SEC Contract Filing

Filing Date: 2017-06-14

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>a17-14582_4ex10d3.htm
<DESCRIPTION>EX-10.3
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.3</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Execution Version</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;12, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONFIDENTIAL</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GenOn Energy,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">804 Carnegie Center</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Princeton, NJ 08540-6213</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Mark A. &#147;Mac&#148; McFarland</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Backstop Fee Letter</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is made to the backstop commitment letter dated the date hereof (including the term sheet attached thereto, the &#147;<u>Commitment Letter</u>&#148;) among the Backstop Parties party thereto, GenOn Energy,&nbsp;Inc. (now and as it may be reorganized under a joint chapter 11 plan of reorganization, &#147;<u>GenOn</u>&#148;), GenOn Americas Generation LLC (now and as it may be reorganized under a joint chapter 11 plan of reorganization, the &#147;<u>GAG</u>&#148; and, collectively with GenOn, the &#147;<u>Debtors</u>&#148; or &#147;<u>you</u>&#148;) and the Guarantors party thereto. Capitalized terms used but not defined in this letter agreement (this &#147;<u>Fee Letter</u>&#148;) shall have the meanings assigned thereto in the Commitment Letter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Backstop Fee</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As consideration for the commitments and agreements of the Backstop Parties under the Commitment Letter with respect to the Notes, you agree to pay (or cause to be paid) (a)&nbsp;to each Group A Backstop Party its pro rata share of $15,000,000 based on its commitment percentage set forth on Schedule 1 of the Commitment Letter and (b)&nbsp;to each Group B Backstop Party its pro rata share of $30,000,000 based on its commitment percentage set forth on Schedule 1 of the Commitment Letter (in each case, the &#147;<u>Backstop Fee</u>&#148;), payable in cash at the direction of each Backstop Party no later than 5:00 p.m., prevailing New York City time, on June&nbsp;13, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You agree that the Backstop Fee shall be fully earned as of the date hereof and, once paid, to the extent permitted under applicable law, shall not be refundable under any circumstances. All fees payable hereunder and under the Commitment Letter and the Term Sheet will be paid in U.S. dollars in immediately available funds, and all fees payable hereunder shall be in addition to any reimbursement of the Backstop Parties&#146; expenses as set forth in the Commitment Letter.&#160; All amounts payable under this Fee Letter shall not be subject to counterclaim or set-off for, or otherwise be affected by, any claim or dispute relating to any other matter. Each Backstop Party reserves the right to allocate, in whole or in part, to its affiliates certain fees payable to it in such manner as it and its affiliates may agree in their sole discretion.</font></p>
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