[sheet: Closing Checklist]

Item No.	Section	Description	Responsible Party	Counterparty / Recipient	Required for Signing (12/1/22)	Required for Financial Close (2/10/23)	Status	Date Delivered	Notes
SECTION A	CORPORATE / ORGANIZATIONAL DOCUMENTS
A-1	A	Certificate of Formation — Calloway-Briggs Renewables Inc. (Texas corporation, EIN 82-3047591), certified by Texas Secretary of State	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-11-18	Certified copy obtained
A-2	A	Certificate of Good Standing — Calloway-Briggs Renewables Inc., issued by Texas Secretary of State	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	Yes	Yes	Received	2023-02-07	Bring-down good standing dated within 30 days of Financial Close
A-3	A	Certificate of Formation — Lone Star Storage I, LLC (Texas LLC, EIN 88-1623504), certified by Texas Secretary of State	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-11-18	Single-purpose project company; wholly owned subsidiary of CBR
A-4	A	Certificate of Good Standing — Lone Star Storage I, LLC, issued by Texas Secretary of State	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	Yes	Yes	Received	2023-02-07	Bring-down good standing dated within 30 days of Financial Close
A-5	A	Company Agreement of Lone Star Storage I, LLC (as amended)	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-11-28	Manager: Calloway-Briggs Renewables Inc.
A-6	A	Resolutions of Board of Directors of Calloway-Briggs Renewables Inc. authorizing the Project, execution of Transaction Documents and Financing Documents, and appointment of authorized signatories	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-11-28	Signed by Raymond T. Calloway, Chairman & CEO
A-7	A	Resolutions of Calloway-Briggs Renewables Inc. as sole member/manager of Lone Star Storage I, LLC authorizing execution of all Project agreements	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-11-28
A-8	A	Incumbency Certificate — Calloway-Briggs Renewables Inc. (Raymond T. Calloway, Chairman & CEO; Sandra M. Briggs, President & COO)	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-11-28
A-9	A	Incumbency Certificate — Lone Star Storage I, LLC	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-11-28	Authorized officers of Manager (CBR)
A-10	A	Registered Agent Confirmation — Lone Star Storage I, LLC (CT Agents of Texas, LLC, 1999 Bryan Street, Suite 900, Dallas, TX 75201)	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	No	Yes	Received	2023-01-15
A-11	A	Certificate of Formation / Partnership Agreement — Ridgepoint Capital Partners, LP (Delaware LP)	Ridgepoint Capital Partners, LP	Brazos River National Bank, N.A.	No	Yes	Received	2023-01-20	35% minority equity holder in CBR; $4,900,000 equity commitment to the Project
A-12	A	Organizational documents — Meridian Power Construction, Inc. (Texas corporation)	Whitford, Garrety & Neale LLP	Calderwood & Harkness LLP / Brazos River National Bank, N.A.	Yes	No	Received	2022-11-22	EPC Contractor
A-13	A	Organizational documents — Harmon-Dietrich Energy Solutions, LLC (Delaware LLC)	Harmon-Dietrich Energy Solutions, LLC	Calderwood & Harkness LLP / Brazos River National Bank, N.A.	Yes	No	Received	2022-11-22	Equipment Supplier
A-14	A	Organizational documents — Permian Basin Land Holdings, LP (Texas LP)	Dunlap & Richter, PLLC	Calderwood & Harkness LLP / Brazos River National Bank, N.A.	Yes	No	Received	2022-11-15	Site Lessor; General Partner: Marcus W. Eskridge
SECTION B	TRANSACTION DOCUMENTS
B-1	B	Engineering, Procurement and Construction Agreement (Execution Version) — between Lone Star Storage I, LLC (Owner) and Meridian Power Construction, Inc. (Contractor); Contract Price: $31,200,000 (fixed, lump-sum); Guaranteed COD: September 1, 2023	Calderwood & Harkness LLP / Whitford, Garrety & Neale LLP	All parties	Yes	Yes	Executed	2022-12-01	Performance guarantees: 87% min RTE, 50 MW/200 MWh (±2%), 97% Year 1 availability; Delay LDs $25,000/day capped at $1,560,000; Performance LDs $4,000/MWh shortfall capped at $1,560,000; Aggregate LD cap $3,120,000; 10% retainage; 2-year warranty; Texas law
B-2	B	Equipment Supply Agreement (Execution Version) — between Lone Star Storage I, LLC and Harmon-Dietrich Energy Solutions, LLC; Contract Value: $18,400,000; BESS Model HD-LFP-200E (50 MW / 200 MWh LFP)	Calderwood & Harkness LLP	All parties	Yes	Yes	Executed	2022-12-01	10 × 5 MW PCS inverters, BMS, HVAC, containers; FOB Project site; 4 shipments 3/15/2023–6/1/2023; Delay LDs $15,000/day capped at $920,000; 10-yr capacity warranty (80% at Yr 10); 5-yr defect warranty; Texas law
B-3	B	Ground Lease Agreement (Execution Version) — between Permian Basin Land Holdings, LP (Lessor) and Lone Star Storage I, LLC (Lessee); 15-acre parcel, Survey No. 42, Block 42, T-1-S, T&P RR Co. Survey, Ector County, TX	Calderwood & Harkness LLP / Dunlap & Richter, PLLC	All parties	Yes	Yes	Executed	2022-12-01	25-year initial term commencing 12/1/2022; two 5-yr renewals (max 35 yrs, expiring 12/1/2057); Dev. rent $1,200/acre/yr ($18,000/yr); Op. rent $1,800/acre/yr ($27,000/yr) w/ 2% annual escalator; $50,000 signing payment; Texas law
B-4	B	Interconnection Agreement (Execution Version) — between Lone Star Storage I, LLC and Aldermere & Co.; ERCOT Queue No. INR-22-03347; POI: Western Permian 138 kV Substation, Ector County, TX	Calderwood & Harkness LLP	Oncor / ERCOT	Yes	Yes	Executed	2022-12-01	50 MW BESS; 138 kV interconnection; on-site step-up transformer 34.5 kV to 138 kV; gen-tie ~1.2 miles overhead; network upgrade costs $2,800,000; ERCOT Resource ID LSBESS_01 (pending); expected energization 7/15/2023; Texas law
B-5	B	LOI / Term Sheet (EPC) — executed between CBR and Meridian Power Construction, Inc.	Calderwood & Harkness LLP / Whitford, Garrety & Neale LLP	CBR / MPC	N/A	N/A	Executed	2022-10-14	Superseded by execution EPC Agreement
B-6	B	Consent to Assignment — Meridian Power Construction, Inc. (re: Collateral Assignment of EPC Agreement to BRNB)	Whitford, Garrety & Neale LLP	Brazos River National Bank, N.A.	No	Yes	Executed	2023-02-08	Signed by Thomas R. Overstreet, CEO
B-7	B	Consent to Assignment — Harmon-Dietrich Energy Solutions, LLC (re: Collateral Assignment of ESA to BRNB)	Harmon-Dietrich Energy Solutions, LLC	Brazos River National Bank, N.A.	No	Yes	Executed	2023-02-08	Signed by Ingrid N. Harmon, CEO
B-8	B	Consent to Assignment / SNDA — Permian Basin Land Holdings, LP (re: Collateral Assignment of Ground Lease to BRNB)	Dunlap & Richter, PLLC	Brazos River National Bank, N.A.	No	Yes	Executed	2023-02-08	Lessor lien waiver and Subordination, Non-Disturbance and Attornment Agreement; signed by Marcus W. Eskridge, GP

B-9	B	Consent to Assignment — Aldermere & Co. (re: Collateral Assignment of Interconnection Agreement to BRNB)	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	No	Yes	Executed	2023-02-09
SECTION C	FINANCING DOCUMENTS
C-1	C	Credit Agreement — $26,000,000 Construction-to-Term Loan Facility between Lone Star Storage I, LLC (Borrower) and Brazos River National Bank, N.A. (Administrative Agent and Lender); Guarantor: Calloway-Briggs Renewables Inc.	Archibald, Fenn & Shaw LLP / Calderwood & Harkness LLP	All parties	Yes	Yes	Executed	2022-12-01	SOFR + 275 bps (0.50% SOFR floor); 0.50% unused commitment fee; 7-yr maturity (2/10/2030); sculpted amortization; target DSCR 1.40x; 65% of $40M total project value
C-2	C	Collateral Assignment of Project Contracts — Lone Star Storage I, LLC (Assignor) to Brazos River National Bank, N.A. (Assignee); assignment of EPC Agreement, Equipment Supply Agreement, Ground Lease, and Interconnection Agreement	Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-12-01	Security for $26,000,000 Credit Agreement; Texas law
C-3	C	Completion Guarantee — Calloway-Briggs Renewables Inc. (Guarantor) in favor of Brazos River National Bank, N.A.	Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-12-01	Limited recourse completion guarantee
C-4	C	Pledge Agreement — Calloway-Briggs Renewables Inc. pledging 100% of membership interests in Lone Star Storage I, LLC to Brazos River National Bank, N.A.	Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-12-01
C-5	C	Security Agreement — Lone Star Storage I, LLC granting first-priority lien on all Project assets to Brazos River National Bank, N.A.	Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP	Brazos River National Bank, N.A.	Yes	Yes	Executed	2022-12-01
C-6	C	UCC-1 Financing Statement — Lone Star Storage I, LLC (Debtor), Brazos River National Bank, N.A. (Secured Party), filed with Texas Secretary of State	Archibald, Fenn & Shaw LLP	Texas Secretary of State	No	Yes	Filed	2023-02-09	First-priority lien on all Project assets
C-7	C	UCC-1 Financing Statement — Calloway-Briggs Renewables Inc. (Debtor), Brazos River National Bank, N.A. (Secured Party), filed with Texas Secretary of State (pledge of membership interests)	Archibald, Fenn & Shaw LLP	Texas Secretary of State	No	Yes	Filed	2023-02-09	Pledge of 100% membership interests in Lone Star Storage I, LLC
C-8	C	Deposit Account Control Agreement — Lone Star Storage I, LLC / Brazos River National Bank, N.A.	Archibald, Fenn & Shaw LLP	Brazos River National Bank, N.A.	No	Yes	Executed	2023-02-08
C-9	C	Equity Contribution Agreement / Evidence of Equity Funding — CBR equity $9,100,000 and Ridgepoint Capital Partners, LP equity $4,900,000 (total equity $14,000,000; 35% of $40M)	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	No	Yes	Received	2023-02-10	Condition precedent to first draw
SECTION D	INSURANCE
D-1	D	Builder's Risk Insurance Policy — Commonwealth Specialty Insurance Company; policy limit $42,000,000; Lone Star Storage I, LLC as named insured; Brazos River National Bank, N.A. as loss payee/additional insured	Kensington Risk Advisors, LLC (Broker: Dana J. Carwell)	Brazos River National Bank, N.A.	No	Yes	Received	2023-02-07	Policy limit exceeds total project value of $40,000,000
D-2	D	Certificate of Insurance — Builder's Risk (Commonwealth Specialty Insurance Company)	Kensington Risk Advisors, LLC	Brazos River National Bank, N.A. / Calderwood & Harkness LLP	No	Yes	Received	2023-02-07	Evidence of coverage per Credit Agreement CP requirements
D-3	D	Commercial General Liability Insurance Policy — Pinnacle Mutual Assurance Corp.; Lone Star Storage I, LLC as named insured; Brazos River National Bank, N.A. as additional insured	Kensington Risk Advisors, LLC (Broker: Dana J. Carwell)	Brazos River National Bank, N.A.	No	Yes	Received	2023-02-07
D-4	D	Certificate of Insurance — General Liability (Pinnacle Mutual Assurance Corp.)	Kensington Risk Advisors, LLC	Brazos River National Bank, N.A. / Calderwood & Harkness LLP	No	Yes	Received	2023-02-07	Evidence of coverage per Credit Agreement and EPC Agreement requirements
D-5	D	Insurance broker confirmation letter — Kensington Risk Advisors, LLC confirming all required coverages bound and in effect	Kensington Risk Advisors, LLC	Brazos River National Bank, N.A.	No	Yes	Received	2023-02-08
SECTION E	TITLE & SURVEY
E-1	E	Leasehold Title Insurance Policy — Lone Star Abstract & Title Co.; coverage amount $26,000,000; insuring leasehold interest of Lone Star Storage I, LLC in the 15-acre Project site	Lone Star Abstract & Title Co.	Brazos River National Bank, N.A.	No	Yes	Received	2023-02-09	Coverage matches loan amount; Project site: 4800 West University Boulevard, Odessa, TX 79764
E-2	E	Title Commitment and Title Search — Lone Star Abstract & Title Co. for 15-acre parcel, Survey No. 42, Block 42, T-1-S, T&P RR Co. Survey, Ector County, TX	Lone Star Abstract & Title Co.	Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP	Yes	Yes	Received	2022-11-10	No material exceptions noted
E-3	E	ALTA/NSPS Land Title Survey of 15-acre Project site, Ector County, TX	Lone Star Abstract & Title Co. (coordinated)	Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP / Brazos River National Bank, N.A.	No	Yes	Received	2023-01-20	Survey certified to Lone Star Storage I, LLC, CBR, BRNB, and C&H
E-4	E	Legal description review and confirmation (Exhibit A to Ground Lease)	Calderwood & Harkness LLP	All parties	Yes	Yes	Final	2022-11-28	Portion of Survey No. 42, Block 42, T-1-S, T&P RR Co. Survey, Ector County, Texas
SECTION F	ENVIRONMENTAL
F-1	F	Phase I Environmental Site Assessment — Terranova Environmental Group, Inc. (Lead Consultant: Karen V. Albrecht); 15-acre Project site, Ector County, TX	Terranova Environmental Group, Inc.	Calderwood & Harkness LLP / Brazos River National Bank, N.A.	No	Yes	Received	2023-01-18	Clean; no Recognized Environmental Conditions (RECs) identified; CP under Credit Agreement satisfied
F-2	F	Desktop ESA / Endangered Species Review (USFWS) — completed August 2022	Terranova Environmental Group, Inc.	Calderwood & Harkness LLP	N/A	N/A	Received	2022-08-15	No critical habitat identified on or adjacent to Project site

F-3	F	Reliance letter from Terranova Environmental Group, Inc. addressed to Brazos River National Bank, N.A.	Terranova Environmental Group, Inc.	Brazos River National Bank, N.A.	No	Yes	Received	2023-01-25	Permits BRNB reliance on Phase I ESA
SECTION G	PERMITS & REGULATORY
G-1	G	Ector County Building Permit No. BP-2022-04517	Calloway-Briggs Renewables Inc.	Calderwood & Harkness LLP / Brazos River National Bank, N.A.	Yes	Yes	Received	2022-10-28	Issued October 28, 2022
G-2	G	TCEQ Stormwater General Permit — Construction SWPPP filed under permit TXR150000 (construction activity >1 acre)	Calloway-Briggs Renewables Inc.	Calderwood & Harkness LLP / Brazos River National Bank, N.A.	Yes	Yes	Received	2022-11-15	Filed November 2022; TCEQ Air Quality Permit not required (BESS — no emissions)
G-3	G	ERCOT Interconnection Application Confirmation — Queue No. INR-22-03347 (filed March 2022)	Calloway-Briggs Renewables Inc.	Calderwood & Harkness LLP	Yes	Yes	Received	2022-09-15	Full Interconnection Study completed August 2022
G-4	G	FAA Determination — not required (structures under 200 feet AGL)	Calderwood & Harkness LLP	File	N/A	N/A	N/A	Confirmed not required; documented in due diligence memo
SECTION H	LEGAL OPINIONS
H-1	H	Legal Opinion Letter — Calderwood & Harkness LLP (Borrower's Counsel) to Brazos River National Bank, N.A.: due organization and good standing (CBR and Lone Star Storage I, LLC under Texas law), due authorization, enforceability, no conflicts, no governmental approvals (other than obtained), perfection of security interests	Calderwood & Harkness LLP (George Trujillo, Partner)	Brazos River National Bank, N.A.	No	Yes	Executed	2023-02-10	Standard project finance borrower's counsel opinion; subject to customary qualifications
H-2	H	Legal Opinion Letter — Archibald, Fenn & Shaw LLP (Lender's Counsel) to Brazos River National Bank, N.A.	Archibald, Fenn & Shaw LLP (Robert C. Fenn, Partner)	Brazos River National Bank, N.A.	No	Yes	Executed	2023-02-10
SECTION I	CERTIFICATES & BRING-DOWN
I-1	I	Officer's Certificate and Bring-Down Certificate — executed by Sandra M. Briggs, President & COO of CBR and authorized officer of Lone Star Storage I, LLC: (i) reps & warranties true and correct in all material respects as of Financial Close, (ii) no Event of Default, (iii) all CPs to initial advance satisfied, (iv) attached organizational documents, resolutions, and incumbency certificates true, correct, and complete	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	No	Yes	Executed	2023-02-10	Bring-down from signing date (12/1/2022) to Financial Close (2/10/2023)
I-2	I	Secretary's Certificate — Calloway-Briggs Renewables Inc. certifying resolutions, organizational documents, and incumbency	Calderwood & Harkness LLP	Brazos River National Bank, N.A.	No	Yes	Executed	2023-02-10
I-3	I	Independent Engineer's Report — Norgate Technical Advisors, Inc. (Lead: Dr. Phillip S. Reardon, P.E.) — technical review and certification of Project for lender due diligence	Norgate Technical Advisors, Inc.	Brazos River National Bank, N.A.	No	Yes	Received	2023-02-05	Retained by BRNB; CP under Credit Agreement
I-4	I	Closing confirmation and funds flow memorandum — Financial Close (all CPs satisfied 2/10/2023; closing confirmed 2/17/2023)	Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP	All parties	No	Yes	Final	2023-02-17	First draw under Credit Agreement funded 2/10/2023; matter closed completed 2/17/2023
SECTION J	BONDING
J-1	J	Performance Bond — Ironclad Surety Corporation; bond amount $31,200,000 (100% of EPC Contract Price); Principal: Meridian Power Construction, Inc.; Obligee: Lone Star Storage I, LLC	Whitford, Garrety & Neale LLP / Meridian Power Construction, Inc.	Calderwood & Harkness LLP / Brazos River National Bank, N.A.	Yes	Yes	Received	2022-12-01	Ironclad Surety Corporation (Illinois corporation); bonding capacity of MPC approx. $500M
J-2	J	Payment Bond — Ironclad Surety Corporation; bond amount $31,200,000 (100% of EPC Contract Price); Principal: Meridian Power Construction, Inc.; Obligee: Lone Star Storage I, LLC	Whitford, Garrety & Neale LLP / Meridian Power Construction, Inc.	Calderwood & Harkness LLP / Brazos River National Bank, N.A.	Yes	Yes	Received	2022-12-01
J-3	J	Surety consent to Collateral Assignment of EPC Agreement to Brazos River National Bank, N.A.	Ironclad Surety Corporation	Brazos River National Bank, N.A.	No	Yes	Received	2023-02-08	Dual obligee rider or consent letter

[sheet: Key Parties & Contacts]

Party / Entity	Short Name	Role	Key Contact	Title	Address	Counsel
Calloway-Briggs Renewables Inc.	CBR	Client / Project Developer / Guarantor	Raymond T. Calloway; Sandra M. Briggs	Chairman & CEO; President & COO	2200 West Commerce Street, Suite 1400, Houston, TX 77002	Calderwood & Harkness LLP
Lone Star Storage I, LLC	LSS	Project Company / Borrower (SPV)	Manager: CBR	N/A	Registered Agent: CT Agents of Texas, LLC, 1999 Bryan Street, Suite 900, Dallas, TX 75201	Calderwood & Harkness LLP
Ridgepoint Capital Partners, LP	Ridgepoint	Equity Co-Investor (35% of CBR; $4,900,000 Project equity)	Lawrence K. Denham	Managing Partner	3000 McKinney Avenue, Suite 2500, Dallas, TX 75204	N/A
Meridian Power Construction, Inc.	MPC	EPC Contractor ($31,200,000 fixed-price)	Thomas R. Overstreet	CEO	8700 Shoal Creek Boulevard, Suite 300, Austin, TX 78757	Whitford, Garrety & Neale LLP (Jessica A. Whitford; Brian M. Kennard)
Harmon-Dietrich Energy Solutions, LLC	HDES	Battery Equipment Supplier ($18,400,000)	Ingrid N. Harmon	CEO	450 Technology Way, San Jose, CA 95110	N/A
Permian Basin Land Holdings, LP	PBLH	Site Lessor (Ground Lease)	Marcus W. Eskridge	General Partner	1100 North Grant Avenue, Odessa, TX 79761	Dunlap & Richter, PLLC (Howard F. Dunlap)
Brazos River National Bank, N.A.	BRNB	Construction Lender / Administrative Agent ($26,000,000)	Angela P. Montrose	SVP, Energy Finance	600 Main Street, Fort Worth, TX 76102	Archibald, Fenn & Shaw LLP (Robert C. Fenn)
Calderwood & Harkness LLP	C&H	Client's Outside Counsel	George Trujillo (Responsible Partner); Patricia Dunmore (Billing Partner); David Stanton (Lead Associate); Michelle Tsao (Working Associate)	Various	1000 Louisiana Street, Suite 5500, Houston, TX 77002	N/A
Whitford, Garrety & Neale LLP	WGN	EPC Contractor's Counsel	Jessica A. Whitford (Partner); Brian M. Kennard (Associate)	Various	100 Congress Avenue, Suite 3200, Austin, TX 78701	N/A
Dunlap & Richter, PLLC	D&R	Lessor's Counsel	Howard F. Dunlap	Partner	201 East 5th Street, Suite 800, Odessa, TX 79761	N/A
Archibald, Fenn & Shaw LLP	AFS	Lender's Counsel	Robert C. Fenn	Partner	1700 Pacific Avenue, Suite 4000, Dallas, TX 75201	N/A
Norgate Technical Advisors, Inc.	Norgate	Independent Engineer (retained by BRNB)	Dr. Phillip S. Reardon, P.E.	Lead Engineer	700 Louisiana Street, Suite 2100, Houston, TX 77002	N/A
Kensington Risk Advisors, LLC	Kensington	Insurance Broker	Dana J. Carwell	Lead Broker	900 Smith Street, Suite 500, Houston, TX 77002	N/A
Commonwealth Specialty Insurance Company	CSIC	Builder's Risk Insurer ($42,000,000 policy limit)	N/A	N/A	N/A	N/A
Pinnacle Mutual Assurance Corp.	Pinnacle	General Liability Insurer	N/A	N/A	N/A	N/A
Ironclad Surety Corporation	Ironclad	Surety (Performance & Payment Bonds, $31,200,000 each)	N/A	N/A	N/A	N/A
Lone Star Abstract & Title Co.	LS Title	Title Company (leasehold title insurance, $26,000,000)	N/A	N/A	312 North Texas Avenue, Odessa, TX 79761	N/A
Terranova Environmental Group, Inc.	Terranova	Environmental Consultant (Phase I ESA)	Karen V. Albrecht	Lead Consultant	4500 Greenville Avenue, Suite 220, Dallas, TX 75206	N/A

[sheet: Key Dates & Milestones]

Date	Event / Milestone	Status
2022-03-01	ERCOT interconnection application filed (Queue No. INR-22-03347)	Completed
2022-08-15	Full Interconnection Study completed; desktop ESA / USFWS review completed	Completed
2022-09-06	Calderwood & Harkness engagement opened (Matter No. 1015-00003)	Completed
2022-10-14	LOI / Term Sheet executed (EPC) — CBR and Meridian Power Construction, Inc.	Completed
2022-10-28	Ector County Building Permit No. BP-2022-04517 issued	Completed
2022-11-08	Ground Lease final draft circulated	Completed
2022-11-15	SWPPP filed under TCEQ general permit TXR150000	Completed
2022-12-01	Signing Date — EPC Agreement, Equipment Supply Agreement, Ground Lease, Interconnection Agreement, Credit Agreement, Collateral Assignment, Completion Guarantee, Pledge Agreement	Completed
2023-02-10	Financial Close — all CPs satisfied; first draw under $26,000,000 Credit Agreement	Completed
2023-02-17	Closing confirmed — matter closed completed	Completed
2023-03-15	Equipment first shipment (Harmon-Dietrich, FOB Project site)	Scheduled
2023-06-01	Equipment final shipment (fourth shipment)	Scheduled
2023-07-15	Expected energization at Western Permian 138 kV Substation	Scheduled
2023-08-15	Expected Commercial Operation Date (COD)	Scheduled
2023-09-01	EPC Guaranteed COD (with 15-day cure period)	Scheduled
2030-02-10	Credit Agreement maturity (7 years from Financial Close)	Scheduled
2047-12-01	Ground Lease initial term expiration (25 years)	Scheduled
2057-12-01	Ground Lease maximum expiration (25 + 5 + 5 = 35 years, if both renewals exercised)	Scheduled

[sheet: Closing Checklist]
Item No. | Section | Description | Responsible Party | Counterparty / Recipient | Required for Signing (12/1/22) | Required for Financial Close (2/10/23) | Status | Date Delivered | Notes
SECTION A | CORPORATE / ORGANIZATIONAL DOCUMENTS
A-1 | A | Certificate of Formation — Calloway-Briggs Renewables Inc. (Texas corporation, EIN 82-3047591), certified by Texas Secretary of State | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-11-18 | Certified copy obtained
A-2 | A | Certificate of Good Standing — Calloway-Briggs Renewables Inc., issued by Texas Secretary of State | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | Yes | Yes | Received | 2023-02-07 | Bring-down good standing dated within 30 days of Financial Close
A-3 | A | Certificate of Formation — Lone Star Storage I, LLC (Texas LLC, EIN 88-1623504), certified by Texas Secretary of State | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-11-18 | Single-purpose project company; wholly owned subsidiary of CBR
A-4 | A | Certificate of Good Standing — Lone Star Storage I, LLC, issued by Texas Secretary of State | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | Yes | Yes | Received | 2023-02-07 | Bring-down good standing dated within 30 days of Financial Close
A-5 | A | Company Agreement of Lone Star Storage I, LLC (as amended) | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-11-28 | Manager: Calloway-Briggs Renewables Inc.
A-6 | A | Resolutions of Board of Directors of Calloway-Briggs Renewables Inc. authorizing the Project, execution of Transaction Documents and Financing Documents, and appointment of authorized signatories | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-11-28 | Signed by Raymond T. Calloway, Chairman & CEO
A-7 | A | Resolutions of Calloway-Briggs Renewables Inc. as sole member/manager of Lone Star Storage I, LLC authorizing execution of all Project agreements | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-11-28
A-8 | A | Incumbency Certificate — Calloway-Briggs Renewables Inc. (Raymond T. Calloway, Chairman & CEO; Sandra M. Briggs, President & COO) | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-11-28
A-9 | A | Incumbency Certificate — Lone Star Storage I, LLC | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-11-28 | Authorized officers of Manager (CBR)
A-10 | A | Registered Agent Confirmation — Lone Star Storage I, LLC (CT Agents of Texas, LLC, 1999 Bryan Street, Suite 900, Dallas, TX 75201) | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | No | Yes | Received | 2023-01-15
A-11 | A | Certificate of Formation / Partnership Agreement — Ridgepoint Capital Partners, LP (Delaware LP) | Ridgepoint Capital Partners, LP | Brazos River National Bank, N.A. | No | Yes | Received | 2023-01-20 | 35% minority equity holder in CBR; $4,900,000 equity commitment to the Project
A-12 | A | Organizational documents — Meridian Power Construction, Inc. (Texas corporation) | Whitford, Garrety & Neale LLP | Calderwood & Harkness LLP / Brazos River National Bank, N.A. | Yes | No | Received | 2022-11-22 | EPC Contractor
A-13 | A | Organizational documents — Harmon-Dietrich Energy Solutions, LLC (Delaware LLC) | Harmon-Dietrich Energy Solutions, LLC | Calderwood & Harkness LLP / Brazos River National Bank, N.A. | Yes | No | Received | 2022-11-22 | Equipment Supplier
A-14 | A | Organizational documents — Permian Basin Land Holdings, LP (Texas LP) | Dunlap & Richter, PLLC | Calderwood & Harkness LLP / Brazos River National Bank, N.A. | Yes | No | Received | 2022-11-15 | Site Lessor; General Partner: Marcus W. Eskridge
SECTION B | TRANSACTION DOCUMENTS
B-1 | B | Engineering, Procurement and Construction Agreement (Execution Version) — between Lone Star Storage I, LLC (Owner) and Meridian Power Construction, Inc. (Contractor); Contract Price: $31,200,000 (fixed, lump-sum); Guaranteed COD: September 1, 2023 | Calderwood & Harkness LLP / Whitford, Garrety & Neale LLP | All parties | Yes | Yes | Executed | 2022-12-01 | Performance guarantees: 87% min RTE, 50 MW/200 MWh (±2%), 97% Year 1 availability; Delay LDs $25,000/day capped at $1,560,000; Performance LDs $4,000/MWh shortfall capped at $1,560,000; Aggregate LD cap $3,120,000; 10% retainage; 2-year warranty; Texas law
B-2 | B | Equipment Supply Agreement (Execution Version) — between Lone Star Storage I, LLC and Harmon-Dietrich Energy Solutions, LLC; Contract Value: $18,400,000; BESS Model HD-LFP-200E (50 MW / 200 MWh LFP) | Calderwood & Harkness LLP | All parties | Yes | Yes | Executed | 2022-12-01 | 10 × 5 MW PCS inverters, BMS, HVAC, containers; FOB Project site; 4 shipments 3/15/2023–6/1/2023; Delay LDs $15,000/day capped at $920,000; 10-yr capacity warranty (80% at Yr 10); 5-yr defect warranty; Texas law
B-3 | B | Ground Lease Agreement (Execution Version) — between Permian Basin Land Holdings, LP (Lessor) and Lone Star Storage I, LLC (Lessee); 15-acre parcel, Survey No. 42, Block 42, T-1-S, T&P RR Co. Survey, Ector County, TX | Calderwood & Harkness LLP / Dunlap & Richter, PLLC | All parties | Yes | Yes | Executed | 2022-12-01 | 25-year initial term commencing 12/1/2022; two 5-yr renewals (max 35 yrs, expiring 12/1/2057); Dev. rent $1,200/acre/yr ($18,000/yr); Op. rent $1,800/acre/yr ($27,000/yr) w/ 2% annual escalator; $50,000 signing payment; Texas law
B-4 | B | Interconnection Agreement (Execution Version) — between Lone Star Storage I, LLC and Aldermere & Co.; ERCOT Queue No. INR-22-03347; POI: Western Permian 138 kV Substation, Ector County, TX | Calderwood & Harkness LLP | Oncor / ERCOT | Yes | Yes | Executed | 2022-12-01 | 50 MW BESS; 138 kV interconnection; on-site step-up transformer 34.5 kV to 138 kV; gen-tie ~1.2 miles overhead; network upgrade costs $2,800,000; ERCOT Resource ID LSBESS_01 (pending); expected energization 7/15/2023; Texas law
B-5 | B | LOI / Term Sheet (EPC) — executed between CBR and Meridian Power Construction, Inc. | Calderwood & Harkness LLP / Whitford, Garrety & Neale LLP | CBR / MPC | N/A | N/A | Executed | 2022-10-14 | Superseded by execution EPC Agreement
B-6 | B | Consent to Assignment — Meridian Power Construction, Inc. (re: Collateral Assignment of EPC Agreement to BRNB) | Whitford, Garrety & Neale LLP | Brazos River National Bank, N.A. | No | Yes | Executed | 2023-02-08 | Signed by Thomas R. Overstreet, CEO
B-7 | B | Consent to Assignment — Harmon-Dietrich Energy Solutions, LLC (re: Collateral Assignment of ESA to BRNB) | Harmon-Dietrich Energy Solutions, LLC | Brazos River National Bank, N.A. | No | Yes | Executed | 2023-02-08 | Signed by Ingrid N. Harmon, CEO
B-8 | B | Consent to Assignment / SNDA — Permian Basin Land Holdings, LP (re: Collateral Assignment of Ground Lease to BRNB) | Dunlap & Richter, PLLC | Brazos River National Bank, N.A. | No | Yes | Executed | 2023-02-08 | Lessor lien waiver and Subordination, Non-Disturbance and Attornment Agreement; signed by Marcus W. Eskridge, GP
B-9 | B | Consent to Assignment — Aldermere & Co. (re: Collateral Assignment of Interconnection Agreement to BRNB) | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | No | Yes | Executed | 2023-02-09
SECTION C | FINANCING DOCUMENTS
C-1 | C | Credit Agreement — $26,000,000 Construction-to-Term Loan Facility between Lone Star Storage I, LLC (Borrower) and Brazos River National Bank, N.A. (Administrative Agent and Lender); Guarantor: Calloway-Briggs Renewables Inc. | Archibald, Fenn & Shaw LLP / Calderwood & Harkness LLP | All parties | Yes | Yes | Executed | 2022-12-01 | SOFR + 275 bps (0.50% SOFR floor); 0.50% unused commitment fee; 7-yr maturity (2/10/2030); sculpted amortization; target DSCR 1.40x; 65% of $40M total project value
C-2 | C | Collateral Assignment of Project Contracts — Lone Star Storage I, LLC (Assignor) to Brazos River National Bank, N.A. (Assignee); assignment of EPC Agreement, Equipment Supply Agreement, Ground Lease, and Interconnection Agreement | Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-12-01 | Security for $26,000,000 Credit Agreement; Texas law
C-3 | C | Completion Guarantee — Calloway-Briggs Renewables Inc. (Guarantor) in favor of Brazos River National Bank, N.A. | Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-12-01 | Limited recourse completion guarantee
C-4 | C | Pledge Agreement — Calloway-Briggs Renewables Inc. pledging 100% of membership interests in Lone Star Storage I, LLC to Brazos River National Bank, N.A. | Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-12-01
C-5 | C | Security Agreement — Lone Star Storage I, LLC granting first-priority lien on all Project assets to Brazos River National Bank, N.A. | Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP | Brazos River National Bank, N.A. | Yes | Yes | Executed | 2022-12-01
C-6 | C | UCC-1 Financing Statement — Lone Star Storage I, LLC (Debtor), Brazos River National Bank, N.A. (Secured Party), filed with Texas Secretary of State | Archibald, Fenn & Shaw LLP | Texas Secretary of State | No | Yes | Filed | 2023-02-09 | First-priority lien on all Project assets
C-7 | C | UCC-1 Financing Statement — Calloway-Briggs Renewables Inc. (Debtor), Brazos River National Bank, N.A. (Secured Party), filed with Texas Secretary of State (pledge of membership interests) | Archibald, Fenn & Shaw LLP | Texas Secretary of State | No | Yes | Filed | 2023-02-09 | Pledge of 100% membership interests in Lone Star Storage I, LLC
C-8 | C | Deposit Account Control Agreement — Lone Star Storage I, LLC / Brazos River National Bank, N.A. | Archibald, Fenn & Shaw LLP | Brazos River National Bank, N.A. | No | Yes | Executed | 2023-02-08
C-9 | C | Equity Contribution Agreement / Evidence of Equity Funding — CBR equity $9,100,000 and Ridgepoint Capital Partners, LP equity $4,900,000 (total equity $14,000,000; 35% of $40M) | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | No | Yes | Received | 2023-02-10 | Condition precedent to first draw
SECTION D | INSURANCE
D-1 | D | Builder's Risk Insurance Policy — Commonwealth Specialty Insurance Company; policy limit $42,000,000; Lone Star Storage I, LLC as named insured; Brazos River National Bank, N.A. as loss payee/additional insured | Kensington Risk Advisors, LLC (Broker: Dana J. Carwell) | Brazos River National Bank, N.A. | No | Yes | Received | 2023-02-07 | Policy limit exceeds total project value of $40,000,000
D-2 | D | Certificate of Insurance — Builder's Risk (Commonwealth Specialty Insurance Company) | Kensington Risk Advisors, LLC | Brazos River National Bank, N.A. / Calderwood & Harkness LLP | No | Yes | Received | 2023-02-07 | Evidence of coverage per Credit Agreement CP requirements
D-3 | D | Commercial General Liability Insurance Policy — Pinnacle Mutual Assurance Corp.; Lone Star Storage I, LLC as named insured; Brazos River National Bank, N.A. as additional insured | Kensington Risk Advisors, LLC (Broker: Dana J. Carwell) | Brazos River National Bank, N.A. | No | Yes | Received | 2023-02-07
D-4 | D | Certificate of Insurance — General Liability (Pinnacle Mutual Assurance Corp.) | Kensington Risk Advisors, LLC | Brazos River National Bank, N.A. / Calderwood & Harkness LLP | No | Yes | Received | 2023-02-07 | Evidence of coverage per Credit Agreement and EPC Agreement requirements
D-5 | D | Insurance broker confirmation letter — Kensington Risk Advisors, LLC confirming all required coverages bound and in effect | Kensington Risk Advisors, LLC | Brazos River National Bank, N.A. | No | Yes | Received | 2023-02-08
SECTION E | TITLE & SURVEY
E-1 | E | Leasehold Title Insurance Policy — Lone Star Abstract & Title Co.; coverage amount $26,000,000; insuring leasehold interest of Lone Star Storage I, LLC in the 15-acre Project site | Lone Star Abstract & Title Co. | Brazos River National Bank, N.A. | No | Yes | Received | 2023-02-09 | Coverage matches loan amount; Project site: 4800 West University Boulevard, Odessa, TX 79764
E-2 | E | Title Commitment and Title Search — Lone Star Abstract & Title Co. for 15-acre parcel, Survey No. 42, Block 42, T-1-S, T&P RR Co. Survey, Ector County, TX | Lone Star Abstract & Title Co. | Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP | Yes | Yes | Received | 2022-11-10 | No material exceptions noted
E-3 | E | ALTA/NSPS Land Title Survey of 15-acre Project site, Ector County, TX | Lone Star Abstract & Title Co. (coordinated) | Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP / Brazos River National Bank, N.A. | No | Yes | Received | 2023-01-20 | Survey certified to Lone Star Storage I, LLC, CBR, BRNB, and C&H
E-4 | E | Legal description review and confirmation (Exhibit A to Ground Lease) | Calderwood & Harkness LLP | All parties | Yes | Yes | Final | 2022-11-28 | Portion of Survey No. 42, Block 42, T-1-S, T&P RR Co. Survey, Ector County, Texas
SECTION F | ENVIRONMENTAL
F-1 | F | Phase I Environmental Site Assessment — Terranova Environmental Group, Inc. (Lead Consultant: Karen V. Albrecht); 15-acre Project site, Ector County, TX | Terranova Environmental Group, Inc. | Calderwood & Harkness LLP / Brazos River National Bank, N.A. | No | Yes | Received | 2023-01-18 | Clean; no Recognized Environmental Conditions (RECs) identified; CP under Credit Agreement satisfied
F-2 | F | Desktop ESA / Endangered Species Review (USFWS) — completed August 2022 | Terranova Environmental Group, Inc. | Calderwood & Harkness LLP | N/A | N/A | Received | 2022-08-15 | No critical habitat identified on or adjacent to Project site
F-3 | F | Reliance letter from Terranova Environmental Group, Inc. addressed to Brazos River National Bank, N.A. | Terranova Environmental Group, Inc. | Brazos River National Bank, N.A. | No | Yes | Received | 2023-01-25 | Permits BRNB reliance on Phase I ESA
SECTION G | PERMITS & REGULATORY
G-1 | G | Ector County Building Permit No. BP-2022-04517 | Calloway-Briggs Renewables Inc. | Calderwood & Harkness LLP / Brazos River National Bank, N.A. | Yes | Yes | Received | 2022-10-28 | Issued October 28, 2022
G-2 | G | TCEQ Stormwater General Permit — Construction SWPPP filed under permit TXR150000 (construction activity >1 acre) | Calloway-Briggs Renewables Inc. | Calderwood & Harkness LLP / Brazos River National Bank, N.A. | Yes | Yes | Received | 2022-11-15 | Filed November 2022; TCEQ Air Quality Permit not required (BESS — no emissions)
G-3 | G | ERCOT Interconnection Application Confirmation — Queue No. INR-22-03347 (filed March 2022) | Calloway-Briggs Renewables Inc. | Calderwood & Harkness LLP | Yes | Yes | Received | 2022-09-15 | Full Interconnection Study completed August 2022
G-4 | G | FAA Determination — not required (structures under 200 feet AGL) | Calderwood & Harkness LLP | File | N/A | N/A | N/A | Confirmed not required; documented in due diligence memo
SECTION H | LEGAL OPINIONS
H-1 | H | Legal Opinion Letter — Calderwood & Harkness LLP (Borrower's Counsel) to Brazos River National Bank, N.A.: due organization and good standing (CBR and Lone Star Storage I, LLC under Texas law), due authorization, enforceability, no conflicts, no governmental approvals (other than obtained), perfection of security interests | Calderwood & Harkness LLP (George Trujillo, Partner) | Brazos River National Bank, N.A. | No | Yes | Executed | 2023-02-10 | Standard project finance borrower's counsel opinion; subject to customary qualifications
H-2 | H | Legal Opinion Letter — Archibald, Fenn & Shaw LLP (Lender's Counsel) to Brazos River National Bank, N.A. | Archibald, Fenn & Shaw LLP (Robert C. Fenn, Partner) | Brazos River National Bank, N.A. | No | Yes | Executed | 2023-02-10
SECTION I | CERTIFICATES & BRING-DOWN
I-1 | I | Officer's Certificate and Bring-Down Certificate — executed by Sandra M. Briggs, President & COO of CBR and authorized officer of Lone Star Storage I, LLC: (i) reps & warranties true and correct in all material respects as of Financial Close, (ii) no Event of Default, (iii) all CPs to initial advance satisfied, (iv) attached organizational documents, resolutions, and incumbency certificates true, correct, and complete | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | No | Yes | Executed | 2023-02-10 | Bring-down from signing date (12/1/2022) to Financial Close (2/10/2023)
I-2 | I | Secretary's Certificate — Calloway-Briggs Renewables Inc. certifying resolutions, organizational documents, and incumbency | Calderwood & Harkness LLP | Brazos River National Bank, N.A. | No | Yes | Executed | 2023-02-10
I-3 | I | Independent Engineer's Report — Norgate Technical Advisors, Inc. (Lead: Dr. Phillip S. Reardon, P.E.) — technical review and certification of Project for lender due diligence | Norgate Technical Advisors, Inc. | Brazos River National Bank, N.A. | No | Yes | Received | 2023-02-05 | Retained by BRNB; CP under Credit Agreement
I-4 | I | Closing confirmation and funds flow memorandum — Financial Close (all CPs satisfied 2/10/2023; closing confirmed 2/17/2023) | Calderwood & Harkness LLP / Archibald, Fenn & Shaw LLP | All parties | No | Yes | Final | 2023-02-17 | First draw under Credit Agreement funded 2/10/2023; matter closed completed 2/17/2023
SECTION J | BONDING
J-1 | J | Performance Bond — Ironclad Surety Corporation; bond amount $31,200,000 (100% of EPC Contract Price); Principal: Meridian Power Construction, Inc.; Obligee: Lone Star Storage I, LLC | Whitford, Garrety & Neale LLP / Meridian Power Construction, Inc. | Calderwood & Harkness LLP / Brazos River National Bank, N.A. | Yes | Yes | Received | 2022-12-01 | Ironclad Surety Corporation (Illinois corporation); bonding capacity of MPC approx. $500M
J-2 | J | Payment Bond — Ironclad Surety Corporation; bond amount $31,200,000 (100% of EPC Contract Price); Principal: Meridian Power Construction, Inc.; Obligee: Lone Star Storage I, LLC | Whitford, Garrety & Neale LLP / Meridian Power Construction, Inc. | Calderwood & Harkness LLP / Brazos River National Bank, N.A. | Yes | Yes | Received | 2022-12-01
J-3 | J | Surety consent to Collateral Assignment of EPC Agreement to Brazos River National Bank, N.A. | Ironclad Surety Corporation | Brazos River National Bank, N.A. | No | Yes | Received | 2023-02-08 | Dual obligee rider or consent letter
[sheet: Key Parties & Contacts]
Party / Entity | Short Name | Role | Key Contact | Title | Address | Counsel
Calloway-Briggs Renewables Inc. | CBR | Client / Project Developer / Guarantor | Raymond T. Calloway; Sandra M. Briggs | Chairman & CEO; President & COO | 2200 West Commerce Street, Suite 1400, Houston, TX 77002 | Calderwood & Harkness LLP
Lone Star Storage I, LLC | LSS | Project Company / Borrower (SPV) | Manager: CBR | N/A | Registered Agent: CT Agents of Texas, LLC, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | Calderwood & Harkness LLP
Ridgepoint Capital Partners, LP | Ridgepoint | Equity Co-Investor (35% of CBR; $4,900,000 Project equity) | Lawrence K. Denham | Managing Partner | 3000 McKinney Avenue, Suite 2500, Dallas, TX 75204 | N/A
Meridian Power Construction, Inc. | MPC | EPC Contractor ($31,200,000 fixed-price) | Thomas R. Overstreet | CEO | 8700 Shoal Creek Boulevard, Suite 300, Austin, TX 78757 | Whitford, Garrety & Neale LLP (Jessica A. Whitford; Brian M. Kennard)
Harmon-Dietrich Energy Solutions, LLC | HDES | Battery Equipment Supplier ($18,400,000) | Ingrid N. Harmon | CEO | 450 Technology Way, San Jose, CA 95110 | N/A
Permian Basin Land Holdings, LP | PBLH | Site Lessor (Ground Lease) | Marcus W. Eskridge | General Partner | 1100 North Grant Avenue, Odessa, TX 79761 | Dunlap & Richter, PLLC (Howard F. Dunlap)
Brazos River National Bank, N.A. | BRNB | Construction Lender / Administrative Agent ($26,000,000) | Angela P. Montrose | SVP, Energy Finance | 600 Main Street, Fort Worth, TX 76102 | Archibald, Fenn & Shaw LLP (Robert C. Fenn)
Calderwood & Harkness LLP | C&H | Client's Outside Counsel | George Trujillo (Responsible Partner); Patricia Dunmore (Billing Partner); David Stanton (Lead Associate); Michelle Tsao (Working Associate) | Various | 1000 Louisiana Street, Suite 5500, Houston, TX 77002 | N/A
Whitford, Garrety & Neale LLP | WGN | EPC Contractor's Counsel | Jessica A. Whitford (Partner); Brian M. Kennard (Associate) | Various | 100 Congress Avenue, Suite 3200, Austin, TX 78701 | N/A
Dunlap & Richter, PLLC | D&R | Lessor's Counsel | Howard F. Dunlap | Partner | 201 East 5th Street, Suite 800, Odessa, TX 79761 | N/A
Archibald, Fenn & Shaw LLP | AFS | Lender's Counsel | Robert C. Fenn | Partner | 1700 Pacific Avenue, Suite 4000, Dallas, TX 75201 | N/A
Norgate Technical Advisors, Inc. | Norgate | Independent Engineer (retained by BRNB) | Dr. Phillip S. Reardon, P.E. | Lead Engineer | 700 Louisiana Street, Suite 2100, Houston, TX 77002 | N/A
Kensington Risk Advisors, LLC | Kensington | Insurance Broker | Dana J. Carwell | Lead Broker | 900 Smith Street, Suite 500, Houston, TX 77002 | N/A
Commonwealth Specialty Insurance Company | CSIC | Builder's Risk Insurer ($42,000,000 policy limit) | N/A | N/A | N/A | N/A
Pinnacle Mutual Assurance Corp. | Pinnacle | General Liability Insurer | N/A | N/A | N/A | N/A
Ironclad Surety Corporation | Ironclad | Surety (Performance & Payment Bonds, $31,200,000 each) | N/A | N/A | N/A | N/A
Lone Star Abstract & Title Co. | LS Title | Title Company (leasehold title insurance, $26,000,000) | N/A | N/A | 312 North Texas Avenue, Odessa, TX 79761 | N/A
Terranova Environmental Group, Inc. | Terranova | Environmental Consultant (Phase I ESA) | Karen V. Albrecht | Lead Consultant | 4500 Greenville Avenue, Suite 220, Dallas, TX 75206 | N/A
[sheet: Key Dates & Milestones]
Date | Event / Milestone | Status
2022-03-01 | ERCOT interconnection application filed (Queue No. INR-22-03347) | Completed
2022-08-15 | Full Interconnection Study completed; desktop ESA / USFWS review completed | Completed
2022-09-06 | Calderwood & Harkness engagement opened (Matter No. 1015-00003) | Completed
2022-10-14 | LOI / Term Sheet executed (EPC) — CBR and Meridian Power Construction, Inc. | Completed
2022-10-28 | Ector County Building Permit No. BP-2022-04517 issued | Completed
2022-11-08 | Ground Lease final draft circulated | Completed
2022-11-15 | SWPPP filed under TCEQ general permit TXR150000 | Completed
2022-12-01 | Signing Date — EPC Agreement, Equipment Supply Agreement, Ground Lease, Interconnection Agreement, Credit Agreement, Collateral Assignment, Completion Guarantee, Pledge Agreement | Completed
2023-02-10 | Financial Close — all CPs satisfied; first draw under $26,000,000 Credit Agreement | Completed
2023-02-17 | Closing confirmed — matter closed completed | Completed
2023-03-15 | Equipment first shipment (Harmon-Dietrich, FOB Project site) | Scheduled
2023-06-01 | Equipment final shipment (fourth shipment) | Scheduled
2023-07-15 | Expected energization at Western Permian 138 kV Substation | Scheduled
2023-08-15 | Expected Commercial Operation Date (COD) | Scheduled
2023-09-01 | EPC Guaranteed COD (with 15-day cure period) | Scheduled
2030-02-10 | Credit Agreement maturity (7 years from Financial Close) | Scheduled
2047-12-01 | Ground Lease initial term expiration (25 years) | Scheduled
2057-12-01 | Ground Lease maximum expiration (25 + 5 + 5 = 35 years, if both renewals exercised) | Scheduled

[sheet: Closing Checklist]

Record

Parties

Dates

Amounts