EXHIBIT 10.10
GUARANTY
THIS GUARANTY, dated as of August 20, 2007 (as amended, modified or supplemented from time to time in accordance with its terms, this “Guaranty”), is issued by EXTERRAN HOLDINGS, INC., a Delaware corporation (together with its successors and permitted assigns, the “Guarantor”), for the benefit of EXTERRAN ABS 2007 LLC, a Delaware limited liability company (together with its successors and permitted assigns, the “Issuer”), EXTERRAN ABS LEASING 2007 LLC, a Delaware limited liability company (together with its successors and permitted assigns, “Equipment Lessor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee on behalf of the parties set forth in the hereinafter defined Indenture (together with its successors and permitted assigns, the “Indenture Trustee”; each of the Issuer and the Indenture Trustee (for the benefit of the Noteholders, any Series Enhancer and any Interest Rate Hedge Provider), a “Beneficiary” and collectively, the “Beneficiaries”).
PRELIMINARY STATEMENTS:
(1) The Issuer, Equipment Lessor and Exterran, Inc. (“EI”) have entered into that certain Management Agreement, dated as of August 20, 2007 (as amended, modified or supplemented from time to time in accordance with its terms, the “Management Agreement”) pursuant to which EI has and will manage certain Compressors on behalf of the Issuer;
(2) The Issuer is issuing one or more classes of notes (collectively, the “Notes”) pursuant to that certain Indenture (as amended, modified or supplemented from time to time in accordance with its terms, the “Indenture”), dated as of August 20, 2007, among the Issuer, Equipment Lessor and the Indenture Trustee, which Notes will be collateralized by, inter alia, all of the Issuer’s right, title and interest in and to the Owner Compressors, the User Contracts and the Management Agreement;
(3) EI is a wholly-owned subsidiary of the Guarantor;
(4) Guarantor will obtain substantial direct and indirect benefit from the management of the Compressors by EI, and is willing to provide this guaranty on the terms and conditions set forth herein; and
(5) Beneficiaries have entered into the Indenture in reliance upon the benefits of this Guaranty;
NOW, THEREFORE, in consideration of the premises and other consideration, the receipt and sufficiency of which is hereby acknowledged by the Guarantor, the Guarantor hereby agrees as follows:
SECTION 1.Definitions. Capitalized terms used in this Guaranty, unless otherwise defined herein, shall have the meaning set forth in Appendix A to the Indenture.
SECTION 2.Guaranty. Guarantor hereby irrevocably, absolutely and unconditionally guarantees: (i) the full and timely performance by EI of all of its payment and deposit obligations as the initial Manager under the Management Agreement (EI in this capacity, the “Guaranteed Party”) and all other amounts from time to time owing by EI under the Management Agreement, and (ii) the full and timely performance of, and compliance with each and every other duty, agreement, covenant, undertaking, indemnity, and obligation of the Guaranteed Party under the Management Agreement, in each case, howsoever created, arising or evidenced, whether direct or indirect, primary or secondary, absolute or contingent, joint or several, now or hereafter existing or due or to become due, which arises
out of or in connection with the Management Agreement (all of such obligations described in clauses (i) and (ii) being hereinafter collectively called the “Obligations”); provided that nothing contained herein shall be deemed to constitute liability of or credit recourse to the Guarantor for payment of: (A) losses arising from the financial inability of, or failure by, a User to make contract payments or other payments under a User Contract, (B) losses arising from the failure of the remarketing proceeds of a Compressor to equal or exceed the Appraised Value thereof for reasons other than the Manager’s failure to comply with the Services Standard, or (C) the Notes. Guarantor further agrees to pay all costs and expenses (including reasonable attorneys’ fees and legal expenses) paid or incurred by any Beneficiary in endeavoring to collect the Obligations, or any part thereof, and in enforcing this Guaranty.
SECTION 3.Continuing Guaranty. This Guaranty shall in all respects be a continuing, absolute and unconditional guaranty, and shall remain in full force and effect (notwithstanding, without limitation, that at any time or from time to time all Obligations may have been performed in full), subject to discontinuance only upon performance in full of: (i) all Obligations and (ii) any and all expenses paid or incurred by a Beneficiary in endeavoring to collect the Obligations and in enforcing this Guaranty; and all of the agreements and obligations under this Guaranty shall remain fully in effect until all such obligations and expenses finally shall have been performed in full.
SECTION 4.Rescission. Guarantor further agrees that, if at any time all or any part of any payment theretofore applied by Beneficiary to any of the Obligations is or must be rescinded or returned by Beneficiary for any reason whatsoever, such Obligations shall, for the purposes of this Guaranty, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence, notwithstanding such application by Beneficiary, and this Guaranty shall continue to be effective or be reinstated, as the case maybe, as to such Obligations, all as though such application by Beneficiary had not been made.
SECTION 5.Certain Actions. Each Beneficiary may, from time to time at its sole discretion and without notice to Guarantor, take any or all of the following actions without affecting the obligations of Guarantor hereunder: (a) retain or obtain the primary or secondary obligation of any obligor or obligors, in addition to Guarantor, with respect to any of the Obligations or any obligation hereunder; (b) extend or renew for one or more periods (regardless of whether longer than the original period), alter or exchange any of the Obligations, or release or compromise any obligation of Guarantor hereunder or any obligation of any nature of any other obligor including EI with respect to any of the Obligations; and (c) resort to Guarantor for performance of any of the Obligations, regardless of whether Beneficiary shall have proceeded against any other obligor primarily or secondarily obligated with respect to any of the Obligations.
SECTION 6.Subrogation. Any amounts received by a Beneficiary from whatsoever source on account of the Obligations may be applied by it toward the satisfaction of such of the Obligations, and in such order of application, as Beneficiary may from time to time elect. Until one year and one day after performance in full of all Obligations, the performance of all of Guarantor’s obligations hereunder and the termination of this Guaranty, no amount expended by or for the account of Guarantor pursuant to this Guaranty shall entitle Guarantor by subrogation, indemnity or otherwise to any payment by EI or from or out of any property of EI, and Guarantor shall not exercise any right or remedy against EI or any property of EI by reason of any performance by Guarantor of this Guaranty. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been performed in full, such amount shall be held in trust for the benefit of the Beneficiaries and shall forthwith be paid to the Indenture Trustee to be credited and applied upon the Obligations in accordance with the terms of this Guaranty.
2
SECTION 7.Waiver; Waiver of Defenses. Guarantor hereby expressly waives: (a) notice of any Beneficiary’s acceptance of this Guaranty; (b) notice of the existence or creation or non performance of all or any of the Obligations; (c) demand and all other notices whatsoever (provided that nothing contained in this clause (c) shall affect any obligations to give notice or make demand as set forth in the Management Agreement); and (d) all diligence in protection of or realization upon the Obligations or any thereof, any obligation hereunder, or guaranty of any of the foregoing. To the fullest extent permitted by Applicable Law, Guarantor agrees not to assert, and hereby waives for the benefit of each Beneficiary, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud or fraud in the inducement), whether acquired by subrogation, assignment or otherwise, to the extent that such rights and defenses may be available to Guarantor to avoid performance of its obligations under this Guaranty in accordance with the express provisions of this Guaranty.
SECTION 8.Unconditional Nature of Guaranty. This Guaranty shall constitute a guaranty of performance and not of collection, and the Guarantor specifically agrees that it shall not be necessary, and that the Guarantor shall not be entitled to require, before or as a condition of enforcing the liability of the Guarantor under this Guaranty or requiring performance of the Obligations by the Guarantor hereunder, or at any time thereafter, that any Person: (a) file suit or proceed to obtain or assert a claim for personal judgment against EI or any other Person that may be liable for any Obligations; (b) make any other effort to obtain performance of any Obligations from EI or any other Person that may be liable for such Obligations; (c) exercise or assert any other right or remedy to which such Person is or may be entitled in connection with any Obligations or other guaranty therefor; or (d) assert or file any claim against the assets of EI or any other Person liable for any Obligations. Notwithstanding anything herein to the contrary, no provision of this Guaranty shall require the Guarantor to perform or discharge any Obligations prior to the time such Obligations are performable. No delay on any Beneficiary’s part in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by any Beneficiary of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy; nor shall any modification or waiver of any of the provisions of this Guaranty be binding upon Beneficiary except as expressly set forth in a writing duly signed by each Beneficiary. The Beneficiaries may in all events pursue their rights under this Guaranty prior to or simultaneously with pursuing their various rights referred to in the Management Agreement, as the Beneficiaries may determine. No action of any Beneficiary permitted hereunder shall in any way affect or impair any Beneficiary’s rights or Guarantor’s obligations under this Guaranty. For the purposes of this Guaranty, Obligations shall include all of EI’s obligations under the Management Agreement, notwithstanding any right or power of EI or anyone else to assert any claim or defense as to the invalidity or unenforceability of any such obligation, and no such claim or defense shall affect or impair the obligations of Guarantor hereunder. The obligations of the Guarantor are unlimited in amount (but not greater than the Obligations plus costs and expenses payable hereunder) and shall be continuing and irrevocable, absolute and unconditional, primary, original and immediate and not contingent and shall remain in full force and effect without regard to and not be released, discharged or in any way affected by any circumstance or condition (other than by performance in full of Obligations) including, without limitation, the occurrence of any one or more of the following:
(i) any lack of validity or enforceability of any of the Obligations under the Management Agreement or any document entered into in connection with the transactions contemplated by the Management Agreement, any provision thereof, or any other agreement or instrument relating thereto or the absence of any action to enforce the same;
(ii) any failure, omission, delay or lack on the part of the Beneficiaries to enforce, assert or exercise any right, power, privilege or remedy conferred on the Beneficiaries in the Management Agreement or this Guaranty, or the inability of the
3
Beneficiaries to enforce any provision of the Management Agreement for any reason, or any other act or omission on the part of the Beneficiaries; provided that the foregoing shall not apply to applicable statutes of limitation;
(iii) any change in the time, manner or place of performance or of performance, or in any other term of, all or any of the Obligations, or any other modification, supplement, amendment or waiver of or any consent to departure from the terms and conditions of any of the Management Agreement, the Intercreditor Agreement or any document entered into in connection with the transactions contemplated by the Management Agreement or the Related Documents;
(iv) any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Obligations;
(v) the waiver by the Beneficiaries of the performance or observance by the Guaranteed Party of any Obligations, the waiver of any default in the performance or observance thereof, any extension by the Beneficiaries of the time for performance and discharge by the Guaranteed Party of any Obligations or any extension, indulgence or renewal of any Obligations; provided that the foregoing shall not apply to applicable statutes of limitation;
(vi) any bankruptcy, suspension of payments, insolvency, sale of assets, winding-up, dissolution, liquidation, receivership or reorganization of, or similar proceedings involving, the Guaranteed Party or its assets or any resulting release or discharge of any of the Obligations;
(vii) the recovery of any judgment against any Person or any action to enforce the same;
(viii) any failure or delay in the enforcement of the Obligations of any Person under the Management Agreement or any document entered into in connection with the transactions contemplated by the Management Agreement or any provision thereof; provided that the foregoing shall not apply to applicable statutes of limitation;
(ix) any set-off, counterclaim, deduction, defense, abatement, suspension, deferment, diminution, recoupment, limitation or termination available with respect to any Obligations and, to the extent permitted by Applicable Law, irrespective of any other circumstances that might otherwise limit recourse by or against the Guarantor or any other Person;
(x) the obtaining, the amendment or the release of or consent to any departure from the primary or secondary obligation of any other Person, in addition to the Guarantor, with respect to any Obligations;
(xi) any compromise, alteration, amendment, modification, extension, renewal, release or other change, or waiver, consent or other action, or delay or omission or failure to act, in respect of any of the terms, covenants or conditions of the Management Agreement or any document entered into in connection with the transactions contemplated by the Management Agreement or any Obligations, or any other agreement or any related document referred to therein, or any assignment or transfer of any thereof
4
(xii) any change in control or the ownership of the Guaranteed Party, any change, merger, demerger, consolidation, restructuring or termination of the corporate structure or existence of the Guaranteed Party or its subsidiaries;
(xiii) to the fullest extent permitted by Applicable Law, any other circumstance which might otherwise constitute a defense available to, or a discharge of, a guarantor or surety with respect to any Obligations;
(xiv) any default, failure or delay, whether as a result of actual or alleged force majeure, commercial impracticability or otherwise, in the performance of the Obligations, or by any other act or circumstances which may or might in any manner or to any extent vary the risk of the Guarantor, or which would otherwise operate as a discharge of the Guarantor;
(xv) the existence of any other obligation of the Guarantor, or any limitation thereof, in the Management Agreement;
(xvi) any regulatory change or other governmental action (whether or not adverse or other change in applicable law); or
(xvii) the partial performance of the Obligations (whether as a result of the exercise of any right, remedy, power or privilege or otherwise) or the invalidity of any payment for any reason whatsoever.
Should any money due or owing in respect of Guarantor’s required performance under this Guaranty not be recoverable from the Guarantor due to any of the matters specified in clauses (i) through (xvii) above or for any other reason, then, in any such case, such money shall nevertheless be recoverable from the Guarantor as though the Guarantor were principal debtor or obligor in respect thereof and not merely a guarantor and shall be paid by the Guarantor forthwith.
This Guaranty shall continue to be effective or be automatically reinstated, as the case may be, if at any time any payment, or any part thereof, in respect of any of the Obligations is rescinded or must otherwise be restored or returned by the Beneficiaries for any reason whatsoever, whether upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Guaranteed Party or otherwise, all as though such payment had not been made, and the Guarantor agrees that it will indemnify the Beneficiaries on demand for all reasonable costs and expenses (including, without limitation, fees and disbursements of counsel) incurred by the Beneficiaries in connection with such rescission or restoration. If an event permitting the exercise of remedies under the Management Agreement shall at any time have occurred and be continuing and such exercise, or any consequences thereof provided in the Management Agreement, shall at such time be prevented by reason of the pendency against the Guaranteed Party of a case or proceeding under a bankruptcy or insolvency law, the Guarantor agrees that, for purposes of this Guaranty and its obligations hereunder, amounts payable under the Management Agreement shall be deemed to have been declared in default, with all attendant consequences as provided in the Management Agreement as if such declaration of default and the consequences thereof had been accomplished in accordance with the terms of the Management Agreement, and the Guarantor shall forthwith provide performance as to the Obligations guaranteed hereunder, without further notice or demand.
SECTION 9.Information; Reporting Requirements.
(a)Information. Guarantor has and will continue to have independent means of obtaining information concerning EI’s affairs, financial condition and business. Beneficiary shall
5
not have any duty or responsibility to provide Guarantor with any credit or other information concerning EI’s affairs, financial condition or business which may come into Beneficiary’s possession.
(b)Financial Statements. (i) As soon as available and in any event within one hundred twenty (120) days after the end of any fiscal year of the Guarantor, a copy of each annual report and any amendment to a report filed with the SEC or any successor agency pursuant to Section 13 or 15(d) of the Exchange Act (currently Form 10-K), as the same may be amended from time to time (which shall include, inter alia, the consolidated and consolidating statements of income, stockholders’ equity and cash flows of the Guarantor and its consolidated subsidiaries as at the end of the fiscal year, and setting forth in each case in comparative form the corresponding figures from the corresponding figures for the preceding fiscal year, and accompanied by the related opinion of independent public accountants of recognized national standing reasonably acceptable to the Requisite Global Majority which opinion shall state that said financial statements fairly present the consolidated and consolidating financial condition and results of operations of the Guarantor and its consolidating subsidiaries as at the end of, and for, such fiscal year and that such financial statements have been prepared in accordance with GAAP, except for such changes in such principles which the independent public accountants shall have concurred and such opinion shall not contain a “going concern” or like qualification or exception, and a certificate of such accountants stating that, in making the examination necessary for their opinion, they obtained no knowledge, except as specifically stated, of any Manager Default), (ii) as soon as available and in any event within sixty (60) days after the end of each of the first three fiscal quarterly periods of each fiscal year of the Guarantor, a copy of each quarterly report and any amendment to any quarterly report filed with the SEC or any successor agency pursuant to Section 13 or 15(d) of the Exchange Act (currently Form 10-Q), as the same may be amended from time to time (which shall include consolidated and consolidating statements of income, stockholders’ equity and cash flows of the Guarantor and its consolidated subsidiaries for such period and for the period from the beginning of the respective fiscal year to the end of such period, and the related consolidated and consolidating balance sheets as at the end of such period, and setting forth in each case in comparative form the corresponding figures for the corresponding period in the preceding fiscal year, accompanied by the certificate of a Responsible Officer, which certificate shall state that said financial statements fairly present the consolidated and consolidating financial condition and result of operations of the Guarantor and its consolidated subsidiaries in accordance with GAAP, as of, and for, such period (subject to normal year end audit adjustments)); provided, however, that the Guarantor shall be deemed to have furnished the information required by thisSection 9 (b) if the Guarantor shall have timely made the same available on “EDGAR” and/or on its home page on the worldwide web (at the date of this Agreement located at http://www.exterran.com); provided, further, however, that if the Requisite Global Majority and/or Indenture Trustee, as the case may be, is unable to access EDGAR or the Guarantor’s home page on the worldwide web, the Guarantor agrees to provide the Requisite Global Majority and/or the Indenture Trustee, as the case may be, with paper copies of the information required to be furnished pursuant to thisSection 9(b) promptly following notice from the Requisite Global Majority and/or Indenture Trustee, as the case may be. Information required to be delivered pursuant to thisSection 9(b) shall be deemed to have been delivered on the date on which the Guarantor provides notice to the Requisite Global Majority and/or Indenture Trustee, as the case may be, that such information has been posted on “EDGAR” or Guarantor’s website or another website identified in such notice and accessible by the Requisite Global Majority and/or Indenture Trustee, as the case may be, without charge (and the Guarantor hereby agrees to provide such notice).
6
SECTION 10.Representations and Warranties. Guarantor represents and warrants as follows:
(a)Organization and Good Standing. It has been duly organized and is validly existing as a corporation in good standing under the laws of its state of incorporation, with corporate power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted.
(b)Due Qualification. It is duly licensed, qualified and authorized to do business and is in good standing in each jurisdiction where the ownership, leasing or operation of its property or the conduct of its business requires such license or qualification except for failures to be so qualified which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
(c)Power and Authority; Due Authorization. It has (i) all necessary power, authority and legal right to execute, deliver and perform its obligations under this Guaranty and (ii) duly authorized by all necessary corporate action such execution, delivery and performance of this Guaranty.
(d)Binding Obligations. This Guaranty constitutes the legal, valid and binding obligation of Guarantor, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.
(e)No Violation. The execution, delivery and performance of this Guaranty will not (i) conflict with, or result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under (A) the certificate of incorporation or by-laws of Guarantor or (B) any indenture, lease, loan agreement, receivables purchase agreement, mortgage, deed of trust, or other agreement or instrument to which Guarantor is a party or by which it or its property is bound, (ii) result in or require the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, lease, loan agreement, receivables purchase agreement, mortgage, deed of trust, or other agreement or instrument or (iii) violate any law or any order, rule, regulation applicable to Guarantor of any court or of any federal, state or foreign regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Guarantor or any of its properties.
(f)Solvency. The execution, delivery and performance by the Guarantor of this Guaranty will not render the Guarantor insolvent, nor is it being made in contemplation of the Guarantor’s insolvency; the Guarantor does not, in its reasonable judgment, have an unreasonably small capital for conducting its business as presently contemplated by it.
SECTION 11.Successors and Assigns; Amendment.
(a) This Guaranty shall be binding upon Guarantor and upon Guarantor’s successors and assigns and all references herein to Guarantor or EI shall be deemed to include any successor or successors whether immediate or remote, to such Person. Guarantor shall not assign any of its obligations hereunder without the prior written consent of each Beneficiary.
(b) This Guaranty shall inure to the benefit of each Beneficiary and respective its successors and assigns and all references herein to Beneficiary shall be deemed to include any
7
successors and assigns of Beneficiary (whether or not reference in a particular provision is made to such successors and assigns).
(c) No amendment or waiver of any provision of this Guaranty, and no consent to any departure by the Guarantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Guarantor and each Beneficiary and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.
SECTION 12.GOVERNING LAW. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. Wherever possible each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty.
SECTION 13.Consent to Jurisdiction; Waiver of Jury Trial. Each Beneficiary may enforce any claim arising out of this Guaranty in any state or federal court having subject matter jurisdiction and located in New York, New York and with respect to any such claim, Guarantor hereby irrevocably submits to the jurisdiction of such courts. Guarantor irrevocably consents to the service of process out of said courts by mailing a copy thereof, by registered mail, postage prepaid, to Guarantor, and agrees that such service, to the fullest extent permitted by law, (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall be taken and held to be valid personal service upon and personal delivery to it. Nothing herein contained shall preclude Beneficiary from bringing an action or proceeding in respect hereof in any other country, state or place having jurisdiction over such action. Guarantor irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in such a court located in New York, New York and any claim that any such suit, action or proceeding brought in such court has been brought in an inconvenient forum. GUARANTOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS GUARANTY OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS GUARANTY, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
SECTION 14.Notices. All notices, demands or requests given pursuant to this Guaranty shall be in writing, sent by overnight courier service or by telefax or hand delivery to the following addresses:
| To Manager: | Exterran, Inc | |
| 4444 Brittmoore Road | ||
| Houston, Texas 77041 | ||
| Telephone: (713) 335-7295 | ||
| Facsimile: (713) 446-6720 | ||
| Attention: | ||
| To Issuer: | Exterran ABS 2007 LLC | |
| 4444 Brittmoore Road |
8
| Houston, Texas 77041 | ||
| Telephone: (713) 335-7295 | ||
| Facsimile: (713) 446-6720 | ||
| Attention: | ||
| To the Indenture Trustee: | Wells Fargo Bank, National Association | |
| Norwest Center | ||
| Sixth Street and Marquette Avenue | ||
| Minneapolis, MN 55479 | ||
| Telephone: (612) 667-8058 | ||
| Facsimile: (612) 667-3464 | ||
| Attention: Corporate Trust Services -Asset- Backed Administration | ||
| To the Interest Rate Hedge Provider: | Wachovia Bank, National Association | |
| 301 South College St., DC-8 | ||
| Charlotte, North Carolina 28202-0600 | ||
| Telephone: (704) 383-8778 | ||
| Facsimile: (704) 383-0575 | ||
| Attention: Derivatives Documentation Group |
Notice shall be effective and deemed received (a) one (1) day after being delivered to the courier service, if sent by courier, (b) upon receipt of confirmation of transmission, if sent by telecopy, or (c) when delivered, if delivered by hand. Copies of each such notice shall be sent to the Administrative Agent at Wachovia Capital Markets, LLC, Structured Asset Finance 301 S. College St., Mailcode: NCO610, Charlotte, North Carolina 28288-0610.
SECTION 15.Third Party Beneficiary. In addition to its rights as a Beneficiary hereunder as a secured party under the Indenture, the Series Enhancer shall be a third party beneficiary of this Guaranty and shall be entitled to directly enforce its rights hereunder as though it were a party hereto.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK -
SIGNATURE PAGE FOLLOWS]
SIGNATURE PAGE FOLLOWS]
9
IN WITNESS WHEREOF, this Guaranty has been executed and delivered by Guarantor’s duly authorized officer as of the date first written above.
| EXTERRAN HOLDINGS, INC. | ||||
| By: | /s/ J. Michael Anderson | |||
| Name: | J. Michael Anderson | |||
| Title: | Senior Vice President and Chief Financial Officer | |||
Accepted and Agreed:
WELLS FARGO BANK,
NATIONAL ASSOCIATION,
as Indenture Trustee
NATIONAL ASSOCIATION,
as Indenture Trustee
| By: | /s/ Melissa Philibert | |||
| Name: | ||||
| Title: | Vice President | |||
| EXTERRAN ABS 2007 LLC | ||||
| By: | /s/ J. Michael Anderson | |||
| Name: | ||||
| Title: | Senior Vice President | |||