitute a Good Reason
Event.

       

      “Gross-Up Payment” has the
meaning set forth in Section 7.

       

      “Merger and Merger Agreement”
have the meanings set forth in the recitals.

       

      “Notice of Termination” means a
written notice which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of employment under the
provision so indicated.

       

      “Overpayment” has the meaning
set forth in Section 7.

       

      “Payment” has the meaning set
forth in Section 7.

       

      “Pro-Rata Bonus Amount” means a
cash amount determined by multiplying Executive’s target Bonus, if any, for the
year in which a termination of employment occurs by a fraction, the numerator of
which is the elapsed number of days in such year through such termination date,
and the denominator of which is 365.

       

      “Restricted Period” has the
meaning set forth in Section 8.

       

      “Termination Date” has the
meaning set forth in Section 9.01 of the Merger Agreement.

       

      “Underpayment” has the meaning
set forth in Section 7.

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

       

      IN WITNESS
WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.

       

      
        	
                HUGH
      A. TARPLEY

              	 
	 	 
	/s/
      Hugh Tarpley	 
	
                Address
      for Notices:
Complete Energy Holdings, LLC
1331 Lamar St., Suite
      650
Houston, Texas 77010
Facsimile No: (713)
600-2001

              	 

      

       

       

      
        	
                CEP
      OPERATING COMPANY LLC

              	 
	 	 
	 	 
	
                By:

              	/s/
      Lori  Cuervo	 
	 
      	
                Title:
      Authorized Officer

              	 
	 
      	
                Complete
      Energy Holdings, LLC
1331 Lamar St., Suite 650
Houston, Texas
      77010

              	 
	
                 

                GSC
      ACQUISITION COMPANY

              	 
	 	 
	 	 
	
                By:

              	/s/
      Matthew Kaufman	 
	 
      	
                Name:
      Matthew Kaufman
Title: President
GSCAC Acquisition Company
500
      Campus Drive, Suite 220
Florham Park, New Jersey 07932
Facsimile:
      (212) 884-6184

              	 
	 
      	
                 

              	 

      

      

    

     

     

     

     

    14

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