Common use of Page Clause in Contracts

Page. SECTION 1. AUTHORIZATION OF NOTES 1 SECTION 2. SALE AND PURCHASE OF NOTES 1 SECTION 3. CLOSING 1 SECTION 4. CONDITIONS TO CLOSING 2 Section 4.1 Representations and Warranties 2 Section 4.2 Performance; No Default 2 Section 4.3 Compliance Certificates 2 Section 4.4 Opinions of Counsel 2 Section 4.5 Purchase Permitted by Applicable Law, Etc. 2 Section 4.6 Related Transactions 3 Section 4.7 Payment of Special Counsel Fees 3 Section 4.8 Private Placement Number 3 Section 4.9 Changes in Corporate Structure 3 Section 4.10 Funding Instructions 3 Section 4.11 Proceedings and Documents 3 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 Section 5.1 Organization; Power and Authority 3 Section 5.2 Authorization, Etc. 4 Section 5.3 Disclosure 4 Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates 4 Section 5.5 Financial Statements 5 Section 5.6 Compliance with Laws, Other Instruments, Etc. 5 Section 5.7 Governmental Authorizations, Etc. 5 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders 6 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 Section 5.11 Licenses, Permits, Etc. 6 Section 5.12 Compliance with ERISA 7 Section 5.13 Private Offering by the Company 8 Section 5.14 Use of Proceeds; Margin Regulations 8 Section 5.15 Existing Debt; Future Liens 8 Section 5.16 Foreign Assets Control Regulations, Etc. 9 Section 5.17 Status under Certain Statutes 9 Section 5.18 Investment Company Act 9 Section 5.19 Environmental Matters 10 Section 5.20 Notes Rank Pari Passu 10 Section 5.21 Credit and Collection Policy 10 SECTION 6. REPRESENTATIONS OF THE PURCHASERS 10 Section 6.1 Purchase for Investment 10 Section 6.2 Source of Funds 11 Section 6.3 Accredited Investor 11 SECTION 7. INFORMATION AS TO COMPANY 11 Section 7.1 Financial and Business Information 11 Section 7.2 Officer’s Certificate 13 Section 7.3 Inspection 14 SECTION 8. PREPAYMENT OF THE NOTES 14 Section 8.1 Required Prepayments 14 Section 8.2 Optional Prepayments 14 Section 8.3 Allocation of Partial Prepayments 15 Section 8.4 Maturity; Surrender, Etc. 15 Section 8.5 Purchase of Notes 15 Section 8.6 [Reserved] 15 SECTION 9. AFFIRMATIVE COVENANTS 16 Section 9.1 Compliance with Law 16 Section 9.2 Insurance 16 Section 9.3 Maintenance of Properties 16 Section 9.4 Payment of Taxes and Claims 16 Section 9.5 Corporate Existence, Etc. 17 Section 9.6 Credit and Collection Policy 17 SECTION 10. NEGATIVE COVENANTS 17 Section 10.1 Minimum Consolidated Tangible Net Worth 17 Section 10.2 Interest Charges Coverage Ratio 17 Section 10.3 Limitation on Debt 17 Section 10.4 Available Asset Coverage 17 Section 10.5 Merger, Consolidation and Sale of Assets, Etc. 18 Section 10.6 Nature of Business 20 Section 10.7 Transactions with Affiliates 20 SECTION 11. EVENTS OF DEFAULT 20 SECTION 12. REMEDIES ON DEFAULT, ETC. 22 Section 12.1 Acceleration 22 Section 12.2 Other Remedies 23 Section 12.3 Rescission 23 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. 23 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 23 Section 13.1 Registration of Notes 23 Section 13.2 Transfer and Exchange of Notes 24 Section 13.3 Replacement of Notes 24 SECTION 14. PAYMENTS ON NOTES 24 Section 14.1 Place of Payment 24 Section 14.2 Home Office Payment 24 SECTION 15. EXPENSES, ETC. 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect, Etc. 26 Section 17.4 Notes Held by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 Section 22.2 Payments Due on Non-Business Days 29 Section 22.3 Severability 29 Section 22.4 Construction 29 Section 22.5 Counterparts 30 Section 22.6 Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENT: SCHEDULE A — Information Relating to Purchasers SCHEDULE B — Defined Terms SCHEDULE 4.9 — Changes in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries of the Company and Ownership of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — Patents, Etc. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Form of Opinion of Special Counsel for the Company EXHIBIT 4.4(b) — Form of Opinion of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit and Collection Policy AMERICAN CAPITAL STRATEGIES, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (the “Company”), agrees with the purchasers listed in the attached Schedule A (the “Purchasers”) as follows:

Page. SECTION 1. AUTHORIZATION OF NOTES DEFINITIONS; INTERPRETATION 1 Section 1.1. Definitions 1 Section 1.2. Interpretation 13 Section 1.3. Change in Accounting Principles 14 SECTION 2. SALE AND PURCHASE OF NOTES 1 THE CREDIT FACILITIES 14 Section 2.1. Commitments 14 Section 2.2. Letters of Credit 15 Section 2.3. Applicable Interest Rates 18 Section 2.4. Manner of Borrowing Loans and Designating Applicable Interest Rates 19 Section 2.5. Minimum Borrowing Amounts; Maximum Eurodollar Loans 20 Section 2.6. Maturity of Loans 21 Section 2.7. Prepayments 21 Section 2.8. Place and Application of Payments 21 Section 2.9. Commitment Terminations 22 Section 2.10. The Notes 23 Section 2.11. Fees 23 Section 2.12. Swing Loans 24 SECTION 3. CLOSING 1 CONDITIONS PRECEDENT 26 Section 3.1. All Credit Events 26 Section 3.2. Initial Credit Event 26 SECTION 4. CONDITIONS TO CLOSING 2 THE GUARANTIES 28 Section 4.1 Representations and Warranties 2 4.1. Guaranties 28 Section 4.2 Performance; No Default 2 4.2. Further Assurances 28 Section 4.3 Compliance Certificates 2 4.3. Guarantor Release 28 Section 4.4 Opinions 4.4. Exclusion of Counsel 2 Section 4.5 Purchase Permitted by Applicable Law, Etc. 2 Section 4.6 Related Transactions 3 Section 4.7 Payment of Special Counsel Fees 3 Section 4.8 Private Placement Number 3 Section 4.9 Changes in Corporate Structure 3 Section 4.10 Funding Instructions 3 Section 4.11 Proceedings and Documents 3 Foreign Subsidiaries 28 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 28 Section 5.1 Organization; Power and Authority 3 Section 5.2 Authorization, Etc5.1. 4 Section 5.3 Disclosure 4 Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates 4 Qualification 28 Section 5.5 5.2. Authority and Enforceability 29 Section 5.3. Financial Statements 5 Reports 29 Section 5.6 Compliance with Laws, Other Instruments, Etc5.4. 5 No Material Adverse Effect 29 Section 5.7 Governmental Authorizations, Etc5.5. 5 Litigation and other Controversies 29 Section 5.8 Litigation; Observance of Agreements, Statutes 5.6. True and Orders 6 Complete Disclosure 30 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 Section 5.11 Licenses, Permits, Etc5.7. 6 Section 5.12 Compliance with ERISA 7 Section 5.13 Private Offering by the Company 8 Section 5.14 Use of Proceeds; Margin Regulations 8 Stock 30 Section 5.15 Existing Debt; Future Liens 8 5.8. Taxes 30 Section 5.16 Foreign Assets Control Regulations, Etc5.9. 9 ERISA 30 Section 5.17 Status under Certain Statutes 9 5.10. Material Subsidiaries 30 Section 5.18 Investment Company Act 9 5.11. Compliance with Laws 30 Section 5.19 5.12. Environmental Matters 10 31 Section 5.20 Notes Rank Pari Passu 10 5.13. Investment Company; Public Utility Holding Company 31 Section 5.21 Credit 5.14. Intellectual Property 31 Section 5.15. Good Title 31 Section 5.16. Labor Relations 32 Section 5.17. Indebtedness 32 Section 5.18. Capitalization 32 Section 5.19. Other Agreements 32 Section 5.20. Governmental Authority and Collection Policy 10 Licensing 32 Section 5.21. Approvals 32 Section 5.22. Affiliate Transactions 33 Section 5.23. Solvency 33 SECTION 6. REPRESENTATIONS OF THE PURCHASERS 10 COVENANTS 33 Section 6.1 Purchase for Investment 10 6.1. Information Covenants 33 Section 6.2 Source 6.2. Inspections 35 Section 6.3. Maintenance of Funds 11 Property, Insurance, Environmental Matters, etc 35 Section 6.3 Accredited Investor 11 SECTION 76.4. INFORMATION AS TO COMPANY 11 Preservation of Existence 36 Section 7.1 Financial and Business Information 11 Section 7.2 Officer’s Certificate 13 Section 7.3 Inspection 14 SECTION 86.5. PREPAYMENT OF THE NOTES 14 Section 8.1 Required Prepayments 14 Section 8.2 Optional Prepayments 14 Section 8.3 Allocation of Partial Prepayments 15 Section 8.4 Maturity; Surrender, Etc. 15 Section 8.5 Purchase of Notes 15 Section 8.6 [Reserved] 15 SECTION 9. AFFIRMATIVE COVENANTS 16 Section 9.1 Compliance with Law 16 Laws 36 Section 9.2 Insurance 16 6.6. ERISA 36 Section 9.3 Maintenance of Properties 16 Section 9.4 6.7. Payment of Taxes and Claims 16 37 Section 9.5 Corporate Existence6.8. Contracts With Affiliates 37 Section 6.9. No Changes in Fiscal Year 37 Section 6.10. Change in the Nature of Business 37 Section 6.11. Indebtedness 37 Section 6.12. Liens 38 Section 6.13. Consolidation, Etc. 17 Section 9.6 Credit and Collection Policy 17 SECTION 10. NEGATIVE COVENANTS 17 Section 10.1 Minimum Consolidated Tangible Net Worth 17 Section 10.2 Interest Charges Coverage Ratio 17 Section 10.3 Limitation on Debt 17 Section 10.4 Available Asset Coverage 17 Section 10.5 Merger, Consolidation and Sale of Assets, Etcetc 39 Section 6.14. 18 Advances, Investments and Loans 40 Section 10.6 Nature 6.15. Limitation on Restrictions 42 Section 6.16. Notice of Business 20 the Creation of Subsidiaries 42 Section 10.7 Transactions with Affiliates 20 6.17. Dividends and Other Restricted Payments 42 Section 6.18. Financial Covenants 42 Section 6.19. Limitation on Non-Material Subsidiaries 42 SECTION 117. EVENTS OF DEFAULT 20 SECTION 12AND REMEDIES 43 Section 7.1. REMEDIES ON DEFAULT, ETCEvents of Default 43 Section 7.2. 22 Section 12.1 Acceleration 22 Section 12.2 Other Remedies 23 Section 12.3 Rescission 23 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. 23 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 23 Section 13.1 Registration of Notes 23 Section 13.2 Transfer and Exchange of Notes 24 Section 13.3 Replacement of Notes 24 SECTION 14. PAYMENTS ON NOTES 24 Section 14.1 Place of Payment 24 Section 14.2 Home Office Payment 24 SECTION 15. EXPENSES, ETC. 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect, Etc. 26 Section 17.4 Notes Held by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 Section 22.2 Payments Due on Non-Business Days 29 Bankruptcy Defaults 45 Section 22.3 Severability 29 7.3. Bankruptcy Defaults 45 Section 22.4 Construction 29 7.4. Collateral for Undrawn Letters of Credit 45 Section 22.5 Counterparts 30 7.5. Notice of Default 46 Section 22.6 Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENT: SCHEDULE A — Information Relating to Purchasers SCHEDULE B — Defined Terms SCHEDULE 4.9 — Changes in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries of the Company and Ownership of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — Patents, Etc7.6. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Form of Opinion of Special Counsel for the Company EXHIBIT 4.4(b) — Form of Opinion of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit and Collection Policy AMERICAN CAPITAL STRATEGIES, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (the “Company”), agrees with the purchasers listed in the attached Schedule A (the “Purchasers”) as follows:Expenses 46

Page. SECTION 1. AUTHORIZATION OF NOTES 1 SECTION 2. SALE AND PURCHASE OF NOTES 1 SECTION 3. CLOSING 1 SECTION 4. CONDITIONS TO CLOSING 2 Section 4.1 Representations and Warranties 2 Section 4.2 PerformanceCitizenship; No Default 2 Section 4.3 Compliance Certificates 2 Section 4.4 Opinions Flag of Counsel 2 Section 4.5 Purchase Permitted by Applicable Law, Etc. 2 Section 4.6 Related Transactions 3 Section 4.7 Payment Vessel; Vessel Classifications; Operation of Special Counsel Fees 3 Section 4.8 Private Placement Number 3 Section 4.9 Changes in Corporate Structure 3 Section 4.10 Funding Instructions 3 Section 4.11 Proceedings and Documents 3 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 Section 5.1 Organization; Power and Authority 3 Section 5.2 Authorization, Etc. 4 Section 5.3 Disclosure 4 Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates 4 Section 5.5 Financial Statements 5 Section 5.6 Compliance with Laws, Other Instruments, Etc. 5 Section 5.7 Governmental Authorizations, Etc. 5 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders 6 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 Section 5.11 Licenses, Permits, Etc. 6 Section 5.12 Compliance with ERISA 7 Section 5.13 Private Offering by the Company 8 Section 5.14 Use of Proceeds; Margin Regulations 8 Section 5.15 Existing Debt; Future Liens 8 Section 5.16 Foreign Assets Control Regulations, Etc. 9 Vessels 129 Section 5.17 Status under Certain Statutes 9 Designation of Subsidiaries 131 Section 5.18 Investment Company Act 9 Material Agreements 132 Section 5.19 Environmental Matters 10 Section 5.20 Notes Rank Pari Passu 10 Section 5.21 Credit and Collection Policy 10 SECTION 6. REPRESENTATIONS OF THE PURCHASERS 10 Section 6.1 Purchase for Investment 10 Section 6.2 Source of Funds 11 Section 6.3 Accredited Investor 11 SECTION 7. INFORMATION AS TO COMPANY 11 Section 7.1 Financial and Business Information 11 Section 7.2 Officer’s Certificate 13 Section 7.3 Inspection 14 SECTION 8. PREPAYMENT OF THE NOTES 14 Section 8.1 Required Prepayments 14 Section 8.2 Optional Prepayments 14 Section 8.3 Allocation of Partial Prepayments 15 Section 8.4 Maturity; Surrender, Etc. 15 Section 8.5 Purchase of Notes 15 Section 8.6 [Reserved] 15 SECTION 9. AFFIRMATIVE COVENANTS 16 Section 9.1 Compliance with Law 16 Section 9.2 Insurance 16 Section 9.3 Maintenance of Properties 16 Section 9.4 Payment of Taxes and Claims 16 Section 9.5 Corporate Existence, Etc. 17 Section 9.6 Credit and Collection Policy 17 SECTION 10. Ship Management 132 ARTICLE VI NEGATIVE COVENANTS 17 132 Section 10.1 Minimum Consolidated Tangible Net Worth 17 6.01 Indebtedness 132 Section 10.2 Interest Charges Coverage Ratio 17 6.02 Liens 134 Section 10.3 Limitation on Debt 17 6.03 Sale and Leaseback Transactions 137 Section 10.4 Available 6.04 Investments, Loans and Advances 138 Section 6.05 Mergers and Consolidations 139 Section 6.06 Asset Coverage 17 Sales 140 Section 10.5 Merger, Consolidation and Sale of Assets, Etc. 18 6.07 Acquisitions 142 Section 10.6 Nature of Business 20 6.08 Dividends 142 Section 10.7 6.09 Transactions with Affiliates 20 SECTION 11143 Section 6.10 Financial Covenant 144 Section 6.11 Prepayments of Other Indebtedness; Modifications of Organizational Documents and Certain Other Documents, etc. EVENTS OF DEFAULT 20 SECTION 12144 Section 6.12 Limitation on Certain Restrictions on Subsidiaries 145 Section 6.13 Limitation on Issuance of Capital Stock 145 Section 6.14 Business 146 Section 6.15 Limitation on Accounting Changes 146 Section 6.16 Fiscal Periods 146 Section 6.17 No Further Negative Pledge 146 Section 6.18 Anti-Terrorism Law; Anti-Money Laundering 147 Section 6.19 Embargoed Person 147 Section 6.20 Restrictions on Chartering, etc. REMEDIES ON DEFAULT, ETC. 22 147 Section 12.1 Acceleration 22 6.21 Additional Holdings Covenants 147 Section 12.2 Other 6.22 Amended Reorganization Plan and Confirmation Order 147 ARTICLE VII GUARANTEE 148 Section 7.01 The Guarantee 148 Section 7.02 Obligations Unconditional 149 Section 7.03 Reinstatement 149 Section 7.04 Subrogation; Subordination 149 Section 7.05 Remedies 23 149 Section 12.3 Rescission 23 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. 23 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 23 Section 13.1 Registration of Notes 23 Section 13.2 Transfer and Exchange of Notes 24 Section 13.3 Replacement of Notes 24 SECTION 14. PAYMENTS ON NOTES 24 Section 14.1 Place of Payment 24 Section 14.2 Home Office Payment 24 SECTION 15. EXPENSES, ETC. 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect, Etc. 26 Section 17.4 Notes Held by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 Section 22.2 Payments Due on Non-Business Days 29 Section 22.3 Severability 29 Section 22.4 Construction 29 Section 22.5 Counterparts 30 Section 22.6 Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENT: SCHEDULE A — Information Relating to Purchasers SCHEDULE B — Defined Terms SCHEDULE 4.9 — Changes in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries of the Company and Ownership of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — Patents, Etc. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Form of Opinion of Special Counsel 7.06 Instrument for the Company EXHIBIT 4.4(b) — Form Payment of Opinion Money 149 Section 7.07 Continuing Guarantee 150 Section 7.08 General Limitation on Guarantee Obligations 150 Section 7.09 Release of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit and Collection Policy AMERICAN CAPITAL STRATEGIES, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (the “Company”), agrees with the purchasers listed in the attached Schedule A (the “Purchasers”) as follows:Guarantors 150 Section 7.10 Right of Contribution 150 Section 7.11 Keepwell 150

Page. SECTION 1. AUTHORIZATION OF NOTES 1 SECTION 2. SALE AND PURCHASE OF NOTES 1 SECTION 3. CLOSING 1 SECTION 4. CONDITIONS TO CLOSING 2 Section 4.1 Representations and Warranties 2 Section 4.2 Performance; No Default 2 Section 4.3 Compliance Certificates 2 Section 4.4 Opinions of Counsel 2 Section 4.5 Purchase Permitted by Applicable Law, Etc. 2 Section 4.6 Related Transactions 3 Section 4.7 Payment of Special Counsel Fees 3 Section 4.8 Private Placement Number 3 Section 4.9 Changes in Corporate Structure 3 Section 4.10 Funding Instructions 3 Section 4.11 Proceedings and Documents 3 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 Section 5.1 Organization; Power and Authority 3 Section 5.2 Authorization, Etc. 4 Section 5.3 Disclosure 4 Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates 4 Section 5.5 Financial Statements 5 Section 5.6 Compliance with Laws, Other Instruments, Etc. 5 Section 5.7 Governmental Authorizations, Etc. 5 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders 6 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 7 Section 5.11 Licenses, Permits, Etc. 6 Etc 7 Section 5.12 Compliance with ERISA 7 8 Section 5.13 Private Offering by the Company 8 9 Section 5.14 Use of Proceeds; Margin Regulations 8 9 Section 5.15 Existing Debt; Future Liens 8 9 Section 5.16 Foreign Assets Control Regulations, Etc. 9 Etc 10 Section 5.17 Status under Certain Statutes 9 10 Section 5.18 Investment Company Act 9 10 Section 5.19 Environmental Matters 10 11 Section 5.20 Notes Rank Pari Passu 10 11 Section 5.21 Credit and Collection Policy 10 11 SECTION 6. REPRESENTATIONS OF THE PURCHASERS 10 11 Section 6.1 Purchase for Investment 10 11 Section 6.2 Source of Funds 11 12 Section 6.3 Accredited Investor 11 13 SECTION 7. INFORMATION AS TO COMPANY 11 13 Section 7.1 Financial and Business Information 11 13 Section 7.2 Officer’s Certificate 13 15 Section 7.3 Inspection 14 16 SECTION 8. PREPAYMENT OF THE NOTES 14 16 Section 8.1 Required Prepayments 14 16 Section 8.2 Optional Prepayments 14 with Make-Whole Amount 16 Section 8.3 Prepayment for Tax Reasons 17 Section 8.4 Allocation of Partial Prepayments 15 18 Section 8.4 8.5 Maturity; Surrender, Etc. 15 Etc 18 Section 8.5 8.6 Purchase of Notes 15 18 Section 8.6 [Reserved] 15 8.7 Make-Whole Amount 18 Section 8.8 Payments Free and Clear of Taxes 20 SECTION 9. AFFIRMATIVE COVENANTS 16 23 Section 9.1 Compliance with Law 16 Section 9.2 Insurance 16 Section 9.3 Maintenance of Properties 16 Section 9.4 Payment of Taxes and Claims 16 Section 9.5 Corporate Existence, Etc. 17 Section 9.6 Credit and Collection Policy 17 SECTION 10. NEGATIVE COVENANTS 17 Section 10.1 Minimum Consolidated Tangible Net Worth 17 Section 10.2 Interest Charges Coverage Ratio 17 Section 10.3 Limitation on Debt 17 Section 10.4 Available Asset Coverage 17 Section 10.5 Merger, Consolidation and Sale of Assets, Etc. 18 Section 10.6 Nature of Business 20 Section 10.7 Transactions with Affiliates 20 SECTION 11. EVENTS OF DEFAULT 20 SECTION 12. REMEDIES ON DEFAULT, ETC. 22 Section 12.1 Acceleration 22 Section 12.2 Other Remedies 23 Section 12.3 Rescission 23 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. 23 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 23 Section 13.1 Registration of Notes 23 Section 13.2 Transfer and Exchange of Notes 24 Section 13.3 Replacement of Notes 24 SECTION 14. PAYMENTS ON NOTES 24 Section 14.1 Place of Payment 24 Section 14.2 Home Office Payment 24 SECTION 15. EXPENSES, ETC. 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect, Etc. 26 Section 17.4 Notes Held by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 Section 22.2 Payments Due on Non-Business Days 29 Section 22.3 Severability 29 Section 22.4 Construction 29 Section 22.5 Counterparts 30 Section 22.6 Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENT: SCHEDULE A — Information Relating to Purchasers SCHEDULE B — Defined Terms SCHEDULE 4.9 — Changes in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries of the Company and Ownership of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — Patents, Etc. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Form of Opinion of Special Counsel for the Company EXHIBIT 4.4(b) — Form of Opinion of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit and Collection Policy AMERICAN CAPITAL STRATEGIES, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (the “Company”), agrees with the purchasers listed in the attached Schedule A (the “Purchasers”) as follows:HEADING

Page. SECTION 1. AUTHORIZATION OF NOTES 1 SECTION 2. SALE AND PURCHASE OF NOTES 1 SECTION 3. CLOSING 1 SECTION 4. CONDITIONS TO CLOSING 2 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 100 Section 4.1 Representations and Warranties 2 4.02 Presumption of Payment by the Borrower 101 Section 4.2 Performance4.03 Certain Deductions by the Administrative Agent 101 Section 4.04 Disposition of Proceeds 102 Section 5.01 Increased Costs 102 Section 5.02 Break Funding Payments 103 Section 5.03 Taxes 104 Section 5.04 Mitigation Obligations; Replacement of Lenders 107 Section 5.05 Illegality 108 Section 6.01 Effective Date 108 Section 6.02 Each Credit Event 111 Section 7.01 Organization; Powers 112 Section 7.02 Authority; Enforceability 112 Section 7.03 Approvals; No Default 2 Conflicts 113 Section 4.3 7.04 Financial Condition; No Material Adverse Change 113 Section 7.05 Litigation 113 Section 7.06 Environmental Matters 114 Section 7.07 Compliance Certificates 2 with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 115 Section 4.4 Opinions 7.08 Investment Company Act 115 Section 7.09 Taxes 115 Section 7.10 ERISA 115 Section 7.11 Disclosure; No Material Misstatements 116 Section 7.12 Insurance 117 Section 7.13 Restriction on Liens 117 Section 7.14 Subsidiaries 118 Section 7.15 Location of Counsel 2 Business and Offices 118 Section 4.5 Purchase Permitted by Applicable Law7.16 Properties; Titles, Etc. 2 118 Section 4.6 Related 7.17 Maintenance of Properties 119 Section 7.18 Gas Imbalances, Prepayments 119 Section 7.19 Marketing of Production 120 Section 7.20 Swap Agreements and Qualified ECP Counterparty 120 Section 7.21 Use of Loans and Letters of Credit 120 Section 7.22 Solvency 120 Section 7.23 Anti-Corruption Laws and Sanctions; USA Patriot Act 121 Section 7.24 Affected Financial Institutions 121 Section 7.25 Plan Assets; Prohibited Transactions 3 121 Section 4.7 8.01 Financial Statements; Other Information 121 Section 8.02 Notices of Material Events 126 Section 8.03 Existence; Conduct of Business 126 Section 8.04 Payment of Special Counsel Fees 3 Obligations 127 Section 4.8 Private Placement Number 3 8.05 Performance of Obligations under Loan Documents 127 Section 4.9 Changes in Corporate Structure 3 8.06 Operation and Maintenance of Properties 127 Section 4.10 Funding Instructions 3 8.07 Insurance 128 Section 4.11 Proceedings 8.08 Books and Documents 3 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 Records; Inspection Rights 128 Section 5.1 Organization; Power and Authority 3 Section 5.2 Authorization, Etc. 4 Section 5.3 Disclosure 4 Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates 4 Section 5.5 Financial Statements 5 Section 5.6 8.09 Compliance with Laws, Other Instruments, Etc. 5 Laws 128 Section 5.7 Governmental Authorizations, Etc. 5 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders 6 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 Section 5.11 Licenses, Permits, Etc. 6 Section 5.12 Compliance with ERISA 7 Section 5.13 Private Offering by the Company 8 Section 5.14 Use of Proceeds; Margin Regulations 8 Section 5.15 Existing Debt; Future Liens 8 Section 5.16 Foreign Assets Control Regulations, Etc. 9 Section 5.17 Status under Certain Statutes 9 Section 5.18 Investment Company Act 9 Section 5.19 8.10 Environmental Matters 10 129 Section 5.20 Notes Rank 8.11 Further Assurances 130 Section 8.12 Reserve Reports 130 Section 8.13 Title Information 131 Section 8.14 Collateral and Guaranty Agreements 132 Section 8.15 ERISA Compliance 134 Section 8.16 Unrestricted Subsidiaries 134 Section 8.17 Commodity Exchange Act Keepwell Provisions 135 Section 9.01 Financial Covenants 135 Section 9.02 Debt 136 Section 9.03 Liens 137 Section 9.04 Dividends and Distributions and Redemptions of Permitted Senior Unsecured Notes, Permitted Junior Lien Debt or Permitted Pari Passu 10 Term Loan Debt 138 Section 5.21 Credit 9.05 Investments, Loans and Collection Policy 10 SECTION 6. REPRESENTATIONS OF THE PURCHASERS 10 Advances 140 Section 6.1 Purchase for Investment 10 9.06 Designation and Conversion of Restricted and Unrestricted Subsidiaries 142 Section 6.2 Source 9.07 Nature of Funds 11 Business; No International Operations 142 Section 6.3 Accredited Investor 11 SECTION 7. INFORMATION AS TO COMPANY 11 Section 7.1 Financial and Business Information 11 Section 7.2 Officer’s Certificate 13 Section 7.3 Inspection 14 SECTION 8. PREPAYMENT OF THE NOTES 14 Section 8.1 Required Prepayments 14 Section 8.2 Optional Prepayments 14 Section 8.3 Allocation of Partial Prepayments 15 Section 8.4 Maturity; Surrender, Etc. 15 Section 8.5 Purchase 9.08 Proceeds of Notes 15 143 Section 8.6 9.09 ERISA Compliance 143 Section 9.10 Sale or Discount of Receivables 143 Section 9.11 Mergers, Etc 144 Section 9.12 Sale of Properties and Termination of Swap Agreements 144 Section 9.13 Transactions with Affiliates 146 Section 9.14 Subsidiaries 147 Section 9.15 Negative Pledge Agreements; Dividend Restrictions 147 Section 9.16 Gas Imbalances, Take-or-Pay or Other Prepayments 147 Section 9.17 Swap Agreements 148 Section 10.01 Events of Default 150 Section 10.02 Remedies 152 Section 10.03 Credit Bidding 154 Section 11.01 Appointment; Powers 155 Section 11.02 Duties and Obligations of Administrative Agent 155 Section 11.03 Action by Administrative Agent 156 Section 11.04 Reliance by Administrative Agent 157 Section 11.05 Subagents 157 Section 11.06 Resignation of Administrative Agent 157 Section 11.07 Agents as Lenders 157 Section 11.08 No Reliance 158 Section 11.09 Administrative Agent May File Proofs of Claim 158 Section 11.10 Authority of Administrative Agent to Release Collateral, Liens and Guarantors 159 Section 11.11 Agents 160 Section 11.12 Certain ERISA Matters 161 Section 11.13 Intercreditor Agreement 162 Section 11.14 Erroneous Payments 162 Section 12.01 Notices 163 Section 12.02 Waivers; Amendments 165 Section 12.03 Expenses, Indemnity; Damage Waiver 167 Section 12.04 Successors and Assigns 170 Section 12.05 Survival; Revival; Reinstatement 173 Section 12.06 Counterparts; Integration; Effectiveness 174 Section 12.07 Severability 174 Section 12.08 Right of Setoff 175 SECTION 12.09 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS 175 Section 12.10 Headings 176 Section 12.11 Confidentiality 176 Section 12.12 Interest Rate Limitation 177 SECTION 12.13 EXCULPATION PROVISIONS 178 Section 12.14 Collateral Matters; Swap Agreements 179 Section 12.15 No Third Party Beneficiaries 179 Section 12.16 USA Patriot Act Notice 179 Section 12.17 No Advisory or Fiduciary Responsibility 179 Section 12.18 Amendment and Restatement 180 Section 12.19 [Reserved] 15 SECTION 9. AFFIRMATIVE COVENANTS 16 180 Section 9.1 12.20 Acknowledgement and Consent to Bail-In of Affected Financial Institutions 180 Section 12.21 [Reserved] 181 Section 12.22 Acknowledgment Regarding Any Qualified QFCs 181 Annex I Allocation of Maximum Credit Amount and Elected Revolving Commitments ▇▇▇▇▇ ▇▇ Existing Letters of Credit ▇▇▇▇▇ ▇▇▇ LC Issuance Limits Exhibit A-1 Form of Note (Revolving Loans) Exhibit A-2 Form of Note (Term Loans) Exhibit B-1 Form of Borrowing Request Exhibit B-2 Form of Swingline Loan Notice Exhibit C Form of Interest Election Request Exhibit D Form of Compliance with Law 16 Section 9.2 Insurance 16 Section 9.3 Maintenance Certificate Exhibit E Security Instruments as of Properties 16 Section 9.4 Payment the Effective Date Exhibit F Form of Taxes Guaranty Agreement Exhibit G Form of Security Agreement Exhibit H Form of Assignment and Claims 16 Section 9.5 Corporate Existence, Etc. 17 Section 9.6 Credit and Collection Policy 17 SECTION 10. NEGATIVE COVENANTS 17 Section 10.1 Minimum Consolidated Tangible Net Worth 17 Section 10.2 Interest Charges Coverage Ratio 17 Section 10.3 Limitation on Debt 17 Section 10.4 Available Asset Coverage 17 Section 10.5 Merger, Consolidation and Sale Assumption Exhibit I-1 Form of Assets, Etc. 18 Section 10.6 Nature U.S. Tax Compliance Certificate (Foreign Lenders; not partnerships) Exhibit I-2 Form of Business 20 Section 10.7 Transactions with Affiliates 20 SECTION 11. EVENTS OF DEFAULT 20 SECTION 12. REMEDIES ON DEFAULT, ETC. 22 Section 12.1 Acceleration 22 Section 12.2 Other Remedies 23 Section 12.3 Rescission 23 Section 12.4 No Waivers or Election U.S. Tax Compliance Certificate (Foreign Participants; not partnerships) Exhibit I-3 Form of Remedies, Expenses, Etc. 23 SECTION 13. REGISTRATIONU.S. Tax Compliance Certificate (Foreign Participants; EXCHANGEpartnerships) Exhibit I-4 Form of U.S. Tax Compliance Certificate (Foreign Lenders; SUBSTITUTION OF NOTES 23 Section 13.1 Registration partnerships) Exhibit J Form of Notes 23 Section 13.2 Transfer and Exchange Elected Revolving Commitment Increase Certificate Exhibit K Form of Notes 24 Section 13.3 Replacement Additional Revolving Lender Certificate Exhibit L Form of Notes 24 SECTION 14. PAYMENTS ON NOTES 24 Section 14.1 Place of Payment 24 Section 14.2 Home Office Payment 24 SECTION 15. EXPENSES, ETC. 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect, Etc. 26 Section 17.4 Notes Held by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 Section 22.2 Payments Due on Parent Joinder Agreement Schedule 1.01 Approved Counterparties Schedule 1.01(a) Secured Non-Business Days 29 Section 22.3 Severability 29 Section 22.4 Construction 29 Section 22.5 Counterparts 30 Section 22.6 Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENTLender Swap Agreements Schedule 7.05 Litigation Schedule 7.06 Environmental Matters Schedule 7.14 Subsidiaries Schedule 7.18 Gas Imbalances Schedule 7.19 Marketing Contracts Schedule 7.20 Swap Agreements Schedule 9.02 Existing Debt Schedule 9.05 Investments Schedule 9.13 Affiliate Transactions This Third Amended and Restated Credit Agreement dated as of February 18, 2022, is among: SCHEDULE A — Information Relating to Purchasers SCHEDULE B — Defined Terms SCHEDULE 4.9 — Changes in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries Permian Resources Operating, LLC, a limited liability company duly formed and existing under the laws of the Company State of Delaware and Ownership of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — Patentsformerly known as Centennial Resource Production, Etc. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Form of Opinion of Special Counsel for the Company EXHIBIT 4.4(b) — Form of Opinion of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit and Collection Policy AMERICAN CAPITAL STRATEGIES, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation LLC (the “CompanyBorrower”), agrees as the borrower; the Parent (defined below) from time to time party hereto, as a parent guarantor; each of the Lenders from time to time party hereto; and JPMorgan Chase Bank, N.A. (in its individual capacity, “JPMorgan”), as administrative agent for the Lenders (in such capacity, together with the purchasers listed its successors in the attached Schedule A (such capacity, the “PurchasersAdministrative Agent”) as follows:).

Page. SECTION 1The Credits 1 Section 1.1. AUTHORIZATION OF NOTES Revolving Credit 1 SECTION Section 1.2. Revolving Credit Loans 1 Section 1.3. Letters of Credit 2 Section 1.4. Term Credit 3 Section 1.5. Manner and Disbursement of Loans 4 Section 2. SALE AND PURCHASE OF NOTES 1 SECTION Interest and Change In Circumstances 5 Section 2.1. Interest Rate Options 5 Section 2.2. Minimum LIBOR Portions 6 Section 2.3. Computation of Interest 6 Section 2.4. Manner of Rate Selection 6 Section 2.5. Change of Law 6 Section 2.6 Unavailability of Deposits or Inability to Ascertain Adjusted LIBOR 7 Section 2.7. Taxes and Increased Costs 7 Section 2.8. Funding Indemnity 8 Section 2.9. Lending Branch 8 Section 2.10. Discretion of Lender as to Manner of Funding 8 Section 3. CLOSING 1 SECTION Fees, Prepayments, Terminations, and Applications 9 Section 3.1. Fees 9 Section 3.2. Voluntary Prepayments 9 Section 3.3. Mandatory Termination 10 Section 3.4. Voluntary Terminations 10 Section 3.5. Place and Application of Payments 10 Section 3.6. Notations 10 Section 4. CONDITIONS TO CLOSING 2 Definitions; Interpretation 11 Section 4.1 4.1. Definitions 11 Section 4.2. Interpretation 17 Section 5. Representations and Warranties 2 18 Section 4.2 Performance; No Default 2 Section 4.3 Compliance Certificates 2 Section 4.4 Opinions of Counsel 2 Section 4.5 Purchase Permitted by Applicable Law, Etc5.1. 2 Section 4.6 Related Transactions 3 Section 4.7 Payment of Special Counsel Fees 3 Section 4.8 Private Placement Number 3 Section 4.9 Changes in Corporate Structure 3 Section 4.10 Funding Instructions 3 Section 4.11 Proceedings and Documents 3 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 Section 5.1 Organization; Power and Authority 3 Section 5.2 Authorization, Etc. 4 Section 5.3 Disclosure 4 Section 5.4 Organization and Ownership Qualification 18 Section 5.2. Subsidiaries 18 Section 5.3. Corporate Authority and Validity of Shares of Subsidiaries; Affiliates 4 Obligations 19 Section 5.5 Financial Statements 5 Section 5.6 Compliance with Laws, Other Instruments, Etc5.4. 5 Section 5.7 Governmental Authorizations, Etc. 5 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders 6 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 Section 5.11 Licenses, Permits, Etc. 6 Section 5.12 Compliance with ERISA 7 Section 5.13 Private Offering by the Company 8 Section 5.14 Use of Proceeds; Margin Regulations 8 Stock 19 Section 5.15 Existing Debt5.5. Financial Reports 19 Section 5.6. No Material Adverse Change 20 Section 5.7. Full Disclosure 20 Section 5.8. Good Title 20 Section 5.9. Litigation and Other Controversies 20 Section 5.10. Taxes 20 Section 5.11. Approvals 21 Section 5.12. Affiliate Transactions 21 Section 5.13. Investment Company; Future Liens 8 Public Utility Holding Company 21 Section5.14. ERISA 21 Section5.15. Compliance with Laws 21 Section 5.16 Foreign Assets Control Regulations, Etc5.16. 9 Other Agreements 22 Section 5.17 Status under Certain Statutes 9 5.17. Merger 22 Section 5.18 Investment Company Act 9 5.18. No Default 22 Section 5.19 Environmental Matters 10 Section 5.20 Notes Rank Pari Passu 10 Section 5.21 Credit and Collection Policy 10 SECTION 6. REPRESENTATIONS OF THE PURCHASERS 10 Conditions Precedent 22 Section 6.1 Purchase for Investment 10 6.1. All Advances 23 Section 6.2 Source of Funds 11 6.2. Initial Advance 23 Section 6.3 Accredited Investor 11 SECTION 7. INFORMATION AS TO COMPANY 11 Covenants 24 Section 7.1 Financial and 7.1. Maintenance of Business Information 11 24 Section 7.2 Officer’s Certificate 13 Section 7.3 Inspection 14 SECTION 87.2. PREPAYMENT OF THE NOTES 14 Section 8.1 Required Prepayments 14 Section 8.2 Optional Prepayments 14 Section 8.3 Allocation of Partial Prepayments 15 Section 8.4 Maturity; Surrender, Etc. 15 Section 8.5 Purchase of Notes 15 Section 8.6 [Reserved] 15 SECTION 9. AFFIRMATIVE COVENANTS 16 Section 9.1 Compliance with Law 16 Section 9.2 Insurance 16 Section 9.3 Maintenance of Properties 16 25 Section 9.4 Payment of 7.3. Taxes and Claims 16 Assessments 25 Section 9.5 Corporate Existence, Etc7.4. 17 Insurance 25 Section 9.6 Credit and Collection Policy 17 SECTION 107.5. NEGATIVE COVENANTS 17 Financial Reports 26 Section 10.1 Minimum Consolidated Tangible 7.6. Inspection 27 Section 7.7. Non-Performing Assets 28 Section 7.8. Regulatory Capital Requirements 28 Section 7.9. Adjusted Net Worth 17 28 Section 10.2 Interest Charges Coverage Ratio 17 7.10. Adjusted Net Income 28 Section 10.3 Limitation on Debt 17 7.11. Indebtedness for Borrowed Money 28 Section 10.4 Available Asset Coverage 17 7.12. Liens 30 Section 10.5 Merger, Consolidation 7.13. Mergers and Sale Consolidations 30 Section 7.14. Maintenance of Assets, EtcSubsidiaries 30 Section 7.15. 18 Dividends and Certain Other Restricted Payments 30 Section 10.6 7.16. ERISA 30 Section 7.17. Compliance with Laws 30 Section 7.18. Burdensome Contracts With Affiliates 31 Section 7.19. Change in the Nature of Business 20 31 Section 10.7 Transactions with Affiliates 20 SECTION 117.20. EVENTS OF DEFAULT 20 SECTION 12Subordinated Debt 31 Section 8. REMEDIES ON DEFAULT, ETCEvents of Default and Remedies 31 Section 8.1. 22 Events of Default 31 Section 12.1 Acceleration 22 Section 12.2 Other Remedies 23 Section 12.3 Rescission 23 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc8.2. 23 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 23 Section 13.1 Registration of Notes 23 Section 13.2 Transfer and Exchange of Notes 24 Section 13.3 Replacement of Notes 24 SECTION 14. PAYMENTS ON NOTES 24 Section 14.1 Place of Payment 24 Section 14.2 Home Office Payment 24 SECTION 15. EXPENSES, ETC. 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect, Etc. 26 Section 17.4 Notes Held by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 Section 22.2 Payments Due on Non-Business Days 29 Bankruptcy Defaults 33 Section 22.3 Severability 29 8.3. Bankruptcy Defaults 33 Section 22.4 Construction 29 Section 22.5 Counterparts 30 Section 22.6 Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENT: SCHEDULE A — Information Relating to Purchasers SCHEDULE B — Defined Terms SCHEDULE 4.9 — Changes in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries 8.4. Collateral for Undrawn Letters of the Company and Ownership of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — Patents, Etc. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Form of Opinion of Special Counsel for the Company EXHIBIT 4.4(b) — Form of Opinion of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit and Collection Policy AMERICAN CAPITAL STRATEGIES, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (the “Company”), agrees with the purchasers listed in the attached Schedule A (the “Purchasers”) as follows:34

Page. SECTION 1. AUTHORIZATION OF NOTES 1 SECTION 2. SALE AND PURCHASE OF NOTES 1 SECTION 3. Section 7.2 Ordinary Course 6 Section 7.3 Work Diligently Towards Closing 7 Section 7.4 Prompt Notification of Breach 7 ARTICLE VIII POST-CLOSING 1 SECTION 4. CONDITIONS TO CLOSING 2 COVENANTS 7 Section 4.1 Representations and Warranties 2 8.1 Maintenance of Existence 7 Section 4.2 Performance; No Default 2 Section 4.3 Compliance Certificates 2 Section 4.4 Opinions of Counsel 2 Section 4.5 Purchase Permitted by Applicable Law, Etc. 2 Section 4.6 Related Transactions 3 Section 4.7 Payment of Special Counsel Fees 3 Section 4.8 Private Placement Number 3 Section 4.9 Changes in Corporate Structure 3 Section 4.10 Funding Instructions 3 Section 4.11 Proceedings and Documents 3 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 Section 5.1 Organization; Power and Authority 3 Section 5.2 Authorization, Etc. 4 Section 5.3 Disclosure 4 Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates 4 Section 5.5 Financial Statements 5 Section 5.6 8.2 Compliance with Laws, Other Instruments, Etc. 5 Laws 7 Section 5.7 Governmental Authorizations, Etc. 5 8.3 Use of Royal Gold Payment Proceeds 7 Section 5.8 Litigation; Observance 8.4 Taxes 7 Section 8.5 Protection from Liens and Encumbrances and Defense of Agreements, Statutes and Orders 6 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 Section 5.11 Licenses, Permits, Etc. 6 Section 5.12 Compliance with ERISA Properties 7 Section 5.13 Private Offering by the Company 8.6 Mine-Based Environmental Professional 7 Section 8.7 Rail Siding 8 Section 5.14 Use of Proceeds; Margin Regulations 8.8 Final Marketing Agreement 8 Section 5.15 Existing Debt; Future Liens 8.9 Inspection and Maintenance of Tailings Pipeline 8 Section 5.16 Foreign Assets Control Regulations, Etc. 8.10 Royal Gold Right to Notice and Option to Cure in Event of Genesis Default under Kennecott Note or Mortgage 8 ARTICLE IX TERMINATION 9 Section 5.17 Status under Certain Statutes 9.1 Right to Terminate 9 Section 5.18 Investment Company Act 9.2 Effect of Termination 9 Section 5.19 Environmental Matters 9.3 Due Diligence Information to be Provided to Genesis 9 ARTICLE X GENERAL PROVISIONS 10 Section 5.20 Notes Rank Pari Passu 10.1 Confidentiality 10 Section 5.21 Credit and Collection Policy 10 SECTION 6. REPRESENTATIONS OF THE PURCHASERS 10.2 Expenses 10 Section 6.1 Purchase for Investment 10.3 Amendments 10 Section 6.2 Source of Funds 11 Section 6.3 Accredited Investor 11 SECTION 7. INFORMATION AS TO COMPANY 11 Section 7.1 Financial and Business Information 11 Section 7.2 Officer’s Certificate 13 Section 7.3 Inspection 14 SECTION 8. PREPAYMENT OF THE NOTES 14 Section 8.1 Required Prepayments 14 Section 8.2 Optional Prepayments 14 Section 8.3 Allocation of Partial Prepayments 15 Section 8.4 Maturity; Surrender, Etc. 15 Section 8.5 Purchase of Notes 15 Section 8.6 [Reserved] 15 SECTION 9. AFFIRMATIVE COVENANTS 16 Section 9.1 Compliance with Law 16 Section 9.2 Insurance 16 Section 9.3 Maintenance of Properties 16 Section 9.4 Payment of Taxes and Claims 16 Section 9.5 Corporate Existence, Etc. 17 Section 9.6 Credit and Collection Policy 17 SECTION 10. NEGATIVE COVENANTS 17 Section 10.1 Minimum Consolidated Tangible Net Worth 17 Section 10.2 Interest Charges Coverage Ratio 17 Section 10.3 Limitation on Debt 17 Section 10.4 Available Asset Coverage 17 Section 10.5 Merger, Consolidation and Sale of Assets, Etc. 18 Section 10.6 Nature of Business 20 Section 10.7 Transactions with Affiliates 20 SECTION 11. EVENTS OF DEFAULT 20 SECTION 12. REMEDIES ON DEFAULT, ETC. 22 Section 12.1 Acceleration 22 Section 12.2 Other Remedies 23 Section 12.3 Rescission 23 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. 23 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 23 Section 13.1 Registration of Notes 23 Section 13.2 Transfer and Exchange of Notes 24 Section 13.3 Replacement of Notes 24 SECTION 14. PAYMENTS ON NOTES 24 Section 14.1 Place of Payment 24 Section 14.2 Home Office Payment 24 SECTION 15. EXPENSES, ETC. 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect, Etc. 26 Section 17.4 Notes Held by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 10 Section 22.2 Payments Due on Non-Business Days 29 10.5 Entire Agreement 10 Section 22.3 Severability 29 10.6 No Waiver 10 Section 22.4 Construction 29 10.7 Notices 11 Section 22.5 Counterparts 30 Section 22.6 10.8 Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENT: SCHEDULE 11 Section 10.9 Exhibits 11 Section 10.10 Headings 11 Section 10.11 Counterparts 12 Section 10.12 Authority 12 Exhibit A Part I — Information Relating to Purchasers SCHEDULE Description of Properties Part II — Liens and Encumbrances Exhibit B — Defined Terms SCHEDULE 4.9 — Changes in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries Feasibility Study Budget Exhibit C Deed of the Company and Ownership of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — Patents, Etc. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Production Payment Exhibit D Form of Opinion of Special Counsel for Genesis and Revett Exhibit E Description of Litigation THIS PRODUCTION PAYMENT AGREEMENT (“Agreement”) is made and entered into effective as of the Company EXHIBIT 4.4(b) — Form 13th day of Opinion of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit October, 2004, by and Collection Policy AMERICAN CAPITAL STRATEGIESbetween ROYAL GOLD, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTDINC., a Delaware corporation (the “CompanyRoyal Gold”), agrees with the purchasers listed in the attached Schedule A and GENESIS INC., a Montana corporation (the “PurchasersGenesis”) as follows:).

Page. SECTION 1Issuer’s, Trustee’s, and Fiscal Agent’s Expenses; Release and Indemnification Provisions 11 Section 6.3. AUTHORIZATION OF NOTES 1 SECTION 2Maintenance of Existence 12 Section 6.4. SALE Agreement of Issuer Not to Assign or Pledge 12 Section 6.5. Redemption of Bonds 12 Section 6.6. Reference to Bonds Ineffective After Bonds Paid 13 Section 6.7. Assignment, Sale or Lease of Project 13 Section 6.8. Financing Statements 13 Section 6.9. Compliance with Credit Agreement 13 Section 6.10. Inspection of Project 13 Section 6.11. Project List 13 Section 6.12. No Warranty of Condition or Suitability by Issuer 13 Section 6.13 Depreciation and Investment Tax Credit 14 Section 6.14. Alteration of Project 14 Section 6.15. Release of Certain Land from the Agreement 14 Section 6.16. Removal of Project Equipment 15 Section 6.17. Additions to Project 16 Section 6.18. Gross Receipts and Compensating Tax 16 Section 6.19. Assessment in the Company’s Name 16 Section 6.20. Payment in Lieu of Taxes 17 Section 6.21. Employment Matters 17 ARTICLE VII—DEFAULT AND PURCHASE OF NOTES 1 SECTION 3REMEDIES 17 Section 7.1. CLOSING 1 SECTION 4Events of Default 17 Section 7.2. CONDITIONS TO CLOSING 2 Remedies 18 Section 4.1 Representations and Warranties 2 7.3. No Remedies Exclusive 19 Section 4.2 Performance; No Default 2 Section 4.3 Compliance Certificates 2 Section 4.4 Opinions of Counsel 2 Section 4.5 Purchase Permitted by Applicable Law, Etc7.4. 2 Section 4.6 Related Transactions 3 Section 4.7 Payment of Special Agreement to Pay Counsel Fees 3 and Expenses 19 Section 4.8 Private Placement Number 3 7.5. Waiver of Events of Default and Rescission of Acceleration 19 ARTICLE VIII—SUPPLEMENTAL LEASE AGREEMENTS 20 Section 4.9 Changes 8.1. Supplemental Lease Agreements without Consent of Bondowners 20 Section 8.2. Supplemental Lease Agreements with Consent of Bondowners 20 Section 8.3. Execution of Supplemental Lease Agreements 20 Section 8.4. Effect of Supplemental Lease Agreements 21 Section 8.5. Reference in Corporate Structure 3 Bonds to Supplemental Lease Agreements 21 ARTICLE IX—PREPAYMENT AND ACCELERATION OF LEASE PAYMENTS 21 Section 4.10 Funding Instructions 3 Section 4.11 Proceedings and Documents 3 SECTION 59.1. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 Section 5.1 Organization; Power and Authority 3 Section 5.2 Authorization, Etc. 4 Section 5.3 Disclosure 4 Section 5.4 Organization and Ownership Prepayment at the Option of Shares of Subsidiaries; Affiliates 4 Section 5.5 Financial Statements 5 Section 5.6 Compliance with Laws, Other Instruments, Etc. 5 Section 5.7 Governmental Authorizations, Etc. 5 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders 6 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 Section 5.11 Licenses, Permits, Etc. 6 Section 5.12 Compliance with ERISA 7 Section 5.13 Private Offering by the Company 8 21 Section 5.14 Use 9.2. 21 Section 9.3. Mandatory Prepayment Upon Certain Events 21 Section 9.4. Right to Prepay at Any Time 21 Section 9.5. Notice of Proceeds; Margin Regulations 8 Prepayment 21 Section 5.15 Existing Debt; Future Liens 8 9.6. Precedence of this Article 22 ARTICLE X—OPTION TO PURCHASE THE PROJECT 22 Section 5.16 Foreign Assets Control Regulations, Etc10.1. 9 Option to Purchase the Project 22 Section 5.17 Status under Certain Statutes 9 10.2. Conveyance of the Project and Site 22 Section 5.18 Investment Company Act 9 10.3. Relative Position of Option and Indenture 23 Section 5.19 Environmental Matters 10 Section 5.20 Notes Rank Pari Passu 10 Section 5.21 Credit and Collection Policy 10 SECTION 610.4. REPRESENTATIONS OF THE PURCHASERS 10 Section 6.1 Purchase for Investment 10 Section 6.2 Source of Funds 11 Section 6.3 Accredited Investor 11 SECTION 7. INFORMATION AS TO COMPANY 11 Section 7.1 Financial and Business Information 11 Section 7.2 Officer’s Certificate 13 Section 7.3 Inspection 14 SECTION 8. PREPAYMENT OF THE NOTES 14 Section 8.1 Required Prepayments 14 Section 8.2 Optional Prepayments 14 Section 8.3 Allocation of Partial Prepayments 15 Section 8.4 Maturity; Surrender, Etc. 15 Section 8.5 Mandatory Purchase of Notes 15 Section 8.6 [Reserved] 15 SECTION 9. AFFIRMATIVE COVENANTS 16 Section 9.1 Compliance with Law 16 Section 9.2 Insurance 16 Section 9.3 Maintenance of Properties 16 Section 9.4 Payment of Taxes and Claims 16 Section 9.5 Corporate Existence, Etc. 17 Section 9.6 Credit and Collection Policy 17 SECTION 10. NEGATIVE COVENANTS 17 Section 10.1 Minimum Consolidated Tangible Net Worth 17 Section 10.2 Interest Charges Coverage Ratio 17 Section 10.3 Limitation on Debt 17 Section 10.4 Available Asset Coverage 17 Section 10.5 Merger, Consolidation and Sale of Assets, Etc. 18 Section 10.6 Nature of Business 20 Section 10.7 Transactions with Affiliates 20 SECTION 11. EVENTS Project Property 23 ARTICLE XI—TERM AND TERMINATION OF DEFAULT 20 SECTION 12. REMEDIES ON DEFAULT, ETC. 22 Section 12.1 Acceleration 22 Section 12.2 Other Remedies LEASE AGREEMENT 23 Section 12.3 Rescission 11.1. Term of Lease Agreement 23 Section 12.4 No Waivers or Election 11.2. Termination and Discharge of Remedies, Expenses, Etc. 23 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES Lease Agreement 23 Section 13.1 Registration of Notes 11.3. Amounts Remaining in Funds 23 Section 13.2 Transfer and Exchange of Notes ARTICLE XII—MISCELLANEOUS PROVISIONS 24 Section 13.3 Replacement of Notes 24 SECTION 1412.1. PAYMENTS ON NOTES Notices 24 Section 14.1 Place of Payment 12.2. Further Assurances 24 Section 14.2 Home Office Payment 24 SECTION 1512.3. EXPENSES, ETC. 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect, Etc. 26 Section 17.4 Notes Held by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 Section 22.2 Payments Due on Non-Business Days 29 Saturdays, Sundays and Holidays 24 Section 22.3 12.4. Issuer’s Obligations Limited 24 Section 12.5. Immunity of Officers, Employees and Directors of the Issuer and the Company 25 Section 12.6. Net Lease 25 Section 12.7. Benefit of Lease Agreement 25 Section 12.8. Severability 29 26 Section 22.4 Construction 29 12.9. Amendments, Changes and Modifications 26 Section 22.5 12.10. Counterparts 30 26 Section 22.6 12.11. Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENT: SCHEDULE A — Information Relating to Purchasers SCHEDULE B — Defined Terms SCHEDULE 4.9 — Changes in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries 26 THIS LEASE AGREEMENT (the “Lease Agreement” or “Agreement”), dated as of September 1, 2005 between Bernalillo County, New Mexico (the Company “Issuer”), and Ownership of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — PatentsTempur Production USA, Etc. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Form of Opinion of Special Counsel for the Company EXHIBIT 4.4(b) — Form of Opinion of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit and Collection Policy AMERICAN CAPITAL STRATEGIES, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTD.Inc., a Delaware corporation Virginia Corporation (the “Company”), agrees with the purchasers listed in the attached Schedule A (the “Purchasers”) as follows:;

Page. SECTION 1. AUTHORIZATION OF NOTES 1 SECTION 2. SALE AND PURCHASE OF NOTES 1 SECTION 3. CLOSING 1 SECTION 4. CONDITIONS TO CLOSING Definitions 2 Section 4.1 Representations and Warranties 1.1 Use of Defined Terms 2 Section 4.2 Performance; No Default 1.2 Definitions 2 Section 4.3 Compliance Certificates 2 1.3 Certain Words and References 7 Article II — Determination and Representations 8 Section 4.4 Opinions 2.1 Determinations of Counsel 2 the Director 8 Section 4.5 Purchase Permitted by Applicable Law2.2 Representations, Etc. 2 Section 4.6 Related Transactions 3 Section 4.7 Payment Warranties and Agreements of Special Counsel Fees 3 Section 4.8 Private Placement Number 3 Section 4.9 Changes in Corporate Structure 3 Section 4.10 Funding Instructions 3 Section 4.11 Proceedings and Documents 3 SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 Section 5.1 Organization; Power and Authority 3 Section 5.2 Authorization, Etc. 4 Section 5.3 Disclosure 4 Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates 4 Section 5.5 Financial Statements 5 Section 5.6 Compliance with Laws, Other Instruments, Etc. 5 Section 5.7 Governmental Authorizations, Etc. 5 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders 6 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 Section 5.11 Licenses, Permits, Etc. 6 Section 5.12 Compliance with ERISA 7 Section 5.13 Private Offering by the Company 8 Section 5.14 Use 2.3 Miscellaneous Information Regarding the Company 10 Article III — Loan, Provision of Proceeds; Margin Regulations 8 the Project and Conditions to Disbursement 12 Section 5.15 Existing Debt; Future Liens 8 3.1 State Loan 12 Section 5.16 Foreign Assets Control Regulations, Etc. 9 3.2 Provision of the Project 12 Section 5.17 Status under Certain Statutes 9 3.3 Establishment Of Completion Date 12 Section 5.18 Investment 3.4 Company Act 9 Section 5.19 Environmental Matters 10 Section 5.20 Notes Rank Pari Passu 10 Section 5.21 Credit and Collection Policy 10 SECTION 6. REPRESENTATIONS OF THE PURCHASERS 10 Section 6.1 Purchase for Investment 10 Section 6.2 Source of Funds 11 Section 6.3 Accredited Investor 11 SECTION 7. INFORMATION AS TO COMPANY 11 Section 7.1 Financial and Business Information 11 Section 7.2 Officer’s Certificate Required to Pay Costs in Event State Loan Proceeds Insufficient 13 Section 7.3 Inspection 14 SECTION 8. PREPAYMENT OF THE NOTES 3.5 Plans and Specifications; Inspections 13 Section 3.6 Conditions to Disbursement of the State Loan 14 Section 8.1 Required Prepayments 14 Section 8.2 Optional Prepayments 14 Section 8.3 Allocation 3.7 Disbursement of Partial Prepayments the State Loan 15 Section 8.4 Maturity; SurrenderArticle IV — Maintenance, Etc. 15 Section 8.5 Purchase of Notes 15 Section 8.6 [Reserved] 15 SECTION 9. AFFIRMATIVE COVENANTS 16 Section 9.1 Compliance with Law 16 Section 9.2 Insurance 16 Section 9.3 Maintenance of Properties 16 Section 9.4 Payment of Taxes and Claims 16 Insurance 17 Section 9.5 Corporate Existence, Etc4.1 Maintenance and Modifications of Project by the Company 17 Section 4.2 Removal of Project Facilities. 17 Section 9.6 Credit and Collection Policy 17 SECTION 10. NEGATIVE COVENANTS 4.3 Indemnification by the Company 17 Section 10.1 Minimum Consolidated Tangible Net Worth 17 Section 10.2 Interest 4.4 Taxes, Other Governmental Charges Coverage Ratio 17 Section 10.3 Limitation on Debt 17 Section 10.4 Available Asset Coverage 17 Section 10.5 Merger, Consolidation and Sale of Assets, Etc. Utility Charges 18 Section 10.6 Nature of Business 20 4.5 Advances 18 Section 10.7 Transactions with Affiliates 20 SECTION 11. EVENTS OF DEFAULT 20 SECTION 12. REMEDIES ON DEFAULT, ETC. 4.6 Environmental Matters 18 Article V — Special Covenants 22 Section 12.1 Acceleration 5.1 No Warranty of Condition or Suitability 22 Section 12.2 Other Remedies 23 5.2 Right of Access to the Project 22 Section 12.3 Rescission 23 5.3 Information Concerning Operations 22 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. 23 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 23 5.4 Affirmative Covenants Of The Company 22 Section 13.1 Registration of Notes 23 Section 13.2 Transfer and Exchange of Notes 24 Section 13.3 Replacement of Notes 24 SECTION 14. PAYMENTS ON NOTES 24 Section 14.1 Place of Payment 24 Section 14.2 Home Office Payment 24 SECTION 15. EXPENSES, ETC. 5.5 Negative Covenants Of The Company 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 5.6 Mechanics’ and Other Liens 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect5.7 Assignment, Etc. 26 Section 17.4 Notes Held Sale or Lease by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 Section 22.2 Payments Due on Non-Business Days 29 Section 22.3 Severability 29 Section 22.4 Construction 29 Section 22.5 Counterparts 30 Section 22.6 Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENT: SCHEDULE A — Information Relating to Purchasers SCHEDULE B — Defined Terms SCHEDULE 4.9 — Changes in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries of the Company 26 Article VI — Events of Default and Ownership Remedies 27 Section 6.1 Events of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — Patents, Etc. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Form of Opinion of Special Counsel for the Company EXHIBIT 4.4(b) — Form of Opinion of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit and Collection Policy AMERICAN CAPITAL STRATEGIES, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (the “Company”), agrees with the purchasers listed in the attached Schedule A (the “Purchasers”) as follows:Default 27 Section 6.2 Remedies 28 Section 6.3 No Remedy Exclusive 28

Page. SECTION 1. AUTHORIZATION DEFINITIONS; RULES OF NOTES CONSTRUCTION 1 SECTION 1.1 Definitions 1 1.2 Accounting Terms 24 1.3 Uniform Commercial Code 24 1.4 Certain Matters of Construction 24 Section 2. SALE AND PURCHASE OF NOTES 1 SECTION CREDIT FACILITIES 25 2.1 Term Loans 25 2.1.1 Term A Loans 25 2.1.2 Term Notes 25 2.1.3 Use of Proceeds 25 2.1.4 Prepayments 25 Section 3. CLOSING 1 SECTION INTEREST AND CHARGES 26 3.1 Rates and Payment of Interest 26 3.2 Computation of Interest and Yield Protection 26 3.3 Reimbursement Obligations 26 3.4 Capital Adequacy 27 3.5 Mitigation 27 3.6 Maximum Interest 27 Section 4. CONDITIONS TO CLOSING 2 LOAN ADMINISTRATION 28 4.1 Borrower Representative 28 4.2 One Obligation 28 4.3 Effect of Termination 28 Section 4.1 Representations and Warranties 2 Section 4.2 Performance; No Default 2 Section 4.3 Compliance Certificates 2 Section 4.4 Opinions of Counsel 2 Section 4.5 Purchase Permitted by Applicable Law, Etc5. 2 Section 4.6 Related Transactions 3 Section 4.7 PAYMENTS 29 5.1 General Payment Provisions 29 5.2 Payment of Special Counsel Fees 3 Other Obligations 29 5.3 Marshaling; Payments Set Aside 29 5.4 Post-Default Allocation of Payments 29 5.4.1 Allocation 29 5.4.2 Erroneous Application 30 5.5 Loan Account 30 5.6 Taxes 30 5.6.1 Payments Free of Taxes 30 5.6.2 Payment 30 5.6.3 Refunds 31 5.7 Lender Tax Information 31 5.7.1 Status of Lenders 31 5.7.2 Documentation 31 5.7.3 Lender Obligations 32 5.8 Nature and Extent of Each Borrower’s Liability 32 5.8.1 Joint and Several Liability 32 5.8.2 Waivers 33 5.8.3 Extent of Liability; Contribution 34 5.8.4 Joint Enterprise 34 5.8.5 Subordination 34 Section 4.8 Private Placement Number 3 6. CONDITIONS PRECEDENT 35 6.1 Conditions Precedent 35 Section 4.9 Changes in Corporate Structure 3 7. COLLATERAL 36 7.1 Security Reaffirmation 36 7.2 Administration of Accounts 36 7.3 Administration of Inventory 37 7.3.1 Records and Reports of Inventory 37 7.3.2 Returns of Inventory 37 7.3.3 Acquisition, Sale and Maintenance 37 7.4 [Intentionally Omitted] 37 7.5 Administration of Deposit Accounts and Securities Accounts 37 7.6 General Provisions 38 7.6.1 Location of Collateral 38 7.6.2 Insurance of Collateral 38 Section 4.10 Funding Instructions 3 Section 4.11 Proceedings and Documents 3 SECTION 58. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 3 Section 5.1 Organization; 39 8.1 General Representations and Warranties 39 8.1.1 Organization and Qualification 39 8.1.2 Power and Authority 3 39 8.1.3 Enforceability 39 8.1.4 Capital Structure 39 8.1.5 Corporate Names; Locations 39 8.1.6 Title to Properties; Priority of Liens 40 8.1.7 Financial Statements 40 8.1.8 Surety Obligations 40 8.1.9 Taxes 40 8.1.10 Brokers 41 8.1.11 Intellectual Property 41 8.1.12 Governmental Approvals 41 8.1.13 Compliance with Laws 41 8.1.14 Compliance with Environmental Laws 41 8.1.15 Burdensome Contracts 42 8.1.16 Litigation 42 8.1.17 No Defaults 42 8.1.18 ERISA 42 8.1.19 Trade Relations 42 8.1.20 Labor Relations 43 8.1.21 Payable Practices 43 8.1.22 Not a Regulated Entity 43 8.1.23 Margin Stock 43 8.1.24 Plan Assets 43 8.1.25 Immaterial Subsidiaries 43 8.1.26 Patriot Act 43 8.1.27 OFAC 43 8.1.28 Nature of Business 44 8.1.29 Material Contracts 44 8.1.30 No Bankruptcy Filing 44 8.2 Complete Disclosure 44 Section 5.2 Authorization9. COVENANTS AND CONTINUING AGREEMENTS 44 9.1 Affirmative Covenants 44 9.1.1 Inspections 44 9.1.2 Financial and Other Information 45 9.1.3 Notices 47 9.1.4 Landlord and Storage Agreements 47 9.1.5 Compliance with Laws 48 9.1.6 Taxes 48 9.1.7 Insurance 48 9.1.8 Licenses 48 9.1.9 Future Subsidiaries 48 9.1.10 Additional Guarantors 49 9.1.11 Preservation of Existence, Etc. 4 Section 5.3 Disclosure 4 Section 5.4 Organization 49 9.1.12 Keeping of Records and Ownership Books of Shares Account 49 9.1.13 Maintenance of Subsidiaries; Affiliates 4 Section 5.5 Financial Statements 5 Section 5.6 Compliance with Laws, Other InstrumentsProperties, Etc. 5 Section 5.7 Governmental Authorizations, Etc. 5 Section 5.8 Litigation; Observance 49 9.1.14 Obtaining of Agreements, Statutes and Orders 6 Section 5.9 Taxes 6 Section 5.10 Title to Property; Leases 6 Section 5.11 Licenses, Permits, Etc. 6 Section 5.12 Compliance with ERISA 7 Section 5.13 Private Offering by 49 9.1.15 Further Assurances 49 9.2 Negative Covenants 50 9.2.1 Permitted Debt 50 9.2.2 Permitted Liens 51 9.2.3 [Intentionally Omitted] 52 9.2.4 Distributions; Upstream Payments 52 9.2.5 Restricted Investments 53 9.2.6 Disposition of Assets 53 9.2.7 Loans; Extensions of Credit 53 9.2.8 Restrictions on Payment of Certain Debt 53 9.2.9 Fundamental Changes 53 9.2.10 Subsidiaries 54 9.2.11 Organic Documents 54 9.2.12 Tax Consolidation 54 9.2.13 Accounting Changes 54 9.2.14 Restrictive Agreements 54 9.2.15 Hedging Agreements 54 9.2.16 Conduct of Business 54 9.2.17 Affiliate Transactions 54 9.2.18 Plans 55 9.2.19 Amendments to the Company 8 Section 5.14 Use of Proceeds; Margin Indenture, Convertible Debenture, the Convertible Debenture Agreement, the Indenture Guaranty, the Convertible Debenture Guaranty, Revolver Agreement or Subordinated Debt 55 9.2.20 Immaterial Subsidiaries 55 9.2.21 Fixed Charge Coverage Ratio 56 9.2.22 Federal Reserve Regulations 8 Section 5.15 Existing Debt; Future Liens 8 Section 5.16 Foreign Assets Control Regulations, Etc. 9 Section 5.17 Status under Certain Statutes 9 Section 5.18 56 9.2.23 Investment Company Act 9 of 1940 56 9.2.24 2009 Debenture Intercreditor Agreement 56 Section 5.19 Environmental Matters 10 Section 5.20 Notes Rank Pari Passu 10 Section 5.21 Credit and Collection Policy 10 SECTION 6. REPRESENTATIONS OF THE PURCHASERS 10 Section 6.1 Purchase for Investment 10 Section 6.2 Source of Funds 11 Section 6.3 Accredited Investor 11 SECTION 7. INFORMATION AS TO COMPANY 11 Section 7.1 Financial and Business Information 11 Section 7.2 Officer’s Certificate 13 Section 7.3 Inspection 14 SECTION 8. PREPAYMENT OF THE NOTES 14 Section 8.1 Required Prepayments 14 Section 8.2 Optional Prepayments 14 Section 8.3 Allocation of Partial Prepayments 15 Section 8.4 Maturity; Surrender, Etc. 15 Section 8.5 Purchase of Notes 15 Section 8.6 [Reserved] 15 SECTION 9. AFFIRMATIVE COVENANTS 16 Section 9.1 Compliance with Law 16 Section 9.2 Insurance 16 Section 9.3 Maintenance of Properties 16 Section 9.4 Payment of Taxes and Claims 16 Section 9.5 Corporate Existence, Etc. 17 Section 9.6 Credit and Collection Policy 17 SECTION 10. NEGATIVE COVENANTS 17 Section 10.1 Minimum Consolidated Tangible Net Worth 17 Section 10.2 Interest Charges Coverage Ratio 17 Section 10.3 Limitation on Debt 17 Section 10.4 Available Asset Coverage 17 Section 10.5 Merger, Consolidation and Sale of Assets, Etc. 18 Section 10.6 Nature of Business 20 Section 10.7 Transactions with Affiliates 20 SECTION 11. EVENTS OF DEFAULT 20 SECTION 12. DEFAULT; REMEDIES ON DEFAULTDEFAULT 56 10.1 Events of Default 56 10.2 Remedies upon Default 58 10.3 License 59 10.4 Setoff 59 10.5 Remedies Cumulative; No Waiver 60 10.5.1 Cumulative Rights 60 10.5.2 Waivers 60 Section 11. COLLATERAL AGENT 60 11.1 Appointment, ETC. 22 Section 12.1 Acceleration 22 Section 12.2 Other Remedies 23 Section 12.3 Rescission 23 Section 12.4 No Waivers or Election Authority and Duties of Remedies, Expenses, Etc. 23 SECTION 13. REGISTRATIONCollateral Agent 60 11.1.1 Appointment and Authority 60 11.1.2 Duties 61 11.1.3 Collateral Agent Professionals 61 11.1.4 Instructions of Required Lenders 61 11.2 Agreements Regarding Collateral and Field Examination Reports 61 11.2.1 Lien Releases; EXCHANGECare of Collateral 61 11.2.2 Possession of Collateral 62 11.2.3 Reports 62 11.3 Reliance By Collateral Agent 62 11.4 Action Upon Default 62 11.5 Ratable Sharing 63 11.6 Indemnification of Agent Indemnitees 63 11.6.1 Indemnification 63 11.6.2 Proceedings 64 11.7 Limitation on Responsibilities of Collateral Agent 64 11.8 Successor Agent and Co-Agents 64 11.8.1 Resignation; SUBSTITUTION OF NOTES 23 Section 13.1 Registration of Notes 23 Section 13.2 Transfer Successor Collateral Agent 64 11.8.2 Separate Collateral Agent 65 11.9 Due Diligence and Exchange of Notes 24 Section 13.3 Replacement of Notes 24 SECTION 14. PAYMENTS ON NOTES 24 Section 14.1 Place of Payment 24 Section 14.2 Home Office Payment 24 SECTION 15. EXPENSES, ETC. 25 Section 15.1 Transaction Expenses 25 Section 15.2 Survival 25 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT 25 SECTION 17. AMENDMENT AND WAIVER 26 Section 17.1 Requirements 26 Section 17.2 Solicitation of Holders of Notes 26 Section 17.3 Binding Effect, Etc. 26 Section 17.4 Notes Held by Company, Etc. 27 SECTION 18. NOTICES 27 SECTION 19. REPRODUCTION OF DOCUMENTS 27 SECTION 20. CONFIDENTIAL INFORMATION 28 SECTION 21. SUBSTITUTION OF PURCHASER 29 SECTION 22. MISCELLANEOUS 29 Section 22.1 Successors and Assigns 29 Section 22.2 Payments Due on Non-Business Days 29 Section 22.3 Severability 29 Section 22.4 Construction 29 Section 22.5 Counterparts 30 Section 22.6 Governing Law 30 ATTACHMENTS TO NOTE PURCHASE AGREEMENT: SCHEDULE A — Information Relating to Purchasers SCHEDULE B — Defined Terms SCHEDULE 4.9 — Changes Reliance 65 11.10 No Third Party Beneficiaries 65 11.11 Collateral Agent in Corporate Structure SCHEDULE 5.3 — Disclosure Materials SCHEDULE 5.4 — Subsidiaries of the Company and Ownership of Subsidiary Stock SCHEDULE 5.5 — Financial Statements SCHEDULE 5.11 — Patents, Etc. SCHEDULE 5.14 — Use of Proceeds SCHEDULE 5.15 — Existing Debt; Future Liens EXHIBIT 1 — Form of Floating Rate Senior Note, Series 2005-B, due October 30, 2020 EXHIBIT 4.4(a) — Form of Opinion of Special Counsel for the Company EXHIBIT 4.4(b) — Form of Opinion of Special Counsel for the Purchasers EXHIBIT 5.21 — Credit and Collection Policy AMERICAN CAPITAL STRATEGIES, LTD. TO THE PURCHASERS LISTED IN THE ATTACHED SCHEDULE A: Ladies and Gentlemen: AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation (the “Company”), agrees with the purchasers listed in the attached Schedule A (the “Purchasers”) as follows:its Individual Capacity 66