Document:

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                                                                   Exhibit 10.23

                             YORKSHIRE LINK LIMITED                (1)
                                  (as Borrower)

                                     - AND -

                      MACQUARIE INFRASTRUCTURE (UK) LIMITED        (2)
                                       AND
                               BALFOUR BEATTY PLC
                                  (as Lenders)

                              AMENDED AND RESTATED
                     COMMERCIAL SUBORDINATED LOAN AGREEMENT
                   IN RELATION TO A (POUND)10,000,000 FACILITY

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                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                 PAGE NO
<S>      <C>                                           <C>
1.       DEFINITIONS AND INTERPRETATION                   1
2.       THE FACILITY                                    11
3.       INTEREST                                        11
4.       ALTERNATIVE INTEREST RATES                      13
5.       REPAYMENT                                       14
6.       [UNUSED]                                        15
7.       ILLEGALITY                                      15
8.       PREPAYMENT                                      15
9.       TAXES                                           15
10.      INCREASED COSTS                                 19
11.      FINANCIAL INFORMATION                           21
12.      PROJECT BUDGETS                                 22
13.      PROJECT FORECASTS                               23
14.      PROJECT ACCOUNTS AND CASHFLOWS                  23
15.      POSITIVE COVENANTS                              23
16.      NEGATIVE COVENANTS                              27
17.      EVENTS OF DEFAULT                               31
18.      DEFAULT INTEREST, INDEMNITY AND RELEASE         37
19.      ACCOUNTS, ETC                                   38
20.      PAYMENTS                                        39
21.      REDISTRIBUTION OF PAYMENTS AND SET-OFF          39
22.      OTHER COMPENSATIONS                             40
23.      COSTS AND EXPENSES                              40
24.      BENEFIT OF AGREEMENT                            41
25.      PARTIAL INVALIDITY, WAIVER AND AMENDMENTS       43
26.      NOTICES                                         43
27.      LAW                                             44
28.      JURISDICTION                                    44
</TABLE>

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THIS AGREEMENT is made the 26th day of March 1996 and amended and restated on 20
October 1997 and further amended and restated on 4 September 2001.

BETWEEN:

(1)   YORKSHIRE LINK LIMITED, a company registered in England with registered
      number 02999303 (the "Borrower"); and

(2)   MACQUARIE INFRASTRUCTURE (UK) LIMITED and BALFOUR BEATTY PLC as Lenders
      (as defined below).

WHEREAS:

(A)   The Secretary of State for Transport (the "Secretary of State") has agreed
      to grant to the Borrower, the concession to design, build, finance,
      operate and maintain the M1-Al link road (Lofthouse to Bramham) and
      various related on and off site facilities (the "Concession") and the
      Borrower has agreed to undertake the same in accordance with the terms of
      the DBFO Contract (the "Project").

(B)   The Original Parties entered into this Agreement on the Execution Date to
      record the terms and conditions upon and subject to which 3i agreed to
      make available to the Borrower subordinated loan and guarantee facilities
      in a total amount of up to (pound)10,000,000 to assist the Borrower to
      finance the Project.

(C)   The Lenders accepted a transfer from 3i of all of 3i's rights under this
      Agreement.

(D)   Pursuant to the Amendment and Restatement Agreement (as defined below) it
      was agreed between the parties that certain amendments would be made to
      this Agreement.

(E)   This Agreement is subject to the terms of the Intercreditor Agreement (as
      defined below).

IT IS AGREED as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1   DEFINITIONS

      In this Agreement the following words and expressions have the meanings
      set opposite them:

      "3i" means 3i Group plc;

      "ADDITIONAL COSTS RATE" in relation to the Advance or any Unpaid Sum,
      means the rate determined in accordance with the Fifth Schedule;

      "ADVANCE" means the principal amount of the advances (as from time to time
      reduced by repayment) made hereunder prior to the Amendment Date; and, in
      respect of each

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      Lender, shall mean such proportion of that principal amount as is advanced
      by that Lender, or as is allocated to that Lender upon a transfer;

      "AFFILIATE" means with respect to any person, any person that controls, is
      controlled by or is under common control with such person. For the
      purposes of this definition, "control" (including, with correlative
      meanings, the terms "controlled by" and "under common control with") as
      used with respect to any person, shall mean the possession, directly or
      indirectly, of the power to direct or cause the direction of the
      management and policies of such person, whether through the ownership of
      voting securities or by contract or otherwise;

      "AMENDMENT DATE" shall have the meaning given to it in the Amendment and
      Restatement Agreement;

      "APPLICABLE MARGIN" means 4% per annum;

      "AUTHORISED SIGNATORY" in relation to any person and any communication to
      be made, or any document to be executed or certified, by it, means at any
      time, any person:

      (a)   who is duly authorised at such time, by or pursuant to board
            resolutions of the Borrower or in such other manner as may be
            reasonably acceptable to the Lenders, to make such communication, or
            to execute or certify such document on its behalf; and

      (b)   in respect of whom the Lenders have received a certificate signed by
            a director of it, or by another of its Authorised Signatories,
            setting out the name and, where such person is authorised to execute
            or certify documents, signature of such person and confirming such
            person's authority to act as aforesaid;

      "BASE CASE" means the base case financial model produced by the Borrower
      and approved by the Lenders as at the Amendment Date;

      "CONSTRUCTION CONTRACT" means the construction contract of even date
      herewith made between the Borrower and the Contractor for the design and
      construction of the Project;

      "CONTRACTOR" means the unincorporated joint venture comprising each of
      Skansa Cementation UK Limited (formerly, Kvaerner Construction Limited)
      and Balfour Beatty Civil Engineering Limited;

      "CONTRACTOR DESIGNATING DEED" means the form of designating deed scheduled
      to the Intercreditor Agreement;

      "DBFO COMPENSATION" means any payments made by the Secretary of State
      under clauses 40.3 and/or 40.4 and/or 40.6 of the DBFO Contract;

      "DBFO CONTRACT" means the contract dated 26 March 1996 made between the
      Borrower and the Secretary of State for Transport, whereby the Secretary
      of State for Transport granted the Concession to the Borrower;

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      "DBFO PAYMENTS" means those payments to be made by the Secretary of State
      to the Borrower pursuant to the DBFO Contract;

      "DEBENTURE" means the fixed and floating charge debenture dated 26 March
      1996 granted by the Borrower to the Security Trustee more particularly
      referred to in paragraph 1 of the Fourth Schedule;

      "DEFERRED INTEREST" has the meaning given to it in clause 3.5 (Deferral of
      Payments);

      "DIRECT AGREEMENT" means the agreement dated 26 March 1996 made between
      the Intercreditor Agent, the Secretary of State and the Borrower;

      "EIB" means European Investment Bank;

      "EIB FACILITY" means the loan facility to be provided by EIB pursuant to
      the EIB Facility Agreement;

      "EIB FACILITY AGREEMENT" means the agreement dated 26 March 1996 made
      between EIB and the Borrower relating to a loan of (pound)90,000,000 to be
      made by EIB to the Borrower (subject to the terms and conditions thereof);

      "EIF" means the European Investment Fund;

      "EIF SENIOR GUARANTEE" means the guarantee to be provided by EIF in
      respect of part of the EIB Facility;

      "EIF SENIOR GUARANTEE FACILITY AGREEMENT" means the agreement dated 26
      March 1996 made between the Borrower and EIF under which EIF issues the
      ELF Senior Guarantee;

      "EVENT OF DEFAULT" means any of those events mentioned in clause 17
      (Events of Default);

      "EXECUTION DATE" means 26 March 1996;

      "FACILITIES" means the Loan Facility;

      "FINAL REPAYMENT DATE" means the last scheduled Repayment Date referred to
      in clause 5 (Repayment);

      "FINANCE DOCUMENTS" means each of this Agreement, each Security Document
      and the Intercreditor Agreement and "Finance Document" shall mean any one
      of them;

      "FINANCE PARTIES" means the Lenders and the Security Trustee;

      "FINANCIAL MODEL" means a computer programme produced by the Borrower in
      the spreadsheet format agreed between the Borrower and the Lenders
      designed for use in calculating, projecting and estimating the past and
      future revenue and expenditure of the

                                       3

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      Borrower in respect of the Project by application of given values to
      certain specified assumptions;

      "FIRST REPAYMENT DATE" means 31 March 2005;

      "INSURANCE ADVISER" means Willis Corroon or such other person as the
      Lenders and the Borrower shall from time to time approve as such;

      "INSURANCES" means each of the contracts for insurance contemplated in
      clause 15.11 entered into by or on behalf of the Borrower and any other
      contracts or policies of insurance taken out by the Borrower from time to
      time relating to the Project and/or the Site;

      "INTERCREDITOR AGENT" shall have the meaning given to it in the
      Intercreditor Agreement;

      "INTERCREDITOR AGREEMENT" means the agreement dated 26 March 1996 as
      amended and restated on 20 October 1997 made between, inter alia, the
      Borrower, the Lenders, the Senior Agent, the Banks, EIB and EIF;

      "INTEREST PAYMENT DATE" means the last day of each Interest Period (or, if
      any such date is not a business day, the next following business day
      unless that day falls in the calendar month succeeding that in which it
      would otherwise have ended in which case it shall end on the preceding
      business day);

      "INTEREST PERIOD" means, in relation to any Advance or Unpaid Sum, each of
      those periods referred to in clause 3.1 (Interest Periods) or, as the case
      may be, clause 18 (Default Interest, Indemnity and Release);

      "JUNIOR SUBORDINATED LENDERS" means the Promoters and any other person to
      whom the Borrower may from time to time incur financial indebtedness under
      clause 16.12(vi) below or that may, from time to time, hold any shares in
      the Borrower;

      "JUNIOR SUBORDINATED LOAN AGREEMENT" means the (pound)12,000,000 loan
      stock instrument of even date herewith issued by the Borrower and
      subscribed for by the Promoters;

      "JUNIOR SUBORDINATED LOANS" means loans or other credit arrangements made
      or to be made available to the Borrower under or in respect of the Junior
      Subordinated Loan Agreement;

      "LENDER" means, at any time, any of the lenders named as a party hereto
      and each transferee successor or assignee which has rights hereunder at
      such time;

      "LENDING OFFICE" means, in relation to a Lender, the office located at the
      address identified with its signature below or, as the case may be, in a
      Transfer Certificate to which it is a party as transferee, or such other
      office in the United Kingdom as the relevant Lender may from time to time
      select;

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      "LIBOR" means in relation to any amount owed by the Borrower hereunder on
      which interest for a given period is to accrue:

      (a)   the rate per annum determined by the Lenders to be equal to the
            arithmetic mean (rounded upwards to four decimal places) of the
            offered quotations which appear on page "LIBOR01" of the Reuter
            Monitor Money Rates Service for the display of London Interbank
            Offered Rates for such amount and for such period at or about 11.00
            am (London time) on the Quotation Date for such period (or, if such
            page or such service shall cease to be available, such other page or
            such other service (as the case may be) for the purpose of
            displaying London Interbank Offered Rate for sterling as the Lenders
            shall agree); and

      (b)   if less than two quotations for sterling and the relevant period are
            displayed and the Lenders have not selected any alternative service
            as contemplated in (a) above, the arithmetic mean (rounded upwards
            to four decimal places) of the rates (as notified to the Lenders) at
            which the Reference Banks were offering to prime banks in the London
            Interbank Market deposits in sterling for such period at or about
            11.00 am (London time) on the Quotation Date for such period;

      "LOAN" means the principal amount of the Advance for the time being
      outstanding hereunder;

      "LOAN FACILITY" means the subordinated loan facility referred to in clause
      2 (the Facility), as the same may be reduced or cancelled from time to
      time in accordance with the provisions of this Agreement;

      "MATERIAL ADVERSE EFFECT" means the happening of any event which is
      reasonably likely to have a material adverse effect on the Borrower's
      ability to perform or comply with its obligations under any of the
      Relevant Documents;

      "NORMAL INTEREST RATE" has the meaning given to in it clause 3.3
      (Calculation of Interest);

      "ORIGINAL PARTIES" means 3i and the Borrower;

      "OUTSTANDINGS" means, on any day, subject as herein provided, the
      aggregate on such day of the amount equal to all outstanding Advances;

      "POTENTIAL EVENT OF DEFAULT" means any event which would, or is reasonably
      likely to become (with the passage of time, the giving of notice, the
      making of any determination hereunder or any combination thereof), an
      Event of Default;

      "PROJECT ACCOUNTS" means the accounts referred to in Part 5 of the
      Intercreditor Agreement;

      "PROJECT BUDGET" means each budget prepared by the Borrower and delivered
      to the Lenders pursuant to clause 12 (Project Budgets) as the same is
      agreed pursuant to clause 12.3 (Agreement of Project Budget);

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      "PROJECT DOCUMENTS" means the documents listed in the Third Schedule and
      any document hereafter entered into by the Borrower in connection with the
      carrying out of its rights and obligations under the DBFO Contract in
      relation to the Project designated as a Project Document by the Lenders
      and the Borrower (any such designation by the Borrower not to be
      unreasonably withheld or delayed), and "PROJECT Document" shall mean any
      one of such documents;

      "PROJECT FORECAST" means a forecast from time to time prepared by the
      Borrower in accordance with clause 19 of the Intercreditor Agreement
      utilising the Financial Model and delivered to the Intercreditor Agent in
      accordance with such clause 19;

      "PROMOTERS" means each of Macquarie Infrastructure (U.K.) Limited and
      Balfour Beatty plc;

      "QUOTATION DATE" means, in relation to any Interest Period, except as
      otherwise agreed, the day on which quotations would ordinarily be given by
      prime banks in the London Interbank Market for deposits in sterling for
      delivery on the first day of that Interest Period or, if there are two or
      more such days, whichever is the latest;

      "RELEVANT DOCUMENTS" means the Total Funding Documents and the Project
      Documents and "RELEVANT DOCUMENT" shall mean any one of such documents;

      "RELEVANT TAX" has the meaning given to it in clause 9.5 (Relevant Tax);

      "REPAYMENT DATE" means the First Repayment Date and each of the
      twenty-three dates falling at successive 6 monthly intervals thereafter;

      "SECURITY DOCUMENTS" means the documents listed in the Fourth Schedule and
      shall include any substituted or additional security entered into in
      favour of the Security Trustee or the Lenders to secure all or part of the
      same liabilities and "SECURITY DOCUMENT" shall mean any one of such
      documents;

      "SECURITY TRUST DEED" means the security trust deed dated 26 March 1996 as
      amended and restated on 20 October 1997 more particularly referred to in
      paragraph 3 of the Fourth Schedule;

      "SECURITY TRUSTEE" means ABN Amro Bank N.V.;

      "SENIOR AGENT" means ABN Amro Bank N.V. in its capacity as agent for the
      Banks under the Senior Facilities Agreement and any successor Senior
      Agent;

      "SENIOR FACILITIES AGREEMENT" means the agreement dated 26 March 1996 as
      amended and restated on 20 October 1997 governing the provision of the
      Senior Facilities made between the Borrower (1), the banks named therein
      as arrangers (2), Lloyds Bank Plc as issuing bank (3), the banks named
      therein as Banks (4) and the Senior Agent (5);

      "SENIOR FACILITIES" means the facilities made or to be made available
      under the Senior Facilities Agreement;

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      "SENIOR FINANCE DOCUMENTS" means the Senior Facilities Agreement, the EIB
      Facility Agreement, the EIF Senior Guarantee, the EIF Senior Guarantee
      Facility Agreement, the Intercreditor Agreement and each Security
      Document;

      "SHAREHOLDERS AGREEMENT" means the shareholders agreement dated 26 March
      1996 and made between the Borrower, YLHL, Deutsche Bank AG (London
      Branch), Kvaerner plc, Kvaerner Corporate Development Ltd and BICC plc;

      "SHARE PLEDGE" means the mortgage of even date herewith given by YLHL in
      favour of the Security Trustee;

      "SUBORDINATED LOANS" means this Loan and the Junior Subordinated Loans;

      "SUPPLEMENTAL INTEREST" means the redemption premium payable on each date
      on which any part of the Advance is repaid or prepaid hereunder in an
      amount equal to 65% of the principal amount of the Advance so repaid or
      prepaid;

      "TAX RESERVE ACCOUNT" means the account of that name to be opened and
      maintained pursuant to clause 10 of the Intercreditor Agreement;

      "TECHNICAL ADVISER" means Owen Williams Limited or such other person as
      the Agent shall from time to time select with the prior approval of the
      Lenders;

      "TECHNICAL SERVICES AGREEMENT" means the agreement referred to in
      paragraph 3 of the Third Schedule;

      "TOTAL FUNDING DOCUMENTS" means the Senior Facilities Agreement, EIB
      Facility Agreement, the EIF Senior Guarantee Facility Agreement, the EIF
      Senior Guarantee, this Agreement, the Junior Subordinated Loan Agreement,
      the Security Documents and the Intercreditor Agreement;

      "TRAFFIC ADVISER" means Maunsell Ltd, or such other person as the Lenders
      and the Borrower shall from time to time approve as such;

      "TRANSFER CERTIFICATE" means a transfer certificate in the form set out in
      the Seventh Schedule signed by the relevant Transferors and transferee;

      "UNPAID SUM" means the balance from time to time outstanding of any sum
      due and payable by the Borrower hereunder which is not paid on the due
      date in accordance with the provisions hereof;

      "UPSTREAM LOAN AGREEMENT" shall have the meaning given to it in the
      Amendment and Restatement Agreement;

      "YLHL" means Yorkshire Link (Holdings) Limited.

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1.2   In this Agreement, the following terms shall bear the meanings ascribed
      thereto in the DBFO Contract:

            "ADDITIONAL WORKS"; "ADJACENT AREAS"; "ALTERNATIVE PROPOSAL";
            "COMPENSATION EVENT"; "COMPLETION CERTIFICATE"; "CONFIDENTIAL
            INFORMATION"; "DELAY EVENT"; "DEPARTMENT'S CHANGE IN SPECIFICATION";
            "DEPARTMENT'S WORKS CHANGE"; "DESIGN DATA"; "ELIGIBLE CHANGE"; "GOOD
            INDUSTRY PRACTICE"; "IMPROVEMENT"; "LATENT DEFECTS"; "LEASE"; "NEW
            ROAD"; "PENALTY POINTS"; "PROJECT ROAD"; "RETENTION ACCOUNT";
            "SAFETY IMPROVEMENT"; "SECTION"; "SITE"; "SUBSEQUENT SCHEME";
            "TERMINATION ACCOUNTS"; "TERMINATION DATE"; "TERMINATION EVENT";
            "TRAFFIC DATA"; "WARNING NOTICE"; "WORKS"; AND "WORKS PROGRAMME".

1.3   In this Agreement, the following terms shall bear the meaning ascribed to
      them in the Construction Contract:

            "CERTIFICATE"; "DISPUTE RESOLUTION"; "PROCEDURE"; "EMPLOYER";
            "EMPLOYER'S AGENT"; "FORCE MAJEURE"; "INDEPENDENT ENGINEER";

1.4   In this Agreement, the following terms shall bear the meanings ascribed to
      them in the Senior Facilities Agreement:

            "AMENDMENT AND RESTATEMENT AGREEMENT", "ANNUAL DEBT SERVICE COVER
            RATIO"; "BANKS"; "FINANCIER"; "FINANCIER DOCUMENTS"; "FORECAST
            ANNUAL DEBT SERVICE COVER RATIO"; "PERMITTED PAYMENTS", "REFERENCE
            BANKS" AND "RELEVANT GROUP COMPANY";

1.5   In this Agreement, the following terms shall bear the meanings ascribed to
      them in the intercreditor Agreement:

            "ASSUMPTIONS"; "AUTHORISED INVESTMENTS"; "BANK LOAN LIFE COVER
            RATIO"; "DISTRIBUTIONS"; "PAYMENT DATE"; "RPI"; "SENIOR FINANCIERS"
            AND "SUBORDINATED LLCR";

      and each of the "DISBURSEMENT ACCOUNT", "CONSTRUCTION RESERVE ACCOUNT",
      "OPERATING ACCOUNT", "DEBT SERVICE RESERVE ACCOUNT", "COMPENSATION
      ACCOUNT", "MAINTENANCE RESERVE ACCOUNT", "TAX RESERVE ACCOUNT", "ESCROW
      ACCOUNT" and "ANNUAL RECONCILIATION ACCOUNT" shall mean the respective
      accounts to be opened and maintained pursuant to clauses 10 to 18
      inclusive of the intercreditor Agreement.

1.6   INTERPRETATION

      Any reference in this Agreement to:

      (a)   a document being "IN THE AGREED FORM" shall be construed as a
            reference to such document having been initialed for the purposes
            hereof on behalf of the Lenders and the Borrower, together with any
            changes agreed by the Lenders;

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<PAGE>

      (b)   a "BUSINESS DAY" shall be construed as a reference to a day on which
            banks are open for business of the kind contemplated in this
            Agreement in London;

      (c)   a "TIME OF DAY" is a reference to London time;

      (d)   an "ENCUMBRANCE" shall be construed as a reference to a mortgage,
            charge, pledge, lien (other than a lien arising in the ordinary
            course of trading or by operation of law) or other encumbrance or
            security interest of any kind whatsoever securing any obligation of
            any person or any other type of preferential arrangement (including,
            without limitation, title transfer and retention arrangements)
            having a similar effect save to the extent that such arrangement
            arises in the ordinary course of business or by operation of law;

      (e)   "FINANCIAL INDEBTEDNESS" shall be construed as a reference to any
            indebtedness in respect of loans, overdrafts, acceptances,
            indemnities (in respect of letters of credit, bonds, guarantees or
            documentary credits or similar), the extension of credit, finance
            leasing transactions, deferred purchase arrangements (other than
            trade credits in the ordinary course of business), commercial paper,
            bonds, debentures, notes, loan stock or any financial obligation
            arising out of any financial instrument similar in form or effect to
            any of the foregoing, and any guarantees and indemnities in respect
            of the foregoing;

      (f)   "FINANCIAL YEAR" means each twelve month period ending on 31 March;

      (g)   "INDEBTEDNESS" shall be construed so as to include any obligation
            (whether incurred as principal or as surety) for the payment or
            repayment of money, whether present or future, actual or contingent;

      (h)   a "PERSON" shall be construed as a reference to any person, firm,
            company, corporation, government, state or agency of a state, or any
            association or partnership (whether or not having separate legal
            personality) of two or more of the foregoing;

      (i)   "SUCCESSOR" in relation to a party means an assignee of or successor
            in title to such party or any person who, under the laws of its
            jurisdiction of incorporation or domicile, has assumed the rights
            and obligations of such party hereunder or to which under such laws
            the same has been transferred;

      (j)   "TAX" shall be construed so as to include any present or future tax,
            levy, impost, assessment, withholding, deduction, duty or other
            charge of a similar nature (including without limitation any penalty
            payable in connection with any failure to pay or any delay in paying
            any of the same);

      (k)   a "CLAUSE", a "RECITAL" or a "SCHEDULE" is, unless otherwise stated,
            a reference to a clause hereof or a recital or schedule hereto;

      (l)   "GUARANTEED" or "GUARANTEE" shall include supported by way of letter
            of credit as well as supported by way of guarantee; and

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      (m)   the "LENDERS" shall mean all of the Lenders, and, for the avoidance
            of doubt, if a consent, approval, notice or determination is
            required to be given by the Lenders, then all Lenders shall be
            required to so consent, approve, give notice (although they may give
            the same notice) or determine.

1.7   In this Agreement "(POUND)" and "STERLING" denotes the lawful currency of
      the United Kingdom.

1.8   References in this Agreement to a LENDER, the JUNIOR SUBORDINATED LENDERS,
      EIB, EIF, YLHL, the BANKS, the INTERCREDITOR AGENT or the SECURITY TRUSTEE
      shall be construed so as to include their respective successors and
      permitted transferees and assigns.

1.9   Any reference in this Agreement to this Agreement, another agreement or
      any other document shall be construed as a reference to this Agreement or
      that other agreement or document as the same may have been, or may from
      time to time be, amended, varied, supplemented or novated.

1.10  Clause and schedule headings are for ease of reference only.

1.11  CONTRACTS (RIGHTS OF THIRD PARTIES) ACT: A person who is not a party to
      this Agreement has no right under the Contracts (Rights of Third Parties)
      Act 1999 to enforce any of its terms.

1.12  CHANGE OF CURRENCY: If a change occurs, this Agreement will, to the extent
      the Lenders (acting reasonably and after consultation with the Borrower)
      specify to be necessary, be amended to comply with any generally accepted
      conventions and market practice in London and otherwise to reflect the
      change in currency.

1.13  Any reference to "continue" in the context of an Event of Default or
      Potential Event of Default shall be construed as follows:

      (a)   so that where the underlying circumstances which caused that Event
            of Default or Potential Event of Default are incapable of remedy,
            that Event of Default or Potential Event of Default is continuing,
            unless and until it has been expressly waived and any conditions of
            such waiver have all been fulfilled to the satisfaction of the
            Lenders;

      (b)   so that in any other case, that Event of Default or Potential Event
            of Default is continuing unless and until it has been expressly
            waived (and any conditions of such waiver have all been fulfilled)
            to the satisfaction of the Lenders or the underlying circumstances
            which caused that Event of Default or Potential Event of Default
            have been remedied so that the resulting position is not different
            from what it would have been if such Event of Default or Potential
            Event of Default had not occurred; and

      (c)   so that, in the case of the late delivery of a document which is
            subsequently satisfactorily delivered, or the withdrawal or
            settlement of a claim the existence or

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<PAGE>

            pursuance of which constituted an Event of Default or Potential
            Event of Default, that Event of Default or Potential Event of
            Default is not continuing once the underlying circumstances no
            longer apply.

2.    THE FACILITY

      GRANT OF THE FACILITY: Pursuant to the terms of this Agreement prior to
      the Amendment Date, the person who was then the Lender granted to the
      Borrower, upon the terms and subject to the conditions hereof, the Loan
      Facility, in the aggregate principal amount of (pound)10,000,000.

2.1   NO RESPONSIBILITY: No Lender shall be obliged to concern itself with the
      application of amounts raised by the Borrower hereunder.

2.2   BORROWER'S OBLIGATIONS: For the avoidance of doubt, the obligations of the
      Borrower under this Agreement are in no way conditional upon the
      performance or observance of the terms of any of the Construction
      Contract, the DBFO Contract or any other Project Document or any provision
      thereof respectively by any party thereto and will not be affected or
      discharged by any matter affecting any of the Construction Contract, the
      DBFO Contract or any other Project Document including, without limitation,
      its performance, non-performance, frustration or invalidity or the
      destruction, non-completion or non-functioning of any of the goods and
      services to be supplied thereunder.

3.    INTEREST

3.1   INTEREST PERIODS: The period for which the Advance is outstanding shall be
      divided into successive periods each of which (other than the first, which
      shall start on the date on which the Advance is drawn) shall start on the
      last day of the preceding such period.

3.2   DURATION: The duration of each Interest Period relating to the Advance
      shall, save as otherwise provided herein, be such that such Interest
      Period begins on a Payment Date and ends on the day preceding the next
      Payment Date;

3.3   CALCULATION OF INTEREST: Subject to clause 4 (Alternative Interest Rates)
      and clause 18 (Default Interest, Indemnity and Release), the rate of
      interest applicable to the Advance during each Interest Period relating
      thereto (the "Normal Interest Rate") shall be the rate per annum which is
      the higher of:

      (a)   LIBOR for that Interest Period on the Quotation Date therefor plus
            the Additional Costs Rate plus the Applicable Margin; and

      (b)   6%.

3.4   PAYMENT OF INTEREST: Subject to clause 3.5 (Deferral of Payments), on each
      Interest Payment Date, the Borrower shall pay to the Lenders accrued
      interest on each Advance to which such Interest Period relates.

                                       11

<PAGE>

3.5   DEFERRAL OF PAYMENTS:

      (a)   Any interest which would otherwise have been payable on an Interest
            Payment Date, shall be deferred (such interest being referred to in
            this Agreement as "Deferred Interest") in the circumstances set out
            in this clause 3.5 (Deferral of Payments).

      (b)   Interest accrued in the first two Interest Periods shall be
            deferred, subject to clause 3.5(c), until the third Interest Payment
            Date.

      (c)   The Borrower is entitled to continue to defer payments of interest
            and to defer payments of principal and Supplemental Interest on the
            third and any subsequent Interest Payment Date if (but only to the
            extent that) the Borrower is not entitled to make such payment of
            interest or principal or Supplemental Interest on that date by
            reason of the operation of clause 12.6 of the Intercreditor
            Agreement.

      (d)   The deferral of interest, principal or Supplemental Interest under
            this clause 3.5 shall be treated as an agreed variation of the
            original due dates and shall not constitute a breach of this
            Agreement or an Event of Default.

3.6   PAYMENT OF DEFERRED INTEREST: Deferred Interest shall be paid by the
      Borrower to the Lenders on the earlier of:

      (a)   the first Interest Payment Date on which the Borrower's entitlement
            to defer payment of interest under clause 3.5 has ceased to the
            extent that the Borrower then has cash available to pay such
            Deferred Interest in accordance with the cascade set out in clause
            12.3 of the Intercreditor Agreement;

      (b)   the declaration of an Event of Default by the Lenders under clause
            17 (Events of Default) at any time after such declaration is
            permitted by the terms of the Intercreditor Agreement;

      (c)   the Final Repayment Date;

      (d)   prepayment in full of the Facilities; or

      (e)   the date of termination or expiry of the DBFO Contract.

3.7   INTEREST ACCRUING ON DEFERRED INTEREST:

      (a)   Deferred Interest accrued in any Interest Period shall itself bear
            interest during any subsequent Interest Period whilst it remains
            unpaid at the Normal Interest Rate applicable during such period.

      (b)   At the end of each Interest Period, interest which has accrued on
            the Deferred interest which is not paid on that date shall be added
            to and treated as forming part of the Deferred Interest and interest
            shall accrue thereon in accordance with clause 3.7(a).

                                       12

<PAGE>

4.    ALTERNATIVE INTEREST RATES

4.1   MARKET DISRUPTION if:

      (a)   LIBOR cannot be determined as contemplated in paragraph (a) of the
            definition in clause 1.1 (Definitions) and the Lenders determine
            that at or about 11.00 am (London time) on the Quotation Date for an
            Interest Period none or only one of the Reference Banks was offering
            to prime banks in the London Interbank Market sterling deposits in
            the amount and for the period required for the purposes of clause
            3.3 (Calculation of Interest); or

      (b)   before the close of business in London on the first day of an
            Interest Period the Lenders determine that the arithmetic mean
            referred to in the definition of LIBOR in clause 1.1 (Definitions)
            does not accurately reflect the cost to it of obtaining such
            deposits,

      then, notwithstanding the provisions of clause 3 (Interest) (and until any
      substitute basis for determining rates of interest has been agreed in
      accordance with the terms of clause 4.2 (Substitute basis) in respect of
      the event which caused this clause 4 to apply in respect of a particular
      Interest Period or, as the case may be, the Advance):

            (i)   (if clause 4.1(a) applies) the duration of the relevant
                  Interest Period shall be one month or such lesser duration as
                  shall cause it to end on the next Repayment Date; and

            (ii)  (if clause 4.1(a) or (b) applies) during such Interest Period
                  the rate of interest applicable to the Advance shall be the
                  rate per annum which is the sum of the Applicable Margin, the
                  Additional Costs Rate in respect thereof at such time and the
                  percentage rate per annum of the cost to the Lenders of
                  funding the Advance from the London Interbank Market (or, if
                  more practicable, from whatever other sources and in whatever
                  manner it may reasonably select) during such Interest Period.

4.2   SUBSTITUTE BASIS OR REPAYMENT: If either of those events mentioned at
      clauses 4.1(a) and (b) (Market Disruption) occurs:

      (a)   the Lenders shall promptly notify the Borrower of such event;

      (b)   within five days of such notification the Lenders and the Borrower
            shall enter into negotiations in good faith with a view to agreeing
            a substitute basis:

            (i)   for determining the rates of interest from time to time
                  applicable to the Advance; and/or

            (ii)  upon which the Advance may be maintained (whether in sterling
                  or some other currency) thereafter and any agreement resulting
                  from any such negotiations shall take effect in accordance
                  with its terms.

                                       13

<PAGE>

5.    REPAYMENT

      REPAYMENT: The Borrower shall repay the Advance by instalments on each
      Repayment Date in the amount set out opposite such Repayment Date below
      (or such lesser amount which comprises the Advance as at that date):

<TABLE>
<CAPTION>
REPAYMENT DATES                    AMOUNT
<S>                               <C>
                                  (pound)
First                             200,000
Second                            200,000
Third                             200,000
Fourth                            200,000
Fifth                             300,000
Sixth                             300,000
Seventh                           300,000
Eighth                            300,000
Ninth                             300,000
Tenth                             300,000
Eleventh                          300,000
Twelfth                           300,000
Thirteenth                        300,000
Fourteenth                        300,000
Fifteenth                         600,000
Sixteenth                         600,000
Seventeenth                       600,000
Eighteenth                        600,000
Nineteenth                        600,000
Twentieth                         600,000
Twenty-First                      600,000
Twenty-Second                     600,000
Twenty-Third                      700,000
Twenty-Fourth                     700,000
                               ----------
Total                          10,000,000
                               ==========
</TABLE>

      Provided that if on any Repayment Date the Borrower would be entitled to
      defer the payment of principal by reason of the provisions of clause
      3.5(c) (Deferral of Payments), then the Borrower shall defer the repayment
      of principal under this clause 5 until the earlier of:

      (a)   the first Repayment Date thereafter on which the Borrower's
            entitlement to defer principal under clause 3.5(c) has ceased to the
            extent that the Borrower then has cash available to pay such
            deferred principal in accordance with the cascade set out in clause
            12.3 of the Intercreditor Agreement;

                                       14

<PAGE>

      (b)   the declaration of an Event of Default by the Lenders under clause
            17 (Events of Default) at any time after such declaration is
            permitted by the terms of the Intercreditor Agreement;

      (c)   the Final Repayment Date;

      (d)   prepayment in full of the Facilities; and

      (e)   the date of termination or expiry of the DBFO Contract.

      For the avoidance of doubt, deferred principal shall continue to accrue
      interest in accordance with clause 3.4 (Payment of Interest).

6.    [UNUSED]

7.    ILLEGALITY

7.1   FUNDING OF ADVANCE: If as a consequence of the adoption of, or any change
      in the Interpretation or administration of, any applicable law or
      regulation after the date hereof it becomes unlawful, or contrary to any
      regulation, for a Lender to make, fund or allow to remain outstanding any
      part of the Advance made or to be made hereunder, then if such Lender so
      requires, the Borrower shall within the period necessary to comply with
      the law, repay the relevant Lender's share of the Loan together with
      accrued interest thereon.

8.    PREPAYMENT

8.1   VOLUNTARY PREPAYMENT: The Borrower may, if it has given to the Lenders not
      less than ten business days' prior notice to that effect repay the whole
      or any part of the Advance (being an amount or integral multiple of
      (pound)1,000,000) (but so that if any repayment is made otherwise than on
      the last day of an Interest Period for the Advance, the Borrower shall pay
      broken Interest Period costs in accordance with clause 18.4 (Broken
      Periods) on the date of such prepayment).

8.2   NO REBORROWING: The Borrower shall not repay all or any part of the Loan
      except at the times and in the manner expressly provided herein and shall
      not, be entitled to reborrow any amount repaid or prepaid by it hereunder.

9.    TAXES

9.1   TAX GROSS-UP: Subject to clause 9.6, all payments to be made by the
      Borrower hereunder shall be made free and clear of and without deduction
      or withholding for or on account of tax unless required by law. If the
      Borrower is required on account of any Relevant Tax to make any deduction
      or withholding from any sum payable by it to a Lender hereunder or if a
      Lender is required to pay any Relevant Tax (other than tax on its overall
      net income) imposed, levied, collected or assessed directly on it in
      respect of any payment receivable by it under this Agreement:

                                       15

<PAGE>

            (i)   the Borrower shall notify the relevant Lender of any such
                  requirement or any change in any such requirement as soon as
                  the Borrower becomes aware of it or, as the case may be, the
                  relevant Lender will forthwith notify the Borrower of its
                  liability to such Relevant Tax as soon as it becomes aware of
                  such liability;

            (ii)  the Borrower or the relevant Lender (as the case may be) shall
                  pay any such Relevant Tax to the relevant authority in full
                  within the time allowed for such payment under applicable law
                  and, without prejudice to the foregoing, before the date on
                  which penalties attach thereto; and

            (iii) the sum payable by the Borrower in respect of which the
                  relevant deduction, withholding or payment is required shall
                  be increased to the extent necessary to ensure that, after the
                  making of that deduction, withholding or payment, the relevant
                  Lender receives on the due date and retains (free from any
                  liability in respect of any such deduction, withholding or
                  payment) a net sum equal to what it would have received had no
                  such deduction, withholding or payment been required or made.

9.2   DELIVERY OF RECEIPT: The Borrower shall after it has made any payment of
      tax referred to in clause 9.1 (ii) (Tax gross-up) to the applicable
      authority use all reasonable endeavours to deliver to the relevant Lender
      an original receipt (or a certified copy thereof) issued by such authority
      evidencing such payment as soon as possible.

9.3   INDEMNITY: Without prejudice to the provisions of clause 9.1 (Tax
      gross-up) but subject to clause 9.7, if as a consequence of the adoption
      of, or any change, or change in the judicial interpretation or
      administration in accordance with published practice of, any applicable
      law, regulation or provision after the date hereof, a Lender is required
      by any law or regulation to make any payment, whether on account of tax
      (other than tax or an increase in the rate of tax on its overall net
      income) or otherwise, on or in relation to any sum received or receivable
      by the relevant Lender hereunder, or any liability in respect of any such
      payment is asserted, imposed, levied or assessed against a Lender, then
      the Borrower shall upon demand, pay to the relevant Lender for its own
      account an amount sufficient to indemnify that Lender against such payment
      or liability, together with any interest, penalties and expenses payable
      or incurred in connection therewith provided that the Borrower shall not
      be required to pay any increased amount to compensate the relevant Lender
      for any penalty incurred by the relevant Lender by reason of the relevant
      Lender failing to make timely payment of tax to the relevant authorities
      in circumstances where the relevant Lender had itself received an amount
      equal to such tax from the Borrower prior to the due date for payment
      thereof to such authorities. If a Lender makes any payment of tax referred
      to in clause 9.1(ii) (Tax gross-up) or this clause 9.3 (Indemnity) it
      shall promptly on receipt thereof use all reasonable endeavours to deliver
      to the Borrower an original receipt (or a certified copy thereof) issued
      by the relevant authority evidencing such payment as soon as is possible.

                                       16

<PAGE>

9.4   NOTIFICATION: If a Lender intends to make a claim pursuant to clause 9.3
      (Indemnity), it shall notify the Borrower of the event by reason of which
      it is entitled to do so and provide it with supporting evidence where
      practicable.

9.5   RELEVANT TAX: For the purposes of this clause 9 (Taxes) "Relevant Tax" in
      relation to any payment which falls to be made hereunder means any present
      or future taxes of any nature now or hereafter imposed by the laws of the
      United Kingdom.

9.6   EXCEPTION TO GROSS-UP: If on the date that a payment becomes due hereunder
      to or for the account of a recipient:

      (i)   the relevant Lender is a Treaty Lender (as defined in clause 9.13)
            and the Treaty Lender did not comply with Clause 9.12 below; or

      (ii)  the relevant Lender is not a Qualifying Lender or, at any time on or
            after the date hereof but prior to such payment becoming due, the
            relevant Lender is not or ceases to be a Qualifying Lender;

      and, as a result, the Borrower is required to make the aforementioned
      payment subject to a deduction or withholding on account of tax, the
      Borrower shall not be under an obligation to pay an additional amount to
      or for the account of the relevant Lender under clause 9.1 except as
      provided in clause 9.8.

9.7   EXCEPTION TO TAX INDEMNITY: If:

      (i)   on the date on which a payment on account of tax is made or a tax
            liability arises, a Lender is not a Qualifying Lender or, at any
            time on or after the date hereof but prior to that date, the
            relevant Lender was not or ceased to be a Qualifying Lender; and

      (ii)  such payment or liability would have been reduced if the relevant
            Lender had been a Qualifying Lender at the relevant time,

      any liability of the Borrower to indemnify the relevant Lender pursuant to
      clause 9.3 shall be correspondingly reduced except as provided in clause
      9.8.

9.8   CONDITIONS TO EXCEPTIONS: Clauses 9.6 and 9.7 shall not relieve the
      Borrower from making payments or increased payments under clauses 9.1 or
      9.3 if:

      (i)   there shall have been any Tax Change and as a result thereof the
            relevant Lender ceases to be a Qualifying Lender; or

      (ii)  the Borrower would be obliged to make a payment or increased payment
            under clause 9.1 or 9.3 irrespective of whether the relevant Lender
            is at any time on or after the date hereof a Qualifying Lender.

9.9   TAX WARRANTY: To the extent that it is not at any time on or after the
      date hereof a Qualifying Lender within paragraph (a), (b) or (c) of the
      definition of "Qualifying

                                       17

<PAGE>

      Lender" in clause 9.13 below, each Lender warrants that it is, and will
      continue to be, a Qualifying Lender within paragraph (d) of that
      definition. Each Lender agrees to indemnify the Borrower, on demand and on
      an after-tax basis, against any tax, losses or other liabilities, together
      with any interest, penalties and expenses payable in connection therewith,
      which the Borrower incurs as a result of a breach of the warranty given by
      the relevant Lender in this clause 9.9.

9.10  QUALIFYING LENDER: Any Lender which ceases, for whatever reason, to be a
      Qualifying Lender shall promptly notify the Borrower of that change in its
      status.

9.11  TREATY LENDER: A Treaty Lender and the Borrower which makes a payment to
      which that Treaty Lender is entitled shall each co-operate in completing
      any procedural formalities they are able to complete which are necessary
      for the Borrower to obtain authorisation to make that payment without a
      deduction or withholding on account of tax.

9.12  TAX CREDIT: If the Borrower pays any additional amount under clause
      9.1(iii) or 9.3 (a "TAX PAYMENT") and the relevant Lender effectively
      obtains a refund of tax, or credit against tax on its overall net income
      by reason of that Tax Payment ("TAX CREDIT"), and the relevant Lender is
      able to identify the Tax Credit as being attributable in whole or in part
      to the Tax Payment, then the relevant Lender shall reimburse to the
      Borrower such amount as it shall determine to be the proportion of the Tax
      Credit as will leave the relevant Lender, after that reimbursement, in no
      better or worse position than it would have been in if the Tax Payment had
      not been required. The relevant Lender shall have an absolute discretion
      as to whether to claim any Tax Credit and, if it does so claim, the
      extent, order and manner in which it does so. The relevant Lender shall
      not be obliged to disclose any information regarding its tax affairs or
      computations to the Borrower. Nothing in this clause 9.12 shall interfere
      with the right of the relevant Lender to arrange its tax affairs in
      whatever manner it thinks fit.

9.13  ADDITIONAL DEFINITIONS:

      "QUALIFYING LENDER" means a Lender which is (on the date a payment falls
      due);

      (a)   within the charge to United Kingdom corporation tax in respect of
            that payment and that is a Lender in respect of a utilisation of the
            facility made by a person that was a bank (as defined for the
            purpose of section 349 of the Income and Corporation Taxes Act 1988
            in section 840A of that Act) at the time the utilisation was made;
            or

      (b)   resident in a territory outside the United Kingdom for the purposes
            of an applicable double tax treaty between that territory and the
            United Kingdom, outside the scope of United Kingdom corporation tax
            in respect of that payment and, pursuant to the terms of that
            treaty, entitled to exemption from United Kingdom income tax in
            respect of interest derived from the facility (a "TREATY LENDER");
            or

                                       18

<PAGE>

      (c)   a building society (as defined in section 832 of the Income and
            Corporation Taxes Act 1988) which is entitled to receive interest
            payable to it under this Agreement without deduction of tax pursuant
            to section 477A(7) of that Act; or

      (d)   for any payment made in or after 1 April 2001, a person beneficially
            entitled to the income in respect of which that payment (not being a
            payment in respect of which a direction has been given and not
            revoked under section 349(c) of the Income and Corporation Taxes Act
            1988) is made and which is a company resident in the United Kingdom
            and within the charge to United Kingdom corporation tax in respect
            of that payment.

      "TAX CHANGE" means the introduction of, change in, or change in the
      interpretation, administration or application of any law or regulation or
      any published practice or concession of the Inland Revenue on or after the
      date of this Agreement but shall not include the enactment into law of the
      Finance Act 1996.

10.   INCREASED COSTS

10.1  INCREASED COSTS:

      Subject to clause 10.2, if by reason of:

      (a)   the adoption of, or any change, or change in the interpretation or
            administration of, any applicable law or regulation after the date
            hereof; and/or

      (b)   compliance with any request from or requirement made after the date
            hereof of any central bank (other than, save in the case of
            paragraph 10.1(b)(v) below, the requirements of the Bank of England
            reflected in the Additional Costs Rate) or other fiscal, monetary or
            other financial authority (whether or not having the force of law
            but, if not having the force of law, being a request or requirement
            which is customarily complied with by banks):

            (i)   a Lender incurs a cost (other than tax, or an increase in tax,
                  on its overall net income) as a result of its having entered
                  into and/or performing its obligations under this Agreement
                  and/or as a result of the Outstandings hereunder;

            (ii)  by reason of capital adequacy requirements the rate of return
                  on the overall capital of a Lender is reduced as a result of
                  it entering into and/or performing its obligations under this
                  Agreement;

            (iii) there is any increase in the cost to a Lender (other than tax,
                  or an increase in tax, on its overall net income) of making,
                  funding or maintaining the Advance made or to be made by it
                  hereunder;

            (iv)  a Lender becomes liable to make any payment (not being a
                  payment of tax on its overall net income) on or calculated by
                  reference to the amount of the Advance made or to be made by
                  it hereunder; or

                                       19

<PAGE>

            (v)   the Additional Costs Rate, as calculated hereunder, does not
                  represent the cost (ignoring tax on its overall net income) to
                  a Lender of complying with the requirements of the Bank of
                  England in relation to its funding or maintaining of its
                  participation in the Advance,

      then, the Borrower shall within 21 days of demand by the relevant Lender
      pay to the relevant Lender an amount sufficient to indemnify it against,
      as the case may be, (i) such cost, (ii) such proportion of such reduction
      in the rate of return as is attributable to its obligations hereunder,
      (iii) such portion of such increased cost as is attributable to its
      making, funding or maintaining advances hereunder, or (iv) such liability,
      or (v) such portion of such costs as are not represented by the Additional
      Costs Rate.

10.2  EXCEPTIONS TO INCREASED COSTS INDEMNITY: Clause 10.1 shall not apply to:

      (i)   costs, reductions or increased costs covered by the Additional Costs
            Rate;

      (ii)  any cost, reduction or increased cost arising as a result of default
            by a Lender in complying with any request or requirement of any
            fiscal, monetary or regulatory authority;

      (iii) any cost, reduction or increased costs resulting from any
            implementation in whole or in part of the paper entitled
            "International Convergence of Capital Measurement and Capital
            Standards" dated July 1988 (as amended in 1991) published by The
            Basle Committee on Banking Regulations and Supervisory Practices; or

      (iv)  any cost, reduction or increased cost which results from a deduction
            or withholding for or on account of tax or from a payment on account
            of tax which deduction, withholding or payment is referred to in
            clause 10.1 or clause 10.3.

10.3  INCREASED COSTS CLAIMS: If a Lender intends to make a claim pursuant to
      clause 10.1 it shall notify the Borrower of the event by reason of which
      it is entitled to do so and provide the Borrower with supporting evidence
      where practicable.

10.4  MITIGATION: If circumstances arise which would or would upon the giving of
      notice result in:

      (a)   an amount becoming payable under clause 9.1(iii) (Tax Gross-up) or a
            claim for indemnification by a Lender pursuant to clause 9.3
            (Indemnity) or clause 10 (Increased Costs); or

      (b)   a determination or notification pursuant to clause 4.1(ii)(b)
            (Market Disruption),

      then, without in any way limiting, reducing or otherwise qualifying the
      Borrower's obligations under any of the clauses referred to in clauses
      10.4(a) or (b) the relevant Lender shall promptly notify the Borrower
      thereof and, in consultation with the Borrower, the Borrower and the
      relevant Lender shall make reasonable efforts to mitigate the effects of
      such circumstances including the transfer of the relevant Lender's rights
      and

                                       20

<PAGE>

      obligations hereunder to another entity (including, without limitation, an
      Affiliate of the relevant Lender willing to participate in the Facilities)
      Provided that the relevant Lender shall be under no obligation to make any
      such efforts if such steps would or might have an adverse effect upon its
      business, operations or financial condition.

11.   FINANCIAL INFORMATION

11.1  ANNUAL STATEMENTS: The Borrower shall as soon as the same become
      available, but in any event within 120 days after the end of each of its
      financial years, deliver to each Lender its financial statements for such
      financial year.

11.2  SEMI-ANNUAL STATEMENTS: The Borrower shall as soon as the same become
      available, but in any event within 90 days after the end of each half of
      each of its financial years, deliver to each Lender its financial
      statements for such period.

11.3  QUARTERLY REPORTS: The Borrower shall as soon as the same become available
      but in any event within 28 days after the end of each calendar quarter
      deliver to each Lender a quarterly report in the agreed form. Each such
      quarterly report shall be prepared by the Borrower in conjunction with the
      Technical Adviser and shall, on receipt, be submitted by the Lenders to
      the Technical Adviser for his comments. On receipt of such continents the
      Lenders shall send copies of the same to the Borrower.

11.4  OTHER FINANCIAL INFORMATION: The Borrower shall from time to time on the
      request of a Lender furnish that Lender with such information about the
      Project and the Borrower's business and financial condition as that Lender
      may reasonably require.

11.5  REQUIREMENTS AS TO FINANCIAL STATEMENTS: The Borrower shall ensure that:

      (i)   each set of financial statements delivered by it pursuant to this
            clause 11 is prepared on the same basis as was used in the
            preparation of the Base Case and in accordance with accounting
            principles generally accepted in England and consistently applied;

      (ii)  each set of financial statements delivered by it pursuant to this
            clause 11 is certified by a duly authorised officer of the Borrower
            as giving a true and fair view (in the case of audited statements)
            of, or otherwise as presenting with reasonable accuracy, the
            financial condition of the Borrower as at the end of the period to
            which those financial statements relate and of the results of its
            operations during such period; and

      (iii) each set of financial statements delivered by it pursuant to this
            clause 11.1 (Annual Statements) has been audited by Arthur Anderson
            or another firm of auditors acceptable to the Lenders.

11.6  ACCOUNTING POLICIES: The Borrower shall ensure that each set of financial
      statements delivered to the Lenders pursuant to this clause 11 is prepared
      using accounting policies, practices, procedures and reference period
      consistent with those applied in the preparation of the Base Case, unless
      in relation to any such set of financial statements the

                                       21

<PAGE>

      Borrower notifies the Lenders that there have been one or more changes in
      any such accounting policies, practices, procedures or reference period
      and the auditors for the time being of the Borrower provide:

            (i)   a description of the changes and the adjustments which would
                  be required to be made to those financial statements in order
                  to cause them to use the accounting policies, practices,
                  procedures and reference period upon which the Base Case was
                  prepared; and

            (ii)  sufficient information, in such detail and format as may be
                  reasonably required by the Lenders, to enable the Lenders to
                  make an accurate comparison between the financial position
                  indicated by those financial statements and the Base Case;

      and any reference in this Agreement to those financial statements shall be
      construed as a reference to those financial statements as adjusted to
      reflect the basis upon which the Base Case was prepared.

12.   PROJECT BUDGETS

12.1  DELIVERY OF PROJECT BUDGETS: No later than 60 days before the end of each
      of its financial years the Borrower shall deliver to the Lenders copies of
      its budget for its next financial year.

12.2  FORM OF PROJECT BUDGET: The Borrower shall ensure that each budget
      delivered by it pursuant to clause 12.1 shall be in the agreed form and
      prepared on a basis consistent with the initial Project Budget and using
      (i) accounting policies, practices, procedures and reference period
      consistent with such initial Project Forecast and each set of financial
      statements delivered pursuant to clause 11 (Financial Information) and
      (ii) the Assumptions most recently agreed or determined pursuant to clause
      19.3 (Value of Assumptions) of the Intercreditor Agreement.

12.3  AGREEMENT OF PROJECT BUDGET: Each budget received by the Lenders pursuant
      to clause 12.1 shall be forwarded by the Lenders to the Technical Adviser
      and the Traffic Adviser. Unless the Lenders (having consulted with the
      Technical Adviser and the Traffic Adviser) require a change to be made to
      any such budget within 30 days of receipt thereof, such budget shall
      become the Project Budget for the Borrower's next financial year. If any
      budget received by the Lenders is in excess of the forecast budget for
      such financial year as set out in the most recent Project Forecast
      delivered pursuant to clause 19 of the Intercreditor Agreement for the
      financial year in relation to which such budget was delivered, the Lenders
      (having consulted with the Technical Adviser and the Traffic Adviser) may
      require a change to any such budget within 30 days of receipt thereof, the
      Lenders shall so notify the Borrower of such change which shall not reduce
      such budget to a level below the forecast budget for that financial year
      and the Borrower shall prepare a revised budget reflecting such required
      change which shall then become the Project Budget for the Borrower's next
      financial year.

                                       22

<PAGE>

13.   PROJECT FORECASTS

      The Borrower shall at all times comply with the provisions set out in
      clause 19 of the Intercreditor Agreement.

14.   PROJECT ACCOUNTS AND CASHFLOWS

14.1  ACCOUNTS: The Borrower shall open and maintain and operate each of the
      Project Accounts in accordance with the provisions of Part 5 of the
      Intercreditor Agreement.

14.2  CASH FLOW: The Borrower shall comply with the provisions of clause 12 of
      the Intercreditor Agreement and each of the other provisions of Part 5 of
      the Intercreditor Agreement.

15.   POSITIVE COVENANTS

      The Borrower shall:

15.1  CONSENTS ETC: obtain, comply with the terms of and do all that is
      necessary to maintain in full force and effect all consents, licences,
      permits, approvals, authorisations, rights of way, easements and access to
      any part of the Project site as and when required from time to time in or
      by the laws and regulations of England to enable it to carry out the
      Project and to lawfully enter into and perform its obligations under each
      of the Relevant Documents and to ensure the legality, validity,
      enforceability or admissibility in evidence in England of each of the
      Relevant Documents;

15.2  ENVIRONMENTAL MATTERS: comply in all material respects with all applicable
      laws and regulations concerning the protection of the environment insofar
      as they apply to the Project and the Site, and obtain and comply in all
      material respects with the terms of any licence, permit, authorisation,
      consent or approval of any kind required under or in relation to any such
      laws and regulations;

15.3  NOTIFICATION OF EVENTS OF DEFAULT: promptly inform the Lenders of the
      occurrence of any Event of Default or Potential Event of Default and, upon
      receipt of a written request to that effect from a Lender, confirm to the
      relevant Lender that, save as previously notified to the Lenders or as
      notified in such confirmation, no Event of Default or Potential Event of
      Default has occurred;

15.4  CLAIMS PARI PASSU: ensure that at all times the claims of each Lender
      against it under each of the Finance Documents rank at least pari passu
      with the claims of all its other unsecured and unsubordinated creditors
      save those whose claims are preferred by any bankruptcy, insolvency,
      liquidation or other similar laws of general application;

15.5  OBLIGATIONS UNDER RELEVANT DOCUMENTS: at all times comply with all its
      obligations under each of the Relevant Documents and under any other
      agreement to which it is a party or which is binding on it or any of its
      assets and maintain and enforce all its rights thereunder (where failure
      to do so is reasonably likely to have a Material Adverse Effect);

                                       23

<PAGE>

15.6  OBLIGATIONS UNDER DBFO CONTRACT AND LEASE: without prejudice to clause
      15.5, at all times comply with its obligations under the DBFO Contract and
      the Lease referred to in clause 8.9 thereof and maintain and enforce all
      its rights thereunder (where failure to do so may have a Material Adverse
      Effect) and, if at any time the Borrower becomes aware that it is entitled
      to terminate the DBFO Contract, to inform the Lenders thereof;

15.7  OPERATION ETC OF THE PROJECT: at all times operate the Project in a sound
      and efficient manner, in accordance with Good Industry Practice and in
      accordance with all applicable laws, regulations, directives (including as
      to safety and the environment) and the terms of the Project Documents;

15.8  ACCESS TO SITE ETC.: ensure that each Lender, the Technical Adviser and
      any of their representatives or consultants have, on reasonable notice and
      at reasonable times full access to the Site, any Adjacent Areas and other
      physical facilities and all books and records of the Borrower (wherever
      kept);

15.9  INSPECTIONS: promptly notify each Lender of any inspection to be made by
      or on behalf of the Secretary of State of the Project, the Site, any
      Adjacent Areas or any of the books and records of the Borrower; and shall
      if reasonably practicable afford the Lenders, the Technical Adviser or any
      of their representatives or consultants like access and facilities at the
      same time;

15.10 MEETINGS: at the request of a Lender and on reasonable notice, whether at
      the time of an inspection or otherwise, meet (through its senior
      representatives) with the relevant Lender and, at the request of that
      Lender, use reasonable endeavours to procure the attendance at such
      meeting of such personnel as that Lender (having consulted with the
      Technical Adviser) may specify including any sub-contractor of the
      Borrower;

15.11 INSURANCES: from time to time effect and maintain the Insurances in
      accordance with the provisions of Schedule 8 to the Senior Facilities
      Agreement which shall be deemed to be incorporated and repeated in this
      Agreement for the benefit of each Lender as if each reference therein to
      the "Agent", the "Finance Parties", the "Majority Banks" and the "Banks"
      included the Lenders and references to the "Finance Documents" extended to
      this Agreement and, in any event, at all times as required by any
      applicable law;

15.12 NOTIFICATION: promptly notify each Lender of (i) the calling of any
      general meeting of shareholders of the Borrower, and provide, as soon as
      practicable thereafter, minutes of all such meetings; (ii) upon becoming
      aware of the same, any material litigation, arbitration or administrative
      proceedings involving the Borrower (actual or threatened);

15.13 COMPLIANCE: duly comply with all applicable laws and regulations and
      promptly pay (when due) all taxes and all outgoings (in each case, net of
      all allowable deductions or other amounts and save where such taxes or
      outgoings are the subject of a bona fide dispute) relating to any assets
      or property of the Borrower from time to time due and payable (in both
      cases, where failure to do so may have a material effect on the Borrower's
      business or financial condition);

                                       24

<PAGE>

15.14 INDEMNIFICATION: indemnify each Lender from and against liabilities
      incurred or suffered pursuant to any present or future environmental laws
      or regulations and arising out of the construction or operation of the
      Project or any other matter connected with the Project or the Site;

15.15 DBFO CONTRACT COPY NOTICES: promptly deliver to each Lender copies of any
      notice or request given or received by it under the DBFO Contract pursuant
      to clauses 15.2 (Discovery of Defects), 22.1 (Required Reports), 22.5
      (Revisions to Reports), 24.1 (Remedial Works), 24.3 (Warning Notices),
      24.4 (Increased Monitoring), 24.5.2 (Secretary of State Step-In), 25
      (Statutory Powers), 27.9.2 (Terrorist Damage), 29.4 (Annual
      Reconciliation), 30.1.2 (Monthly Payments), 30.2.1 (Annual Reconciliation
      Account), 33 (Force Majeure), 33A (Change in Law), 35.3.1 (Claims), 36.2
      (Events of Default), 36.3.1 (Suspension of DBFO Payments), 36.3.5.2
      (Programme for Remedying Breach), 36.5 (Termination in Full), 37.2
      (Termination Procedure), 38 (Non-Default Termination), 39.1.1.1 (Expulsion
      from Site), 44.3-4 (Statutory Deduction from Payments), 45.3.2 (Storage of
      Data), Schedule 12 Part 1 paragraph 2 (Notification of Eligible Change),
      Schedule 12 Part 2 paragraphs 1 and 2 (Department's Works Change),
      Schedule 12 Part 3 paragraphs 1 and 2 (Department's Change in
      Specification), Schedule 12 Part 4 paragraph 1 (Additional Works),
      Schedule 12 Part 5 paragraph 1.1 (Compensation Events), Schedule 12 Part 6
      paragraph 6.1 (Change in Costs), Schedule 13 Part 1 paragraph 1.1
      (Additional Works Notice), Schedule 13 Part 3 paragraph 1.1 (Subsequent
      Scheme Notice), Schedule 13 Part 5 paragraph 3.1 (Safety Improvement
      Notice) and Schedule 15 paragraphs 1 and 2 (Disputes Resolution
      Procedure);

15.16 NOTIFICATION OF EVENTS UNDER DBFO CONTRACT: promptly upon becoming aware
      of the same, notify each Lender of the happening of any Compensation
      Event, Delay Event or Eligible Change to the extent it is not otherwise
      required to do so under clause 15.15 and shall pursue its rights and
      remedies in relation thereto under the DBFO Contract in accordance with
      the terms and conditions thereof (where failure to do so may have a
      Material Adverse Effect or a material adverse effect on the interests of
      the Lenders) and shall keep the Lenders informed in relation thereto;

15.17 NOTIFICATION OF EVENTS UNDER CONSTRUCTION CONTRACT: promptly upon becoming
      aware of the same, notify each Lender of (i) any continuing and material
      breach of the Construction Contract which is unremedied; (ii) any event of
      Force Majeure; (iii) notify each Lender and the Technical Adviser of, and
      involve the Lenders and the Technical Adviser in, any consultation process
      relating to a dispute or difference under the Construction Contract;

15.18 INFORMATION: promptly deliver to each Lender:

      (i)   each Annual Report issued by it pursuant to Schedule 14 Part 2
            paragraph 3 of the DBFO Contract;

      (ii)  each Works Programme or variation thereof provided by it pursuant to
            clause 10 of the DBFO Contract;

                                       25

<PAGE>

      (iii) any Termination Accounts (and annexures) prepared pursuant to clause
            40.1 of the DBFO Contract; and

      (iv)  all reports and/or information required to be supplied by the
            Borrower to the Secretary of State pursuant to the DBFO Contract;

15.19 PROTESTOR ACTION: promptly notify each Lender of any protestor action as
      contemplated by clause 8.11 of the DBFO Contract;

15.20 PENALTY POINTS: promptly notify each Lender of (i) the receipt by it of a
      cumulative total of 10 (or any multiple thereof) Penalty Points in any 12
      month period and (ii) once it has received a total of 40 or more Penalty
      Points in any six month period, each Penalty Point received by it
      thereafter;

15.21 REVISED FINANCIAL MODEL: promptly deliver to each Lender in the event that
      the Financial Model is amended or varied a computer disc containing such
      revised Financial Model in an agreed format;

15.22 COPIES OF SUB-CONTRACTS: ensure that any sub-contracts providing for the
      carrying out of operations and maintenance services required to be carried
      out by the Borrower under the DBFO Contract are renewed or replaced at
      least three months prior to the expiry thereof (and promptly deliver to
      each Lender certified true copies of any such renewal or replacement); any
      such renewed or replaced subcontracts shall themselves be renewed or
      replaced three months prior to their expiry (and copies of any such
      renewed or replacement sub-contracts delivered to each Lender) and so on;

15.23 PROJECT DOCUMENTS: without prejudice to clause 15.22 deliver to each
      Lender certified true copies of any further Project Documents entered into
      by it after the date hereof;

15.24 NOVATION OF OPERATIONS AND MAINTENANCE CONTRACTS: procure that any
      operations and maintenance contract entered into by it as referred to in
      clause 15.22 is made on terms such that it is capable of being novated in
      favour of the Lenders and/or any nominee of the Lenders in the event the
      Lenders exercise their step-in rights under the Direct Agreement;

15.25 FINANCIAL STATEMENTS: deliver to each Lender, as soon as practicable
      following publication thereof, the published audited financial statements
      (consolidated where appropriate) of each of YLHL, the Promoters and each
      Relevant Group Company;

15.26 DEFECTS: upon becoming aware of the same, promptly notify the Contractor
      of any Latent Defects or any other material defect and, if the Contractor
      is obliged to remedy such defect, require such defects to be remedied by
      the Contractor in accordance with the terms of the Construction Contract;

15.27 INTELLECTUAL PROPERTY: The Borrower hereby covenants with the Lenders on
      like terms, mutatis mutandis, to clauses 45.1, 45.2, 45.3.1 and 45.6.1 of
      the DBFO Contract; and

                                       26

<PAGE>

15.28 FURTHER POSITIVE COVENANTS: The Borrower further covenants that it shall
      use its best endeavours to ensure that, before the first payment falls due
      to be made to it by the Secretary of State under the DBFO Contract it
      obtains and, thereafter, until the Facilities are repaid in full, it
      retains its certification under the construction industry tax deduction
      scheme.

16.   NEGATIVE COVENANTS

      The Borrower shall not:

16.1  NEGATIVE PLEDGE: create or permit to subsist any encumbrance over all or
      any of its present or future revenues or assets other than:

      (i)   any lien arising by operation of law in the ordinary course of
            business and securing amounts not more than 20 days overdue or which
            are being contested in good faith;

      (ii)  the Security Documents;

      (iii) subject to the priority of the Security Document any encumbrance in
            respect of unpaid tax or arising under an attachment or similar
            process or out of judgments or awards whilst the tax or other amount
            concerned is being contested by the Borrower in good faith on
            reasonable grounds;

      (iv)  any encumbrance contained in a Finance Document;

      (v)   any encumbrance which consists of a retention of title on normal
            commercial terms imposed by a supplier of materials and equipment to
            the Borrower in the ordinary course of its business;

      (vi)  a legal charge granted to the Secretary of State or any of the
            Senior Financiers over the Retention Account;

      (vii) any encumbrance in favour of EIB pursuant to clause 4(f) of the EIB
            Facility Agreement;

16.2  LOANS AND GUARANTEES: make any loans, grant any credit (save in the
      ordinary course of business) or give any guarantee or indemnity in respect
      of financial indebtedness (save as contemplated hereby) to or for the
      benefit of any person or otherwise voluntarily assume any liability,
      whether actual or contingent, in respect of any obligation of any other
      person other than:

      (i)   loans in favour of employees not at any time exceeding (pound)50,000
            in aggregate;

      (ii)  as contained in any Finance Document;

      (iii) Authorised Investments permitted by the Intercreditor Agreement;

                                       27

<PAGE>

      (iv)  loans made on terms and conditions substantially similar to those
            contained in the Upstream Loan Agreement for the purpose of making
            any Distributions in accordance with the Intercreditor Agreement;

      (v)   loans permitted pursuant to Clause 12.3(xviii) of the Intercreditor
            Agreement, provided that in the case of loans not on terms and
            conditions substantially similar to those contained in the Upstream
            Loan Agreement, the terms of any such loans have been previously
            approved by the Agent (acting on the instructions of the Majority
            Banks) (such approval not to be unreasonably withheld); or

      (vi)  loans made from amounts standing to the credit of the Company
            Account on the terms and conditions of an Upstream Loan Agreement.

16.3  ALTERATION OF SHARE RIGHTS: alter any rights attaching to its issued
      shares in existence at the date hereof or issue any new shares other than
      to YLHL (Co. No. 03059235);

16.4  DISPOSALS: save as contemplated hereby and by the Intercreditor Agreement,
      sell, lease, transfer or otherwise dispose of, by one or more transactions
      or series of transactions (whether related or not), the whole or any part
      of its revenues or its assets other than the disposal of immaterial assets
      which are worn out or obsolete or assets which are to be replaced;

16.5  ABANDONMENT: abandon or withdraw from the Project or propose any
      abandonment or withdrawal from the Project (other than to the Lenders or
      the Banks);

16.6  TERMINATION OR AMENDMENT ETC OF DBFO CONTRACT OR CONSTRUCTION CONTRACT:
      terminate, suspend, cancel, amend or vary (i) the DBFO Contract (except
      that the Borrower may agree amendments or variations to the DBFO Contract
      (other than to clauses 3.3, 3.4, 4, 8, 9, 10, 11, 12, 13, 15, 17, 19, 24,
      25, 27.9, all of Parts IV and V, clauses 41, 43, 48, 51 or Schedules 1, 2,
      3, 4, 6, 9, 11, 12, 13, 15, Part 2 of Schedule 16 or Schedule 18 thereof)
      to the extent that such amendment or variation is beneficial or immaterial
      to the interests of the Lenders and does not have a Material Adverse
      Effect) or (ii) (by itself or through the Employer's Agent) the
      Construction Contract (other than to clauses 6.2.2, 17, 31.3 or 35 thereof
      and to the extent that any amendment or variation of such clauses is
      beneficial or immaterial to the interests of the Lenders and in either
      case does not have a Material Adverse Effect);

16.7  AMENDMENTS OF OTHER PROJECT DOCUMENTS: amend or vary any of the terms and
      conditions of any Project Document (other than the DBFO Contract and the
      Construction Contract) in any way which may have a Material Adverse Effect
      or have a material adverse effect on the interests of the Lenders;

16.8  TERMINATION ETC OF OTHER PROJECT DOCUMENTS: terminate, suspend or cancel
      any of the Project Documents (other than the DBFO Contract and the
      Construction Contract) unless the Borrower has supplied to the Lenders a
      substitute for any Project Document (the form, terms and parties of which
      are satisfactory to, and approved by, the Lenders prior to its execution);

                                       28

<PAGE>

16.9  NEW PROJECT DOCUMENTS: enter into any new Project Documents except:

      (a)   contracts expressly permitted under any other provision of this
            Agreement;

      (b)   contracts approved by the Lenders; or

      (c)   contracts which are immaterial (including contracts of employment
            for employees);

16.10 AMENDMENT OF EIB FACILITY: amend or vary any of the terms and conditions
      of the EIB Facility Agreement or (save as shall be required to comply with
      the provisions of the Project Documents) take any action or omit to take
      any action which would or might result in the conditions contained in
      clause 11 (Release Conditions) thereof not being fulfilled on the dates
      therein specified;

16.11 ASSIGNMENT BY CONTRACTOR: consent to any assignment by the Contractor of
      the Construction Contract or any part thereof or any benefit, obligation
      or interest therein or thereunder;

16.12 FINANCIAL INDEBTEDNESS: incur any financial indebtedness, whether direct
      or indirect, actual or contingent, other than:

      (i)   under the Senior Finance Documents;

      (ii)  under the agreements evidencing the Subordinated Loans;

      (iii) any financial indebtedness as permitted by clause 16.17;

      (iv)  operating leases or hire purchase agreements where the amount of
            rentals payable does not exceed (pound)100,000 (indexed in line with
            RPI) in any year; and

      (v)   any loans made by either of the Promoters or YLHL which are
            subordinated to the priority level of and pari passu with transfers
            to the Distribution Account under the Intercreditor Agreement.

16.13 THE BORROWER'S BUSINESS: carry on any business other than such business as
      is contemplated by the DBFO Contract, or as may be related or incidental
      thereto, or establish any subsidiary or merge or consolidate with any
      other person;

16.14 AVOIDANCE OF INSURANCES: take or omit to take any action whereby any of
      the Insurances which it is required to carry may become avoided;

16.15 AMENDMENT OF SUBORDINATED FACILITIES/ UPSTREAM LOAN AGREEMENT: amend or
      vary any of the terms and conditions of any of the agreements evidencing
      the Subordinated Loans or the Upstream Loan Agreement unless the Lenders,
      acting reasonably, consider that such amendment or variation is not
      adverse to their interests;

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<PAGE>

16.16 PAYMENTS OF SUBORDINATED LOANS: pay any interest or fees, repay or prepay
      any principal or make any other payment in connection with any of the
      Subordinated Loans other than in accordance with the payment cascade set
      out in clause 12.3 of the Intercreditor Agreement or from amounts standing
      to the credit of the Company Account or as otherwise permitted by the
      Intercreditor Agreement;

16.17 FURTHER HEDGING ARRANGEMENTS: enter into any hedging arrangements
      (including any forward foreign exchange transactions, options or swaps)
      without the consent of the Lenders (save for the hedging arrangements
      agreed between the Borrower and the Arrangers prior to the date hereof):

16.18 ADDITIONAL WORKS: tender, or enter into any contract, for Additional
      Works;

16.19 PROPOSALS: make any proposal for any Alternative Proposal, DBFO Co's Works
      Change, Improvement, Safety Improvement or Subsequent Scheme or, if to do
      so may have a Material Adverse Effect or a material increase in cost or
      result in a claim for an increase in price under the Construction
      Contract, make any other proposal or take any other action as is
      contemplated by clause 3.2 or 12.2.1 of the DBFO Contract;

16.20 COSTS AND LIABILITIES

      incur any costs or liabilities in connection with the operation of the
      Project and the carrying out of its rights and obligations under the DBFO
      Contract otherwise than:

            (i)   as contemplated in the Project Budget most recently delivered
                  by the Borrower to the Lenders pursuant to clause 12 (Project
                  Budgets) as the same may be agreed pursuant to clause 12.3
                  (Agreement of Project Budget); or

            (ii)  as required to comply with its obligations under any Project
                  Document provided that, if the incurring of such liability
                  would result in the aggregate of costs and liabilities
                  incurred and forecast to be incurred in the financial year
                  covered by the Project Budget being in excess of the amount
                  stated in the Project Budget, the payment of such excess can
                  be funded from:

                  (A)   funds made available pursuant to the DBFO Contract
                        (other than funds which are or will be required on (or
                        on the Payment Date next following) receipt thereof to
                        be applied under the terms and conditions of the
                        agreement(s) evidencing the relevant indebtedness in
                        accordance with clause 12.3 of the Intercreditor
                        Agreement); and/or

                  (B)   the (pound)100,000 balance that is to stand to the
                        credit of the Operating Account; and/or

                  (C)   the proceeds of any share subscription or subordinated
                        loans permitted hereunder which have been received or
                        have been

                                       30

<PAGE>

                        unconditionally committed (but, if committed, the
                        commitment must be given by counterparties and in form
                        and substance satisfactory to the Lenders);

16.21 EXERCISE OF RIGHTS: without prejudice to the Borrower's obligations to
      comply with its obligations under the Construction Contract, exercise or
      omit to exercise, or allow the Employer's Agent to exercise or omit to
      exercise, any of its rights, powers or discretions under the Construction
      Contract if to do so may have a Material Adverse Effect;

16.22 ACCOUNTING REFERENCE DATE: change its accounting reference date;

16.23 FINANCIAL MODEL: amend or vary the Financial Model unless otherwise
      permitted pursuant to this Agreement or the Intercreditor Agreement;

16.24 EMPLOYER'S AGENT ETC: without prior notification to, and consultation
      with, the Lenders and the Technical Adviser, (i) authorise the Contractor
      to publish any articles or other material relating to any dispute arising
      under the Construction Contract or any information regarding any such
      dispute, (ii) refer any dispute under the Construction Contract to the
      Dispute Resolution Procedure, or (iii) agree any replacement for the
      Independent Engineer or any variation to the Independent Engineer's terms
      of appointment;

16.25 CONSORTIUM RELIEF: do anything which would prevent it from complying with
      its obligations under clause 17 of the Shareholders Agreement;

16.26 DISTRIBUTIONS: declare, make or pay any dividends or other distributions
      except to the extent lawful and permitted by clause 12.3 (xviii) of the
      Intercreditor Agreement or to the extent of any amounts standing to the
      credit of the Company Account.

17.   EVENTS OF DEFAULT

17.1  FAILURE TO PAY: The Borrower fails to pay any sum due from it hereunder or
      under any other Finance Document at the time, in the currency and in the
      manner specified herein within three Business Day of the date it becomes
      due.

17.2  MISREPRESENTATION: Any representation or statement made by the Borrower in
      this Agreement prior to the Amendment Date or any of the other Finance
      Documents to which it is a party or by YLHL in the Share Pledge or in any
      notice or other document, certificate or statement delivered by any such
      person pursuant hereto or thereto or in connection herewith or therewith
      is or proves to have been incorrect or misleading in any material respect
      when made.

17.3  SPECIFIC COVENANTS: The Borrower fails duly to perform or comply with any
      of the obligations expressed to be assumed by it in clause 11 (Financial
      Information), clause 12 (Project Budgets), clause 19 of the Intercreditor
      Agreement (Project Forecasts), clause 14 (Project Accounts and Cashflows),
      clause 15.11 (Insurance) or clause 16 (Negative Covenants) and (but only
      in relation to clause 16 and if such failure is capable of remedy in the
      opinion of the Lenders) such failure is not remedied within 15 days of
      such failure.

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<PAGE>

17.4  OTHER OBLIGATIONS: Without prejudice to clause 17.3, the Borrower fails
      duly to perform or comply with any of the obligations expressed to be
      assumed by it in clause 15 (Positive Covenants) not mentioned in clause
      17.3 or with any other obligation expressed to be assumed by it in this
      Agreement or any other Finance Document to which it is party and such
      failure is either not capable of remedy or, if capable of remedy, is not
      remedied in the case of any of the obligations in clause 15 within 15 days
      of such failure and in the case of any other obligation within thirty days
      after the Lenders have given notice thereof to the Borrower.

17.5  CROSS DEFAULT: Any financial indebtedness of the Borrower is not paid when
      due or, if there is an originally agreed grace period, within such grace
      period, or any financial indebtedness of the Borrower is declared to be or
      otherwise becomes due and payable prior to its specified maturity as a
      result of an event of default or mandatory prepayment event (however the
      same may be defined or described, however caused, and whether or not
      involving fault) or any creditor or creditors of the Borrower become
      entitled to declare any financial indebtedness of the Borrower due and
      payable prior to its specified maturity as a result of an event of default
      or mandatory prepayment event (however the same may be defined or
      described, however caused, and whether or not involving fault) provided
      that an Event of Default shall not occur under this clause 17.5 (unless
      the financial indebtedness in question includes any indebtedness under any
      Senior Finance Document or Finance Document) if (in aggregate) it does not
      exceed (pound)100,000. For the avoidance of doubt the capitalisation of
      any interest in respect of a Subordinated Loan or the deferment of the
      payment of any Subordinated Loan pursuant to the terms of the
      Intercreditor Agreement shall not of itself constitute an Event of Default
      under this clause 17.5.

17.6  DEFAULT OF PROMOTERS OR RELEVANT GROUP COMPANY: Subject to clause 17.30
      below, prior to the twelfth anniversary of the date of issue of the
      Completion Certificate, any financial indebtedness of either Promoter or
      any Relevant Group Company is not paid within two business days of the due
      date or, if there is an originally agreed grace period which is longer,
      within such grace period or any financial indebtedness of either of the
      Promoters or any Relevant Group Company is declared to be or otherwise
      becomes due and payable prior to its specified maturity as a result of an
      event of default or mandatory prepayment event (however the same may be
      defined or described, however caused, and whether or not involving fault)
      or any creditor or creditors of either of the Promoters or any Relevant
      Group Company becomes entitled to declare any financial indebtedness of
      the relevant Promoter or any Relevant Group Company due and payable prior
      to its specified maturity as a result of an event of default or mandatory
      prepayment event (however the same may be defined or described, however
      caused, and whether or not involving fault) Provided that an Event of
      Default shall not occur under this clause 17.6 if such financial
      indebtedness (in the case of Macquarie Infrastructure (U.K.) Limited) does
      not exceed (pound)5,000,000 or (in the case of Balfour Beatty plc and
      Balfour Beatty Civil Engineering Limited) does not exceed (pound)5,000,000
      in respect of any one obligation and does not exceed (pound)20,000,000 in
      aggregate and, in either case, is incurred other than under a Relevant
      Document.

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<PAGE>

17.7  INSOLVENCY AND RESCHEDULING: Subject to clause 17.30, (a) the Borrower or
      (b) any Promoter or any Relevant Group Company prior to the twelfth
      anniversary of the date of issue of the Completion Certificate is unable
      to pay its debts as they fall due, commences negotiations with any one or
      more of its creditors with a view to the general readjustment or
      rescheduling of its indebtedness or makes a general assignment for the
      benefit of or a composition with its creditors.

17.8  WINDING-UP: Subject to clause 17.30, (a) the Borrower or (b) any Promoter
      or any Relevant Group Company prior to the twelfth anniversary of the date
      of issue of the Completion Certificate takes any corporate action or other
      steps are taken or legal proceedings are started (other than frivolous or
      vexatious actions) for its winding-up, dissolution, administration or
      reorganisation or for the appointment of a liquidator, receiver,
      administrator, administrative receiver, conservator, custodian, trustee or
      similar officer of it or of any or all of its revenues and assets Provided
      that this clause 17.8 will not apply to any step or legal proceeding
      (other than a petition for an administration) if (i) the action concerned
      is not initiated, acquiesced in, nor supported by the Borrower, any
      Promoter or Relevant Group Company or any Affiliate and that action is
      discharged within 21 days to the satisfaction of the Lenders or (ii) the
      action concerned is a voluntary solvent amalgamation, reconstruction,
      reorganisation, merger or consolidation or equivalent or analogous
      procedure in relation to the Promoter or any Relevant Group Company.

17.9  EXECUTION OR DISTRESS: Subject to clause 17.30, any execution or distress
      is levied against (unless any such execution is discharged within 14 days
      and is for an aggregate amount not exceeding (pound)100,000 in the case of
      the Borrower and (pound)1,000,000 in any other case), or an encumbrancer
      takes possession of, the whole or any part of, the property, undertaking
      or assets of any of the Borrower or, prior to the twelfth anniversary of
      the date of issue of the Completion Certificate, any of the Relevant Group
      Companies.

17.10 ANALOGOUS EVENTS: Subject to clause 17.30, any event occurs which under
      the laws of any jurisdiction has a similar or analogous effect to any of
      those events mentioned in clause 17.7 (Insolvency and Rescheduling),
      clause 17.8 (Winding-up) or clause 17.9 (Execution or Distress).

17.11 GOVERNMENTAL INTERVENTION: By or under the authority of any government,
      (a) the management of the Borrower is wholly or partially displaced or the
      authority of the Borrower in the conduct of its business is wholly or
      partially curtailed or (b) all or a majority of the issued shares of the
      Borrower or YLHL or the whole or any part of the Borrower's revenues or
      assets is seized, nationalised, expropriated or compulsorily acquired
      (other than a non-material part thereof not required for the Project).

17.12 OWNERSHIP: (i) YLHL transfers or otherwise disposes (legally or
      beneficially) of any of the shares in the Borrower held by it; or (ii)
      there is a breach of clause 41.3 of the DBFO Contract.

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17.13 THE BORROWER'S BUSINESS: The Borrower carries on any business other than
      such business as is contemplated by the DBFO Contract, or as may be
      related or incidental thereto, or establishes any subsidiary or merges or
      consolidates with any other person.

17.14 REPUDIATION: The Borrower repudiates this Agreement or any of the other
      Finance Documents or does or causes to be done any act or thing evidencing
      an intention to repudiate this Agreement or any of the other Finance
      Documents.

17.15 VALIDITY AND ADMISSIBILITY: At any time any act, condition or thing
      required at such time to be done, fulfilled or performed in order (a) to
      enable the Borrower lawfully to carry out the Project in all material
      respects and to enter into, exercise its rights under and perform the
      obligations expressed to be assumed by it in each of the Finance
      Documents, (b) to ensure that the obligations expressed to be assumed by
      the Borrower in each of the Finance Documents, are, subject to the
      qualifications of law but not fact) set out in the legal opinion of
      Clifford Chance delivered to the persons who were then the Banks under the
      Senior Facility Agreement on or about the Execution Date, legal, valid and
      binding or (c) to make each of the Finance Documents admissible in
      evidence in England is not done, fulfilled or performed.

17.16 ILLEGALITY: At any time it is or becomes unlawful for the Borrower to
      perform or comply with any or all of its obligations under each of the
      Finance Documents or any of the obligations of the Borrower under each of
      the Finance Documents are not or cease to be legal, valid and binding,
      subject in each case to the qualifications of law (but not fact) set out
      in the said legal opinion of Clifford Chance delivered to the Banks under
      the Senior Facility Agreement on or about the Execution Date.

17.17 ADVERSE CHANGE: Any circumstances arise which give reasonable grounds in
      the opinion of the Lenders for belief that there has been an adverse
      change since the date of this Agreement in the Project or the financial
      condition of the Borrower which is likely to have a Material Adverse
      Effect.

17.18 DEFAULT UNDER DBFO CONTRACT AND CONSTRUCTION CONTRACT: The happening of
      any event of default or Termination Event as referred to or as defined in
      the DBFO Contract or the happening of any default entitling termination by
      the Borrower under the Construction Contract.

17.19 PENALTY POINTS: If:

      (a)   the Borrower is awarded a total of 100 or more Penalty Points (after
            taking into account the reduction (if any) in Penalty Points
            pursuant to the proviso to clause 24.2.1 of DBFO Contract) in one
            year; or

      (b)   having already received one Warning Notice, the Borrower is awarded
            a total of 200 or more Penalty Points (after taking into account the
            reduction (if any) in Penalty Points pursuant to the proviso to
            clause 24.2.1 of DBFO Contract) in any subsequent three year period,

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<PAGE>

      and in either case:

      (i)   the Borrower is unable to demonstrate within 7 days thereof to the
            reasonable satisfaction of the Lenders (after consultation with the
            Traffic Adviser) that the level of Penalty Points is a direct result
            only of management difficulties and it has taken measures which have
            corrected the management difficulties which have given rise to such
            a level of Penalty Points being awarded at such a rate; or

      (ii)  if the Borrower does demonstrate the above, but a further 25 or more
            Penalty Points are awarded within the immediately following 60 day
            period,

Provided that any Penalty Points which are being disputed in good faith pursuant
to clause 24.2.3 or 24.2.4 of the DBFO Contract shall only be taken into account
to the extent they are taken into account in the DBFO Contract.

17.20 ABANDONMENT: The Borrower abandons or withdraws from the Project or
      evidences any intention of abandoning or withdrawing from the Project.

17.21 BREACH OF CONSTRUCTION CONTRACT: The Contractor serves any notice of
      termination of the Construction Contract in accordance with the terms
      thereof or the Contractor is in breach under the Construction Contract and
      such breach may have a Material Adverse Effect.

17.22 TERMINATION: Any party to any of the other Project Documents serves any
      notice of termination, cancellation, suspension or default thereof in
      accordance with the terms thereof or is in default of its obligations
      thereunder (if such termination, cancellation, suspension or default may
      have a Material Adverse Effect).

17.23 RATIOS: As evidenced by any Project Forecast delivered pursuant to the
      Intercreditor Agreement, the Annual Debt Service Cover Ratio or the
      Forecast Annual Debt Service Cover Ratio produced in accordance with
      Clause 19.2(v)(a) of the Intercreditor Agreement is less than 1.05:1.

17.24 ENVIRONMENTAL LIABILITY: A Lender incurs or will incur any material
      liability (not including, for the avoidance of doubt, a liability which
      would only arise upon an enforcement of security held by it) under or
      pursuant to any environmental law, decree, regulation, civil action or
      penal notice which such liability would not have been incurred by such
      person if such person was not party to the arrangements established under
      or pursuant to the Relevant Documents in the capacity or capacities in
      which such person is from time to time so party and within thirty days of
      notification thereof to the Borrower no proposal has been made by the
      Borrower which is acceptable to such person for the unconditional
      discharge or cancellation of such liability in full and/or the
      compensation of such person in respect thereof.

17.25 CONSENTS ETC: Any consent, licence, permit, approval or authorisation in
      relation to the Project or any Relevant Document is suspended, cancelled,
      revoked, forfeited, surrendered or terminated (whether in whole or in
      part) or otherwise ceases to be in full force and effect to an extent or
      in a manner which will have a Material Adverse Effect.

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<PAGE>

17.26 TOTAL LOSS: The whole or any material part of the Project is assessed by
      the relevant insurers to constitute a total loss for insurance purposes.

17.27 NO MATERIAL PROCEEDINGS: No actions or administrative proceedings of or
      before any court or agency has been started or threatened which could
      reasonably be expected to have a Material Adverse Effect, other than in
      relation to the Borrower's indemnity liability in respect of claims for
      compensation under Part 1 of the Land Compensation Act 1973.

17.28 OTHER EVENTS OF DEFAULT: The occurrence of any Event of Default (to the
      extent not waived) under any of the Senior Finance Documents, the
      agreements evidencing the terms of any of the other Commercial
      Subordinated Loans or the Junior Subordinated Loan Agreement.

17.29 ACCELERATION AND CANCELLATION: Upon the occurrence of an Event of Default
      and at any time thereafter if the Event of Default is continuing, the
      Lenders may (subject to clause 28.1 of the Intercreditor Agreement), by
      written notice to the Borrower:

            (i)   declare the Advance to be immediately due and payable
                  (whereupon the same shall become so payable together with
                  accrued interest thereon and any other sums then owed by the
                  Borrower to the Lenders hereunder) or declare the Advance to
                  be due and payable on demand of the Lenders; and/or

            (ii)  require the Security Trustee to exercise any and all such
                  rights as may be available to the Lenders under any of the
                  Security Documents (except where Lenders are shareholders or
                  Affiliates of shareholders of the Borrower) and/or require the
                  Intercreditor Agent to exercise any and all such rights
                  (including step-in rights) as may be available to it under the
                  Direct Agreement.

17.30 ADVANCES DUE ON DEMAND: If, pursuant to clause 17.28 (Acceleration and
      Cancellation), the Lenders declare Advances to be due and payable on
      demand then, and at any time thereafter, the Lenders may (subject to
      clause 28.2 of the Intercreditor Agreement) by written notice to the
      Borrower:

            (i)   require repayment of the Advances on such date as the Lenders
                  may specify in such notice (whereupon the same shall become
                  due and payable on such date together with accrued interest
                  thereon and any other sums then owed by the Borrower to each
                  Lender hereunder) or withdraw their declaration with effect
                  from such date as they may specify in such notice; and/or

            (ii)  select as the duration of any Interest Period which begins
                  whilst such declaration remains in effect a period of six
                  months or less.

17.31 PROMOTER AND RELEVANT GROUP COMPANY: If any of the events referred to in
      clause 17.6 to 17.10 occurs in relation to a Promoter or a Relevant Group
      Company, it

                                       36

<PAGE>

      shall not thereby constitute an Event of Default unless the event in
      question is reasonably likely to have a Material Adverse Effect or to
      materially affect the interests of the Lenders (after taking into account
      the ability of the other Promoter or Relevant Group Companies (as the case
      may be) to which the events have not occurred to comply with their
      respective obligations under the relevant documents).

18.   DEFAULT INTEREST, INDEMNITY AND RELEASE

18.1  DEFAULT INTEREST: Each Unpaid Sum shall bear interest for the period from
      and including the date on which it fell due up to but excluding the date
      of actual payment and calculated by reference to successive Interest
      Periods relating thereto each of which (other than the first) shall start
      on the last day of the preceding such Interest Period and the duration of
      each of which shall be selected by the relevant Lender (having regard to
      the likely period of the default) Provided that the first Interest Period
      relating to an Unpaid Sum which is all or part of the Advance which became
      due and payable otherwise than on the last day of an Interest Period shall
      be of a duration equal to the unexpired portion of that Interest Period.

18.2  RATE OF DEFAULT INTEREST: The rate of interest applicable to an Unpaid Sum
      during an Interest Period relating thereto (both before and after
      judgment) shall be the percentage rate per annum which exceeds by one per
      cent. the rate which would have been applicable thereto had it been the
      Advance with a corresponding Interest Period Provided that the rate of
      interest applicable to an Unpaid Sum which is all or part of the Advance
      which became due and payable otherwise than on the last day of an Interest
      Period relating to the Advance shall, during the first Interest Period
      relating to that Unpaid Sum, be the percentage rate per annum which
      exceeds by one per cent. the rate applicable to the Advance immediately
      before it became so due and payable.

18.3  PAYMENT OF DEFAULT INTEREST: Interest on an Unpaid Sum accrued under
      clause 18.1 shall be due and payable and shall be paid by the Borrower at
      the end of each Interest Period relating thereto or on such other date as
      the relevant Lender may specify by written notice to the Borrower.

18.4  BROKEN PERIODS: If for any reason a Lender receives or recovers all or any
      part of the Advance or an Unpaid Sum otherwise than on the last day of the
      then current interest Period relating thereto, the Borrower shall pay to
      the relevant Lender within seven days of its demand an amount equal to the
      amount (if any) by which (a) the additional interest which would have been
      payable on the amount so received or recovered had it been received or
      recovered on the last day of that Interest Period exceeds (b) the amount
      of interest which in the reasonable opinion of the relevant Lender would
      have been payable to that Lender on the last day of that Interest Period
      in respect of a sterling deposit equal to the amount so received or
      recovered placed by it with a prime bank in London for a period starting
      on the third business day following the date of such receipt or recovery
      and ending on the last day of that Interest Period; together with an
      amount equal to the sum of any losses, costs or expenses incurred by the
      relevant Lender by reason of it liquidating or re-deploying funds acquired
      or borrowed by it to fund or maintain the Advance (or part of it).

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<PAGE>

18.5  BORROWER'S INDEMNITY: The Borrower undertakes to indemnify each Lender on
      demand:

            (i)   in respect of all proceedings, costs, claims, liabilities,
                  damages, demands, penalties, losses, expenses and fees
                  (including legal fees and cash) which it may sustain or incur
                  as a consequence of, or in any way relating to any default by
                  the Borrower in the due performance of any of the obligations
                  expressed to be assumed by it in any of the Finance Documents;

            (ii)  against any loss it may suffer or incur as a result of its
                  funding or making arrangements to fund the Advance requested
                  by the Borrower hereunder but not made by reason of the
                  operation of any one or more of the provisions hereof.

18.6  UNPAID SUMS US ADVANCES: For the purpose of clause 10.1 (Increased Costs)
      and the Sixth Schedule (Additional Costs Rate), an Unpaid Sum shall be
      treated as an advance made by the relevant Lender hereunder.

19.   ACCOUNTS, ETC

19.1  LENDER'S ACCOUNT: Each Lender shall maintain on its books a control
      account or accounts in which shall be recorded:

      (a)   the amount of each sum due or to become due from the Borrower
            hereunder; and

      (b)   the amount of any sum received or recovered by that Lender.

19.2  OBLIGATIONS OF THE BORROWER: In any legal action or proceedings arising
      out of or in connection with this Agreement, the entries made in the
      accounts maintained pursuant to clause 19.1 (Lender's Account) shall, in
      the absence of manifest error, be prima facie evidence of the existence
      and extent of the obligations of the Borrower therein recorded.

19.3  CALCULATIONS: Commission and interest payable hereunder shall be
      calculated on the basis of a year of 365 days and the actual number of
      days elapsed.

19.4  REFERENCE BANKS' QUOTATIONS: If a quotation required of a Reference Bank
      under the foregoing provisions of this Agreement cannot be obtained by a
      Lender, the rate for which such quotation was required shall be determined
      on the basis of those quotations which are supplied to that Lender.

19.5  LENDER'S CERTIFICATES: A certificate of a Lender as to the amount for the
      time being required to indemnify it against any such cost or liability as
      is mentioned in clause 10.1 (Increased Costs) shall:

      (a)   in the absence of manifest error, be prima facie evidence in any
            legal action or proceedings arising out of or in connection with
            this Agreement; and

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<PAGE>

      (b)   give reasonable details of the amount claimed and be accompanied by
            documentary evidence in support thereof to the extent practicable
            and lawful provided that such Lender shall not be obliged pursuant
            hereto to disclose any confidential information relating to the
            organisation of its affairs.

20.   PAYMENTS

20.1  PAYMENTS TO THE LENDER: On each date on which an amount is due from the
      Borrower hereunder the Borrower shall make the same available to the
      relevant Lender by payment in sterling and in same day funds to such
      account as that Lender shall have specified for this purpose.

20.2  NO SET-OFF: All payments to be made by the Borrower hereunder shall be
      made free and clear of and without deduction for or on account of any
      set-off or counterclaim.

20.3  CLAWBACK: Where a sum is to be paid hereunder to a Lender for account of
      another person, the relevant Lender shall not be obliged to make the same
      available to that other person until it has been able to establish to its
      satisfaction that it has actually received such sum, but if it does so and
      it proves to be the case that it had not actually received the sum it paid
      out, then the person to whom such sum was so made available shall on
      request refund the same to the relevant Lender together with an amount
      sufficient to reimburse that Lender for any amount it may have been
      required to pay out by way of interest on moneys borrowed to fund the sum
      in question during the period beginning on the due date for payment
      thereof and ending on the date on which it receives the same.

20.4  INDEMNITY PAYMENTS: Any payment to be made by the Borrower which is
      expressed to be by way of indemnity shall be paid within 21 days of demand
      by the relevant Lender therefor.

21.   REDISTRIBUTION OF PAYMENTS AND SET-OFF

21.1  REPAYABLE RECOVERIES: If any sum (a "relevant sum") received or recovered
      by a Lender in respect of any amount owing to it by the Borrower becomes
      repayable and is repaid by the relevant Lender, then there shall thereupon
      fall due from the Borrower to that Lender an amount equal to the amount
      paid out by it.

21.2  SET-OFF: The Borrower authorises each Lender to apply any credit balance
      to which the Borrower is entitled on any account of the Borrower with the
      relevant Lender in satisfaction of any sum due and payable from the
      Borrower to the relevant Lender hereunder but unpaid; for this purpose the
      relevant Lender is authorised to purchase with the moneys standing to the
      credit of any such account such other currencies as may be necessary to
      effect such application. No Lender shall be obliged to exercise any right
      given to it by this clause, but if a Lender does so, it shall promptly
      notify the other Lender and the Borrower thereof.

21.3  DISTRIBUTION OF RECOVERIES: Recoveries shall be dealt with in accordance
      with the terms of the Intercreditor Agreement.

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<PAGE>

22.   OTHER COMPENSATIONS

22.1  SUPPLEMENTAL INTEREST: On each date on which the Borrower shall make any
      repayment or prepayment of any principal amount of the Advance, the
      Supplemental Interest shall become due and payable by the Borrower to the
      relevant Lender calculated on the principal amount so repaid or prepaid
      Provided that if, on the due date for payment of the Supplemental Interest
      the Borrower would be entitled to defer such payment by reason of the
      provisions of clause 3.5(c) (Deferral of Payment), then the Borrower shall
      defer such payment until the earlier of:-

      (a)   the first Repayment Date thereafter on which the Borrower's
            entitlement to defer Supplemental Interest under clause 3.5(c)
            (Deferral of Payment) has ceased to the extent that the Borrower
            then has cash available to pay such deferred Supplemental Interest
            in accordance with the cascade set out in clause 12.3 of the
            Intercreditor Agreement;

      (b)   the declaration of an Event of Default by the Lenders under clause
            17 (Events of Default) at any time after such declaration is
            permitted by the terms of the Intercreditor Agreement;

      (c)   the Final Repayment Date;

      (d)   prepayment in full of the Facilities; and

      (e)   the date of termination or expiry of the DBFO Contract;

            (and for the avoidance of doubt, deferred Supplemental Interest
            shall not bear interest).

23.   COSTS AND EXPENSES

23.1  PREPARATION: the Borrower shall indemnify each Lender in respect of all
      reasonable costs and expenses (including legal fees) incurred by it in
      connection with the preparation of the Finance Documents and the Project
      Documents and any other documents associated therewith, and the
      negotiation and completion of the transactions completed herein and
      therein.

23.2  PRESERVATION/ENFORCEMENT: The Borrower shall from time to time indemnify
      each Lender in respect of all costs and expenses (including legal fees)
      incurred in or in connection with the preservation and/or enforcement of
      any of their respective rights under the Finance Documents.

23.3  TAXES ETC: The Borrower shall pay all stamp, registration and other
      documentation taxes to which any of the Finance Documents or any judgment
      or order given or made in connection therewith is or at any time may be
      subject and shall from time to time, within 7 days of demand, indemnify
      each Lender against any liabilities, costs, claims and expenses resulting
      from any failure to pay or any delay in paying such tax, provided that the
      Borrower shall not be required to pay any amount to compensate any person
      for any

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<PAGE>

      penalty incurred by such person by reason of such person failing to make
      timely payment of tax to the relevant authorities in circumstances where
      such person has itself received (for value at least 7 business days prior
      to the due date for payment thereof) an amount hereunder from the Borrower
      sufficient to enable it to pay the same prior to such due date, provided
      that this clause 23.3 shall not extend to any stamp duty, registration and
      other documentation taxes arising from an assignment or transfer under
      clause 24.3 (Assignment by Lender) or clause 24.5 (Transfer by Lender).

24.   BENEFIT OF AGREEMENT

24.1  BINDING EFFECT: This Agreement shall be binding upon and enure to the
      benefit of each party hereto and its successors and assigns.

24.2  ASSIGNMENT BY BORROWER: The Borrower shall not, except with the prior
      consent of the Lenders assign or transfer all or any of its rights,
      benefits and obligations hereunder.

24.3  ASSIGNMENT BY LENDERS: A Lender may assign at any time at no cost to the
      Borrower, to any Affiliate acting through a UK Lending Office and (subject
      to clause 24.10) with the consent of the Borrower and the other Lender
      (such consent not to be unreasonably withheld or delayed and, in any
      event, such consent or refusal to be granted or refused within ten days of
      the proposed assignment) to any one or more entities all or any part (but
      if in part in a minimum amount of (pound)2,000,000) of the Lender's rights
      and benefits hereunder in respect of the Advance and in that event this
      Agreement and the other Finance Documents shall thereafter be read and
      construed and shall have effect as if the assignee were the relevant
      Lender to the intent that the assignee shall have the same rights against
      the Borrower hereunder as it would have had if it had been a party hereto.

24.4  ASSIGNEES: Unless and until an assignee has agreed with the relevant
      Lender that it shall be under the same obligations towards it as it would
      have been under if it had been a party hereto, no Finance Party shall be
      obliged to recognise such assignee as having the rights against it which
      such assignee would have had if it had been a party hereto.

24.5  TRANSFER BY LENDER: In addition to its rights under clause 24.3 and
      subject to clause 24.10, each Lender may at any time at no cost to the
      Borrower and the other Lender, with the consent of the Borrower (such
      consent not to be unreasonably withheld or delayed and, in any event, such
      consent or refusal to be granted or refused within ten days of the
      proposed transfer) transfer in accordance with this clause 24.5 to any one
      or more entities acting through a UK Lending Office all or any of its
      rights, benefits and obligations hereunder, in which case such transfer
      may be effected by the delivery to the relevant Lender of a duly completed
      and duly executed Transfer Certificate and payment of a fee of (pound)500
      by the proposed transferee whereupon:

      (a)   to the extent that in such Transfer Certificate the relevant Lender
            seeks to transfer its rights, benefits and/or its obligations
            hereunder as a Lender, the Borrower, the relevant Lender and the
            other Lender(s) shall each be released from further obligations to
            the other hereunder and their respective rights and benefits against

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<PAGE>

            each other hereunder shall be cancelled (such rights, benefits and
            obligations being referred to in this clause as "discharged rights
            and obligations");

      (b)   the Borrower, the remaining Lender(s) and the transferee party
            thereto shall each assume obligations towards and/or acquire rights
            and benefits from each other hereunder which differ from such
            discharged rights and obligations only insofar as the Borrower and
            such transferee have assumed and/or acquired the same in place of
            the Borrower and the transfering Lender; and

      (c)   such transferee shall become a party hereto as a Lender.

24.6  AMOUNT OF TRANSFER: Any transfer pursuant to clause 24.5 (Transfer by
      Lenders) shall be either such that the aggregate amount of the
      Outstandings thereby transferred is not less than (pound)2,000,000 or such
      that such transfer comprises all of the Outstandings of the relevant
      Lender.

24.7  PARTIAL ASSIGNMENT OR TRANSFER: In the case of a partial assignment or
      transfer:

      (a)   the relevant Lender shall exercise the powers of an agent lender for
            the purposes of this Agreement and, in relation to the Borrower,
            exercise all discretions and rights reserved to that Lender under
            this Agreement; and

      (b)   all payments due to the relevant Lender under this Agreement shall
            be deemed to be payable to that Lender and each assignee or
            transferee Lender in proportion to their participations.

24.8  FURTHER ASSURANCE: The Borrower shall agree:

      (a)   to make such amendments to any Finance Documents as the Lenders may
            require to reflect such transfer; and

      (b)   to carry out such further acts in connection with such assignment or
            transfer as may reasonably be required by the Lenders to effect any
            assignment or transfer in accordance with this clause 24.

24.9  DISCLOSURE OF INFORMATION: The Lenders may disclose to a potential
      assignee or transferee or to any other person who may otherwise enter into
      contractual relations with it in relation to this Agreement a copy of this
      Agreement and such of the information supplied to the Lenders pursuant to
      or in connection with this Agreement as the Lenders shall consider
      appropriate having regard to the terms of the Confidentiality Agreement
      set out in the Sixth Schedule.

24.10 RIGHTS OF PRE-EMPTION: If a Lender proposes to transfer any of its rights
      and benefits under this Agreement (other than a transfer to an Affiliate
      under clause 24.3) it shall first give to the other Lender(s) notice (a
      TRANSFER NOTICE) of the proposed transfer, together with details of the
      amount to be transferred, the purchase price and any other material terms
      of the transfer. The continuing Lender(s) shall have the right to purchase
      the rights and benefits outlined in the Transfer Notice, on the same terms
      as specified therein. If

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<PAGE>

      there are more than one continuing Lenders then the continuing Lenders
      shall have the right to purchase an amount equal to the proportion that
      their Advances bear to the total of all Advances not held by the
      transferring Lender. If the continuing Lender(s) shall not have exercised
      their rights within 15 business days of the issue of the Transfer Notice,
      they shall be deemed to have elected not to purchase, provided that, if
      there are more than one continuing Lenders and some of the continuing
      Lenders have elected not to purchase then the other continuing Lenders
      shall have a further 5 business days to elect to purchase that proportion.

25.   PARTIAL INVALIDITY, WAIVER AND AMENDMENTS

25.1  ILLEGALITY: If at any time any provision hereof is or becomes illegal,
      invalid or unenforceable in any respect under the law of any jurisdiction,
      neither the legality, validity or enforceability of the remaining
      provisions hereof nor the legality, validity or enforceability of such
      provision under the law of any other jurisdiction shall in any way be
      affected or impaired thereby.

25.2  NO WAIVER: No delay or omission by any party hereto in exercising any of
      its rights hereunder shall operate or be construed as a waiver thereof nor
      shall a single or partial exercise of any such right preclude any other or
      further exercise thereof or the exercise of any other right of such party
      hereunder.

25.3  AMENDMENTS: Any term hereof may only be amended in writing.

26.   NOTICES

26.1  NOTICES: Each communication to be made hereunder shall be made in writing
      but, unless otherwise stated, may be made by telex or letter or fax.

26.2  DELIVERY OF NOTICES: Any communication or document to be made or delivered
      by one person or another pursuant to this Agreement shall (unless that
      other person has by fifteen days' written notice to the Lenders specified
      another address) be made or delivered to that other person at the address
      identified with its signature below and shall be deemed to have been made
      or delivered when despatched (in the case of a facsimile, evidenced by a
      confirmed answerback) or (in the case of any document or any communication
      made by letter) when left at that address or (as the case may be) fourteen
      days after being deposited in the post first class postage prepaid
      (airmail, if international) in an envelope addressed to it at that address
      Provided that (i) any communication or document to be made or delivered to
      the Lenders shall be effective only when received by the Lenders and (ii)
      each person shall (without prejudice to its ultimate ability to do so by
      letter) first endeavour to communicate with another person hereunder by
      fax or international courier service (but so that, so far as utilisation
      requests are concerned, the Lenders will only act upon receipt of the
      original document).

26.3  ENGLISH LANGUAGE: Each communication and document made or delivered by one
      party to another pursuant hereto shall be in the English language.

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27.   LAW

      This Agreement shall be governed by and construed in accordance with
      English law.

28.   JURISDICTION

28.1  ENGLISH COURTS: The Borrower irrevocably agrees for the benefit of the
      Lenders that the courts of England shall have jurisdiction to hear and
      determine any suit, action or proceeding, and to settle any disputes,
      which may arise out of or in connection with this Agreement and for such
      purposes irrevocably submits to the jurisdiction of such courts.

28.2  APPROPRIATE FORUM: The Borrower irrevocably waives any objection which it
      may have now or hereafter to any of the courts referred to in clause 28.1
      being nominated as a forum to hear and determine any suit, action or
      proceeding, and to settle any disputes, which may arise out of or in
      connection with this Agreement and agrees not to claim that any such court
      is not a convenient or appropriate forum.

28.3  NON-EXCLUSIVE SUBMISSION: The submission to the jurisdiction of the courts
      referred to in clause 28.1 shall not (and shall not be construed so as to)
      limit the right of the Lenders to take proceedings against the Borrower in
      any other court of competent jurisdiction nor shall the taking of
      proceedings in any one or more jurisdictions preclude the taking of
      proceedings in any other jurisdiction, whether concurrently or not.

28.4  CONSENT TO ENFORCEMENT: The Borrower hereby consents generally in respect
      of any suit, action or proceeding which may arise out of or in connection
      with this Agreement to the giving of any relief or the issue of any
      process in connection with such action or proceeding including, without
      limitation, the making, enforcement or execution against any property
      whatsoever (irrespective of its use or intended use) of any order or
      judgment which may be made or given in such action or proceeding.

28.5  WAIVER OF IMMUNITY: To the extent that the Borrower may in any
      jurisdiction claim for itself or its assets immunity from suit, execution,
      attachment (whether in aid of execution, before judgment or otherwise) or
      other legal process and to the extent that in any such jurisdiction there
      may be attributed to itself or its assets such immunity (whether or not
      claimed) the Borrower hereby irrevocably agrees not to claim and hereby
      irrevocably waives such immunity to the full extent permitted by the laws
      of such jurisdiction.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.

                                       44

<PAGE>

                                 FIRST SCHEDULE
                                   [NOT USED)]

<PAGE>

                                 SECOND SCHEDULE
                                   [NOT USED]

<PAGE>

                                 THIRD SCHEDULE

                                PROJECT DOCUMENTS

1.    The DBFO Contract.

2.    The Construction Contract.

3.    The Technical Services Agreement dated 26 March 1996 made between the
      Borrower and the Promoters.

4.    The Shareholders Agreement.

5.    The Secondment Agreement dated 26 March 1996 made between the Borrower and
      the Promoters.

6.    The Custody Agreement dated 26 March 1996 made between the Secretary of
      State for Transport, the Borrower, DMG and the National Computing Centre.

7.    The Lease entered into prior to the date of issue of the Completion
      Certificate between the Borrower and the Secretary of State.

<PAGE>

                                 FOURTH SCHEDULE

                               SECURITY DOCUMENTS

1.    The Debenture dated 26 March 1996 by the Borrower to the Security Trustee.

2.    The Share Pledge (incorporating floating charge) dated 26 March 1996 made
      between YLHL and the Security Trustee.

3.    The Security Trust Deed dated 26 March 1996 made between the Borrower, the
      Senior Agent, the Security Trustee and the persons named therein as
      Initial Beneficiaries.

<PAGE>

                                 FIFTH SCHEDULE

                        BANK OF ENGLAND: MONETARY CONTROL

                         ADDITIONAL COSTS' RATE FORMULA

1.    The additional rate relative to the Loan is, subject as hereinafter
      provided, the percentage rate arrived at by applying the following
      formula:

      Additional Cost    =  BY + L(Y-X) + S(Y - Z)% per annum
                            ---------------------
                                100 - (B+S)

      Where:

      B  =  The percentage of the Lender's eligible liabilities then required
            to be held on a non-interest-bearing deposit account with the Bank
            of England.

      Y  =  The rate at which sterling deposits in an amount comparable to the
            amount of the Loan are offered by the relevant Lender to leading
            banks in the London Interbank Market at or about 11.00 a.m. on the
            commencement of the relevant Interest Period for a period comparable
            to the Interest Period.

      L  =  The average percentage of eligible liabilities which the Bank of
            England from time to time requires the relevant Lender to maintain
            as secured money with members of the London Discount Market
            Association and/or as secured call money with those money brokers
            and gilt-edged market-makers recognised by the Bank of England.

      X  =  The rate at which secured sterling deposits in an amount
            comparable to the amount of the Loan may be placed by the relevant
            Lender with members of the London Discount Market Association and/or
            as secured call money with money brokers and gilt-edged
            market-markers at or about 11.00 a.m. on the commencement of the
            relevant Interest Period for a period comparable to the Interest
            Period.

      S  =  The percentage of the relevant Lender's eligible liabilities then
            required to be placed as a special deposit with the Bank of England.

      Z  =  The percentage interest rate per annum allowed by the Bank of
            England on special deposits.

      For the purposes of this paragraph "ELIGIBLE LIABILITIES" and "SPECIAL
      DEPOSITS" shall bear the meanings ascribed to them from time to time by
      the Bank of England.

2.    In the application of the above formula, B, Y, L, X, S and Z will be
      included in the formula as figures and not as percentages, e.g. if B =
      0.5% and Y = 15%, BY will be calculated as 0.5 x 15 and not as 0.5% x 15%.

<PAGE>

3.    The additional rate computed by the relevant Lender in accordance with
      this Schedule shall, if not already such a multiple, be rounded upwards to
      the nearest whole multiple of one-sixteenth of one per cent (1/16) per
      annum.

4.    The calculation of the additional rate for the Loan will be made by the
      relevant Lender on the commencement of the relevant Interest Period
      relative thereto.

5.    Calculations will be made on the basis of a year of 365 days (or, if
      market practice differs, in accordance with market practice).

6.    A negative result obtained by subtracting X from Y or Z from Y shall be
      taken as zero.

7.    In the event of a change in circumstances (including the imposition of
      alternative or additional official requirements) which renders the above
      formula inapplicable the relevant Lender shall notify the Borrower of the
      manner in which the additional rate shall thereafter be determined which
      shall reflect the additional costs following such change incurred by that
      Lender at such time and from time to time.

8.    The percentages used in B, L and S above shall be those required to be
      maintained on the first day of the relevant period as determined in
      accordance with Y above.

9.    Additional amounts calculated in accordance with this Schedule are payable
      on the last day of the Interest Period to which they relate.

10.   The determination of the Additional Costs Rate in relation to any period
      shall, in the absence of manifest error, be conclusive and binding on all
      of the parties hereto.

11.   The relevant Lender may from time to time, after consultation with the
      Borrower, determine and notify to all the parties hereto any amendments or
      variations which are required to be made to the formula set out above in
      order to comply with any requirements from time to time imposed by the
      Bank of England in relation to the Advance denominated in sterling
      (including any requirements relating to sterling primary liquidity) and,
      any such determination shall, in the absence of manifest error, be
      conclusive and binding on all the parties hereto.

<PAGE>

                                 SIXTH SCHEDULE

                        FORM OF CONFIDENTIALITY AGREEMENT

To:   Yorkshire Link Limited ("YLL")

                                                                          [Date]

Dear Sirs

M1/AI LINK ROAD

We refer to the Facility Agreement dated [ ], made between us. Capitalised terms
used and not otherwise defined herein shall have the meanings given to them in
that Facility Agreement.

1.    We, [ ], in our capacity as Lender hereby agree that (save as provided in
      paragraph 2 below) we shall keep confidential and not disclose to any
      third person or make use of for purposes unconnected with the Finance
      Documents the following:

      (a)   any of the terms of the DBFO Contract;

      (b)   any confidential or proprietary information (including documents,
            computer records, specifications, formulae, evaluations, methods,
            processes, technical descriptions, reports and other data, records,
            drawings and information whether or not included in the Design Data
            or the Traffic Data (each as defined in the DBFO Contract)) provided
            to or arising or acquired by YLL pursuant to the terms or
            performance of the DBFO Contract (including without limitation any
            such documents or information supplied in the course of proceedings
            under the Disputes Resolution Procedure (as defined in the DBFO
            Contract)); and

      (c)   all of the information, reports or documents supplied in or in
            connection with the invitation to tender for the DBFO Contract, any
            Project Document, any Finance Document or in the course of
            discussions thereto or any calculations made or conclusions or
            determinations reached in accordance with the Finance Documents
            (including the Financial Model and any results obtained from it);

      together, the "Confidential Information".

2.    We shall be entitled to disclose any Confidential Information (subject to
      any restrictions to the contrary imposed by a person other than YLL in
      relation to information which is confidential to them):

      (a)   with the prior written consent of YLL;

<PAGE>

      (b)   to any other Lender (as defined in the Intercreditor Agreement);

      (c)   when required to do so by any law, regulation or official
            requirement;

      (d)   to our professional advisers and consultants who need to know such
            and upon obtaining from them in favour of ourselves a similar
            confidentiality undertaking and providing a copy of such to the
            Borrower;

      (e)   to the extent that the same has become generally available to the
            public otherwise than as a result of a breach of this undertaking or
            an obligation of confidentiality to another person; and

      (f)   to any person proposing to become a Lender in accordance with the
            terms of the Facility Agreement upon obtaining from them in favour
            of YLL a similar confidentiality undertaking and providing a copy of
            such to YLL.

3.    If we are or any person to whom we disclose Confidential Information in
      accordance with this undertaking is legally compelled by a court of
      competent jurisdiction or by a supervisory or regulatory body to disclose
      any of the Confidential Information, we will use all reasonable efforts to
      the extent permitted by any relevant order to provide YLL with prompt
      notice thereof so that the Borrower may seek a protective order or other
      appropriate remedy. If the protective order or other remedy is not
      obtained, then we agree that, if requested by the Borrower, we will
      disclose only that portion of Confidential Information as we reasonably
      believe ourselves to be legally compelled so to disclose.

4.    Our obligations under this undertaking shall continue until the date
      falling on the fifth anniversary of the Termination Date (as defined in
      the DBFO Contract).

5.    This undertaking is to be governed by and construed in accordance with the
      laws of England.

Yours faithfully,

-----------------------
For and on behalf of
[NAME OF FINANCE PARTY]

<PAGE>

                                SEVENTH SCHEDULE

                              TRANSFER CERTIFICATE

To:

From: [  ]

                              TRANSFER CERTIFICATE

relating to the facilities agreement dated [ ] 1996 between Yorkshire Link
Limited (as Borrower) and Macquarie Infrastructure (UK) Limited and Balfour
Beatty Plc as Lenders (as amended, supplemented and/or restated from time to
time, the "Facilities Agreement"). Terms defined in the Facilities Agreement
shall bear the same meaning herein.

1.    The [Transferor] as Transferor (the "Transferor") confirms the accuracy of
      the summary of its participation in the Facilities Agreement set out in
      the Schedule below and requests [Transferee Lender] (the "Transferee") to
      accept and procure the transfer to the Transferee of that part of such
      participation specified in the Schedule by countersigning and delivering
      this Transfer Certificate to the Transferee at its address for the service
      of notices specified in the Facilities Agreement.

2.    The Transferee hereby requests the Transferor to accept this Transfer
      Certificate as being delivered to it pursuant to and for the purposes of
      clause 24.5 of the Facilities Agreement so as to take effect in accordance
      with the terms thereof on [date of transfer], subject only to the
      Transferor's having previously received (where necessary) the written
      consent of the Borrower [and [tested] telex confirmation from [the
      Transferor's correspondent] that the sum of      has been credited to the
      Transferor's account no.     with [the Transferor's correspondent] for
      value [date of transfer].

3.    The Transferee confirms that it has received a copy of the Facilities
      Agreement together with such other documents and information as it has
      required in connection with this transaction and that it has not relied
      and will not hereafter rely on the Transferor to check or enquire on its
      behalf into the legality, validity, effectiveness, adequacy, accuracy or
      completeness of any such documents or information and further agrees that
      it has not relied and will not rely on the Transferor to assess or keep
      under review on its behalf the financial condition, creditworthiness,
      condition, affairs, status or nature of any other party to any other Total
      Funding Document.

4.    The Transferee hereby undertakes with the Transferor and each of the other
      parties to the Facilities Agreement that it will perform in accordance
      with their terms all those obligations which by the terms of the
      Facilities Agreement and each of the other Finance Documents will be
      assumed by it after delivery of this Transfer Certificate to the
      Transferor and satisfaction of the conditions (if any) subject to which
      this Transfer Certificate is expressed to take effect.

<PAGE>

5.    The Transferor makes no representation or warranty and assumes no
      responsibility with respect to the legality, validity, effectiveness,
      adequacy or enforceability of any of the Finance Documents or any document
      relating thereto and assumes no responsibility for the financial condition
      of the Borrower or either Promoter or any Relevant Group Company or any
      other party to any Finance Document or for the performance and observance
      by the Borrower, either Promoter or any Relevant Group Company or any such
      other party of any of its obligations under any Finance Document or any
      document relating thereto and any and all such conditions and warranties,
      whether express or implied by law or otherwise, are hereby excluded.

6.    The Transferor hereby gives notice that nothing herein or in any Finance
      Document or any document relating thereto shall oblige the Transferor to:

      (a)   accept a re-transfer of the whole or any part of its rights,
            benefits and/or obligations under the Facilities Agreement hereby
            transferred; or

      (b)   support any losses directly or indirectly sustained or incurred by
            the Transferee by reason of the non-performance by the Borrower or
            any other party to any Finance Document or any other document
            relating thereto of its obligations under any such document or
            otherwise.

      The Transferee hereby acknowledges the absence of any such obligation as
      is referred to in (a) or (b) above.

7.    This Transfer Certificate and the rights and obligations of the parties
      hereunder shall be governed by and construed in accordance with English
      law.

<PAGE>

                                  THE SCHEDULE

Available Commitment                                         Portion Transferred

NOTES

1.    Transfers may be made of the whole of the Transferor's Available
      Commitment and Outstandings or of a part thereof in accordance with the
      terms of the Facilities Agreement. Any transfer of part of the
      Transferor's Available Commitment and Outstandings as aforesaid must be of
      an equal portion of the Transferor's Available Commitment and
      Outstandings.

2.    [A fee of(pound)[    ] is payable to the Transferee in respect of any
      transfer.]

[Transferor]                                  [Transferee]

By:                                           By:

Date:                                         Date:

                      ADMINISTRATIVE DETAILS OF TRANSFEREE

Lending Office:

Telephone No:

Telex No:

Account for payments:

<PAGE>

SIGNED by                                  )
for and on behalf of                       )           *
MACQUARIE INFRASTRUCTURE                   )
(UK) LIMITED                               )

Level 30
CityPoint
1 Ropemaker Street
London EC2Y 9HD
Fax: 020 7065 2041
Attention: The Company Secretary

SIGNED by                                  )
for and on behalf of                       )           *
BALFOUR BEATTY PLC                         )

Balfour Beatty Capital Projects
130 Wilton Road
London SWIV 1LQ
Fax: 020 7216 6990
Attention: Stuart Leadill

SIGNED by                                  )
for and on behalf of                       )           *
YORKSHIRE LINK LIMITED                     )

Level 30
CityPoint
1 Ropemaker Street
London EC2Y 9HD
Fax: 020 7065 2041
Attention: The Company Secretary

* This agreement was and was deemed to be amended and restated by an
  Amendment and Restatement Agreement dated as of September 4, 2001 between
  Yorkshire Link Limited, Yorkshire Link (Holdings) Limited, ABN AMRO Bank N.V.,
  European Investment Bank, European Investment Fund, Certain Financial
  Institutions, as hedging counterparties, 3i Group plc, Macquarie
  Infrastructure (UK) Limited and Balfour Beatty plc, which was executed by the
  authorized representatives of the parties there to as follows:

YORKSHIRE LINK LIMITED

By: /s/ Sean MacDonald
   ------------------------------

YORKSHIRE LINK (HOLDINGS) LIMITED

By: /s/ Sean MacDonald
   ------------------------------

ABN AMRO BANK N.V. in each of its capacities as refinancing bank, Intercreditor
Agent, Senior Facility Agent, Senior Issuing Bank, Hedging Counterparty and
Security Trustee

By: /s/ Andrea Echberg
   ------------------------------

3i GROUP PLC

By: /s/ Andrew Bell
   ------------------------------

THE DAI-ICHI KANGYO BANK, LIMITED

By: /s/ Chris O'Gorman
   ------------------------------

THE ROYAL BANK OF SCOTLAND plc acting as agent for:

NATIONAL WESTMINSTER BANK PLC

By: /s/ Vivek Sapra
   ------------------------------

MACQUARIE INFRASTRUCTURE (UK) LIMITED

By: /s/ Sean MacDonald
   ------------------------------

BALFOUR BEATTY PLC

By: /s/ Anthony Rabin
   ------------------------------

EUROPEAN INVESTMENT BANK

By: /s/ E. Uhlmann                          /s/ T.C. Barrett
   ------------------------------           ---------------------------------

EUROPEAN INVESTMENT BANK for and on behalf of

EUROPEAN INVESTMENT FUND

By: /s/ P-L Gilibert                        /s/ K.J. Andreopoulos
   ------------------------------           ---------------------------------<PAGE>
                                                                               .
                                                                               .
                                                                               .
                                                                   EXHIBIT 10.33

MACQUARIE BANK LIMITED

ABN 46 008 583 542

<TABLE>
<S>                   <C>                                               <C>
No.1 Martin Place     Telephone (612) 8232 3333                         Treasury 8232 3600 Facsimile 8232 4227
Sydney NSW 2000       Facsimile (612) 8232 7780                         Foreign Exchange 8232 3666 Facsimile 8232 3019
GPO Box 4294          Telex 122246                                      Metals and Mining 8232 3444 Facsimile 8232 3590
Sydney NSW 1164       Internet http:Macquariewww.macquarie.com.au       Futures 9231 1028 Telex 72263
                      DX 10287 SSE                                      Debt Markets 8232 8569 Facsimile 8232 8341
                      SWIFT MACQAU2S                                    Agricultural Commodities 8232 7672 Facsimile 8232 3633
</TABLE>

30 November 2004

Peter Stokes
Macquarie Infrastructure Company, Inc.
600 Fifth Avenue, 21st Floor
New York, New York 10020
United States of America

COMMITMENT LETTER TO PROVIDE A BRIDGE LOAN FACILITY OF UP TO US$27,400,000

Dear Peter,

1. INTRODUCTION

We refer to ongoing discussions regarding the acquisition by a subsidiary of
Macquarie Infrastructure Company, Inc. ("MIC") of the entire issued share
capital of General Aviation Holding LLC in accordance with the terms of the
Membership Interest Purchase Agreement dated on or about 18 August 2004 between
North America Capital Holding Company and Merced Partners Limited Partnership
("SPA").

This letter confirms the appointment on an exclusive basis of Macquarie Bank
Limited ("MBL") as lender under a bridge loan facility to part-fund the
obligations of a yet to be established subsidiary of MIC ("BORROWER") under the
SPA, which obligations will be incurred by Borrower following assignment of the
whole right, title and interest of North America Capital Holding Company under
the SPA to Borrower.

2. COMMITMENT

MBL is pleased to offer to provide a bridge loan facility (the "BRIDGE
FACILITY") for an amount of up to US$27,400,000, substantially in accordance
with the terms of this letter and the draft term sheet between the Borrower and
the Guarantors (together the "OBLIGORS") and Macquarie Bank Limited as the
lender attached hereto as Annexure A to this letter (the "TERM SHEET").

All terms not specifically defined in this letter have the meaning assigned to
them in the Term Sheet.
<PAGE>
                                                                30 November 2004
                                                                Page 2

3. NATURE OF THE COMMITMENT

The commitment contained in this letter is:

(a)   provided on the terms and subject to the conditions set out in this letter
      and on the terms and subject to the conditions set out in the Term Sheet;
      and

(b)   subject to the conditions precedent contemplated by section 24 of the Term
      Sheet being satisfied in form and substance satisfactory to the LC Issuer;
      and

(c)   subject to the Borrower being established, being a stand alone SPV which
      will not be a subsidiary of North America Capital Holding Company nor the
      subject of any obligation under its debt facilities, and to which the
      whole right, title and interest of North America Capital Holding Company
      under the SPA will be assigned prior to drawdown under the Bridge
      Facility; and

(d)   subject to the Letter Agreement and all related documentation for the
      Bridge Facility being duly executed by the Borrower and each Guarantor in
      a form and substance satisfactory to MBL, provided that the documentation
      shall be in a form which is materially consistent with the Term Sheet.

4. PROJECT TEAM FOR BRIDGE FACILITY

All services provided in connection with the roles of MBL are the services of
MBL itself and are not personal services of the employees, officers or
consultants involved. All correspondence and written advice will be signed by
MBL as such and is not the advice of employees, officers or consultants on
behalf of MBL, and any written or oral communications will be that of MBL itself
and not that of the employees, officers or consultants of MBL. No such employee,
officer or consultant will have any personal liability in respect of any
liability or obligation arising out of this letter or its subject matter.

The persons principally involved in the assignment ("TRANSACTION TEAM") will be
Tim Hallam and David Byron. However, this may vary by other specialist persons
being engaged or utilised as required.

5. BASIS OF REMUNERATION

Borrower shall pay to MBL, in connection with the Bridge Facility, the
Establishment Fee, the Commitment Fee and the Interest Margin in accordance with
the Term Sheet and, following documentation, the final Bridge Facility
Agreement.

For the avoidance of doubt, the above fees are payable by Borrower to MBL
without limiting Borrower's obligation to pay any fees separately agreed in
relation to other roles to be performed by MBL.

6. CONFIRMATIONS AND UNDERTAKINGS

MIC, for itself and as agent for the Borrower and each Guarantor, agrees and
acknowledges to MBL that:

(a)   it is responsible for satisfying itself as to:

      (i)   the accounting classification, taxation and stamp duty consequences
            of any transaction contemplated by or during the course of this
            transaction;

      (ii)  the validity, sufficiency, due execution and enforceability of all
            agreements entered into with respect to any such transaction; and

      (iii) its compliance with all applicable legal and regulatory provisions
            in relation to this engagement and any such transaction,

      and each Obligor acknowledges that its legal and accounting advisers are
      responsible for advising on, and MBL makes no representation or warranty
      in relation to, these matters;

(b)   it will provide MBL with such information it may reasonably request in
      connection with the carrying out of this engagement;

(c)   it will, at its own expense, engage such legal, accounting and other
      advisers as may be required in connection with the Bridge Facility and the
      associated transactions;

<PAGE>
                                                                30 November 2004
                                                                Page 3

(d)   it will provide MBL with reasonable access to its directors, officers,
      employees, legal and accounting advisers and other relevant persons for
      the purpose of performing the services under this engagement; and

(e)   it will comply with all applicable laws and regulations in relation to the
      engagement the subject of this letter.

MIC, for itself and as agent for each Obligor, represents and warrants to MBL
that, subject to the usual qualifications in relation to equitable principles,
statutes of limitation and laws affecting creditors rights generally, this
engagement is legally valid and binding on the Obligors and enforceable against
them in accordance with its terms and the execution of this letter has been duly
authorised and approved and all necessary corporate and other actions required
to be taken by the Obligors have been taken.

7. TERMINATION OF COMMITMENT

Once this letter has been accepted and signed by MIC, for itself and as agent
for each Obligor, MBL's commitment to provide the Bridge Facility may be
terminated immediately with or without cause by an Obligor, or by MBL, in each
case in the event that the Obligors and MBL have not executed the Letter
Agreement by 31 December 2004, or otherwise by agreement.

8. BENEFIT

This letter (other than the indemnities contained in it) is intended solely for
the benefit of the parties to it and is not intended to confer any benefits
upon, or create any rights in favour of, any person other than the parties to
it. The Obligors may not assign or otherwise dispose of their rights under this
letter to any person.

9. APPLICABLE LAW

This letter shall be governed in accordance with the laws of New South Wales and
the parties to it submit to the non-exclusive jurisdiction of the courts of that
State.

10. CONFIRMATION OF ACCEPTANCE

We trust that the arrangements proposed in this letter are acceptable to MIC and
the Obligors. If so, would you please indicate your acceptance, on your own
behalf and as agent for each Obligor, by signing the enclosed copies of this
letter and returning to MBL.

This letter may be executed in any number of counterparts. All counterparts
taken together will be taken to constitute one letter.

11. CONCLUSION

We look forward to the successful completion of the transaction and if you would
like to discuss any aspect of this letter, or if you require any further
information, please do not hesitate to contact Tim Hallam on +612 8232-9986 or
David Byron on +612 8232-7945.

Executed as an agreement

Yours Sincerely

<PAGE>
                                                                30 November 2004
                                                                Page 4

/s/ GARRY FARRELL                        /s/ TIM HALLAM
-------------------------                ---------------------------
Executive Director                       Associate Director
Macquarie Bank Limited                   Macquarie Bank Limited

Macquarie Bank Limited                   Macquarie Bank Limited
<PAGE>
                                                                30 November 2004
                                                                Page 5

                                   ANNEXURE A
                                   TERM SHEET
<PAGE>
CALIFBO DRAFT TERMS & CONDITIONS OF THE ACQUISITION BRIDGE
FACILITY & LETTER OF CREDIT FACILITY - SUBJECT TO CREDIT APPROVAL

This Term Sheet is not an offer to provide financial accommodation. Macquarie
Bank Limited ("MBL") will not be bound unless and until the Letter Agreement (as
defined in section 11 below) is executed by MBL and all conditions precedent
therein are satisfied.

The terms and conditions of this proposed Bridge Facility ("THE BRIDGE
FACILITY") are strictly private and confidential between MBL, the Borrower and
each of their respective affiliates and advisers involved in this facility, and
should not be disclosed to any third party without the prior consent of MBL.

1.    BORROWER          North America Capital Holding Company Affiliate Co whose
                        shareholder will be the Shareholder and which is the
                        assignee of the whole right, title and interest of North
                        America Capital Holding Company under and in accordance
                        with the Membership Interest Purchase Agreement dated on
                        or about 18 August 2004 between North America Capital
                        Holding Company and Merced Partners Limited Partnership
                        ("SPA").

                        For the Avoidance of doubt the borrower will be a stand
                        alone SPV which will own the Californian FBOs and not be
                        a subsidiary of NACHC nor under any obligation in
                        respect of the NACHC Senior Debt facility.

2.    SHAREHOLDER       Macquarie Infrastructure Company Inc, ("MIC"), a
                        corporation organised under the laws of Delaware.

3.    GUARANTORS        - General Aviation Holdings LLC ("GAH"), and
                        - The direct and indirect Subsidiaries (as that term is
                        defined in the Corporations Act 2001 (Cth))
                        ("SUBSIDIARIES") of GAH.

4.    LEAD ARRANGER     Macquarie Bank Limited ("MBL")
      & UNDERWRITER

5.    BRIDGE FACILITY   Acquisition bridge loan ("LOAN") of up to
                        US$27.4 million, to be used solely for the purchase by
                        the Borrower of 100% of the shares in GAH ("THE
                        ACQUISITION", the completion of the Acquisition being
                        "FINANCIAL CLOSE") in accordance with the terms of the
                        SPA.

                        The Bridge Facility is provided to bridge the timing of
                        payments due at or following Financial Close and
                        receipts due to be received by the Borrower pursuant to
                        the Debt Takeout (as defined in section 6) or Alternate
                        Funding to occur on or prior to the Maturity Date.

                        The proceeds from drawdown of the Bridge Facility will
                        be used by the Borrower only to:

                        (i)   Pay the Establishment Fee specified in section
                              11(i);

                        (ii)  Pay the Commitment Fee specified in section 12;
                              and

                        (iii) To part pay the acquisition price in relation to
                              the Acquisition.

6.    DEBT TAKEOUT:     The proposed senior, secured bank debt or capital market
                        securities of not less than US$27.4 million but which
                        must:

                        (i)   Be in an amount sufficient to repay all amounts
                              outstanding under the Bridge Facility in full; and

                        (ii)  Be provided by financier(s) satisfactory to MBL
                              ("DEBT TAKEOUT PROVIDERS") to the Borrower on or
                              prior to the Maturity Date, the proceeds of which
                              will be utilised by the Borrower to repay the
                              Bridge Facility in full.

                                  Page 1 of 12
<PAGE>
7.    ALTERNATE         Any capital market or bank market securities,
      FUNDING:          subordinated debt, equity, hybrid equity, equity-linked,
                        or convertible debt, in any market by, with the consent
                        of MBL, the Borrower or any of the Guarantors, other
                        than the equity to be raised by the Borrower to complete
                        the Acquisition.

8.    AVAILABILITY      Subject to section 13 below, the Bridge Facility will be
      PERIOD:           available for a single drawdown by the Borrower until 31
                        December 2004 or such later date agreed by MBL in its
                        absolute discretion (the date the Bridge Facility is
                        drawn down being the "DRAWDOWN Date"). The Borrower will
                        issue a drawdown notice substantially in the form
                        annexed hereto (a "DRAWDOWN NOTICE") to MBL that
                        specifies the proposed drawdown date.

9.    FACILITY LIMIT    US$27,400,000

10.   CANCELLATION:     Any unutilised and undrawn portion of the Bridge
                        Facility:

                        -     May be cancelled by the Borrower at any time up to
                              Financial Close in a minimum amount of US$1
                              million and in US$1 million multiples;

                        -     Will be cancelled immediately after the earliest
                              of:

                              (a)   The expiry of the Availability Period;

                              (b)   The Drawdown Date;

                              (c)   The termination of the SPA;

                              (d)   Drawdown of the Debt Takeout or Alternate
                                    Funding; and

                              (e)   The occurrence of an Event of Default;

11.   ESTABLISHMENT     US$274,000, due and payable by the Borrower as
      FEE:              follows:

                        (i)   US$137,000 due and payable 30 days after the date
                              of execution of the letter agreement documenting
                              the Bridge Facility to which this Terms Sheet is
                              attached ("LETTER AGREEMENT"); and

                        (ii)  If the Bridge Facility has not been repaid in full
                              by 28th February 2005, an additional US$137,000
                              will be due and payable on that date.

12.  COMMITMENT FEE:    1.0% p.a., calculated and accruing daily on the undrawn
                        portion of the Bridge Facility (equal to the Facility
                        Limit less any Cancellations), from and including the
                        date of execution by the Borrower of the Letter
                        Agreement in respect of the Bridge Facility to and
                        excluding the earlier of the Drawdown Date and
                        Cancellation (as applicable) of the Bridge Facility.

                        The Commitment Fee is payable to MBL on the earlier to
                        occur of the date which is 30 days after the Drawdown
                        Date, an Interest Payment Date, Cancellation of the
                        Bridge Facility and 31 December 2004.

13.   ACCEPTANCE        Notwithstanding any other provision in this Terms Sheet,
      PERIOD            MBL shall not incur any obligation in connection with
                        the Bridge Facility (including without limitation any
                        obligation to provide financial accommodation pursuant
                        to it) unless the Letter Agreement is executed by the
                        Borrower on or prior to 20 November 2004.

14.   INTEREST RATE:    Base Rate + Interest Margin

15.   BASE RATE:        The USD LIBOR rate closest in tenor to the relevant
                        Interest Period on the first day of that Interest
                        Period.

16.  INTEREST MARGIN:   (i)   For the first 6 months from drawdown: 3.0% p.a.;

                        (ii)  For the next 6 months and ending on the Maturity
                              Date: 6.0%

                                  Page 2 of 12
<PAGE>
                              p.a.; and

                        (iii) Whilst an Event of Default subsists: the then
                              applicable Interest Margin plus 3.0% p.a.

17.   INTEREST PERIODS (a)    From and including the date of each drawing,
      & INTEREST              interest accrues daily on the outstanding amount
      PAYMENT DATES:          and is payable in arrears on the last day of each
                              Interest Period.

                        (b)   Interest shall be calculated on the basis of a
                              calendar month (each such month an "INTEREST
                              PERIOD"), a year of 360 days and for the actual
                              number of days in that Interest Period.

                        (c)   The first Interest Period in respect of a drawing
                              shall commence on Financial Close (or if a
                              drawdown occurs after that date, shall commence on
                              that date and will end at the same time as the
                              then current Interest Period);

                        (d)   Any due and unpaid interest and other due and
                              unpaid amounts payable by the Borrower in
                              connection with a Facility will be capitalised by
                              MBL and will themselves bear interest in
                              accordance with this clause.

                        If the date for making a payment is not a Banking Day in
                        Sydney and New York, that payment will be made on the
                        preceding Business Day.

18.   MATURITY DATE:    Subject to clause 29, any amount drawn down under the
                        Bridge Facility shall be due and payable by the Borrower
                        on the date which is 365 days after the Drawdown Date
                        and which is, to avoid doubt, to be no later than 31
                        December 2005.

19.   PRIORITY OF       On each Interest Payment Date the following
      PAYMENTS          distributions shall be made from the General Account in
                        the following order of priority:

                        i.    Operating expenses, taxes and required maintenance
                              capital expenses;

                        ii.   Fees and expenses due to the Bridge provider;

                        iii.  Interest on the Bridge Facility as well as any
                              hedging obligations;

                        iv.   Prior to Maturity Date, distributions to Equity
                              Investors including Shareholder Loans if any

                        iv.   Post Maturity Date, Mandatory Repayment of all
                              remaining cash

20.   AVAILABLE CASH:   All cash permitted from time to time to be distributed
                        by the Borrower and each of its Subsidiaries to its
                        respective shareholders by way of dividend,
                        distributions, redemptions, return of capital or other
                        method or available to pay interest, principal or other
                        amounts pursuant to an intercompany loan, subject to
                        retention of working capital funds which is reasonable,
                        determined in good faith and consistent with prudent
                        business practice and such retention not to exceed an
                        amount to be agreed by MBL in each case.

21.   MANDATORY         In respect of a drawing, the Borrower must immediately
      PREPAYMENT:       pay as mandatory prepayments (subject to payment of any
                        break costs), until all amounts outstanding have been
                        repaid in full (save where expressed otherwise), amounts
                        equal to:

                        (a)   Proceeds raised from the Debt Takeout or any
                              raising of any Alternate Funding;

                        (b)   Proceeds of any sale of assets in the Borrower or
                              a Subsidiary (as defined in the Corporations Act
                              2001 (Cth)) with a value exceeding USD200,000;

                        (c)   From the earlier of an Event of Default and the
                              Maturity Date,

                                  Page 3 of 12
<PAGE>
                              all Available Cash of the Borrower and each
                              Guarantor.

                        The Borrower and Guarantors must each procure, including
                        by way of taking all necessary corporate action and
                        exercise its voting entitlements in each of its
                        respective Subsidiaries, that the Borrower is paid all
                        Available Cash by way of dividends, distributions,
                        principal, interest, any redemptions, returns of capital
                        or other method approved by the entities, and all
                        amounts similar to any of the foregoing and is put in
                        funds to permit the Borrower to pay the amounts
                        contemplated by this section.

22.   INSOLVENCY EVENT

                        (i)   An administrator of the Borrower or a Guarantor is
                              appointed.

                        (ii)  Except for the purpose of a solvent reconstruction
                              or amalgamation previously approved by MBL:

                              (A)   an application or an order is made,
                                    proceedings are commenced, a  resolution is
                                    passed or proposed in a notice of meeting,
                                    an application to a court or other steps are
                                    taken for:

                                    (1)   the winding up, dissolution
                                          or administration of the Borrower or
                                          a Guarantor; or

                                    (2)   the Borrower or a Guarantor
                                          entering into an  arrangement,
                                          compromise or  composition with or
                                          assignment for the benefit
                                          of its creditors or a class  them,
                                          (other than  frivolous or vexatious
                                          applications, proceedings,
                                          notices and steps); or

                              (B)   the Borrower or a Guarantor  ceases,
                                    suspends or threatens to  cease or suspend
                                    the conduct of all or a substantial part of
                                    its business or disposes of or threatens to
                                    dispose of a substantial part of its assets.

                        (iii) the Borrower or a Guarantor:

                              (A)   is, or under legislation is presumed or
                                    taken to be, insolvent (other than as the
                                    result of a failure to pay a debt or claim
                                    the subject of a good faith dispute); or

                             (B)   stops or suspends or threatens to
                                   stop or suspend payment of all or
                                   a class of its debts.

23.   SECURITY          Until repayment of the Bridge Facility in the full, MBL
      INTEREST:         will have the benefit of (in form and substance
                        satisfactory to MBL):

                        -     (CHARGES): For the benefit of MBL to the secure
                              all of the Borrower's obligations in connection
                              with the Facilities, a:

                              (a)   First priority perfected security interest
                                    in  all assets, personal and real property
                                    of, and ownership interests in, and equity
                                    contributions to, the Borrower;

                              (b)   Share mortgages (including deposit of
                                    relevant share certificates) granted by
                                    Borrower, GAH its and Subsidiaries over
                                    their shares in their respective
                                    Subsidiaries;

                              (c)   First priority perfected security interest
                                    in all assets, personal and real property of
                                    GAH and its subsidiaries;

                                  Page 4 of 12
<PAGE>
                        -     (GUARANTEES): Provided by those entities listed in
                              section 3.

                              o.    ((DIRECTIONS TO PAY): Irrevocable directions
                                    to pay to which the Borrower, MBL and each
                                    Guarantor are a party, such that the net
                                    effect is that all relevant Mandatory
                                    Prepayments are paid directly to MBL (the
                                    obligation to procure the execution of the
                                    irrevocable directions to pay by the
                                    Guarantors shall be an obligation to use
                                    best efforts, including without limitation
                                    by way of the exercise of shareholder voting
                                    rights) for application by MBL directly in
                                    satisfaction of the Borrower's obligations
                                    under the Facilities.

                        -     (POWER OF ATTORNEY): As security for the
                              Borrower's and Guarantors' obligations to grant
                              the security interests set out in this section,
                              the Borrower and Guarantors shall deliver to MBL:

                              o     authorised and executed irrevocable powers
                                    of attorney in favour of officers of MBL to
                                    enable it to effect, draft, negotiate,
                                    execute, register and perfect the security
                                    interests set out above, including all
                                    necessary or desirable procedural,
                                    administrative and other steps relating
                                    thereto; and

                              o     evidence satisfactory to MBL (including,
                                    where applicable, board resolutions and
                                    certified copies of relevant documents),
                                    that each relevant board has approved, which
                                    approval has not been amended, varied,
                                    released or revoked, the powers of attorney
                                    contemplated above and their execution,
                                    delivery and delegation of authority
                                    effected thereby.

24.   CONDITIONS        Standard conditions precedent for a facility of this
      PRECEDENT:        type (in a form and substance satisfactory to MBL), to
                        include but not be limited to:

                        (a)   (MATERIAL CONTRACTS): Execution, delivery, and
                              registration of the Material Contracts each with
                              terms satisfactory to MBL except for:

                              -     the charges referred to in section 23;

                              -     the powers of attorney to be provided by all
                                    Guarantors other than the Borrower referred
                                    to in section 23;

                              -     the Finance Documents as defined in section
                                    36;

                              -     all Directions to Pay; and

                              -     the Debt Takeout facility documentation;

                              -

                        (b)   (MAC): No material adverse change in the assets,
                              liabilities, financial position or performance,
                              profits, losses, present or future cashflows or
                              prospects of the Borrower and each Guarantor;

                        (c)   (FEES): The Borrower has paid all fees and
                              expenses required to be paid in respect of the
                              Facilities;

                        (d)   (VERIFICATION): A verification certificate from
                              the Borrower attaching constituent documents,
                              extracts of resolutions and powers of attorney
                              evidencing due execution of all applicable Finance
                              Documents;

                        (e)   (EOD): No Insolvency Event in respect of the
                              Borrower and each Guarantor or any breach of a
                              material obligation under any Material Contracts
                              or licences of the Borrower and each Guarantor;

                        (f)   (FINANCIAL MODEL): The final financial model is to
                              be materially consistent with the financial model
                              reviewed by MBL and upon

                                  Page 5 of 12
<PAGE>
                              which this Term Sheet is based, and the
                              assumptions in the financial model reviewed by MBL
                              are in its opinion reasonable and do not change
                              adversely;

                        (g)   (DRAWDOWN NOTICE): Receipt of a drawdown notice,
                              giving 2 Business Days' notice or such other
                              notice period agreed by MBL;

                        (h)   (SUFFICIENT FUNDING): Evidence that all net
                              proceeds of the:

                              -     Bridge Facility; plus

                              -     Minimum USD25.2m equity to be contributed
                                    by the Shareholder;

                              are sufficient to complete the Acquisition;

                        (i)   (SPA): Evidence that all condition precedents to
                              the Borrower's obligations set out in the SPA have
                              been satisfied, including that all necessary or
                              desirable legal, statutory, regulatory,
                              contractual and other approvals in respect of the
                              Acquisition have been obtained to the reasonable
                              satisfaction of MBL. Waivers of these obligations
                              are not permitted without the Lead Arranger &
                              Underwriters consent;

                        (j)   (OPINIONS): Receipt of legal opinions in respect
                              of the Bridge Facility and any Finance Documents;

                        (k)   (INSURANCE): Evidence satisfactory to MBL that
                              insurance policies have been taken out with
                              responsible and reputable insurers for all its
                              property which ensure that the Borrower and each
                              Guarantor maintain proper and adequate insurance
                              (including sabotage and terrorism insurance) in
                              accordance with prudent practice for insurance
                              protection and the report provided by an
                              independent insurance consultant satisfactory to
                              the Debt Takeout Provider, and if requested by
                              MBL, provide to it copies of the policy or
                              policies in respect of such insurance.

25.   COSTS:            All costs, taxes, charges, duties, imposts and expenses
                        will be for the account of the Borrower and Guarantors
                        including legal fees, irrespective of whether the
                        Facility proceeds. All payments to be made free and
                        clear of all present and future taxes and deductions
                        save as required by law.

                        Payments under the Facility shall be without or set-off,
                        deduction or withholding of any kind. To the extent any
                        such deduction or withholding is required to be made by
                        law, the Borrower indemnifies MBL against such deduction
                        or withholding, and the relevant payment shall be
                        grossed up by the Borrower such that the Borrower must
                        pay MBL an additional amount necessary to ensure that
                        MBL receives when due a net amount equal to the full
                        amount of such payment MBL would have received had no
                        such withholding or deduction been made.

26.   REPRESENTATIONS   Standard representations and warranties for Facility of
      AND WARRANTIES:   this type in a form and substance satisfactory to MBL,
                        including but not limited to those set out below. The
                        Borrower and each Guarantor represents and warrants to
                        MBL on Financial Close, and repeats those
                        representations and warranties (other than in those set
                        out in paragraphs (a), (b), (h) and (l)) on each
                        Interest Payment Date with reference to the facts and
                        circumstances subsisting at that date, and to include,
                        without limitation:

                        (a)   The financial models, and all other information,
                              provided to MBL were prepared in good faith and
                              with due care, and are not inaccurate or
                              misleading in any material respect (whether by
                              act, omission or otherwise);

                        (b)   NOT USED

                        (c)   Legal existence;

                                  Page 6 of 12
<PAGE>
                        (d)   Due authorisation and power to perform its
                              obligations under the Material Contracts. All
                              other authorisations required in relation to the
                              Acquisition have been obtained and are in full
                              force and effect.

                        (e)   Validity of the Material Contracts (legal, valid,
                              binding and enforceable obligations);

                        (f)   No conflict with its constituent documents or
                              applicable agreements;

                        (g)   Compliance with applicable laws;

                        (h)   Government authorisation;

                        (i)   Payment of taxes;

                        (j)   No litigation, dispute etc is current or pending;

                        (k)   Compliance with ERISA;

                        (l)   Absence of material adverse change in its
                              financial condition;

                        (m)   No liens, encumbrances or other adverse claims;

                        (n)   From the date of execution of the Security
                              documentation as contemplated by section 27(b) (if
                              any), existence of and effectiveness of the first
                              priority perfected security interest of MBL in and
                              to the collateral;

                        (o)   Nothing has occurred which constitutes an Event of
                              Default whether immediately or after lapse of
                              time.

27.   UNDERTAKINGS:     Standard undertakings for a facility of this type in a
                        form and substance satisfactory to MBL, including but
                        not limited to those set out below. The Borrower and
                        each Guarantor undertake as follows:

                              -

                        a)    (GO TO MARKET): If the Debt Takeout does not
                              proceed for any reason by the date three months
                              prior to the Maturity Date, the Borrower and each
                              Guarantor will, at the request and with the
                              consent of MBL:

                              -     Use its best endeavours to raise Alternate
                                    Funding for such amount sufficient to (i)
                                    repay the Bridge Facility in full.

                              -     explore with the assistance of MBL any
                                    capital market or bank market securities to
                                    its satisfaction prior to exploring any
                                    other Alternate Funding securities;

                              -     Provide MBL with any resolutions, powers of
                                    attorney, directions to pay or other
                                    requirements required by MBL in relation to
                                    that Alternate Funding;

                        (B)   (DOCUMENTATION):

                              -     Immediately after Financial Close, the
                                    Guarantors must execute the powers of
                                    attorney referred to in section 23;

                        (c)   (AMENDMENT OF DEBT FACILITIES): The Borrower and
                              each Guarantor undertake that they shall not,
                              without the consent of MBL, amend, extend, renew,
                              novate, replace or vary the Alternate Funding
                              documentation of that entity;

                        (d)   (REPORTING): The Borrower will provide to MBL:

                              (i)   Within 60 days after the end of each quarter
                                    of each fiscal year excluding the final
                                    quarter, the unaudited Consolidated
                                    Financial Statements of the Borrower;

                              (ii)  Within 120 days after the end of each fiscal
                                    year the audited Consolidated Financial
                                    Statements of the Borrower;

                              (iii) By December 1 of each year, the operating
                                    budget for the following year;

                              (iv)  Particulars of any litigation, tax claim,
                                    dispute or other proceeding in relation to
                                    it or the Guarantors, including, but not
                                    limited to, a breach or dispute under a
                                    Material Operating Contract;

                              (v)   As soon as it becomes aware, notice of any
                                    Event of Default or Potential Event of
                                    Default, including full details thereof, and
                                    the steps taken and proposed to be taken

                                  Page 7 of 12
<PAGE>
                                    to remedy it;

                              (vi)  Any notice or correspondence from a
                                    government agency in relation to it or the
                                    Guarantors (including ERISA matters) which
                                    may have a material adverse effect; and

                              (vii) Other data and information relating to the
                                    business, operations, affairs, financial
                                    condition, assets or properties of the
                                    Borrower or any of the Guarantors which MBL
                                    may reasonably request;

                        (e)   (CORPORATE EXISTENCE): It and each Guarantor will
                              maintain its corporate existence in good standing;

                        (f)   (CONDUCT OF BUSINESS): It and each Guarantor will
                              use all reasonable efforts to ensure their
                              business and assets is operated and maintained in
                              accordance with good operating practice (being the
                              exercise of that degree of skill, prudence and
                              operating practice that would reasonably and
                              ordinarily be expected from a skilled and
                              experienced owner and operator engaged in the same
                              type of business under similar circumstances), all
                              authorisations and Material Documents;

                        (G)   (PAY TAXES): It and each Guarantor will pay all
                              taxes payable by it when due;

                        (H)   (INSURANCE): It and each Guarantor will maintain
                              insurance policies (including sabotage and
                              terrorism insurance) for proper and adequate
                              insurance in accordance with prudent practice for
                              insurance protection and that is reasonable and
                              customary for a similar business with responsible
                              and reputable insurers for all its property;

                        (I)   (AUTHORISATIONS): Compliance with laws, rules and
                              regulations, and maintenance in full force and
                              effect of all licenses, certificates, permits,
                              franchises and other governmental authorisations
                              necessary to the ownership of the respective
                              properties or to the conduct of their respective
                              businesses;

                        (J)   (COMMERCIAL DEALINGS): The Borrower and each
                              Guarantor undertake that they will not deal in any
                              way with any other person outside of the group
                              except at arm's length in the ordinary course of
                              business for valuable consideration;

                        (K)   (PROCUREMENT): The Borrower will ensure, including
                              without limitation by the exercise of shareholder
                              voting rights, that each Guarantor will comply
                              with its obligations under the Facilities and will
                              execute each of the Finance Documents to which it
                              is a party as soon as practicable after Financial
                              Close;

                        (l)   (MATERIAL CONTRACTS): The Borrower and each
                              Guarantor undertakes that they will:

                              1.    Comply with all obligations and undertakings
                                    under the Material Contracts or any other
                                    material licence or contract of that entity;

                              2.    not amend, vary, avoid, release, surrender,
                                    terminate, rescind, revoke, discharge (other
                                    than by performance), accept any termination
                                    or any repudiation of, assign or transfer
                                    any rights or obligations under, suspend,
                                    waiver, or grant any time or indulgence in
                                    respect of any Material Contract if such
                                    action causes a material adverse effect,
                                    without the prior written consent of MBL;

                              3.    Exercise their rights under the Material
                                    Contracts prudently, promptly and fully, and
                                    while an Event of Default is subsisting, at
                                    the direction of MBL;

                        Without the prior written consent of MBL:

                        (m)   (NEGATIVE PLEDGE):

                              (i)   The Borrower and the Shareholder may not
                                    incur any liability or debt (whether finance
                                    debt or otherwise)

                                  Page 8 of 12
<PAGE>
                                    exceeding USD200,000 in aggregate;

                              (ii)  Subject to the above, the Borrower and each
                                    Guarantor undertakes that they will not
                                    incur, undertake or enter into any financial
                                    indebtedness other than Permitted Financial
                                    Indebtedness unless the proceeds of that
                                    indebtedness are used and able to be used to
                                    repay the Bridge Facility in full.

                              (iii) The Borrower and each Guarantor shall not
                                    grant any further security interests in or
                                    encumber or pledge any of their respective
                                    assets other than Permitted Security
                                    Interests in favour of or for the benefit of
                                    any person other than MBL;

                        (n)   (SECURITY): The Borrower and each Guarantor shall
                              not:

                              -     take any action to affect in any way the
                                    Security Interests granted to MBL or to
                                    adversely affect their priority or
                                    enforceability; and

                              -     sell, transfer, assign or otherwise dispose
                                    of the Security Interest, or any interest in
                                    that property;

                        (o)   (MATERIAL TRANSACTIONS): Except to transfer the
                              shares in GAH to MIC (after all necessary
                              approvals have been obtained) on terms as
                              contemplated by this Term Sheet, the Borrower and
                              each Guarantor undertake that they shall not,
                              undertake material acquisitions or investments,
                              material transactions or asset sales or other
                              disposals exceeding, in aggregate USD2.5m without
                              the prior written consent of MBL. Subject to that,
                              the Borrower and each Guarantor undertake that
                              they shall not restructure its corporate structure
                              existing immediately following Financial Close
                              without the prior written consent of MBL;

                        (i)   (CHANGE TO BUSINESS): The Borrower and each
                              Guarantor undertakes that they shall not carry on
                              any business other than the activities
                              contemplated by this Term Sheet;

                        (ii)  (NO DISTRIBUTIONS): The Borrower must not declare,
                              make or pay any distributions to equity or perform
                              any capital reductions or redemptions if (prior to
                              the maturity date) the DSCR falls below 1.30, or
                              then, after the Maturity Date.

                        Undertakings will include the following Financial
                        Covenant: Maximum Leverage Ratio of After the Closing
                        Date through to Maturity Date 6.00 to 1.00

28.   EVENTS OF         Events of default that are customary and appropriate for
      DEFAULT:          a facility of this type (in a form and substance
                        satisfactory to MBL), to include but not be limited to:

                        (a)   (DISTRIBUTIONS): Upon the Borrower conducting a
                              capital reduction or redemption, or declaring a
                              dividend or other distribution after the Maturity
                              Date.

                        (b)   (CROSS DEFAULT): Any of the Borrower, or a
                              Guarantor defaults in payment in respect of other
                              indebtedness exceeding USD 0.5m (unless waived by
                              the relevant parties in accordance with those
                              facilities), or that indebtedness becomes due or
                              capable of being declared due before its stated
                              maturity date.

                        (c)   (NON-PAYMENT): Any of the Borrower or a Guarantor
                              does not pay any amounts when due within 2
                              Business Days of its due date for payment under a
                              Material Contract as defined in section 36;

                        (d)   (MATERIAL ADVERSE CHANGE): in the opinion of MBL,
                              there has been a material adverse change to the
                              business, assets, present or future cashflows,
                              liabilities or operational condition of any of the
                              Borrower or a Guarantor which would be

                                  Page 9 of 12
<PAGE>
                              reasonably likely to have a material adverse
                              effect on the ability of that entity to comply
                              with its obligations under the Material Contracts
                              or any other material licence or contract to which
                              it is a party;

                        (e)   (BREACH OF UNDERTAKING UNDER MATERIAL CONTRACT):
                              any breach of any material obligations, financial
                              covenants, non financial covenants or undertakings
                              (other than payment defaults) of any of the
                              Borrower or a Guarantor under a Material Contract
                              which in the opinion of MBL causes a material
                              adverse effect (unless waived by the relevant
                              parties in accordance with those contracts);

                        (f)   (MISREPRESENTATION): any representation or
                              warranty made or repeated by the Borrower or a
                              Guarantor proves to have been untrue, incorrect or
                              misleading when made or repeated in any material
                              respect under a Material Contract;

                        (g)   (INSOLVENCY EVENT): an Insolvency Event of any of
                              the Borrower or a Guarantor occurs;

                        (h)   (TERMINATION OF LICENCES): a material licence or
                              any other material regulator or governmental
                              approval or authorisation which the Borrower or a
                              Guarantor requires to operate its respective core
                              businesses is terminated, repealed, revoked,
                              suspended or expires and is not replaced within 5
                              Business days;

                        (i)   (GOVERNMENT INTERFERENCE): a law or anything done
                              by a government agency wholly or partially to a
                              material extent renders illegal, prevents or
                              restricts the performance or effectiveness of a
                              Material Contract or otherwise has a material
                              adverse effect;

                        (j)   (MATERIAL CONTRACT): Termination of a Material
                              Contract or any other contract which is material
                              to the business of any of the Borrower or a
                              Guarantor and is not replaced within 5 business
                              days;

                        (k)   DSCR is less than or equal to 1.00 with an
                              appropriate cure period;

                        (l)   (FAILURE TO SATISFY CONDITION PRECEDENT): under
                              the Debt Takeout Commitment or Debt Takeout
                              Documentation or other Material Contract;

                        (m)   (VITIATION OF A MATERIAL CONTRACT): All or part
                              of a Material Contract is or becomes void,
                              illegal, invalid, unenforceable or of limited
                              force and effect.

                        (n)   (CHANGE IN CONTROL):

                              (i)   Prior to the sale of GAH to MIC, MBL ceases
                                    to indirectly to own a 100% interest in the
                                    Borrower and each Guarantor; or

                              (ii)  Following the sale of GAH to MIC, MBL or a
                                    Subsidiary of MBL, ceases to be the manager
                                    of MIC.

29.   CONSEQUENCES OF   Include, without limitation:
      AN EVENT OF
      DEFAULT:          (i)

                        -     In respect of the Bridge Facility, all outstanding
                              amounts become due and payable;

                        -     MBL may cancel any unutilised/undrawn commitments
                              in respect of the Facility;

                        -     MBL may, in its sole discretion, exercise its
                              Security or enforce the Guarantees.

30.   PERMITTED         -     Alternate Funding raised for the sole purpose of,
      FINANCIAL               and for such amount sufficient to repay the Bridge
      INDEBTEDNESS:           Facility in full and on terms satisfactory to MBL;

                        -     Otherwise, indebtedness not exceeding US$0.5
                              million in aggregate (across the Borrower and the
                              Guarantors), which is

                                  Page 10 of 12
<PAGE>
                              incurred in the ordinary course of the ordinary
                              business of that entity.

                        -     The net liability under any derivative transaction
                              entered into in connection with protection against
                              or to benefit from fluctuations in any interest
                              rate ("SWAP FACILITY"), provided that:

                              (a)   The respective divisions of MBL that have
                                    provided the Swap Facility and the Bridge
                                    Facility ranks pari passu;

                              (b)   the derivative transaction has been solely
                                    provided by MBL;

                              (c)   and, except for non-payment of an amount,
                                    the then mark to market value of such
                                    derivative transaction will be used to
                                    calculate its amount.

31.   DEBT SERVICE      The Debt Service Coverage Ratio ("DSCR") for a
      COVERAGE RATIO    particular period will be calculated on a quarterly
                        basis as the ratio of (a) Net Cash Flow for the twelve
                        month period ending on the respective calculation date
                        to (b) Mandatory Debt Service for the twelve month
                        period ending on the respective calculation date.

32.   NET CASH FLOW     "Net Cash Flow" means, in respect of any period, (a)
                        aggregate Project Revenues received during such period
                        less (b) the operating expenses, taxes and required
                        maintenance capital expenses paid during such period.

33.   LEVERAGE RATIO    The Leverage Ratio for a particular period will be
                        calculated on a quarterly basis as the ratio of (a)
                        outstanding bridge debt balance to (b) EBITDA on a
                        trailing twelve month basis.

34.   EBITDA            Earnings before interest, taxes, depreciation and
                        amortization.

35.   PERMITTED         None without the prior written consent of MBL other
      SECURITY          than:
      INTEREST:
                        -

                        -     The Security in section 23 will also be granted by
                              the Borrower and Guarantors to MBL in respect of
                              the Swap Facility. The respective divisions of MBL
                              that have provided the Swap Facility and the
                              Bridge and LC Facilities will rank pari passu in
                              respect of the Security; and

                        -     Liens, retentions of title and similar security
                              interests arising in the ordinary course of the
                              ordinary business of the Borrower or the
                              Guarantors.

36.   MATERIAL          To be on terms satisfactory to MBL and include
      FINANCING         but not be limited to:
      CONTRACTS:
                        -     This Term Sheet;

                        -     The Letter Agreement;

                        -     the Guarantees and related Security documentation.

                        (collectively, the "FINANCE DOCUMENTS")

                        -     SPA;

                        -     Powers of Attorney as required by section 23;

                        -     Directions to Pay as required by section 23.

37.   MATERIAL          To be on terms satisfactory to MBL and include but
      OPERATING         not be limited to:
      CONTRACTS:
                        -     Newport FBO lease,

                        -     Palm Springs FBO Lease

                        -     All contracts material to the operations and the
                              business of any of the Guarantors

                        Material Financing Contracts and Material Operating
                        Contracts are collectively the "Material Contracts"

                                  Page 11 of 12
<PAGE>
38.   ASSIGNMENT:       None by the Borrower and Guarantors.

                        MBL may at any time assign, novate or transfer its
                        rights and obligations in respect of the facilities with
                        the consent of the Borrower (which is not to be
                        unreasonably withheld or delayed, and for this purpose
                        14 days is considered to be reasonable) unless an Event
                        of Default subsists, in which case it may assign in its
                        sole discretion without consent of the Borrower or the
                        Guarantors.

                        MBL may at any time assign, novate or transfer its
                        rights and obligations in respect of the facilities to a
                        Related Body Corporate of MBL without the consent of the
                        Borrower or the Guarantors.

39.   INCREASED         Standard increased costs clauses.
      COSTS:

40.   GOVERNING LAW:    New South Wales and the parties submit to the
                        non-exclusive jurisdiction of the courts of New South
                        Wales

                                  Page 12 of 12
<PAGE>
                                                                30 November 2004
                                                                Page 6

ACCEPTED FOR AND ON BEHALF OF MACQUARIE INFRASTRUCTURE COMPANY, INC. AND EACH
OBLIGOR

MACQUARIE INFRASTRUCTURE COMPANY, INC.

/s/ PETER STOKES
--------------------------------------

Authorised Signatory

Peter Stokes, Chief Executive Officer
--------------------------------------

Name and Capacity

November 30, 2004
--------------------------------------

Date

(The signatory warrants that he/she is duly authorised by Macquarie
Infrastructure Company, Inc. to enter into this agreement on behalf of Macquarie
Infrastructure Company, Inc. for itself and as agent for each Obligor.)

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