Document:

exv10w7

 

EXHIBIT
10.7

PARENT PLEDGE AGREEMENT

dated October 13, 2006,

between

The Shaw Group Inc.

as Pledgor

and

The Bank of New York

as Trustee

 

 

This PARENT PLEDGE AGREEMENT, dated October 13, 2006 (this “Agreement”), is entered into
between The Shaw Group Inc., a Louisiana corporation (the “Pledgor”), and The Bank of New York, as
security agent for the Secured Creditors (as defined below) (herein in such capacity, the
“Trustee”).

RECITALS

A. Nuclear Energy Holdings, L.L.C. , a limited liability company organized under the laws of
the State of Delaware (the “Issuer”), and the Trustee, have entered into a Bond Trust Deed dated
October 13, 2006 (the “Bond Trust Deed”), pursuant to which the Issuer is issuing JPY
50,980,000,000 aggregate principal amount of 2.20% Fixed Rate Bonds due 2013 and JPY 78,000,000,000
aggregate principal amount of Floating Rate Bonds due 2013 (together, the “Bonds”).

B. The Pledgor is the sole member of the Issuer and has agreed to pledge its membership interest in
the Issuer as additional security for the Secured Obligations.

C. As a condition precedent to issuance of the Bonds under the Bond Trust Deed, the Pledgor is
required to execute and deliver this Agreement.

In consideration of the premises and for other valuable consideration, the receipt and sufficiency
of which the parties hereto hereby acknowledge, the Pledgor and the Trustee, on behalf of itself
and each Secured Creditor (and each of their respective successors or permitted assigns), hereby
agree as follows:

SECTION
1

DEFINITIONS; RULES OF INTERPRETATION

Section 1.1 Definition of Terms Used Herein

Unless the context otherwise requires, all capitalized terms used but not defined herein shall
have the meanings set forth in the Deed of Charge (as defined below).

Section 1.2 UCC

Terms used herein that are defined in the UCC but not defined herein have the meanings given
to them in the UCC.

Section 1.3 General Definitions In this Agreement:

“Agreement” has the meaning set forth in the preamble hereto.

“Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. §§ 101 et. seq.

“Bond Trust Deed” has the meaning set forth in the recitals hereof.

“Cash Collateral Account” means any Deposit Account or Securities Account established by the
Trustee in which cash and Cash Equivalents may from time to time be on deposit or held therein as
provided herein.

“Collateral” means the property of the Pledgor described in Section 2.1 in which Security Interests
are granted to the Trustee for the benefit of the Secured Creditors.

“Collateral Records” means books, records, ledger cards, files, correspondence, customer lists,
blueprints, technical specifications, manuals, computer software, computer printouts, tapes, disks
and

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related data processing software and similar items that at any time evidence or contain information
relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof
or realization thereon.

“Deed of Charge” means the deed of charge dated on or about the date hereof among the Trustee, the
Issuer, the Account Bank, the Cash Manager and the Principal Paying Agent.

“Dividends” means, in relation to Pledged LLC Interest, all present and future: (a) dividends and
distributions of any kind and any other sum received or receivable in respect of that Pledged LLC
Interest, (b) rights, shares, money or other assets accruing or offered by way of redemption,
substitution, exchange, bonus, option, preference or otherwise in respect of that Pledged LLC
Interest, (c) allotments, offers and rights accruing or offered in respect of that Pledged LLC
Interest and (d) other rights and assets attaching to, deriving from or exercisable by virtue of
the ownership of, that Pledged LLC Interest.

“Enforcement Event” means the service of the Bond Enforcement Notice under Section 7 of the Deed of
Charge.

“Federal Securities Laws” means the Securities Act of 1933, as now or hereafter in effect, or any
similar statute hereafter enacted that is analogous in purpose or effect.

“General Intangibles” means “general intangibles” as defined in Article 9 of the UCC.

"Indemnified Party” means each Secured Creditor, each Affiliate thereof and each of their
respective partners, controlling Persons, directors, officers, trustees, employees and agents.

“Indemnified Matters” has the meaning set forth in Section 9.6.

“Issuer Pledge Agreement” means the pledge agreement dated on or about the date hereof between the
Issuer and the Trustee.

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind, or any agreement or arrangement that has the practical effect of
creating a security interest, in respect of such asset.

“LLC Agreement” means the limited liability company agreement governing the operation of Nuclear
Energy Holdings, L.L.C.

“Pledged Collateral” means, collectively, the Pledged LLC Interest, all General Intangibles related
to the Pledged LLC Interest, all certificates or other instruments representing the Pledged LLC
Interest and all distributions, cash, warrants, rights, instruments and other property or Proceeds
from time to time received, receivable or otherwise distributed in respect of or in exchange for
any or all of the foregoing.

“Pledged LLC Interest” means all of the Pledgor’s right, title and interest as a member of Nuclear
Energy Holdings, L.L.C. a Delaware limited liability company and all of the Pledgor’s right, title
and interest in, to and under the LLC Agreement.

“Pledgor” has the meaning set forth in the preamble hereto.

“Proceeds” means “Proceeds,” as defined in Article 9 of the UCC, and includes all payments or
distributions made with respect to the Pledged Collateral and whatever is receivable or received
when

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the Collateral or Proceeds are sold, exchanged, collected, converted or otherwise disposed of,
whether such disposition is voluntary or involuntary.

“Secured Creditors” has the meaning set forth in the Deed of Charge.

“Secured Obligations” means all amounts, obligations, covenants and duties owing by the Pledgor or
the Issuer to the Secured Creditors, present or future, arising under the Transaction Documents,
whether direct or indirect (including those acquired by assignment), absolute or contingent, due or
to become due, now existing or hereafter arising and however acquired and whether or not evidenced
by any note, guaranty or other instrument or for the payment of money.

“Security Interest” means, collectively, the continuing security interests in the Collateral
granted to the Trustee for the benefit of the Secured Creditors pursuant to Section 2.1.

“Security Supplement” means any supplement to this Agreement in substantially the form of Exhibit
A, executed by an authorized financial officer of the Pledgor.

“Stock” means shares of capital stock (whether denominated as common stock or preferred stock),
beneficial, partnership or membership interests, participations or other equivalents (regardless of
how designated) of or in a corporation, partnership, limited liability company or equivalent
entity, whether voting or non voting, and all rights to subscribe for, purchase or otherwise
acquire any of the foregoing.

“Toshiba” means Toshiba Corporation, a corporation organized under the laws of Japan.

“Trustee” has the meaning set forth in the preamble hereto.

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New
York or, when the context implies, the Uniform Commercial Code as in effect from time to time in
any other applicable jurisdiction.

Section 1.4 Rules of Interpretation

In this Agreement, unless otherwise specified, (a) the Schedules and Exhibits to this
Agreement, in each case as amended, amended and restated, supplemented or otherwise modified from
time to time in accordance with the provisions hereof, are incorporated herein by reference and (b)
all obligations of the Pledgor hereunder shall be satisfied by the Pledgor at the Pledgor’s sole
cost and expense.

Section 1.5 Certain Terms

The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include” and “includes” shall be deemed to be
followed by the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition
of or reference to any agreement, instrument or other document herein shall be construed as
referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to
include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and
words of similar import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (d) all references herein to Sections, Exhibits and Schedules
shall be construed to refer to Sections of, and

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Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein
(including the UCC) shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time and (f) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible assets and
properties, including cash, securities, accounts and contract rights.

SECTION
2

GRANT OF SECURITY

Section 2.1 Grant of Security

As security for the prompt and complete payment and performance in full when due (whether at
stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, including
the payment of amounts that would become due but for the operation of the automatic stay under
Section 362(a) of the Bankruptcy Code) of all Secured Obligations, the Pledgor hereby pledges,
assigns, transfers and grants to the Trustee, for its benefit and for the benefit of the Secured
Creditors, a continuing security interest in and Lien on all of its right, title and interest in,
to and under the following, in each case whether now owned or existing or hereafter acquired or
arising and wherever located:

	 	(a)	 	all Pledged Collateral;
	 
	 	(b)	 	all books and Records pertaining to the Pledged Collateral, including all
Collateral Records; and
	 
	 	(c)	 	to the extent not otherwise included, all Proceeds of each of the foregoing and
all accessions to, and substitutions and replacements for, any of the foregoing.

For avoidance of doubt it is expressly understood and agreed that, to the extent the UCC is revised
subsequent to the date hereof such that the definition of any of the foregoing terms included in
the description of Collateral is changed, the parties hereto desire that any property that is
included in such changed definitions that would not otherwise be included in the foregoing grants
on the date hereof be included in such grants immediately upon the effective date of such revision,
it being the intention of the Pledgor that the description of Collateral set forth above be
construed to include the broadest possible range of assets. Notwithstanding the immediately
preceding sentence, the foregoing grant is intended to apply immediately on the date hereof to all
Collateral to the fullest extent permitted by applicable law regardless of whether any particular
item of Collateral is currently subject to the UCC.

Section 2.2 Grant of Security

Notwithstanding anything to the contrary contained in this Section 2 or elsewhere in this
Agreement, the Pledgor and the Trustee (on behalf of the Secured Creditors) acknowledge and agree
that the Security Interest granted pursuant to this Agreement (including pursuant to this Section
2) to the Trustee for the benefit of the Secured Creditors and securing the Secured Obligations
shall be a “first” priority Security Interest in the Collateral, junior to no other security
interests. The parties hereto acknowledge, and the Trustee hereby agrees, that the Trustee shall
hold that portion of the Collateral constituting Certificated Securities for and on behalf of the
Secured Creditors as agent for such parties for the purpose of perfecting a Security Interest in
such Collateral.

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SECTION
3

REPRESENTATIONS AND WARRANTIES

The Pledgor represents and warrants to the Trustee and the Secured Creditors, on and as of the
date hereof, that:

Section 3.1 Title

The Pledgor owns the Collateral purported to be owned by it free and clear of any and all
Liens, rights or claims of all other Persons. The Pledgor has not filed or consented to the filing
of (a) any financing statement or analogous document under the UCC or any other applicable laws
covering any Collateral or (b) any assignment in which the Pledgor assigns any Collateral or any
security agreement or similar instrument covering any Collateral with any foreign governmental,
municipal or other office, which financing statement or analogous document, assignment, security
agreement or similar instrument is still in effect, except for any financing statement or analogous
document, assignment, security agreement or similar instrument evidencing Liens being terminated on
the date hereof.

Section 3.2 Names, Locations

	 	(a)	 	Schedule 3.2 sets forth with respect to the Pledgor under the heading “Names,” (i)
its exact name, as such name appears in the public record of its jurisdiction of
organization which shows the Pledgor to have been formed, (ii) each other name that the
Pledgor has had in the past five years, together with the date of the relevant change,
(iii) a list of all other names (including trade names or similar appellations) used by
the Pledgor or any of its divisions or other business units in connection with the
conduct of its business or the ownership of its properties in the past five years, (iv)
the federal taxpayer identification number of the Pledgor and (v) the jurisdiction of
organization of the Pledgor and its organizational identification number or statement
that the Pledgor has no such number.
	 
	 	(b)	 	Schedule 3.2 sets forth, with respect to the Pledgor, under the heading
“Locations” the location of its chief executive office and each other chief executive
office of the Pledgor within the past five years, together with dates of the relevant
change. Except as set forth on Schedule 3.2, the Pledgor has not changed its
jurisdiction of organization, chief executive office or other “location” (as defined in
Section 9-307 of the UCC) in the past four months.
	 
	 	(c)	 	Except as set forth on Schedule 3.2 under the heading “Changes in Identity or
Organizational Structure,” the Pledgor has not changed its identity or organizational
structure in any way in the past five years. Changes in identity or organizational
structure would include mergers, consolidations and acquisitions, as well as any change
in the form or jurisdiction of the Pledgor. If any such change has occurred, Schedule
3.2 sets forth the date of such change and all information applicable to each acquired
party or constituent party to a merger or consolidation.

Section 3.3 Filings, Consents

	 	(a)	 	Attached hereto as Exhibit B are true, complete and correct copies of search
reports from the offices where any filings or recordings against the Pledgor with
respect to any property of the Pledgor of the type included in the Collateral have been
made, including

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	 	 	 	a true copy of each financing statement, assignment or other filing or recording
identified in such search reports.
	 
	 	(b)	 	Exhibit C sets forth true, complete and correct copies of all UCC financing
statements or other appropriate filings, recordings or registrations containing an
accurate description of the Collateral that have been delivered to the Trustee for
filing in each governmental, municipal or other office specified in Schedule 3.3.
	 
	 	(c)	 	No authorization, approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body is required for either (i) the pledge or
grant by the Pledgor of the Security Interest purported to be created in favor of the
Trustee hereunder or (ii) the exercise by the Trustee of any rights or remedies in
respect of the Collateral, including voting rights (whether specifically granted or
created hereunder or created or provided for by applicable law), except (A) for the
filings contemplated by clause (b) above and (B) as may be required in connection with
the disposition of the Pledged Collateral by laws generally affecting the offering and
sale of securities.
	 
	 	(d)	 	All filing or recording fees and taxes payable in connection with the filings
and recordings described in clauses (b) and (c) above have been or promptly will be
paid by the Pledgor.

Section 3.4 Security Interests

The Security Interest constitutes (a) a legal and valid security interest in all Collateral
securing the payment and performance of the Secured Obligations and (b) subject to the completion
of the filings described in Section 3.3 and to value being given, a perfected Security Interest in
all Collateral in which a security interest may be perfected by filing, recording or registering a
financing statement or analogous document under the UCC as in effect in the State of Louisiana.
The Security Interest is and shall be prior to any other Lien on any of the Collateral.

Section 3.5 Pledged Collateral

	 	(a)	 	Schedule 3.5 sets forth under the heading “Pledged LLC Interests” all Pledged LLC
Interests granted by the Pledgor hereof. The Pledged LLC Interest pledged hereunder by
the Pledgor constitutes, as of the date hereof, that percentage of the issued and
outstanding equity of all classes of Nuclear Energy Holdings, L.L.C. as set forth on
Schedule 3.5 under the heading “Pledged LLC Interests.”
	 
	 	(b)	 	All of the Pledged LLC Interests have been duly and validly issued and are
fully paid and nonassessable.
	 
	 	(c)	 	No Person other than the Trustee has “control” (as defined in Sections 8-106
and 9-106 of the UCC) over any Pledged Collateral of the Pledgor constituting
Certificated Securities, and, other than the Pledged LLC Interests that constitute
General Intangibles, there is no Pledged Collateral other than Pledged Collateral that
is represented by Certificated Securities that are in the possession of the Trustee.
	 
	 	(d)	 	All Pledged Collateral represented by Certificated Securities has been
delivered to the Trustee in the State of New York.

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	 	(e)	 	There are no restrictions on transfer in the LLC Agreement governing the
Pledged LLC Interests or any other agreement relating to the foregoing which would
limit or restrict (i) the grant of a security interest in the Pledged LLC Interests,
(ii) the perfection of such security interest or (iii) the exercise of remedies in
respect of such perfected security interest in the Pledged LLC Interests, in each case
as contemplated by this Agreement.

SECTION
4

COVENANTS

Section 4.1 Change of Name; Location of Collateral; Place of Business

Unless the Pledgor has given the Trustee at least 30 days prior written notice, the Pledgor
will not change (i) its name, (ii) its jurisdiction of organization or other “location” (as defined
in Section 9-307 of the UCC), (iii) the location of its chief executive office, its principal place
of business or any office in which it maintains the Collateral Records (including the establishment
of any such new office or facility), (iv) its identity or organizational structure or (v) its
organizational identification number or its federal taxpayer identification number. The Pledgor
agrees to cooperate with the Trustee in making all filings that are required in order for the
Trustee to continue at all times following such change to have a legal, valid and perfected
Security Interest in all the Collateral having the priority described in Section 2.2.

Section 4.2 Protection of Security

The Pledgor shall, at its own cost and expense, take any and all actions necessary or
desirable to defend title to the Collateral and to defend the Security Interest of the Trustee in
the Collateral and the priority thereof against any Lien against all Persons. The Pledgor shall
not take or permit to be taken any action that could impair the Trustee’s rights in the Collateral.

Section 4.3 Pledged Collateral

	 	(a)	 	The Pledgor hereby covenants and agrees that, without the prior written consent of
the Trustee, which shall not be unreasonably withheld, delayed or conditioned, it shall
not vote or take any other action to amend or terminate any LLC Agreement, certificate
of formation, by-laws or other organizational documents in any way that materially
changes the rights of the Pledgor with respect to any Pledged Collateral or adversely
affects the validity, perfection or priority of the Trustee’s Security Interest
(including without limitation, any election that would cause the Pledged LLC Interest
not to be a “Security” under Section 8-102(a)(15) of the UCC, it being acknowledged
that as of the date hereof the LLC Agreement, in accordance with Section 8-103(c) of
the UCC as in effect in the State of Delaware and Section 8-103(c) of the UCC as in
effect in the State of New York, provides that each limited liability company interest
in the Issuer shall constitute a “security” within the meaning of, and governed by, (i)
Article 8 of the Uniform Commercial Code (including Section 8 102(a)(15) thereof) as in
effect from time to time in the State of Delaware, and (ii) Article 8 of the Uniform
Commercial Code of any other applicable jurisdiction that now or hereafter
substantially includes the 1994 revisions to Article 8 thereof as adopted by the
American Law Institute and the National Conference of Commissioners on Uniform State
Laws and approved by the American Bar Association on February 14, 1995).

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	 	(b)	 	The Pledgor hereby covenants and agrees that, in the event it establishes or
acquires rights in any Pledged Collateral after the date hereof, it shall deliver to
the Trustee a completed Security Supplement, together with all supplements to Schedules
hereto, reflecting such new Pledged Collateral and all other Pledged Collateral.
Notwithstanding the foregoing, it is understood and agreed that the Security Interest
of the Trustee shall attach to all Pledged Collateral immediately upon the Pledgor’s
acquisition of rights therein and shall not be affected by the failure of the Pledgor
to deliver a supplement to Schedule 3.5 as required hereby.
	 
	 	(c)	 	The Pledgor hereby covenants and agrees that it shall enforce all of its rights
with respect to any Pledged Collateral.
	 
	 	(d)	 	The Certificated Securities referred to in Section 3.5(d) shall be held by the
Trustee in the State of New York. With respect to any Pledged Collateral constituting
Certificated Securities acquired or pledged after the date hereof, immediately, and in
any event within ten days of the Pledgor acquiring rights therein, the Pledgor shall
deliver or cause to be delivered to the Trustee all such Certificated Securities, stock
powers duly executed in blank or other instruments of transfer reasonably satisfactory
to the Trustee in the State of New York (which Certificated Securities and stock powers
shall be held by the Trustee in the State of New York) and all such instruments and
documents as the Trustee may reasonably request in order to give effect to the pledge
granted hereby.
	 
	 	(e)	 	Upon the occurrence and during the continuance of an Enforcement Event, the
Trustee shall have the right, without notice to the Pledgor, to transfer all or any
portion of the Pledged Collateral to its name or the name of its nominee or agent. In
addition, upon the occurrence and during the continuance of an Enforcement Event, the
Trustee shall have the right at any time, without notice to the Pledgor, to exchange
any certificates representing Pledged Collateral for certificates of smaller or larger
denominations.
	 
	 	(f)	 	Voting and Distributions

	 	(i)	 	So long as no Enforcement Event shall have occurred and shall be
continuing:

	 	(A)	 	except as otherwise provided in this Section 4.3 or
elsewhere herein, the Pledgor shall be entitled to exercise or refrain
from exercising any and all voting and other consensual rights pertaining
to the Pledged Collateral or any part thereof for any purpose not
inconsistent with the terms of this Agreement or the other Transaction
Documents; provided, however, that the Pledgor will not be entitled to
exercise any such right if the result thereof could materially and
adversely affect the rights inuring to a holder of the Pledged Collateral
or the rights and remedies of any of the Secured Creditors under this
Agreement or any other Transaction Document or the ability of the Secured
Creditors to exercise the same;
	 
	 	(B)	 	the Trustee shall promptly execute and deliver (or
cause to be executed and delivered) to the Pledgor all proxies and other
instruments as the Pledgor may from time to time reasonably request for
the purpose of enabling the Pledgor to exercise the voting and other
consensual rights when and to the extent that it is entitled to exercise
the same pursuant to

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	 	 	 	clause (f)(i)(A) above and to receive the cash Dividends that it is
entitled to receive pursuant to clause (f)(i)(C) below; and
	 
	 	(C)	 	the Pledgor shall be entitled to receive and retain
any and all ordinary cash Dividends, Securities or other property paid on
the Pledged Collateral to the extent and only to the extent that such
ordinary cash Dividends, Securities or other property are permitted by,
and otherwise paid in accordance with, the terms and conditions of the
Transaction Documents and applicable laws, and all such distributions
received by the Pledgor in accordance with this sentence shall be free of
the pledge and Security Interests created hereunder and shall not
constitute Collateral. All noncash Dividends, Securities or other
property, and all distributions, Securities or other property paid or
payable in cash or otherwise in connection with a partial or total
liquidation or dissolution, return of capital, capital surplus or paid-in
surplus, and all other distributions (other than distributions referred
to in the preceding sentence) made on or in respect of the Pledged
Collateral, whether paid or payable in cash or otherwise, whether
resulting from a subdivision, combination or reclassification of the
outstanding Stock of the issuer of any Pledged Collateral or received in
exchange for Pledged Collateral or any part thereof, or in redemption
thereof, or as a result of any merger, consolidation, acquisition or
other exchange of assets to which such issuer may be a party or
otherwise, shall be and become part of the Collateral without any further
action. The Pledgor shall immediately take all steps, if any, required,
necessary or desirable to ensure the validity, perfection, priority and,
if applicable, “control” (as defined in Article 8 or Article 9 of the
UCC, as applicable) of the Trustee over such Dividends, Securities or
other property, in each case referred to in the immediately preceding
sentence (including delivery thereof to the Trustee), and pending any
such action the Pledgor shall be deemed to hold such Dividends,
Securities or other property in trust for the benefit of the Trustee, and
the same shall be segregated from all other property of the Pledgor.

	 	(ii)	 	Upon the occurrence and during the continuance of an Enforcement
Event:

	 	(A)	 	all rights of the Pledgor to exercise or refrain
from exercising the voting and other consensual rights that it would
otherwise be entitled to exercise pursuant hereto shall cease, and all
such rights shall thereupon become vested in the Trustee who shall
thereupon have the sole right to exercise such voting and other
consensual rights;
	 
	 	(B)	 	in order to permit the Trustee to exercise the
voting and other consensual rights that it may be entitled to exercise
pursuant hereto and to receive all distributions that it may be entitled
to receive hereunder: (1) the Pledgor shall promptly execute and deliver
(or cause to be executed and delivered) to the Trustee all proxies,
payment orders and other instruments as the Trustee may from time to time
reasonably

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	 	 	 	request and (2) the Pledgor acknowledges that the Trustee may utilize
the power of attorney set forth in Section 6; and
	 
	 	(C)	 	all rights of the Pledgor to distributions and
other amounts that the Pledgor is authorized to receive pursuant to
clause (f)(i)(C) above shall cease, and all such rights shall thereupon
become vested in the Trustee, which shall have the sole and exclusive
right and authority to receive and retain such distributions and other
amounts.

	 	(g)	 	If all Enforcement Events have been rescinded, the Pledgor will have the right
to exercise the voting and consensual rights and powers that it is entitled to exercise
pursuant to the terms of clause (f)(i) above and to receive the Dividends, Securities
and other property that it is entitled to receive pursuant to clause (f)(i) above.

SECTION
5

FURTHER ASSURANCES

Section 5.1 Further Assurances

	 	(a)	 	The Pledgor agrees that from time to time, at its expense, it shall promptly
execute and deliver all further instruments and documents and take all further action
that may be necessary or desirable, or that the Trustee may reasonably request, in
order to create and/or maintain the validity, perfection or priority of and protect any
Security Interest granted or purported to be granted hereby or to enable the Trustee to
exercise and enforce its rights and remedies hereunder with respect to any Collateral.
Without limiting the generality of the foregoing, the Pledgor shall:

	 	(i)	 	execute, acknowledge, deliver and cause to be duly filed all such
further instruments, documents, indorsements, powers of attorney or notices, and
take all such actions as may be necessary or desirable, or as the Trustee may
from time to time reasonably request, to preserve, protect and perfect the
Security Interest and the rights and remedies created hereby, including the
payment of any fees and taxes required in connection with the execution and
delivery of this Agreement, the granting of the Security Interest and the filing
of any financing statements or other documents in connection herewith or
therewith; and
	 
	 	(ii)	 	at the Trustee’s request, appear in and defend any action or
proceeding that may affect the Pledgor’s title to or the Trustee’s Security
Interest in all or any material part of the Collateral.

	 	(b)	 	The Pledgor hereby authorizes the Trustee to file a Record or Records,
including financing statements, continuation statements and, in each case, amendments
thereto, in all jurisdictions and with all filing offices as the Trustee may determine,
in its sole discretion, are necessary or advisable to perfect the Security Interest
granted to the Trustee herein, without the signature of the Pledgor. Such financing
statements may describe the Collateral in the same manner as described herein or may
contain an indication or description of the Collateral that describes such property in
any other manner as the Trustee may determine, in its sole discretion, is necessary,
advisable or

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	 	 	 	prudent to ensure the perfection of the Security Interest in the Collateral granted to
the Trustee herein. The Pledgor agrees that a photographic or other reproduction of
this Agreement or of a financing statement shall be sufficient as a financing
statement and may be filed as a financing statement in any and all jurisdictions.

The Pledgor shall, through compliance with the covenants contained herein and through any other
actions that may be necessary or desirable, continuously maintain from the date made the
truthfulness and accuracy of every representation, warranty and certification made herein until the
termination of this Agreement by its terms.

SECTION 6

TRUSTEE APPOINTED ATTORNEY-IN-FACT

Section 6.1 Power of Attorney

	 	(a)	 	The Pledgor hereby irrevocably makes, constitutes and appoints the Trustee (and all
officers, employees or agents designated by the Trustee), until such time as this
Agreement terminates under Section 9.14, as the Pledgor’s true and lawful agent and
attorney-in-fact, with full authority in the place and stead of the Pledgor and in the
name of the Pledgor, the Trustee or otherwise, from time to time in the Trustee’s
discretion, to take any action and to execute any instrument that the Trustee may deem
reasonably necessary or advisable to accomplish the purposes of this Agreement,
including the following:

	 	(i)	 	upon the occurrence of an Enforcement Event,

	 	(A)	 	to receive, endorse, assign, collect and deliver
any and all notes, acceptances, checks, drafts, money orders or other
instruments, documents and Chattel Paper or other evidences of payment
relating to the Collateral;
	 
	 	(B)	 	to ask for, demand, collect, sue for, recover,
compound, receive payment of, give receipt for and give discharges and
releases of all or any of the Collateral;
	 
	 	(C)	 	to commence and prosecute any and all suits,
actions or proceedings at law or in equity in any court of competent
jurisdiction to collect or otherwise realize on all or any of the
Collateral or to enforce any rights in respect of any Collateral;
	 
	 	(D)	 	to settle, compromise, compound, adjust or defend
any claims, actions, suits or proceedings relating to all or any of the
Collateral;
	 
	 	(E)	 	to use, sell, assign, transfer, pledge, make any
agreement with respect to or otherwise deal with all or any of the
Collateral;

	 	(ii)	 	to prepare and file Records (including UCC financing statements) as
further described in Section 5.1(b);
	 
	 	(iii)	 	to take or cause to be taken all actions necessary to perform or
comply or cause performance or compliance with the terms of this Agreement,
including to pay or

- 12 -

 

	 	 	 	discharge taxes or Liens levied or placed upon or threatened against the
Collateral, the legality or validity thereof and the amounts necessary to
discharge the same to be determined by the Trustee in its sole discretion, any
such payments made by the Trustee to become obligations of the Pledgor to the
Trustee, due and payable immediately without demand; and
	 
	 	(iv)	 	generally to sell, transfer, pledge, make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely
as though the Trustee were the absolute owner thereof for all purposes, and to
do, at the Trustee’s option and the Pledgor’s expense, at any time or from time
to time, all acts and things that the Trustee deems reasonably necessary to
protect, preserve or realize upon the Collateral and the Trustee’s Security
Interest therein in order to effect the intent of this Agreement, all as fully
and effectively as the Pledgor might do.

	 	(b)	 	Notwithstanding anything in this Section 6.1 to the contrary, the Trustee
agrees that it will not exercise any rights under the power of attorney provided for in
Section 6.1(a)(i) or (iv) unless an Enforcement Event has occurred and is continuing.

Section 6.2 No Duty on the Part of Trustee or Secured Creditors

Notwithstanding any other provision of this Agreement, nothing herein contained shall be
construed as requiring or obligating the Trustee or any other Secured Creditor to make any
commitment or to make any inquiry as to the nature or sufficiency of any payment received by the
Trustee or any Secured Creditor, or to present or file any claim or notice, or to take any action
with respect to the Collateral or any part thereof or the moneys due or to become due in respect
thereof or any property covered thereby, and no action taken or omitted to be taken by the Trustee
or any Secured Creditor with respect to the Collateral or any part thereof shall give rise to any
defense, counterclaim or offset in favor of the Pledgor or to any claim or action against the
Trustee or any Secured Creditor. It is understood and agreed that the appointment of the Trustee
as the agent and attorney-in-fact of the Pledgor for the purposes set forth above is coupled with
an interest and is irrevocable. The provisions of this Section shall in no event relieve the
Pledgor of any of its obligations hereunder or under any other Transaction Document with respect to
the Collateral or any part thereof or impose any obligation on the Trustee or any Secured Creditor
to proceed in any particular manner with respect to the Collateral or any part thereof, or in any
way limit the exercise by the Trustee or any Secured Creditor of any other or further right that it
may have on the date of this Agreement or hereafter, whether hereunder, under any other Transaction
Document, by law or otherwise. The Trustee and the Secured Creditors shall be accountable only for
amounts that they actually receive as a result of the exercise of such powers, and neither they nor
any of their officers, directors, employees or agents shall be responsible to the Pledgor for any
act or failure to act hereunder, except for their own gross negligence or willful misconduct.

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SECTION
7

REMEDIES

Section 7.1 Remedies Upon Enforcement Event

	 	(a)	 	Upon the occurrence and during the continuance of an Enforcement Event, the Trustee
may exercise in respect of the Collateral, in addition to all other rights and remedies
provided for herein or otherwise available to it at law or in equity, all the rights
and remedies of a secured party on default under the UCC (whether or not the UCC
applies to the affected Collateral) or any other applicable law, and also may, without
prior notice except as specified below, sell, assign, lease, license (on an exclusive
or non-exclusive basis) or otherwise dispose of the Collateral or any part thereof in
one or more parcels at public or private sale or at any broker’s board or on any
securities exchange, at any of the Trustee’s offices or elsewhere, for cash, on credit
or for future delivery, at such time or times and at such price or prices and upon such
other terms as the Trustee may deem commercially reasonable; provided that (i) the
Trustee shall be authorized at any such sale (if it deems it advisable to do so) to
restrict the prospective bidders or purchasers to Persons who will represent and agree
that they are purchasing the Collateral for their own account for investment and not
with a view to the distribution or sale thereof, (ii) upon consummation of any such
sale the Trustee shall have the right to assign, transfer and deliver to the purchaser
or purchasers thereof the Collateral so sold, (iii) each such purchaser at any such
sale shall hold the property sold absolutely, free from any claim or right on the part
of the Pledgor, and (iv) the Pledgor hereby waives (to the extent permitted by law) all
rights of redemption, stay, valuation and appraisal that the Pledgor now has or may at
any time in the future have under any rule of law or statute now existing or hereafter
enacted.
	 
	 	(b)	 	The Trustee or any Secured Creditor may be the purchaser of any or all of the
Collateral at any sale thereof and the Trustee, as collateral agent for and
representative of the Secured Creditors, shall be entitled, for the purpose of bidding
and making settlement or payment of the purchase price for all or any portion of the
Collateral sold at any such public sale, to use and apply any of the Secured
Obligations as a credit on account of the purchase price for any Collateral payable by
the Trustee at such sale.
	 
	 	(c)	 	The Pledgor hereby waives notice of the time and place of any public sale or
the time after which any private sale or other disposition of all or any part of the
Collateral may be made. To the extent such notice may not be waived under applicable
law, any notice made shall be deemed reasonable if sent to the Pledgor, addressed as
set forth in the notice provisions of the Deed of Charge, at least ten days prior to
(i) the date of any such public sale or (ii) the time after which any such private sale
or other disposition may be made. Such notice, in the case of a public sale, shall
state the time and place for such sale and, in the case of a sale at a broker’s board
or on a securities exchange, shall state the board or exchange at which such sale is to
be made and the day on which the Collateral, or portion thereof, will first be offered
for sale at such board or exchange. Any such public sale shall be held at such time or
times during ordinary business hours and at such place or places as the Trustee may fix
and state in the notice (if any) of such sale. At any such sale, the Collateral, or
portion thereof, to be

- 14 -

 

	 	 	 	sold may be sold in one lot as an entirety or in separate parcels, as the Trustee may
(in its sole and absolute discretion) determine. The Trustee shall not be obligated
to make any sale of any Collateral if it shall determine not to do so, regardless of
the fact that notice of sale of such Collateral shall have been given. The Trustee
may, without notice or publication, adjourn any public or private sale or cause the
same to be adjourned from time to time by announcement at the time and place fixed for
sale, and such sale may, without further notice, be made at the time and place to
which the same was so adjourned. In case any sale of all or any part of the
Collateral is made on credit or for future delivery, the Collateral so sold may be
retained by the Trustee until the sale price is paid by the purchaser or purchasers
thereof, but the Trustee shall not incur any liability in case any such purchaser or
purchasers shall fail to take up and pay for the Collateral so sold, and in case of
any such failure, such Collateral may be sold again upon like notice. For purposes
hereof, a written agreement to purchase the Collateral or any portion thereof shall be
treated as a sale thereof; the Trustee shall be free to carry out such sale pursuant
to such agreement and the Pledgor shall not be entitled to the return of the
Collateral or any portion thereof subject thereto, notwithstanding the fact that after
the Trustee shall have entered into such an agreement all Events of Default shall have
been remedied and the Secured Obligations paid in full. As an alternative to
exercising the power of sale herein conferred upon it, the Trustee may proceed by a
suit or suits at law or in equity to foreclose upon the Collateral and to sell the
Collateral or any portion thereof pursuant to a judgment or decree of a court or
courts having competent jurisdiction or pursuant to a proceeding by a court-appointed
receiver. The Pledgor hereby waives any claims against the Trustee arising by reason
of the fact that the price at which any Collateral may have been sold at such a
private sale was less than the price that might have been obtained at a public sale,
even if the Trustee accepts the first offer received and does not offer such
Collateral to more than one offeree.
	 
	 	(d)	 	If the Proceeds of any sale or other disposition of the Collateral are
insufficient to pay the entire outstanding amount of the Secured Obligations, the
Pledgor shall be liable for the deficiency and the fees of any attorneys employed by
the Trustee to collect such deficiency. The Pledgor further agrees that a breach of
any of the covenants contained in this Section will cause irreparable injury to the
Trustee, that the Trustee has no adequate remedy at law in respect of such breach and,
as a consequence, that each and every covenant contained in this Section shall be
specifically enforceable against the Pledgor, and the Pledgor hereby waives and agrees
not to assert any defenses in an action for specific performance of such covenants
except for a defense that no default has occurred giving rise to the Secured
Obligations becoming due and payable prior to their stated maturities. Nothing in this
Section shall in any way alter the rights of the Trustee hereunder.
	 
	 	(e)	 	The Trustee may sell the Collateral without giving any warranties as to the
Collateral. The Trustee may specifically disclaim any warranties of title or the like.
This procedure will not be considered to adversely affect the commercial
reasonableness of any sale of the Collateral.
	 
	 	(f)	 	The Trustee shall have no obligation to marshal any of the Collateral.

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Section 7.2 Application of Proceeds

The Trustee shall apply the Proceeds of any collection or sale of the Collateral as provided
in the Deed of Charge. Upon any sale of the Collateral by the Trustee (including pursuant to a
power of sale granted by statute or under a judicial proceeding), the receipt by the Trustee or of
the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the
Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Trustee or such officer or be
answerable in any way for the misapplication thereof. Any Proceeds received by the Pledgor shall
be held in trust for and forthwith paid over to the Trustee. All Proceeds received by the Trustee
hereunder shall be held by the Trustee in a Cash Collateral Account. All Proceeds while held by
the Trustee (or by the Pledgor in trust for the Trustee) shall continue to be held by the Trustee
(for itself and for the benefit of the Secured Creditors) as collateral security for the Secured
Obligations and shall not constitute payment thereof until applied as provided in the Deed of
Charge.

Section 7.3 Securities Act, Etc.

The Pledgor understands that compliance with the Federal Securities Laws might very strictly
limit the course of conduct of the Trustee if the Trustee were to attempt to dispose of all or any
part of the Pledged Collateral, and might also limit the extent to which or the manner in which any
subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be
other legal restrictions or limitations affecting the Trustee in any attempt to dispose of all or
part of the Pledged Collateral under applicable blue sky or other state securities laws or similar
laws analogous in purpose or effect. The Pledgor recognizes that in light of such restrictions and
limitations the Trustee may, with respect to any sale of the Pledged Collateral, limit the
purchasers to those who will agree, among other things, to acquire such Pledged Collateral for
their own account, for investment and not with a view to the distribution or resale thereof. The
Pledgor acknowledges and agrees that in light of such restrictions and limitations, the Trustee, in
its sole and absolute discretion exercised in good faith and in accordance with applicable laws,
(a) may proceed to make such a sale whether or not a registration statement for the purpose of
registering such Pledged Collateral or part thereof has been filed under the Federal Securities
Laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. The
Pledgor acknowledges and agrees that any such sale might result in prices and other terms less
favorable to the seller than if such sale were a public sale without such restrictions. In the
event of any such sale, the Trustee shall incur no responsibility or liability for selling all or
any part of the Pledged Collateral at a price that the Trustee, in its sole and absolute
discretion, may in good faith deem reasonable under the circumstances, notwithstanding the
possibility that a substantially higher price might have been realized if the sale were deferred
until after registration as aforesaid or if more than a single purchaser were approached. The
provisions of this Section 7.3 will apply notwithstanding the existence of a public or private
market upon which the quotations or sales prices might exceed substantially the price at which the
Trustee sells.

SECTION 8

STANDARD OF CARE; TRUSTEE MAY PERFORM

The powers conferred on the Trustee hereunder are solely intended to protect its interest in
the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the
exercise of reasonable care in the custody of any Collateral in its possession and the accounting
for moneys actually received by it hereunder, the Trustee shall have no duty as to any Collateral
or as to the taking

- 16 -

 

of any necessary steps to preserve rights against prior parties or any other rights pertaining to
any Collateral. The Trustee shall be deemed to have exercised reasonable care in the custody and
preservation of Collateral in its possession if such Collateral is accorded treatment substantially
equal to that which the Trustee accords its own property. Neither the Trustee nor any of its
directors, officers, employees or agents shall be liable for failure to demand, collect or realize
upon all or any part of the Collateral or for any delay in doing so or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the request of the Pledgor or
otherwise. If the Pledgor fails to perform any agreement contained herein, the Trustee may itself
perform, or cause performance of, such agreement, and the expenses of the Trustee incurred in
connection therewith shall be payable by the Pledgor.

SECTION 9

MISCELLANEOUS

Section 9.1 Notices

All communications and notices hereunder shall (except as otherwise expressly permitted
herein) be in writing and given as provided in the notice provisions of the Deed of Charge.

Section 9.2 Security Interests Absolute

All rights of the Trustee hereunder, the Security Interests and all obligations of the Pledgor
hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or
enforceability of the Deed of Charge, any other Transaction Document, any agreement with respect to
any of the Secured Obligations or any other agreement or instrument relating to any of the
foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all
or any of the Secured Obligations, or any other amendment or waiver of or any consent to any
departure from the Deed of Charge, any other Transaction Document or any other agreement or
instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any
release or amendment or waiver of or consent under or departure from any security document or
guarantee securing or guaranteeing all or any of the Secured Obligations, or (d) any other
circumstance that might otherwise constitute a defense available to, or a discharge of, the Pledgor
in respect of the Secured Obligations or this Agreement (other than the indefeasible payment in
full in cash of the Secured Obligations)

Section 9.3 Survival of Agreement

All representations and warranties made by the Pledgor herein and in the certificates or other
instruments prepared or delivered in connection with or pursuant to this Agreement shall be
considered to have been relied upon by the Secured Creditors and shall survive the issuance of the
Bonds, regardless of any investigation made by the Secured Creditors or on their behalf, and shall
continue in full force and effect until this Agreement shall terminate.

Section 9.4 Binding Effect

The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns, except that the Pledgor may not
assign or otherwise transfer any of its rights or obligations hereunder or any interest in the
Collateral (and any such assignment or transfer shall be null and void) except as expressly
contemplated by this Agreement or the Deed of Charge.

- 17 -

 

Section 9.5 Successors and Assigns

Whenever in this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the successors and assigns of such party; and all covenants, promises and
agreements by or on behalf of the Pledgor or the Trustee that are contained in this Agreement shall
bind and inure to the benefit of their respective successors and assigns.

Section 9.6 Trustee’s Fees and Expenses; Indemnification

	 	(a)	 	The Pledgor agrees to pay upon demand to the Trustee the amount of any and all
out-of-pocket expenses, including the fees, disbursements and other charges of its
counsel (including allocated costs of internal counsel and costs of settlement) and of
any experts or agents, that the Trustee may incur in connection with (i) the
administration of this Agreement, (ii) the custody or preservation of, or the sale of,
collection from or other realization upon, any of the Collateral, (iii) the exercise,
enforcement or protection of any of the rights of the Trustee hereunder or (iv) the
failure of the Pledgor to perform or observe any of the provisions hereof.
	 
	 	(b)	 	Without limitation of its indemnification obligations under the other
Transaction Documents, the Pledgor agrees to indemnify the Trustee and the other
Indemnified Parties against, and hold each of them harmless from, any and all claims,
damages, liabilities, obligations, losses, penalties, actions, judgments, suits, costs,
disbursements and expenses of any kind or nature (including fees and disbursements of
counsel to the Trustee or any other Indemnified Party), which may be imposed on,
incurred by or asserted against any such Indemnified Party in connection with or
arising out of any investigation, litigation or proceeding, whether or not the Trustee
or any other Indemnified Party is a party thereto, whether direct, indirect, or
consequential and whether based on any federal, state or local law, statute or
regulation, securities or commercial law or regulation, or under common law or in
equity, or in contract, tort or otherwise, in any manner relating to or arising out of
this Agreement, or any act, event or transaction related or attendant to any thereof,
or in connection with any investigation of any potential matter covered hereby
(collectively, the “Indemnified Matters”); provided, however, that the Pledgor shall
not have any obligation under this Section 9.6(b) to the Trustee or any other
Indemnified Party with respect to any Indemnified Matter resulting primarily from the
gross negligence or willful misconduct of the Trustee or any other Indemnified Party,
as determined by a court of competent jurisdiction in a final non appealable judgment
or order. In addition, the Pledgor shall not be obligated to indemnify any Indemnified
Party for any Indemnified Matter claimed by one or more Indemnified Parties against one
or more other Indemnified Parties.
	 
	 	(c)	 	Any such amounts payable as provided hereunder shall constitute additional
Secured Obligations secured hereby. The provisions of this Section 9.6 shall remain
operative and in full force and effect regardless of the termination of this Agreement
or any other Transaction Document, the consummation of the transactions contemplated
hereby, the repayment of any of the Secured Obligations, the invalidity or
unenforceability of any term or provision of this Agreement or any other Transaction
Document or any investigation made by or on behalf of the Trustee or any Secured
Creditor. All amounts due under this Section 9.6 shall be payable on written demand
therefor. The Pledgor agrees that any indemnification or other protection provided to
any Indemnified Party

- 18 -

 

	 	 	 	pursuant to this Agreement shall (i) survive payment in full of the Secured
Obligations and (ii) inure to the benefit of any Person who was at any time a Trustee
or Indemnified Party under this Agreement.
	 
	 	(d)	 	The Pledgor agrees that neither the Trustee nor any Indemnified Party shall
have any liability (whether direct or indirect, in contract, tort or otherwise) to the
Pledgor or any of its subsidiaries or any of its equity holders or creditors for or in
connection with the transactions contemplated hereby and in the other Transaction
Documents, except to the extent such liability is found in a final judgment by a court
of competent jurisdiction to have resulted primarily from the Trustee’s or such
Indemnified Party’s gross negligence or willful misconduct. In no event, however, shall
the Trustee or any Indemnified Party be liable on any theory of liability for any
special, indirect, consequential or punitive damages, and the Pledgor hereby waives,
releases and agrees (for itself and on behalf of its subsidiaries) not to sue upon any
such claim for any such damages, whether or not accrued and whether or not known or
suspected to exist in its favor.

Section 9.7 Governing Law

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING, WITHOUT
LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

Section 9.8 Waivers; Amendment

	 	(a)	 	No failure on the part of the Trustee to exercise and no delay in exercising any
power or right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise thereof
or the exercise of any other right or power. The rights and remedies of the Trustee
and the Secured Creditors hereunder and under the other Transaction Documents are
cumulative and are not exclusive of any rights or remedies that they would otherwise
have. No waiver of any provisions of this Agreement or any other Transaction Document
or consent to any departure by the Pledgor therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) below, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on the Pledgor in any case shall entitle the Pledgor to
any other or further notice or demand in similar or other circumstances.
	 
	 	(b)	 	Neither this Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into by the
Trustee and the Pledgor, subject to any consent required in accordance with the
Transaction Documents.

Section 9.9 Waiver of Jury Trial

EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS

- 19 -

 

CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 9.9.

Section 9.10 Severability

Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and enforceability of the
remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 9.11 Execution in Counterparts

This Agreement may be executed in any number of counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which taken
together shall constitute a single contract. This Agreement shall become effective when it shall
have been executed by the Trustee and the Pledgor. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement.

Section 9.12 Section Titles

The Section titles contained in this Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the parties hereto.

Section 9.13 Jurisdiction; Consent to Service of Process

	 	(a)	 	The Pledgor hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of the courts of New York State sitting in
New York County and of the United States District Court for the Southern District of
New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and determined
in such New York State court or, to the fullest extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement
or any other Transaction Document shall affect any right that the Trustee or any
Secured Creditor may otherwise have to bring any action or proceeding relating to this
Agreement or any other Transaction Document against the Pledgor or any of its property
in the courts of any jurisdiction.
	 
	 	(b)	 	The Pledgor hereby irrevocably and unconditionally waives, to the fullest
extent permitted by applicable law, any objection that it may now or hereafter have to
the laying of venue of any action or proceeding arising out of or relating to this
Agreement or the

- 20 -

 

	 	 	 	other Transaction Documents in any court referred to in paragraph (a) of this Section.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court.
	 
	 	(c)	 	The Pledgor hereby irrevocably designates and appoints CT Corporation System,
111 Eighth Avenue, New York, New York 10011 as the agent of the Pledgor to receive on
its behalf service of all process brought against it with respect to any such
proceeding in any such court in the State of New York, such service being hereby
acknowledged by the Pledgor to be effective and binding on it in every respect. If for
any reason such agent shall cease to be available to act as such, then the Pledgor
shall promptly designate a new agent in the Borough of Manhattan in The City of New
York. Nothing in this Agreement will affect the right of any party to this Agreement
to serve process in any other manner permitted by law.

Section 9.14 Termination

This Agreement and the Security Interest shall terminate when all Secured Obligations then due
and owing have been indefeasibly paid in full in cash, at which time the Trustee shall execute and
deliver to the Pledgor, at the Pledgor’s expense, all UCC termination statements, releases and
similar documents that the Pledgor shall reasonably request to evidence such termination. Any
execution and delivery of termination statements, releases or other documents pursuant to this
Section 9.14 shall be without recourse to or warranty by the Trustee.

[Remainder of page intentionally left blank]

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In Witness Whereof, the Pledgor and the Trustee have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written
above.

	 	 	 	 	 
	The Shaw Group Inc., as Pledgor	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	The Bank of New York, as Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

- 22 -

 

Schedule 3.2

To the Parent Pledge Agreement

Names and Locations

Names

	 	 	 	 	 	 	 	 	 
	Grantor’s	 	 	 	 	 	 	 	Jurisdiction of organization
	correct	 	Previous	 	Additional	 	 	 	and organizational
	legal name:	 	names:	 	names:	 	Federal TIN:	 	identification number:
	 
	 	 	 	 	 	 	 	 

Locations

	 	 	 
	` Grantor’s	 	 
	correct	 	 
	legal name:	 	Location of chief executive office
	 
	 	 

Changes in Identity or Organizational Structure

	 	 	 
	Grantor’s	 	 
	correct	 	 
	legal name:	 	Description of structural changes:
	 
	 	 

- 1-

 

Schedule 3.3

To the Parent Pledge Agreement

Filings

- 1 -

 

Schedule 3.5

To the Parent Pledge Agreement

Pledged LLC Interests

2

 

EXHIBIT A

TO THE PARENT PLEDGE AGREEMENT

FORM OF SECURITY SUPPLEMENT

This SECURITY SUPPLEMENT, dated as of [                    ],
20[___], is delivered pursuant to the
Parent Pledge Agreement, dated October 13, 2006 (as it may from time to time be amended, modified
or supplemented, the “Parent Pledge Agreement”), between The Shaw Group Inc., a Louisiana
corporation (the “Pledgor”), and The Bank of New York, as security agent for the Secured Creditors
(herein in such capacity, the “Trustee”).

The Pledgor confirms as set forth in the Parent Pledge Agreement that it pledges, assigns,
transfers and grants to the Trustee, for its benefit and for the benefit of the Secured Creditors,
a continuing security interest in and Lien on all of its right, title and interest in, to and under
the Collateral, in each case whether now owned or existing or hereafter acquired or arising and
wherever located, as security for the prompt and complete payment and performance in full when due
(whether at stated maturity, by required prepayment, declaration, acceleration, demand or
otherwise, including the payment of amounts that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code) of all Secured Obligations.

The Pledgor represents and warrants that the attached Supplements to Schedules accurately and
completely set forth all additional information required pursuant to the Parent Pledge Agreement
and hereby agrees that such Supplements to Schedules shall constitute part of the Schedules to the
Parent Pledge Agreement.

Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto
in the Parent Pledge Agreement.

IN WITNESS WHEREOF, the Pledgor has caused this Security Supplement to be duly executed and
delivered by its duly authorized officer as of [                    , 20___].

	 	 	 	 	 
	The Shaw Group Inc., as Pledgor	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

3

 

EXHIBIT B

TO THE PARENT PLEDGE AGREEMENT

SEARCH REPORTS

4

 

EXHIBIT C

TO THE PARENT PLEDGE AGREEMENT

FINANCING STATEMENTS

5

 

Table of Contents

	 	 	 	 	 	 	 
	Contents	 	 	 	 	Page	 
	SECTION 1 DEFINITIONS; RULES OF INTERPRETATION	 	 	2 	 
	 
	 	 	 	 	 	 
	Section 1.1
	 	Definition of Terms Used Herein	 	 	2 	 
	Section 1.2
	 	UCC  Terms used herein that are defined in the UCC but not defined herein have the meanings given to	 	 	 	 
	 
	 	them in the UCC, including the following which are capitalized herein:	 	 	2 	 
	Section 1.3
	 	General Definitions In this Agreement:	 	 	2 	 
	Section 1.4
	 	Rules of Interpretation	 	 	4 	 
	Section 1.5
	 	Certain Terms	 	 	4 	 
	 
	 	 	 	 	 	 
	SECTION 2 GRANT OF SECURITY	 	 	5 	 
	 
	 	 	 	 	 	 
	Section 2.1
	 	Grant of Security	 	 	5 	 
	Section 2.2
	 	Separate and Distinct Grants of Security	 	 	5 	 
	 
	 	 	 	 	 	 
	SECTION 3 REPRESENTATIONS AND WARRANTIES	 	 	6 	 
	 
	 	 	 	 	 	 
	Section 3.1
	 	Title	 	 	6 	 
	Section 3.2
	 	Names, Locations	 	 	6 	 
	Section 3.3
	 	Filings, Consents	 	 	6 	 
	Section 3.4
	 	Security Interests	 	 	7 	 
	Section 3.5
	 	Pledged Collateral	 	 	7 	 
	 
	 	 	 	 	 	 
	SECTION 4 COVENANTS	 	 	8 	 
	 
	 	 	 	 	 	 
	Section 4.1
	 	Change of Name; Location of Collateral; Place of Business	 	 	8 	 
	Section 4.2
	 	Protection of Security	 	 	8 	 
	Section 4.3
	 	Pledged Collateral	 	 	8 	 
	 
	 	 	 	 	 	 
	SECTION 5 FURTHER ASSURANCES;	 	 	11 	 
	 
	 	 	 	 	 	 
	Section 5.1
	 	Further Assurances	 	 	11 	 
	 
	 	 	 	 	 	 
	SECTION 6 SECURITY AGENT APPOINTED ATTORNEY-IN-FACT	 	 	12 	 
	 
	 	 	 	 	 	 
	Section 6.1
	 	Power of Attorney	 	 	12 	 
	Section 6.2
	 	No Duty on the Part of Trustee or Secured Creditors	 	 	13 	 
	 
	 	 	 	 	 	 
	SECTION 7 REMEDIES	 	 	14 	 
	 
	 	 	 	 	 	 
	Section 7.1
	 	Remedies Upon Enforcement Event	 	 	14 	 
	Section 7.2
	 	Application of Proceeds	 	 	16 	 
	Section 7.3
	 	Securities Act, Etc.	 	 	16 	 
	 
	 	 	 	 	 	 
	SECTION 8 STANDARD OF CARE; SECURITY AGENT MAY PERFORM	 	 	16 	 
	 
	 	 	 	 	 	 
	SECTION 9 MISCELLANEOUS	 	 	17 	 
	 
	 	 	 	 	 	 
	Section 9.1
	 	Notices	 	 	17 	 
	Section 9.2
	 	Security Interests Absolute	 	 	17 	 
	Section 9.3
	 	Survival of Agreement	 	 	17 	 
	Section 9.4
	 	Binding Effect	 	 	17 	 
	Section 9.5
	 	Successors and Assigns	 	 	18 	 
	Section 9.6
	 	Trustee’s Fees and Expenses; Indemnification	 	 	18 	 
	Section 9.7
	 	Governing Law	 	 	19 	 

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	Contents	 	 	 	 	Page	 
	Section 9.8
	 	Waivers; Amendment	 	 	19 	 
	Section 9.9
	 	Waiver of Jury Trial	 	 	19 	 
	Section 9.10
	 	Severability	 	 	20 	 
	Section 9.11
	 	Execution in Counterparts	 	 	20 	 
	Section 9.12
	 	Section Titles	 	 	20 	 
	Section 9.13
	 	Jurisdiction; Consent to Service of Process	 	 	20 	 
	Section 9.14
	 	Termination	 	 	21 	 
	 
	 	 	 	 	 	 
	EXHIBIT A
	 	FORM OF SECURITY SUPPLEMENT	 	 	 	 
	 
	 	 	 	 	 	 
	EXHIBIT B
	 	SEARCH REPORTS	 	 	 	 
	 
	 	 	 	 	 	 
	EXHIBIT C
	 	FINANCING STATEMENTS	 	 	 	 

- ii -exv10w8

 

EXHIBIT
10.8

ISSUER PLEDGE AGREEMENT

dated October 13, 2006,

between

Nuclear Energy Holdings, L.L.C.

as Pledgor

and

The Bank of New York

as Trustee

 

 

This ISSUER PLEDGE AGREEMENT, dated October 13, 2006 (this “Agreement”), is entered into
between Nuclear Energy Holdings, L.L.C., a limited liability company organized under the laws of
the State of Delaware (the “Pledgor”), and The Bank of New York, as security agent for the Secured
Creditors (as defined below) (herein in such capacity, the “Trustee”).

RECITALS

A. The Pledgor and the Trustee have entered into a Bond Trust Deed dated October 13, 2006 (the
“Bond Trust Deed”), pursuant to which the Pledgor is issuing JPY 50,980,000,000 aggregate principal
amount of 2.20% Fixed Rate Bonds due 2013 and JPY 78,000,000,000 aggregate principal amount of
Floating Rate Bonds due 2013 (together, the “Bonds”).

B. As a condition precedent to issuance of the Bonds under the Bond Trust Deed, the Pledgor is
required to execute and deliver this Agreement.

In consideration of the premises and for other valuable consideration, the receipt and sufficiency
of which the parties hereto hereby acknowledge, the Pledgor and the Trustee, on behalf of itself
and each Secured Creditor (and each of their respective successors or permitted assigns), hereby
agree as follows:

SECTION 1

DEFINITIONS; RULES OF INTERPRETATION

Section 1.1 Definition of Terms Used Herein

Unless the context otherwise requires, all capitalized terms used but not defined herein shall
have the meanings set forth in the Deed of Charge (as defined below).

Section 1.2 UCC

Terms used herein that are defined in the UCC but not defined herein have the meanings given
to them in the UCC.

Section 1.3 General Definitions In this Agreement:

“Administrative Services Agreement” has the meaning set forth in the Deed of Charge.

“Agreement” has the meaning set forth in the preamble hereto.

“Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. §§ 101 et. seq.

“Cash Collateral Account” means any Deposit Account or Securities Account established by the
Trustee in which cash and Cash Equivalents may from time to time be on deposit or held therein as
provided herein.

“Collateral” means the property of the Pledgor described in Section 2.1 in which Security Interests
are granted to the Trustee for the benefit of the Secured Creditors.

“Collateral Records” means books, records, ledger cards, files, correspondence, customer lists,
blueprints, technical specifications, manuals, computer software, computer printouts, tapes, disks
and related data processing software and similar items that at any time evidence or contain
information relating to any of the Collateral or are otherwise necessary or helpful in the
collection thereof or realization thereon.

- 2 -

 

“Deed of Charge” means the deed of charge dated on or about the date hereof among the Trustee, the
Issuer, the Account Bank, the Cash Manager and the Principal Paying Agent.

“Dividends” means, in relation to any Pledged Stock, all present and future: (a) dividends and
distributions of any kind and any other sum received or receivable in respect of that Pledged
Stock, (b) rights, shares, money or other assets accruing or offered by way of redemption,
substitution, exchange, bonus, option, preference or otherwise in respect of that Pledged Stock,
(c) allotments, offers and rights accruing or offered in respect of that Pledged Stock and (d)
other rights and assets attaching to, deriving from or exercisable by virtue of the ownership of,
that Pledged Stock.

“Enforcement Event” means the service of the Bond Enforcement Notice under Section 7 of the Deed of
Charge.

“Federal Securities Laws” means the Securities Act of 1933, as now or hereafter in effect, or any
similar statute hereafter enacted that is analogous in purpose or effect.

“General Intangibles” means “general intangibles” as defined in Article 9 of the UCC.

"Indemnified Party” means each Secured Creditor, each Affiliate thereof and each of their
respective partners, controlling Persons, directors, officers, trustees, employees and agents.

“Indemnified Matters” has the meaning set forth in Section 9.6.

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind, or any agreement or arrangement that has the practical effect of creating
a security interest, in respect of such asset.

“Pledged Collateral” means, collectively, (i) the General Intangibles relating to the Put Option
Agreements, the Swap Guarantee, the US Investment Agreement, the UK Investment Agreement, the
Administrative Services Agreement, the US Shareholders Agreement and the UK Shareholders Agreement,
(ii) the Pledged Stock, (iii) all certificates or other instruments representing the Pledged Stock
and (iv) all Dividends, cash, warrants, rights, instruments and other property or Proceeds from
time to time received, receivable or otherwise distributed in respect of or in exchange for any or
all of the foregoing.

“Pledged Stock” means the 800 shares of Class A Stock of Toshiba Nuclear Energy Holdings (US) Inc.,
a Delaware corporation.

“Pledgor” has the meaning set forth in the preamble hereto.

“Proceeds” means “Proceeds” as defined in Article 9 of the UCC, and includes all Dividends,
payments or distributions made with respect to the Pledged Collateral and whatever is receivable or
received when Collateral or the Proceeds are sold, exchanged, collected, converted or otherwise
disposed of, whether such disposition is voluntary or involuntary.

“Put Option Agreements” means (i) the put option agreement dated on or about the date hereof
between the Pledgor and Toshiba, whereby, inter alia, Toshiba grants the Pledgor a Put Right (as
defined therein) in respect of the US Shares and (ii) the put option agreement dated on or about
the date hereof between the Pledgor and Toshiba, whereby, inter alia, Toshiba grants the Pledgor a
Put Right (as defined therein)in respect of the UK Shares.

“Secured Creditors” has the meaning set forth in the Deed of Charge.

- 3 -

 

“Secured Obligations” means all amounts, obligations, covenants and duties owing by the Pledgor to
the Secured Creditors, present or future, arising under the Transaction Documents, whether direct
or indirect (including those acquired by assignment), absolute or contingent, due or to become due,
now existing or hereafter arising and however acquired and whether or not evidenced by any note,
guaranty or other instrument or for the payment of money.

“Security Interest” means, collectively, the continuing security interests in the Collateral
granted to the Trustee for the benefit of the Secured Creditors pursuant to Section 2.1.

“Security Supplement” means any supplement to this Agreement in substantially the form of Exhibit
A, executed by an authorized financial officer of the Pledgor.

“Stock” means shares of capital stock (whether denominated as common stock or preferred stock) of
or in a corporation, whether voting or non voting and all rights to subscribe for, purchase or
otherwise acquire any of the foregoing.

“Swap Guarantee” means the swap guarantee issued by the Swap Guarantor in favor of the Pledgor
dated October 13, 2006.

“Swap Guarantor” means Morgan Stanley Capital Services Inc.

“Trustee” has the meaning set forth in the preamble hereto.

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or,
when the context implies, the Uniform Commercial Code as in effect from time to time in any other
applicable jurisdiction.

“UK Investment Agreement” has the meaning set forth in the Deed of Charge.

“US Investment Agreement” has the meaning set forth in the Deed of Charge.

“UK Shareholders Agreement” has the meaning set forth in the Deed of Charge.

“US Shareholders Agreement” has the meaning set forth in the Deed of Charge.

Section 1.4 Rules of Interpretation

In this Agreement, unless otherwise specified, (a) the Schedules and Exhibits to this
Agreement, in each case as amended, amended and restated, supplemented or otherwise modified from
time to time in accordance with the provisions hereof are incorporated herein by reference and (b)
all obligations of the Pledgor hereunder shall be satisfied by the Pledgor at the Pledgor’s sole
cost and expense.

Section 1.5 Certain Terms

The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include” and “includes” shall be deemed to be
followed by the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition
of or reference to any agreement, instrument or other document herein shall be construed as
referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to
include such Person’s successors and

- 4 -

 

assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(d) all references herein to Sections, Exhibits and Schedules shall be construed to refer to
Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or
regulation herein (including the UCC) shall, unless otherwise specified, refer to such law or
regulation as amended, modified or supplemented from time to time and (f) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all
tangible assets and properties, including cash, securities, accounts and contract rights.

SECTION 2

GRANT OF SECURITY

Section 2.1 Grant of Security

As security for the prompt and complete payment and performance in full when due (whether at
stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, including
the payment of amounts that would become due but for the operation of the automatic stay under
Section 362(a) of the Bankruptcy Code) of all Secured Obligations, the Pledgor hereby pledges,
assigns, transfers and grants to the Trustee, for its benefit and for the benefit of the Secured
Creditors, a continuing security interest in and Lien on all of its right, title and interest in,
to and under the following, in each case whether now owned or existing or hereafter acquired or
arising and wherever located:

	 	(a)	 	all Pledged Collateral;
	 
	 	(b)	 	all books and Records pertaining to the Pledged Collateral, including all
Collateral Records; and
	 
	 	(c)	 	to the extent not otherwise included, all Proceeds of each of the foregoing and
all accessions to, and substitutions and replacements for, any of the foregoing.

For avoidance of doubt it is expressly understood and agreed that, to the extent the UCC is revised
subsequent to the date hereof such that the definition of any of the foregoing terms included in
the description of Collateral is changed, the parties hereto desire that any property that is
included in such changed definitions that would not otherwise be included in the foregoing grants
on the date hereof be included in such grants immediately upon the effective date of such revision,
it being the intention of the Pledgor that the description of Collateral set forth above be
construed to include the broadest possible range of assets. Notwithstanding the immediately
preceding sentence, the foregoing grant is intended to apply immediately on the date hereof to all
Collateral to the fullest extent permitted by applicable law regardless of whether any particular
item of Collateral is currently subject to the UCC.

Section 2.2 Grant of Security

Notwithstanding anything to the contrary contained in this Section 2 or elsewhere in this
Agreement, the Pledgor and the Trustee (on behalf of the Secured Creditors) acknowledge and agree
that the Security Interests granted pursuant to this Agreement (including pursuant to this Section
2) to the Trustee for the benefit of the Secured Creditors and securing the Secured Obligations
shall be a “first” priority Security Interest in the Collateral, junior to no other security
interests. The parties hereto acknowledge, and the Trustee hereby agrees, that the Trustee shall
hold that portion of the Collateral constituting Certificated Securities for and on behalf of the
Secured Creditors as agent for such parties

- 5 -

 

for the purpose of perfecting a Security Interest in such Collateral. Notwithstanding anything to
the contrary contained in this Agreement, it is expressly understood and agreed that nothing herein
shall prohibit the Pledgor from exercising its rights under the Put Option Agreement. Nothing
contained herein shall prohibit the Pledgor, prior to the occurrence of an Enforcement Event, from
exercising its rights under the Put Option Agreements where required or permitted to do so under
the terms of the Bond Documents.

SECTION 3

REPRESENTATIONS AND WARRANTIES

The Pledgor represents and warrants to the Trustee and the Secured Creditors, on and as of the
date hereof, that:

Section 3.1 Title

The Pledgor owns the Collateral purported to be owned by it free and clear of any and all
Liens, rights or claims of all other Persons. The Pledgor has not filed or consented to the filing
of (a) any financing statement or analogous document under the UCC or any other applicable laws
covering any Collateral, (b) any assignment in which the Pledgor assigns any Collateral or any
security agreement or similar instrument covering any Collateral with any foreign governmental,
municipal or other office, which financing statement or analogous document, assignment, security
agreement or similar instrument is still in effect, except for any financing statement or analogous
document, assignment, security agreement or similar instrument evidencing Liens being terminated on
the date hereof.

Section 3.2 Names, Locations

	 	(a)	 	Schedule 3.2 sets forth with respect to the Pledgor under the heading “Names,”, (i)
its exact name, as such name appears in the public record of its jurisdiction of
organization which shows the Pledgor to have been formed, (ii) each other name that the
Pledgor has had in the past five years, together with the date of the relevant change,
(iii) a list of all other names (including trade names or similar appellations) used by
the Pledgor or any of its divisions or other business units in connection with the
conduct of its business or the ownership of its properties in the past five years, (iv)
the federal taxpayer identification number of the Pledgor and (v) the jurisdiction of
organization of the Pledgor and its organizational identification number or statement
that the Pledgor has no such number.
	 
	 	(b)	 	Schedule 3.2 sets forth, with respect to the Pledgor, under the heading
“Locations” the location of its chief executive office and each other chief executive
office of the Pledgor within the past five years, together with dates of the relevant
change. Except as set forth on Schedule 3.2, the Pledgor has not changed its
jurisdiction of organization, chief executive office or other “location” (as defined in
Section 9-307 of the UCC) in the past four months.
	 
	 	(c)	 	Except as set forth on Schedule 3.2 under the heading “Changes in Identity or
Organizational Structure,” the Pledgor has not changed its identity or organizational
structure in any way in the past five years. Changes in identity or organizational
structure would include mergers, consolidations and acquisitions, as well as any change
in the form or jurisdiction of the Pledgor. If any such change has occurred, Schedule
3.2

- 6 -

 

	 	 	 	sets forth the date of such change and all information applicable to each acquired
party or constituent party to a merger or consolidation.

Section 3.3 Filings, Consents

	 	(a)	 	Attached hereto as Exhibit B are true, complete and correct copies of search
reports from the offices where any filings or recordings against the Pledgor with
respect to any property of the Pledgor of the type included in the Collateral have been
made, including a true copy of each financing statement, assignment or other filing or
recording identified in such search reports.
	 
	 	(b)	 	Exhibit C sets forth true, complete and correct copies of all UCC financing
statements or other appropriate filings, recordings or registrations containing an
accurate description of the Collateral that have been delivered to the Trustee for
filing in each governmental, municipal or other office specified in Schedule 3.3.
	 
	 	(c)	 	No authorization, approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body is required for either (i) the pledge or
grant by the Pledgor of the Security Interests purported to be created in favor of the
Trustee hereunder or (ii) the exercise by the Trustee of any rights or remedies in
respect of the Collateral, including voting rights (whether specifically granted or
created hereunder or created or provided for by applicable law), except (A) for the
filings contemplated by clause (b) above and (B) as may be required in connection with
the disposition of the Pledged Collateral by laws generally affecting the offering and
sale of securities.
	 
	 	(d)	 	All filing or recording fees and taxes payable in connection with the filings
and recordings described in clauses (b) and (c) above have been or promptly will be
paid by the Pledgor.

Section 3.4 Security Interests

The Security Interests constitute (a) legal and valid security interests in all Collateral
securing the payment and performance of the Secured Obligations and (b) subject to the completion
of the filings described in Section 3.3 and to value being given, perfected Security Interests in
all Collateral in which a security interest may be perfected by filing, recording or registering a
financing statement or analogous document under the UCC as in effect in the State of Delaware.
Subject to the Deed of Charge, the Security Interests are and shall be prior to any other Lien on
any of the Collateral.

Section 3.5 Pledged Collateral

	 	(a)	 	Schedule 3.5 sets forth under the heading “Pledged Stock” all Pledged Stock owned
by the Pledgor. The Pledged Stock pledged hereunder by the Pledgor constitutes, as of
the date hereof, that percentage of the issued and outstanding equity of all classes of
Toshiba Nuclear Energy Holdings (US) Inc. as set forth on Schedule 3.5 under the
heading “Pledged Stock.” Schedule 3.5 identifies any such Pledged Stock that is
represented by Certificated Securities.
	 
	 	(b)	 	All of the Pledged Stock has been duly and validly issued and are fully paid
and nonassessable.

- 7 -

 

	 	(c)	 	No Person other than the Trustee has “control” (as defined in Sections 8-106
and 9-106 of the UCC) over any Pledged Collateral of the Pledgor constituting
Certificated Securities, and there is no Pledged Collateral other than Pledged
Collateral that is represented by Certificated Securities that are in the possession of
the Trustee.
	 
	 	(d)	 	All Pledged Collateral represented by Certificated Securities has been
delivered to the Trustee in the State of New York.
	 
	 	(e)	 	There are no restrictions on transfer in any agreement relating to the
foregoing which would limit or restrict (i) the grant of a security interest in the
Pledged Stock, (ii) the perfection of such security interest or (iii) the exercise of
remedies in respect of such perfected security interest in the Pledged Stock, in each
case as contemplated by this Agreement.

SECTION 4

COVENANTS

Section 4.1 Change of Name; Location of Collateral; Place of Business

Unless the Pledgor has given the Trustee at least 30 days prior written notice, the Pledgor
will not change (i) its name, (ii) its jurisdiction of organization or other “location” (as defined
in Section 9-307 of the UCC), (iii) the location of its chief executive office, its principal place
of business or any office in which it maintains the Collateral Records (including the establishment
of any such new office or facility), (iv) its identity or organizational structure or (v) its
organizational identification number or its federal taxpayer identification number. The Pledgor
agrees to cooperate with the Trustee in making all filings that are required in order for the
Trustee to continue at all times following such change to have a legal, valid and perfected
Security Interest in all the Collateral having the priority described in Section 2.2.

Section 4.2 Protection of Security

The Pledgor shall, at its own cost and expense, take any and all actions necessary or
desirable to defend title to the Collateral and to defend the Security Interest of the Trustee in
the Collateral and the priority thereof against any Lien against all Persons. The Pledgor shall
not take or permit to be taken any action that could impair the Trustee’s rights in the Collateral.

Section 4.3 Pledged Collateral

	 	(a)	 	The Pledgor hereby covenants and agrees that, without the prior written consent of
the Trustee, which shall not be unreasonably withheld, delayed or conditioned, it shall
not vote or take any other action to amend or terminate any certificate of
incorporation, by-laws or other organizational documents in any way that materially
changes the rights of the Pledgor with respect to any Pledged Collateral or adversely
affects the validity, perfection or priority of the Trustee’s Security Interests.
	 
	 	(b)	 	The Pledgor hereby covenants and agrees that, in the event it establishes or
acquires rights in any Pledged Collateral after the date hereof, it shall deliver to
the Trustee a completed Security Supplement, together with all supplements to Schedules
hereto, reflecting such new Pledged Collateral and all other Pledged Collateral.
Notwithstanding the foregoing, it is understood and agreed that the Security Interests
of the Trustee shall

- 8 -

 

	 	 	 	attach to all Pledged Collateral immediately upon the Pledgor’s acquisition of rights
therein and shall not be affected by the failure of the Pledgor to deliver a
supplement to Schedule 3.5 as required hereby.
	 
	 	(c)	 	The Pledgor hereby covenants and agrees that it shall enforce all of its rights
with respect to any Pledged Collateral.
	 
	 	(d)	 	The Certificated Securities referred to in Section 3.5(d) shall be held by the
Trustee in the State of New York. With respect to any Pledged Collateral constituting
Certificated Securities acquired or pledged after the date hereof, immediately, and in
any event within ten days of the Pledgor acquiring rights therein, the Pledgor shall
deliver or cause to be delivered to the Trustee all such Certificated Securities, stock
powers duly executed in blank or other instruments of transfer reasonably satisfactory
to the Trustee in the State of New York (which Certificated Securities and stock powers
shall be held by the Trustee in the State of New York) and all such instruments and
documents as the Trustee may reasonably request in order to give effect to the pledge
granted hereby.
	 
	 	(e)	 	Upon the occurrence and during the continuance of an Enforcement Event, the
Trustee shall have the right, without notice to the Pledgor, to transfer all or any
portion of the Pledged Collateral to its name or the name of its nominee or agent. In
addition, upon the occurrence and during the continuance of an Enforcement Event, the
Trustee shall have the right at any time, without notice to the Pledgor, to exchange
any certificates representing Pledged Collateral for certificates of smaller or larger
denominations.
	 
	 	(f)	 	Voting and Distributions

	 	(i)	 	So long as no Enforcement Event shall have occurred and shall be
continuing:

	 	(A)	 	except as otherwise provided in this Section 4.3 or
elsewhere herein, the Pledgor shall be entitled to exercise or refrain
from exercising any and all voting and other consensual rights pertaining
to the Pledged Collateral or any part thereof for any purpose not
inconsistent with the terms of this Agreement or the other Transaction
Documents; provided, however, that the Pledgor will not be entitled to
exercise any such right if the result thereof could materially and
adversely affect the rights inuring to a holder of the Pledged Collateral
or the rights and remedies of any of the Secured Creditors under this
Agreement or any other Transaction Document or the ability of the Secured
Creditors to exercise the same;
	 
	 	(B)	 	the Trustee shall promptly execute and deliver (or
cause to be executed and delivered) to the Pledgor all proxies and other
instruments as the Pledgor may from time to time reasonably request for
the purpose of enabling the Pledgor to exercise the voting and other
consensual rights when and to the extent that it is entitled to exercise
the same pursuant to clause (f)(i)(A) above and to receive the cash
Dividends that it is entitled to receive pursuant to clause (f)(i)(C)
below; and
	 
	 	(C)	 	the Pledgor shall be entitled to receive and retain
any and all ordinary cash Dividends, Securities or other property paid on
the Pledged Collateral to the extent and only to the extent that such
ordinary cash

- 9 -

 

	 	 	 	Dividends, Securities or other property are permitted by, and otherwise
paid in accordance with, the terms and conditions of, the other
Transaction Documents and applicable laws, and all such distributions
received by the Pledgor in accordance with this sentence shall be free
of the pledge and Security Interests created hereunder and shall not
constitute Collateral. All noncash Dividends, Securities or other
property, and all Dividends, Securities or other property paid or
payable in cash or otherwise in connection with a partial or total
liquidation or dissolution, return of capital, capital surplus or
paid-in surplus, and all other distributions (other than distributions
referred to in the preceding sentence) made on or in respect of the
Pledged Collateral, whether paid or payable in cash or otherwise,
whether resulting from a subdivision, combination or reclassification
of the outstanding Stock of the issuer of any Pledged Collateral or
received in exchange for Pledged Collateral or any part thereof, or in
redemption thereof, or as a result of any merger, consolidation,
acquisition or other exchange of assets to which such issuer may be a
party or otherwise, shall be and become part of the Collateral without
any further action. The Pledgor shall immediately take all steps, if
any, required, necessary or desirable to ensure the validity,
perfection, priority and, if applicable, “control” (as defined in
Article 8 or Article 9 of the UCC, as applicable) of the Trustee over
such Dividends, Securities or other property, in each case referred to
in the immediately preceding sentence (including delivery thereof to
the Trustee), and pending any such action the Pledgor shall be deemed
to hold such Dividends, Securities or other property in trust for the
benefit of the Trustee, and the same shall be segregated from all other
property of the Pledgor.

	 	(ii)	 	Upon the occurrence and continuance of an Enforcement Event:

	 	(A)	 	all rights of the Pledgor to exercise or refrain
from exercising the voting and other consensual rights that it would
otherwise be entitled to exercise pursuant hereto shall cease, and all
such rights shall thereupon become vested in the Trustee who shall
thereupon have the sole right to exercise such voting and other
consensual rights;
	 
	 	(B)	 	in order to permit the Trustee to exercise the
voting and other consensual rights that it may be entitled to exercise
pursuant hereto and to receive all Dividends and other distributions that
it may be entitled to receive hereunder: (1) the Pledgor shall promptly
execute and deliver (or cause to be executed and delivered) to the
Trustee all proxies, Dividend payment orders and other instruments as the
Trustee may from time to time reasonably request and (2) the Pledgor
acknowledges that the Trustee may utilize the power of attorney set forth
in Section 6; and
	 
	 	(C)	 	all rights of the Pledgor to Dividends and other
amounts that the Pledgor is authorized to receive pursuant to clause
(f)(i)(C) above shall cease, and all such rights shall thereupon become
vested in the Trustee, which

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	 	 	 	shall have the sole and exclusive right and authority to receive and
retain such Dividends and other amounts.

	 	(g)	 	If all Enforcement Events have been rescinded, the Pledgor will have the right
to exercise the voting and consensual rights and powers that it is entitled to exercise
pursuant to the terms clause (f)(i) above and to receive the Dividends, Securities and
other property that it is entitled to receive pursuant to of clause (f)(i) above.

SECTION 5

FURTHER ASSURANCES

Section 5.1 Further Assurances

	 	(a)	 	The Pledgor agrees that from time to time, at its expense, it shall promptly
execute and deliver all further instruments and documents and take all further action
that may be necessary or desirable, or that the Trustee may reasonably request, in
order to create and/or maintain the validity, perfection or priority of and protect any
Security Interest granted or purported to be granted hereby or to enable the Trustee to
exercise and enforce its rights and remedies hereunder with respect to any Collateral.
Without limiting the generality of the foregoing, the Pledgor shall:

	 	(i)	 	execute, acknowledge, deliver and cause to be duly filed all such
further instruments, documents, indorsements, powers of attorney or notices, and
take all such actions as may be necessary or desirable, or as the Trustee may
from time to time reasonably request, to preserve, protect and perfect the
Security Interests and the rights and remedies created hereby, including the
payment of any fees and taxes required in connection with the execution and
delivery of this Agreement, the granting of the Security Interests and the filing
of any financing statements or other documents in connection herewith or
therewith; and
	 
	 	(ii)	 	at the Trustee’s request, appear in and defend any action or
proceeding that may affect the Pledgor’s title to or the Trustee’s Security
Interests in all or any material part of the Collateral.

	 	(b)	 	The Pledgor hereby authorizes the Trustee to file a Record or Records,
including financing statements, continuation statements and, in each case, amendments
thereto, in all jurisdictions and with all filing offices as the Trustee may determine,
in its sole discretion, are necessary or advisable to perfect the Security Interests
granted to the Trustee herein, without the signature of the Pledgor. Such financing
statements may describe the Collateral in the same manner as described herein or may
contain an indication or description of the Collateral that describes such property in
any other manner as the Trustee may determine, in its sole discretion, is necessary,
advisable or prudent to ensure the perfection of the Security Interests in the
Collateral granted to the Trustee herein. The Pledgor agrees that a photographic or
other reproduction of this Agreement or of a financing statement shall be sufficient as
a financing statement and may be filed as a financing statement in any and all
jurisdictions.

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The Pledgor shall, through compliance with the covenants contained herein and through any other
actions that may be necessary or desirable, continuously maintain from the date made the
truthfulness and accuracy of every representation, warranty and certification made herein until the
termination of this Agreement by its terms.

SECTION 6

TRUSTEE APPOINTED ATTORNEY-IN-FACT

Section 6.1 Power of Attorney

	 	(a)	 	The Pledgor hereby irrevocably makes, constitutes and appoints the Trustee (and all
officers, employees or agents designated by the Trustee), until such time as this
Agreement terminates under Section 9.14, as the Pledgor’s true and lawful agent and
attorney-in-fact, with full authority in the place and stead of the Pledgor and in the
name of the Pledgor, the Trustee or otherwise, from time to time in the Trustee’s
discretion, to take any action and to execute any instrument that the Trustee may deem
reasonably necessary or advisable to accomplish the purposes of this Agreement,
including the following:

	 	(i)	 	upon the occurrence of an Enforcement Event,

	 	(A)	 	to receive, endorse, assign, collect and deliver
any and all notes, acceptances, checks, drafts, money orders or other
instruments, documents and Chattel Paper or other evidences of payment
relating to the Collateral;
	 
	 	(B)	 	to ask for, demand, collect, sue for, recover,
compound, receive payment of, give receipt for and give discharges and
releases of all or any of the Collateral;
	 
	 	(C)	 	to commence and prosecute any and all suits,
actions or proceedings at law or in equity in any court of competent
jurisdiction to collect or otherwise realize on all or any of the
Collateral or to enforce any rights in respect of any Collateral;
	 
	 	(D)	 	to settle, compromise, compound, adjust or defend
any claims, actions, suits or proceedings relating to all or any of the
Collateral;
	 
	 	(E)	 	to use, sell, assign, transfer, pledge, make any
agreement with respect to or otherwise deal with all or any of the
Collateral;

	 	(ii)	 	to prepare and file Records (including UCC financing statements) as
further described in Section 5.1(b);
	 
	 	(iii)	 	to take or cause to be taken all actions necessary to perform or
comply or cause performance or compliance with the terms of this Agreement,
including to pay or discharge taxes or Liens levied or placed upon or threatened
against the Collateral, the legality or validity thereof and the amounts
necessary to discharge the same to be determined by the Trustee in its sole
discretion, any

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	 	 	 	such payments made by the Trustee to become obligations of the Pledgor to the
Trustee, due and payable immediately without demand; and
	 
	 	(iv)	 	generally to sell, transfer, pledge, make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely
as though the Trustee were the absolute owner thereof for all purposes, and to
do, at the Trustee’s option and the Pledgor’s expense, at any time or from time
to time, all acts and things that the Trustee deems reasonably necessary to
protect, preserve or realize upon the Collateral and the Trustee’s Security
Interest therein in order to effect the intent of this Agreement, all as fully
and effectively as the Pledgor might do.

	 	(b)	 	Notwithstanding anything in this Section 6.1 to the contrary, the Trustee
agrees that it will not exercise any rights under the power of attorney provided for in
Section 6.1(a)(i) or (iv) unless an Enforcement Event has occurred and is continuing.

Section 6.2 No Duty on the Part of Trustee or Secured Creditors

Notwithstanding any other provision of this Agreement, nothing herein contained shall be
construed as requiring or obligating the Trustee or any other Secured Creditor to make any
commitment or to make any inquiry as to the nature or sufficiency of any payment received by the
Trustee or any Secured Creditor, or to present or file any claim or notice, or to take any action
with respect to the Collateral or any part thereof or the moneys due or to become due in respect
thereof or any property covered thereby, and no action taken or omitted to be taken by the Trustee
or any Secured Creditor with respect to the Collateral or any part thereof shall give rise to any
defense, counterclaim or offset in favor of the Pledgor or to any claim or action against the
Trustee or any Secured Creditor. It is understood and agreed that the appointment of the Trustee
as the agent and attorney-in-fact of the Pledgor for the purposes set forth above is coupled with
an interest and is irrevocable. The provisions of this Section shall in no event relieve the
Pledgor of any of its obligations hereunder or under any other Transaction Document with respect to
the Collateral or any part thereof or impose any obligation on the Trustee or any Secured Creditor
to proceed in any particular manner with respect to the Collateral or any part thereof, or in any
way limit the exercise by the Trustee or any Secured Creditor of any other or further right that it
may have on the date of this Agreement or hereafter, whether hereunder, under any other Transaction
Document, by law or otherwise. The Trustee and the Secured Creditors shall be accountable only for
amounts that they actually receive as a result of the exercise of such powers, and neither they nor
any of their officers, directors, employees or agents shall be responsible to the Pledgor for any
act or failure to act hereunder, except for their own gross negligence or willful misconduct.

SECTION 7

REMEDIES

Section 7.1 Remedies Upon Enforcement Event

	 	(a)	 	Upon the occurrence and during the continuance of an Enforcement Event, the Trustee
may exercise in respect of the Collateral, in addition to all other rights and remedies
provided for herein or otherwise available to it at law or in equity, all the rights
and remedies of a secured party on default under the UCC (whether or not the UCC
applies

- 13 -

 

	 	 	 	to the affected Collateral) or any other applicable law, and also may, without prior
notice except as specified below, sell, assign, lease, license (on an exclusive or
non-exclusive basis) or otherwise dispose of the Collateral or any part thereof in one
or more parcels at public or private sale or at any broker’s board or on any
securities exchange, at any of the Trustee’s offices or elsewhere, for cash, on credit
or for future delivery, at such time or times and at such price or prices and upon
such other terms as the Trustee may deem commercially reasonable; provided that (i)
the Trustee shall be authorized at any such sale (if it deems it advisable to do so)
to restrict the prospective bidders or purchasers to Persons who will represent and
agree that they are purchasing the Collateral for their own account for investment and
not with a view to the distribution or sale thereof, (ii) upon consummation of any
such sale the Trustee shall have the right to assign, transfer and deliver to the
purchaser or purchasers thereof the Collateral so sold, (iii) each such purchaser at
any such sale shall hold the property sold absolutely, free from any claim or right on
the part of the Pledgor, and (iv) the Pledgor hereby waives (to the extent permitted
by law) all rights of redemption, stay, valuation and appraisal that the Pledgor now
has or may at any time in the future have under any rule of law or statute now
existing or hereafter enacted.
	 
	 	(b)	 	The Trustee or any Secured Creditor may be the purchaser of any or all of the
Collateral at any sale thereof and the Trustee, as collateral agent for and
representative of the Secured Creditors, shall be entitled, for the purpose of bidding
and making settlement or payment of the purchase price for all or any portion of the
Collateral sold at any such public sale, to use and apply any of the Secured
Obligations as a credit on account of the purchase price for any Collateral payable by
the Trustee at such sale.
	 
	 	(c)	 	The Pledgor hereby waives notice of the time and place of any public sale or
the time after which any private sale or other disposition of all or any part of the
Collateral may be made. To the extent such notice may not be waived under applicable
law, any notice made shall be deemed reasonable if sent to the Pledgor, addressed as
set forth in the notice provisions of the Deed of Charge, at least ten days prior to
(i) the date of any such public sale or (ii) the time after which any such private sale
or other disposition may be made. Such notice, in the case of a public sale, shall
state the time and place for such sale and, in the case of a sale at a broker’s board
or on a securities exchange, shall state the board or exchange at which such sale is to
be made and the day on which the Collateral, or portion thereof, will first be offered
for sale at such board or exchange. Any such public sale shall be held at such time or
times during ordinary business hours and at such place or places as the Trustee may fix
and state in the notice (if any) of such sale. At any such sale, the Collateral, or
portion thereof, to be sold may be sold in one lot as an entirety or in separate
parcels, as the Trustee may (in its sole and absolute discretion) determine. The
Trustee shall not be obligated to make any sale of any Collateral if it shall determine
not to do so, regardless of the fact that notice of sale of such Collateral shall have
been given. The Trustee may, without notice or publication, adjourn any public or
private sale or cause the same to be adjourned from time to time by announcement at the
time and place fixed for sale, and such sale may, without further notice, be made at
the time and place to which the same was so adjourned. In case any sale of all or any
part of the Collateral is made on credit or for future delivery, the Collateral so sold
may be retained by the Trustee until the sale price

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	 	 	 	is paid by the purchaser or purchasers thereof, but the Trustee shall not incur any
liability in case any such purchaser or purchasers shall fail to take up and pay for
the Collateral so sold and in case of any such failure, such Collateral may be sold
again upon like notice. For purposes hereof, a written agreement to purchase the
Collateral or any portion thereof shall be treated as a sale thereof; the Trustee
shall be free to carry out such sale pursuant to such agreement and the Pledgor shall
not be entitled to the return of the Collateral or any portion thereof subject
thereto, notwithstanding the fact that after the Trustee shall have entered into such
an agreement all Events of Default shall have been remedied and the Secured
Obligations paid in full. As an alternative to exercising the power of sale herein
conferred upon it, the Trustee may proceed by a suit or suits at law or in equity to
foreclose upon the Collateral and to sell the Collateral or any portion thereof
pursuant to a judgment or decree of a court or courts having competent jurisdiction or
pursuant to a proceeding by a court-appointed receiver. The Pledgor hereby waives any
claims against the Trustee arising by reason of the fact that the price at which any
Collateral may have been sold at such a private sale was less than the price that
might have been obtained at a public sale, even if the Trustee accepts the first offer
received and does not offer such Collateral to more than one offeree.
	 
	 	(d)	 	If the Proceeds of any sale or other disposition of the Collateral are
insufficient to pay the entire outstanding amount of the Secured Obligations, the
Pledgor shall be liable for the deficiency and the fees of any attorneys employed by
the Trustee to collect such deficiency. The Pledgor further agrees that a breach of
any of the covenants contained in this Section will cause irreparable injury to the
Trustee, that the Trustee has no adequate remedy at law in respect of such breach and,
as a consequence, that each and every covenant contained in this Section shall be
specifically enforceable against the Pledgor, and the Pledgor hereby waives and agrees
not to assert any defenses in an action for specific performance of such covenants
except for a defense that no default has occurred giving rise to the Secured
Obligations becoming due and payable prior to their stated maturities. Nothing in this
Section shall in any way alter the rights of the Trustee hereunder.
	 
	 	(e)	 	The Trustee may sell the Collateral without giving any warranties as to the
Collateral. The Trustee may specifically disclaim any warranties of title or the like.
This procedure will not be considered to adversely affect the commercial
reasonableness of any sale of the Collateral.
	 
	 	(f)	 	The Trustee shall have no obligation to marshal any of the Collateral.

Section 7.2 Application of Proceeds

The Trustee shall apply the Proceeds of any collection or sale of the Collateral as provided
in the Deed of Charge. Upon any sale of the Collateral by the Trustee (including pursuant to a
power of sale granted by statute or under a judicial proceeding), the receipt by the Trustee or of
the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the
Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Trustee or such officer or be
answerable in any way for the misapplication thereof. Any Proceeds received by the Pledgor shall
be held in trust for and forthwith

- 15 -

 

paid over to the Trustee. All Proceeds received by the Trustee hereunder shall be held by the
Trustee in a Cash Collateral Account. All Proceeds while held by the Trustee (or by the Pledgor in
trust for the Trustee) shall continue to be held by the Trustee (for itself and for the benefit of
the Secured Creditors) as collateral security for the Secured Obligations and shall not constitute
payment thereof until applied as provided in the Deed of Charge.

Section 7.3 Securities Act, Etc.

The Pledgor understands that compliance with the Federal Securities Laws might very strictly
limit the course of conduct of the Trustee if the Trustee were to attempt to dispose of all or any
part of the Pledged Collateral, and might also limit the extent to which or the manner in which any
subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be
other legal restrictions or limitations affecting the Trustee in any attempt to dispose of all or
part of the Pledged Collateral under applicable blue sky or other state securities laws or similar
laws analogous in purpose or effect. The Pledgor recognizes that in light of such restrictions and
limitations the Trustee may, with respect to any sale of the Pledged Collateral, limit the
purchasers to those who will agree, among other things, to acquire such Pledged Collateral for
their own account, for investment and not with a view to the distribution or resale thereof. The
Pledgor acknowledges and agrees that in light of such restrictions and limitations, the Trustee, in
its sole and absolute discretion exercised in good faith and in accordance with applicable laws,
(a) may proceed to make such a sale whether or not a registration statement for the purpose of
registering such Pledged Collateral or part thereof has been filed under the Federal Securities
Laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. The
Pledgor acknowledges and agrees that any such sale might result in prices and other terms less
favorable to the seller than if such sale were a public sale without such restrictions. In the
event of any such sale, the Trustee shall incur no responsibility or liability for selling all or
any part of the Pledged Collateral at a price that the Trustee, in its sole and absolute
discretion, may in good faith deem reasonable under the circumstances, notwithstanding the
possibility that a substantially higher price might have been realized if the sale were deferred
until after registration as aforesaid or if more than a single purchaser were approached. The
provisions of this Section 7.3 will apply notwithstanding the existence of a public or private
market upon which the quotations or sales prices might exceed substantially the price at which the
Trustee sells.

SECTION 8

STANDARD OF CARE; TRUSTEE MAY PERFORM

The powers conferred on the Trustee hereunder are solely intended to protect its interest in
the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the
exercise of reasonable care in the custody of any Collateral in its possession and the accounting
for moneys actually received by it hereunder, the Trustee shall have no duty as to any Collateral
or as to the taking of any necessary steps to preserve rights against prior parties or any other
rights pertaining to any Collateral. The Trustee shall be deemed to have exercised reasonable care
in the custody and preservation of Collateral in its possession if such Collateral is accorded
treatment substantially equal to that which the Trustee accords its own property. Neither the
Trustee nor any of its directors, officers, employees or agents shall be liable for failure to
demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or
shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of
the Pledgor or otherwise. If the Pledgor fails to perform any agreement contained herein, the
Trustee may itself perform, or cause performance of, such

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agreement, and the expenses of the Trustee incurred in connection therewith shall be payable by the
Pledgor in accordance with the Deed of Charge.

SECTION 9

MISCELLANEOUS

Section 9.1 Notices

All communications and notices hereunder shall (except as otherwise expressly permitted
herein) be in writing and given as provided in the notice provisions of the Deed of Charge.

Section 9.2 Security Interests Absolute

All rights of the Trustee hereunder, the Security Interests and all obligations of the Pledgor
hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or
enforceability of the Deed of Charge, any other Transaction Document, any agreement with respect to
any of the Secured Obligations or any other agreement or instrument relating to any of the
foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all
or any of the Secured Obligations, or any other amendment or waiver of or any consent to any
departure from the Deed of Charge, any other Transaction Document or any other agreement or
instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any
release or amendment or waiver of or consent under or departure from any security document or
guarantee securing or guaranteeing all or any of the Secured Obligations, or (d) any other
circumstance that might otherwise constitute a defense available to, or a discharge of, the Pledgor
in respect of the Secured Obligations or this Agreement (other than the indefeasible payment in
full in cash of the Secured Obligations)

Section 9.3 Survival of Agreement

All representations and warranties made by the Pledgor herein and in the certificates or other
instruments prepared or delivered in connection with or pursuant to this Agreement shall be
considered to have been relied upon by the Secured Creditors and shall survive the issuance of the
Bonds, regardless of any investigation made by the Secured Creditors or on their behalf, and shall
continue in full force and effect until this Agreement shall terminate.

Section 9.4 Binding Effect

The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns, except that the Pledgor may not
assign or otherwise transfer any of its rights or obligations hereunder or any interest in the
Collateral (and any such assignment or transfer shall be null and void) except as expressly
contemplated by this Agreement or the Deed of Charge.

Section 9.5 Successors and Assigns

Whenever in this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the successors and assigns of such party; and all covenants, promises and
agreements by or on behalf of the Pledgor or the Trustee that are contained in this Agreement shall
bind and inure to the benefit of their respective successors and assigns.

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Section 9.6 Trustee’s Fees and Expenses; Indemnification

	 	(a)	 	The Pledgor agrees to pay upon demand to the Trustee the amount of any and all
out-of-pocket expenses, including the fees, disbursements and other charges of its
counsel (including allocated costs of internal counsel and costs of settlement) and of
any experts or agents, that the Trustee may incur in connection with (i) the
administration of this Agreement, (ii) the custody or preservation of, or the sale of,
collection from or other realization upon, any of the Collateral, (iii) the exercise,
enforcement or protection of any of the rights of the Trustee hereunder or (iv) the
failure of the Pledgor to perform or observe any of the provisions hereof.
	 
	 	(b)	 	Without limitation of its indemnification obligations under the other
Transaction Documents, the Pledgor agrees to indemnify the Trustee and the other
Indemnified Parties against, and hold each of them harmless from, any and all claims,
damages, liabilities, obligations, losses, penalties, actions, judgments, suits, costs,
disbursements and expenses of any kind or nature (including fees and disbursements of
counsel to the Trustee or any other Indemnified Party), which may be imposed on,
incurred by or asserted against any such Indemnified Party in connection with or
arising out of any investigation, litigation or proceeding, whether or not the Trustee
or any other Indemnified Party is a party thereto, whether direct, indirect, or
consequential and whether based on any federal, state or local law, statute or
regulation, securities or commercial law or regulation, or under common law or in
equity, or in contract, tort or otherwise, in any manner relating to or arising out of
this Agreement, or any act, event or transaction related or attendant to any thereof,
or in connection with any investigation of any potential matter covered hereby
(collectively, the “Indemnified Matters”); provided, however, that the Pledgor shall
not have any obligation under this Section 9.6(b) to the Trustee or any other
Indemnified Party with respect to any Indemnified Matter resulting primarily from the
gross negligence or willful misconduct of the Trustee or any other Indemnified Party,
as determined by a court of competent jurisdiction in a final non appealable judgment
or order. In addition, the Pledgor shall not be obligated to indemnify any Indemnified
Party for any Indemnified Matter claimed by one or more Indemnified Parties against one
or more other Indemnified Parties.
	 
	 	(c)	 	Any such amounts payable as provided hereunder shall constitute additional
Secured Obligations secured hereby. The provisions of this Section 9.6 shall remain
operative and in full force and effect regardless of the termination of this Agreement
or any other Transaction Document, the consummation of the transactions contemplated
hereby, the repayment of any of the Secured Obligations, the invalidity or
unenforceability of any term or provision of this Agreement or any other Transaction
Document or any investigation made by or on behalf of the Trustee or any Secured
Creditor. All amounts due under this Section 9.6 shall be payable on written demand
therefor. The Pledgor agrees that any indemnification or other protection provided to
any Indemnified Party pursuant to this Agreement shall (i) survive payment in full of
the Secured Obligations and (ii) inure to the benefit of any Person who was at any time
a Trustee or Indemnified Party under this Agreement.
	 
	 	(d)	 	The Pledgor agrees that neither the Trustee nor any Indemnified Party shall
have any liability (whether direct or indirect, in contract, tort or otherwise) to the
Pledgor or any of

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its subsidiaries or any of its equity holders or creditors for or in connection with
the transactions contemplated hereby and in the other Transaction Documents, except to
the extent such liability is found in a final judgment by a court of competent
jurisdiction to have resulted primarily from the Trustee’s or such Indemnified Party’s
gross negligence or willful misconduct. In no event, however, shall the Trustee or any
Indemnified Party be liable on any theory of liability for any special, indirect,
consequential or punitive damages, and the Pledgor hereby waives, releases and agrees
(for itself and on behalf of its subsidiaries) not to sue upon any such claim for any
such damages, whether or not accrued and whether or not known or suspected to exist in
its favor.

Section 9.7 Governing Law

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING, WITHOUT
LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

Section 9.8 Waivers; Amendment

	 	(a)	 	No failure on the part of the Trustee to exercise and no delay in exercising any
power or right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise thereof
or the exercise of any other right or power. The rights and remedies of the Trustee
and the Secured Creditors hereunder and under the other Transaction Documents are
cumulative and are not exclusive of any rights or remedies that they would otherwise
have. No waiver of any provisions of this Agreement or any other Transaction Document
or consent to any departure by the Pledgor therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) below, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on the Pledgor in any case shall entitle the Pledgor to
any other or further notice or demand in similar or other circumstances.
	 
	 	(b)	 	Neither this Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into by the
Trustee and the Pledgor, subject to any consent required in accordance with the
Transaction Documents.

Section 9.9 Waiver of Jury Trial

EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY

-19-

 

HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
9.9.

Section 9.10 Severability

Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and enforceability of the
remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 9.11 Execution in Counterparts

This Agreement may be executed in any number of counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all of which taken
together shall constitute a single contract. This Agreement shall become effective when it shall
have been executed by the Trustee and the Pledgor. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement.

Section 9.12 Section Titles

The Section titles contained in this Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the parties hereto.

Section 9.13 Jurisdiction; Consent to Service of Process

	 	(a)	 	The Pledgor hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of the courts of New York State sitting in
New York County and of the United States District Court for the Southern District of
New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and determined
in such New York State court or, to the fullest extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement
or any other Transaction Document shall affect any right that the Trustee or any
Secured Creditor may otherwise have to bring any action or proceeding relating to this
Agreement or any other Transaction Document against the Pledgor or any of its property
in the courts of any jurisdiction.
	 
	 	(b)	 	The Pledgor hereby irrevocably and unconditionally waives, to the fullest
extent permitted by applicable law, any objection that it may now or hereafter have to
the laying of venue of any action or proceeding arising out of or relating to this
Agreement or the other Transaction Documents in any court referred to in paragraph (a)
of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court.

-20-

 

	 	(c)	 	The Pledgor hereby irrevocably designates and appoints CT Corporation System,
111 Eighth Avenue, New York, New York 10011 as the agent of the Pledgor to receive on
its behalf service of all process brought against it with respect to any such
proceeding in any such court in the State of New York, such service being hereby
acknowledged by the Pledgor to be effective and binding on it in every respect. If for
any reason such agent shall cease to be available to act as such, then the Pledgor
shall promptly designate a new agent in the Borough of Manhattan in The City of New
York. Nothing in this Agreement will affect the right of any party to this Agreement
to serve process in any other manner permitted by law.

Section 9.14 Termination

This Agreement and the Security Interests shall terminate when all Secured Obligations then
due and owing have been indefeasibly paid in full in cash, at which time the Trustee shall execute
and deliver to the Pledgor, at the Pledgor’s expense, all UCC termination statements, releases and
similar documents that the Pledgor shall reasonably request to evidence such termination. Any
execution and delivery of termination statements, releases or other documents pursuant to this
Section 9.14 shall be without recourse to or warranty by the Trustee.

[Remainder of page intentionally left blank]

-21-

 

In Witness Whereof, the Pledgor and the Trustee have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written
above.

	 	 	 	 	 
	Nuclear Energy Holdings, L.L.C., as Pledgor	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	The Bank of New York, as Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

-22-

 

Schedule 3.2

To the Issuer Pledge Agreement

Names and Locations

Names

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grantor’s	 	 	 	 	 	 	 	 	 	 	 	 	 	Jurisdiction of organization	 
	correct	 	Previous	 	 	Additional	 	 	 	 	 	 	and organizational	 
	legal name:	 	names:	 	 	names:	 	 	Federal TIN:	 	 	identification number:	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Locations

	 	 	 	 	 
	` Grantor’s	 	 	 
	correct	 	 	 
	legal name:	 	Location of chief executive office	 
	 
	 	 	 	 

Changes in Identity or Organizational Structure

	 	 	 	 	 
	Grantor’s	 	 	 
	correct	 	 	 
	legal name:	 	Description of structural changes:	 
	 
	 	 	 	 

- 1 -

 

Schedule 3.3

To the Issuer Pledge Agreement

Filings

- 1 -

 

Schedule 3.5

To the Issuer Pledge Agreement

Pledged Stock

2

 

EXHIBIT A

TO THE ISSUER PLEDGE AGREEMENT

FORM OF SECURITY SUPPLEMENT

This SECURITY SUPPLEMENT, dated as of [                    , 200[_],
is delivered pursuant to the
Issuer Pledge Agreement, dated October 13, 2006 (as it may from time to time be amended, modified
or supplemented, the “Issuer Pledge Agreement”), between Nuclear Energy Holdings, LLC, a limited
liability company organized under the laws of the State of Delaware (the “Pledgor”), and The Bank
of New York, as security agent for the Secured Creditors (herein in such capacity, the “Trustee”).

The Pledgor confirms as set forth in the Issuer Pledge Agreement that it (a) pledges, assigns,
transfers and grants to the Trustee, for its benefit and for the benefit of the Secured Creditors,
a continuing security interest in and Lien on all of its right, title and interest in, to and under
the Collateral, in each case whether now owned or existing or hereafter acquired or arising and
wherever located, as security for the prompt and complete payment and performance in full when due
(whether at stated maturity, by required prepayment, declaration, acceleration, demand or
otherwise, including the payment of amounts that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code) of all Secured Obligations.

The Pledgor represents and warrants that the attached Supplements to Schedules accurately and
completely set forth all additional information required pursuant to the Issuer Pledge Agreement
and hereby agrees that such Supplements to Schedules shall constitute part of the Schedules to the
Issuer Pledge Agreement.

Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto
in the Issuer Pledge Agreement.

IN WITNESS WHEREOF, the Pledgor has caused this Security Supplement to be duly executed and
delivered by its duly authorized officer as of [                    , 20___].

Nuclear Energy Holdings, L.L.C., as Pledgor

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

3

 

EXHIBIT B

TO THE ISSUER PLEDGE AGREEMENT

SEARCH REPORTS

4

 

EXHIBIT C

TO THE ISSUER PLEDGE AGREEMENT

FINANCING STATEMENTS

5

 

Table of Contents

	 	 	 	 	 	 	 
	Contents	 	 	 	Page	 
	SECTION 1 DEFINITIONS; RULES OF INTERPRETATION	 	 	2	 
	Section 1.1	 	Definition of Terms Used Herein
	 	 	2	 
	Section 1.2	 	UCC Terms used herein that are defined in the UCC but not defined
	 	 	2	 
	 	 	herein have the meanings given to them in the UCC, including the
following which are capitalized herein:
	 	 	 	 
	Section 1.3	 	General Definitions In this Agreement:
	 	 	2	 
	Section 1.4	 	Rules of Interpretation
	 	 	4	 
	Section 1.5	 	Certain Terms
	 	 	4	 
	SECTION 2 GRANT OF SECURITY	 	 	5	 
	Section 2.1	 	Grant of Security
	 	 	5	 
	Section 2.2	 	Separate and Distinct Grants of Security
	 	 	5	 
	SECTION 3 REPRESENTATIONS AND WARRANTIES	 	 	6	 
	Section 3.1	 	Title
	 	 	6	 
	Section 3.2	 	Names, Locations
	 	 	6	 
	Section 3.3	 	Filings, Consents
	 	 	7	 
	Section 3.4	 	Security Interests
	 	 	7	 
	Section 3.5	 	Pledged Collateral
	 	 	7	 
	SECTION 4 COVENANTS	 	 	8	 
	Section 4.1	 	Change of Name; Location of Collateral; Place of Business
	 	 	8	 
	Section 4.2	 	Protection of Security
	 	 	8	 
	Section 4.3	 	Pledged Collateral
	 	 	8	 
	SECTION 5 FURTHER ASSURANCES;	 	 	11	 
	Section 5.1	 	Further Assurances
	 	 	11	 
	SECTION 6 SECURITY AGENT APPOINTED ATTORNEY-IN-FACT	 	 	12	 
	Section 6.1	 	Power of Attorney
	 	 	12	 
	Section 6.2	 	No Duty on the Part of Trustee or Secured Creditors
	 	 	13	 
	SECTION 7 REMEDIES	 	 	13	 
	Section 7.1	 	Remedies Upon Enforcement Event
	 	 	13	 
	Section 7.2	 	Application of Proceeds
	 	 	15	 
	Section 7.3	 	Securities Act, Etc.
	 	 	16	 
	SECTION 8 STANDARD OF CARE; SECURITY AGENT MAY PERFORM	 	 	16	 
	SECTION 9 MISCELLANEOUS	 	 	17	 
	Section 9.1	 	Notices
	 	 	17	 
	Section 9.2	 	Security Interests Absolute
	 	 	17	 
	Section 9.3	 	Survival of Agreement
	 	 	17	 
	Section 9.4	 	Binding Effect
	 	 	17	 
	Section 9.5	 	Successors and Assigns
	 	 	17	 
	Section 9.6	 	Trustee’s Fees and Expenses; Indemnification
	 	 	18	 
	Section 9.7	 	Governing Law
	 	 	19	 

- i -

 

	 	 	 	 	 	 	 
	Contents	 	 	 	Page	 
	Section 9.8	 	Waivers; Amendment
	 	 	19	 
	Section 9.9	 	Waiver of Jury Trial
	 	 	19	 
	Section 9.10	 	Severability
	 	 	20	 
	Section 9.11	 	Execution in Counterparts
	 	 	20	 
	Section 9.12	 	Section Titles
	 	 	20	 
	Section 9.13	 	Jurisdiction; Consent to Service of Process
	 	 	20	 
	Section 9.14	 	Termination
	 	 	21	 
	 	 	 
	 	 	 	 
	EXHIBIT A	 	FORM OF SECURITY SUPPLEMENT
	 	 	 	 
	 	 	 
	 	 	 	 
	EXHIBIT B	 	SEARCH REPORTS
	 	 	 	 
	 	 	 
	 	 	 	 
	EXHIBIT C	 	FINANCING STATEMENTS
	 	 	 	 

- ii -

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