HEDGING TRANSACTIONS AND GUARANTY

Hedge Agreement

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Title: HEDGING TRANSACTIONS AND GUARANTY
Governing Law: New York Date: 11/3/2006

Exhibit 10

Exhibit 10.14

EXECUTION COPY

MASTER TRANSACTION AGREEMENT

Dated as of August 1, 2006

Among

SOCIÉTÉ GÉNÉRALE,

as Hedge Provider

MXENERGY INC.,

as Counterparty

and

MXENERGY HOLDINGS INC.
AND CERTAIN OF ITS SUBSIDIARIES,

as Guarantors

Table of Contents

			Page

ARTICLE I	DEFINITIONS AND ACCOUNTING TERMS		1
Section 1.01		Certain Defined Terms	1
Section 1.02		Computation of Time Periods	18
Section 1.03		Accounting Terms	18
Section 1.04		Miscellaneous	19

ARTICLE II	THE HEDGING FACILITY		19
Section 2.01		Natural Gas Hedging Transactions	19
Section 2.02		Sleeved Natural Gas Hedging Transactions	20
Section 2.03		MxEnergy-VPEM Natural Gas Hedging Transactions	21
Section 2.04		SESCo Hedging Transactions	21
Section 2.05		Natural Gas Put Options	22
Section 2.06		Restrictions on Commitments; Hedging Position and Related Covenants; Hedging Disclosures; Exclusivity of Facility	23
Section 2.07		Extension and Termination of Commitments; Termination of Agreement	24
Section 2.08		Fees	25
Section 2.09		Existing Hedge Provider – Counterparty Hedging Transactions	26
Section 2.10		Increased Costs	26
Section 2.11		Payments and Computations	27

ARTICLE III	CONDITIONS PRECEDENT		27
Section 3.01		Initial Conditions Precedent	27
Section 3.02		Conditions Precedent to MxEnergy-VPEM Novation Transactions	32
Section 3.03		Conditions Precedent to Each Hedging Transaction	33

ARTICLE IV	REPRESENTATIONS AND WARRANTIES		33
Section 4.01		Existence; Subsidiaries	33
Section 4.02		Power and Authority	34
Section 4.03		Authorization and Approvals	34
Section 4.04		Enforceable Obligations	34
Section 4.05		Financial Statements; No Material Adverse Effect	35
Section 4.06		Disclosure	35

			Page

Section 4.07		Litigation	35
Section 4.08		Compliance with Laws	36
Section 4.09		No Default	36
Section 4.10		Subsidiaries; Corporate Structure	36
Section 4.11		Condition of Properties	36
Section 4.12		MxEnergy – VPEM Hedging Transactions	36
Section 4.13		Insurance	37
Section 4.14		Taxes	37
Section 4.15		Security Interests	37
Section 4.16		Solvency	38
Section 4.17		Senior Obligations	39
Section 4.18		Investment Company Act	39
Section 4.19		Names and Locations	39
Section 4.20		Revisions or Updates to the Schedules	39
Section 4.21		SESCo Acquisition	39

ARTICLE V	AFFIRMATIVE COVENANTS		40
Section 5.01		Preservation of Existence, Etc	40
Section 5.02		Compliance with Laws, Etc	40
Section 5.03		Maintenance of Property	41
Section 5.04		Maintenance of Insurance	41
Section 5.05		Payment of Taxes, Etc	41
Section 5.06		Reporting Requirements	42
Section 5.07		Other Notices	44
Section 5.08		Books and Records; Inspection	45
Section 5.09		Nature of Business	45
Section 5.10		Risk Management Policy	46
Section 5.11		Additional Guarantors	46
Section 5.12		Further Assurances	46
Section 5.13		Account Control Agreement	46

ARTICLE VI	NEGATIVE COVENANTS		47

			Page

Section 6.01		Credit Agreement Negative and Financial Covenants	47
Section 6.02		Limitation on Natural Gas Hedge Agreements	47
Section 6.03		Limitation on Speculative Hedge Agreements and Positions	47
Section 6.04		Additional Limitations on Liens; Hedging Facility Collateral	47
Section 6.05		Additional Limitations on Dispositions of Collateral Account Property	48
Section 6.06		Restrictive Agreements	48
Section 6.07		Sale and Leaseback Transactions and other Off-Balance Sheet Liabilities	48
Section 6.08		Subordinated Debt	48

ARTICLE VII	SPECIFIED EVENTS		48
Section 7.01		Specified Events	48
Section 7.02		Rights and Remedies	49
Section 7.03		Non-Exclusivity of Rights and Remedies	49
Section 7.04		Collateral Account	50

ARTICLE VIII	THE GUARANTY		50
Section 8.01		Guaranteed Obligations	50
Section 8.02		Nature of Guaranty	50
Section 8.03		Hedge Provider’s Rights	51
Section 8.04		Guarantor’s Waivers	51
Section 8.05		Maturity of Obligations, Payment	52
Section 8.06		Hedge Provider’s Expenses	52
Section 8.07		Liability	52
Section 8.08		Events and Circumstances Not Reducing or Discharging any Guarantor’s Obligations	53
Section 8.09		Subordination of All Guarantor Claims.	55
Section 8.10		Claims in Bankruptcy	56
Section 8.11		Payments Held in Trust	56
Section 8.12		Benefit of Guaranty	56
Section 8.13		Reinstatement	56
Section 8.14		Liens Subordinate	57

iii

			Page

Section 8.15		Guarantor’s Enforcement Rights	57
Section 8.16		Limitation	57
Section 8.17		Contribution Rights	57
Section 8.18		Release of Guarantors	58

ARTICLE IX	MISCELLANEOUS		58
Section 9.01		Amendments, Etc	58
Section 9.02		Notices, Etc	58
Section 9.03		No Waiver; Cumulative Remedies	60
Section 9.04		Costs and Expenses	60
Section 9.05		Indemnification	60
Section 9.06