Document:

EUR 25,000,000 Amended and Restated Credit Agreement, 25 March 2003

 EXHIBIT 4.8 
  

Dated: 23 April 2002 as amended and restated on 25 March 2003 
  
  
  
 ALSTOM 
 as Borrower 
  
  
 JPMORGAN CHASE BANK, PARIS BRANCH

 as Bank 
  
  
 THIS AGREEMENT IS SUBJECT TO AN INTERCREDITOR AGREEMENT 
 DATED 25 MARCH, 2003 
  

 EUR25,000,000 
 AMENDED AND RESTATED REVOLVING 
 CREDIT AGREEMENT 
 (originally EUR50,000,000) 

  
 

 

 CONTENTS 
  

	 	  	 	  	Page No

	 Clause
	  	 
			
	 1.
	  	 INTERPRETATION
	  	1
			
	 2.
	  	 THE FACILITY
	  	15
			
	 3.
	  	 ORIGINAL CONDITIONS PRECEDENT TO INITIAL DRAWDOWN
	  	16
			
	 4.
	  	 DRAWDOWN
	  	16
			
	 5.
	  	 REPAYMENT
	  	17
			
	 6.
	  	 PREPAYMENT AND CANCELLATION
	  	18
			
	 7.
	  	 CANCELLATION
	  	21
			
	 8.
	  	 INTEREST
	  	21
			
	 9.
	  	 FEES
	  	22
			
	 10.
	  	 TAXES
	  	23
			
	 11.
	  	 ILLEGALITY
	  	25
			
	 12.
	  	 INCREASED COSTS
	  	25
			
	 13.
	  	 CHANGE IN MARKET CONDITIONS
	  	26
			
	 14.
	  	 MITIGATION
	  	26
			
	 15.
	  	 PAYMENTS
	  	27
			
	 16.
	  	 REPRESENTATIONS AND WARRANTIES
	  	28
			
	 17.
	  	 INFORMATION
	  	33
			
	 18.
	  	 UNDERTAKINGS
	  	36
			
	 19.
	  	 FINANCIAL COVENANTS
	  	45
			
	 20.
	  	 DEFAULT
	  	48
			
	 21.
	  	 DEFAULT INTEREST
	  	51
			
	 22.
	  	 INDEMNITIES
	  	55
			
	 23.
	  	 SET-OFF
	  	54
			
	 24.
	  	 EXPENSES AND STAMP DUTY 
	  	54
			
	 25.
	  	 CALCULATIONS AND EVIDENCE
	  	55
			
	 26.
	  	 NOVATION 
	  	55
			
	 27.
	  	 REMEDIES, WAIVERS, AMENDMENTS AND CONSENTS
	  	57
			
	 28.
	  	 COMMUNICATIONS
	  	57
			
	 29.
	  	 PARTIAL INVALIDITY
	  	58
			
	 30.
	  	 CONTINUATION OF CERTAIN RIGHTS AND OBLIGATIONS 
	  	58

  

 I 

	 	  	 	  	Page No

	 31.
	  	 COUNTERPARTS
	  	58
			
	 32.
	  	 GOVERNING LAW AND JURISDICTION
	  	59
			
	 33.
	  	 CONFIDENTIALITY
	  	60
			
	 34.
	  	 THIRD PARTY RIGHTS
	  	61
		
	 SCHEDULE 1 CONDITIONS PRECEDENT
	  	62
		
	 SCHEDULE 2 CERTIFICATE OF BORROWER
	  	63
		
	 SCHEDULE 3 OPINION OF BORROWER’S LEGAL ADVISERS
	  	64
		
	 SCHEDULE 4 OPINION OF LINKLATERS 
	  	65
		
	 SCHEDULE 5 NOVATION NOTICE 
	  	66
		
	 SCHEDULE 6 NOTICE REQUESTING ADVANCE 
	  	68
		
	 SCHEDULE 7 TIMETABLES
	  	70
		
	 SCHEDULE 8 MANDATORY COSTS
	  	71
		
	 SCHEDULE 9 MATERIAL SUBSIDIARIES
	  	72
		
	 SCHEDULE 10 TAUX EFFECTIF GLOBAL LETTER
	  	74
		
	 SCHEDULE 11 FORM OF CONFIDENTIALITY UNDERTAKING 
	  	76
		
	 SCHEDULE 12 WAIVERS AND AMENDMENTS
	  	81
		
	 SCHEDULE 13 EXISTING SECURITY
	  	82
		
	 ANNEX 1 INITIAL LIQUIDITY PLAN
	  	84

  

 II 

 THIS AGREEMENT is made on 23 April 2002 and is amended and restated by agreement on 25 March 2003 
  
 BETWEEN 
  

	(1)	 	ALSTOM (the Borrower) and 

  

	(2)	 	JPMORGAN CHASE BANK, PARIS BRANCH (the Bank). 

  
 This Agreement is subject to the terms and conditions of an Intercreditor Agreement (as defined below) for so long as the Intercreditor Agreement is subsisting.

  
 IT IS AGREED as follows:

  

	1.	 	INTERPRETATION 

  
 Definitions 
  
 1.1 In this Agreement, except to the extent that the context requires otherwise: 
  
 Advance means an advance made or to be made by the Bank under this Agreement, or the outstanding principal amount of any such advance; 
  
 Affected Facilities means those Financing Documents in respect of which (and in
the Borrower’s opinion) Waivers and/or Amendments are required for the entry into and the performance by the Borrower of the transactions contemplated by the Finance Documents and the Strategic Plan; 
  
 Amendment Agreements means each of: 
  

	(a)	 	an amendment agreement dated 25 March 2003 between ALSTOM and BNP Paribas in respect of the EUR 50,000,000 bilateral credit agreement dated 30 April, 2002; 

 

	(b)	 	an amendment agreement dated 25 March 2003 relating to this Agreement; and 

  

	(c)	 	an amendment agreement dated 25 March 2003 between ALSTOM and Bayerische Landesbank, Paris Branch, BNP Paribas, Credit Agricole Indosuez, JP Morgan plc, Société
Générale, the banks named therein and BNP Paribas (as agent), in respect of the EUR 750,000,000 credit agreement dated 28 March, 2002, 

  
 each an Amendment Agreement and applicable Amendment Agreement shall be construed accordingly; 
  
 Applicable Accounting Principles means those accounting principles, standards
and practices generally accepted in France on which the preparation of the audited consolidated accounts of the Borrower and the Consolidated Group as at 31 March 2002 and for the twelve month period ended on that date was based and those 

 
accounting policies which were used in the preparation of those accounts as amended in accordance with the provisions of this Agreement; 
  
 Assets Disposal Letter means a letter dated 24 March 2003 from the Borrower to
inter alia, the Bank, describing the Azur, Parthenon and Trout Disposals; 
  
 Auditors means Ernst & Young and Deloitte & Touche or any other firm of independent public accountants of international standing which may be appointed as its auditors from time to time by the Borrower; 
  
 Authorised Signatory means any of Philippe Jaffré, Marc Haestier,
Olivier Klaric or Laurence Le-Masne; 
  
 Available Commitment means
on any date, the Commitment less the amount of the Outstandings, together with any Advances the Repayment Date of which falls on such date; 
  
 Azur means the project referred to as Azur in the Assets Disposal Letter; 
  
 Bonding Guarantees means any type of bond or guarantee issued by a bank, a financial institution or an insurance company in
favour of purchasers or their affiliates or other third parties in connection with a sale of goods, delivery, construction, or provision of other services including, but not limited to, bid bonds, advance payment bonds, performance bonds, warranty
or maintenance bonds; 
  
 Borrowed Money includes any Indebtedness:
(i) for or in respect of money borrowed or raised (whether or not for cash), by whatever means (including acceptances, deposits, discounting, factoring, finance leases, hire purchase, sale-and-lease back, sale-and-repurchase and any form of
off-balance sheet financing); (ii) for the deferred purchase price of Assets or services (other than goods or services obtained on normal commercial terms in the ordinary course of trading); or (iii) which is required to be accounted for as
financial indebtedness; or (iv) any Guarantee in respect of any Indebtedness falling within (i) or (iii) above but excluding, in each case, Bonding Guarantees arising in the ordinary course of trading; 
  
 Bridge Facility means the credit facility provided under the Bridge Facility
Agreement; 
  
 Bridge Facility Agreement means the EUR 600,000,000
revolving credit facility dated 25 March 2003 and between each of Bayerische Landesbank, Paris Branch, BNP Paribas, CCF, CDC IXIS, Commerzbank Aktiengesellschaft, Paris Branch, Credit Agricole Indosuez, Credit Industriel et Commercial, Credit
Lyonnais, JPMorgan Chase Bank, Paris Branch, Natexis Banques Populaires, Societe Generale, the banks named therein and BNP Paribas as agent; 
  
 Bridge Facility Discharge Date means the date on which there is an irrevocable and unconditional payment or discharge in respect of the
aggregate of all moneys and other liabilities then due or owing by the Borrower pursuant to the terms of the Bridge Facility Agreement; 
  

 2 

 Bridge Initial Drawdown Date means the drawdown date referred to in the first drawdown request received by
the agent in accordance with the terms of the Bridge Facility Agreement; 
  
 Bridge Majority Lenders means the Majority Banks as defined in the Bridge Facility Agreement; 
  
 Business Day means a day (other than Saturday or Sunday) on which: 
  

	(a)	 	banks are open for business generally in Paris and 

  

	(b)	 	in relation to any payment to be made on that day, any TARGET Day; 

  
 Capital Expenditure means expenditure in respect of items taken into account in the Initial Liquidity Plan and which would, in accordance with Applicable
Accounting Principles, be accounted for as capital expenditure; 
  
 Commitment means EUR25,000,000 to the extent not cancelled or reduced under this Agreement, or the amount after such reduction; 
  
 Confidentiality Undertaking means a confidentiality undertaking substantially in the form set out in Schedule 11 (Form of Confidentiality
Undertaking) or in any other form agreed between the Borrower and the Bank; 
  
 Consolidated Group means, at any time, the Borrower and all its consolidated Subsidiaries (and “member of the Consolidated Group” shall be construed accordingly); 
  
 Consolidated Net Worth means, at any time, the aggregate of: 
  

	(a)	 	paid-up share capital plus additional paid-in capital plus reserves, cumulative translation adjustments and net income; and 

  

	(b)	 	minority interests excluding any dividend or other distribution declared or made by the Borrower or (except insofar as attributable to the Borrower) any Subsidiary of the Borrower
out of profit earned up to and including the date of the relevant consolidated balance sheet to the extent such distribution is not provided for in such balance sheet, 

  
 all as shown in the Latest Financial Statements of the Borrower delivered to the Bank pursuant to Clause 17.2(a) and (b) at such time;

  
 Default Interest Period means a period by reference to which
interest is calculated on an overdue sum; 
  
 Disposal means a sale,
granting of a lease or making of an assignment, conveyance, transfer or gift or the disposal of any form of ownership, title, estate or interest and “Dispose” has the corresponding meaning (including, without limitation, by way of
securitisation, sale and leaseback and/or subparticipation); 
  

 3 

 Dunkerque Securitisation means the securitisation of receivables arising out of an agreement dated 18
April, 2002 for the construction of a thermal power station made between ALSTOM Power Centrales and DK6, a wholly owned subsidiary of Gaz de France; 
  
 Early Repayment Event means, at any time prior to 31 July, 2003, a failure or refusal by a shareholders’ meeting to approve any of the following:

  

	(a)	 	the Rights Issue; 

  

	(b)	 	the delegation to the board of directors of the Borrower of the power to: (i) implement such Rights Issue and issue the equity contemplated by the Rights Issue and/or (ii) to
determine the conditions of such issue, 

  
 each in accordance with
the provisions contained in the resolutions of the board of directors of the Borrower dated 11 March, 2003 and the resolutions of the board of directors of the Borrower to be held no later than 13 May, 2003; 
  
 Environmental Authorisations means all authorisations necessary under
Environmental Law for the carrying out of the business of the Group and the operation and maintenance of the Assets of the Group; 
  
 Environmental Law means any law, Directive or any Consent in force from time to time relating to: 
  

	(a)	 	the carrying out of any activity, the existence of any condition or other phenomenon or the occurrence of any event which has or could have a detrimental impact on the environment
or could harm any physical entity whether living or not or impair the well-being or normal functioning of any physical entity which could reasonably be expected to be affected and which in any such case has as a purpose or effect the protection or
enhancement of the environment generally or in a particular locality; 

  

	(b)	 	the control of waste; 

  

	(c)	 	contaminated land or water, or 

  

	(d)	 	air emissions; 

  
 EONIA means, in relation to any Default Interest Period: 
  

	(a)	 	the rate per annum which appears on page 247 (or any replacement for that page) of the Telerate screen (or such other service as may replace it for the purposes of displaying
overnight rates calculated by the European Central Bank); or 

  

	(b)	 	if no such rate appears on the Telerate screen (or such other service as the case may be), the arithmetic mean (rounded upwards to 4 decimal places) of the rate quoted by the Bank
to leading banks in the Inter-bank Market, 

  

 4 

 at or about 11.00 a.m. Paris time on the applicable Rate Fixing Day for the offering of overnight deposits in EUR;

  
 EURIBOR means, in relation to any Term or Default Interest
Period: 
  

	(a)	 	the rate per annum which appears on page 248 (or any replacement for that page) on the Telerate screen (or such other service as may replace it for the purpose of displaying the
percentage rate per annum determined by the Banking Federation of the European Union for deposits in EUR); or 

  

	(b)	 	if no such rate appears on the Telerate screen (or such other service as the case may be), the arithmetic mean (rounded upward to 4 decimal places) of the rate quoted by the Bank to
leading banks in the Inter-bank Market, 

  
 at or about 11.00 a.m.
Brussels time (in the case of (a) above) or Paris time (in the case of (b) above) on the applicable Rate Fixing Day for the offering of deposits in EUR for the same period as the relevant Term or Default Interest Period (or, if the periods are not
the same, such period, if any, as the Bank determines to be substantially the same); 
  
 EUR or euros means the single currency of the Participating Member States; 
  
 Event of Default means any of the events specified in Clause 20.1; 
  

Excluded Default means an Event of Default arising solely under Clause 20.1(d) (Cross Default) by reason of material adverse change or similar
provisions contained in any other agreement in respect of Borrowed Money of the Borrower or any member of the Group; provided that such Event of Default shall cease to be an Excluded Default if: 
  

	(a)	 	any or all of the Indebtedness under the relevant agreement is accelerated or put on demand, if any commitment arising thereunder is cancelled or suspended or if the relevant
financier otherwise invokes or, in respect of an event of default thereunder, expressly alleges that an event of default is subsisting and reserves its rights to invoke any such default; or 

  

	(b)	 	if such Event of Default is subsisting on a date on which an Advance is to be made hereunder in an amount greater than an Advance maturing on the same day or for a purpose other
than the refinancing of such maturing Advance; 

  
 Exiting
Subsidiaries means those subsidiaries which should be disposed of under the Strategic Plan, and as identified in the Assets Disposal Letter; 
  
 Extended Facilities means the credit facilities provided under the Extended Facility Agreements; 
  
 Extended Facility Agreements means this Agreement, the EUR 50,000,000 bilateral
credit agreement dated 30 April 2002 between ALSTOM and BNP Paribas and the EUR 400,000,000 revolving credit agreement dated 28 March 2002 between 

  

 5 

 
ALSTOM, the arrangers and banks identified therein and BNP Paribas as agent, in each case, as amended by the applicable Amendment Agreement; 
  
 Extended Maturity Date means 21 January 2004; 
  
 Facility has the meaning ascribed to it in Clause 2.1; 
  
 Facility Office means, at any particular time, the office through which the
Bank is then acting for the purpose of this Agreement; 
  
 Fee
Letter means the letter from, among others, the Bank to the Borrower dated 11 March, 2003 setting out details of certain fees payable to the Bank in connection with the Facility and as referred to in Clause 9 (Fees).

  
 Finance Documents means this Agreement, the applicable Amendment
Agreement, the Fee Letter, the Taux Effectif Global letter referred to in Clause 8.5 (Taux Effectif Global), any Novation Notice, the Intercreditor Agreement and any other document designated by the Bank and the Borrower, as from time
to time amended, supplemented, novated, restated or replaced and any document which amends, supplements, novates, restates or replaces this Agreement, in accordance with Clause 26.3 (Banks) or 27.2(Amendments, Waivers and
Consents); 
  
 Financial Compliance Certificates
means certificates delivered to the Bank in accordance with Clause 17.2(b) comprising: 
  

	(a)	 	an annual certificate of the Auditors in such form as they are willing to deliver in accordance with their policies, from time to time, relating to the financial covenants contained
in Clause 19.1 (Financial Covenants) as at the end of the relevant period and including (in reasonable detail and in a form satisfactory to the Bank (acting reasonably)) their certification as to the computations necessary to demonstrate such
compliance; 

  

	(b)	 	a certificate signed on behalf of the Borrower by the Chief Financial Officer or a Vice-President Corporate Funding of the Borrower confirming the Borrower’s compliance with
the financial covenants contained in Clause 19.1 (Financial Covenants)) as at the end of the relevant period and including (in reasonable detail and in a form reasonably satisfactory to the Bank) computations necessary to demonstrate such
compliance; and 

  

	(c)	 	an annual certificate signed on behalf of the Borrower by an Authorised Signatory, listing the Material Subsidiaries and including (in reasonable detail and in a form satisfactory
to the Bank (acting reasonably)) such information as is required to verify the inclusions and/or exclusions from that list including as to satisfaction of the seventy per cent. test referred to in the definition of Material Subsidiary;

  
 Financial Year means each financial year of the
Borrower; 
  
 Financing Document means any agreement entered into by
the Borrower for the purpose of agreeing terms which relate to Borrowed Money; 
  

 6 

 Group means at any particular time, the Borrower and its Subsidiaries; 
  
 Group Guarantee means a Guarantee from any member of the Consolidated Group
(other than an SPP described in paragraph (a)(i) of the definition of Project Finance Indebtedness) in respect of Project Finance Indebtedness; 
  
 Group Information means : 
  

	(a)	 	the Information Memorandum; 

  

	(b)	 	the Strategic Plan; and 

  

	(c)	 	the Initial Liquidity Plan; and 

  

	(d)	 	Assets Disposal Letter; 

  
 Holding Company means, in relation to a Person, any entity of which that Person is a Subsidiary; 
  
 Information Memorandum means the information memorandum dated March 2003 prepared by the Borrower in connection with a banks’ meeting held on 18 March
2003 and a request for Waivers and Amendments; 
  
 Initial Liquidity Plan
means the Liquidity Plan relating to the Consolidated Group attached as Annex 1 hereto; 
  
 Intellectual Property means patents and patent applications, trade and service marks and applications (and goodwill associated with such applications), brand and trade names, copyrights and rights in the
nature of copyright, design rights, registered designs and applications for registered designs, trade secrets, know-how and all other intellectual property rights throughout the world and all rights under any agreements relating to the use or
exploitation of such rights; 
  
 Inter-bank Market means the
European inter-bank market; 
  
 Intercreditor Agreement means the
intercreditor agreement dated 25 March 2003 between the parties hereto, the arrangers, agent and extended lenders identified therein, and BNP Paribas as the agent to such extended lenders (the Intercreditor Agent); 
  
 Investments means any short term debt securities issued by any commercial
banking institution or any company (other than a Subsidiary of the Borrower) organised under the laws of any of the OECD countries and whose short term debt rating, as at the time of any investment, is at least P-1 or A-1 according to Moody’s
Investors Service, Inc. or Standard & Poor’s Ratings Services, respectively, or any successor thereto and purchased by the Borrower as a short term placement of excess cash; 
  
 Latest Financial Statements means the Original Financial Statements or, if
applicable, the financial statements and accounts most recently delivered to the Bank pursuant to Clauses 17.2(a) or 17.2(b); 
  

 7 

 Litigation Report means the annual litigation report dated 15 March, 2003 relating to proceedings affecting
members of the Consolidated Group and delivered by the Borrower to the Bank prior to or on the date of the Amendment Agreements; 
  
 Liquidity Plan means the Initial Liquidity Plan or, if applicable, the Liquidity Plan most recently delivered to the Bank pursuant to Clause
17.2(c)(i); 
  
 Mandatory Costs means, in relation to any
Term or Default Interest Period (or part of a Term or Default Interest Period) relating to an Advance or overdue sum, the percentage rate per annum determined by the Bank in accordance with Schedule 8 ; 
  
 Margin means 2.0% per annum; 
  
 Material Subsidiary means, at any time, any Subsidiary of the Borrower which is
named in the list of Subsidiaries set out in Schedule 9 (Material Subsidiaries) (including ALSTOM Holdings) or in any such revised list provided by the Borrower to the Bank in accordance with Clause 17.2(b)(ii) or otherwise, provided that a
Subsidiary shall in all cases be a Material Subsidiary if: 
  

	(a)	 	it represents 5 per cent. or more of consolidated revenues of the Consolidated Group; or 

  

	(b)	 	if it controls directly or indirectly, alone or with other members of the Group, Subsidiaries representing 5 per cent. or more of the consolidated revenues of the Consolidated
Group; 

  
 provided that all Material Subsidiaries shall represent
in aggregate not less than 70 per cent. or more of consolidated revenues of the Consolidated Group; 
  
 calculated, in each case, by reference to the most recent audited, consolidated financial statements of the Borrower and the accounts of each Subsidiary for the period covered by such statements or, if not available,
the closest period thereto; 
  
 Multicurrency Credit Facility means
the EUR 1,110,000,000 multicurrency credit facility dated 3 August, 2001 between, among others, ALSTOM, BNP Paribas, Chase Manhattan plc and HSBC; 
  
 Net Cash Proceeds has the meaning ascribed to it in Clause 6.3; 
  
 New Bank means a bank or financial institution to which the Bank seeks to novate (or, as the case may be, has novated) all or part of its rights and/or
obligations in accordance with Clause 26.3; 
  
 Novation Notice
means a notice substantially in the form set out in Schedule 5 (Novation Notice); 
  
 Original Financial Statements means: 
  

	(a)	 	the audited consolidated financial statements of the Consolidated Group for the period of twelve months ending 31 March, 2002; and 

  

 8 

	(b)	 	the semi-annual consolidated financial statements of the Consolidated Group for the period of six months ending 30 September, 2002; 

  
 Outstandings means, at any particular time, the aggregate principal amount of
all (if any) Advances outstanding at that time; 
  
 Parthenon means
the project referred to as Parthenon in the Assets Disposal Letter; 
  
 Participating Member State means a state of the states participating in European Monetary Union; 
  
 Permitted Joint Venture has the meaning ascribed to it in Clause 18.20; 
  
 Place of Payment means the principal financial centre of the country of the currency to be paid (or, if there is more than one
such centre, one of those centres as selected by the Bank); 
  
 Potential
Event of Default means any event or circumstance which, if it continued after the giving of any notice, the expiry of any grace period, and/or (as the case may be) the making of any determination by the Bank, provided for in Clause 20.1
(Default), would become an Event of Default; 
  
 Project Finance
Indebtedness means any Indebtedness to finance the ownership, acquisition, development, operation or maintenance of an asset or business (a “Project”): 
  

	(a)	 	(i) which is incurred by a single purpose Person (SPP) (whether or not any such SPP is a member of the Consolidated Group or a Subsidiary or an Affiliate of such a
member) and: 

  

	 	(A)	 	whose principal Assets and business are constituted by the ownership, acquisition, development, operation or maintenance of the Project, either directly or indirectly through one or
more other SPPs incorporated solely for the purposes of, and whose assets and business are constituted by, the ownership, acquisition, development, operation or maintenance of the Project (each, together with the relevant borrower, a Project
Entity); and 

  

	 	(B)	 	which is a limited liability company and whose liabilities in respect of the Indebtedness concerned are not directly or indirectly the subject of a Group Guarantee (other than as
provided in (ii) below); and 

  

	 	(ii)	 	in respect of which the Person(s) making or making available such Indebtedness (the Bank) has no recourse to any member of the Consolidated Group or a Subsidiary or an
Affiliate of such a member (other than the SPP described in paragraph (i) above) for the repayment or payment of any sum relating to such Indebtedness other than recourse: 

  

 9 

	 	(A)	 	in respect of contributions to the equity (or equivalent) of a Project Entity; and/or 

  

	 	(B)	 	to a Project Entity in respect of such sum being limited to the aggregate cash flow (other than historic cash flow) from the Project; and/or 

  

	 	(C)	 	to a Project Entity for the sole purpose of enabling amounts to be claimed in respect of that Indebtedness on an enforcement of any Security given to the lender over the Assets
constituting the Project or the income, cash flow or other proceeds deriving therefrom (or rights given by any shareholder or equivalent in a Project Entity over its shares or equity equivalent in the Project Entity) to secure that Indebtedness,
provided that: (x) the extent of such recourse to a Project Entity is limited solely to the amount of any recoveries made on any such enforcement, and (y) the lender is not entitled, by virtue of any right or claim arising out of or in connection
with such Indebtedness, to commence proceedings for the winding-up or dissolution of a Project Entity or to appoint or procure the appointment of any receiver, trustee or similar person or official in respect of a Project Entity or any of its Assets
(save for the Assets which are the subject of such encumbrance); and/or 

  

	 	(D)	 	to a Project Entity or a member of the Consolidated Group or a Subsidiary or Affiliate of such member, which recourse is limited to a claim for damages (other than liquidated
damages) for breach of an obligation (not being a payment obligation or an obligation to procure payment by another or an indemnity in respect thereof or an obligation to comply or to procure compliance by another with any financial ratios or other
tests of financial condition) by the Person against whom recourse is available; and/or 

  

	 	(E)	 	to any collateral or covenant to pay provided by any member of the Consolidated Group or a Subsidiary or an Affiliate of such a member in exchange for the transfer to it of Assets
in the form of cash (excluding, for the avoidance of doubt, the distribution of dividends to any member of the Consolidated Group or a Subsidiary or an Affiliate of such a member) of a Project Entity provided that such collateral or covenant which
is provided in exchange for such Assets does not have a value greater than the market value of such Assets at the time of transfer and provided further if such collateral or such covenant to pay has or is capable of having a value exceeding EUR 15
million, the Borrower shall notify the Bank promptly of the same and of the relevant Assets; 

  

 10 

 provided that in no circumstances shall there be any such recourse in respect of cash flow deficiencies within the
relevant Project; and/or 
  

	(b)	 	which the Bank shall have agreed in writing to treat as Project Finance Indebtedness 

  
 Qualifying Bank means a Person which is entitled to any part of an Advance and any interest to be paid to it on that part of
that Advance and which fulfils the conditions (other than the completion and filing of forms by such Person) imposed by French laws, taking into account, as the case may be, any applicable international treaty, in order for any sum payable by the
Borrower not to be subject to any withholding or deduction for any taxes; 
  
 Rate Fixing Day means, in relation to any Term or Default Interest Period for which an interest rate is to be determined under this Agreement in respect of an amount, the day on which quotations would ordinarily be provided in
the relevant Inter-bank Market for deposits in the relevant unit for delivery on the first day of that period. If for any such period quotations would ordinarily be provided on more than one day, the Rate Fixing Day for that period shall be
whichever of those days is from time to time nominated by the Bank (having regard to any convention or practice in the relevant Inter-bank Market); 
  
 Relevant Subsidiaries means the Material Subsidiaries, the Selling Subsidiaries, the Exiting Subsidiaries and (to the extent not already included, but for
the purposes of Clause 20.1(f), 20.1(g) and 20.1(h) only) any Holding Company of any of them; 
  
 Repayment Date means, in relation to an Advance, the last day of its Term; 
  
 Repeated Representations means the representations and warranties contained in Clause 16.1, other than those in, 16.1(h), 16.1(i)(i) and
16.1(q)(i)-16.1(q)(v); 
  
 Report on the Consolidated Group’s Borrowed
Money means a report dated as of 31 January, 2003 presenting details of the Consolidated Group’s Borrowed Money and uncommitted lines, Bonding Guarantees and guarantee facilities, in each case, including: 
  

	(a)	 	the amounts in EUR (drawn and undrawn) of each Consolidated Group member concerned; 

  

	(b)	 	the identity of any relevant guarantor or other surety (including details of any Security provided); 

  

	(c)	 	the identity of the provider of the facility; and 

  

	(d)	 	the applicable tenor; 

  
 Required Amount means a minimum of EUR10,000,000 and an integral multiple of EUR5,000,000; 
  

 11 

 Reservations means generally applicable legal principles affecting creditors’ rights generally and
applicable: 
  

	(a)	 	under French law in relation to the exercise and enforceability of rights against companies incorporated in France; or 

  

	(b)	 	under rules of English contract law; 

  
 Rights Issue means any offer of rights to subscribe additional share capital of the Borrower on terms and conditions that will provide to the Borrower Net
Capital Market Proceeds on issue of an amount equal to not less than EUR 300,000,000; 
  
 Selling Subsidiaries means those subsidiaries which are selling the Exiting Subsidiaries under the Strategic Plan, and are identified in the Assets Disposal Letter; 
  
 Shareholders Meeting means an ordinary and extraordinary shareholders meeting of the Borrower to be held on 2 July, 2003 for
the purpose of passing one or more resolution(s) approving a Rights Issue on the conditions set out in the resolutions of its board of directors in the meeting held on 11 March, 2003 and the resolutions of the board of directors to be held no later
than 13 May, 2003; 
  
 Specified Time for any action means the time
and date specified in Schedule 7 (Timetables) for that action; 
  
 Strategic Plan means the plan approved by the board of directors of the Borrower incorporating, and at all times materially consistent with, the relevant assumptions contained in the Initial Liquidity Plan and the statements
made in the Assets Disposal Letter; 
  
 Subsidiary means in relation
to any Person (its Holding Company), at any particular time, any other Person which is then directly or indirectly Controlled, or more than 50 per cent of whose share capital (or the like) is then beneficially owned, directly or indirectly, by that
Person; 
  
 TARGET means Trans-European Automated Real-time Gross
Settlement Express Transfer payment system; 
  
 TARGET Day means any
day on which TARGET is open for the settlement of payments in EUR; 
  
 Term means, in relation to an Advance, the period for which it is to be, or, as the case may be, has been, made. 
  
 Total Debt means an amount equal to the aggregate of the Borrowed Money of the Consolidated Group (including, for the avoidance of doubt, the redeemable
preference shares of ALSTOM Finance Jersey Ltd maturing on 31 March, 2006), the aggregate amount of securitised trade receivables (both existing and future and, in each case, to the extent permitted pursuant to the terms of this Agreement), net of
retained interests, and the subordinated notes issued on 29 September, 2000) all as shown in the latest monthly management accounts and/or Latest Financial Statements of the Borrower, as 

  

 12 

 
the case may be (recognising that figures in respect of semi-annual and annual accounts may differ from the figures in the management accounts for the
corresponding period); 
  
 Total Net Debt means at any time, Total
Debt less Investments, cash and cash equivalents of the Consolidated Group all as shown in the then latest monthly management accounts and/or Latest Financial Statements of the Borrower, as the case may be (recognising that figures in respect of
semi annual and annual accounts may differ from the figures in the management accounts for the corresponding period); 
  
 Trout means the project referred to as Trout in the Assets Disposal Letter; 
  
 Vendor Financing means the provision of financial assistance to a third party institution which finances any customer of any
member(s) of the Group; 
  
 Waivers and Amendments means each
waiver, amendment and/or, consent identified in Schedule 12 (Waivers and Amendments) under or in respect of the Affected Facilities. 
  
 Construction of Certain References 
  
 1.2 Except to the extent that the context requires otherwise, any reference in this Agreement to: 
  
 an Affiliate of any Person means any Subsidiary or Holding Company of that Person, or any Subsidiary of any such Holding
Company, or any other Person in which that Person or any such Holding Company or Subsidiary owns at least 20% of the share capital or the like; 
  
 an Agency of a state includes any agency, authority, central bank, department, government, legislature, minister, ministry, official or public or statutory
Person (whether autonomous or not) of, or of the government of, that state or any political sub-division in or of that state; 
  
 the Assets of any Person means all or any part of its business, undertaking, property, assets, revenues (including any right to receive revenues) and
uncalled capital, wherever situated 
  
 Consent also includes an
approval, authorisation, exemption, filing, licence, notarisation order, permission, recording, resolution or registration (and references to obtaining Consents shall be construed accordingly); 
  
 one Person being Controlled by another means that other (whether directly or
indirectly and whether by the ownership of share capital, the possession of voting power, contract or otherwise) has the power to appoint and/or remove all or the majority of the members of the Board of Directors or other governing body of that
Person or otherwise controls or has the power to control the affairs and policies of that Person; 
  

 13 

 a Directive includes any present or future directive, regulation, request, requirement, rule or credit
restraint programme of any Agency of any state or of any self-regulating organisation (whether or not having the force of law but, if not having the force of law, only if compliance with the Directive is in accordance with the general practice of
Persons to whom the Directive is intended to apply); 
  
 the
equivalent in any currency (the first currency) of any amount in another currency (the second currency) shall be construed as a reference to the amount in the first currency which could be purchased with
that amount in the second currency at the spot rate of exchange at which the Bank would have been prepared and able to purchase that amount in the first currency for the second currency in the Paris foreign exchange market for value as at the
relevant time on the relevant date specified in this Agreement (or, where no such time and date is specified, for value at such time and on such date as the Bank may from time to time reasonably determine to be appropriate in the circumstances);

  
 a Guarantee also includes an indemnity, and any other obligation
(whatever called) of any Person to pay, purchase, provide funds (whether by the advance of money, the purchase of or subscription for shares or other securities, the purchase of Assets or services, or otherwise) for the payment of, indemnity against
the consequences of default in the payment of, or otherwise be responsible for, any Indebtedness of any other Person; 
  
 Indebtedness includes, with respect to any Person (the Relevant Person), any obligation (whether present or future, actual or contingent,
secured or unsecured, as principal, surety or otherwise) (a) of the Relevant Person for the payment or repayment of money or (b) of any other Person for the payment or repayment of money secured by Security on Assets of the Relevant Person, whether
or not the Relevant Person is liable in respect of any obligation so secured; 
  
 a law includes common or customary law and any constitution, decree, judgement, legislation, order, ordinance, regulation, statute, treaty or other legislative measure, in each case of any jurisdiction whatever (and
lawful and unlawful shall be construed accordingly); 
  
 something having a Material Adverse Effect is to it having a material adverse effect (a) on the financial condition or business of the Borrower or the Group taken as a whole or (b) on the ability of the Borrower to perform and
comply with its obligations under this Agreement; 
  
 any obligation
of any Person under this Agreement or any other agreement or document shall be construed as a reference to an obligation expressed to be assumed by or imposed on it under this Agreement or, as the case may be, that other agreement or document (and
due, owing, payable and receivable shall be similarly construed); 
  
 a Person includes any individual, company, corporation, firm, partnership, joint venture, undertaking, association, organisation, trust, state or Agency of
a state (in each case, whether or not having separate legal personality); 
  

 14 

 Security includes any mortgage, pledge, lien, hypothecation, security interest or other charge or
encumbrance and any other agreement or arrangement having substantially the same economic effect (including any “flawed asset” arrangement) (and secured shall be construed accordingly); 
  
 Tax(es) includes any present or future tax, levy, impost, duty, charge, fee,
deduction or withholding of any nature and whatever called, by whomsoever, on whomsoever and wherever imposed, levied, collected, withheld or assessed; 
  
 Tax on Overall Net Income of a Person shall be construed as a reference to Tax (other than Tax deducted or withheld from any payment) imposed on that Person
by the jurisdiction in which its principal office (and/or, in the case of the Bank, its Facility Office) is located by reference to (a) the net income, profits or gains of that Person world-wide or (b) such of its net income, profits or gains as
arise in or relate to that jurisdiction; 
  
 a time of the day is to
Paris time unless otherwise stated; and 
  
 the Winding-up of a
Person also includes the amalgamation, reconstruction, administration, dissolution, liquidation, merger or consolidation of that Person, and any equivalent or analogous procedure under the law of any jurisdiction in which that Person is
incorporated, domiciled or resident or carries on business or has Assets. 
  
 Calculation of Financial Covenants 
  
 1.3 Consolidated Net Worth
and Total Net Debt shall be calculated and interpreted in accordance with Applicable Accounting Principles and shall be expressed in EUR. 
  
 Headings 
  
 1.4 Headings shall be ignored in construing this Agreement. 
  

	2.	 	THE FACILITY 

  
 Amount 
  
 2.1 The Bank continues to grant to the Borrower an EUR revolving credit facility in an aggregate principal amount not exceeding EUR 25,000,000 (the Facility), provided that such amount may be reduced by
the amount of any cancellation pursuant to Clauses 6, 7 or 20 of this Agreement. 
  
 Calculation of Available Commitment 
  
 2.2 In order to calculate
the Available Commitment in connection with a proposed Advance (for the purpose of Clause 4.2 (Drawdown Request)): 
  

	(a)	 	any Advances with Repayment Dates on or before the proposed date of that Advance shall be deemed to have been repaid and 

  

 15 

	(b)	 	if any other requests are outstanding for Advances to be made on or before the proposed date of that Advance, all Advances to which those requests relate shall be deemed to be
outstanding. 

  
 Purpose 
  
 2.3 The Borrower shall use the entire proceeds of each Advance made for general corporate
purposes (but the Bank does not need to check that it does so) other than: 
  

	(a)	 	acquisitions or investments in shares, businesses or financial investments (other than Investments capable of being liquidated (without breakage costs) before the Repayment Date of
any outstanding Advance under the Facility); 

  

	(b)	 	the prepayment of Borrowed Money (for the avoidance of doubt, the repayment on the maturity date in August 2003 of Tranche A of the Multicurrency Credit Facility does not constitute
such a prepayment); 

  

	(c)	 	the purchase of shares or securities issued by the Borrower or any other member of the Consolidated Group on capital markets; and 

  

	(d)	 	the payment of any dividends, return on capital, repayment of capital contributions or any other distributions or payments in respect of share capital of the Borrower.

  

	3.	 	ORIGINAL CONDITIONS PRECEDENT TO INITIAL DRAWDOWN 

  
 The conditions precedent in Schedule 1 have been satisfied. 
  

	4.	 	DRAWDOWN 

  
 Drawdown Conditions 
  
 4.1 Subject to the other terms of this Agreement, Advances will be made by the Bank to and as requested by the Borrower if the additional conditions set out in Clauses 4.2 (Drawdown Request) to 4.5 (No Event
of Default etc.) inclusive are fulfilled. 
  
 Drawdown Request

  
 4.2 Not later than the Specified Time (or, as the case may be,
such later time as may be acceptable to the Bank for the purpose of the relevant request), the Bank has received from the Borrower a notice substantially in the form set out in Schedule 6 (Notice Requesting Advance) specifying: 
  

	(a)	 	the proposed date of that Advance, which must be a Business Day before the Extended Maturity Date; 

  

	(b)	 	its amount which must be an amount equal to or less than the Available Commitment and, if less, must be a Required Amount; 

  

 16 

	(c)	 	its Term, which must be in accordance with Clause 8.1 (Term of Advances) and 

  

	(d)	 	details of the bank (which must be in the Place of Payment) and account to which the Borrower wishes the proceeds of that Advance to be made available. 

  
 The parties acknowledge that, for so long as the Intercreditor Agreement is subsisting, the
terms of this Clause 4.2 shall be subject to the provisions of the Intercreditor Agreement. 
  
 No Market Disruption 
  
 4.3 No event
mentioned in Clause 13.1 (Triggering Events) occurs in relation to that Advance. 
  
 Representations etc. Correct 
  
 4.4 All representations and
warranties in Clause 16 (Representations and Warranties) (except to any extent waived in accordance with Clause 27.2 (Amendments, Waivers and Consents)) have been complied with and would be correct (in all material respects in the
cases of Advances the sole purpose of which is to repay an existing Advance) if repeated on the proposed date of that Advance by reference to the circumstances then existing. 
  
 No Event of Default etc. 
  
 4.5 No Event of Default or Potential Event of Default has occurred on or before that date, or will occur as a result of making that Advance, other than: 
  

	(a)	 	any Event of Default or Potential Event of Default waived in accordance with Clause 27.2 (Amendments, Waivers and Consents); or 

  

	(b)	 	any Excluded Default. 

  
 Amount and Limit on number of Advances 
  

	4.6 (a)	 	Not more than 3 Advances may be outstanding at any one time. 

  

	(b)	 	The amount of each proposed Advance must be an amount which is not more than the Available Commitment and which is a minimum of EUR 5,000,000 (and an integral multiple of EUR
5,000,000) or if less, the Available Commitment. 

  

	5.	 	REPAYMENT 

  
 Repayment of Advances 
  
 5.1 The Borrower shall repay each Advance on its Repayment Date, together with all unpaid interest accrued on that Advance. However, as the facility is revolving, any 

  

 17 

 
amount repaid thereunder before the Extended Maturity Date will remain available for re-borrowing subject to and in accordance with the terms and conditions
of this Agreement. 
  
 Extended Maturity Date 
  
 5.2 If on the Extended Maturity Date any Advance remains outstanding, the Borrower shall
repay that Advance on that date together with all unpaid accrued interest and fees and any other sum then due under this Agreement. 
  

	6.	 	PREPAYMENT AND CANCELLATION 

  
 Voluntary Prepayment 
  
 6.1 The Borrower may, subject to Clause 6.3, prepay any Advance, or any part of it which is a Required Amount, without penalty at any time if it gives to the Bank not
less than 10 Business Days’ irrevocable written notice of the Advance to be prepaid and the date and amount of the prepayment. Any such prepayment must be accompanied by accrued interest on the amount prepaid and any other sum then due under
Clause 22.2 (Broken Funding Costs) or any other provision of this Agreement. Any amount prepaid but not cancelled may be reborrowed in accordance with the terms of this Agreement. 
  
 [Intentionally Deleted] 
  
 6.2 [Intentionally Deleted] 
  
 6.3 Mandatory prepayment/cancellation from proceeds 
  

	(a)	 	Subject to Clause 6.8, the Borrower shall, promptly and in any event within five Business Days of the giving of notice pursuant to Clause 6.5, upon receipt from time to time of any
Net Cash Proceeds by or for the account of any member of the Group but subject to Clause 6.3(c), prepay and cancel the Extended Facilities by an amount equal to the amount of such Net Cash Proceeds. 

  

	(b)	 	If the amount required to be prepaid pursuant to Clause 6.3(a) on any date exceeds the aggregate amount of the Outstandings of the Bank on such date, then (without prejudice to the
amount required to be cancelled under that clause) the amount required to be prepaid on such date shall be the amount of the Outstandings on such date. 

  

	(c)	 	The obligation to prepay pursuant to this Clause 6.3 shall on any date be suspended until such time as the aggregate cumulative amount of Net Cash Proceeds which the Borrower is
required to prepay (disregarding for these purposes Clause 6.8) exceeds EUR5,000,000 (taking into account any Net Cash Proceeds repayment of which has been suspended pursuant to this Clause 6.3(c)). 

  

	(d)	 	In this Clause 6.3: 

  

 18 

 Net Cash Proceeds means any Net Capital Markets Proceeds and/or Net Disposals Proceeds but excluding:

  

	 	(i)	 	in relation to Net Disposals Proceeds arising on Disposals of Assets contemplated by the Strategic Plan, the first EUR 140,000,000 of Net Cash Proceeds from such disposals received
in March 2003; and 

  

	 	(ii)	 	in relation to Net Cash Proceeds received on/or after 1 April 2003, the first EUR 1,100,000,000 in aggregate of all such proceeds; 

  
 Net Capital Markets Proceeds means, in relation to any Capital Markets/Debt
Issue, any cash proceeds thereof from time to time received by or for the account of any member of the Group, net of any taxes and/or reasonable commissions, fees and expenses payable by any member of the Group in connection with such Capital
Markets/Debt Issue; 
  
 Capital Markets/Debt Issue means any issue
of rights, shares, equity, hybrid or debt securities of any description by any member of the Group (whether to the public, one or more private places or otherwise and whether or not listed on any stock exchange) but disregarding commercial paper
except to the extent required to be prepaid in accordance with Clause 18.10(d)(ii); 
  
 Net Disposal Proceeds means, in relation to any Disposal of any Asset, any cash proceeds thereof from time to time that are to be received by or for the account of any member of the Group (i) net of any tax liability arising
from such Disposal, and (ii) reasonable commissions, fees and expenses payable by any member of the Group in connection with such Disposal (without limitation, including pursuant to earn out provisions and taking into account the amount of any
proceeds received in respect of repayment or disposal of any intra group loan) but excluding: 
  

	 	(i)	 	in relation to any Disposal, that proportion of those proceeds as is equal to the proportion of the shares in the relevant member of the Group that is not held directly or
indirectly by the Borrower as at the date of the relevant Disposal; 

  

	 	(ii)	 	in relation to any Disposal of future receivables whether under the Dunkerque Securitisation or otherwise, the first 50 per cent. of any such Net Disposal Proceeds;

  

	 	(iii)	 	proceeds arising in relation to any Disposal referred to in Clause 18.4(a), (b) or (d); 

  

	 	(iv)	 	proceeds in relation to any Disposal of Assets of an individual value of less than EUR100,000 (subject to an aggregate annual threshold of EUR1,000,000); 

 

	 	(v)	 	 in relation to any Disposal under a securitisation programme existing at the date of the Amendment Agreements, proceeds of existing receivables and sold into any
such programmes to the extent the 

  

 19 

	 	 
maximum amount of such programmes is not increased after the date of the Amendment Agreements; and 

  

	 	(vi)	 	in relation to any Disposal under a bill discounting, securitisation or other receivables based financing, the proceeds of any such bills or receivables (other than future
receivables) which have a maturity falling on or prior to the Extended Maturity Date; 

  
 and provided that where any company that remains a member of the Group after a Disposal is required in connection with a Disposal: 
  

	 	(A)	 	to assume and to repay on or prior to the Extended Maturity Date to any relevant financier any debt of any subsidiary (the Relevant Subsidiary) that is to be disposed
of; or 

  

	 	(B)	 	to fund (prior to the relevant Disposal and whether by equity or debt) repayment to any relevant financier of any debt of the Relevant Subsidiary, 

  
 then to the extent the amount of the proceeds received in connection with the
Disposal is increased thereby, the amount of the increase shall be disregarded in calculating the Net Disposal Proceeds in respect of the Relevant Disposal. 
  
 Mandatory Prepayment if no Rights Issue 
  
 6.4 On the occurrence of an Early Repayment Event and following notification given to the Borrower by the Bank, the Commitments shall be cancelled in full forthwith and
the Borrower shall repay each Advance made to it in full to the Bank on such date as is specified by the Bank. 
  
 Notification 
  
 6.5 The Borrower shall
promptly and in any event within two Business Days notify the Bank forthwith of receipt by any member of the Group of any Net Cash Proceeds or of an Early Prepayment Event. 
  
 Interest/breakage costs 
  
 6.6 Any prepayment pursuant to Clause 6.3 or 6.4 must be accompanied by all unpaid accrued interest on the amount prepaid and any sum then due under Clause 22.2
(Broken Funding Costs). 
  
 Designation of Advances 
  
 6.7 If any partial prepayment of Outstandings is made by the Borrower at a time when more
than one Advance is outstanding, the Bank shall determine which Advances are discharged by the relevant prepayment and to what extent, and shall promptly notify the Borrower of such determination. 
  

 20 

 Allocation of Payments 
  

6.8 If on any date on which any amount falls to be prepaid under Clause 6.3 (Mandatory Prepayment) amounts are outstanding under any of the other Extended
Facilities, then the relevant Net Cash Proceeds shall be applied in prepayment of all of the Extended Facilities (pro rata by reference to the outstandings thereunder) and the amount required to be prepaid and cancelled hereunder shall be reduced
accordingly. 
  

	7.	 	CANCELLATION 

  
 Voluntary Cancellation 
  
 7.1 The Borrower may cancel the Available Commitment, or any part of the Available Commitment which is a Required Amount, without premium or penalty at any time before the Extended Maturity Date by giving to the Bank
not less than 10 Business Days’ irrevocable written notice of the date and amount of the cancellation, together with evidence reasonably satisfactory to the Bank that such cancellation is consistent with the cashflow projections in the
Liquidity Plan. 
  
 Cancellation Rights Limited 
  
 7.2 The Borrower may not cancel all or any part of the Commitment except as expressly
provided in this Agreement. 
  
 No Reinstatement 
  
 7.3 No amount of the Commitment cancelled under this Agreement may be subsequently
reinstated. 
  

	8.	 	INTEREST 

  
 Term of Advances 
  
 8.1 Interest shall be calculated on each Advance by reference to the Term of that Advance. The Term shall begin on the proposed date of that Advance and shall be of 1 month’s duration, or any other period as
agreed by the Bank under Clause 8.1(b) below, as selected by the Borrower in the notice requesting that Advance except as follows: 
  

	(a)	 	The Borrower may not select a Term ending after the Extended Maturity Date. 

  

	(b)	 	The Borrower’s selection of a Term other than 1 month shall only be effective if agreed by the Bank. If the Bank does not agree to such term, it shall promptly (and in any
event by the Specified Time) notify the Borrower of that fact and the duration of that Term shall be 1 month or, as the case may be, of such shorter duration as ends on the Extended Maturity Date. 

  
 Normal Interest Rate 
  
 8.2 The rate of interest applicable to an Advance for all or any part of its Term shall be the rate per annum (as determined by the Bank)
equal to the sum of: 
  

 21 

	(a)	 	the Margin and 

  

	(b)	 	the Mandatory Costs for that, or (as the case may be) that part of that, Term if applicable and 

  

	(c)	 	EURIBOR for that Term. 

  
 Notification of Interest Rates 
  
 8.3 The
Bank shall promptly notify the Borrower of each rate of interest determined in accordance with this Agreement. 
  
 Payment of Interest 
  
 8.4 On the
Repayment Date of an Advance or (in the case of an overdue sum) the last day of each Default Interest Period relating to that overdue sum, the Borrower shall pay the unpaid interest accrued during that Term or Default Interest Period on the Advance
or overdue sum to which it relates at the rate(s) applicable for that Term or Default Interest Period. However, in the case of a Term or Default Interest Period of more than 6 months, the interest accrued during the first 6 months and each, if any,
successive 6 month period during that Term or Default Interest Period shall be paid on the last day of any such 6 month period. 
  
 Taux Effectif Global 
  
 8.5 For the purpose of Article L313.1 et seq. of the French Code de la Consommation, the parties acknowledge that, due to certain characteristics of the
Facility and, in particular, to the floating interest rate applicable to the Advances, the actual all-in percentage rate (taux effectif global) for the duration of the Facility cannot be calculated as at the date of this Agreement.
Notwithstanding the above, the Bank has delivered to the Borrower on the date of this Agreement and on the date of the Amendment Agreements a letter containing indicative calculations of the actual all-in percentage rate, the form of the latter such
letter being set out in Schedule 10 . 
  

	9.	 	FEES 

  
 Extension Fee 
  
 9.1 The Borrower shall
pay to the Bank an extension fee in accordance with the Fee Letter by no later than 2 April 2003. 
  
 Commitment Fee 
  
 9.2 The Borrower shall
pay a commitment fee calculated on a daily basis at the rate of 1.00% per annum on the amount of the Available Commitment from day to day during the period beginning on the date of the Amendment Agreements and ending on the Extended Maturity Date.
This fee shall be payable in arrear quarterly from the date of the Amendment Agreements and on the Extended Maturity Date or any earlier date on which the Commitment is reduced to zero. 
  

 22 

	10.	 	TAXES 

  
 Payments to be Free and Clear 
  
 10.1 All
sums payable by the Borrower under this Agreement shall be paid free and clear of and (except to the extent required by law) without any deduction or withholding, whether for or on account of Tax, by way of set-off or otherwise. 
  
 Grossing-up of Payments 
  

	10.2	 	(a) If the Borrower or any other Person (whether or not a party to, or on behalf of a party to, this Agreement) must at any time deduct or withhold any such Tax or other amount from
any sum paid or payable by, or received or receivable from, the Borrower under this Agreement, the Borrower shall (to the extent permitted by law) at the same time pay such additional amount as is necessary to ensure that the Bank receives and
retains (free from any liability other than Tax on its Overall Net Income) a net sum equal to what it would have received and so retained had no such deduction or withholding been required or made. 

  

	(b)	 	If the Borrower or any other Person (whether or not a party to, or on behalf of a party to, this Agreement) must at any time pay any such Tax or other amount on, or calculated by
reference to, any sum received or receivable (including any sum received or receivable under this Clause 10.2(b) by the Bank under this Agreement (except for a payment by the Bank of Tax on its Overall Net Income), the Borrower shall pay or procure
the payment of that Tax or other amount before any interest or penalty becomes payable or, if that Tax or other amount is payable and paid by the Bank, shall reimburse it on demand for the amount paid by it. 

  

	(c)	 	Within 30 days after paying any sum from which it is required by law to make any deduction or withholding, and within 30 days after the due date of payment of any Tax or other
amount which it is required by Clause 10.2(b) to pay, the Borrower shall deliver to the Bank evidence satisfactory to the Bank (including any original receipts, or certified copies thereof) of that deduction, withholding or, as the case may be,
payment and (where remittance is required) of the remittance thereof to the relevant taxing or other authority. 

  

	(d)	 	As soon as the Borrower is aware that any such deduction, withholding or payment is required (or of any change in any such requirement), it shall notify the Bank.

  

	(e)	 	 If the Borrower becomes or will become obliged to pay an amount under Clauses 10.2(a) or 10.2(b) to the Bank but is prevented by law from making such payment, then
the Borrower shall give notice to the Bank within 15 days of becoming aware of such fact. During the 30 day period commencing on the date of receipt of such information, the Borrower and the Bank shall negotiate in good faith with a view to the Bank
taking such steps as it determines, in its discretion, are reasonably open to it and are acceptable to the Borrower to avoid such prohibition on payment. If, at the end of the 30 day period, no mutually acceptable solution has been agreed on, the
Borrower shall, within 2 

  

 23 

	 	 
Business Days, prepay each Advance, together with all interest accrued thereon and any other sum then due to the Bank under Clause 22.2 (Broken Funding
Costs) and any other provision of this Agreement. 

  
 Qualifying Bank 
  
 10.3 Notwithstanding Clauses 10.2(a) and
10.2(b), the Borrower shall not be required to pay any additional amount in respect of any Tax so imposed or levied on the Bank if (i) on the due date of a payment of interest to the Bank, it is not a Qualifying Bank, unless such imposition of
withholding results from the introduction of, or any change in, or in the interpretation or application of, any relevant law, order or practice of the French tax authorities after this Agreement is entered into or, as the case may be, the date on
which that Person becomes a Bank, or from the breach by the Borrower of its obligations under Clause 10.4 (Tax Administration Formalities) below or (ii) the Bank has failed to complete any procedural formalities which were in its sole
dominion and control to complete and which are necessary in order to ensure that no additional amounts in respect of Tax are payable by the Borrower pursuant to Clause 10.2. 
  
 Tax administration formalities 
  
 10.4 The Borrower agrees to provide such information in respect of itself as may be reasonably requested by the Bank in order for the Bank to comply with any
administrative formalities required in order for it to be exempt from withholding or deduction for any taxes under any applicable international treaty. 
  
 Refund of Tax Credits 
  
 10.5 If: 
  

	(a)	 	the Borrower makes a payment under Clause 10.2(a) or Clause 10.2(b) (a “Tax Payment”) in respect of a payment to the Bank under this Agreement and

  

	(b)	 	the Bank obtains a refund of Tax or obtained and used a credit against Tax on its Overall Net Income (a “Tax Credit”) which it is able to identify as attributable to that
Tax Payment, 

  
 then, if it can do so without any adverse
consequences for itself, the Bank shall, as soon as practicable, reimburse the Borrower such amount as the Bank determines in its sole discretion to be such proportion of that Tax Credit as will leave the Bank (after that reimbursement) in no better
or worse position in respect of its world-wide Tax liabilities than it would have been in if no Tax Payment had been required. The Bank shall use its reasonable endeavours to claim any Tax Credit (and, if it does claim, the extent, order and manner
in which it does so) and whether any amount is due from it under this Clause 10.5 (and, if so, what amount and when). The Bank shall not be obliged to disclose any information regarding its Tax affairs and computations. 
  

 24 

	11.	 	ILLEGALITY 

  
 If at any time the Bank (acting reasonably) determines that it is or will become unlawful or contrary to any law or Directive for it to allow all or part of the
Commitment to remain outstanding, to make, fund or have outstanding all or part of the Outstandings and/or to carry out all or any of its other obligations under this Agreement then: 
  

	(a)	 	upon the Bank notifying the Borrower the Commitment (if any) shall be cancelled and 

  

	(b)	 	the Borrower shall prepay each Advance immediately on the Repayment Date of that Advance or (if not yet unlawful) within 10 Business Days of that notification (whichever is earlier)
with all unpaid accrued interest thereon, all unpaid fees accrued to the Bank and any other sum then due to the Bank under Clause 22.2 (Broken Funding Costs) or any other provision of this Agreement. 

  

	12.	 	INCREASED COSTS 

  
 Indemnity 
  
 12.1 If the Bank (acting reasonably) determines that, as a result of (a) the introduction of or any change in, or in the interpretation or application of, any law or Directive or (b) compliance by it with any law or
Directive: 
  

	(a)	 	it (or any of its Holding Companies) incurs a cost in maintaining all or any part of the Commitment and/or in making, maintaining or funding all or any part of any Advance or any
overdue sum and/or 

  

	(b)	 	any sum received or receivable by it under this Agreement or the effective return to it under this Agreement or the overall return on its (or any of its Holding Companies’)
capital is reduced (except on account of Tax on its Overall Net Income) and/or 

  

	(c)	 	it (or any of its Holding Companies) makes any payment (except on account of Tax on its Overall Net Income) or forgoes any interest or other return on or calculated by reference to
the amount of any sum received or receivable by it under this Agreement, 

  
 the Borrower shall, at the request of the Bank and at the Borrower’s option either (i) indemnify it, without incurring any further penalty, (or pay to it an amount sufficient to indemnify any of its Holding Companies) against that
cost, reduction, payment or forgone interest or other return (except to the extent that it results from a deduction or withholding of Tax) and, accordingly, shall from time to time on demand (whenever made) pay to the Bank for its own account, the
amount certified by it with reasonable justification to be necessary so to indemnify it (or any of its Holding Companies) or (ii) prepay to the Bank all (but not part only) of the Outstandings on the date specified in that request. Any such
prepayment must be accompanied by all unpaid accrued interest on the Outstandings, all unpaid fees accrued and any other sum then due to 

  

 25 

 
the Bank under Clause 22.2 (Broken Funding Costs) or any other provision of this Agreement. 
  
 Capital Adequacy 
  
 12.2 Under Clause 12.1 (Indemnity), the Bank shall be entitled to claim indemnification not only for a cost, reduction, payment or
forgone interest or other return directly attributable to this Agreement, the Commitment, any Advance or any overdue sum, but also for any cost, reduction, payment or forgone interest or other return which the Bank (or any of its Holding Companies)
reasonably determines to be fairly allocable to this Agreement, the Commitment, any Advance or any overdue sum in relation to any law or Directive applicable to the Bank (or any of its Holding Companies) or affecting the conduct of its (or any of
its Holding Companies’) business or a type of business or the manner in which or the extent to which it (or any of its Holding Companies) allocates capital resources. 
  

	13.	 	CHANGE IN MARKET CONDITIONS 

  
 Triggering Events 
  

	13.1	 	If in relation to any Advance: 

  

	(a)	 	the Bank is unable to determine EURIBOR or 

  

	(b)	 	the Bank (a) is or expects to be unable to obtain matching deposits in the Inter-bank Market at or about 11 a.m. (Brussels time) on the Rate Fixing Day in sufficient amounts to fund
the Advance during its Term or (b) the EURIBOR fixed for the Term of that Advance does not reflect the cost to the Bank of obtaining such deposits, 

  
 the Bank shall promptly notify the Borrower that Advance shall not be made. 
  
 Negotiation 
  

	13.2	 	The Borrower and the Bank shall then negotiate until not more than 25 days after the Bank gives that notification with a view to agreeing an alternative basis for calculating the
interest payable on and/or funding Advances. Any alternative basis agreed in writing by the Bank and the Borrower within that 25 day period shall take effect in accordance with its terms. 

  

	14.	 	MITIGATION 

  
 If any circumstances arise which result, or would on the giving of notice result, in the Borrower having to make a payment to or for the account of the Bank under Clause
10 (Taxes), 11 (Illegality) or 12 (Increased Costs), or in the Commitment being cancelled under Clause 11(a), then without in any way limiting, reducing or otherwise qualifying any of the obligations of the Borrower under
Clauses 10 to 13: 
  

 26 

	(a)	 	promptly after an officer of the Bank with responsibility for its participation in this facility becomes aware of the relevant circumstances and their results, the Bank shall notify
the Borrower and 

  

	(b)	 	in consultation with the Borrower, the Bank shall take all such steps as it determines are reasonably open to it and as are acceptable to the Borrower to mitigate the effect of
those circumstances (such as changing its Facility Office, restructuring its participation in the facility and/or novating some or all of its rights or obligations under this Agreement to another Person acceptable to the Borrower and willing to take
that novation). 

  
 However, the Bank shall not be obliged to take
any such steps which in its reasonable opinion could have an adverse effect on it. 
  

	15.	 	PAYMENTS 

  
 Disbursement to Borrower 
  
 15.1 The Bank shall make an Advance available to the Borrower before close of business in the Place of Payment on that date by payment in euros to such account with
such bank as the Borrower shall have specified in the notice requesting that Advance. 
  
 Currency of Payments 
  

	15.2 (a)	 	All payments in respect of costs, losses, expenses and liabilities under Clause 22.1 (Miscellaneous Indemnities), 24.1(a) (Initial Expenses) or 24.1(b) (Enforcement
Expenses) shall be made in the currency in which they were incurred. 

  

	(b)	 	All other payments shall be made in EUR. 

  
 By Borrower 
  
 15.3 On each date on which a payment is to be made by the Borrower, it shall make that payment to the Bank in EUR in such funds and by such time on the due date as may then be generally accepted for the settlement in
the Place of Payment of international payments in EUR. All such payments shall be made to such account with such bank in the Place of Payment as the Bank may specify. 
  
 Netting of Payments 
  
 15.4 Notwithstanding Clauses 15.1 (Disbursement to Borrower) and 15.2 (Currency of Payments) or any other provision of this Agreement, if on any date an
amount (the “first amount”) is to be advanced by the Bank under this Agreement and an amount (the “second amount”) is due from the Borrower to the Bank under this Agreement in the same currency, the Bank shall apply the first
amount in or towards payment of the second amount. The Bank shall remain obliged to advance any excess (or, as the case may be, the Borrower shall remain obliged to pay any shortfall) in 

  

 27 

 
accordance with this Clause 15. Nothing in this Clause 15.4 shall be effective to create a charge. 
  
 Order of Distribution 
  
 If the amount received by the Bank from the Borrower on any date is less than the total sum remaining and/or becoming due under this
Agreement on that date, the Bank may apply that amount in or towards such liabilities of the Borrower hereunder as the Bank may in its absolute discretion determine. 
  
 Non-Business Days 
  

	15.5 (a)	 	If any Repayment Date or the Extended Maturity Date, would otherwise fall on a non-Business Day, it shall instead, in the case of any Repayment Date, fall on the next Business Day
in the same calendar month (if there is one) or the preceding Business Day (if there is not), and, in the case of the Extended Maturity Date, fall on the preceding Business Day. 

  

	(b)	 	Any payment to be made by the Borrower (otherwise than on a Repayment Date) and which would otherwise be due on a non-Business Day shall instead be due on the next Business Day.

  

	16.	 	REPRESENTATIONS AND WARRANTIES 

  
 By the Borrower 
  
 16.1 The Borrower represents and warrants to and for the benefit of each other party to this Agreement, in relation to itself and (where applicable) each member of the
Group, as follows: 
  

	(a)	 	Status: The Borrower is a limited liability company duly established and validly existing under the laws of the Republic of France and has the power and authority to own its
Assets and to conduct the business which it conducts and/or proposes to conduct. 

  

	(b)	 	Powers/Authorisations: The Borrower has the power to enter into, perform, and deliver and has taken all necessary action to authorise its entry into, performance and delivery
of, the Finance Documents. 

  

	(c)	 	Consents, etc: All action, conditions and things required by the laws of the Republic of France to be taken, fulfilled and done (including the obtaining of any necessary
Consents, the making of registrations and the like) in order: 

  

	 	(i)	 	to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under any of the Finance Documents, it being understood that not all
authorisations have been obtained in order to effect the disposals or industrial plan contemplated under the Strategic Plan or to carry out the Rights Issue, but that such authorisations shall be obtained in due course and in a timely fashion;

  

 28 

	 	(ii)	 	to ensure that those obligations are valid, legally binding and enforceable; 

  

	 	(iii)	 	to ensure that those obligations rank and will at all times rank in accordance with Clause 18.1 (Ranking of Obligations); and 

  

	 	(iv)	 	to make any of the Finance Documents admissible in evidence in the courts of England and France (subject only to the preparation of a certified translation of this document)

  
 have been taken, fulfilled and done.

  

	(d)	 	Non-Violation etc.: Its entry into, exercise of its rights and/or performance of or compliance with its obligations under the Finance Documents do not and will not violate,
or exceed any borrowing or other power or restriction granted or imposed by: 

  

	 	(i)	 	any law, regulation, judgment or order to which it is subject or 

  

	 	(ii)	 	its statuts or 

  

	 	(iii)	 	any agreement (including any existing agreement relating to Borrowed Money) to which any member of the Consolidated Group is a party or which is binding on any member of the
Consolidated Group or their respective Assets, 

  
 or result in the existence of, or oblige any member of the Consolidated Group to create, any Security over those Assets other than as permitted under Clause 18.2 (Negative Pledge). 
  

	(e)	 	Obligations Binding /Pari Passu: Its obligations under each of the Finance Documents are valid, binding and enforceable and rank pari passu with all
other unsecured creditors of the Borrower, save for obligations mandatorily preferred by law. 

  

	(f)	 	No Default: 

  

	 	(i)	 	No Event of Default has occurred, or will occur as a result of making any Advance; 

  

	 	(ii)	 	no Potential Event of Default has occurred or will occur as a result of making an Advance; and 

  

	 	(iii)	 	no member of the Group is in breach of or default under any agreement to an extent or in a manner which has or is likely to have a Material Adverse Effect on the Borrower,

  
 other than, in each case: (x) an Excluded
Default; and (y) (in relation to the period ending on the Bridge Initial Drawdown Date), as disclosed in the Waivers and Amendments. 
  

 29 

	(g)	 	Existing Security: 

  

	 	(i)	 	No Security exists on or over its Assets or those of ALSTOM Holdings as at the date of the Amendment Agreements except as listed in Schedule 13 (Existing Security); and

  

	 	(ii)	 	no Security exists over its Assets or those of any other member of the Group except as permitted pursuant to Clause 18.2 (Negative Pledge). 

  

	(h)	 	No Material Adverse Change: Save as disclosed to the Bank by the Borrower in writing prior to the date of the Amendment Agreements (including in the Group Information, the
slides for the analysts and banks meeting held on 12 March, 2003 and the slides for the banks meeting held on 18 March, 2003) or in the tape of the analysts and banks meeting held on 12 March, 2003, no event has occurred or circumstance arisen which
has or is likely to have a Material Adverse Effect on the Borrower since 30 September, 2002. 

  

	(i)	 	Litigation: 

  

	 	(i)	 	Except as disclosed in the Litigation Report, no litigation, arbitration or administrative proceedings which if adversely determined would have a Material Adverse Effect are current
or to its knowledge pending or threatened; 

  

	 	(ii)	 	no litigation, arbitration or administrative proceeding is current, pending or threatened: 

  

	 	(A)	 	to restrain the entry into, exercise of any of its rights under and/or performance or enforcement of or compliance with any of obligations under this Agreement; or

  

	 	(B)	 	which has or may have a Material Adverse Effect. 

  

	(j)	 	Winding-up/Insolvency: 

  

	 	(i)	 	No proceedings of any nature are current or, to its knowledge, pending or threatened, for the winding-up or dissolution of, or in respect of any insolvency proceeding of any nature
relating to the Borrower or any Relevant Subsidiary. 

  

	 	(ii)	 	The Borrower and the Relevant Subsidiaries are in a position to meet their respective scheduled payment obligations as they fall due. 

  

	(k)	 	Environmental Matters: To the best of the Borrower’s knowledge, information and belief, after reasonable enquiries, neither the Borrower nor any of its Relevant
Subsidiaries is in breach or contravention of any applicable Environmental Law in each of the jurisdictions in which it operates in a manner or to an extent which would be likely to have a Material Adverse Effect on the Borrower or such Relevant
Subsidiaries. 

  

 30 

	(l)	 	Intellectual Property: 

  

	 	(i)	 	All material Intellectual Property required to conduct its business and that of its Relevant Subsidiaries is beneficially owned by or licensed to Group members free from any
licences to third parties which are materially prejudicial to the use of such Intellectual Property, and will not be adversely affected in any material respect by the transactions contemplated by this Agreement or the Strategic Plan (except to the
extent being disposed of thereunder); and 

  

	 	(ii)	 	to the best of the Borrower’s knowledge, information and belief, after reasonable enquiries, its business and that of its Relevant Subsidiaries does not infringe any
intellectual property rights of any third party in a manner or to an extent which could reasonably be expected to have a Material Adverse Effect. 

  

	(m)	 	Assets: The Borrower and each Relevant Subsidiary has good title to or valid leases or licences of or is otherwise entitled to use all material assets necessary to conduct
its business. 

  

	(n)	 	Tax Liabilities: No material claims are, or are reasonably likely to be, asserted against the Borrower or any Relevant Subsidiary with respect to unpaid taxes and all
material reports and returns on which taxes are required to be shown have been filed and all material taxes required to be paid have been paid, in each case within any applicable time limit or any applicable grace period. 

 

	(o)	 	Strategic Plan: All information supplied by or on behalf of the Borrower and contained or referred to in the Strategic Plan was based on assumptions and valuations which were
reasonable at the time it was prepared and there are, after due and careful enquiry by the Borrower, no legal impediments or restrictions of which the Borrower is aware to the implementation of the Strategic Plan in all material respects within the
timetable described therein. 

  

	(p)	 	Latest Financial Statements: 

  

	 	(i)	 	The Latest Financial Statements: 

  

	 	(A)	 	if audited, give a true and fair view of or, if not audited and subject to a limited review by the Auditors only, fairly present the consolidated financial position of the Borrower
as at the date to which they were prepared and the result of operations for the Financial Year or as applicable, semi-annual period then ended; and 

  

	 	(B)	 	were prepared in accordance with Applicable Accounting Principles consistently applied. 

  

	(q)	 	Group Information 

  

 31 

	 	(i)	 	The Group Information provided by the Borrower to the Bank was true and accurate in all material respects as at its stated date and not misleading in any material respect.

  

	 	(ii)	 	Save as disclosed in writing by the Borrower to the Bank prior to the date of the Amendment Agreements the Group Information did not omit as at its stated date any information
which, if disclosed, would adversely affect the decision of a person considering whether to enter into this Agreement. 

  

	 	(iii)	 	Save as disclosed in writing by the Borrower to the Bank prior to the date of the Amendment Agreements nothing has occurred since the date on which the Group Information was
delivered which renders any of the Group Information untrue or misleading in any material respect. 

  

	 	(iv)	 	The factual information comprising the Report on Consolidated Group Borrowed Money provided by the Borrower to the Bank was true and accurate in all material respects as at its
stated date and not misleading in any material respect. 

  

	 	(v)	 	Save as disclosed to the Bank by the Borrower in writing prior to the date of the Amendment Agreements in the Litigation Report there are as at the date of the Amendment Agreements
no payment defaults under any Group Guarantee in relation to Project Finance Indebtedness, nor are there any disputes as to whether any such defaults are subsisting. 

  

	 	(vi)	 	The projections and forecasts contained in the latest Liquidity Plan (which, at the date of the Amendment Agreements, is the Initial Liquidity Plan) are fair and based on reasonable
assumptions and such Liquidity Plan does not omit any material information which would make such projections and forecasts misleading in any material respect and, to the best of the Borrower’s knowledge, since the date it was delivered there
are and have been no negative material deviations in the actual or expected cashflow of the Consolidated Group from that shown in such Liquidity Plan. 

  

	 	(vii)	 	There are and have been no negative and material deviations in the actual or expected cashflow of the Group in the latest Liquidity Plan as compared to the actual or expected
cashflow set out in the Initial Liquidity Plan other than those which have been accepted by the Bank. 

  

	 	(viii)	 	 Any other information delivered by or on behalf of the Borrower to the Bank pursuant hereto is as at the date of delivery hereunder true and accurate in all
material respects and not misleading in any material respect by reason of any omission; any statements of opinion included in any such information will reflect opinions held by the officers of the Borrower where appropriate, after consultation with
the relevant member of the Group; and any projections or forecasts contained in 

  

 32 

	 	 
any such other information will in all respects be based on reasonable assumptions. 

  

	(r)	 	Cash Collateral Security: The information supplied by the Borrower in accordance with Clause 17.5 is true and accurate in all material respects as at its stated date and does
not omit any material information which would render such disclosure misleading in any material respect. 

  

	(s)	 	Repetition: Each of the Repeated Representations will be correct and complied with as at the date of the Amendment Agreements and are deemed to be repeated by the Borrower on
the date of each request for drawdown with reference to the facts and circumstances then existing on each date on which an Advance is requested or made as if repeated by reference to facts and circumstances then existing. 

 
 Exceptions 
  
 16.2 The representations and warranties in Clause 16.1(c)(ii) to 16.1(c)(iv) and (e) shall be subject to the Reservations. 
  

	17.	 	INFORMATION 

  
 Preparation of Accounts 
  
 17.1 The Borrower will ensure that all accounts to be delivered by it under this Agreement are prepared in such manner that Clause 16.1(p) would be complied with. 
  
 Financial Statements 
  
 17.2 The Borrower shall: 
  

	(a)	 	as soon as the same become available, but in any event within ninety days after the end of the relevant semi-annual period to which the same relate, deliver to the Bank):

  

	 	(i)	 	the unaudited semi-annual consolidated financial statements (which have been subject to limited review by the Auditors) (including balance sheet, profit and loss and cashflow
statements) of the Borrower; 

  

	 	(ii)	 	a certificate signed by the Chief Financial Officer or a Vice President Corporate Funding of the Borrower confirming the Borrower’s compliance with the financial covenants
contained in Clause 19.1(a) (Financial Covenants) for the last day of such period and including (in reasonable detail and in a form reasonably satisfactory to the Bank) computations necessary to demonstrate such compliance;

  

	(b)	 	as soon as the same become available, but in any event within one hundred and twenty days after the end of its Financial Year deliver to the Bank): 

  

 33 

	 	(i)	 	the audited consolidated financial statements (including balance sheet, profit and loss and cashflow statements) and related Auditor’s reports of the Borrower for such
Financial Year; 

  

	 	(ii)	 	the Financial Compliance Certificates for the relevant Financial Year; 

  

	(c)	 	as soon as the same become available, but in any event within twenty days after the end of each calendar month, commencing on 31 March, 2003 deliver to the Bank):

  

	 	(i)	 	an updated Liquidity Plan (certified by an Authorised Signatory) together with a reconciliation statement to provide a comparison to the Initial Liquidity Plan where there are any
material deviations between the two together with management commentary on such deviation; 

  

	 	(ii)	 	a management commentary outlining progress in the Disposal of Assets by reference to the Assets Disposal Letter and the Strategic Plan the extent to which the Strategic Plan has and
will be achieved and any material developments or proposals affecting its implementation; 

  

	 	(iii)	 	details of the consolidated cash position of the Borrower taking into account cash equivalents as at the last day of such calendar month; 

  

	 	(iv)	 	details of any litigation current, pending or threatened in respect of which the amount subject to dispute exceeds EUR 100,000,000 or, if the information is then available to the
Borrower, in respect of which the amount exceeds EUR 50,000,000; 

  

	 	(v)	 	an update in respect of each of the GT24 and GT26 units such update to include technical, commercial and financial issues (including details of any claims, (indemnity or otherwise)
and provisions); 

  

	 	(vi)	 	an update (together with a management commentary (if appropriate)) in respect of the Report on the Group’s Borrowed Money (to include uncommitted lines, Bonding Guarantees and
guarantee facilities), in each case, including (A) the amounts in Euro (drawn and undrawn) of each Group member concerned; (B) the identity of the relevant guarantor or other Security or Security provider and of the provider of the facility; and (C)
the applicable tenor; 

  

	 	(vii)	 	an update (together with a management commentary (if appropriate)) in respect of (A) cash collateral securing off-balance sheet undertakings (but only from the calendar month,
commencing on 30 April 2003); and (B) the aggregate amount of releases of “cautions” and guarantees in each case in respect of Relevant Subsidiaries; and 

  

	 	(viii)	 	 a certificate signed by an Authorised Signatory of the Borrower confirming the Borrower’s compliance with the monthly financial covenants contained in Clause
19 for the last day of such month and including (in reasonable detail and in a form reasonably satisfactory to 

  

 34 

	 	 
the Bank) computations necessary to demonstrate such compliance, and 

  

	    	 	all in such detail and form as the Bank may reasonably require; and 

  

	(d)	 	from time to time and at the request of the Bank, furnish to the Bank such other information about the business, operations, performance, prospects and financial condition of the
Group as it may reasonably require including, without limitation, information concerning any of the following: 

  

	 	(i)	 	the implementation of the Strategic Plan; 

  

	 	(ii)	 	the GT24 and GT26 units (including details of any claims (indemnity or otherwise) and provisions); and 

  

	 	(iii)	 	once available, any strategic decision approved by the board of directors of the Borrower which would be likely to affect the latest Liquidity Plan or the Strategic Plan.

  
 Information to Shareholders, Creditors and Publicly Available
Information 
  
 17.3 At the same time as sent to its shareholders (or any
class of its shareholders) or creditors or otherwise made publicly available, the Borrower will deliver to the Bank any circular, document or other written information sent to its shareholders (or any class of its shareholders) or creditors or
otherwise made publicly available. 
  
 Events of Default 
  
 17.4 The Borrower will notify the Bank in writing of the occurrence of any Event of Default
or Potential Event of Default other than an Excluded Default (and of any action taken or proposed to be taken to remedy it) promptly after becoming aware of it. With each financial statement delivered by it under Clause 17.2(a) and 17.2(b), and
promptly after any request made by the Bank from time to time, the Borrower will deliver to the Bank a certificate signed on its behalf by such Person as may be acceptable to the Bank for that purpose confirming that, so far as it is aware and (if
applicable) except as previously notified to the Bank or waived in accordance with Clause 27.2, no Event of Default or Potential Event of Default other than an Excluded Default has occurred or (as the case may be) setting out details of any which
has occurred and has not been so notified or waived and of which it is aware and of any action taken or proposed to be taken to remedy it. 
  
 Cash Collateral Security 
  
 17.5 The Borrower undertakes to provide on or prior to 30 April, 2003 to the Bank a schedule in respect of each Relevant Subsidiary (to the extent applicable) providing
details of all cash collateral granted by it as at the date of the Amendment Agreements by way of security for off-balance sheet undertakings. 
  

 35 

	18.	 	UNDERTAKINGS 

  
 The Borrower undertakes, in relation to itself and, where applicable, each of its Relevant Subsidiaries that, so long as any sum remains to be lent or remains payable
under this Agreement: 
  
 Ranking of Obligations 
  
 18.1 Its payment obligations under this Agreement rank and will at all times rank at least
equally and rateably in all respects with all its other unsecured and unsubordinated Indebtedness except for such unsecured Indebtedness as would, by virtue only of the operation of law, be preferred. 
  
 Negative Pledge 
  
 18.2 The Borrower will not, and will procure that no other member of the Group will, create or have outstanding any Security on or over
their respective Assets, except for: 
  

	(a)	 	Security existing as at the date of the Amendment Agreements and any replacement of any such Security provided that such replacement Security (x) relates to the same Assets as the
Security that is replaced; and (y) secures Indebtedness of the same creditor and represents an extension of the Indebtedness secured thereby (but, except with the prior consent of the Bank, the principal, capital or nominal amount secured by any
initial or replacement Security referred to in this paragraph (a) may not be increased beyond the maximum such amount secured by the relevant Security at the date of the Amendment Agreements); 

  

	(b)	 	liens arising solely by operation of law and in the ordinary course of business; 

  

	(c)	 	Security over cash or securities deposited with any bank, financial institution, stock exchange or clearing house with which any member of the Group enters into foreign exchange,
swap or derivative transactions for hedging purposes in the ordinary course of business and with which cash or securities are required to be deposited in order for such transaction to be entered into; 

  

	(d)	 	Security relating to “cautions”, guarantees, surety bonds and any similar transaction in the ordinary course of business and not at any time exceeding in aggregate EUR
10,000,000; 

  

	(e)	 	Security arising in respect of the purchase of machinery and equipment in the ordinary course of business and granted over such assets to secure Indebtedness raised to finance the
acquisition thereof; 

  

	(f)	 	Security for taxes or governmental charges contested in good faith and in relation to which adequate reserves have been made; 

  

	(g)	 	Security resulting from the securitisation transactions permitted pursuant to Clause 18.3(b) below, subject to a maximum amount of EUR 5,000,000; 

  

 36 

	(h)	 	Security resulting from financial leases permitted pursuant to Clause 18.10(g) below to the extent granted over the relevant leased assets; 

  

	(i)	 	Security required by law to be created in order to implement the Strategic Plan; 

  

	(j)	 	Security arising out of title retention provisions in a supplier’s standard conditions of supply of goods acquired by the relevant member of the Group in the ordinary course of
its business; 

  

	(k)	 	any Security created over Assets acquired after the date of the Amendment Agreements and securing Project Finance Indebtedness provided that the only Assets which are the subject of
that Security are Assets which are the subject of the relevant Project; 

  

	(l)	 	any other Security created or outstanding (i) with the consent of the Bridge Majority Lenders under the Bridge Facility but only if the Security in question does not secure
liabilities under the Bridge Facility Agreement or (ii) in the ordinary course of business, and over assets having an aggregate value, and securing Indebtedness, not exceeding in aggregate at any time EUR20,000,000 for all members of the Group, and

  

	(m)	 	at any time after the Bridge Facility Discharge Date, any other Security created or outstanding with the prior consent of the Bank. 

  
 Transactions similar to Security/Securitisations 
  
 18.3 The Borrower will procure that no member of the Group will: 
  

	(a)	 	dispose of any asset on terms that such asset is or may be leased to or re-acquired or acquired by any member of the Group (except in respect of the disposal of Azur as contemplated
in the Strategic Plan) in circumstances where the transaction is entered into primarily as a method of raising Indebtedness or financing the acquisition of an asset other than as permitted under Clause 18.10; or 

  

	(b)	 	dispose of any receivable (whether or not on recourse terms) except: 

  

	 	(i)	 	pursuant to the Dunkerque Securitisation (up to a maximum amount of EUR 170,000,000); 

  

	 	(ii)	 	in respect of existing receivables having a maturity falling on or prior to the Extended Maturity Date; 

  

	 	(iii)	 	in respect of future receivables other than pursuant to the Dunkerque Securitisation (up to a maximum amount of EUR 80,000,000); 

  

	 	(iv)	 	pursuant to an existing securitisation programme at the date of the Amendment Agreements to the extent the aggregate amount of receivables within such programme is not increased
after such date; or 

  

 37 

	 	(v)	 	as permitted by the Bridge Majority Lenders under the Bridge Facility Agreement, and at any time after the Bridge Facility Discharge Date, with the prior consent of the Bank.

  
 Disposals 
  
 18.4 The Borrower will procure that no member of the Group will (whether by a single
transaction or a number of related or unrelated transactions and whether at the same time or over a period of time) dispose of all or any part of its assets other than disposals made on arms’ length terms at fair market value: 
  

	(a)	 	of assets in the ordinary course of business; 

  

	(b)	 	of cash and Investments provided such disposals are not prohibited by any other provision hereof; 

  

	(c)	 	of receivables in connection with securitisations to the extent permitted under Clause 18.3(b) hereof; 

  

	(d)	 	to a Material Subsidiary; 

  

	(e)	 	of assets for the purpose of sale and leaseback transactions to the extent permitted under Clause 18.10(g) hereof; 

  

	(f)	 	contemplated by the Strategic Plan; 

  

	(g)	 	as permitted by the Bridge Majority Lenders under the Bridge Facility Agreement and at any time after the Bridge Facility Discharge Date, with the prior consent of the Bank; or

  

	(h)	 	pursuant to a transaction permitted by Clause 18.7(a) whose individual Net Cash Proceeds do not exceed EUR 100,000 and when aggregated with the Net Cash Proceeds received since the
date of the Amendment Agreements in respect of Disposals permitted pursuant to this paragraph (h) do not exceed EUR 1,000,000, 

  
 in each case provided that: 
  

	 	(i)	 	disposals of shares in a member of the Group are not permitted except by paragraphs (d), (f), (g) or (h)above; 

  

	 	(ii)	 	disposals under paragraphs (c) to (f) inclusive are only permitted so long as no Default has occurred which is continuing. 

  
 Additional provisions relating to Disposals 
  
 18.5 The Borrower will procure that: 
  

	(a)	 	 all Disposals by members of the Group other than to (i) wholly owned members of the Group or (ii) to a member of the Group under a Permitted Joint Venture provided
that such Disposal otherwise complies with the other 

  

 38 

	 	 
provisions of this Agreement, are made for a consideration payable in cash; and 

  

	(b)	 	no Disposal by any member of the Group referred to in the Strategic Plan is made on terms that the purchaser or any other person has a right to require any member of the Group to
repurchase or procure the repurchase of all or a material part of the assets disposed of, or on terms having similar effect; provided that this sub-paragraph (b) shall not prevent the granting of warranties, indemnities or the assumption of similar
liabilities to the extent in accordance with usual commercial practice. 

  
 Change of Business 
  
 18.6 The Borrower will ensure that there
is no material change in the overall nature of the business of the Group taken as a whole (whether by a single transaction or a number of related or unrelated transactions, whether at one time or over a period of time and whether by disposal,
acquisition or otherwise) except by reason of the implementation of the Strategic Plan. 
  
 Acquisitions and Mergers 
  
 18.7 The Borrower will procure that,
except as permitted by the Bank: 
  

	(a)	 	no member of the Group shall be subject to any reorganisation, restructuring or merger except for solvent reconstructions within the Group and provided that, in the case of mergers
involving the Borrower or a Material Subsidiary, the surviving entity shall be the Borrower or a Material Subsidiary and provided further that the same shall not entail any Material Adverse Effect; 

  

	(b)	 	no member of the Group will make any acquisitions or investments in any business or shares or equivalent other than: 

  

	 	(i)	 	any transaction required in order to implement the Strategic Plan; and 

  

	 	(ii)	 	acquisitions or investments of an individual value (including debt assumed or directly or indirectly acquired) not exceeding EUR 10,000,000 and not exceeding in aggregate for all
members of the Group EUR 50,000,000; and 

  
 in each case (i) as
permitted by the Bridge Majority Lenders under the Bridge Facility Agreement or (ii) at any time after the Bridge Facility Discharge Date, with the prior consent of the Bank. 
  
 Insurances 
  
 18.8 The Borrower will ensure that there is in effect at all times insurance cover over its Assets and business and those of its Relevant Subsidiaries of a type and in an
amount which is consistent with good business practice in the relevant industry. 
  

 39 

 Compliance with laws 
  
 18.9 The Borrower will, and shall ensure that each member of the Group will, maintain and comply with all applicable laws, regulations, authorisations, permits and
licences as are desirable in connection with its business including, without limitation, any Consents necessary to enable it to carry out the transactions contemplated by this Agreement and the Strategic Plan, any Environmental Law and any
Environmental Authorisations except in each case, to the extent failure would not reasonably be expected to have a Material Adverse Effect. 
  
 Borrowed Money 
  
 18.10 The Borrower will procure that no member of the Group will incur or permit to subsist any Borrowed Money incurred after the date of the Amendment Agreements other than: 
  

	(a)	 	local borrowings by members of the Group required in the ordinary course of business in an aggregate amount for all members of the Group of up to EUR 100,000,000;

  

	(b)	 	any borrowing raised after the date of the Amendment Agreements in respect of which no repayment of principal is required to occur prior to 20 April 2004 and the proceeds of which
are forthwith applied in prepayment and cancellation of the Bridge Facility and, after the Bridge Facility Discharge Date, the Extended Facilities (pro rata); 

  

	(c)	 	any discounting of bills having a maturity falling before the Extended Maturity Date; 

  

	 (d)    
	 (i)     any issue of commercial paper which, when aggregated with all outstanding commercial paper for
the time being issued by members of the Group, does not exceed the amount forecast to be outstanding at such time in the Initial Liquidity Plan; 

  

	 	(ii)	 	any issue of commercial paper having a maturity falling after the Extended Maturity Date, provided that if such issue of commercial paper, when aggregated with all outstanding
commercial paper for the time being issued by members of the Group, exceeds the amount forecast to be outstanding at such time in the Initial Liquidity Plan then the Net Cash Proceeds thereof which exceed the amount forecast to be outstanding at
such time in the Initial Liquidity Plan shall be applied in prepayment in accordance with Clause 6.3; 

  

	(e)	 	any issue of commercial paper having a maturity falling before the Extended Maturity Date; 

  

	(f)	 	any Project Finance Indebtedness; 

  

 40 

	(g)	 	any operating or finance lease entered into in the ordinary course of business in accordance with capital expenditures taken into account in the Strategic Plan;

  

	(h)	 	loans between members of the Group (including loans arising pursuant to cash pooling in the ordinary course of cash management of the Group); 

  

	(i)	 	any Borrowed Money arising under a transaction permitted pursuant to Clause 18.3(b); or 

  

	(j)	 	as permitted by the Bank. 

  
 Loans 
  
 18.11 The Borrower will procure
that no member of the Group will be the creditor of any Borrowed Moneys other than: 
  

	(a)	 	those existing on the date of the Amendment Agreements; 

  

	(b)	 	trade credit on normal commercial terms in the ordinary course of its trading activities; 

  

	(c)	 	loans between members of the Group in the ordinary course of business or cash management; or 

  

	(d)	 	loans to employees made in accordance with the practice of members of the Group as at the date of the Amendment Agreements. 

  
 Prepayment of Group Facilities 
  
 18.12 Save as otherwise agreed by the Bank, the Borrower will procure that no member of the
Group will: 
  

	(a)	 	prepay any Borrowed Money of any member of the Group (other than non-confirmed bank overdrafts); 

  

	(b)	 	cancel all or part of any commitment of any financier to any member of the Group in respect of Borrowed Money; 

  

	(c)	 	purchase or redeem prior to its stated maturity all or part of any bonds or other Borrowed Money of any member of the Group (including by way of purchase of a sub-participation in
relation thereto) or enter into any other transaction having similar effect; or 

  

	(d)	 	 amend the terms applicable to any Borrowed Money to which any member of the Group is party in a manner that would be materially prejudicial to the interests of the
Bank (it being acknowledged (without limitation) that advancing any scheduled maturity date to a date prior to 31 August, 2006 shall for these purposes be deemed materially prejudicial to the interests of the Bank), 

  

 41 

 provided that for the purposes of this Clause 18.12, any commitment or outstanding arising under the Bridge Facility
Agreement shall not constitute Borrowed Money. 
  
 Share issuance

  
 18.13 Save : 
  

	(a)	 	as otherwise expressly permitted by Clause 18.7(a); 

  

	(b)	 	as permitted by the Bridge Majority Lenders under the Bridge Facility Agreement; or 

  

	(c)	 	at any time after the Bridge Facility Discharge Date, with the prior consent of the Bank, 

  
 the Borrower will procure that no member of the Group (other than the Borrower or a member of the Group under a Permitted Joint Venture to
its shareholders) will issue any shares other than to a wholly-owned Subsidiary of the Borrower or to the Borrower. 
  
 Share Redemption 
  
 18.14 The Borrower will procure that no member of the Group will directly or indirectly redeem, purchase, retire or otherwise acquire for consideration any shares issued by it or set apart any sum for any such purpose
or otherwise reduce its capital (except where: 
  

	(a)	 	any resulting payment or distribution of cash or other assets is made to the Borrower or a wholly-owned Subsidiary of the Borrower; or 

  

	(b)	 	the reduction is made in respect of accrued losses or in order to effect the Rights Issue and (in each case) does not result in a cash payment to any Person).

  
 Payment of distributions 
  
 18.15 Save as otherwise permitted (i) subject to and in accordance with the terms of the
Bridge Facility Agreement or (ii) at any time after the Bridge Facility Discharge Date with the prior consent of the Bank, the Borrower will procure that no member of the Group will: 
  

	(a)	 	declare or pay, directly or indirectly, any dividends or make any other distribution or pay any other amounts, whether in cash or otherwise, on or in respect of any class of its
share capital, or set apart any sum for any such purpose (other than by a member of the Group to the Borrower or a wholly-owned Subsidiary of the Borrower or other than by a member of the Group under a Permitted Joint Venture to its shareholders);

  

	(b)	 	except for transactions made in the ordinary course of business and at arms’ length, make any cash payment to any Affiliate of the Borrower that is not a wholly-owned
Subsidiary of the Borrower, 

  

 42 

 except where required to comply with its obligations hereunder or under any shareholders’ or similar agreement in
effect on the date of the Amendment Agreements and the Borrower shall take all steps to ensure upstreaming of cash from its Subsidiaries to meet its obligations pursuant to this Agreement. 
  
 Pensions schemes 
  
 18.16 The Borrower will procure that all material pension schemes of it and its Relevant Subsidiaries are fully funded to the extent
required by law based on reasonable actuarial assumptions applicable in the jurisdiction in which the relevant pension scheme is maintained. 
  
 Intellectual Property 
  
 18.17 The Borrower will procure that it and the Relevant Subsidiaries will: 
  

	(a)	 	observe and comply with all obligations, laws and regulations applicable to it in its capacity as registered proprietor, beneficial owner, user, licensor or licensee of the
Intellectual Property which it requires to conduct its business or any part of it where failure to do so would have or could be reasonably expected to have a Material Adverse Effect or significantly adversely affect the value of any material
Intellectual Property of the Group; 

  

	(b)	 	do what is necessary to maintain, register, protect and safeguard the intellectual property required to conduct its business or any part of it where failure to do so would have or
could be reasonably expected to have a Material Adverse Effect and not discontinue the use of any of that Intellectual Property nor allow it to be put at risk by becoming generic or by being identified as disreputable if in each case to do so would
have or could be reasonably expected to have a Material Adverse Effect; and 

  

	(c)	 	not grant any licence to any person to use the Intellectual Property required to conduct its business or any part of it if to do so would have or could be reasonably expected to
have a Material Adverse Effect. 

  
 Auditors 
  
 18.18 The Borrower will procure that neither it nor any Relevant Subsidiary will:

  

	(a)	 	appoint any auditors other than firms of international standing and repute; 

  

	(b)	 	make any material change to the accounting policies or practices of the Group, except for the introduction of “cost to cost” accounting practices should they be applied
from 31 March, 2003 or as required by applicable law or regulation. 

  
 Arm’s length transactions 
  
 18.19 The Borrower will
procure that no member of the Group will enter into any arrangement or transaction which is not on arm’s length terms in accordance with 

  

 43 

 
sound commercial practice and (except in order to implement the Strategic Plan) in the ordinary course of its business. 
  
 Joint Ventures 
  
 18.20 The Borrower will procure that no member of the Group will enter into or permit to subsist any joint venture, partnership or similar
arrangement with any person, other than: 
  

	(a)	 	any joint venture, partnership or similar arrangement subsisting on the date of the Amendment Agreements; or 

  

	(b)	 	any such arrangement that is entered into in the ordinary course of business through a limited liability company, 

  
 (each such joint venture, partnership or similar arrangement constituting a Permitted
Joint Venture), 
  
 and no member of the Group shall make any investment
or otherwise participate in an entity with unlimited liability. 
  
 Holding
Company 
  
 18.21 The Borrower shall not carry on any business other than
that of the holding company of the Group and shall not incur any liabilities other than those directly related to such business or the business of the Group. 
  
 Cash pooling 
  
 18.22 The Borrower shall procure that no change is made to the cash pooling or other cash or treasury management operations of the Group as carried on at the date of the Amendment Agreements which would be likely to
have a Material Adverse Effect. 
  
 Capital Expenditure 
  
 18.23 The Borrower will procure that Capital Expenditure of the Consolidated Group in any
period does not exceed 110 per cent. of the Capital Expenditure of the Consolidated Group forecast for such period in the Initial Liquidity Plan. 
  
 Vendor Financing 
  
 18.24 The Borrower will procure that no new Vendor Financing after the date of the Amendment Agreements is provided by any member of the Group. 
  
 Group Structure 
  
 18.25 The Borrower will procure that except as a result of sales pursuant to the Strategic Plan, no change shall occur in the shareholdings of the Selling Subsidiaries or
of the Exiting Subsidiaries which would result in the Borrower’s direct or indirect shareholding in any such company being reduced. 
  

 44 

 Off balance sheet undertakings 
  
 18.26 The Borrower will procure that no member of the Group will enter into any new commitment or assume any additional liability
(contingent or actual) in respect of any Project Finance Indebtedness in existence at the date of the Amendment Agreements or in respect of any Borrowed Moneys (except as expressly permitted pursuant hereto). 
  
 Utilisation of other facilities 
  
 18.27 The Borrower will ensure that: 
  

	(a)	 	committed credit facilities of the Borrower are at all times utilised to the fullest extent possible in priority to the Facility in order to reduce the amount of the Outstandings
hereunder from time to time; and 

  

	(b)	 	any drawing under any committed credit facility by the Borrower will be made for the longest interest period permitted under the relevant facility, 

  
 provided that for the purposes of the foregoing committed credit facility shall
be deemed not to include the Bridge Facility. 
  
 Strategic Plan

  
 18.28 The Borrower undertakes: 
  

	(a)	 	promptly to inform the Bank of any event or circumstance likely to result in a material change in the assumptions and valuations made by the Borrower in the Strategic Plan;

  

	(b)	 	to use its best endeavours to ensure that the affairs of the Group are in all respects conducted so as to ensure that the Strategic Plan is implemented and that it is implemented
under the best possible conditions (including as to timing); and 

  

	(c)	 	promptly to inform the Bank of any legal impediment or restriction to the implementation of the Strategic Plan in all material respects within the timetable therein.

  

	19.	 	FINANCIAL COVENANTS 

  
 19.1 
  

	(a)	 	Consolidated Net Worth: The Borrower shall procure that Consolidated Net Worth shall not, on each of 31 March, 2003 and 30 September, 2003, be less than the amount set out
opposite such date in the table below; it being agreed that any increase in the equity of the Borrower shall not be taken into account for the purpose of determining the Consolidated Net Worth of the Borrower. 

  

 45 

	 Date

	  	Consolidated Net Worth

	 31 March 2003
	  	EUR800,000,000
	 30 September 2003
	  	EUR500,000,000

  

	(b)	 	Total Debt: In respect of the period commencing on 31 March 2003, the Borrower shall procure that the Total Debt of the Group during any month is at no time greater than the
amount set out below in respect of such month; provided that the amounts set out in the second column below shall on any date be reduced by an amount equal to the Net Cash Proceeds received prior to such date in respect of any Disposal of Parthenon
or Trout to the extent such amount exceeds the amount of such proceeds forecast to have received on such date in respect of such Disposal in the Initial Liquidity Plan. 

  

	 Month

	  	Total Debt

	 March 2003
	  	EUR7,000,000,000
	 April 2003
	  	EUR7,500,000,000
	 May 2003
	  	EUR7,500,000,000
	 June 2003
	  	EUR6,800,000,000
	 July 2003
	  	EUR6,800,000,000
	 August 2003
	  	EUR6,800,000,000
	 September 2003
	  	EUR6,800,000,000
	 October 2003
	  	EUR6,000,000,000
	 November 2003
	  	EUR6,000,000,000
	 December 2003
	  	EUR6,000,000,000

  

	(c)	 	Total Net Debt: In respect of the period commencing on 31 March 2003, the Borrower shall procure that the Total Net Debt of the Group during any month is at no time greater
than the amount set out below in respect of such month; provided that the amounts set out in the second column below shall on any date be reduced by an amount equal to the Net Cash Proceeds received prior to such date in respect of any Disposal of
Parthenon or Trout to the extent such amount exceeds the amount of such proceeds forecast to have been received on such date in respect of such Disposal in the Initial Liquidity Plan. 

  

	 Month

	  	Total Net Debt

	 March 2003
	  	EUR5,300,000,000
	 April 2003
	  	EUR5,900,000,000
	 May 2003
	  	EUR6,100,000,000
	 June 2003
	  	EUR5,500,000,000

  

 46 

	 July 2003
	  	EUR5,500,000,000
	 August 2003
	  	EUR5,500,000,000
	 September 2003
	  	EUR5,500,000,000
	 October 2003
	  	EUR4,800,000,000
	 November 2003
	  	EUR4,800,000,000
	 December 2003
	  	EUR4,800,000,000

  
 Financial Covenant Testing

  
 19.2  
  

	(a)	 	The financial covenant specified in Clause 19.1(a) above shall, be tested by reference the Latest Financial Statements of the Borrower delivered pursuant to Clause 17.2(a) or (b) (as relevant). 

  

	(b)	 	The financial covenants specified in Clause 19.1(b) and (c) shall be tested by reference to the consolidated financial position of the Borrower on the last day of the relevant
calendar month as evidenced by the compliance certificates and other information delivered pursuant to each of Clauses 17.2(a)(ii), 17.2(b)(ii) and 17.2(c)(viii) above. 

  
 Applicable Accounting Principles 
  
 19.3 
  

	(a)	 	If any financial statement of the Borrower delivered or to be delivered to the Bank under Clause 17.2(a) or 17.2(b) is not to be or, as the case may be, has not been prepared in
accordance with Applicable Accounting Principles: 

  

	 	(i)	 	The Borrower and the Bank shall, on the request of the Bank, negotiate in good faith with a view to agreeing such amendments to the above financial covenants and/or the definitions
of the terms used in them as are necessary to give the Bank comparable protection to that contemplated at the date of the Amendment Agreements. 

  

	 	(ii)	 	If amendments are agreed by the Borrower and the Bank within 25 days, those amendments shall take effect in accordance with the terms of that agreement. 

  

	 	(iii)	 	If such amendments are not so agreed within 25 days, the Borrower shall: 

  

	 	(A)	 	within 30 days after the end of that 25 day period and 

  

	 	(B)	 	with all subsequent financial statements to be delivered to the Bank under Clause 17.2(a) or 17.2(b), 

  

 47 

	 	    	 	deliver to the Bank, in reasonable detail and in a form satisfactory to the Bank, details of all such adjustments as need be made to the relevant financial statement to bring it
into line with Applicable Accounting Principles. 

  

	20.	 	DEFAULT 

  
 Events of Default 
  
 20.1 Each of the following is an Event of Default: 
  

	(a)	 	Non-Payment: The Borrower does not pay in the manner provided in the Finance Documents any sum payable under it when due, unless the Borrower satisfies the Bank that such
non-payment is due solely to administrative error (whether by the Borrower or a bank involved in transferring funds to the Bank) and payment is made within 2 Business Days of the date on which such payment was due. 

  

	(b)	 	Breach of Representation or Warranty: Any representation, warranty or statement by the Borrower (for itself or any Relevant Subsidiary) in the Finance Documents or in any
document delivered under it is not complied with or is or proves to have been incorrect, in any material respect, when made or deemed repeated. 

  

	(c)	 	Breach of Undertaking: The Borrower does not perform or comply with any one or more of its obligations: (i) under Clauses 18.8, 18.16 or 18.17 and, if capable of remedy, the
relevant breach is not remedied within 21 days of the date on which the Borrower became aware of the same; or (ii) under the Finance Documents other than those obligations referred to in paragraph (i)) including, without limitation the financial
covenants under Clause 19 (Financial Covenants). 

  

	(d)	 	Cross Default: Any other Indebtedness of the Borrower or any member of the Group for or in respect of Borrowed Money, or any other Indebtedness of any of them to a bank or
financial institution (other than, in each case, Project Finance Indebtedness), is or is declared to be (or (but in the case only of Indebtedness of the Borrower or any Relevant Subsidiary) is capable of being rendered) due and payable before its
normal maturity by reason of any actual or potential default, event of default or the like (however described) or is not paid when due nor within any applicable grace period in any agreement relating to that Indebtedness and provided that:

  

	 	(i)	 	neither (x) an Excluded Default; nor (y) in respect of the period ending on the Bridge Initial Drawdown Date) an Event of Default specifically disclosed in the Waivers and
Amendments, shall be capable of giving rise to an Event of Default under this Clause 20.1(d); 

  

	 	(ii)	 	 a Group Guarantee shall be capable of giving rise to a default under this Clause 20.1(d) but only if the guarantor fails within any applicable grace period to
comply with its payment obligations thereunder, and 

  

 48 

	 	 
provided that no Event of Default shall arise in respect of any Group Guarantee in respect of Project Finance Indebtedness if payment thereunder is being
contested in good faith and in respect of which the Borrower has provided to the Bank within 10 days of such declaration, an opinion from a leading international law firm that the relevant guarantor has good grounds for such a position and a
certificate stating that the relevant guarantor has established, if appropriate, adequate reserves in respect of such Indebtedness; and 

  

	 	(iii)	 	no default will occur under this Clause 20.1(d) unless and until the aggregate amount of the Indebtedness (whether of one or more Persons) in respect of which one or more of the
events mentioned above in this Clause 20.1(d) has/have occurred equals or exceeds EUR 35 million or its equivalent (as reasonably determined by the Bank). 

  

	(e)	 	Insolvency: The Borrower or any Relevant Subsidiary or any other member of the Consolidated Group (provided, in the case of a member of the Consolidated Group, such event has
or could have a Material Adverse Effect on the Borrower) is (or is held by a court of competent jurisdiction to be) insolvent or unable to pay its debts as they become due, or a mandataire ad hoc or similar officer is appointed in respect of
all or a material part of the business or Assets of any of them, or any of them enters into a règlement amiable or liquidation or any other arrangements or composition with its creditors or any of them is in a situation of
cessation des paiements or a judgement is given for a liquidation judiciaire or a plan de cession totale de l’entreprise in respect of the business of any of them or any of them are subject to any similar proceedings.

  

	(f)	 	Enforcement Proceedings: A distress, attachment, execution or other legal process is levied, enforced or sued out on or against the Assets of the Borrower or any Relevant
Subsidiary if it has or could have a Material Adverse Effect on the Borrower. 

  

	(g)	 	Security Enforceable: Any Security on or over the Assets of the Borrower or any Relevant Subsidiary becomes enforceable and any step (including the taking of possession or
the appointment of a receiver, manager or similar person) is taken to enforce that Security if it has or could have a Material Adverse Effect on the Borrower. 

  

	(h)	 	Winding-up: Any step is taken by any Person with a view to the Winding-up of the Borrower or any Relevant Subsidiary, or any of them ceases or threatens to cease to carry on
all or a substantial part of its business, except, in the case of any Relevant Subsidiary, for the purpose of and followed by a solvent intra-Group reconstruction, amalgamation, reorganisation, merger or consolidation, or otherwise where such
Winding-up is vexatious or frivolous and it is discharged within 30 days of such step being taken. 

  

	(i)	 	 Change of Control: Control of the Borrower is acquired by any Person, or any group of connected Persons acting in concert acquires any of the capital or

  

 49 

	 	 
voting rights of the Borrower resulting in such Person or persons holding more than 50% of such capital or voting rights. 

  

	(j)	 	Illegality: It is or will become unlawful for the Borrower to perform or comply with any one or more of its obligations under this Agreement (and the Bank determines that the
unlawfulness of the relevant obligation(s) is material). 

  

	(k)	 	Analogous Events: Any event occurs which, under the law of any relevant jurisdiction, has an analogous or equivalent effect to any event mentioned in Clauses 20.1(e)
(Insolvency), 20.1(f) (Enforcement Proceedings) or 20.1(h) (Winding-up). 

  

	(l)	 	Material Adverse Change: Any event(s) occur(s) or circumstances arise which in the Bank’s reasonable opinion has or is likely to have a Material Adverse Effect, in each
case after the date of the Amendment Agreements. 

  

	(m)	 	Litigation: Any litigation, arbitration or administrative or regulatory proceeding is commenced by or against a member of the Group which could be reasonably expected to be
adversely determined and, if so determined, could reasonably be expected to have (whether by itself or together with any related claims) a Material Adverse Effect. 

  

	(n)	 	Audit Qualification: The Auditors qualify their report on any audited consolidated financial statements of the Borrower other than with a qualification of a minor or
technical nature. 

  

	(o)	 	Board Meeting: Either: 

  

	 	(i)	 	a meeting of the board of directors of the Borrower: (A) is not held on or prior to 13 May, 2003; or (B) is held but fails to resolve to convene the Shareholders’ Meeting; or

  

	 	(ii)	 	at any time following such meeting of the board of directors any resolution(s) passed in connection with the Rights Issue is revoked. 

  

	(p)	 	Strategic Plan: At any time the Borrower has failed unconditionally to have completed substantially all of the Asset Disposals at times materially consistent with the timing
set forth in the Strategic Plan. 

  

	(q)	 	Realisation of the Strategic Plan: The occurrence of any event or circumstance which, in the reasonable opinion of the Bank, has or is likely to have a material adverse
effect on the Borrower’s ability to implement and complete the Strategic Plan at times materially consistent with the timing set forth therein. 

  

	(r)	 	Waivers and Amendments: Any failure to sign any or all of the Waivers and Amendments on or prior to the earlier to occur of the Bridge Initial Drawdown Date and 30 April,
2003. 

  

 50 

 Cancellation/Acceleration 
  
 20.2 If at any time and for any reason (and whether within or beyond the control of the Borrower) any Event of Default has occurred and is
subsisting, the Bank shall by notice to the Borrower declare: 
  

	(a)	 	the Commitment to be cancelled or suspended (in whole or in part), whereupon it shall be so cancelled or suspended; 

  

	(b)	 	any or all Advances, all unpaid accrued interest and fees and any other sum then payable under this Agreement to be immediately due and payable (in each case, in whole or in part),
whereupon they shall become so due and payable; and/or 

  

	(c)	 	any or all Advances to be payable on demand (in each case, in whole or in part) whereupon the same shall become payable on demand by the Bank. 

  

	21.	 	DEFAULT INTEREST 

  
 Interest on Overdue Sums 
  
 21.1 If the Borrower does not pay any sum payable under this Agreement when due, it shall pay interest on the amount from time to time outstanding in respect of that
overdue sum for the period beginning on its due date and ending on the date of its receipt by the Bank (both before and after judgement) in accordance with this Clause 21. 
  
 Default Interest Periods and Rates 
  
 21.2 Interest under this Clause 21 shall be calculated by reference to successive Default Interest Periods, each of which (other than the first, which shall begin on the
due date) shall begin on the last day of the previous one. Each such Default Interest Period shall be of such period as the Bank may from time to time select and the rate of interest applicable for all or any part of a particular Default Interest
Period shall be the rate per annum equal to the sum of 3% and the rate which would be applicable to that overdue sum for (or, as the case may be, for that part of) that Default Interest Period under Clause 8.2 (Normal Interest Rate) if that
overdue sum were a non-overdue Advance, except as follows: 
  

	(a)	 	Subject to Clauses 21.2(b) and 21.2(c), until the first Business Day after the Bank first becomes aware of the relevant default, the Bank may require that each Default Interest
Period relating to the relevant overdue sum shall be an “overnight” period beginning on one Business Day and ending on the next. The rate of interest for a particular “overnight” period shall be the rate per annum equal to the
sum of 3%, the relevant Margin, the Mandatory Costs and EONIA for that Default Interest Period. 

  

	(b)	 	 If the overdue sum is of principal of an Advance and becomes due before the Repayment Date of that Advance, the first Default Interest Period applicable to that
overdue sum shall end on that Repayment Date and the rate of interest 

  

 51 

	 	 
applicable to that sum for that Default Interest Period shall be the rate per annum equal to the sum of 3% and the rate applicable to it immediately before
it became due. 

  

	(c)	 	If any event mentioned in Clause 13.1 (Triggering Events) occurs in relation to any Default Interest Period applicable to an overdue sum, the rate of interest payable for all
or any part of that Default Interest Period shall be the sum of 3%, the relevant Margin, the Mandatory Costs and the cost to the Bank (as certified by it and expressed as a rate per annum) of funding such sum during that Default Interest Period by
whatever means it determines to be appropriate. 

  

	(d)	 	Any Default Interest Period which would otherwise end on a non-Business Day shall instead end on the next Business Day in the same calendar month (if there is one) or the preceding
Business Day (if there is not). 

  
 Payment and Compounding of
Default Interest 
  
 21.3 Interest accrued under this Clause 21 shall be due
on demand by the Bank but, if not previously demanded, shall be paid when due in accordance with Clause 8.4. If not paid when due, the interest shall be added to the overdue sum and itself bear interest accordingly, to the fullest extent permitted
by French law. 
  

	22.	 	INDEMNITIES 

  
 Miscellaneous Indemnities 
  
 22.1 The Borrower shall on demand and, on receipt of written justification, indemnify the Bank against any funding or other reasonable cost, loss, expense or liability
sustained or incurred by it as a result of: 
  

	(a)	 	an Advance not being made by reason of non-fulfilment of any of the conditions in Clause 4.1 (Drawdown Conditions) or the Borrower purporting to revoke a notice requesting an
Advance; 

  

	(b)	 	the occurrence or continuance of any Event of Default; or 

  

	(c)	 	the receipt or recovery by the Bank of all or any part of an Advance or overdue sum otherwise than on the Repayment Date of that Advance or the last day of an Default Interest
Period relating to that overdue sum. 

  
 Broken Funding Costs

  
 22.2 In the case of Clauses 22.1(a) and 22.1(c) above, the amount payable
shall in any event include the amount (if any) by which: 
  

	(a)	 	 the amount of interest which the Bank is able to obtain by placing an amount equal to the relevant Advance or overdue sum or (as the case may be) of the relevant
amount so received or recovered on deposit in the Inter-bank Market, for the remainder of the relevant Term or Default Interest Period, as soon as reasonably practicable after it becomes aware that the relevant Advance is not 

  

 52 

	 	 
being made or (as the case may be) of the relevant event referred to in Clause 22.1(a) or 22.1(c). 

  
 is less than: 
  

	(b)	 	the amount of interest which, in accordance with the expressed terms of this Agreement, would otherwise be payable to the Bank on that Advance for its Term or Default Interest
Period or (as the case may be) of the relevant amount for the remainder of the relevant Term or Default Interest Period. 

  
 Currency Indemnity 
  

	22.3	 	(a) In respect of any sum payable by the Borrower under or in connection with this Agreement, including damages, the currency specified in Clause 15.2 (Currency of Payments)
in respect of that sum (the “Currency of Account”) shall be the sole currency of account and payment. 

  

	(b)	 	Any amount received or recovered in a currency other than the relevant Currency of Account (whether as a result of, or of the enforcement of, a judgment or order of a court of any
jurisdiction, in the Winding-up of the Borrower or otherwise) by the Bank in respect of any sum expressed to be due to it from the Borrower under this Agreement shall only discharge the Borrower to the extent of the amount in that Currency of
Account which the recipient is able, in accordance with its usual practice, to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on
that date, on the first date on which it is practicable to do so). 

  

	(c)	 	If that amount in that Currency of Account is less than the amount expressed to be due to the recipient under this Agreement, the Borrower shall indemnify it against any loss
sustained by it as a result. In any event, the Borrower shall indemnify the recipient against the cost of making any such purchase. For the purpose of this Clause 22.3, it will be sufficient for the Bank to demonstrate that it would have suffered a
loss had an actual exchange or purchase been made. 

  
 Indemnities Separate 
  
 22.4 Each of the indemnities in this
Agreement constitutes a separate and independent obligation from the other obligations in this Agreement, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Bank and shall
continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Agreement or any other judgment or order. 
  

 53 

	23.	 	SET-OFF 

  
 Set-Off 
  
 23.1 The Borrower authorises the Bank (but only so long as an Event of Default or Potential Event of Default has occurred and is continuing) to apply (without prior notice) any credit balance (whether or not then due)
to which it is at any time beneficially entitled on any account at, any sum held to its order by and/or any liability to it of, any office of the Bank in or towards satisfaction of any sum then due from it to the Bank under this Agreement and unpaid
and, for that purpose, to convert one currency into another at the rate of exchange obtained by such party in accordance with its usual practice (but so that nothing in this Clause 23.1 shall be effective to create a charge). No party shall be
obliged to exercise any of its rights under this Clause 23.1, which shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other right to which it is at any time otherwise entitled (whether by operation
of law, contract or otherwise). 
  

	24.	 	EXPENSES AND STAMP DUTY 

  
 Expenses and Stamp Duty 
  
 24.1 Whether or not any Advance is made, the Borrower shall pay: 
  

	(a)	 	Initial Expenses: on demand, all reasonable costs and expenses (including legal fees and Taxes) incurred by the Bank in connection with the preparation, negotiation or entry
into the applicable Amendment Agreement set out in a letter dated 11 March 2003 from, inter alios, the Bank to the Borrower and/or any amendment of, supplement to, or waiver or consent in respect of, this Agreement requested by or on behalf of the
Borrower (whether or not entered into or given); 

  

	(b)	 	Enforcement Expenses: on demand, all costs and expenses (including legal fees and Taxes) incurred by the Bank in protecting or enforcing (or attempting to protect or enforce)
any right under this Agreement and/or any such amendment, supplement, waiver or consent; and 

  

	(c)	 	Stamp Duty: promptly, and in any event before any interest or penalty becomes payable, any stamp, documentary, registration or similar Tax payable in connection with the
entry into, registration, performance, enforcement or admissibility in evidence of this Agreement and/or any such amendment, supplement, waiver or consent, and shall indemnify the Bank against any liability with respect to or resulting from any
delay in paying or omission to pay any such Tax. 

  
 Other
Expenses 
  
 24.2 The Borrower shall also, from time to time on demand of the
Bank, reimburse it, at such reasonable hourly and/or daily rates as it shall from time to time notify to the Borrower, in respect of management time and/or other resources used by it in connection with any such amendment, supplement, waiver or
consent, or the 

  

 54 

 
protection or enforcement or attempted protection or enforcement of any right under this Agreement and/or any such amendment, supplement, waiver or consent.

  

	25.	 	CALCULATIONS AND EVIDENCE 

  

Basis of Calculation 
  
 25.1 All interest and commitment and utilisation fees shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a year of 360 days or in accordance with the then
current market practice in the Inter-bank Market. 
  
 Loan Accounts

  
 25.2 The entries made in the accounts maintained by the Bank in
accordance with its usual practice shall be prima facie evidence of the existence and amounts of the obligations of the Borrower recorded in them. 
  
 Certificates 
  
 25.3 A certificate by the Bank as to any sum payable to it under this Agreement, and any other certificate, determination, notification or the like of the Bank provided for in this Agreement, shall be conclusive save
for manifest error. Any such certificate as to any sum shall set out the basis of computation of that sum in reasonable detail but shall not be required to disclose any information reasonably considered to be confidential. 
  

	26.	 	NOVATION 

  
 Benefit and Burden of this Agreement 
  
 26.1 This Agreement shall benefit and bind the parties, any New Bank in respect of which a Novation Notice becomes effective in accordance with Clause 26.3, their
permitted assignees and their respective successors. Any reference in this Agreement to any party shall be construed accordingly. 
  
 Borrower 
  
 26.2 The Borrower may not assign or transfer all or part of its rights or obligations under this Agreement. 
  
 Bank 
  

	26.3 (a)	 	 Subject to Clause 26.3(b) below, the Bank may at any time assign, novate or sub-participate all or part of an Advance, or all or part of the Outstandings
/Commitment, to any bank or financial institution with (in the case of assignments and novations) the written consent of the Borrower (not to be withheld or delayed). In the absence of a response from the Borrower to a request for such a consent,
consent will be deemed to have been given 7 Business Days after the Bank has requested the same. However, no consent of the Borrower shall be needed in respect of assignments or novations to 

  

 55 

	 	 
Affiliates of the Bank or following the occurrence of an Event of Default which is continuing. Any such novation shall be effective on the date specified in
a duly completed and executed Novation Notice whereupon, subject to the terms of that Novation Notice: 

  

	 	(i)	 	to the extent that in that Novation Notice the Bank seeks to novate an Advance and/or its Commitment, the Borrower and the Bank shall each be released from further obligations to
each other and their respective rights against each other shall be cancelled (such rights and obligations being referred to as “discharged rights and obligations”) 

  

	 	(ii)	 	the Borrower and the New Bank shall each assume new obligations towards each other and/or acquire new rights against each other which differ from the discharged rights and
obligations only insofar as the Borrower and the New Bank have assumed and acquired the same in place of the Borrower and the Bank. 

  

	(b)	 	Unless the Bank and the Borrower agree otherwise, any assignment or novation must be in a minimum amount at least EUR10,000,000 and in an integral multiple of EUR1,000,000.

  
 Facility Offices 
  
 26.4 The Bank may at any time with the written consent of the Borrower, such consent not to
be unreasonably withheld and which consent shall be deemed to have been given unless, within 7 Business Days of being requested to consent, the Borrower refuses its consent, change its Facility Office in relation to all or a specified part of the
Commitment and/or Outstandings. 
  
 Disclosure of Information 

 
 26.5 The Bank may approach and disclose to an actual or potential New Bank, assignee,
sub-participant or the like such information about the Borrower or any other Person as it may think fit provided that the person to whom the information is to be given has entered into a Confidentiality Undertaking. 
  
 Limitation on Certain Obligations of Borrower 
  
 26.6 If, at the time of any novation or assignment by the Bank or of any change its Facility
Office, circumstances exist which would oblige the Borrower to pay to the New Bank or assignee (or, in the case of a change of Facility Office, the Bank) under Clause 10 (Taxes), 11 (Illegality) or 12 (Increased Costs)
any sum in excess of the sum (if any) which it would have been obliged to pay to the Bank under the relevant Clause in the absence of that novation, assignment or change, the Borrower shall not be obliged to pay that excess. 
  
 Accession to Intercreditor Agreement 
  
 26.7 In respect of any novation or assignment under this Clause 26, the relevant New Bank
shall take any interest transferred to it pursuant to such novation or 

  

 56 

 
assignment subject to the terms and conditions of the Intercreditor Agreement, and such New Bank shall execute an accession deed in the form provided under
the Intercreditor Agreement for delivery to the Intercreditor Agent. 
  

	27.	 	REMEDIES, WAIVERS, AMENDMENTS AND CONSENTS 

  
 No Implied Waivers, Remedies Cumulative 
  
 27.1 No failure on the part of the Bank to exercise, and no delay on its part in exercising,
any right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that or any other right or remedy. The rights and remedies provided
in this Agreement are cumulative and not exclusive of any other rights or remedies (whether provided by law or otherwise). 
  
 Amendments, Waivers and Consents 
  
 27.2 Any provision of this Agreement may be amended or supplemented only if the Borrower and the Bank so agree in writing and any Event of Default, Potential Event of
Default, provision or breach of any provision of this Agreement may be waived by the Bank before or after it occurs only if the Bank so agrees in writing. 
  

	28.	 	COMMUNICATIONS 

  
 Addresses 
  
 28.1 Each communication under this Agreement shall be made by fax, telex or otherwise in writing. Each communication or document to be delivered to any party under this Agreement shall be sent to it at the fax number
or address, and marked for the attention, if any, from time to time designated by it for the purpose of this Agreement. The initial fax number, address and marking (if any) so designated by the Borrower and the Bank are set out under its name at the
end of this Agreement. 
  
 Deemed Delivery 
  
 28.2 Any communication from the Borrower shall be irrevocable, and shall not be effective
until received by the Bank. Any other communication to any Person shall be conclusively deemed to be received by that Person: 
  

	(a)	 	if sent by fax and received in legible form between 9 a.m. and 5 p.m. (local time in the place to which it is sent) on a working day in that place, when sent or, if sent by fax at
any other time, at 9 a.m. (local time in the place to which it is sent) on the next working day in that place, provided that, in the case of a communication by fax, the Person sending the fax shall have received a transmission receipt or

  

	(b)	 	in any other case, when left at the address required by Clause 28.1 (Addresses) or within 5 such working days after being put in the post (by airmail if to another country)
postage prepaid and addressed to it at that address. 

  

 57 

 For this purpose, working days are days other than Saturdays, Sundays and bank holidays. 
  
 Electronic communications 
  

	28.3 (a)	 	Any communication to be made between the Bank and the Borrower under or in connection with the Finance Documents may be made by electronic mail or other electronic means, if the
Bank and the Borrower: 

  

	 	(i)	 	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(ii)	 	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	(iii)	 	notify each other of any change to their address or any other such information supplied by them. 

  

	(b)	 	Any electronic communication made between the Bank and the Borrower will be effective only when actually received in readable form and in the case of any electronic communication
made by the Borrower to the Bank only if it is addressed in such a manner as the Bank shall specify for this purpose. 

  
 Language 
  
 28.4 All communications and documents shall, either be in French (or, if available, English) and, if so required by the Bank upon reasonable request of the Bank, be accompanied by a certified translation into English
by a translator acceptable to the Bank. 
  

	29.	 	PARTIAL INVALIDITY 

  
 The illegality, invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect its legality, validity or
enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision. 
  

	30.	 	CONTINUATION OF CERTAIN RIGHTS AND OBLIGATIONS 

  
 The obligations of either party under or in respect of Clauses 10 (Taxes), 12
(Increased Costs), 21 (Default Interest), 22 (Indemnities), 23 (Set-off) and 24 (Expenses and Stamp Duty) shall continue even after the Commitment has terminated and all the Advances have been repaid or prepaid.

  

	31.	 	COUNTERPARTS 

  
 This Agreement may be signed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any party may enter into this
Agreement by signing any such counterpart. 
  

 58 

	32.	 	GOVERNING LAW AND JURISDICTION 

  
 Governing Law 
  
 32.1 This Agreement shall be governed by and construed in accordance with the laws of England. 
  
 English Courts 
  
 32.2 For the benefit of the Bank, both parties irrevocably agree that the High Court of Justice in England is to have jurisdiction to settle any disputes which may arise
out of or in connection with this Agreement and that, accordingly, any legal action or proceedings arising out of or in connection with this Agreement (“Proceedings”) may be brought in that court and the Borrower irrevocably submits to the
jurisdiction of such court. 
  
 Other Competent Jurisdiction 
  
 32.3 Nothing in this Clause 32 shall limit the right of the Bank to take Proceedings against
the Borrower in any other court of competent jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude the Bank from taking Proceedings in any other jurisdiction, whether concurrently or not. 
  
 Venue 
  
 32.4 The Borrower irrevocably waives any objection which it may at any time have to the laying of the venue of any Proceedings in any court
referred to in this Clause 32 and any claim that any such Proceedings have been brought in an inconvenient forum. 
  
 Service of Process 
  

	32.5 (a)	 	The Borrower irrevocably appoints ALSTOM Ltd and its successors to receive, for it and on its behalf, service of process in any Proceedings in England. Such service shall be deemed
completed on delivery to the relevant process agent (whether or not it is forwarded to and received by the Borrower). If for any reason a process agent ceases to be able to act as such or no longer has an address in England, as the case may be, the
Borrower irrevocably agrees to appoint a substitute process agent acceptable to the Bank, and to deliver to the Bank a copy of the new agent’s acceptance of that appointment, within 30 days. 

  

	(b)	 	The Borrower irrevocably consents to any process in any Proceedings anywhere being served by mailing a copy by registered or certified prepaid airmail post to it in accordance with
Clause 28 (Communications). Such service shall become effective 30 days after mailing. 

  

	(c)	 	Nothing shall affect the right to serve process in any other manner permitted by law. 

  

 59 

	33.	 	CONFIDENTIALITY 

  
 Confidentiality Undertaking 
  
 33.1 The Bank undertakes to keep the Confidential Information confidential and not to disclose it to anyone except as provided for by Clause 33.2 and to ensure that the
Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information, and to use the Confidential Information solely for the purposes of this Agreement. 
  
 Permitted Disclosure 
  
 33.2 The Borrower acknowledges and agrees that the Bank may disclose Confidential Information: 
  

	 	(A)	 	to its Affiliates and their officers, directors, employees and professional advisers to the extent strictly necessary for the purposes of this Agreement and to any auditors of any
such Affiliate; 

  

	 	(B)	 	(i) where requested or required by any court of competent jurisdiction, any arbitration or other legal proceedings or any competent judicial, governmental, supervisory or regulatory
body, (ii) where required by the rules of any stock exchange on which its or the shares or other securities of any Affiliate are listed or (iii) where required by the laws or regulations of any country with jurisdiction over its or the affairs of
any Affiliate; 

  

	 	(C)	 	to any prospective assignee which acknowledges and accepts to be bound by the provisions this Clause 33 and which undertakes to use the Confidential Information only for the
Permitted Purpose; or 

  

	 	(D)	 	with the prior written consent of the Borrower. 

  
 Notification of Required Disclosure 
  
 33.3 The Bank agrees (to the extent permitted by law other than disclosed to any regulatory body made in the normal course of such regulatory body’s supervisory
function) to inform the Borrower of any disclosure under Clause 33.2(B). 
  
 Insider Dealing 
  
 33.4 The Bank acknowledges that some or all
of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation relating to insider dealing and undertakes not to use any Confidential Information
for any unlawful purpose. 
  

 60 

 Duration 
  
 33.5 The confidentiality undertaking of the Bank hereunder shall expire in respect of each Confidential Information three years after it is first delivered to the Bank
hereunder. 
  
 33.6 For the purposes of the foregoing: 
  
 Confidential Information means any information relating to (i) GT24 and GT26
units to be delivered by the Borrower pursuant to Clauses 17.2(c)(v) and 17.2(d) (including any details of any claims (indemnity or otherwise) and provisions in respect thereof); and (ii) any information to be delivered by the Borrower pursuant to
Clause 17.2(d) relating to the implementation of the Strategic Plan or as to strategic decisions approved by the board of directors of the Borrower which would be likely to affect the latest Liquidity Plan or the Strategic Plan and which is or has
been so provided to the Bank by the Borrower, but excludes information that (a) is or becomes public knowledge other than as a direct or indirect result of any breach by the Bank of this Agreement or (b) is known by the Bank (or any of them) before
the date the information is disclosed to the Bank by the Borrower or is lawfully obtained by the Bank after that date, other than from a source which is connected with the Borrower and which, in either case, as far as the Bank is aware, has not been
obtained in violation of, and is not otherwise subject to, any obligation of confidentiality; 
  
 Permitted Purpose means considering and evaluating whether to enter into the Facility. 
  

	34.	 	THIRD PARTY RIGHTS 

  
 The terms of this Agreement may be enforced and relied upon only by the parties hereto and the operation of the Contracts (Rights of Third Parties) Act 1999 is excluded.

  

 61 

 SCHEDULE 1 
  

CONDITIONS PRECEDENT 
  
 A certificate from the Borrower, dated on or after the date of this Agreement, substantially in the form set out in Schedule 2, duly executed by an authorised
officer of the Borrower, together with the documents stated by the relevant certificate as being delivered with it. 
  
 Evidence of the acceptance by the process agent of its appointment in Clause 32.5 (Service of Process). 
  
 A certified copy of the latest available consolidated audited accounts. 
  
 Legal opinions, dated on or after the date of this Agreement, from: 
  

	(a)	 	Lovells, French legal advisers to the Borrower, substantially in the form set out in Schedule 3 and 

  

	(b)	 	Linklaters, English legal advisers to the Bank, substantially in the form set out in Schedule 4. 

  
 An Extrait k-bis issued by the Paris commercial registry. 
  

 62 

 SCHEDULE 2 
  

CERTIFICATE OF BORROWER 
  
 [INTENTIONALLY DELETED] 
  

 63 

 SCHEDULE 3 
  

OPINION OF BORROWER’S LEGAL ADVISERS 
  
 [INTENTIONALLY DELETED] 
  

 64 

 SCHEDULE 4 
  

OPINION OF LINKLATERS  
  
 [INTENTIONALLY DELETED] 
  

 65 

 SCHEDULE 5 
  

NOVATION NOTICE 
  
 ALSTOM 
 EUR25,000,000 Revolving
Credit Agreement dated 23 April 2002 and amended 
 by Amendment Agreement dated 25 March 2003 
  
 This Novation Notice relates to the above Agreement. Terms defined in the Agreement have the
same meaning in this Novation Notice. 
  
 The undersigned Existing Bank:

  

	(a)	 	confirms that, to the extent details appear below under the heading “Rights and/or Obligations to be Novated”, those details accurately summarise the rights and/or
obligations which are to be novated and which are, upon execution of this Novation Notice to the Bank (but subject to 3 below), cancelled and discharged in accordance with Clause 26.3 (Bank) of the Agreement 

  

	(b)	 	confirms that any consent required in accordance with Clause 26.3 (Bank) of the Agreement has been obtained to this novation 

  

	(c)	 	gives notice to the undersigned New Bank that the Existing Bank is under no obligation to repurchase all or any part of those rights and/or obligations at any time nor to support
any losses suffered by the New Bank. 

  
 The undersigned New Bank
agrees that it assumes and acquires new rights and/or obligations in accordance with Clause 26.3 (Banks) of the Agreement on and with effect from [·] 200[·]. 
  
 The undersigned New Bank: 
  
 (i) confirms that, until further notice, its Facility Office and details for communications are as set out below 
  
 (ii) agrees to perform and comply with the obligations expressed to be imposed on it by Clause 26.3 (Bank) of the Agreement as a result of this Novation
Notice taking effect 
  
 (iii) acknowledges and accepts paragraph (c)° above
and 
  
 (iv) confirms that it is a Qualifying Bank. 
  
 The above confirmations and agreements are given to and for the benefit of and made with the
Borrower and the Existing Bank. 
  
 This Novation Notice shall be governed by and
construed in accordance with the laws of England. 
  
 Existing Bank

  
 Name: 
  

 66 

 By: 
  
 Authorised Signatory 
  
 Date: • 200• 
  
 New Bank

  
 Name: 
  
 By: 
  
 Authorised Signatory 
  
 Date: • 200• 
  
 Facility Office

  
 Address: 
  
 Fax No: 
  
 Attention: 
  
 Rights and/or Obligations to be Novated 
  
 Existing Bank’s Commitment to be novated: EUR 
  
 Existing
Bank’s share(s) of Advance(s) to be novated: EUR 
  

 67 

 SCHEDULE 6 
 NOTICE REQUESTING ADVANCE 
  

	 To:
	  	 [Insert name of Bank]

		
	 	  	 [Insert address of Bank]

  
 Attention: [Insert name of relevant
Department or title of relevant officer] 
  
 EUR25,000,000
Revolving Credit Agreement dated 23 April 2002 as amended by 
 Amendment Agreement dated 25 March 2003 
  
 We refer to the above Agreement . Terms defined in that Agreement have the same meaning in
this notice. 
  
 We give you notice that we wish an Advance to be made to us as
follows: 
  

	 Amount:
	  	 
		
	 Date:
	  	 • 200• (or, if that is not a Business day, the next Business Day)

		
	 Term:
	  	 1 month [or such other Term as agreed by the Bank]

  
 The proceeds of the Advance are to be
made available to us by credit to [our account/the account of · in favour of ourselves] at ·, ·, [or, if the Advance is under the terms of the Agreement to be made in EUR,
to [our account/the account of · in favour of ourselves] at ·, ·.] 
  
 No Event of Default or Potential Event of Default has occurred, or will occur as a result of making this Advance [, other than any waived in accordance with Clause
27.2 (Amendments, Waivers and Consents) of the Agreement] other than, in each case, an Excluded Default and/or (in relation to the period ending on 30 April 2003 only) as disclosed in the Waivers and Amendments.] All representations
and warranties in Clause 16 (Representations and Warranties) of the Agreement [(except to any extent referred to in Clause 4.5 (No Event of Default etc.))] have been complied with [in all material respects]1 and would be correct if repeated today by reference to the circumstances now existing. 
  
 Dated [•] 200[•] 
  
 ALSTOM 

	1	 	In respect of rollovers only. 

  

 68 

 By: 
  
 Authorised signatory/ies 
  

 69 

 SCHEDULE 7 
  

TIMETABLES 
  

	 Notes:
	  	“D”	  	 =    Date on which the Advance is to be made.

			
	 	  	“B”	  	 =    Borrower

			
	 	  	“Bk”	  	 =    Bank

			
	 	  	IA	  	 =    Intercreditor Agent

  
 Under “Specified Time”,
numbers indicate numbers of Business Days. See Clause 1 for meaning. 
  
 References to time are to Paris time, except where otherwise indicated. 
  

	 Specified time

	  	 Action

	  	 Clause References

	 D-5
 2 p.m.
	  	Drawdown request to Bk from IA for Term other than 1 month	  	 4.2

			
	 D-4
 5 p.m.
	  	Bk notifies IA of non-agreement to Term other than 1 month	  	 8.1(b)

			
	 D-3
 2 p.m.
	  	Drawdown request to Bk from IA for 1 month Term	  	 4.2

			
	 D-2
 11 a.m.
	  	Interest rate set	  	8.2 and 8.1
(definition of “Rate Fixing Day”)
			
	 D
 Close of business
	  	Bk pays funds to IA	  	 15.1

  

 70 

 SCHEDULE 8 
  

MANDATORY COSTS 
  
 The Mandatory Cost is an addition to the interest rate to compensate the Bank for the cost of compliance with (a) the requirements of the Bank of England and/or the
Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 
  
 On the first day of each Term (or as soon as possible thereafter) the Bank shall calculate, as a percentage rate, the Mandatory Cost, in
accordance with the paragraphs set out below. 
  
 If the Bank is lending from a
Facility Office in a Participating Member State, the Mandatory Cost will be the percentage notified by the Bank to the Borrower as the cost of complying with the minimum reserve requirements of the European Central Bank. 
  
 If the Bank lending from a Facility Office in the United Kingdom, the Mandatory Cost will be
calculated by the Bank as follows: 
  

	 E X 0.01

	  	 per cent. per annum.

	 300    
	  	 

  
 Where E is the rate of charge payable
by the Bank to the Financial Services Authority pursuant to the Fees Regulations (but, for this purpose, ignoring any minimum fee required pursuant to the Fees Regulations) and expressed in pounds per £1,000,000 of the Bank’s Fee Base.

  
 For the purposes of this Schedule: 
  

	(a)	 	“Fees Regulations” means the Banking Supervision (Fees) Regulations 2001 or such other law or regulation as may be in force from time to time in respect of the payment of
fees for banking supervision; and 

  

	(b)	 	“Fee Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Regulations. 

  
 Any determination by the Bank pursuant to this Schedule in relation to a formula, the
Mandatory Cost or any amount payable to the Bank shall, in the absence of manifest error, be conclusive and binding on all Parties. 
  
 The Bank may from time to time, after consultation with the Borrower, determine and notify to the Borrower any amendments which are required to be made to this Schedule
in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any
of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties to this Agreement. 
  

 71 

 SCHEDULE 9 
  

MATERIAL SUBSIDIARIES 
  
 ALSTOM Power Inc. 
  
 ALSTOM Power Switzerland AG 
  
 Chantiers de
l’Atlantique 
  
 ALSTOM Power UK Ltd 
  
 ALSTOM Transport SA 
  
 ALSTOM T & D SA 
  
 ALSTOM UK Ltd 
  
 ALSTOM Power SA 
  
 ALSTOM Brasil Ltda 

 
 ALSTOM Energietechnik GmbH 
  
 ALSTOM Power Centrales 
  
 ALSTOM Power Asia Pacific Sdn Bdh 
  
 ALSTOM Australia 
  
 ALSTOM Power Monterrey III SA 
  
 ALSTOM Canada
Inc 
  
 ALSTOM LHB GmbH 
  
 ALSTOM Power Italia S.p.A 
  
 ALSTOM Power Turbomachines 
  
 ALSTOM Transportation Inc. 
  
 ALSTOM Transporte, S.A. 
  
 ALSTOM Power Ltd

  
 ALSTOM Power Generation AG 
  
 ALSTOM USA Inc. 
  
 ALSTOM Power Boiler GmbH 
  

 72 

 ALSTOM Holdings Ltd 
  
 ALSTOM Power Sweden AB 
  
 ALSTOM K.K. 
  
 ALSTOM Power Mexico S.A. de CV

  
 ALSTOM Power Conversion GmbH 
  
 ALSTOM DDF SA 
  
 ALSTOM Ferroviaria S.p.A. 
  
 ALSTOM Holdings 
  
 ALSTOM NV 
  
 ALSTOM Contracting Ltd 

 
 ALSTOM Power Mexico SA de CV 
  
 ALSTOM GmbH 
  
 ALSTOM T&D Inc 
  
 ALSTOM Power AG 
  
 ALSTOM Ltd 
  
 ALSTOM Power Holdings Ltda 
  
 ALSTOM UK Holdings Ltd 
  

 73 

 SCHEDULE 10 
  
 TAUX EFFECTIF GLOBAL LETTER 
  

ALSTOM 
 25, Avenue Kléber 
 75795 Paris Cedex 16 
  
 Attention : Mr Marc Haestier 
  
 [DATE]

  
 Dear Sirs 
  
 EUR 50,000,000 Bilateral Credit Facility 
  
 We refer to the EUR 50,000,000 Bilateral Credit Agreement dated 23 April 2002 between you as Borrower and ourselves as the Bank (the Agreement) as amended
by a first amendment agreement (the First Amendment Agreement) dated 25 March 2003. Terms defined in the Agreement (as amended) have the same meaning when used in this letter. This letter is the Taux Effectif Global letter
referred to in Clause 14 (Taux Effectif Global) of the First Amendment Agreement and forms part of the Agreement. 
  
 Article L.313-4 and L. 313-5 of the Code monétaire et financier (formally article L. 313-1 and seq., to R.313-1 and R.313-2 of the Code de la Consommation) (the
Code) specifies that the taux effectif global (all-in percentage rate) applicable to a loan be calculated by reference not only to interest (calculated in accordance with the relevant agreement), but by reference also to all
costs, expenses, fees and other remuneration of whatever nature. 
  
 However, the
floating nature of the rate of interest applicable to Advances, the provisions regarding mandatory repayment and the possibility for the Borrower to borrow all or part of the Facility, amongst other things, makes it impossible to specify a taux
effectif global which will apply from the date of entry into effect of the First Amendment Agreement until the Extended Maturity Date. 
  
 As an indication only, we set out below examples of the applicable effective global rate (Taux Effectif Global) referred to in Clause 14 of the First Amendment
Agreement (Taux Effectif Global), for the purposes of Article L.313-4 of the Code. 
  
 We hereby notify you that: 
  
 1. on the basis of
the 1 month EURIBOR calculated on the basis of a 365 day year, for an Advance denominated in EUR, of [·] per
cent. on [·]2003 and on the assumption that the total Available Commitments of EUR 25,000,000 remain drawn down
in one Advance on [·] 2003 and that such Advance is renewed at the end of each interest period until its full
reimbursement on the Extended Maturity Date, the 

  

 74 

 taux effectif global for Advances under the Agreement (as amended) is [·] per cent, and 
  
 2. on the basis of the 1 month EURIBOR calculated on the basis of a 365 day year, for an Advance denominated in EUR, of [·] per cent. on [·] 2003
and on the assumption that the total Available Commitments of EUR 25,000,000 remain drawn down in one Advance on the date of [·] 2003 and that such Advance is renewed at the end of each interest period until its full reimbursement on the Extended Maturity Date, the taux effectif global for Advances under the Agreement (as amended) is
[·] per cent. 
  
 The above rates are given on an indicative basis and for information only, in order to comply, insofar as possible, with the provisions of article L.313-4 and L. 313-5 of
the Code and are calculated, inter alia, on the basis (i) that the EURIBOR, expressed as an annual rate, does not vary and remains equal to the rate fixed on dates stated above and (ii) of the commissions and various fees (including legal
costs) known as of today’s date payable by you on the terms of the Agreement (as amended). 
  
 We should be grateful if you would confirm your understanding of the terms of this letter by signing and returning to us the enclosed copy. 
  
 Yours faithfully 
  
 JPMorgan Chase Bank, Paris Branch as the Bank 
  
 By: 
  
 We acknowledge the terms of this letter 
  
 ALSTOM 
  

 75 

 SCHEDULE 11 
  
 FORM OF CONFIDENTIALITY UNDERTAKING 
  
 CONFIDENTIALITY LETTER (SELLER) 
  
 [Letterhead of Seller/Seller’s agent/broker] 
  
 To: 
  
 [insert name of Potential 
 Purchaser/Purchaser's agent/broker 
  
 Re:
The Agreement 
  

	 Borrower:

	
	 Date:

	
	 Amount:

	
	 Agent:

  
 Dear Sirs 
  
 We understand that you are considering [acquiring]2 /[arranging the acquisition of]3 
  
 an interest in the Agreement (the “Acquisition”). In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter you agree as follows: 
  

	1.	 	Confidentiality Undertaking 

  
 You undertake (a) to keep the Confidential Information confidential and not to disclose it to anyone except as provided for by paragraph 2 below and to ensure that

	2	 	delete if addressee is acting as broker or agent. 

	3	 	delete if addressee is acting as principal. 

  

 76 

 the Confidential Information is protected with security measures and a degree of care that would apply to your own
confidential information, (b) to use the Confidential Information only for the Permitted Purpose, (c) to use all reasonable endeavours to ensure that any person to whom you pass any Confidential Information (unless disclosed under paragraph
2[(c)/(d)]4 below) acknowledges and complies with the provisions of this letter as if that person were also a party
to it, and (d) not to make enquiries of any member of the Group or any of their officers, directors, employees or professional advisers relating directly or indirectly to the Acquisition. 
  
 2. Permitted Disclosure 
  
 We agree that you may disclose Confidential Information: 
  

	 (a)
	  	to members of the Purchaser Group and their officers, directors, employees and professional advisers to the extent necessary for the Permitted Purpose and to any auditors of
members of the Purchaser Group;
		
	 (b)
	  	[subject to the requirements of the Agreement, in accordance with the Permitted Purpose so long as any prospective purchaser has delivered a letter to you in equivalent form to
this letter;]
		
	 [(b/c)]3
	  	subject to the requirements of the Agreement, to any person to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any of the rights, benefits
and obligations which you may acquire under the Agreement or with (or through) whom you enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by reference to,
the Agreement or the Borrower or any member of the Group so long as that person has delivered a letter to you in equivalent form to this letter; and
		
	 [(c/d)]3
	  	(i) where requested or required by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body, (ii) where required by the rules of
any stock exchange on which the shares or other securities of any member of the Purchaser Group are listed or (iii) where required by the laws or regulations of any country with jurisdiction over the affairs of any member of the Purchaser
Group.

  
 3. Notification of Required or
Unauthorised Disclosure 
  
 You agree (to the extent permitted by law) to
inform us of the full circumstances of any disclosure under paragraph 2[(c)/(d)]3 or upon becoming aware that
Confidential Information has been disclosed in breach of this letter. 
  
 4.
Return of Copies 
  
 If we so request in writing, you shall return all
Confidential Information supplied to you by us and destroy or permanently erase all copies of Confidential Information 

	4	 	delete as applicable. 

  

 77 

 
made by you and use all reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases
such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial,
governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 2[(c)/(d)]3 above. 
  
 5. Continuing Obligations 
  
 The
obligations in this letter are continuing and, in particular, shall survive the termination of any discussions or negotiations between you and us. Notwithstanding the previous sentence, the obligations in this letter shall cease (a) if you become a
party to or otherwise acquire (by assignment or sub-participation) an interest, direct or indirect, in the Agreement or (b) twelve months after you have returned all Confidential Information supplied to you by us and destroyed or permanently erased
all copies of Confidential Information made by you (other than any such Confidential Information or copies which have been disclosed under paragraph 2 above (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4 above, are not required to
be returned or destroyed). 
  
 6. No Representation; Consequences of Breach,
etc 
  
 You acknowledge and agree that: 
  
 (a) neither we, [nor our principal]5 nor any member of the
Group nor any of our or their respective officers, employees or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or
completeness of any of the Confidential Information or any other information supplied by us or the assumptions on which it is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any
other information supplied by us or be otherwise liable to you or any other person in respect to the Confidential Information or any such information; and 
  
 (b) we [or our principal] or members of the Group may be irreparably harmed by the breach of the terms hereof and damages may not be an adequate remedy; each Relevant
Person may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you. 
  
 7. No Waiver; Amendments, etc 
  
 This letter sets out the full extent of your obligations of confidentiality owed to us in relation to the information the subject of this letter. No failure or delay in
exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise of any right, power or privilege preclude any further exercise 

	5	 	delete if letter is sent out by the Seller rather than Seller’s broker or agent. 

  

 78 

 
thereof or the exercise of any other right, power or privileges hereunder. The terms of this letter and your obligations hereunder may only be amended or
modified by written agreement between us. 
  
 8. Inside Information

  
 You acknowledge that some or all of the Confidential Information
(including in particular the information defined as “Confidential Information” under Clause 33 of the Agreement)is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable
legislation relating to insider dealing and you undertake not to use any Confidential Information for any unlawful purpose. 
  
 9. Nature of Undertakings 
  
 The undertakings given by you under this letter are given to us and (without implying any fiduciary obligations on our part) are also given for the benefit of [our
principal,]4 the Borrower and each other member of the Group. 
  
 10. Third Party Rights 
  

	(a)	 	Subject to paragraph 6 and to paragraph 9 the terms of this letter may be enforced and relied upon only by you and us and the operation of the Contracts (Rights of Third Parties)
Act 1999 is excluded. 

  

	(b)	 	Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person to rescind or vary this letter at any time.

  
 11. Governing Law and Jurisdiction 
  
 This letter (including the agreement constituted by your acknowledgement of its terms) shall
be governed by and construed in accordance with the laws of England and the parties submit to the non-exclusive jurisdiction of the English courts. 
  
 12. Definitions 
  
 In this letter (including the acknowledgement set out below) terms defined in the Agreement shall, unless the context otherwise requires, have the same meaning and: 
  
 Confidential Information means any information relating to the Borrower, the
Group, the Agreement and/or the Acquisition provided to you by us or any of our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes information that (a) is or becomes public knowledge other than as a direct or indirect result of any breach of this letter or (b) is known by you before the date
the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you thereafter, other than from a source which is connected with the Group and which, in either case, as far as you are aware, has not been
obtained in violation of, and is not otherwise subject to, any obligation of confidentiality and 

  

 79 

 
includes in particular the information defined as “Confidential Information” under Clause 33 of the Agreement; 
  
 Group means the Borrower and each of its Holding Companies and Subsidiaries and
each Subsidiary of each of its Holding Companies (as each such term is defined in the Companies Act 1985); 
  
 Permitted Purpose means [subject to the terms of this letter, passing on information to a prospective purchaser for the purpose of]2 considering and evaluating whether to enter into the Acquisition; and 
  

Purchaser Group means you, each of your Holding Companies and subsidiaries and each subsidiary of each of your Holding Companies (as each such term is
defined in the Companies Act 1985). 
  
 Please acknowledge your agreement to the
above by signing and returning the enclosed copy. 
  
 Yours faithfully 

 

 For and on behalf of

 [Seller/Seller’s agent/broker] 
  

	 To:
	  	 [Seller]

	 	  	 [Seller’s agent/broker]

	 	  	 The Borrower and each other member of the Group

  
 We acknowledge and agree to the above:

  

 For and on behalf of 
 [Potential Purchaser/Purchaser’s agent/broker]

  

 80 

 SCHEDULE 12 
  
 WAIVERS AND AMENDMENTS 
  

	1.	 	Euro 1,875,000,000 multicurrency revolving credit agreement dated 19 April 1999, as amended between (i) ALSTOM as Borrower, (ii) Banque Nationale de Paris, Chase Manhattan plc and
HSBC Investment Bank plc as Arrangers, (iii) the Banks named therein and (iv) Banque Nationale de Paris as Agent. 

  
 Amendment of financial covenants. 
  

	2.	 	Euro 1,110,000,000 multicurrency revolving credit agreement dated 3 August 2001, as amended, between (i) ALSTOM as Borrower, (ii) BNP Paribas, Citibank International plc and HSBC
Investment Bank plc as Arrangers, (iii) the Banks named therein and BNP Paribas as Agent. 

  
 Amendment of financial covenants. 
  

	3.	 	Euro 560,000,000 secured credit facility agreement dated 29 March 2000, as amended, between (i) Tefus Financing Limited, (ii) the Banks named therein and (iii) Wesdeutche Landesbank
Girozentrale as Agent and Security Agent, the purpose of which was to finance the purchase of receivables under two shipbuilding contracts between (i) Chantiers de l’Atlantique and (ii) Brittany Shipping Corporation Ltd. In the context of this
facility ALSTOM Holdings granted a parent guarantee dated 29 March 2000 in favour of Tefus Financing Limited. 

  
 Waiver of financial covenants. 
  

	4.	 	Deed of Guarantee dated 7 April 1995 as replaced on 18 December 2002 granted by ALSTOM Holdings in favour of Royal Bank of Scotland (Industrial Leasing) Limited and Asset Finance
March (A) Limited (a member of the HSBC Group) in connection with the project known as the “Northern Line”, guaranteeing the obligations of ALSTOM Northern Line Service Provisions Limited. 

  
 Waiver of financial covenants. 
  

 81 

 SCHEDULE 13 
  
 EXISTING SECURITY 
  
 Security interests existing as of 25th March 2003 
  
 ALSTOM : nil 
  
 ALSTOM Holdings : 
  

	 	-	 	USD 84,150,000 pledged deposit (“dépôt gage espèces”) in favour of Crédit Agricole Indosuez, related to the ship known as R8 (ex Renaissance).

  

	 	-	 	EUR 78,558,120 on escrow account (“convention de dépôt séquestre”) at Société Générale, with EDF and ALSTOM Holdings as
counterparties. Related to the sale of ALSTOM’s share into FIGLEC to EDFI. 

  

	 	-	 	EUR 49,852,000 on pledged deposit (“dépôt de garantie”) in favour of Crédit Lyonnais, corresponding to the level of overcollateralization required as
of 28th February 2003 for the T&D securitization programme of existing receivables. 

  

 82 

 SIGNATORIES 
  
 The Borrower 
  
 ALSTOM 
  
 25, avenue Kléber

 75116—Paris 
  
 Fax No: +33 1 47 55 29 22 
  
 Marc Haestier /
Laurence Le-Masne 
  
 The Bank 
  
 JPMORGAN CHASE BANK, PARIS BRANCH 
  
 Notifications : 
  
 14, place Vendôme 
 75001 Paris

  

	 For Credit Matters

	 	 For Admin. Matters

	 Alisdair Fraser
	 	 Brigitte Massin

		
	 Fax No: + 44 207 777 3459
	 	 
		
	 Christiane Touron
	 	 Fax No: + 33 1 40 15 46 29

		
	 Fax No: +33 1 40 15 48 58
	 	 

  

 83Amended and Restated EUR 1,250,000,000 Multicurrency Credit Agreement

 EXHIBIT 4.9 
  

Dated 19 April 1999 as amended by Amendment Letter dated 17 May, 2000, by 
 Amendment Letter dated 28 March, 2002 and 
 amended and restated on 8 April
2003 
  
 BNP PARIBAS 
  
 CHASE MANHATTAN plc 
  
 HSBC INVESTMENT BANK plc 
 as Arrangers 
  
 THE BANKS NAMED HEREIN 
  
 BNP PARIBAS 
 as Agent 
  

  
 AMENDED AND RESTATED EURO 1,250,000,000 
 MULTICURRENCY REVOLVING CREDIT 
 AGREEMENT 
 (ORIGINALLY EURO
1,875,000,000) 
  

  
 

 
  
  

 CONTENTS 
  

	 1.
	  	 INTERPRETATION
	  	1
			
	 2.
	  	 THE FACILITY
	  	16
			
	 3.
	  	 CONDITIONS PRECEDENT
	  	17
			
	 4.
	  	 DRAWDOWN
	  	17
			
	 5.
	  	 REPAYMENT
	  	18
			
	 6.
	  	 PREPAYMENT
	  	18
			
	 7.
	  	 CANCELLATION
	  	19
			
	 8.
	  	 INTEREST
	  	19
			
	 9.
	  	 CURRENCY OPTION
	  	21
			
	 10.
	  	 FEES
	  	22
			
	 11.
	  	 TAXES
	  	23
			
	 12.
	  	 ILLEGALITY
	  	25
			
	 13.
	  	 INCREASED COSTS
	  	25
			
	 14.
	  	 CHANGE IN MARKET CONDITIONS
	  	26
			
	 15.
	  	 MITIGATION
	  	27
			
	 16.
	  	 PAYMENTS
	  	27
			
	 17.
	  	 REPRESENTATIONS AND WARRANTIES
	  	30
			
	 18.
	  	 INFORMATION
	  	35
			
	 19.
	  	 UNDERTAKINGS
	  	37
			
	 20.
	  	 DEFAULT
	  	46
			
	 21.
	  	 DEFAULT INTEREST
	  	48
			
	 22.
	  	 INDEMNITIES
	  	49
			
	 23.
	  	 THE AGENT AND ARRANGERS
	  	51
			
	 24.
	  	 SET-OFF/PRO RATA SHARING
	  	55
			
	 25.
	  	 EXPENSES AND STAMP DUTY
	  	56
			
	 26.
	  	 CALCULATIONS AND EVIDENCE
	  	57
			
	 27.
	  	 NOVATION
	  	57
			
	 28.
	  	 REMEDIES, WAIVERS, AMENDMENTS AND CONSENTS
	  	59
			
	 29.
	  	 COMMUNICATIONS
	  	60
			
	 30.
	  	 PARTIAL INVALIDITY
	  	61
			
	 31.
	  	 NATURE OF RIGHTS AND OBLIGATIONS
	  	61
			
	 32.
	  	 CONFIDENTIALITY UNDERTAKING
	  	61
			
	 33.
	  	 COUNTERPARTS
	  	62

  

 I 

	 34.
	  	 GOVERNING LAW AND JURISDICTION
	  	62
			
	 35.
	  	 THIRD PARTY RIGHTS
	  	63
		
	 SCHEDULE 1 CONDITIONS PRECEDENT
	  	64
		
	 SCHEDULE 2 CERTIFICATE OF BORROWER
	  	65
		
	 SCHEDULE 3 OPINION OF BORROWER’S LEGAL ADVISERS
	  	66
		
	 SCHEDULE 4 OPINION OF LINKLATERS & PAINES
	  	67
		
	 SCHEDULE 5 NOVATION NOTICE
	  	68
		
	 SCHEDULE 6 NOTICE REQUESTING ADVANCE
	  	71
		
	 SCHEDULE 7 TIMETABLES
	  	73
		
	 SCHEDULE 8 MANDATORY COSTS
	  	76
		
	 SCHEDULE 9 LIST OF MATERIAL SUBSIDIARIES
	  	78
		
	 SCHEDULE 10 TAUX EFFECTIF GLOBAL LETTER
	  	80
		
	 SCHEDULE 11 CONFIRMATION TO THE AGENT IN RESPECT OF THE BRIDGE FACILITY
	  	82
		
	 SCHEDULE 12 THE SELLING SUBSIDIARIES AND EXISTING SUBSIDIARIES
	  	83
		
	 SCHEDULE 13 THE AFFECTED FACILITIES
	  	84
		
	 SCHEDULE 14 EXISTING SECURITY
	  	85
		
	 SCHEDULE 15 FORM OF CONFIDENTIALITY UNDERTAKING CONFIDENTIALITY
CONFIDENTIALITY LETTER (SELLER)
	  	86

  

 II 

 THIS AGREEMENT is made on 19 April 1999 as amended by Amendment Letter dated 17 May, 2000, by Amendment Letter of
28 March, 2002 and as amended and restated on 8 April 2003 
  
 Between:

  

	(1)	 	ALSTOM (the Borrower); 

  

	(2)	 	BNP PARIBAS, J.P. MORGAN plc (formerly CHASE MANHATTAN plc) and HSBC INVESTMENT BANK plc as arrangers (the Arrangers);

  

	(3)	 	ABN AMRO BANK N.V, BANCO CENTRAL HISPANOAMERICANO SA, BARCLAYS BANK PLC, CDC FINANCE—CDC IXIS, CITIBANK N.A., COMMERZBANK AKTIENGESELLSCHAFT, CREDIT AGRICOLE INDOSUEZ, CCF,
CREDIT LYONNAIS S.A., DRESDNER KLEINWORT BENSON, LLOYDS TSB BANK PLC, BNP PARIBAS, NATEXIS BANQUES POPULAIRES, CIC and WEST LB FRANCE S.A. as co-arrangers (the Co-Arrangers); 

  

	(4)	 	THE BANKS AND FINANCIAL INSTITUTIONS listed as Banks on the signature pages of this Agreement (together with the Arrangers and the Co-Arrangers, the
Banks); and 

  

	(5)	 	BNP PARIBAS as agent for the Banks (the Agent). 

  
 Background 
  
 As a result of arrangements by the Arrangers, the Banks are willing to continue to make available to the Borrower a Euro revolving credit facility of up to Euros 1,250,000,000 with a multicurrency option. 

 
 It is Agreed as follows: 
  

	1.	 	INTERPRETATION 

  
 Definitions 
  
 1.1 In this Agreement, except to the extent that the context requires otherwise: 
  
 Advance means an advance made or to be made by the Banks under this Agreement, whether under Tranche A or under Tranche B or, as the case may be, the
outstanding principal amount of any such advance; 
  
 Affected Facilities
means the Facility under this Agreement and the other financing arrangements in respect of which (and in the Borrower’s opinion) waivers and/or amendments are required for the entry into and the performance by the Borrower of the
transactions contemplated by the Bridge Facility Agreement, the Extended Facility Agreements and the Strategic Plan, being the facilities identified in Schedule 13; 
  
 Amendment Agreement means an amendment agreement dated 8 April 2003 relating to this Agreement; 
  

 1 

 Amendment Fee Letter means the letter from the Agent to the Borrower dated on or about the date of the
Amendment Agreement setting out the details of certain fees payable to certain of the Banks in connection with the Facility and as referred to in Clause 10.3 (Amendment Fee); 
  
 Amendment Letters means the letter of 17 May, 2000 from the Agent to the Borrower relating to the renewal of Tranche A and the
letter of 28 March, 2002 from the Agent to the Borrower relating to the Agreement and amending certain financial ratios therein; 
  
 Applicable Accounting Principles means those accounting principles, standards and practices generally accepted in France on which the preparation of the
audited consolidated accounts of the Borrower and the Consolidated Group as at 31 March 2002 and for the twelve month period ended on that date was based and those accounting policies which were used in the preparation of those accounts; 

 
 Auditors means Ernst & Young and Deloitte & Touche or any other firm
of independent public accountants of international standing which may be appointed as its auditors from time to time by the Borrower; 
  
 Authorised Signatory means any of Philippe Jaffré, Marc Haestier, Olivier Klaric or Laurence Le-Masne or any other person of similar status nominated
by the Borrower and approved by the Agent (such approval not to be unreasonably withheld or delayed); 
  
 Available Commitment means, in relation to a Bank, its Tranche A Available Commitment or its Tranche B Available Commitment, as the case may be; 
  
 Bridge Facility Agreement means the Euro 600,000,000 revolving credit facility
dated 25 March 2003 and between the Borrower and each of Bayerische Landesbank, Paris Branch, BNP Paribas, CCF, CDC Finance—CDC IXIS, Commerzbank Aktiengesellschaft, Paris Branch, Credit Agricole Indosuez, Credit Industriel et Commercial,
Credit Lyonnais, JPMorgan Chase Bank, Paris Branch, Natexis Banques Populaires, Société Générale, the banks named therein and BNP Paribas as agent; 
  
 Bridge Facility Discharge Date means the date on which there is an irrevocable
and unconditional payment or discharge in respect of the aggregate of all moneys and other liabilities then due or owing by the Borrower pursuant to the terms of the Bridge Facility Agreement but in any event no later than 15 December,
2003; 
  
 Bridge Majority Lenders means the Majority
Banks as defined in the Bridge Facility Agreement; 
  
 Business Day
means a day (other than Saturday or Sunday) on which: 
  

	(a)	 	such clearing or settlement system as the Agent may from time to time nominate for the purpose of clearing or settling payments in Euros under this Agreement is operating; and

  

	(b)	 	banks are open for business generally (including dealings in foreign exchange and foreign currency deposits) in the Euro unit in: 

  

	 	(i)	 	London and Paris; and 

  

 2 

	 	(ii)	 	such financial centre in such (if any) participating member state or states as the Agent shall from time to time nominate for this purpose; and 

  

	(c)	 	additionally, in relation to any payment in an Optional Currency to be made on that day, banks are open for business in the Place of Payment of each currency concerned;

  
 Commitments means, in relation to any Bank, the
sum of its Tranche A Commitment and its Tranche B Commitment; 
  
 Consolidated Group means, at any particular time, the Borrower and all its consolidated Subsidiaries (and member of the Consolidated Group shall be construed accordingly); 

 
 Consolidated Net Financial Expense means interest expense plus
securitisation expenses less interest income, as shown in the Latest Financial Statements of the Borrower at such time; 
  
 Consolidated Net Worth means, at any time: the aggregate of: 
  

	(a)	 	paid-up share capital plus additional paid-in capital plus reserves, cumulative translation adjustments and net income; and 

  

	(b)	 	minority interests excluding any dividend or other distribution declared or made by the Borrower or (except insofar as attributable to the Borrower) any Subsidiary of the Borrower
out of profit earned up to and including the date of the relevant consolidated balance sheet to the extent such distribution is not provided for in such balance sheet, 

  
 all as shown in the Latest Financial Statements of the Borrower at such time; 
  
 Default Interest Period means a period by reference to which interest is calculated on an overdue
sum; 
  
 Disposal means a sale, granting of a lease or making of an
assignment, conveyance, transfer or gift or the disposal of any form of ownership, title, estate or interest (including, without limitation, by way of securitisation, sale and leaseback and/or subparticipation) and Dispose has the
corresponding meaning; 
  
 EBITDA means for any applicable period on
a consolidated basis, EBIT as set out in the Borrower’s consolidated accounts plus depreciation and amortisation as set out in the Borrower’s cash flow statements less goodwill amortisation and less capital gains on disposal of
investments, as shown in the Latest Financial Statements of the Borrower at such time; 
  
 Environmental Authorisations means all authorisations necessary under Environmental Law for the carrying out of the business of the Group and the operation and maintenance of the Assets of the Group; 
  
 Environmental Law means any law, Directive or any Consent in force from time to
time relating to: 
  

	(a)	 	the carrying out of any activity, the existence of any condition or other phenomenon or the occurrence of any event which has or could have a detrimental impact on the environment
or could harm any physical entity whether living or not or impair the well-being or normal functioning of any physical entity which could reasonably be 

  

 3 

	 	 
expected to be affected and which in any such case has as a purpose or effect the protection or enhancement of the environment generally or in a particular
locality; 

  

	(b)	 	the control of waste; 

  

	(c)	 	contaminated land or water; or 

  

	(d)	 	air emissions; 

  
 EONIA means, in relation to any Default Interest Period; 
  

	(a)	 	the rate per annum which appears on page 247 (or any replacement for that page) of the Telerate Monitor (or such other service as may replace it for the purposes of displaying
overnight rates calculated by the European Central Bank); or 

  

	(b)	 	if no such rate appears on the Telerate Monitor (or such other service as the case may be), the arithmetic mean (rounded upwards to 4 decimal places) of the rates, as supplied to
the Agent at its request, quoted by the Reference Banks to leading banks in the Inter-bank Market, 

  
 at or about 11.00 a.m. Paris time on the applicable Rate Fixing Day for the offering of overnight deposits in Euros; 
  
 EURIBOR means, in relation to any Term or Default Interest Period: 

 

	(a)	 	the rate per annum which appears on page 248 (or any replacement for that page) on the Telerate Monitor (or such other service as may replace it for the purpose of displaying
European inter-bank offered rates of leading reference banks for deposits in Euros); or 

  

	(b)	 	if no such rate appears on the Telerate Monitor (or such other service as the case may be), the arithmetic mean (rounded upward to 4 decimal places) of the rates, as supplied to the
Agent at its request, quoted by the Reference Banks to leading banks in the Inter-bank Market, 

  
 at or about 11.00 a.m. Brussels time (in the case of (a) above) or Paris time (in the case of (b) above) on the applicable Rate Fixing Day for the offering of deposits in Euros for the same period as the relevant Term
or Default Interest Period (or, if the periods are not the same, such period, if any, as the Agent determines to be substantially the same); 
  
 Euro Amount means, in relation to an Advance: 
  
 if the notice requesting that Advance requested that it be denominated in Euros, the amount specified in that notice; or 
  

	(a)	 	if the notice requesting that Advance requested that it be denominated in an Optional Currency, the Euro equivalent (calculated as at or about the Specified Time) of the amount
specified in that notice; and 

  

	(b)	 	except that, if all or part of that Advance is not made or is repaid or prepaid, the Euro Amount of that Advance shall be correspondingly reduced; 

  

 4 

 Any reference to the Euro Amount of a prepayment or a Bank’s Outstandings shall be construed accordingly;

  
 Euros or € means the single currency of the
Participating Member States; 
  
 Event of Default means one of the
events mentioned in Clause 20.1; 
  
 Excluded Default means an Event
of Default arising solely under Clause 20.1(d) (Cross Default): 
  

	(a)	 	by reason of material adverse change or similar provisions contained in any other agreement in respect of Borrowed Money of the Borrower or any member of the Group; or

  

	(b)	 	by reason of a breach of any financial covenant contained (1) in the guarantee in favour of Tefus Financing Limited or (2) in the guarantee made in connection with the project known
as “Northern Line” each as referred to in Schedule 13, 

  
 provided that, in each case, such Event of Default shall cease to be an Excluded Default if: 
  

	(a)	 	any or all of the Indebtedness under the relevant agreement is accelerated or put on demand, if any commitment arising thereunder is cancelled or suspended or in the case of (a)
only, if the relevant financier otherwise invokes or, in respect of an event of default thereunder, expressly alleges that an event of default is subsisting and reserves its rights to invoke any such default; or 

  

	(b)	 	if such Event of Default is subsisting on a date on which an Advance is to be made hereunder in an amount greater than an Advance maturing on the same day or for a purpose other
than the refinancing of such maturing Advance; and 

  
 provided
further that, upon the later of the Bridge Facility Discharge Date and the Extended Facilities Discharge Date, there shall no longer be any Excluded Defaults hereunder; 
  
 Exiting Subsidiaries means those subsidiaries which should be disposed of under the Strategic Plan, a list of which is set out
in Schedule 12 hereto; 
  
 Extended Facilities means the credit
facilities provided under the Extended Facility Agreements; 
  
 Extended Facility Agreements means the Euro 400,000,000 revolving credit agreement dated 28 March 2002 between, inter alios, the Borrower, BNP Paribas as agent and the banks named therein, the Euro 50,000,000 bilateral
credit agreement dated 30 April, 2002 between the Borrower and BNP Paribas and the Euro 25,000,000 credit agreement dated 23 April, 2002 between the Borrower and JPMorgan Chase Bank, Paris Branch, in each case, as amended by amendment agreements
dated 25 March 2003; 
  
 Extended Facilities Discharge Date means
the date on which there is an irrevocable and unconditional payment or discharge in respect of the aggregate of all moneys and other liabilities then due or owing by the Borrower pursuant to the terms of the Extended Facility Agreements but in any
event no later than 21 January, 2004; 
  

 5 

 Extended Majority Lenders means the Majority Extended Lenders as defined in the intercreditor agreement
dated 25 March 2003 relating to the Extended Facilities; 
  
 Facility has the meaning ascribed to it in Clause 2.1; 
  
 Facility Office means, in relation to a Bank at any particular time, the office through which it is then acting for the purpose of this Agreement (or, in relation to an Advance in Sterling, that Advance); 
  
 Final Maturity Date means the Tranche A Maturity Date or the Tranche B Maturity
Date, as the case may be; 
  
 Group means at any particular time,
the Borrower and its Subsidiaries; 
  
 Group Guarantee means a
Guarantee from any member of the Consolidated Group or a Subsidiary or an Affiliate of such a member (other than an SPP described in paragraph (i) of the definition of “Project Finance Indebtedness”); 
  
 Information Memorandum means the information memorandum dated March 2003
prepared by the Borrower in connection with a banks’ meeting held on 18 March, 2003 and a request for certain waivers and/or amendments relating to certain Affected Facilities; 
  
 Initial Liquidity Plan means the Liquidity Plan relating to the Consolidated Group referred to in the Information Memorandum;

  
 Intellectual Property means patents and patent applications,
trade and service marks and applications (and goodwill associated with such applications), brand and trade names, copyrights and rights in the nature of copyright, design rights, registered designs and applications for registered designs, trade
secrets, know-how and all other intellectual property rights throughout the world and all rights under any agreements relating to the use or exploitation of such rights; 
  
 Inter-bank Market means: 
  

	(a)	 	in the case of Euros, the European inter-bank market; and 

  

	(b)	 	in the case of Sterling, the Paris inter-bank market; and 

  

	(c)	 	in any other case, the London inter-bank market; 

  
 Investments means (i) any debt securities issued by the governments of any member state of the European Union, Switzerland or the United States, (ii) any
debt securities maturing not more than 1 year after the date of acquisition, issued by any commercial banking institution or any company (other than a Subsidiary of the Borrower) organised under the laws of any of the countries referred to above and
whose short term debt rating, as at the time of any investment, is at least “P-1” or “A-1” according to Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services, respectively, or any successor
thereto; 
  
 ITB means the project referred to as
“disposal of industrial turbines business” in the Information Memorandum or such business itself, as the context may require; 
  

 6 

 Latest Financial Statements means the Original Financial Statements or, if applicable, the financial
statements and accounts most recently delivered to the Agent pursuant to Clauses 18.2 (Audited Accounts) and 18.3 (Semi-Annual Information); 
  
 LIBOR means, in respect of any Term or Default Interest Period and in respect of any currency (other than Euros or Sterling), the rate which is quoted for
that Term or Default Interest Period on the relevant page on the Telerate Monitor (or such other service as may replace it for the purpose of displaying London inter-bank offered rates of leading reference banks for deposits in the relevant
currency) as of 11.00 a.m. on the Rate Fixing Day as being the interest rate offered in the London inter-bank market for deposits in the relevant currency for the same period as the relevant Term or Default Interest Period (or, if the periods are
not the same, such period, if any, as the Agent determines to be substantially the same) but: 
  

	(a)	 	if the offered rate so appearing is replaced by the corresponding rates of more than one bank, the rate shall be the arithmetic mean (rounded, if necessary, to 4 decimal places) of
the respective rates so appearing; and 

  

	(b)	 	if for any other reason such offered rate does not so appear, or if the relevant page is unavailable, the rate shall be the arithmetic mean (rounded as mentioned above) of the
respective rates (as quoted to the Agent at its request) at which each Reference Bank is offering deposits in the relevant currency for the relevant Term or Default Interest Period to leading banks in the London inter-bank market at or about 11.00
a.m. on the Rate Fixing Day for that Term or Default Interest Period. 

  
 Until replaced, the relevant Telerate Monitor pages are “3750” or “3740” as appropriate, depending on the particular currency, or, in the case of a currency the rate for which is not shown on pages 3750 or 3740, such
other page as is notified by the Agent to the Borrower before the relevant Advance is made in that particular currency; 
  
 Liquidity Plan means the Initial Liquidity Plan or, if applicable, the Liquidity Plan most recently delivered to the Agent pursuant to Clause18.5(a);

  
 Litigation Report means the annual litigation report dated 15
March, 2003 relating to proceedings affecting members of the Consolidated Group and delivered by the Borrower to the Agent prior to or on the date of the Amendment Agreement; 
  
 Majority Banks means Banks whose Commitments together exceed 66 2/3% of the total
Commitments or once the Tranche A Commitments equal zero, Banks the Euro Amount of whose Tranche A Outstandings (if any) and Banks whose Tranche B Commitments together exceed 66 2/3% of the sum of the
Euro Amount of the Tranche A Outstandings (if any) and the Tranche B Total Commitments or, once the Commitments equal zero, Banks the Euro Amounts of whose Outstandings together exceed 66 2/3% of the Euro Amount
of the total Outstandings; 
  
 Mandatory Costs
means, in relation to any Term or Default Interest Period (or part of a Term or Default Interest Period) relating to any Bank’s share of an Advance or overdue sum (i) the percentage rate per annum determined by that Bank in accordance with
Schedule 8 and (ii) the cost, as notified to the Agent, as a percentage rate per annum, incurred by that Bank in making, maintaining or funding that share as a result of compliance with any applicable regulatory or central bank requirements,
including any reserve costs imposed by the European 
  

 7 

 Central Bank or the European System of Central Banks, to the extent not compensated for by item (i) of this definition;

  
 Margin means 2.00% per annum from the date of the Amendment
Agreement; 
  
 Material Subsidiary means, at any time, any
Subsidiary of the Borrower which is named in the list of Subsidiaries set out in Schedule 9 (Material Subsidiaries) (including ALSTOM Holdings) or in any such revised list provided by the Borrower to the Agent in accordance with Clause 18 or
otherwise, provided that a Subsidiary shall in all cases be a Material Subsidiary if: 
  

	(a)	 	it represents 5 per cent. or more of consolidated revenues of the Consolidated Group; or 

  

	(b)	 	if it controls directly or indirectly, alone or with other members of the Group, Subsidiaries representing 5 per cent. or more of the consolidated revenues of the Consolidated
Group; 

  
 provided that all Material Subsidiaries shall represent
in aggregate not less than 70 per cent. or more of consolidated revenues of the Consolidated Group; 
  
 calculated, in each case, by reference to the most recent audited, consolidated financial statements of the Borrower and the accounts of each Subsidiary for the period covered by such statements or, if not available,
the closest period thereto; 
  
 Net Cash Proceeds means the cash
proceeds from disposal of assets, having deducted, for the avoidance of doubt: 
  

	(a)	 	the tax liability arising from such disposal; 

  

	(b)	 	reasonable costs, commissions and expenses incurred in relation to this disposal; and 

  

	(c)	 	any Indebtedness of the Exiting Subsidiary concerned under any Borrowed Money which are either transferred or required to be repaid in order to effect the disposal;

  
 New Bank means a bank or financial institution to
which a Bank seeks to novate (or, as the case may be, has novated) all or part of its rights and/or obligations in accordance with Clause 27.3; 
  
 Novation Notice means a notice substantially in the form set out in Schedule 5; 
  
 Optional Currency means any currency which is freely transferable and freely convertible into Euros in international foreign
exchange markets (other than domestic Sterling) and which the Borrower and the Agent (acting on the instruction of all of the Banks) may from time to time agree; 
  
 Original Financial Statements means: 
  

	(a)	 	the audited consolidated financial statements of the Consolidated Group for the period of twelve months ending 31 March, 2002; and 

  

 8 

	(b)	 	the semi-annual consolidated financial statements of the Consolidated Group for the period of six months ending 30 September, 2002; 

  
 Outstandings means, in relation to a Bank at any particular time, the aggregate
principal amount of its share of all (if any) Advances outstanding at that time; 
  
 Participating Member State means a member state of the European Union that adopts or has adopted the Euro as its currency in accordance with legislation of the European Union relating to European Economic and Monetary Union;

  
 PIBOR means, in respect of any Term or Default Interest Period
and in respect of Sterling, the arithmetic mean (rounded, if necessary, to 4 decimal places) of the respective rates (as quoted to the Agent at its request) at which each Reference Bank is offering deposits in Sterling for the relevant Term or
Default Interest Period to leading banks in the Paris inter-bank market at or about 11.00 a.m. Paris time on the Rate Fixing Day for that Term or Default Interest Period; 
  
 Place of Payment means the principal financial centre of the country of the currency to be paid (or, if there is more than one
such centre, one of those centres as selected by the Agent); 
  
 Potential
Event of Default means any event or circumstance which, if it continued after the giving of any notice, the expiry of any grace period, and/or (as the case may be) the making of any determination by the Majority Banks, provided for in Clause
20.1, would become an Event of Default; 
  
 Project Finance
Indebtedness means any Indebtedness to finance the ownership, acquisition, development, operation or maintenance of an asset or business (a Project): 
  

	(a) (i)	 	which is incurred by a single purpose Person (SPP) (whether or not any such SPP is a member of the Consolidated Group or a Subsidiary or an Affiliate of such a member)
and: 

  

	 	(A)	 	whose principal Assets and business are constituted by the ownership, acquisition, development, operation or maintenance of the Project, either directly or indirectly through one or
more other SPPs incorporated solely for the purposes of, and whose assets and business are constituted by, the ownership, acquisition, development, operation or maintenance of the Project (each, together with the relevant borrower, a Project
Entity); and 

  

	 	(B)	 	whose liabilities in respect of the Indebtedness concerned are not directly or indirectly the subject of a Group Guarantee (other than as provided in (ii) below); and

  

	 	(ii)	 	in respect of which the Person(s) making or making available such Indebtedness (the Lender) has no recourse to any member of the Consolidated Group or a Subsidiary or
an Affiliate of such a member (other than the SPP described in paragraph (i) above) for the repayment or payment of any sum relating to such Indebtedness other than recourse: 

  

	 	(A)	 	in respect of contributions to the equity (or equivalent) of a Project Entity; and/or 

  

 9 

	 	(B)	 	to a Project Entity in respect of such sum being limited to the aggregate cash flow (other than historic cash flow) from the Project; and/or 

  

	 	(C)	 	to a Project Entity for the sole purpose of enabling amounts to be claimed in respect of that Indebtedness on an enforcement of any Security given to the Lender over the Assets
constituting the Project or the income, cash flow or other proceeds deriving therefrom (or rights given by any shareholder or equivalent in a Project Entity over its shares or equity equivalent in the Project Entity) to secure that Indebtedness,
provided that: (x) the extent of such recourse to a Project Entity is limited solely to the amount of any recoveries made on any such enforcement, and (y) the Lender is not entitled, by virtue of any right or claim arising out of or in connection
with such Indebtedness, to commence proceedings for the winding-up or dissolution of a Project Entity or to appoint or procure the appointment of any receiver, trustee or similar person or official in respect of a Project Entity or any of its Assets
(save for the Assets which are the subject of such encumbrance); and/or 

  

	 	(D)	 	to a Project Entity or a member of the Consolidated Group or a Subsidiary or Affiliate of such member, which recourse is limited to a claim for damages (other than liquidated
damages) for breach of an obligation (not being a payment obligation or an obligation to procure payment by another or an indemnity in respect thereof or an obligation to comply or to procure compliance by another with any financial ratios or other
tests of financial condition) by the Person against whom recourse is available; and/or 

  

	 	(E)	 	to any collateral or covenant to pay provided by any member of the Consolidated Group or a Subsidiary or an Affiliate of such a member in exchange for the transfer to it of Assets
in the form of cash (excluding, for the avoidance of doubt, the distribution of dividends to any member of the Consolidated Group or a Subsidiary or an Affiliate of such a member) of a Project Entity provided that such collateral or covenant which
is provided in exchange for such Assets does not have a value greater than the market value of such Assets at the time of transfer and provided further if such collateral or such covenant to pay has or is capable of having a value exceeding €
15 million, the Borrower shall notify the Agent promptly of the same and of the relevant Assets; and/or 

  

	(b)	 	which the Majority Banks shall have agreed in writing to treat as Project Finance Indebtedness; 

  
 Qualifying Lender means a Person which is entitled to any part of an Advance and any interest to be paid to it on that part of
that Advance and which fulfils the conditions (other than the completion and filing of forms by such Person) imposed by French laws, taking into account, as the case may be, any applicable international treaty, in order for any sum payable by the
Borrower or the Agent for the account of the Borrower not to be subject to any withholding or deduction for any taxes; 
  

 10 

 Rate Fixing Day means in relation to any Term or Default Interest Period for which an interest rate is to
be determined under this Agreement in respect of an amount denominated or to be denominated in Euro or an Optional Currency, the day on which quotations would ordinarily be provided in the relevant Inter-bank Market for deposits in the relevant unit
for delivery on the first day of that period. If for any such period quotations would ordinarily be provided on more than one day, the Rate Fixing Day for that period shall be whichever of those days is from time to time nominated by the Agent
(having regard to any convention or practice in the relevant Inter-bank Market); 
  
 Reference Banks means, subject to Clause 27.5(a), BNP Paribas, J.P. Morgan plc (formerly Chase Manhattan plc) and HSBC Bank plc, each acting through such London office as is from time to time designated by it to the Agent for
this purpose provided that, in the case of Advances denominated in Euros or in Sterling, Reference Banks shall mean BNP Paribas, J.P. Morgan plc (formerly Chase Manhattan plc) and HSBC Bank plc, each acting through such Paris Office as is from time
to time designated by it to the Agent for this purpose; 
  
 Relevant
Subsidiaries means the Material Subsidiaries, the Selling Subsidiaries, the Exiting Subsidiaries and (to the extent not already included, but for the purposes of Clause 17.1(g) and Clause 20.1(e), (f), (g) or (h) only) any holding company of
any of them (including, for the avoidance of doubt, each intermediary holding company involved in the chain of control of ITB and T&D); 
  
 Repayment Date means, in relation to an Advance, the last day of its Term; 
  
 Required Amount means: 
  

	(a)	 	in the case of Euros, a minimum of €100 million and an integral multiple of €50 million; 

  

	(b)	 	in the case of an Optional Currency, the equivalent (rounded on such basis as may reasonably be determined by the Agent and notified to the Borrower) of the Required Amount for
Euros or any other amount agreed with the Agent; 

  
 Reservations means generally applicable legal principles affecting creditors’ rights generally and applicable: 
  

	(a)	 	under French law in relation to the exercise and enforceability of rights against companies incorporated in France; or 

  

	(b)	 	under rules of English contract law; 

  
 Selling Subsidiaries means those subsidiaries which are selling the Exiting Subsidiaries under the Strategic Plan, a list of which (other than those
relating to real estate disposals) is set out in Schedule 12 hereto; 
  
 Short-term Investments means any short term debt securities issued by any commercial banking institution or any company (other than a Subsidiary of the Borrower) organised under the laws of any of the OECD countries and whose
short term debt rating, as at the time of any investment, is at least P-1 or A-1 according to Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services, respectively, or any successor thereto and purchased by the Borrower
as a short term placement of excess cash; 
  

 11 

 Specified Time for any action means the time and date specified in Schedule 7 for that action; 

 
 Sterling means the lawful currency for the time being of the United Kingdom;

  
 Strategic Plan means the strategic plan for the Group outlined
in the Information Memorandum; 
  
 Subsidiary means in relation to
any Person (its holding company), at any particular time, any other Person which is then directly or indirectly Controlled, or more than 50% of whose share capital (or the like) is then beneficially owned, directly or indirectly, by
that Person; 
  
 T&D means the project referred to as “the
disposal of transmission and distribution business” in the Information Memorandum, or such business itself, as the context may require; 
  
 Term means, in relation to an Advance, the period for which it is to be or, as the case may be, has been made; 
  
 Total Debt means an amount equal to the aggregate of the liabilities described
as “financial debt” of the Consolidated Group (including borrowings, bonds and notes issued, other financial debt and bank overdrafts and, for the avoidance of doubt, the redeemable preference shares of ALSTOM Finance Jersey Ltd maturing
on 31 March, 2006 and the subordinated notes issued on 29 September, 2000) and the aggregate amount of securitised trade receivables (both existing and future and, in each case, to the extent permitted pursuant to the terms of this Agreement), net
of retained interests, all as shown in the then latest monthly management accounts and/or Latest Financial Statements of the Borrower, as the case may be (recognising, without prejudice to the Borrower’s obligations pursuant to Clauses 18.1,
18.2 and 18.3, that figures prepared with due diligence and in good faith in respect of semi annual and annual accounts may differ from the figures in the management accounts for the corresponding period); 
  
 Total Net Debt means, at any time, Total Debt less Short-term Investments, cash
and cash equivalents of the Consolidated Group all as shown in the then latest monthly management accounts and/or Latest Financial Statements of the Borrower, as the case may be (recognising that figures in respect of semi annual and annual accounts
may differ from the figures in the management accounts for the corresponding period); 
  
 Tranche A means that portion of the facility in respect of which Advances will mature no later than the Tranche A Maturity Date; 
  
 Tranche B means that portion of the facility in respect of which Advances will mature no later than the Tranche B Maturity Date; 
  
 Tranche A Amount means the total amount that may be
drawn under Tranche A, which on the date of the Agreement was €625,000,000 and on the Tranche A Maturity Date was reduced to nil; 
  
 Tranche B Amount means the total amount that may be drawn under Tranche B, which on the date of the Agreement was €1,250,000,000 and on the date of the
Amendment Agreement is no more than €1,250,000,000; 
  
 Tranche A
Available Amount means the total amount of the Tranche A Available Commitments; 
  

 12 

 Tranche B Available Amount means the total amount of the Tranche B Available Commitments; 
  
 Tranche A Available Commitment means, in relation to a Bank on any date, its
Tranche A Commitment less the Euro Amount of its Tranche A Outstandings, together with that Bank’s share of any Tranche A Advances the Repayment Date of which falls on such date; 
  
 Tranche B Available Commitment means, in relation to a Bank on any date, its Tranche B Commitment less the Euro Amount of its
Tranche B Outstandings, together with that Bank’s share of any Tranche B Advances the Repayment Date of which falls on such date; 
  
 Tranche A Maturity Date means 15 April, 2001; 
  
 Tranche B Maturity Date means 19 April, 2004; 
  
 Tranche A Outstandings means, in relation to a Bank at a particular time, the aggregate principal amount of its share of all
(if any) Tranche A Advances outstanding at that time; 
  
 Tranche B
Outstandings means, in relation to a Bank at a particular time, the aggregate principal amount of its share of all (if any) Tranche B Advances outstanding at that time; 
  
 Tranche A Commitment means, in relation to a Bank and subject as provided in this Agreement, the amount set out opposite its
name at the end of this Agreement under the heading “Tranche A”; 
  
 Tranche B Commitment means, in relation to a Bank and subject as provided in this Agreement, the amount set out opposite its name at the end of this Agreement under the heading “Tranche B”; 
  
 Tranche A Total Commitments means the aggregate for the time being of the
Tranche A Commitments; 
  
 Tranche B Total Commitments means the
aggregate for the time being of the Tranche B Commitments; 
  
 Vendor
Financing means provision of financial assistance to a third party institution which finances any customer of any member(s) of the Group; 
  
 Construction of Certain References 
  
 1.2 Except to the extent that the context requires otherwise, any reference in this Agreement to: 
  
 an Affiliate of any Person means any Subsidiary or holding company of that Person, or any Subsidiary of any such holding
company, or any other Person in which that Person or any such holding company or Subsidiary owns at least 20% of the share capital or the like; 
  
 an Agency of a state includes any agency, authority, central bank, department, government, legislature, minister, ministry, official or public or statutory
Person (whether autonomous or not) of, or of the government of, that state or any political sub-division in or of that state; 
  

 13 

 this Agreement includes this Agreement, the Amendment Letters, the Amendment Agreement, the fee letters
referred to in Clause 10 (Fees), the Taux Effectif Global letter referred to in Clause 8.5 (Taux Effectif Global), any novation notice and any other document designated by the Agent and the Borrower, as from time to time
amended, supplemented, novated, restated or replaced and any document which amends, supplements, novates, restates or replaces this Agreement, in accordance with Clause 27.3 (Banks) or 28.2 (Amendments, Waivers and Consents);

  
 the Assets of any Person means all or any part of its business,
undertaking, property, assets, revenues (including any right to receive revenues) and uncalled capital, wherever situated; 
  
 Borrowed Money includes any Indebtedness (a) for or in respect of money borrowed or raised (whether or not for cash), by whatever means (including
acceptances, deposits, discounting, factoring, finance leases, hire purchase, sale-and-lease back, sale-and-repurchase and any form of off-balance sheet financing), (b) for the deferred purchase price of Assets or services (other than goods or
services obtained on normal commercial terms in the ordinary course of trading) or (c) any Guarantee in respect of any Indebtedness falling within (a) or (b) above; 
  
 references to certain things or acts being “permitted” under the Bridge Facility Agreement and/or under the
Extended Facility Agreements (or in this connection, with the consent or approval of the Bridge Majority Lenders or the Extended Majority Lenders, as the case may be) are applicable only so long as the
relevant agreement(s) are respectively in full force and effect; 
  
 Consent also includes an approval, authorisation, exemption, filing, licence, order, permission, recording or registration (and references to obtaining Consents shall be construed accordingly); 
  
 one Person being Controlled by another means that other (whether directly or
indirectly and whether by the ownership of share capital, the possession of voting power, contract or otherwise) has the power to appoint and/or remove all or the majority of the members of the Board of Directors or other governing body of that
Person or otherwise controls or has the power to control the affairs and policies of that Person; 
  
 the date of this Agreement means 19 April 1999 and the date of the Amendment Agreement means 8 April 2003; 
  
 a Directive includes any present or future directive, regulation, request, requirement, rule or credit restraint programme of
any Agency of any state or of any self-regulating organisation (whether or not having the force of law but, if not having the force of law, only if compliance with the Directive is in accordance with the general practice of Persons to whom the
Directive is intended to apply); 
  
 the equivalent in any currency
(the first currency) of any amount in another currency (the second currency) shall be construed as a reference to the amount in the first currency which could be purchased with that amount in the second currency at the
spot rate of exchange at which the Agent would have been prepared and able to purchase that amount in the first currency for the second currency in the Paris foreign exchange market for value as at the relevant time on the relevant date specified in
this Agreement (or, where no such time and date is specified, for value at such time and on such date as the Agent may from time to time reasonably determine to be appropriate in the circumstances); 
  

 14 

 a Guarantee also includes an indemnity, and any other obligation (whatever called) of any Person to pay,
purchase, provide funds (whether by the advance of money, the purchase of or subscription for shares or other securities, the purchase of Assets or services, or otherwise) for the payment of, indemnity against the consequences of default in the
payment of, or otherwise be responsible for, any Indebtedness of any other Person; 
  
 Indebtedness includes, with respect to any Person (the Relevant Person), any obligation (whether present or future, actual or contingent, secured or unsecured, as principal, surety or otherwise) (a) of the
Relevant Person for the payment or repayment of money or (b) of any other Person for the payment or repayment of money secured by Security on Assets of the Relevant Person, whether or not the Relevant Person is liable in respect of any obligation so
secured; 
  
 a law includes common or customary law and any
constitution, decree, judgement, legislation, order, ordinance, regulation, statute, treaty or other legislative measure, in each case of any jurisdiction whatever (and lawful and unlawful shall be construed accordingly);

  
 something having a Material Adverse Effect (on the Borrower) is
to it having a material adverse effect (a) on the financial condition or business of the Borrower or the Group taken as a whole or (b) on the ability of the Borrower to perform and comply with its obligations under this Agreement; 
  
 any obligation of any Person under this Agreement or any other agreement or
document shall be construed as a reference to an obligation expressed to be assumed by or imposed on it under this Agreement or, as the case may be, that other agreement or document (and due, owing, payable
and receivable shall be similarly construed); 
  
 a
Person includes any individual, company, corporation, firm, partnership, joint venture, undertaking, association, organisation, trust, state or Agency of a state (in each case, whether or not having separate legal personality);

  
 Security includes any mortgage, pledge, lien, hypothecation,
security interest or other charge or encumbrance and any other agreement or arrangement having substantially the same economic effect (including any “flawed asset” arrangement) (and secured shall be construed accordingly);

  
 Tax(es) includes any present or future tax, levy, impost,
duty, charge, fee, deduction or withholding of any nature and whatever called, by whomsoever, on whomsoever and wherever imposed, levied, collected, withheld or assessed; 
  
 Tax on Overall Net Income of a Person shall be construed as a reference to Tax (other than Tax deducted or withheld from any
payment) imposed on that Person by the jurisdiction in which its principal office (and/or, in the case of a Bank, its Facility Office) is located by reference to (a) the net income, profits or gains of that Person world-wide or (b) such of its net
income, profits or gains as arise in or relate to that jurisdiction; 
  
 a time
of the day is to London time unless otherwise stated; 
  
 the
Winding-up of a Person also includes the amalgamation, reconstruction, administration, dissolution, liquidation, merger or consolidation of that Person, and any equivalent or analogous procedure under the law of any jurisdiction in
which that Person is incorporated, domiciled or resident or carries on business or has Assets. 
  

 15 

 Calculation of Financial Covenants 
  
 1.3 Consolidated Net Worth, Consolidated Net Financial Expense, EBITDA, Total Debt and Total Net Debt shall be calculated and interpreted in
accordance with Applicable Accounting Principles and shall be expressed in Euros. 
  
 Headings 
  
 1.4 Headings shall be ignored in construing this
Agreement. 
  

	2.	 	THE FACILITY 

  
 Amount 
  
 2.1 On the date of this Agreement, the Banks granted to the Borrower a Euro revolving credit facility of up to € 1,875,000,000, with a multicurrency option, available in 2 tranches (the Facility).
Since such time Tranche A has been repaid in full and the Facility has been reduced and as of the date of the Amendment Agreement the aggregate Outstandings and Commitment under the Facility are both equal to € 1,250,000,000 which represents
the Tranche B Outstandings and the Tranche B Total Commitments. 
  
 Pro Rata
Participation in Advances 
  
 2.2 Each Bank will participate through its
Facility Office in each Advance to be made under the facility in the proportion borne by its Tranche A Available Commitment or, as the case may be, its Tranche B Available Commitment to the Tranche A Available Amount or, as the case may be, to the
Tranche B Available Amount when the Agent receives the notice requesting that Advance (unless, between then and the time for making that Advance, its Tranche A Available Commitment or, as the case may be, its Tranche B Available Commitment is
reduced to zero, in which case the amount of that Advance will be reduced accordingly); 
  
 Calculation of Available Commitments/Facility 
  
 2.3 In order to
calculate the amount of the Tranche A Available Amount and the Tranche B Available Amount and each Bank’s Tranche A Available Commitment or, as the case may be, its Tranche B Available Commitment in connection with a proposed Advance (whether
for the purpose of Clause 2.2 (Pro Rata Participation in Advances) or 4.2 (Drawdown Request)): 
  

	(a)	 	any Advances under the relevant tranche with Repayment Dates on or before the proposed date of that Advance shall be deemed to have been repaid; and 

  

	(b)	 	if any other requests are outstanding for Advances under the relevant tranche to be made on or before the proposed date of that Advance, all Advances to which those requests relate
shall be deemed to be outstanding. 

  
 Purpose 
  

	2.4 (a)	 	the Borrower shall use the entire proceeds of each Advance made under Tranche A for working capital purposes and for the refinancing of existing indebtedness; and

  

 16 

	(b)	 	the Borrower shall use the entire proceeds of each Advance made under Tranche B for general corporate purposes; 

  
 but in each case neither the Agent nor any Bank need check that it does so. 
  

	3.	 	CONDITIONS PRECEDENT 

  
 The conditions precedent in Schedule 1 have been satisfied. 
  

	4.	 	DRAWDOWN 

  
 Drawdown Conditions 
  
 4.1 Advances will be made by the Banks to and as requested by the Borrower if the additional conditions set out in Clauses 4.2 (Drawdown Request) to 4.5 (No Event of Default etc.) are fulfilled.

  
 Drawdown Request 
  
 4.2 Not later than the Specified Time (or, as the case may be, such later time as may be
acceptable to the Agent and the Banks for the purpose of the relevant request), the Agent has received from the Borrower a notice substantially in the form set out in Schedule 6 specifying: 
  

	(a)	 	whether the Advance is to be made under Tranche A or Tranche B; 

  

	(b)	 	the proposed date of that Advance, which must be a Business Day before the relevant Final Maturity Date; 

  

	(c)	 	its amount which must be or produce a Euro Amount equal to or less than the Tranche A Available Amount or, as the case may be, the Tranche B Available Amount and, if less, must be a
Required Amount; 

  

	(d)	 	the currency (which must be Euros or an Optional Currency) in which the Borrower wishes that Advance to be made; 

  

	(e)	 	its Term, which must be in accordance with Clause 8.1 (Term of Advances); and 

  

	(f)	 	details of the bank (which must be in the Place of Payment) and account to which the Borrower wishes the proceeds of that Advance to be made available by the Agent.

  
 No Market Disruption 
  
 4.3 No event mentioned in Clause 14.1 (Triggering Events) occurs in relation to that
Advance. 
  
 Representations etc. Correct 
  
 4.4 All representations and warranties in Clause 17 (Representations and Warranties)
(except to any extent waived in accordance with Clause 28.2 (Amendments, Waivers and Consents)) have been complied with and would be correct (in all material respects in the cases of Advances the sole purpose of which is to repay an existing
Advance) if repeated on the proposed date of that Advance by reference to the circumstances then existing. 
  

 17 

 No Event of Default etc. 
  

4.5 No Event of Default or Potential Event of Default has occurred on or before that date, or will occur as a result of making that Advance, other than any waived in
accordance with Clause 28.2 (Amendments, Waivers and Consents). 
  
 Notification of Drawdown Requests 
  
 4.6 The Agent shall
promptly (and in any event by the Specified Time) notify each Bank of the proposed details of, and the amount of that Bank’s share of, each Advance. 
  
 Limit on number of Advances/Currencies 
  
 4.7 Not more than 8 Advances may be outstanding at any one time. Advances may not be denominated in more than 4 currencies (including Euros) at any one time. 

 

	5.	 	REPAYMENT 

  
 Repayment of Advances 
  
 5.1 The Borrower shall repay each Advance on its Repayment Date, together with all unpaid interest accrued on that Advance. However, as the facility is revolving, any amount repaid under Tranche A before the Tranche A
Maturity Date and any amount repaid under Tranche B before the Tranche B Maturity Date will remain available for reborrowing under Tranche A or, as the case may be, Tranche B on the terms and conditions of this Agreement. 
  
 Final Maturity Date 
  
 5.2 If on the Tranche A Maturity Date any Advance under Tranche A remains outstanding, the Borrower shall repay that Advance on that date
together with all unpaid accrued interest and fees and any other sum then due under this Agreement. If on the Tranche B Maturity Date any Advance under Tranche B remains outstanding, the Borrower shall repay that Advance on that date together with
all unpaid accrued interest and fees and any other sum then due under this Agreement. 
  

	6.	 	PREPAYMENT 

  
 Of All Banks 
  
 6.1 Following the Bridge Facility Discharge Date and the Extended Facilities Discharge Date, the Borrower may, prepay any Advance, or any part of it which is a Required Amount, without penalty at any time if it gives
to the Agent not less than 10 Business Days’ irrevocable written notice of the Advance to be prepaid and the date and amount of the prepayment. Any such prepayment must be accompanied by accrued interest on the amount prepaid and any other sum
then due under Clause 22.2 (Broken Funding Costs) or any other provision of this Agreement. 
  
 Of Certain Banks 
  
 6.2 If:

  

 18 

	(a)	 	the Borrower becomes or will on or before the Repayment Date of an Advance become obliged to pay any Tax or other amount for the account of any Bank under Clause 11.2 (Grossing
up of payments) or 13 (Increased Costs) and 

  

	(b)	 	the Borrower gives to that Bank and the Agent not less than 10 Business Days’ irrevocable written notice of the date of prepayment, 

  
 the Borrower may prepay all (but not part only) of that Bank’s Outstandings without
premium or penalty on the date of prepayment specified in that notice. Any such prepayment must be accompanied by all unpaid accrued interest on that Bank’s Outstandings, all unpaid fees accrued to that Bank and any other sum then due to that
Bank under Clause 22.2 (Broken Funding Costs) or any other provision of this Agreement. 
  

	7.	 	CANCELLATION 

  
 Of All Banks 
  
 7.1 Following the Bridge Facility Discharge Date and the Extended Facilities Discharge Date, the Borrower may cancel the Tranche A Available Amount or the Tranche B Available Amount any part of each which is a
Required Amount, without premium or penalty at any time before the relevant Final Maturity Date by giving to the Agent not less than 10 Business Days’ irrevocable written notice of the date and amount of the cancellation. Any such partial
cancellation shall reduce each Bank’s Tranche A or Tranche B Commitment, as the case may be, rateably. 
  
 Of Certain Banks 
  
 7.2 If the events
specified in Clauses 6.2(a) and 6.2(b) occur, the relevant Bank’s Commitment shall be cancelled (without premium or penalty) upon the Agent receiving the relevant notice under Clause 6.2(b). In addition, if any event specified in Clause 6.2(a)
occurs and there are no Outstandings owing to the relevant Bank, the Borrower may cancel all (but not part only) of that Bank’s Commitment without premium or penalty at any time before the relevant Final Maturity Date by giving to that Bank and
the Agent not less than 10 Business Days’ irrevocable written notice of the date of the cancellation. 
  
 Cancellation Rights Limited 
  
 7.3 The
Borrower may not cancel all or any part of the Commitments except as expressly provided in this Agreement. 
  

	8.	 	INTEREST 

  
 Term of Advances 
  
 8.1 Interest shall be calculated on each Advance by reference to the Term of that Advance. The Term shall begin on the proposed date of that Advance and shall be of 1, 2, 3 or 6 months’ duration (or a period of
less than 6 months ending on the relevant Final Maturity Date), or any other period as agreed by the Banks under Clause 8.1(a) below, as selected by the Borrower in the notice requesting that Advance except as follows: 
  

	(a)	 	the Borrower may not select a Term ending after the relevant Final Maturity Date; 

  

 19 

	(b)	 	the Borrower’s selection of a Term other than 1, 2, 3 or 6 months shall only be effective if no Bank disagrees with that selection by notice received by the Agent by the
Specified Time. If the Agent receives any such notice, it shall promptly (and in any event by the Specified Time) notify the Borrower and the Banks of that fact and of the alternative duration of that Term. In that event, subject to this Clause 8.1,
that Term shall be of the alternative duration (if any) selected by the Borrower in its notice to apply if its first selection is ineffective. If no such effective alternative duration is so selected, that Term shall be 3 months or, as the case may
be, of such shorter duration as ends on the relevant Final Maturity Date. 

  
 Normal Interest Rate 
  
 8.2 The rate of interest applicable to
an Advance for all or any part of its Term shall be the rate per annum (as determined by the Agent) equal to the sum of: 
  

	(a)	 	the Margin as applicable for that Advance; and 

  

	(b)	 	the Mandatory Costs (as notified to the Agent by the Banks) for that, or (as the case may be) that part of that, Term if applicable; and 

  

	(c)	 	EURIBOR (in the case of Advances in Euros or, for the avoidance of doubt, any national currency unit of any Participating Member State), PIBOR (in the case of Advances in Sterling)
or LIBOR (in any other case) for that Term unless market practice dictates otherwise. 

  
 Notification of Interest Rates 
  
 8.3 The
Agent shall promptly notify the Borrower and the Banks of each rate of interest determined in accordance with this Agreement. 
  
 Payment of Interest 
  
 8.4 On the Repayment Date of an Advance or (in the case of an overdue sum) the last day of each Default Interest Period relating to that overdue sum, the Borrower shall pay the unpaid interest accrued during that Term
or Default Interest Period on the Advance or overdue sum to which it relates at the rate(s) applicable for that Term or Default Interest Period. However, in the case of a Term or Default Interest Period of more than 6 months, the interest accrued
during the first 6 months and each, if any, successive 6 month period during that Term or Default Interest Period shall be paid on the last day of any such 6 month period. 
  
 Taux Effectif Global 
  
 8.5 For the purpose of Article L313.1 et seq., of the French Code de la Consommation, the parties acknowledge that, due to certain characteristics of the
facility and, in particular, to the floating interest rate applicable to the Advances, the actual all-in percentage rate (taux effectif global) for the duration of the facility cannot be calculated as at the date of this Agreement.
Notwithstanding the above, the Agent delivered to the Borrower on the date of this Agreement and on the date of the Amendment Agreement letters containing indicative calculations of the actual all-in percentage rate, the form of the latter such
letter being set out in Schedule 10. 
  

 20 

	9.	 	CURRENCY OPTION 

  
 Requests for Optional Currency 
  
 9.1 If the Borrower so requests in the notice requesting an Advance, that Advance shall be made in the Optional Currency specified in that request unless otherwise
provided in this Agreement. 
  
 Response to Request for an Optional Currency

  
 9.2 Not later than the Specified Time, any Bank may notify the Agent to
the effect that: 
  

	(a)	 	that Bank expects to be unable to obtain matching deposits in the relevant Optional Currency in the Inter-bank Market at or about 11 a.m. (Paris or, as the case may be, London time)
on the Rate Fixing Day in sufficient amounts to fund its share of that Advance; or 

  

	(b)	 	it would be impossible, impracticable, unlawful or contrary to a law or Directive for its share of that Advance to be denominated in the relevant Optional Currency.

  
 If the Agent receives any such notice, it shall promptly (and in
any event by the Specified Time) notify the Borrower and the Banks. 
  
 Fallback Currency 
  
 9.3 If the Agent receives a notice from any
Bank in accordance with Clause 9.2 (Response to Request for an Optional Currency) (and, where applicable, also receives such a notice in relation to the alternative duration of the relevant Term resulting from the operation of Clause 8.1(b))
then, subject to Clause 4.3 (No Market Disruption), the relevant Advance shall instead be made in Euros and in the Euro Amount of that Advance. 
  
 Changes in Condition 
  
 9.4 Without prejudice to Clause 14 (Change in Market Conditions), if: 
  

	(a)	 	any event described in Clause 9.5 (Supervening Events) occurs (or comes to the attention of the Agent) after receipt by the Agent of the notice requesting an Advance; and

  

	(b)	 	the Agent gives notice to the Borrower by the Specified Time to the effect that, as a result, it will not be possible for that Advance to be made in the Optional Currency requested
by the Borrower, 

  
 then (subject to Clause 4.3 (No Market
Disruption)) that Advance shall instead be made in Euros and in the Euro Amount of that Advance. In that event, the rate of interest applicable to that Advance for its Term shall be determined by reference to rates prevailing at such time on
such day as the Agent determines to be appropriate (and all references to 11 a.m. on the Rate Fixing Day shall be construed accordingly). 
  
 Supervening Events 
  

	9.5	 	The events referred to in Clause 9.4 (Changes in Conditions) are: 

  

 21 

	(a)	 	the relevant Optional Currency for any reason not being freely convertible into Euros and/or not being freely transferable; 

  

	(b)	 	such changes in any applicable law or Directive (including, in particular, exchange controls) or in the availability in the Inter-bank Market of deposits for the relevant Term in
the relevant Optional Currency as (in any such case) would, in the opinion of the Agent (after consultation, if practicable, with the Banks), make it impossible, impracticable, unlawful or contrary to a law or Directive for all or part of the
relevant Advance to be denominated in that Optional Currency during that Term; and/or 

  

	(c)	 	the impossibility of making payment in the Place of Payment in the manner provided for in this Agreement. 

  

	10.	 	FEES 

  
 Agency Fee 
  
 10.1 The Borrower shall pay
to the Agent for its own account an agency fee as stated in a letter dated 25 February 1999 from the Agent to, and countersigned by, the Borrower. 
  
 Arrangement Fee 
  
 10.2 The Borrower shall pay to the Agent (for the account of the Arrangers) an arrangement fee as stated in a letter dated 19 April 1999 from the Arrangers to, and countersigned by, the Borrower. 
  
 Amendment Fee 
  
 10.3 The Borrower shall pay to the Agent (for the account of the Banks identified therein) an amendment fee as stated in the Amendment Fee
Letter. 
  
 Commitment Fees 
  
 10.4 The Borrower shall pay a commitment fee calculated on a daily basis at the rate of
1.00% per annum on the amount of each Bank’s Available Commitment from day to day during the period beginning on the date of the Amendment Agreement and ending on the relevant Final Maturity Date. These fees shall be payable in arrear quarterly
from the date of the Amendment Agreement and on the relevant Final Maturity Date or any earlier date on which that Bank’s Tranche A Commitment or Tranche B Commitment, as the case may be, is reduced to zero. 
  
 Utilisation Fee 
  

	10.5	 	(a) In respect of Tranche A Outstandings, the Borrower shall pay a utilisation fee calculated on a daily basis at the rate of 0.05% per annum on the Euro Amount of each Bank’s
Tranche A Outstandings on each day during the period beginning on the date of this Agreement and ending on the Tranche A Maturity Date (or, if any Advance under Tranche A remains outstanding after the Tranche A Maturity Date, on such later date as
all Advances under Tranche A have been repaid), during which the aggregate Euro Amount of the Tranche A Outstandings is greater than 50% of the Tranche A Total Commitments. 

  

 22 

	(b)	 	In respect of Tranche B Outstandings, the Borrower shall pay a utilisation fee calculated on a daily basis at the rate of (i) 0.05% per annum on the Euro Amount of each Bank’s
Tranche B Outstandings on each day during the period beginning on the date of this Agreement and ending on the date three years after the date of this Agreement and (ii) 0.075% per annum on the Euro Amount of each Bank’s Tranche B Outstandings
on each day thereafter until the Tranche B Maturity Date (or, if any Advance under Tranche B remains outstanding after the Tranche B Maturity Date, on such later date as all Advances under Tranche B have been repaid), in each case during which the
Euro Amount of the aggregate Tranche B Outstandings is greater than 50% of the Tranche B Total Commitments. 

  

	(c)	 	These fees shall be payable quarterly in arrear from the date of this Agreement and on the relevant Final Maturity Date, or any earlier date on which a Bank’s Outstandings
become repayable under Clause 6.2 (Prepayment of Certain Banks), 12 (Illegality) or Clause 20.1 (Default) or on which both its Commitment and its Outstandings first equal zero (or, if any Advance remains outstanding after the
relevant Final Maturity Date, on such later date as relevant Advances have been repaid). 

  
 In relation to any day on which a Bank’s Commitment (whether Tranche A or Tranche B) equals zero but its Outstandings do not, for the purpose of
calculating the utilisation fee its Commitment under the relevant tranche shall be deemed to be the amount at which it stood immediately before it first equalled zero. 
  

	11.	 	TAXES 

  
 Payments to be free and clear 
  
 11.1 All
sums payable by the Borrower under this Agreement shall be paid free and clear of and (except to the extent required by law) without any deduction or withholding, whether for or on account of Tax, by way of set-off or otherwise. 
  
 Grossing-up of Payments 
  

	11.2 (a) 	 	If the Borrower or any other Person (whether or not a party to, or on behalf of a party to, this Agreement) must at any time deduct or withhold any such Tax or other amount from any
sum paid or payable by, or received or receivable from, the Borrower under this Agreement, the Borrower shall (to the extent permitted by law) at the same time pay such additional amount as is necessary to ensure that the Agent or, as the case may
be, the Bank to which that sum is due receives and retains (free from any liability other than Tax on its Overall Net Income) a net sum equal to what it would have received and so retained had no such deduction or withholding been required or made.

  

	 	(b)	 	If the Borrower or any other Person (whether or not a party to, or on behalf of a party to, this Agreement) must at any time pay any such Tax or other amount on, or calculated by
reference to, any sum received or receivable (including any sum received or receivable under this Clause 11.2(b)) by the Agent or, as the case may be, any Bank under this Agreement (except for a payment by the Agent or a Bank of Tax on its Overall
Net Income), the Borrower shall pay or procure the payment of that Tax or other amount before any interest or penalty becomes payable or, if that Tax or other 

  

 23 

	 	 
amount is payable and paid by the Agent or any Bank, shall reimburse it on demand for the amount paid by it. 

  

	(c)	 	Within 30 days after paying any sum from which it is required by law to make any deduction or withholding, and within 30 days after the due date of payment of any Tax or other
amount which it is required by Clause 11.2(b) to pay, the Borrower shall deliver to the Agent evidence satisfactory to the Agent or, as the case may be, the relevant Bank of that deduction, withholding or, as the case may be, payment and (where
remittance is required) of the remittance thereof to the relevant taxing or other authority. 

  

	(d)	 	As soon as the Borrower is aware that any such deduction, withholding or payment is required (or of any change in any such requirement), it shall notify the Agent.

  

	(e)	 	If the Borrower becomes or will become obliged to pay an amount under Clauses 11.2(a) or 11.2(b) to any Bank but is prevented by law from making such payment, then the Borrower
shall give notice to the Agent within 15 days of becoming aware of such fact. During the 30 day period commencing on the date of receipt of such information, the Borrower and the relevant Bank shall negotiate in good faith with a view to the Bank
taking such steps as it determines, in its discretion, are reasonably open to it and are acceptable to the Borrower to avoid such prohibition on payment. If, at the end of the 30 day period, no mutually acceptable solution has been agreed on, the
Borrower shall, within 2 Business Days, prepay that Bank’s share of each Advance, together with all interest accrued thereon and any other sum then due to that Bank under Clause 22.2 (Broken Funding Costs) and any other provision of this
Agreement. 

  
 Qualifying Lender 
  
 11.3 Notwithstanding Clauses 11.2(a) and 11.2(b), the Borrower shall not be required to pay
any additional amount in respect of any Tax so imposed or levied on a Bank if on the due date of a payment of interest to a Bank, such Bank is not a Qualifying Lender, unless such imposition of withholding results from the introduction of, or any
change in, or in the interpretation or application of, any relevant law, order or practice of the French tax authorities after this Agreement is entered into or, as the case may be, the date on which that Bank becomes a Bank, or from the breach by
the Borrower of its obligations under Clause 11.4 (Tax Administration Formalities) below. 
  
 Tax administration formalities 
  
 11.4
The Borrower agrees to provide such information in respect of itself as may be reasonably requested by the Banks in order for the Banks to comply with any administrative formalities required in order for the Banks to be exempt from withholding or
deduction for any taxes under any applicable international treaty. 
  
 Refund
of Tax Credits 
  

	11.5	 	If: 

  

	(a)	 	the Borrower makes a payment under Clause 11.2(a) or 11.2(b) (a Tax Payment) in respect of a payment to a Bank under this Agreement; and 

  

 24 

	(b)	 	that Bank obtains a refund of Tax or obtained and used a credit against Tax on its Overall Net Income (a Tax Credit) which that Bank is able to identify as
attributable to that Tax Payment, 

  
 then, if it can do so without
any adverse consequences for that Bank, that Bank shall, as soon as practicable, reimburse the Borrower such amount as that Bank determines to be such proportion of that Tax Credit as will leave that Bank (after that reimbursement) in no better or
worse position in respect of its world-wide Tax liabilities than it would have been in if no Tax Payment had been required. A Bank shall use its reasonable endeavours to claim any Tax Credit (and, if it does claim, the extent, order and manner in
which it does so) and whether any amount is due from it under this Clause 11.5 (and, if so, what amount and when). No Bank shall be obliged to disclose any information regarding its Tax affairs and computations. 
  

	12.	 	ILLEGALITY 

  
 If at any time any Bank (acting reasonably) determines that it is or will become unlawful or contrary to any law or Directive for it to allow all or part of its
Commitment to remain outstanding, to make, fund or have outstanding all or part of its Outstandings and/or to carry out all or any of its other obligations under this Agreement then, unless the problem has been resolved by the operation of Clause 9
(Currency Option): 
  

	(a)	 	upon that Bank notifying the Borrower and the Agent, its Commitment (if any) shall be cancelled; and 

  

	(b)	 	the Borrower shall prepay that Bank’s share of each Advance immediately on the Repayment Date of that Advance or (if not yet unlawful) within 10 Business Days of that
notification (whichever is earlier) with all unpaid accrued interest thereon, all unpaid fees accrued to that Bank and any other sum then due to that Bank under Clause 22.2 (Broken Funding Costs) or any other provision of this Agreement.

  

	13.	 	INCREASED COSTS 

  
 Indemnity 
  
 13.1 If the Agent or, as the case may be, any Bank (in each case acting reasonably) determines that, as a result of (a) the introduction of or any change in, or in the interpretation or application of, any law or
Directive or (b) compliance by it with any law or Directive: 
  

	(a)	 	it (or any of its holding companies) incurs a cost in maintaining all or any part of its Commitment and/or in making, maintaining or funding all or any part of its share of any
Advance or any overdue sum; and/or 

  

	(b)	 	any sum received or receivable by it under this Agreement or the effective return to it under this Agreement or the overall return on its (or any of its holding companies’)
capital is reduced (except on account of Tax on its Overall Net Income); and/or 

  

	(c)	 	it (or any of its holding companies) makes any payment (except on account of Tax on its Overall Net Income) or forgoes any interest or other return on or calculated by reference to
the amount of any sum received or receivable by it under this Agreement, 

  
 the Borrower shall, at the request of the Agent or the relevant Bank, as the case may be, and at the Borrower’s option either (i) indemnify it, without incurring any further penalty, (or pay to 
  

 25 

 it an amount sufficient to indemnify any of its holding companies) against that cost, reduction, payment or forgone
interest or other return (except to the extent that it results from a deduction or withholding of Tax) and, accordingly, shall from time to time on demand (whenever made) pay to the Agent for its own account or, as the case may be, for the account
of that Bank the amount certified by it with reasonable justification to be necessary so to indemnify it (or any of its holding companies) or (ii) prepay to that Bank all (but not part only) of that Bank’s Outstandings on the date specified in
that request. Any such prepayment must be accompanied by all unpaid accrued interest on that Bank’s Outstandings, all unpaid fees accrued to that Bank and any other sum then due to that Bank under Clause 22.2 (Broken Funding Costs) or
any other provision of this Agreement. 
  
 Capital Adequacy 
  
 13.2 Under Clause 13.1 (Indemnity), but subject to Clause 13.3 (Exception) a
Bank shall be entitled to claim indemnification not only for a cost, reduction, payment or forgone interest or other return directly attributable to this Agreement, its Commitment, its share of any Advance or any overdue sum, but also for that
proportion of any cost, reduction, payment or forgone interest or other return which that Bank (or any of its holding companies) reasonably determines to be fairly allocable to this Agreement, its Commitment, its share of any Advance or any overdue
sum in relation to any law or Directive applicable to that Bank (or any of its holding companies) or affecting the conduct of that Bank’s (or any of its holding companies’) business or a type of business or the manner in which or the
extent to which that Bank (or any of its holding companies) allocates capital resources. 
  
 Exception 
  
 13.3 Clause 13.1
(Indemnity) shall not oblige the Borrower to compensate any Bank (or any of its holding companies) for any cost, reduction, payment or forgone interest or other return which results from the implementation, as contemplated on the signing of
this Agreement, of the matters set out in the July 1988 report of the Basle Committee on Banking Regulations and Supervisory Practices entitled “International Convergence of Capital Measurement and Capital Standards”, unless it results
from any change after the signing of this Agreement in, or in the interpretation or application of, such matters as contemplated on the signing of this Agreement. 
  

	14.	 	CHANGE IN MARKET CONDITIONS 

  
 Triggering Events 
  
 14.1 If in relation to any Advance: 
  

	(a)	 	the Agent is unable to determine, as the case may be, EURIBOR or LIBOR; or 

  

	(b)	 	the Agent is notified by Banks to whom more than 331/3% of that Advance, if made, would be owing that (a) they are or expect to be unable to obtain
matching deposits in the Inter-bank Market at or about 11 a.m. (Brussels or London time or, as the case may be, Paris time) on the Rate Fixing Day in sufficient amounts to fund their respective shares of that Advance during its Term and the problem
is not resolved by the operation of Clause 9 (Currency Option) or (b) the EURIBOR, PIBOR or LIBOR, as the case may be, fixed for the Term of that Advance does not reflect the cost to those Banks of obtaining such deposits,

  

 26 

 the Agent shall promptly notify the Borrower and the Banks and that Advance shall not be made. 
  
 Negotiation 
  
 14.2 The Borrower and the Agent (on behalf of and after consultation with the Banks) shall then negotiate until not more than 25 days after
the Agent gives that notification with a view to agreeing an alternative basis for calculating the interest payable on and/or funding Advances. Any alternative basis agreed in writing by the Agent (on behalf of and with the consent of all the Banks)
and the Borrower within that 25 day period shall take effect in accordance with its terms. 
  

	15.	 	MITIGATION 

  
 If any circumstances arise which result, or would on the giving of notice result, in the Borrower having to make a payment to or for the account of a Bank under Clause 11
(Taxes), 12 (Illegality) or 13 (Increased Costs), or in a Bank’s Commitment being cancelled under Clause 12(a), then without in any way limiting, reducing or otherwise qualifying any of the obligations of the Borrower under
Clauses 11 to 14: 
  

	(a)	 	promptly after an officer of that Bank with responsibility for its participation in this facility becomes aware of the relevant circumstances and their results, that Bank shall
notify the Borrower; and 

  

	(b)	 	in consultation with the Borrower and the Agent, that Bank shall take all such steps as it determines are reasonably open to it and as are acceptable to the Borrower and the Agent
to mitigate the effect of those circumstances (such as changing its Facility Office, restructuring its participation in the facility and/or novating some or all of its rights or obligations under this Agreement to another Person acceptable to the
Borrower and willing to take that novation). 

  
 However, no Bank
shall be obliged to take any such steps which in its reasonable opinion could have an adverse effect on that Bank. 
  

	16.	 	PAYMENTS 

  
 By Banks 
  
 16.1 On each date on which an Advance is to be made, each Bank shall make its share of that Advance available to the Agent. Each such amount shall be made available in the currency in which that Advance is to be
denominated in such funds and by such time on the due date as may then be generally accepted for the settlement in the Place of Payment of international payments in that currency to such account with such bank in the Place of Payment as the Agent
may specify. 
  
 If so requested by the Agent, the relevant Bank will promptly
confirm to the Agent that it will make the relevant payment as required by this Clause 16.1. 
  
 Disbursement to Borrower 
  
 16.2 The
Agent shall make the amounts so received by it from the Banks available to the Borrower before close of business in the Place of Payment on that date by payment in the 
  

 27 

 same currency and funds as received by the Agent to such account with such bank as the Borrower shall have specified in
the notice requesting that Advance. If any Bank makes its share of an Advance available to the Agent later than required by Clause 16.1 (By Banks), the Agent shall make that share available to the Borrower as soon as practicable thereafter.

  
 Currency of Payments 
  
 16.3 (a) Each repayment or prepayment of principal of an Advance shall be made in the
currency in which that Advance was made. 
  

	(b)	 	Each payment of interest shall be made in the currency in which the Advance or other amount in respect of which that interest accrued was denominated during the period in respect of
which that interest accrued. 

  

	(c)	 	Each additional amount payable under Clause 11.2(a) shall be paid in the same currency as the sum to which it relates. 

  

	(d)	 	Each sum payable under Clause 11.2(b), 13 (Increased Costs) or 25.1(c) shall be paid in the currency specified by the Person for whose account it is payable.

  

	(e)	 	All payments in respect of costs, losses, expenses and liabilities under Clause 16.8(b), 22.1 (Miscellaneous Indemnities), 23.8 (Indemnity to Arranger and Agent),
25.1(a) or 25.1(b) shall be made in the currency in which they were incurred. 

  

	(f)	 	All other payments shall be made in Euros. 

  
 By Borrower 
  
 16.4 On each date on which a payment is to be made by the Borrower, it shall make that payment to the Agent in the currency specified in Clause 16.3 (Currency of Payments) in such funds and by such time on the
due date as may then be generally accepted for the settlement in the Place of Payment of international payments in that currency. All such payments shall be made to such account with such bank in the Place of Payment as the Agent may specify.

  
 Distribution to Banks 
  
 16.5 The Agent shall make available to each Bank before close of business in the Place of
Payment on that date its pro rata share (if any) of any sum so received by the Agent from the Borrower in the same currency and funds as received by the Agent to such account of that Bank with such bank in the Place of Payment as it shall have
designated to the Agent for that purpose. If any sum is received by the Agent from the Borrower later than required by Clause 16.4 (By Borrower), the Agent shall make each Bank’s share (if any) available to it as soon as practicable
thereafter. 
  
 Netting of Payments 
  
 16.6 Notwithstanding Clauses 4.2(f) and 16.1 (By Banks) to 16.3 (Currency
of Payments) or any other provision of this Agreement: 
  

	(a)	 	if on any date an amount (the first amount) is to be advanced by a Bank under this Agreement and an amount (the second amount) is due from the Borrower
to that Bank under this Agreement in the same currency, that Bank shall apply the first amount in 

  

 28 

	 	 
or towards payment of the second amount. The relevant Bank shall remain obliged to advance any excess (or, as the case may be, the Borrower shall remain
obliged to pay any shortfall) in accordance with this Clause 16; and 

  

	(b)	 	if on any date an amount (the first amount) is to be advanced by a Bank under this Agreement and an amount (the second amount) is due from the Borrower
to that Bank under this Agreement in a different currency and if the Borrower and the Agent so agree by the Specified Time (or, if Clause 9.4 (Changes in Conditions) applies, by such time on such date as the Agent determines to be appropriate
in the circumstances) the Agent shall: 

  

	 	(i)	 	apply a sum equal to the first amount (or, as the case may be, so much of the first amount as is necessary) in purchasing in the Paris foreign exchange market, for value on the due
date of payment of the second amount, an amount in the currency of the second amount (or, as the case may be, so much of the second amount as can be purchased with the first amount); and 

  

	 	(ii)	 	on receipt of the amount so purchased apply it in or towards payment of the second amount, unless for any reason either of those applications cannot be made at the relevant time.

  
 The relevant Bank shall remain obliged to advance the first
amount in the currency of the first amount and the Borrower shall remain obliged to repay the second amount in the currency of the second amount, notwithstanding this Clause 16.6(b). 
  
 Nothing in this Clause 16.6 shall be effective to create a charge. 
  
 Order of Distribution 
  
 16.7 If the amount received by the Agent from the Borrower on any date is less than the total sum remaining and/or becoming due under this Agreement on that date, the
Agent shall apply that amount in or towards payment of the following sums in the following order: 
  

	(a)	 	first, in or towards payment pro rata of any sums then due to the Agent or the Arrangers in their capacity as such; 

  

	(b)	 	secondly, in or towards payment pro rata of any sums then due to the Co-Arrangers (or any of them) in their capacity as such; 

  

	(c)	 	thirdly, in or towards payment pro rata of any sums (other than principal of or interest on the Advances) then due to the Banks (or any of them); 

  

	(d)	 	fourthly, in or towards payment pro rata of any interest then due on the Advances; 

  

	(e)	 	fifthly, in or towards payment pro rata of any principal then due. 

  
 Any such applications shall override any purported appropriation by any Person. For this purpose, the Agent may (if and to the extent necessary) convert one currency into
another. 
  

 29 

 Refunding of Payments 
  
 16.8 The Agent shall not be obliged to (but may) make available to any Person any sum which it is expecting to receive for the account of that Person until it has been
able to establish that it has received that sum. However, it may do so if it wishes. If and to the extent that it does so but it transpires that it had not then received the sum which it paid out: 
  

	(a)	 	the Person to whom the Agent made that sum available shall on demand refund it to the Agent; and 

  

	(b)	 	that Person or (at the option of the Agent) the Person by whom that sum should have been made available shall on demand pay to the Agent the amount (as certified by the Agent) which
will indemnify the Agent against any funding or other cost, loss, expense or liability sustained or incurred by it as a result of paying out that sum before receiving it but without prejudice to the rights of any party hereto against such defaulting
party. 

  
 Non-Business Days 
  

	16.9 (a)	 	If any Repayment Date, the Tranche A Maturity Date or the Tranche B Maturity Date would otherwise fall on a non-Business Day, it shall instead fall on the next Business Day in the
same calendar month (if there is one) or the preceding Business Day (if there is not). 

  

	(b)	 	Any payment to be made by the Borrower (otherwise than on a Repayment Date) and which would otherwise be due on a non-Business Day shall instead be due on the next Business Day.

  

	17.	 	REPRESENTATIONS AND WARRANTIES 

  
 By the Borrower 
  
 17.1 The Borrower represents and warrants to and for the benefit of each other party to this Agreement, in relation to itself and (where applicable) its Relevant
Subsidiaries, and in the case of 17.1(h) below, each member of the Group, as follows: 
  
 Status 
  

	(a)	 	The Borrower is a limited liability company duly established and validly existing under the laws of the Republic of France and has the power and authority to own its Assets and to
conduct the business which it conducts and/or proposes to conduct. 

  
 Powers 
  

	(b)	 	The Borrower has the power to enter into, exercise its rights and perform and comply with its obligations under this Agreement. 

  
 Authorisation and Consents 
  

	(c)	 	All action, conditions and things required by the laws of the Republic of France to be taken, fulfilled and done (including the obtaining of any necessary Consents, the making of
registrations and the like) in order: 

  

 30 

	 	(i)	 	to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under this Agreement, it being understood that not all authorisations have been
obtained in order to effect the disposals, the industrial plan or the rights issue contemplated under the Strategic Plan, but that such authorisations shall be obtained in a timely fashion so as to permit such disposals, industrial plan and rights
issues to be implemented in accordance with the Strategic Plan; 

  

	 	(ii)	 	to ensure that those obligations are valid, legally binding and enforceable; 

  

	 	(iii)	 	to ensure that those obligations rank and will at all times rank in accordance with Clause 0 (Ranking of Obligations); and 

  

	 	(iv)	 	to make this Agreement admissible in evidence in the courts of England and France (subject only to the preparation of a certified translation of this document),

  
 have been taken, fulfilled and done. 

 
 Non-Violation etc. 
  

	(d)	 	Its entry into, exercise of its rights and/or performance of or compliance with its obligations under this Agreement do not and will not violate, or exceed any borrowing or other
power or restriction granted or imposed by: 

  

	 	(i)	 	any law to which it is subject; or 

  

	 	(ii)	 	its statuts; or 

  

	 	(iii)	 	any agreement (including any existing agreement relating to Borrowed Money) to which any member of the Consolidated Group is a party or which is binding on any member of the
Consolidated Group or their respective Assets, 

  
 or result in the existence of, or oblige any member of the Consolidated Group to create, any Security over those Assets other than as permitted under Clause 19.2. (Negative Pledge). 
  
 Obligations Binding 
  

	(e)	 	Its obligations under this Agreement are valid, binding and enforceable and rank pari passu with all other unsecured creditors of the Borrower, save for obligations
mandatorily preferred by law. 

  
 No Default 
  

	(f)	 	

  

	 	(i)	 	no Event of Default or Potential Event of Default has occurred, or will occur as a result of making any Advance, other than any waived in accordance with Clause 28.2; and

  

 31 

	 	(ii)	 	neither the Borrower nor any Relevant Subsidiary is in breach of or default under any agreement to an extent or in a manner which has or is likely to have a Material Adverse Effect
on the Borrower. 

  

	 	other	 	than, in each case, an Excluded Default. 

  
 Winding-up/Insolvency 
  

	(g)	 	

  

	 	(i)	 	No proceedings of any nature are current or, to its knowledge, pending or threatened, for the winding-up or dissolution of, or in respect of any insolvency proceeding of any nature
relating to the Borrower or any Relevant Subsidiary. 

  

	 	(ii)	 	The Borrower and the Relevant Subsidiaries are solvent and in a position to meet their respective scheduled payment obligations as they fall due. 

  
 Existing Security: 
  

	(h)	 	

  

	 	(i)	 	No Security exists on or over its Assets or those of ALSTOM Holdings as at the date of the Amendment Agreements except as listed in Schedule 14 (Existing Security); and

  

	 	(ii)	 	no Security exists over its Assets or those of any other member of the Group except as permitted pursuant to Clause 19.2 (Negative Pledge). 

  
 Accounts 
  

	(i)	 	The Latest Financial Statements as delivered to the Agent (with copies of the related directors’ and auditors’ reports (if any)): 

  

	 	(i)	 	include such financial statements as are required by the laws of the Republic of France and accounting principles, standards and practices generally accepted in the Republic of
France and, save as stated in the notes thereto, were prepared and audited in accordance with accounting standards generally accepted in the Republic of France; and 

  

	 	(ii)	 	together with those notes, give a true and fair view of the Borrower’s consolidated financial condition and operations and that of the Consolidated Group as at that date and
for the period then ended. 

  
 No Material Adverse Change

  

	(j)	 	Save as disclosed to the Banks by the Borrower in writing prior to the date of this Agreement (including in the Information Memorandum, the slides for the analysts and banks meeting
held on 12 March, 2003 and the slides for the banks meeting held on 18 March, 2003) or in the tape of the analysts and banks meeting held on 12 March, 2003, no event has occurred or circumstance arisen which has or is likely to have a Material
Adverse Effect on the Borrower since 30 September, 2002. 

  

 32 

 Litigation 
  

	(k)	 	No litigation, arbitration or administrative proceeding is current, pending or threatened: 

  

	 	(i)	 	to restrain the entry into, exercise of any of its rights under and/or performance or enforcement of or compliance with any of obligations under this Agreement; or

  

	 	(ii)	 	which has or may have a Material Adverse Effect on the Borrower since the date of the Amendment Agreement. 

  
 Information Memorandum 
  

	(l)	 	To the best of the knowledge, information and belief of the Borrower after making all reasonable enquiries: 

  

	 	(i)	 	The Information Memorandum was true, complete and accurate in all material respects at the date thereof. 

  

	 	(ii)	 	The opinions, projections and forecasts in it and the assumptions on which they are based were arrived at after due and careful consideration and enquiry and genuinely represented
its views. 

  

	 	(iii)	 	All other information provided to the Agent, Arrangers and Banks prior to the date of the Amendment Agreement (including the conditions precedent to the Amendment Agreement) was
true, complete and accurate in all material respects as at the date thereof. 

  

	 	(iv)	 	The projections and forecasts contained in the latest Liquidity Plan (which, at the date of the Amendment Agreement, is the Initial Liquidity Plan) are fair and based on reasonable
assumptions and such Liquidity Plan does not omit any material information which would make such projections and forecasts misleading in any material respect (save as may be otherwise disclosed in writing to the Banks on or before the date of the
Amendment Agreement). 

  

	 	(v)	 	There are no relevant facts or circumstances which have not been disclosed to the Agent, Arrangers and Banks in writing before the date of the Amendment Agreement and which could
make any of such information, opinions, projections, forecasts or assumptions untrue, incomplete, inaccurate or misleading in any material respect or which, if disclosed, might reasonably be expected adversely to affect the decision of a Person
considering whether to provide finance to it. 

  

	 	(vi)	 	Any other information delivered by or on behalf of the Borrower hereunder is at the date of delivery hereunder true and accurate in all material respects and not misleading in any
material respect by reason of any omission; any statements of opinion included in any such information will reflect opinions held by the officers of the Borrower; and any projections or forecasts contained in any such other information will in all
respects be based on reasonable assumptions. 

  

 33 

 Environmental Matters 
  

	(m)	 	To the best of the Borrower’s knowledge, information and belief, after all reasonable enquiries, none of it and its Material Subsidiaries is in breach or contravention of any
applicable Environmental Law in each of the jurisdictions in which it operates in a manner or to an extent which might have a Material Adverse Effect on the Borrower. 

  
 Intellectual Property 
  

	(n)	 	

  

	 	(i)	 	All material Intellectual Property required to conduct its business and that of its Relevant Subsidiaries is beneficially owned by or licensed to Group members free from any
licences to third parties which are materially prejudicial to the use of such Intellectual Property, and will not be adversely affected in any material respect by the transactions contemplated by this Agreement or the Strategic Plan (except to the
extent being disposed of thereunder); and 

  

	 	(ii)	 	To the best of the Borrower’s knowledge, information and belief, after reasonable enquiries, its business and that of its Relevant Subsidiaries does not infringe any
intellectual property rights of any third party in a manner or to an extent which could reasonably be expected to have a Material Adverse Effect. 

  

Assets 
  

	(o)	 	The Borrower and each Relevant Subsidiary has good title to or valid leases or licences of or is otherwise entitled to use all material assets necessary to conducts is business;

  
 Tax Liabilities: 
  

	(p)	 	No material claims are, or are reasonably likely to be, asserted against the Borrower or any Relevant Subsidiary with respect to unpaid taxes and all material reports and returns on
which taxes are required to be shown have been filed and all material taxes required to be paid have been paid, in each case within any applicable time limit or any applicable grace period. 

  
 Strategic Plan 
  

	(q)	 	All information supplied by or on behalf of the Borrower and contained or referred to in the Strategic Plan was based on assumptions and valuations which were reasonable at the time
it was prepared and there are, after due and careful enquiry by the Borrower, no legal impediments or restrictions of which the Borrower is aware to the implementation of the Strategic Plan in all material respects within the timetable described
therein. 

  
 Repetition 
  
 17.2 Each of the representations and warranties in Clauses 17.1(a) to 17.1(q) (other than
Clause 17.1(l)(i), (ii) and (iii)) will be correct and complied with (in all material respects in the case of Advances the sole purpose of which is to repay an existing Advance) on each date 
  

 34 

 on which an Advance is requested or made as if repeated by reference to the then existing circumstances. 
  
 Qualifications to Warranties 
  
 17.3 The representations and warranties in Clauses 17.1(c)(ii) and 17.1(c)(iv) and 17.1(e)
shall be subject to Reservations. 
  

	18.	 	INFORMATION 

  
 The Borrower undertakes that, so long as any sum remains to be lent or remains payable under this Agreement: 
  
 Preparation of Accounts 
  
 18.1 The Borrower will ensure that all accounts to be delivered by it under this Agreement are prepared in such manner that Clause 17.1(i) would be complied with.

  
 Audited Accounts 
  
 18.2 As soon as available and in any event within 120 days after the end of each of its
financial years (beginning with the current one), the Borrower will deliver to the Agent enough copies for the Banks of its annual report and audited consolidated accounts (including balance sheet, profit and loss and cashflow statements of the
Borrower) as at the end of and for that financial year, together with copies of the related directors’ and auditors’ reports. 
  
 Semi-Annual Information 
  
 18.3 As soon as available and in any event within 90 days after the end of the first six months of each of its financial years (beginning with the current one), the Borrower will deliver to the Agent enough copies for
the Banks of its interim consolidated financial statements (which have been subject to limited review by the Borrower’s auditors) (including balance sheet, profit and loss and cashflow statements of the Borrower) for that six month period.

  
 Quarterly Information 
  
 18.4 If at any time after the date of the Amendment Agreement the Borrower publishes
quarterly consolidated financial statements, as soon as available and in any event within 60 days of the end of each quarter, the Borrower will deliver to the Agent enough copies for the Banks of its interim consolidated financial statements for
that quarter. 
  
 Monthly and Quarterly Information 
  
 18.5 As soon as the same become available, but in any event within twenty days after the end
of each calendar month, commencing on 31 March, 2003 (and in the case of items (a), (b) and (d), following the anniversary date of the Amendment Agreement, within twenty days after the end of each calendar quarter) deliver to the Agent (in
sufficient copies for each of the Banks): 
  

	(a)	 	an updated Liquidity Plan (certified by an Authorised Signatory) together with a reconciliation statement to provide a comparison to the Initial Liquidity Plan where

  

 35 

	 	 
there are any material deviations between the two together with management commentary on such deviation; 

  

	(b)	 	a management commentary outlining progress in the disposal of Assets by reference to the Strategic Plan the extent to which the Strategic Plan has and will be achieved and any
material developments or proposals affecting its implementation; 

  

	(c)	 	details of any litigation current, pending or threatened in respect of which the amount subject to dispute exceeds Euro 100,000,000 or, if the information is then available to the
Borrower, in respect of which the amount exceeds Euro 50,000,000; 

  

	(d)	 	an update in respect of the GT24 and GT26 units such update to summarise technical, commercial and financial issues (including an update in respect of claims, (indemnity or
otherwise) and provisions); and 

  

	(e)	 	an update in respect of (A) cash collateral securing off-balance sheet undertakings (but only from the calendar month commencing on 30 April, 2003); and (B) the aggregate amount of
releases of “cautions” and guarantees in each case in respect of Relevant Subsidiaries. 

  
 Information to Shareholders or Creditors 
  
 18.6 At the same time as sent to its shareholders (or any class of its shareholders) or creditors, the Borrower will deliver to the Agent enough copies for the Banks of
any circular, document or other written information sent to its shareholders (or any class of its shareholders) or creditors as such. 
  
 Events of Default 
  
 18.7 The Borrower will notify the Agent in writing of the occurrence of any Event of Default or Potential Event of Default other than an Excluded Default (and of any action taken or proposed to be taken to remedy it)
promptly after becoming aware of it. With each financial statement delivered by it under Clauses 18.2 (Audited Accounts) and 18.3 (Semi-Annual Information), and promptly after any request made by the Agent from time to time, the
Borrower will deliver to the Agent a certificate signed on its behalf by such Person as may be acceptable to the Agent for that purpose confirming that, so far as it is aware and (if applicable) except as previously notified to the Agent or waived
in accordance with Clause 28.2, no Event of Default or Potential Event of Default has occurred or (as the case may be) setting out details of any which has occurred and has not been so notified or waived and of which it is aware and of any action
taken or proposed to be taken to remedy it. 
  

	18.8	 	Compliance with Financial Covenants 

  

	(a)	 	With each set of accounts delivered by it under Clause 18.2 (Audited Accounts) the Borrower will deliver to the Agent an annual certificate of the Auditors in such form as
they are willing to deliver in accordance with their policies, from time to time, relating to the financial covenants contained in Clause 19.5 (Financial Covenants) as at the end of the relevant period and including (in reasonable detail and
in a form satisfactory to the Agent (acting reasonably) their certification as to the computations necessary to demonstrate such compliance. 

  

 36 

	(b)	 	(1)   With each set of accounts delivered by it under Clauses 18.2 (Audited Accounts) and 18.3 (Semi-Annual Information), and 

  

	 	(2)	 	in respect of its obligations under Clause 19.5(c) (Total Debt) and Clause 19.5(d) (Total Net Debt), within twenty days after the end of each calendar month until 31
December 2003 and thereafter within twenty days after the end of each quarter, and 

  

	 	(3)	 	in any case within 14 days after any request made by the Agent from time to time), 

  
 the Borrower will deliver to the Agent a certificate signed on its behalf by the chief financial officer or a vice president
corporate funding of the Borrower: 
  

	 	(aa)	 	confirming compliance with the relevant tests in Clause 19.5 (Financial Covenants) as at the end of the relevant period (or, as the case may be, as at the date specified in
the Agent’s request, which date must be not less than 15 nor more than 45 days before the date of the request); and 

  

	 	(bb)	 	setting out in reasonable detail and in a form satisfactory to the Agent the computations necessary to demonstrate such compliance. 

  
 Material Subsidiaries 
  
 18.9 With each set of accounts delivered by it under Clauses 18.2 (Audited Accounts) (and within 14 days after any request made by
the Agent from time to time), the Borrower will deliver to the Agent a certificate: 
  

	(a)	 	listing the Material Subsidiaries as at the end of the relevant period (or, as the case may be, as at the date specified in the Agent’s request, which date must be not less
than 15 nor more than 45 days before the date of the request); and 

  

	(b)	 	setting out in reasonable detail and in a form satisfactory to the Agent the computations necessary to justify the inclusions in, and exclusions from, that list.

  
 18.10 Cash Collateral: The Borrower undertakes to provide
on or prior to 30 April, 2003 to the Agent (with sufficient copies for each of the Banks) a schedule in respect of each Relevant Subsidiary (to the extent applicable) providing details of all cash collateral granted by it as at the date hereof by
way of security for off-balance sheet undertakings. 
  
 Other
Information 
  
 18.11 The Borrower will promptly deliver to the Agent for
distribution to the Banks such other information relating to its financial condition or business and to the financial condition or business of any member of the Group as the Agent (or any Bank through the Agent) may from time to time reasonably
request, including, without limitation, information concerning the implementation of the Strategic Plan. 
  

	19.	 	UNDERTAKINGS 

  
 The Borrower undertakes, in relation to itself and, where applicable, each of its Relevant Subsidiaries and/or each member of the Group that, so long as any sum remains
to be lent or remains payable under this Agreement: 
  

 37 

 Ranking of Obligations 
  

19.1 Its payment obligations under this Agreement rank and will at all times rank at least equally and rateably in all respects with all its other unsecured and
unsubordinated Indebtedness except for such unsecured Indebtedness as would, by virtue only of the operation of law, be preferred. 
  
 Negative Pledge 
  
 19.2 The Borrower will not, and will ensure that no other member of the Group will, create or have outstanding any Security on or over their respective Assets, except for: 
  

	(a)	 	Security existing as at the date of the Amendment Agreement and any replacement of any such Security provided that such replacement Security (x) relates to the same Assets as the
Security that is replaced; and (y) secures Indebtedness of the same creditor and represents an extension of the Indebtedness secured thereby (but, except with the prior consent of the Majority Banks, the principal, capital or nominal amount secured
by any initial or replacement Security referred to in this paragraph (a) may not be increased beyond the maximum such amount secured by the relevant Security at the date of the Amendment Agreement); 

  

	(b)	 	liens arising solely by operation of law and in the ordinary course of business; 

  

	(c)	 	Security over cash or securities deposited with any bank, financial institution, stock exchange or clearing house with which any member of the Group enters into foreign exchange,
swap or derivative transactions for hedging purposes in the ordinary course of business and with which cash or securities are required to be deposited in order for such transaction to be entered into; 

  

	(d)	 	Security relating to “cautions”, guarantees, surety bonds and any similar transaction in the ordinary course of business and not at any time exceeding in aggregate
Euro 10,000,000; 

  

	(e)	 	Security arising in respect of the purchase of machinery and equipment in the ordinary course of business and granted over such assets to secure Indebtedness raised to finance the
acquisition thereof; 

  

	(f)	 	Security for taxes or governmental charges contested in good faith and in relation to which adequate reserves have been made; 

  

	(g)	 	Security resulting from the securitisation transactions permitted (i) under the Bridge Facility Agreement (until the Bridge Facility Discharge Date) and thereafter (ii) under the
Extended Facility Agreements (until the Extended Facilities Discharge Date), and thereafter (iii) under Clause 19.3 (Disposals) hereof, in each case following the date of the Amendment Agreement; 

  

	(h)	 	Security resulting from financial leases permitted (i) under the Bridge Facility Agreement (until the Bridge Facility Discharge Date) and thereafter (ii) under the Extended Facility
Agreements (until the Extended Facilities Discharge Date), and thereafter (iii) under Clause 19.3 (Disposals) hereof, in each case following the date of the Amendment Agreement, to the extent granted over the relevant leased assets following
the date of the Amendment Agreement; 

  

 38 

	(i)	 	Security required by law to be created in order to implement the Strategic Plan; 

  

	(j)	 	Security arising out of title retention provisions in a supplier’s standard conditions of supply of goods acquired by the relevant member of the Group in the ordinary course of
its business; 

  

	(k)	 	any Security existing at the time of acquisition on or over any Asset acquired by it (otherwise than from another member of the Consolidated Group) after the date of the Amendment
Agreement and not created in contemplation of or in connection with that acquisition (but, except with the prior consent of (1) the Bridge Majority Lenders (prior Bridge Facility Discharge Date) and (2) the Extended Majority Lenders (prior to the
Extended Facility Discharge Date) and thereafter (3) the Majority Banks, the principal, capital or nominal amount secured by any such Security and outstanding at the time of acquisition may not be increased); 

  

	(l)	 	any Security created over Assets acquired after the date of the Amendment Agreement and securing Project Finance Indebtedness provided that the only Assets which are the subject of
that Security are Assets which are the subject of the relevant Project; 

  

	(m)	 	any other Security created or outstanding with the consent of the Bridge Majority Lenders (until the Bridge Facility Discharge Date) (but only if the Security in question does not
secure liabilities under the Bridge Facility Agreement or under any Extended Facility Agreement) and thereafter the Extended Majority Lenders (until the Extended Facilities Discharge Date) but only if the Security in question does not secure
liabilities under any Extended Facility Agreement), and, to the extent not otherwise permitted hereunder, not exceeding, in each case, in the aggregate at any time Euro 20,000,000 for all members of the Group; 

  

	(n)	 	in the ordinary course of business, and over assets having an aggregate value, and securing Indebtedness, not exceeding in aggregate at any time Euro 20,000,000 for all members of
the Group; and 

  

	(o)	 	at any time after the Bridge Facility Discharge Date and the Extended Facilities Discharge Date, any other Security created or outstanding with the prior consent of the Majority
Banks. 

  

	19.3	 	Disposals 

  

	(a)	 	The Borrower will procure that no member of the Group will (whether by a single transaction or a number of related or unrelated transactions and whether at the same time or over a
period of time) dispose of all or any part of its assets other than the following disposals made on arms’ length terms at fair market value: 

  

	 	(i)	 	of assets in the ordinary course of business; 

  

	 	(ii)	 	of cash, Short-term Investments and Investments provided such disposals are not prohibited by any other provision hereof; 

  

	 	(iii)	 	the transfer of title to Assets or receivables to a fonds commun de créance or other entity in the context of an Asset securitisation (titrisation) provided
such Assets or receivables are sold for cash or fair value and on an arm’s length basis; 

  

 39 

	 	(iv)	 	to a Material Subsidiary; 

  

	 	(v)	 	of assets for the purpose of sale and leaseback transactions to the extent permitted (A) under the Bridge Facility Agreement (until the Bridge Facility Discharge Date) and
thereafter (B) under the Extended Facility Agreements (until the Extended Facilities Discharge Date) and thereafter (C) hereunder; 

  

	 	(vi)	 	contemplated by the Strategic Plan; 

  

	 	(vii)	 	pursuant to a transaction permitted by Clause 19.7(a); or 

  

	 	(viii)	 	pursuant to a transaction whose individual Net Cash Proceeds do not exceed Euro 100,000 and when aggregated with the Net Cash Proceeds received since the date of the Amendment
Agreement in respect of Disposals permitted pursuant to this paragraph (viii) do not exceed Euro 1,000,000; 

  

	 	(ix)	 	as permitted by the Bridge Majority Lenders under the Bridge Facility Agreement (until the Bridge Facility Discharge Date) or the Extended Majority Lenders under the Extended
Facility Agreements (until the Extended Facilities Discharge Date) and thereafter with the prior consent of the Majority Banks; 

  
 in each case provided that: 
  

	 	(A)	 	disposals of shares in a member of the Group are not permitted except by paragraphs (iv), (vi), (ix) or (vii) above; 

  

	 	(B)	 	disposals under paragraphs (iii) to (vi) inclusive are only permitted so long as no Default has occurred which is continuing; 

  

	(b)	 	No Disposal by any member of the Group referred to in the Strategic Plan shall be made on terms that the purchaser or any other person has a right to require any member of the Group
to repurchase or procure the repurchase of all or a material part of the assets disposed of, or on terms having similar effect; provided that this sub-paragraph (b) shall not prevent the granting of warranties, indemnities or the assumption of
similar liabilities to the extent in accordance with usual commercial practice. 

  

	19.4	 	Change of Business  

  

	(a)	 	The Borrower will ensure that there is no material change in the overall nature of the business of the Group taken as a whole (whether by a single transaction or a number of related
or unrelated transactions, whether at one time or over a period of time and whether by disposal, acquisition or otherwise) except by reason of the implementation of the Strategic Plan. 

  

	(b)	 	The Borrower shall not carry on any business other than that of the holding company of the Group and shall not incur any liabilities other than those directly related to such
business or the business of the Group. 

  

	19.5	 	Financial Covenants 

  

	(a)	 	Interest Cover: The Borrower shall procure that the ratio of EBITDA to Consolidated Net Financial Expense will not for any 12 month period ending on the last day of the

  

 40 

	 	 
Borrower’s financial year or half year commencing 31 March 2004, by reference to the financial statements referred to in Clauses 18.2 (Audited
Accounts) and 18.3 (Semi-Annual Information), be less than the ratio specified below in respect of such financial year or half year. 

  

	 Date (12 month period ending on:)

	  	Ratio

	 31 March 2004
	  	1.8:1

  

	(b)	 	Consolidated Net Worth: The Borrower shall procure that Consolidated Net Worth shall not, by reference to the financial statements referred to in Clauses 18.2 (Audited
Accounts) and 18.3 (Semi-Annual Information) on any date specified in the table below, be less than the amount set out opposite such date in such table; it being agreed that any increase in the equity of the Borrower shall not be taken
into account for the purpose of determining the Consolidated Net Worth of the Borrower. 

  

	 Date

	  	 Amount 
 (Euros)

	 31 March 2003
	  	800,000,000
	 30 September 2003
	  	500,000,000
	 31 March 2004
	  	500,000,000

  

	(c)	 	Total Debt: In respect of the period commencing on 31 March 2003, the Borrower shall procure that the Total Debt of the Group during any month (or, after 31 December 2003,
any quarter) (by reference to each of the financial statements referred to in Clauses 18.2 (Audited Accounts) and 18.3 (Semi-Annual Information) and by reference to the monthly management accounts of the Borrower from time to time) is
at no time greater than the amount set out below in respect of such month or quarter, as the case may be; provided that the amounts set out in the second column below shall on any date be reduced by an amount equal to the Net Cash Proceeds received
prior to such date in respect of any Disposal of ITB or T&D to the extent such amount exceeds the amount of such proceeds forecast to have been received on such date in respect of such Disposal in the Initial Liquidity Plan.

  

	 Month

	  	Total Debt

	 March 2003
	  	€	7,000,000,000
	 April 2003
	  	€	7,500,000,000
	 May 2003
	  	€	7,500,000,000
	 June 2003
	  	€	6,800,000,000
	 July 2003
	  	€	6,800,000,000
	 August 2003
	  	€	6,800,000,000
	 September 2003
	  	€	6,800,000,000
	 October 2003
	  	€	6,000,000,000
	 November 2003
	  	€	6,000,000,000
	 December 2003
	  	€	6,000,000,000
	 March 2004
	  	€	4,800,000,000

  

	(d)	 	Total Net Debt: In respect of the period commencing on 31 March 2003, the Borrower shall procure that the Total Net Debt of the Group during any month (or, after 31 December
2003, any quarter) (by reference to each of the financial statements 

  

 41 

	 	 
referred to in Clauses 18.2 (Audited Accounts) and 18.3 (Semi-Annual Information) and by reference to the monthly management accounts by the
Borrower from time to time) is at no time greater than the amount set out below in respect of such month or quarter, as the case may be; provided that the amounts set out in the second column below shall on any date be reduced by an amount equal to
the Net Cash Proceeds received prior to such date in respect of any Disposal of ITB or T&D to the extent such amount exceeds the amount of such proceeds forecast to have been received on such date in respect of such Disposal in the Initial
Liquidity Plan. 

  

	 Month

	  	Total Net Debt

	 March 2003
	  	€	5,300,000,000
	 April 2003
	  	€	5,900,000,000
	 May 2003
	  	€	6,100,000,000
	 June 2003
	  	€	5,500,000,000
	 July 2003
	  	€	5,500,000,000
	 August 2003
	  	€	5,500,000,000
	 September 2003
	  	€	5,500,000,000
	 October 2003
	  	€	4,800,000,000
	 November 2003
	  	€	4,800,000,000
	 December 2003
	  	€	4,800,000,000
	 March 2004
	  	€	3,600,000,000

  

	(e)	 	Financial Covenant Testing: The financial covenant specified in Clause 19.5(a), (b), (c) and (d) above shall, be tested by reference to the Latest Financial Statements of the Borrower delivered pursuant to Clauses 18.2 (Audited Accounts) and 18.3 (Semi-Annual
Information). The financial covenants specified in Clause (c) and (d) shall be tested by reference to the consolidated financial position of the Borrower on the last day of the relevant calendar month as evidenced by the compliance certificates
and other information delivered pursuant to each of Clauses 18.2, 18.3 and 18.8 above. 

  

	(f)	 	If any financial statement of the Borrower delivered or to be delivered to the Agent under Clauses 18.2 (Audited Accounts) or 18.3 (Semi-Annual Information) is not to
be or, as the case may be, has not been prepared in accordance with Applicable Accounting Principles and including if any change is made to the method of calculating “financial debt” as set out therein (in respect of the Borrower or of any
Subsidiary): 

  

	 	(i)	 	The Borrower shall immediately notify the Agent and the Agent (on behalf of and after consultation with all the Banks) shall, on the request of the Agent, negotiate in good faith
with a view to agreeing such amendments to the above financial ratios and/or the definitions of the terms used in them as are necessary to give the Banks comparable protection to that contemplated at the date of the Amendment Agreement.

  

	 	(ii)	 	If amendments are agreed by the Borrower and the Majority Banks within 25 days, those amendments shall take effect in accordance with the terms of that agreement.

  

	 	(iii)	 	If such amendments are not so agreed within 25 days, the Borrower shall: 

  

	 	(A)	 	within 30 days after the end of that 25 day period; and 

  

 42 

	 	(B)	 	with all subsequent financial statements to be delivered to the Agent under Clauses 18.2 (Audited Accounts) and 18.3 (Semi-Annual Information),

  
 deliver to the Agent, in reasonable detail and
in a form satisfactory to the Agent, details of all such adjustments as need be made to the relevant financial statement to bring it into line with Applicable Accounting Principles. 
  
 19.6 Restriction on Subsidiary Indebtedness: The Borrower shall procure that the financial debt of its Subsidiaries shall at no time
represent more than 30% of Total Debt. For the avoidance of doubt, for these purposes the “financial debt” of Subsidiaries shall be calculated in the same manner as “financial debt” of the Borrower, as described in the definition
of Total Debt. 
  
 19.7 Acquisitions and Mergers: The Borrower will procure
that, except as permitted by the Bridge Majority Lenders (until the Bridge Facility Discharge Date) and thereafter the Extended Majority Lenders (until the Extended Facilities Discharge Date) and thereafter as permitted by the Majority Banks:

  

	(a)	 	no member of the Group shall be subject to any reorganisation, restructuring or merger (except for solvent reconstructions within the Group) and provided that, in the case of
mergers involving the Borrower or a Material Subsidiary, the surviving entity shall be the Borrower or a Material Subsidiary and provided further that the same shall not entail any Material Adverse Effect; 

  

	(b)	 	no member of the Group will make any acquisitions or investments in any business or shares or equivalent other than: 

  

	 	(i)	 	any transaction required in order to implement the Strategic Plan; and 

  

	 	(ii)	 	acquisitions or investments of an individual value (including debt assumed or directly or indirectly acquired) not exceeding Euro 10,000,000 and not exceeding in aggregate for all
members of the Group Euro 50,000,000 for the first year following the date of the Amendment Agreement. 

  
 19.8 Insurances: The Borrower will ensure that there is in effect at all times, insurance cover over its Assets and business and those of its Relevant Subsidiaries
of a type and in an amount which is consistent with good business practice in the relevant industry. 
  
 19.9 Loans: The Borrower will procure that no member of the Group will be the creditor of any Borrowed Moneys other than: 
  

	(a)	 	those existing on the date of the Amendment Agreement; 

  

	(b)	 	trade credit on normal commercial terms in the ordinary course of its trading activities; 

  

	(c)	 	loans between members of the Group in the ordinary course of business or cash management; 

  

	(d)	 	loans to employees made in accordance with the practice of members of the Group as at the date of the Amendment Agreements; or 

  

 43 

	(e)	 	as permitted under the Bridge Facility Agreement (until the Bridge Facility Discharge Date) or the Extended Facility Agreements (until the Extended Facilities Discharge Date) and
thereafter as permitted by the Majority Banks. 

  
 19.10
Intellectual Property: The Borrower will procure that it and the Relevant Subsidiaries will: 
  

	(a)	 	observe and comply with all obligations, laws and regulations applicable to it in its capacity as registered proprietor, beneficial owner, user, licensor or licensee of the
Intellectual Property which it requires to conduct its business or any part of it where failure to do so would have or could be reasonably expected to have a Material Adverse Effect or significantly adversely affect the value of any material
Intellectual Property of the Group; 

  

	(b)	 	do what is necessary to maintain, register, protect and safeguard the intellectual property required to conduct its business or any part of it where failure to do so would have or
could be reasonably expected to have a Material Adverse Effect and not discontinue the use of any of that Intellectual Property nor allow it to be put at risk by becoming generic or by being identified as disreputable if in each case to do so would
have or could be reasonably expected to have a Material Adverse Effect; and 

  

	(c)	 	not grant any licence to any person to use the Intellectual Property required to conduct its business or any part of it if to do so would have or could be reasonably expected to
have a Material Adverse Effect. 

  
 19.11 Compliance with
Laws: The Borrower will, and shall ensure that each Relevant Subsidiary will, maintain and comply with all applicable laws, regulations, authorisations, permits and licences as are necessary or desirable in connection with its business
including, without limitation, any Consents necessary to enable it to carry out the transactions contemplated by this Agreement and the Strategic Plan, any Environmental Law and any Environmental Authorisations except in each case, to the extent
failure would not reasonably be expected to have a Material Adverse Effect. 
  
 19.12 Auditors: The Borrower will procure that neither it nor any Relevant Subsidiary will: 
  

	(a)	 	appoint any auditors other than firms of international standing and repute; 

  

	(b)	 	make any material change to the accounting policies or practices of the Group, except for the introduction of “cost to cost” accounting practices should they be applied
from 31 March, 2003 or as required by applicable law or regulation. 

  
 19.13 Arms Length Transactions: The Borrower will procure that no member of the Group will enter into any arrangement or transaction which is not on arm’s length terms in accordance with sound commercial practice and (except in
order to implement the Strategic Plan) in the ordinary course of its business. 
  
 19.14 Joint Ventures: The Borrower will procure that no member of the Group will enter into or permit to subsist any joint venture, partnership or similar arrangement with any person, other than: 
  

	(a)	 	any joint venture, partnership or similar arrangement subsisting on the date of the Amendment Agreements; or 

  

 44 

	(b)	 	any such arrangement that is entered into in the ordinary course of business through a limited liability company 

  
 and no member of the Group shall make any investment or otherwise participate in an entity
with unlimited liability. 
  
 19.15 Cash Pooling: The Borrower shall
procure that no change is made to the cash pooling or other cash or treasury management operations of the Group as carried on at the date of the Amendment Agreements which would be likely to have a Material Adverse Effect. 
  
 19.16 Capital Expenditure: The Borrower will procure that capital expenditure of the
Consolidated Group in any quarterly period does not exceed 110 per cent. of the capital expenditure of the Consolidated Group forecast for such period in the Initial Liquidity Plan (unless otherwise permitted pursuant to the Bridge Facility
Agreement (until the Bridge Facility Discharge Date) and thereafter pursuant to the Extended Facility Agreements (until the Extended Facilities Discharge Date) and thereafter as permitted by the Majority Banks. 
  
 19.17 Pensions Schemes: The Borrower will procure that all material pension schemes of
it and its Relevant Subsidiaries are fully funded to the extent required by law based on reasonable actuarial assumptions applicable in the jurisdiction in which the relevant pension scheme is maintained. 
  
 19.18 Strategic Plan: The Borrower undertakes: 
  

	(a)	 	promptly to inform the Agent of any event or circumstance likely to result in a material change in the assumptions and valuations made by the Borrower in the Strategic Plan;

  

	(b)	 	to use its best endeavours to ensure that the affairs of the Group are in all respects conducted so as to ensure that the Strategic Plan is implemented and that it is implemented
under the best possible conditions (including as to timing); and 

  

	(c)	 	promptly to inform the Agent of any legal impediment or restriction to the implementation of the Strategic Plan in all material respects within the timetable therein.

  
 19.19 Vendor Financing: The Borrower will procure that no
new Vendor Financing is provided by any member of the Group after the date of the Amendment Agreement. 
  
 19.20 Off balance sheet undertakings: The Borrower will procure that no member of the Group will enter into any new commitment or assume any additional liability (contingent or actual) in respect of:

  

	(a)	 	any Project Finance Indebtedness in existence on the date of the Amendment Agreement or 

  

	(b)	 	in respect of any Borrowed Moneys unless (i) expressly permitted pursuant to the Bridge Facility Agreement (until the Bridge Facility Discharge Date) and thereafter pursuant to the
Extended Facility Agreements (until the Extended Facilities Discharge Date) and thereafter (ii) such commitment or assumption of liability is not contrary to any other provision hereunder. 

  

 45 

 19.21 Group Structure: The Borrower will procure that except as a result of sales pursuant to the Strategic Plan,
no change shall occur in the shareholdings of the Selling Subsidiaries or of the Exiting Subsidiaries which would result in the Borrower’s direct or indirect shareholding in any such company being reduced. 
  

	20.	 	DEFAULT 

  
 20.1 Events of Default: The following are Events of Default: 
  

	(a)	 	Non-Payment: The Borrower does not pay in the manner provided in this Agreement any sum payable under it when due, unless the Borrower (a) in relation to payments of
interest, remedies such non-payment within 2 Business Days of the date on which such payment was due or (b) in the case of other payments, satisfies the Agent that such non-payment is due solely to administrative error (whether by the Borrower or a
bank involved in transferring funds to the Agent) and payment is made within 1 Business Day of the date on which such payment was due. 

  

	(b)	 	Breach of Representation or Warranty: Any representation, warranty or statement by the Borrower in this Agreement or in any document delivered under it is not complied with
or is or proves to have been incorrect, in any material respect, when made or deemed repeated. 

  

	(c)	 	Breach of Undertaking: The Borrower does not perform or comply with any one or more of its obligations: (i) under Clauses19.8, 19.10 or 19.17 and, if capable of remedy, the
relevant breach is not remedied within 21 days of the date on which the Borrower became aware of the same; or (ii) under this Agreement (other than those obligations referred to in paragraph (i)) including, without limitation the financial covenants
under Clause 19.5 (Financial Covenants). 

  

	(d)	 	Cross Default: Any other Indebtedness of the Borrower or any Relevant Subsidiary for or in respect of Borrowed Money, or any other Indebtedness of any of them to a bank or
financial institution (other than Group Guarantees given in accordance with the provisions of the definition “Project Finance Indebtedness”), is or is declared to be or is capable of being rendered due and payable before its normal
maturity by reason of any actual or potential default, event of default or the like (however described) or is not paid when due nor within any applicable grace period in any agreement relating to that Indebtedness, provided that no Event of Default
under this Clause 20.1(d) will occur in respect of any such Indebtedness in respect of which a declaration that it has become due and payable is being contested by the relevant borrower in good faith before the competent courts and in respect of
which the Borrower has provided to the Agent within 10 days of such declaration, opinions from two leading international law firms that the relevant borrower has good grounds for such a position and a certificate stating that the relevant borrower
has established adequate reserves in respect of such Indebtedness. However, no Event of Default will occur under this Clause 20.1(d): 

  

	 	(i)	 	unless and until the aggregate amount of the Indebtedness (whether of one or more Persons) in respect of which one or more of the events mentioned above in this Clause 20.1(d)
has/have occurred equals or exceeds €35 million or its equivalent (as reasonably determined by the Agent); or 

  

 46 

	 	(ii)	 	if the Indebtedness in question arises under the Bridge Facility Agreement or any of the Extended Facility Agreements, unless Indebtedness thereunder is subject to a payment default
or acceleration in which case such default or acceleration will constitute an Event of Default under this Clause 20.1(d); or 

  

	 	(iii)	 	by reason by an Excluded Default. 

  

	(e)	 	Insolvency: The Borrower, any Relevant Subsidiary or any other member of the Consolidated Group (provided, in the case of such other member of the Consolidated Group, such
event has or could have a Material Adverse Effect on the Borrower) is (or is held by a court of competent jurisdiction to be) insolvent or unable to pay its debts as they become due, or a mandataire ad hoc or similar officer is appointed in
respect of all or a material part of the business or Assets of any of them, or any of them enters into a règlement amiable or liquidation or any other arrangements or composition with its creditors or any of them is in a
situation of cessation des paiements or a judgement is given for a liquidation judiciaire or a plan de cession totale de l’entreprise in respect of the business of any of them or any of them are subject to any similar
proceedings. 

  

	(f)	 	Enforcement Proceedings: A distress, attachment, execution or other legal process is levied, enforced or sued out on or against the Assets of the Borrower or any Relevant
Subsidiary if it has or could have a Material Adverse Effect on the Borrower. 

  

	(g)	 	Security Enforceable: Any Security on or over the Assets of the Borrower or any Relevant Subsidiary becomes enforceable and any step (including the taking of possession or
the appointment of a receiver, manager or similar person) is taken to enforce that Security if it has or could have a Material Adverse Effect on the Borrower. 

  

	(h)	 	Winding-up: Any step is taken by any Person with a view to the Winding-up of the Borrower or any Relevant Subsidiary, or any of them ceases or threatens to cease to carry on
all or a substantial part of its business, except, in the case of any Relevant Subsidiary, for the purpose of and followed by a solvent intra-Group reconstruction, amalgamation, reorganisation, merger or consolidation, or otherwise where such
Winding-up is vexatious or frivolous and it is discharged within 30 days of such step being taken. 

  

	(i)	 	Litigation: Any litigation, arbitration or administrative or regulatory proceeding is commenced by or against the Borrower or any Relevant Subsidiary which could be
reasonably expected to be adversely determined and, if so determined, could reasonably be expected to have (whether by itself or together with any related claims) a Material Adverse Effect. 

  

	(j)	 	Strategic Plan: At any time the Borrower has failed unconditionally to have completed substantially all of the Asset Disposals at times materially consistent with the
timing set forth in the Strategic Plan. 

  

	(k)	 	Realisation of the Strategic Plan: The occurrence of any event or circumstance which, in the reasonable opinion of the Majority Banks, has or is likely to have a
material adverse effect on the Borrower’s ability to implement and complete the Strategic Plan at times materially consistent with the timing set forth therein. 

  

 47 

	(l)	 	Audit Qualification: The Auditors qualify their report on any audited consolidated financial statements of the Borrower other than with a qualification of a minor or
technical nature. 

  

	(m)	 	Change of Control: Control of the Borrower is acquired by any Person, or any group of connected Persons acting in concert acquires any of the capital or voting rights of the
Borrower resulting in such Person or persons holding more than 50% of such capital or voting rights. 

  

	(n)	 	Illegality: It is or will become unlawful for the Borrower to perform or comply with any one or more of its obligations under this Agreement (and the Majority Banks determine
that the unlawfulness of the relevant obligation(s) is material). 

  

	(o)	 	Analogous Events: Any event occurs which, under the law of any relevant jurisdiction, has an analogous or equivalent effect to any event mentioned in Clauses 20.1(e)
(Insolvency),20.1(f)(Enforcement Proceedings) or 20.1(h) (Winding-up). 

  

	(p)	 	Material Adverse Change: Any event(s) occur(s) or circumstances arise which the Majority Banks determine to give reasonable grounds for believing that a Material Adverse
Effect on the Borrower has occurred, since the date of the Amendment Agreement. 

  
 20.2 Cancellation/Acceleration: If at any time and for any reason (and whether within or beyond the control of the Borrower) any Event of Default has occurred and is subsisting, the Agent, if so instructed by
the Majority Banks, shall by notice to the Borrower declare: 
  

	(a)	 	the Commitments to be cancelled, whereupon they shall be cancelled and/or 

  

	(b)	 	all Advances, all unpaid accrued interest and fees and any other sum then payable under this Agreement to be immediately due and payable, whereupon they shall become so due and
payable. 

  

	21.	 	DEFAULT INTEREST 

  
 Interest on Overdue Sums 
  
 21.1 If the Borrower does not pay any sum payable under this Agreement when due, it shall pay interest on the amount from time to time outstanding in respect of that
overdue sum for the period beginning on its due date and ending on the date of its receipt by the Agent (both before and after judgement) in accordance with this Clause 21. For the purpose of this Clause 21, if any payment is received by the Agent
on the due date, but too late to be made available by the Agent on that due date to the Person(s) entitled to it under Clause 16.5 (Distribution to Banks), that payment shall be deemed to be received on the next Business Day (but the Agent
will give credit to the Borrower for any interest earned by the Agent on the relevant sum pending distribution to such Person(s)). 
  
 Default Interest Periods and Rates 
  
 21.2 Interest under this Clause 21 shall be calculated by reference to successive Default Interest Periods, each of which (other than the first, which shall begin on the
due date) shall begin on the last day of the previous one. Each such Default Interest Period shall be of 3 months or such shorter period as the Agent may from time to time select and the rate of 
  

 48 

 interest applicable for all or any part of a particular Default Interest Period shall be the rate per annum equal to the
sum of 1% and the rate which would be applicable to that overdue sum for (or, as the case may be, for that part of) that Default Interest Period under Clause 8.2 (Normal Interest Rate) if that overdue sum were a non-overdue Advance, except as
follows: 
  

	(a)	 	Subject to Clauses 21.2(b) and 21.2(c), until the first Business Day after the Agent first becomes aware of the relevant default, the Agent may require that each Default Interest
Period relating to the relevant overdue sum shall be an “overnight” period beginning on one Business Day and ending on the next. The rate of interest for a particular “overnight” period shall be the rate per annum equal to the
sum of 1%, the relevant Margin, the Mandatory Costs and, as the case may be, EONIA, PIBOR or LIBOR for that Default Interest Period. 

  

	(b)	 	If the overdue sum is of principal of an Advance and becomes due before the Repayment Date of that Advance, the first Default Interest Period applicable to that overdue sum shall
end on that Repayment Date and the rate of interest applicable to that sum for that Default Interest Period shall be the rate per annum equal to the sum of 1% and the rate applicable to it immediately before it became due. 

 

	(c)	 	If any event mentioned in Clause 14.1 (Triggering Events) occurs in relation to any Default Interest Period applicable to an overdue sum, the rate of interest payable on each
Person’s share of that sum for all or any part of that Default Interest Period shall be the sum of 1%, the relevant Margin, the Mandatory Costs and the cost to that Person (as certified by it and expressed as a rate per annum) of funding its
share during that Default Interest Period by whatever means it determines to be appropriate. 

  

	(d)	 	Any Default Interest Period which would otherwise end on a non-Business Day shall instead end on the next Business Day in the same calendar month (if there is one) or the preceding
Business Day (if there is not). 

  
 Payment and Compounding of
Default Interest 
  
 21.3 Interest accrued under this Clause 21 shall be due
on demand by the Agent but, if not previously demanded, shall be paid when due in accordance with Clause 8.4. If not paid when due, the interest shall be added to the overdue sum and itself bear interest accordingly, to the fullest extent permitted
by French law. 
  

	22.	 	INDEMNITIES 

  
 Miscellaneous Indemnities 
  
 22.1 The Borrower shall on demand and, on receipt of written justification, indemnify the Agent, each Arranger and each Bank against any funding or other reasonable cost,
loss, expense or liability sustained or incurred by it as a result of: 
  

	(a)	 	an Advance not being made by reason of non-fulfilment of any of the conditions in Clause 4.1 (Drawdown Conditions) or the Borrower purporting to revoke a notice requesting an
Advance 

  

	(b)	 	the occurrence or continuance of any Event of Default 

  

 49 

	(c)	 	the receipt or recovery by any party (or the Agent on its behalf) of all or any part of an Advance or overdue sum otherwise than on the Repayment Date of that Advance or the last
day of an Default Interest Period relating to that overdue sum 

  

	(d)	 	an Advance not being made in the Optional Currency requested by the Borrower (or being made in Euros instead) by reason of the operation of Clause 9.4 (Changes in
Conditions) or 

  

	(e)	 	any Bank’s Commitment being cancelled as provided in the first sentence of Clause 7.2 (Of Certain Banks). 

  
 Broken Funding Costs 
  
 22.2 In the case of Clauses 22.1(a) and 22.1(c) above, the amount payable shall in any event include the amount (if any) by which:

  

	(a)	 	the amount of interest which the relevant Person is able to obtain by placing an amount equal to its share of the relevant Advance or overdue sum or (as the case may be) of the
relevant amount so received or recovered on deposit in the Inter-bank Market, for the remainder of the relevant Term or Default Interest Period, as soon as reasonably practicable after it becomes aware that the relevant Advance is not being made or
(as the case may be) of the relevant event referred to in Clauses 22.1(a) or 22.1(c). 

  
 is less than: 
  

	(b)	 	the amount of interest which, in accordance with the expressed terms of this Agreement, would otherwise be payable to that Person on its share of that Advance for its Term or
Default Interest Period or (as the case may be) of the relevant amount for the remainder of the relevant Term or Default Interest Period. 

  
 Currency Indemnity 
  

	22.3	 	(a) In respect of any sum payable by the Borrower under or in connection with this Agreement, including damages, the currency specified in Clause 16.3 (Currency of Payments)
in respect of that sum (the Currency of Account) shall be the sole currency of account and payment. 

  

	(b)	 	Any amount received or recovered in a currency other than the relevant Currency of Account (whether as a result of, or of the enforcement of, a judgment or order of a court of any
jurisdiction, in the Winding-up of the Borrower or otherwise) by the Agent or any Arranger or Bank in respect of any sum expressed to be due to it from the Borrower under this Agreement shall only discharge the Borrower to the extent of the amount
in that Currency of Account which the recipient is able, in accordance with its usual practice, to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make
that purchase on that date, on the first date on which it is practicable to do so). 

  

	(c)	 	If that amount in that Currency of Account is less than the amount expressed to be due to the recipient under this Agreement, the Borrower shall indemnify it against any loss
sustained by it as a result. In any event, the Borrower shall indemnify the recipient against the cost of making any such purchase. For the purpose of this Clause 22.3, it 

  

 50 

	 	 
will be sufficient for the Agent, Arranger or Bank, as the case may be, to demonstrate that it would have suffered a loss had an actual exchange or purchase
been made. 

  
 Indemnities Separate 
  
 22.4 Each of the indemnities in this Agreement constitutes a separate and independent
obligation from the other obligations in this Agreement, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Agent, any Arranger and/or any Bank and shall continue in full force
and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Agreement or any other judgment or order. 
  

	23.	 	THE AGENT AND ARRANGERS 

  
 Appointment of Agent 
  
 23.1 Each Bank irrevocably appoints the Agent to act as its agent for the purpose of this Agreement and authorises it to perform the functions specifically delegated to
it by this Agreement and such other functions as are reasonably incidental. However, the Agent may not begin any legal action or proceeding in the name of a Bank without its consent. The relationship between the Agent and the Banks is of agent and
principal only. The Agent shall not be a trustee or fiduciary for any Bank, nor an agent, trustee or fiduciary for the Borrower, under or in relation to this Agreement. 
  
 Agent’s Duties 
  

	23.2	 	The Agent shall: 

  

	(a)	 	promptly send to each Bank details of each communication received by it in its capacity as Agent from the Borrower under this Agreement, except that details of any communication
relating to a particular Bank shall be sent to that Bank only; 

  

	(b)	 	promptly send to each Bank a copy of any legal opinion delivered under this Agreement and of any document or information received by it under Clause 18. (Information);

  

	(c)	 	subject to the other provisions of this Clause 23, act in accordance with any instructions from the Majority Banks; and 

  

	(d)	 	have only those obligations and responsibilities, of a solely mechanical and administrative nature, expressly specified in this Agreement. 

  
 Agent’s Rights 
  

	23.3	 	The Agent may: 

  

	(a)	 	perform any of its functions under this Agreement by or through its personnel or agents; 

  

	(b)	 	refrain from exercising any right, power or discretion under this Agreement until it has received instructions from the Majority Banks as to whether (and, if so, how) it is to be

  

 51 

	 	 
exercised and shall in all cases be fully protected when acting, or (if so instructed) refraining from acting, in accordance with instructions from the
Majority Banks; 

  

	(c)	 	treat (a) the Bank which makes available any share of an Advance as the Person entitled to repayment of that share unless all or part of it has been novated (or the Agent has
received notice of assignment of all or part of it) in accordance with Clause 27.3 (Banks) and (b) the office notified by a Bank to the Agent for this purpose before the signing of this Agreement (or, as the case may be, set out in the
relevant Novation Notice or notice of assignment) as its Facility Office unless the Agent has received from that Bank a notice of change of Facility Office in accordance with Clause 27.4 (Facility Offices). The Agent may act on any such
notice until it is superseded by a further notice; 

  

	(d)	 	refrain from disclosing any document or information if such disclosure (and may refrain from doing anything else which) would or might in its opinion be contrary to any law or
Directive, be a breach of any duty of secrecy or confidentiality or otherwise render it liable to any Person and may do anything which is in its opinion necessary to comply with any law or Directive; 

  

	(e)	 	assume that no Event of Default or Potential Event of Default has occurred unless an officer of the Agent, in performing the Agent’s functions under this Agreement is notified
of the contrary or in relation to payments only, acquires actual knowledge to the contrary; and 

  

	(f)	 	refrain from taking any step (or further step) to protect or enforce the rights of any Person under this Agreement until it has been indemnified (or received confirmation that it
will be so indemnified) and/or secured to its satisfaction against any and all costs, losses, expenses or liabilities (including legal fees) which it would or might sustain or incur as a result. 

  
 Rights of Agent and Arrangers 
  
 23.4 The Agent and each Arranger (and, in the case of Clauses 23.4(d) and 23.4(e), each of
their respective Affiliates) may: 
  

	(a)	 	rely on any communication or document believed by it to be genuine; 

  

	(b)	 	rely as to any matter of fact which might reasonably be expected to be within the knowledge of the Borrower on a statement by or on behalf of the Borrower; 

 

	(c)	 	obtain and pay for such legal or other expert advice or services as may to it seem necessary or desirable and rely on any such advice; 

  

	(d)	 	retain for its own benefit and without liability to account any fee or other sum receivable by it for its own account; and 

  

	(e)	 	accept deposits from, lend money to, provide any advisory or other services to or engage in any kind of banking or other business with any party to this Agreement or any Affiliate
of any party (and, in each case, may do so without liability to account). Without prejudice to the generality of this Clause 23.4(e), neither the Agent, any Arranger nor any of their respective Affiliates shall have any duty to disclose or act on or
take into account any document or information of which any of them has 

  

 52 

	 	 
knowledge or notice or otherwise becomes aware in the course of doing anything permitted by this Clause 23.4(e) and, in performing its duties, obligations
and responsibilities as Agent, the Agent shall be entitled to ignore any such document or information which is not publicly available. 

  
 Exoneration of Agent and Arrangers 
  
 23.5 Neither the Agent nor any Arranger nor any of their respective personnel or agents shall be: 
  

	(a)	 	responsible for the adequacy, accuracy, completeness or reasonableness of any representation, warranty, statement, projection, assumption or information in the Information
Memorandum, this Agreement or any notice or other document delivered under or in connection with this Agreement; 

  

	(b)	 	responsible for the execution, delivery, validity, legality, adequacy, enforceability or admissibility in evidence of this Agreement or any such notice or other document;

  

	(c)	 	obliged to enquire as to the occurrence or continuation of an Event of Default or Potential Event of Default; or 

  

	(d)	 	liable for anything done or not done by it or any of them under or in connection with this Agreement save in the case of its or their own gross negligence or wilful misconduct.

  
 Save (in the case of the Arrangers only) as expressly provided
in Clause 10.2 (Arrangement Fee), none of the Arrangers shall have any duty, obligation or responsibility under or in connection with this Agreement. 
  
 Agent and Arrangers as Lenders 
  
 23.6 The Agent and each Arranger shall have the same rights and powers with respect to its Commitment and share of the Advances (if any) as any other Bank and may
exercise those rights and powers as if it were not also acting as Agent or, as the case may be, as Arranger. 
  
 Non-Reliance on Agent and Arrangers 
  
 23.7 Each Bank confirms that it has itself been, and will at all times continue to be, solely responsible for making its own independent investigation and appraisal of the business, financial condition, prospects, creditworthiness, status
and affairs of the Borrower or any Subsidiary of the Borrower and has not relied, and will not at any time rely, on the Agent and/or any Arranger and/or any other Bank: 
  

	(a)	 	to provide it with any information relating to the business, financial condition, prospects, creditworthiness, status or affairs of the Borrower, any Subsidiary of the Borrower or
any other Person, whether coming into its possession before or after the making of any Advance (except, in the case of the Agent, as stated in Clause 23.2 (Agent’s Duties)); or 

  

	(b)	 	to check or enquire into the adequacy, accuracy, completeness or reasonableness of any representation, warranty, statement, projection, assumption or information at any time
provided by or on behalf of the Borrower, any Subsidiary of the Borrower or any 

  

 53 

	 	 
other Person under or in connection with this Agreement (whether or not that information has been or is at any time circulated to it by the Agent and/or any
Manager), including any contained in the Information Memorandum; or 

  

	(c)	 	to assess or keep under review the business, financial condition, prospects, creditworthiness, status or affairs of the Borrower, any Subsidiary of the Borrower or any other Person.

  
 Indemnity to Arrangers and Agent 
  
 23.8 To the extent that the Borrower does not do so on demand or is not obliged to do so,
each Bank shall on demand indemnify the Arrangers and the Agent in the proportion borne by its Outstandings to all the Outstandings at the relevant time (or, if there are then no Outstandings, in the proportion borne by its Commitment to the Tranche
A Commitments and the Total Tranche B Commitments) against any cost, expense or liability mentioned in Clause 25 (Expenses and Stamp Duty) or sustained or incurred by the Agent in complying with any instructions from the Majority Banks or
otherwise sustained or incurred by the Arrangers or the Agent in connection with this Agreement or their respective duties, obligations and responsibilities under this Agreement except to the extent that they are sustained or incurred as a result of
the gross negligence or wilful misconduct of the Agent or any Arranger or any of their respective personnel or agents. 
  
 Resignation of Agent 
  
 23.9 Notwithstanding the irrevocable appointments in Clauses 23.1 (Appointment of Agent) and 23.11 (Novation Notice), the Agent may resign at any time (after consultation with the Borrower) if it gives
at least 7 days’ notice to the Borrower and the Banks. However, no resignation shall be effective until the successor has been appointed and accepted its appointment in accordance with this Clause 23.9. The Agent may in its notice of
resignation appoint any of its Affiliates with an office in Paris as its successor. If it does not do so, the Majority Banks, after consultation with the Borrower, unless an event referred to in Clause 20.2(a) or 20.2(b) has occurred, may appoint a
successor. If the relevant successor has not been so appointed and accepted its appointment within 15 days after the date of the notice of resignation, the resigning Agent may appoint any reputable bank or financial institution with an office in
Paris (whether or not an Affiliate of the Agent) to be its successor. Any appointment of a successor must be in writing, signed by the Person(s) appointing that successor and delivered to that successor. Any acceptance of such appointment must be in
writing, signed by the Person appointed and delivered to the Person(s) appointing that successor. The other parties to this Agreement shall be promptly informed of the acceptance by a successor Agent. Upon the successor accepting its appointment,
the resigning Agent shall be automatically discharged from any further obligation under this Agreement and its successor and each of the other parties to this Agreement shall have the same rights and obligations among themselves as they would have
had if the successor had been the original Agent party to this Agreement. The resigning Agent shall provide its successor with (or with copies of) such of its records as its successor requires to carry out its functions under this Agreement.

  
 23.10 The Majority Banks may, by giving thirty days’ prior written notice
to the Agent, remove the Agent from its appointment as such hereunder. The Majority Banks may appoint (after consultation with the Borrower) a successor Agent provided that such successor is a reputable bank or financial institution with an office
in Paris. If the Banks have not, within 
  

 54 

 thirty days after such notice of removal, appointed a successor Agent which shall have accepted such appointment, the
retiring Agent shall have the right to appoint (after consultation with the Borrower) a successor Agent, in accordance with Clause 23.9 (Resignation of Agent). 
  
 Novation Notice 
  
 23.11 The Borrower, each Arranger and each Bank (except for a Bank voluntarily seeking the relevant novation in accordance with Clause 27.3 (Banks)) irrevocably
authorise the Agent to sign each Novation Notice on their behalf. 
  
 Agency
Department 
  
 23.12 In the exercise of its functions the Agent shall be
treated as acting through an agency department separate from any of its other departments or services, and any information received by such other departments or services will not be treated as known by the Agent unless communicated to it in its
capacity as such. 
  

	24.	 	SET-OFF/PRO RATA SHARING 

  
 Set-Off 
  
 24.1 The Borrower authorises any other party to this Agreement (but only so long as an Event of Default or Potential Event of Default has
occurred and is continuing) to apply (without prior notice) any credit balance (whether or not then due) to which it is at any time beneficially entitled on any account at, any sum held to its order by and/or any liability to it of, any office of
that party in or towards satisfaction of any sum then due from it to that party under this Agreement and unpaid and, for that purpose, to convert one currency into another at the rate of exchange obtained by such party in accordance with its usual
practice (but so that nothing in this Clause 24.1 shall be effective to create a charge). No party shall be obliged to exercise any of its rights under this Clause 24.1, which shall be without prejudice and in addition to any right of set-off,
combination of accounts, lien or other right to which it is at any time otherwise entitled (whether by operation of law, contract or otherwise). 
  
 Pro Rata Sharing 
  
 24.2 If at any time the proportion received or recovered (whether by direct payment, by exercise of any right of set-off, combination of accounts or lien, or otherwise) by any Bank in respect of the total sum which
has become due to it from the Borrower under this Agreement before that time exceeds the proportion received or recovered by the Bank(s) receiving or recovering the smallest proportion (if any), then: 
  

	(a)	 	within 2 Business Days after receiving a request from the Agent, that Bank shall pay to the Agent an amount equal to the excess; 

  

	(b)	 	the Agent shall promptly distribute that payment as if it were made by the Borrower; and 

  

	(c)	 	as between the Borrower and the Banks, that excess amount shall be treated as having been paid to the Banks to which (and in the proportions in which) it is distributed under Clause
24.2(b), rather than as having been paid to that Bank. 

  

 55 

 Within 2 Business Days after any Bank receives or recovers any such sum otherwise than by payment through the Agent, that
Bank shall notify the Agent of the amount and currency so received or recovered, how it was received or recovered and whether it represents principal, interest or other sums and in respect of which tranche. If all or part of any amount so received
or recovered by that Bank has to be refunded by it (with or without interest), each Bank to whom any part of that amount has been distributed shall (within 2 Business Days after receiving a request from that Bank) in turn pay to that Bank its
proportionate share of the amount to be refunded and of any interest required to be paid by that Bank on that amount in respect of all or any part of the period from the date of the relevant distribution to the date of that payment to that Bank.

  
 Any amount received or recovered by a Bank under a novation, assignment,
sub-participation (or the like) shall be ignored for the purpose of this Clause 24.2(b) (except to the extent, if any, that such amount is received or recovered from or is, to that Bank’s knowledge, funded by the Borrower or any other member of
the Consolidated Group). Furthermore, a Bank shall not be obliged to share any amount which it has received or recovered as a result of taking legal proceedings with any other Bank which had an opportunity to participate in those legal proceedings
but did not do so and did not take separate legal proceedings. 
  

	25.	 	EXPENSES AND STAMP DUTY 

  
 Expenses and Stamp Duty 
  
 25.1 Whether or not any Advance is made, the Borrower shall pay: 
  

	(a)	 	Initial Expenses: on demand, all reasonable costs and expenses (including legal fees and Taxes) incurred by the Arrangers and the Agent in connection with the
preparation, negotiation, syndication, entry into or advertising of the Information Memorandum and this Agreement from the Arrangers and the Agent to the Borrower and/or any amendment of, supplement to or waiver or consent in respect of this
Agreement requested by or on behalf of the Borrower (whether or not entered into or given); 

  

	(b)	 	Enforcement Expenses: on demand, all costs and expenses (including legal fees and Taxes) incurred by the Agent or any Bank in protecting or enforcing (or attempting to
protect or enforce) any right under this Agreement and/or any such amendment, supplement, waiver or consent; and 

  

	(c)	 	Stamp Duty: promptly, and in any event before any interest or penalty becomes payable, any stamp, documentary, registration or similar Tax payable in connection with
the entry into, registration, performance, enforcement or admissibility in evidence of this Agreement and/or any such amendment, supplement, waiver or consent, and shall indemnify the Agent, the Arrangers and the Banks against any liability with
respect to or resulting from any delay in paying or omission to pay any such Tax. 

  
 Other Expenses 
  
 25.2 The Borrower shall
also, from time to time on demand of the Agent, reimburse it, at such reasonable hourly and/or daily rates as it shall from time to time notify to the Borrower, in respect of management time and/or other resources used by it in connection with any
such amendment, supplement, waiver or consent, or complying with any instructions from the 
  

 56 

 Majority Banks, or the protection or enforcement or attempted protection or enforcement of any right under this Agreement
and/or any such amendment, supplement, waiver or consent. 
  

	26.	 	CALCULATIONS AND EVIDENCE 

  

Basis of Calculation 
  
 26.1 All interest and commitment and utilisation fees shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a year of 360 days or in accordance with the then
current market practice in the Inter-bank Market. 
  
 Loan Accounts

  
 26.2 The entries made in the accounts maintained by each Bank in
accordance with its usual practice shall be prima facie evidence of the existence and amounts of the obligations of the Borrower recorded in them. 
  
 Certificates 
  
 26.3 A certificate by the Agent or any Arranger or Bank as to any sum payable to it under this Agreement, and any other certificate, determination, notification or the like of the Agent or any Arranger or Bank or the
Majority Banks provided for in this Agreement, shall be conclusive save for manifest error. Any such certificate as to any sum shall set out the basis of computation of that sum in reasonable detail but shall not be required to disclose any
information reasonably considered to be confidential. 
  

	27.	 	NOVATION 

  
 Benefit and Burden of this Agreement 
  
 27.1 This Agreement shall benefit and bind the parties, any New Bank in respect of which a Novation Notice becomes effective in accordance with Clause 27.3, their
permitted assignees and their respective successors. Any reference in this Agreement to any party shall be construed accordingly. 
  
 Borrower 
  
 27.2 The Borrower may not assign or transfer all or part of its rights or obligations under this Agreement. 
  
 Banks 
  

	27.3	 	(a) Any Bank may at any time assign, novate or sub-participate all or part of its share of an Advance, or all or part of its Outstandings/Commitment, to any bank or financial
institution with (in the case of assignments and novations) the written consent of the Borrower, such consent not to be unreasonably refused and which consent shall be deemed to have been given unless, within 7 Business Days of being requested to
consent, the Borrower refuses its consent. However, no consent shall be needed in respect of assignments or novations to any other Bank hereunder or to Affiliates of the transferring Bank or after any notice is sent under Clause 20.2(a) or (b). A
copy of any communications between any Bank and the Borrower in relation to an assignment or novation shall be sent also to the Agent. Any such novation shall be 

  

 57 

	 	 
effective on the date specified in the Novation Notice which shall be no earlier than 3 Business Days after the date on which the Novation Notice was sent to
the Agent and shall be made by delivering to the Agent a duly completed and executed Novation Notice whereupon, subject to the terms of that Novation Notice: 

  

	 	(i)	 	to the extent that in that Novation Notice the relevant Bank seeks to novate its share of an Advance and/or its Commitment, the Borrower and that Bank shall each be released from
further obligations to each other and their respective rights against each other shall be cancelled (such rights and obligations being referred to as discharged rights and obligations); 

  

	 	(ii)	 	the Borrower and the relevant New Bank shall each assume new obligations towards each other and/or acquire new rights against each other which differ from the discharged rights and
obligations only insofar as the Borrower and that New Bank have assumed and acquired the same in place of the Borrower and that Bank; and 

  

	 	(iii)	 	the New Bank and the other parties to this Agreement (other than the Borrower) shall acquire the same rights and assume the same obligations between themselves as at the date of
novation as they would have acquired and assumed had that New Bank been an original party to this Agreement as a Bank with the rights and/or obligations acquired or assumed by it as a result of that novation (and, to that extent, the original Bank
and those other parties shall each be released from further obligations to each other). 

  

	(b)	 	Each Novation Notice or notice of assignment sent to the Agent shall be accompanied by a transfer fee payable to the Agent by the Bank which is being novated to or, as the case may
be, making the assignment. Until further notice, that fee (which will be subject to review by the Agent from time to time) will be €1,000 for each novation or assignment. 

  
 Facility Offices 
  
 27.4 The initial Facility Office of each Bank has been notified by that Bank to the Agent. Any Bank may at any time with the written consent
of the Borrower, such consent not to be unreasonably withheld and which consent shall be deemed to have been given unless, within 7 Business Days of being requested to consent, the Borrower refuses its consent, change its Facility Office in relation
to all or a specified part of its Commitment and/or Outstandings by notifying the Agent of the fax number and address of its new Facility Office, no later than 4 Business Days prior to the date of any such change. 
  
 Reference Banks 
  

	27.5 (a)	 	If a Reference Bank ceases to have a London or a Paris Office, as the case may be, or novates or assigns all its rights and obligations under this Agreement or if the Commitment of
any Reference Bank is cancelled under Clause 7.2 (Of Certain Banks) or if its Outstandings are prepaid under Clause 6.2 (Of Certain Banks) or Clause 12 (Illegality), it shall be replaced as a Reference Bank by such other Bank
with an office in London or Paris, as the case may be, as the Agent (after consultation with the Borrower) shall designate by notice to the Borrower and the Banks. 

  

 58 

	(b)	 	If a Reference Bank does not supply a quotation required from it in order to determine EONIA, EURIBOR, PIBOR or LIBOR, as the case may be, pursuant to this Agreement, EONIA,
EURIBOR, PIBOR or LIBOR, as the case may be, shall be determined on the basis of the quotations supplied by the remaining Reference Banks. 

  
 Disclosure of Information 
  
 27.6 The Agent or any Arranger or any Bank may approach and disclose to an actual or potential New Bank, assignee, sub-participant or the like such information about the
Borrower or any other Person as it may think fit provided that the person to whom the information is to be given has entered into a confidentiality undertaking in the form set out in Schedule 15. 
  
 Limitation on Certain Obligations of Borrower 
  
 27.7 If, at the time of any novation or assignment by a Bank or of any change of Facility
Office, circumstances exist which would oblige the Borrower to pay to the New Bank or assignee (or, in the case of a change of Facility Office, the relevant Bank) under Clauses 11 (Taxes), 12 (Illegality) or 13 (Increased Costs)
any sum in excess of the sum (if any) which it would have been obliged to pay to that Bank under the relevant Clause in the absence of that novation, assignment or change, the Borrower shall not be obliged to pay that excess. 
  

	28.	 	REMEDIES, WAIVERS, AMENDMENTS AND CONSENTS 

  
 No Implied Waivers, Remedies Cumulative 
  
 28.1 No failure on the part of the Agent or any Arranger or Bank to exercise, and no delay
on its part in exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that or any other right or remedy. The
rights and remedies provided in this Agreement are cumulative and not exclusive of any other rights or remedies (whether provided by law or otherwise). 
  
 Amendments, Waivers and Consents 
  
 28.2 Any provision of this Agreement may be amended or supplemented only if the Borrower and the Majority Banks so agree in writing and any Event of Default, Potential
Event of Default, provision or breach of any provision of this Agreement may be waived before or after it occurs only if the Majority Banks so agree in writing but: 
  

	(a)	 	an amendment, supplement or waiver which puts one or more Banks in a better or worse position than one or more other Banks or changes or relates to (a) the Tranche A Available
Amount or the Tranche B Available Amount or any Bank’s Commitment or Available Commitment, (b) the Tranche A Maturity Date or the Tranche B Maturity Date, (c) the amount or currency of the Advances, (d) the amount or date of any repayment, (e)
the length of Terms or Default Interest Periods, (f) a reduction in the Margin or a change in the dates of payment of interest, (g) the conditions precedent referred to in Clause 3, (h) a reduction in the amount or a change in the date(s) of payment
of any fee payable under Clause 10, (i) the currency of any payment, (j) the definition of “EONIA”, “EURIBOR”, “PIBOR”, “LIBOR”, or “Majority Banks”, (k) the provisions of Clause 24 (Set-off/Pro
Rata Sharing), (l) the provisions of Clause 31 (Nature of Rights and Obligations), (m) any provision expressed to require the consent of all the Banks (whether or not containing any other exceptions) or (n) this 

 

 59 

	 	 
Clause 28.2, shall require the agreement of all the Banks and (in the case of an amendment or supplement) the Borrower also; and

  

	(b)	 	an amendment, supplement or waiver which changes or relates to the rights and/or obligations of the Agent or any Arranger shall require its agreement also. 

 
 Any consent by the Agent or any Arranger or Bank or the Majority Banks under this
Agreement must also be in writing. Any such waiver or consent may be given subject to any conditions thought fit by the Person giving it and shall be effective only in the instance and for the purpose for which it is given. 
  

	29.	 	COMMUNICATIONS 

  
 Addresses 
  
 29.1 Each communication under this Agreement shall be made by fax, telex or otherwise in writing. Each communication or document to be delivered to any party under this Agreement shall be sent to it at the fax number
or address, and marked for the attention, if any, from time to time designated by it to the Agent (or, in the case of the Agent, by it to each other party) for the purpose of this Agreement. The initial fax number, address and marking (if any) so
designated by the Borrower, the Arrangers and the Agent are set out under its name at the end of this Agreement. Any communication or document from or to the Borrower shall be sent to, by or through the Agent. 
  
 Deemed Delivery 
  
 29.2 Any communication from the Borrower shall be irrevocable, and shall not be effective until received by the Agent. Any other
communication to any Person shall be conclusively deemed to be received by that Person: 
  

	(a)	 	if sent by fax (and received in legible form) between 9 a.m. and 5 p.m. (local time in the place to which it is sent) on a working day in that place, when sent or, if sent by fax
(and received in legible form) at any other time, at 9 a.m. (local time in the place to which it is sent) on the next working day in that place, provided that, in the case of a communication by fax, the Person sending the fax shall have received a
transmission receipt; or 

  

	(b)	 	in any other case, when left at the address required by Clause 29.1 (Addresses) or within 5 such working days after being put in the post (by airmail if to another country)
postage prepaid and addressed to it at that address. 

  
 For this
purpose, working days are days other than Saturdays, Sundays and bank holidays. 
  
 Language 
  
 29.3 All communications and documents shall, if so
required by the Agent, either be in English or French or accompanied by a certified translation into English or French by a translator acceptable to the Agent. If there is a conflict, the English or French translation shall prevail over the original
language version except in the case of documents delivered with any certificate referred to in paragraph 1 of Schedule 1. 
  

 60 

	30.	 	PARTIAL INVALIDITY 

  
 The illegality, invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect its legality, validity or
enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision. 
  

	31.	 	NATURE OF RIGHTS AND OBLIGATIONS 

  
 Obligations Several 
  
 31.1 The liability of the Banks is several. No party to this Agreement shall be responsible for the obligations of any other party. The
failure of a Bank to perform its obligations shall not release any other party from its obligations. 
  
 Rights Several 
  
 31.2 The rights of the
Banks are also several. The amount at any time owing by the Borrower to any party under this Agreement shall be a separate and independent debt from the amount owing to any other party. 
  
 Continuation of Certain Obligations 
  
 31.3 The obligations of any party under or in respect of Clauses 11 (Taxes), 13 (Increased Costs), 21 (Default Interest), 22 (Indemnities),
23.8 (Indemnity to Arrangers and Agent), 24 (Set-off/ProRata Sharing) and 25 (Expenses and Stamp Duty) shall continue even after all the Commitments have terminated and all the Advances have been repaid or prepaid. 

 

	32.	 	CONFIDENTIALITY UNDERTAKING 

  
 32.1 Each of the Banks undertakes to keep the Confidential Information confidential and not to disclose it to anyone except as provided for by Clause 32.2, to ensure that
the Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information, and to use the Confidential Information solely for the purposes of this Agreement. 
  
 32.2 Permitted Disclosure: The Borrower acknowledges and agrees that the Banks (or any
of them) may disclose Confidential Information: 
  

	(a)	 	to their Affiliates and their officers, directors, employees and professional advisers to the extent strictly necessary for the purposes of this Agreement and to any auditors of any
such Affiliate; 

  

	(b)	 	where requested or required by any court or competent jurisdiction, any arbitration or other legal proceedings or any competent judicial, governmental, supervisory or regulatory,
(ii) where required by the rules of any stock exchange on which its or the shares or other securities of any Affiliate are listed or (iii) where required by the laws or regulations of any country with jurisdiction over its or the affairs of any
Affiliate; 

  

	(c)	 	in connection with any action or proceeding brought by the Agent, any of the Arrangers or any Bank to enforce its rights under or in connection with this Agreement;

  

 61 

	(d)	 	to any prospective assignee which acknowledges and accepts to be bound by the provision of this Clause 32 and which undertakes to use the Confidential Information only for the
Permitted Purpose; or 

  

	(e)	 	with the prior written consent of the Borrower. 

  
 32.3 Notification of Required Disclosure: Each of the Banks agrees (to the extent permitted by law other than disclosed to any regulatory body made in the normal
course of such regulatory body’s supervisory function) to inform the Borrower as soon as possible of any disclosure under Clause 32.2(b). 
  
 32.4 Insider Dealing: Each of the Banks acknowledges that some or all the Confidential Information is or may be price-sensitive information and that the use of
such information may be regulated or prohibited by applicable legislation relating to insider dealing and undertakes not to use any Confidential Information for any unlawful purpose. 
  
 32.5 Duration: the confidentiality undertaking of the Banks hereunder shall expire in respect of each Confidential Information three
years after it is first delivered to the Banks hereunder. 
  
 For the purposes of
the foregoing: 
  
 Confidential Information means any information
delivered by the Borrower pursuant to Clause 18.5 (Monthly and Quarterly Information) and Clause 18.11 (Other Information) relating to the implementation of the Strategic Plan and which is or has been so provided to each of the Banks
(or the Agent on the Banks behalf) by the Borrower, but excludes information that (a) is or becomes public knowledge other than as a direct or indirect result of any breach by any Bank of this Agreement or (b) is known by the Banks (or any of them)
before the date the information is disclosed to such Bank(s) by the Borrower or is lawfully obtained by any Bank after that date, other than from a source which is connected with the Borrower and which, in either case, as far as the relevant Bank is
aware, has not been obtained in violation of, and is not otherwise subject to, any obligation of confidentiality. 
  
 Permitted Purpose means considering and evaluating whether to enter into the Facility; 
  

	33.	 	COUNTERPARTS 

  
 This Agreement may be signed in any number of counterparts, all of which taken together and when delivered to the Agent shall constitute one and the same instrument. Any
party may enter into this Agreement by signing any such counterpart. 
  

	34.	 	GOVERNING LAW AND JURISDICTION 

  
 Governing Law 
  
 34.1 This Agreement shall be governed by and construed in accordance with the laws of England. 
  
 English Courts 
  
 34.2 For the benefit of the Agent, each Arranger and each Bank, all the parties irrevocably agree that the High Court of Justice in England are to have non-exclusive
jurisdiction to settle 
  

 62 

 any disputes which may arise out of or in connection with this Agreement and that, accordingly, any legal action or
proceedings arising out of or in connection with this Agreement (Proceedings) may be brought in that court and the Borrower irrevocably submits to the jurisdiction of such court. 
  
 Other Competent Jurisdiction 
  
 34.3 Nothing in this Clause 34 shall limit the right of the Agent, any Arranger and/or any
Bank to take Proceedings against the Borrower in any other court of competent jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude the Agent, any Arranger and/or any Bank from taking Proceedings in any other
jurisdiction, whether concurrently or not. 
  
 Venue 
  
 34.4 The Borrower irrevocably waives any objection which it may at any time have to the
laying of the venue of any Proceedings in any court referred to in this Clause 34 and any claim that any such Proceedings have been brought in an inconvenient forum. 
  
 Service of Process 
  

	34.5 (a)	 	Borrower irrevocably appoints ALSTOM Ltd and its successors to receive, for it and on its behalf, service of process in any Proceedings in England. Such service shall be deemed
completed on delivery to the relevant process agent (whether or not it is forwarded to and received by the Borrower). If for any reason a process agent ceases to be able to act as such or no longer has an address in England, as the case may be, the
Borrower irrevocably agrees to appoint a substitute process agent acceptable to the Agent, and to deliver to the Agent a copy of the new agent’s acceptance of that appointment, within 30 days. 

  

	(b)	 	The Borrower irrevocably consents to any process in any Proceedings anywhere being served by mailing a copy by registered or certified prepaid airmail post to it in accordance with
Clause 29 (Communications). Such service shall become effective 30 days after mailing. 

  

	(c)	 	Nothing shall affect the right to serve process in any other manner permitted by law. 

  

	35.	 	Third Party Rights 

  
 The terms of this Agreement may be enforced and relied upon only by the parties hereto and the operation of the Contracts (Rights of Third Parties) Act 1999 is excluded. 
  

 63 

 SCHEDULE 1 
  

CONDITIONS PRECEDENT 
  
 1. A certificate from the Borrower, dated on or after the date of this Agreement and not more than 3 Business Days before the date of the notice requesting the first
Advance, substantially in the form set out in Schedule 2, duly executed by an authorised officer of the Borrower, together with the documents stated by the relevant certificate as being delivered with it. 
  
 2. Evidence of the acceptance by the process agent of its appointment in Clause 34.5
(Service of Process). 
  
 3. A certified copy of the latest available
consolidated audited accounts. 
  
 4. Confirmation to the Agent in the form set
out in Schedule 11 that irrevocable notice has been given that the Euros 1.4 billion bridge facility dated 20 May 1998 will be repaid and cancelled on the date of the first Advance. 
  
 5. Legal opinions, dated on or after the date of this Agreement and not more than 3 Business
Days before the date of the notice requesting the first Advance, from: 
  

	(a)	 	Lovell White Durrant, French legal advisers to the Borrower, substantially in the form set out in Schedule 3; and 

  

	(b)	 	Linklaters & Paines, English legal advisers to the Arrangers, substantially in the form set out in Schedule 4. 

  

	6.	 	An Extrait-k-bis issued by the Paris commercial registry dated not more than 15 days before the date of the first Advance. 

  

 64 

 SCHEDULE 2 
  

CERTIFICATE OF BORROWER 
  
 [Intentionally deleted] 
  

 65 

 SCHEDULE 3 
  

OPINION OF BORROWER’S LEGAL ADVISERS 
  
 [Intentionally deleted] 
  

 66 

 SCHEDULE 4 
  

OPINION OF LINKLATERS & PAINES 
  
 [Intentionally deleted] 
  

 67 

 SCHEDULE 5 
  

NOVATION NOTICE 
  

	 To:
	  	 [Insert name of Agent]

		
	 	  	 [Insert address of Agent]

  

	Attention:	 	· 

  
 ALSTOM Euros 1,875,000,000 Multicurrency Revolving Credit Agreement dated 19 April, 1999 as amended by the Amendment Letters and an
Amendment Agreement dated [·] April, 2003 
  
 1. This Novation Notice relates to the above Agreement. Terms defined in the Agreement have the same meaning in this Novation Notice.

  

	2.	 	The undersigned Existing Bank: 

  

	(a)	 	confirms that, to the extent details appear below under the heading Rights and/or Obligations to be Novated, those details accurately summarise the rights and/or
obligations which are to be novated and which are, upon delivery of this Novation Notice to the Agent (but subject to 3 below), cancelled and discharged in accordance with Clause 27.3 (Banks) of the Agreement 

 

	(b)	 	confirms that any consent required in accordance with Clause 27.3 (Banks) of the Agreement has been obtained to this novation 

  

	(c)	 	gives notice to the undersigned New Bank that the Existing Bank is under no obligation to repurchase all or any part of those rights and/or obligations at any time nor to support
any losses suffered by the New Bank. 

  
 3. The undersigned New Bank
agrees that it assumes and acquires new rights and/or obligations in accordance with Clause 27.3 (Banks) of the Agreement on and with effect from •200•.1 
  

	4.	 	The undersigned New Bank: 

  

	(a)	 	confirms that, until further notice, its Facility Office and details for communications are as set out below 

  

	(b)	 	agrees to perform and comply with the obligations expressed to be imposed on it by Clause 27.3 (Banks) of the Agreement as a result of this Novation Notice taking effect

  

	(c)	 	acknowledges and accepts paragraph 2(c) above 

  

	(d)	 	if not already a Bank, appoints the Agent to act as its agent as provided in the Agreement and agrees to be bound by the Agreement (including, but not limited to, Clause 24
(Set-off/ProRata Sharing) and particularly, but not limited to, Clauses 23.5 

	1	 	Date inserted should be not less than 3 Business Days after Novation Notice is sent to the Agent 

  

 68 

	 	 
(Exoneration of Agent and Arrangers), 23.7(Non-reliance on Agent and Arrangers), 23.8 (Indemnity to Arrangers and Agent)) and 32.
(Confidentiality Undertaking) and 

  

	(e)	 	confirms that it is a Qualifying Lender. 

  
 5. The above confirmations and agreements are given to and for the benefit of and made with each of the other parties to the Agreement. 
  
 6. The transfer fee payable under Clause 27.3 (Banks) of the Agreement
accompanies this Novation Notice. 
  
 7. This Novation Notice shall be governed by
and construed in accordance with the laws of England. 
  
 Existing Bank

  
 Name: 
  
 By: 
  
 Authorised Signatory 
  
 Date: • 200• 
  
 New Bank

  
 Name: 
  
 By: 
  
 Authorised Signatory 
  
 Date: • 200• 
  
 Facility Office

  
 Address: 
  
 Fax No: 
  
 Attention: 
  
 Rights and/or Obligations to be Novated 
  

	1.	 	Existing Bank’s Tranche A Commitment to be novated: € 

  
 Existing Bank’s Tranche B Commitment to be novated: € 
  

	2.	 	Existing Bank’s share(s) of Tranche A Advance(s) to be novated: € 

  

Existing Bank’s share(s) of Tranche B Advance(s) to be novated: € 
  

 69 

 Agent 
  
 Agreed for and on behalf of itself as Agent and the other parties to the Agreement 
  
 Name: 
  
 By: 
  
 Authorised Signatory 
  
 Date: • 200• 
  

 70 

 SCHEDULE 6 
  

NOTICE REQUESTING ADVANCE 
  

	 To:
	  	 [Insert name of Agent]

		
	 	  	 [Insert address of Agent]

  
 Attention: [Insert name of relevant
Department or title of relevant officer] 
  
 ALSTOM Euros 1,875,000,000
Multicurrency Revolving Credit Agreement dated 19 April, 1999 as amended by the Amendment Letters and an Amendment Agreement dated [·] April, 2003 
  
 We refer to the above Agreement between
ourselves, the Arrangers and Banks and yourselves as Agent. Terms defined in that Agreement have the same meaning in this notice. 
  
 We give you notice that we wish an Advance to be made to us as follows: 
  

	 Tranche:
	  	 
		
	 Amount:
	  	 
		
	 Currency:
	  	 
		
	 Date:
	  	 • 200• (or, if that is not a Business day, the next Business Day)

		
	 Term:
	  	 • months [or, if that election is ineffective, • months]

  
 The proceeds of the Advance are to be
made available to us by credit to [our account/the account of ·in favour of ourselves] at ·, ·, [or, if the Advance is under the terms of the Agreement to be made in
Euros, to [our account/the account of · in favour of ourselves] at ·, ·.] 
  
 No Event of Default or Potential Event of Default has occurred, or will occur as a result of making this Advance [, other than any waived in accordance with Clause 28.2
(Amendments, Waivers and Consents) of the Agreement [other than, in each case an Excluded Default]1. All
representations and warranties in Clause 17 (Representations and Warranties) of the Agreement (except those in Clause 17.1(f) (No Default) [and except to any extent waived in accordance with Clause 28.2 (Amendments, Waivers and
Consents)]) have been complied with and would be correct [in all material respects]1if repeated today by
reference to the circumstances now existing. 
  
 Dated · 199· 

	1	 	Include in respect of an Advance the sole purpose of which is to repay an existing Advance 

  

 71 

 ALSTOM 
  
 By: 
  
 Authorised signatory/ies 
  

 72 

 SCHEDULE 7 
  

TIMETABLES 
  

	 Notes:
	  	“D”	  	=	  	 Date on which the Advance is to be made.

	 	  	“B”	  	=	  	 Borrower

	 	  	“A”	  	=	  	 Agent

	 	  	“Bk”	  	=	  	 Bank

  
 Under “Specified Time”,
numbers indicate numbers of Business Days. See Clause 1 for meaning. 
  
 A
Drawdown in Euros 
  
 References to time are to Paris time, except where
otherwise indicated. 
  

	 Specified time

	    	 Action

	  	 Clause References

			
	 D - 4
 4 p.m.
	    	Drawdown request for Term other than 1, 2, 3 or 6 months	  	4.2
			
	 D - 3
 10 a.m.
	    	Drawdown request to A	  	4.2
			
	 	    	[If applicable, B and A may agree that A will use new currency to purchase old currency and use proceeds to repay old Advance]	  	16.6(b)
			
	 D - 3
 2 p.m.
	    	A notifies Bks of request for Term other than 1, 2, 3 or 6 months	  	4.6
			
	 D - 3
 5 p.m.
	    	A notifies Bks of request (in other cases)	  	4.6
			
	 D - 3
 5 p.m.
	    	Banks may object to Term other than 1, 2, 3 or 6 months	  	8.1(b)
			
	 D - 2
 10 a.m.
	    	A notifies B and Bks of any objection	  	8.1(b)
			
	 D - 2
 11 a.m.
	    	Interest rate set	  	8.2 and 1.1 (definition of “Rate Fixing Day”)

  

 73 

	 Specified time

	    	 Action

	  	 Clause References

	 D
 11 a.m.
	    	 	  	 
	 	    	 Bks put A in funds
	  	16.1
			
	 D
 Close of business
	    	 A pays funds to B
	  	16.2

  
 B Drawdown in an Optional Currency

  
 References to time are to Paris time, except where otherwise indicated.

  

	 Specified time

	    	 Action

	  	 Clause References

	 D - 4
 10 a.m.
	    	Drawdown request to A	  	 4.2

			
	 D - 4
 11 a.m.
	    	A calculates Euro Amount	  	1.1 (definition of “Euro Amount”)
			
	 D - 4
 5 p.m.
	    	A notifies Bks of request	  	4.7.6
			
	 D - 3
 2 p.m.
	    	Bks may object to Term other than 1, 2, 3 or 6 months or Optional Currency requested by B	  	8.1(b) and 9.2
			
	 D - 3
 5 p.m.
	    	A notifies B and Bks of any objection	  	8.1(b) and 9.2
			
	 D - 2
 10 a.m.
	    	[If applicable, B and A may agree that A will use new currency to purchase old currency and use proceeds to repay old Advance]	  	16.6(a)
			
	 [*]D - 2
 11 a.m.
	    	Interest rate set	  	8.2 and 1.1 (definition of “Rate Fixing Day”)
			
	 D
 11 a.m.
	    	A may notify B of any impossibility in Advance being made in Optional Currency	  	9.4.2
			
	 D
 Customary time in Place of Payment
	    	Bks put A in funds	  	16.1

  

 74 

	 Specified time

	    	 Action

	 	 Clause References

	 D
 Close of business (in Place of
Payment)
	    	 A pays funds to B
	 	 16.2

 [* In the case of PIBOR, Paris time, and in any other
case, London time.] 
  

 75 

 SCHEDULE 8 
  

MANDATORY COSTS 
  
 1. Mandatory Costs in relation to any Term or Default Interest Period (or part of a Term or an Interest Period) relating to each Bank’s share of any particular
Advance or overdue sum will be determined by that Bank as at 11 a.m. on the first day of that Term or Default Interest Period and, in the case of a Term or a Default Interest Period of more than 3 months, on the first Business Day of the second, and
each (if any) successive, 3 month period during that Term or Default Interest Period. 
  
 2. Mandatory Costs will be the percentage rate per annum determined by that Bank to be the rate resulting from the application of whichever of the following formulae is appropriate: 
  
 in relation to Advances or overdue sums denominated in Sterling: 
  

	 XL + S (L - D)+F x 0.01

	 100 - (X + S)

  
  
 in relation to Advances or overdue sums denominated in any other currency: 
  

	 F x 0.01

	 300

  
 where on the day of application of a
formula: 
  

	X	 	is the percentage of Eligible Liabilities (in excess of any stated minimum) by reference to which such Bank is required under or pursuant to the Bank of England Act 1998 (the
Act) to maintain cash ratio deposits with the Bank of England 

  

	L	 	is the percentage rate per annum at which Sterling deposits for the relevant period are offered by such Bank to leading banks in the London inter-bank market at or about 11 a.m. on
that day 

  

	F	 	is the rate of charge payable by such Bank to the Financial Services Authority (the FSA) pursuant to the relevant paragraph of the Fees Regulations (but where, for
this purpose, the figure at the relevant paragraph shall be deemed to be zero) and expressed in pounds per £1 million of the Fee Base of such Bank 

  

	S	 	is the level of Special Deposits, expressed as a percentage of Eligible Liabilities, which such Bank is required to maintain by the Bank of England (or any other United Kingdom
Agency) 

  

	D	 	is the percentage rate per annum payable by the Bank of England to such Bank on Special Deposits 

  

 76 

 X, L, S and D are to be expressed in the formula as numbers and not as percentages. A negative result obtained from
subtracting D from L shall be counted as zero. 
  
 3. For the purposes of this
Schedule: 
  
 Eligible Liabilities and Special
Deposits have the meanings given to them under or pursuant to the Act, or by the Bank of England (as may be appropriate), on the day of application of the formula. 
  
 Fee Base has the meaning given to it for the purposes of, and shall be calculated in accordance with, the Fees Regulations.

  
 Fees Regulations means, as appropriate, either: 
  

	(a)	 	the Banking Supervision (Fees) Regulations 1998 or 

  

	(b)	 	such regulations as are from time to time in force, relating to the payment of fees for banking supervision, in respect of periods subsequent to 31 March 1999.

  
 4. Each Bank shall use reasonable endeavours to supply to the
Agent on the first day of each Term or Default Interest Period the percentage rate per annum so calculated by it. 
  
 5. If there is any change in circumstance (including the introduction of alternative or additional requirements and/or any change in the interpretation or application of
any requirement) which in the reasonable opinion of the Agent renders or will render the method of calculating Mandatory Costs wholly or partly inappropriate or inapplicable, the Agent may (after consultation with the Borrower and the Banks) vary
the method of calculating Mandatory Costs by notifying the Borrower and the Banks of the new method. Any such variation shall, save for manifest error, be conclusive and binding on all parties and shall apply from the date specified in that
notification. 
  

 77 

 SCHEDULE 9 
  

LIST OF MATERIAL SUBSIDIARIES 
  
 ALSTOM Power Inc. 
  
 ALSTOM Power Switzerland AG 
  
 Chantiers de
l’Atlantique 
  
 ALSTOM Power UK Ltd 
  
 ALSTOM Transport SA 
  
 ALSTOM T & D SA 
  
 ALSTOM UK Ltd 
  
 ALSTOM Power SA 
  
 ALSTOM Brasil Ltda 

 
 ALSTOM Energietechnik GmbH 
  
 ALSTOM Power Centrales 
  
 ALSTOM Power Asia Pacific Sdn Bdh 
  
 ALSTOM Australia 
  
 ALSTOM Power Monterrey III SA 
  
 ALSTOM Canada
Inc 
  
 ALSTOM LHB GmbH 
  
 ALSTOM Power Italia S.p.A 
  
 ALSTOM Power Turbomachines 
  
 ALSTOM Transportation Inc. 
  
 ALSTOM Transporte , S.A. 
  
 ALSTOM Power Ltd

  
 ALSTOM Power Generation AG 
  
 ALSTOM USA Inc. 
  
 ALSTOM Power Boiler GmbH 
  
 ALSTOM Holdings Ltd 
  

 78 

 ALSTOM Power Sweden AB 
  
 ALSTOM K.K. 
  
 ALSTOM Power Mexico S.A. de CV 
  
 ALSTOM Power
Conversion GmbH 
  
 ALSTOM DDF SA 
  
 ALSTOM Ferroviaria S.p.A. 
  
 ALSTOM Holdings 
  
 ALSTOM NV 
  
 ALSTOM Contracting Ltd 
  
 ALSTOM Power Mexico SA
de CV 
  
 ALSTOM GmbH 
  
 ALSTOM T&D Inc 
  
 ALSTOM Power AG 
  
 ALSTOM Ltd 
  
 ALSTOM Power Holdings Ltda 
  
 ALSTOM UK Holdings
Ltd 
  

 79 

 SCHEDULE 10 
  
 TAUX EFFECTIF GLOBAL LETTER 
  

ALSTOM 
 25, Avenue Kléber 
 75795 Paris Cedex 16 
  
 Attention : Mr Marc Haestier 
  
 Dear Sirs

  
 ALSTOM EUR 1,875,000,000 Multicurrency Revolving Credit Facility Agreement
as amended by the Amendment Letters and an Amendment Agreement dated [·] April, 2003 
  
 We refer to the EUR 1,875,000,000 Multicurrency Revolving Credit Facility Agreement dated 19
April, 1999 between you as Borrower and, among others, ourselves as Agent (the Agreement) as amended by the Amendment Letter and an amendment agreement (the Amendment Agreement) dated [·] April 2003. Terms defined in the Agreement (as amended) have the same meaning when used in this letter. This letter is the Taux
Effectif Global letter referred to in Clause 8.5 (Taux Effectif Global) of the Amendment Agreement and forms part of the Agreement. 
  
 Article L.313-4 and L. 313-5 of the Code monétaire et financier (formally article L. 313-1 and seq., to R.313-1 and R.313-2 of the Code de la Consommation) (the
Code) specifies that the taux effectif global (all-in percentage rate) applicable to a loan be calculated by reference not only to interest (calculated in accordance with the relevant agreement), but by reference also to all
costs, expenses, fees and other remuneration of whatever nature. 
  
 However, the
floating nature of the rate of interest applicable to Advances and the possibility for the Borrower to borrow all or part of the Facility, and to borrow moneys in different currencies, amongst other things, make it impossible to specify a taux
effectif global which will apply from the date of entry into effect of the Second Amendment Agreement until the Final Maturity Date. 
  
 As an indication only, we set out below examples of the applicable effective global rate (Taux Effectif Global) referred to in Clause 8.5 of the Amendment
Agreement (Taux Effectif Global), for the purposes of Article L.313-4 of the Code. 
  
 We hereby notify you that on the basis of the 3 month EURIBOR calculated on the basis of a 365 day year, for an Advance denominated in EUR, of [·] per cent. on [·] 2003
and on the assumption that the total Available Commitments of EUR [·] remain drawn down in one Advance on the
date of [·] 2003 and that such Advance is renewed at the end of each interest period until its full
reimbursement on the Final Maturity Date, the taux effectif global for Advances under the Agreement (as amended) is [·] per cent. 
  
 The above rates are given on an indicative
basis and for information only, in order to comply, insofar as possible, with the provisions of article L.313-4 and L. 313-5 of the Code and are calculated, inter alia, on the basis (i) that the EURIBOR, expressed as an annual rate, does not

  

 80 

 
vary and remains equal to the rate fixed on dates stated above and (ii) of the commissions and various fees (including legal costs) known as of today’s
date payable by you on the terms of the Agreement (as amended). 
  
 We should be
grateful if you would confirm your understanding of the terms of this letter by signing and returning to us the enclosed copy. 
  
 Yours faithfully 
  
 BNP Paribas 
 as Agent 
  
 By: 
  
 We acknowledge the terms of this letter 
  
 ALSTOM 
  
 By: 
  

 81 

 SCHEDULE 11 
  
 CONFIRMATION TO THE AGENT IN RESPECT OF THE BRIDGE FACILITY 
  
 [Intentionally deleted] 
  

 82 

 SCHEDULE 12 
  
 THE SELLING SUBSIDIARIES AND EXISTING SUBSIDIARIES 
  

	 COUNTRY

	  	 SOLD COMPANY

	  	 Net financial
 %
 of ALSTOM
 Holdings
 in the sold
 company
 (direct or
 indirect)

	  	 SELLING COMPANY

	  	 AUTOMATIC
 TRANSFER
 OF SHARES

	  	 Net financial %
of ALSTOM Holdings
 in the selling company
 (direct or indirect)

	Australia	  	ALSTOM Australia Ltd	  	 100
	  	ALSTOM Holdings	  	 	  	 
	Austria	  	 ALSTOM Austria
 qui détient SLIVER MACHINES (Czech Rep) (20%)
	  	 100
	  	ALSTOM Holdings qui détient 99%—ALSTOM Switzerland qui détient 1%	  	 	  	 
	Austria	  	ALSTOM Power Conversion GmbH	  	 100
	  	ALSTOM Holdings	  	 	  	 
	Belgium	  	ALSTOM T&D Belgium	  	 100
	  	ALSTOM Holdings	  	 	  	 
	China	  	ALSTOM T&D Switchgear (Beijing) Co. Ltd	  	 100
	  	ALSTOM (China) Investment Co.	  	 	  	 100

	Germany	  	ALSTOM Energietechnik GmbH qui détient ALSTOM T&D SA (18,2%) (Poland)	  	 100
	  	ALSTOM GmbH	  	 	  	 100

	Germany	  	ALSTOM Sachsenwerk GmbH	  	 100
	  	ALSTOM GmbH	  	 	  	100
	Germany	  	ALSTOM Schorch Transformatoren GmbH qui détient Schorch Alterversorgung GmbH	  	 100
	  	ALSTOM GmbH	  	 	  	 100

	Germany	  	ALSTOM T&D GmbH	  	 100
	  	 	  	 	  	 100

	Germany	  	ALSTOM Vakuumschalttechnik GmbH	  	 100
	  	ALSTOM GmbH	  	 	  	 100

	Hungary	  	ALSTOM Hungaria Kft.	  	 100
	  	ALSTOM Holdings	  	 	  	 
	India	  	ALSTOM Instrument Transformers Private Ltd	  	 100
	  	ALSTOM Holdings	  	 	  	 
	Italy	  	ALSTOM FIR S.p.a.	  	 100
	  	ALSTOM Power Boiler S.p.a.	  	 	  	 100

	Italy	  	ALSTOM T&D S.p.A qui détient 0,11% de CESI S.p.A.	  	 100
	  	ALSTOM Power Boiler S.p.a.	  	 	  	 
	Norway	  	ALSTOM T&D AS	  	 100
	  	ALSTOM Holdings	  	 	  	 
	Poland	  	ALSTOM T&D S.A.	  	 100
	  	ALSTOM Switzerland Ltd qui détient 81.2%
et ALSTOM Energietechnik qui détient 18.7%	  	 	  	 100 & 100

	Singapore	  	ALSTOM T&D Pte Ltd	  	 100
	  	ALSTOM Holdings	  	 	  	 
	Slovakia	  	ALSTOM T&D, spol s.r.o	  	 100
	  	ALSTOM Holdings	  	 	  	 
	Spain	  	ALSTOM Power Conversion S.A.	  	 100
	  	ALSTOM Espana IB, S.L.	  	 	  	 100

	Spain	  	ALSTOM T&D, S.A.	  	 100
	  	ALSTOM Espana IB, S.L.	  	 	  	 100

	Sweden	  	ALSTOM Kraftteknik AB	  	 100
	  	ALSTOM Sweden AB	  	 	  	 100

	Sweden	  	ALSTOM T&D AB	  	 100
	  	ALSTOM Sweden AB	  	 	  	 100

	U.K.	  	ALSTOM Electrical Machines Ltd	  	 100
	  	ALSTOM UK Holdings Ltd	  	 	  	 100

	U.K.	  	ALSTOM Power Conversion Ltd	  	 100
	  	ALSTOM Controls Ltd	  	 	  	 100

	U.K.	  	ALSTOM T&D HVDC India Ltd	  	 100
	  	ALSTOM UK Holdings Ltd	  	 	  	 100

	U.K.	  	ALSTOM T&D Long & Crawford Limited	  	 100
	  	ALSTOM UK Holdings Ltd	  	 	  	 100

	U.K.	  	ALSTOM T&D Power Electronics International Ltd	  	 100
	  	ALSTOM UK Holdings Ltd	  	 	  	 100

	U.K.	  	ALSTOM T&D SPR International Limited	  	 100
	  	ALSTOM UK Holdings Ltd	  	 	  	 100

	U.K.	  	ALSTOM T&D Systems Ltd	  	 100
	  	ALSTOM UK Holdings Ltd	  	 	  	 100

	U.S.A.	  	ALSTOM T&D Inc qui détient ALSTOM Esca Corp et ALSTOM Power Conversion Inc	  	 100
	  	ALSTOM Inc	  	 	  	 100

	Venezuela	  	ALSTOM T&D Venezuela, SA	  	 100
	  	ALSTOM Holdings	  	 	  	 
	Belgium	  	SERVICES TECHNIQUES BALTEAU	  	 99.99
	  	ALSTOM Belgium qui détient 50.45%	  	 	  	 99.99

	Colombia	  	ALSTOM T&D S.A.	  	 99.99
	  	ALSTOM Holdings qui détient 63.81%—Mabelec qui détient 35.22%	  	 	  	 99.99

	France	  	ALSTOM Magnet and Superconductors SA	  	 99.99
	  	ALSTOM Holdings	  	 	  	 
	France	  	ALSTOM Moteurs	  	 99.99
	  	ALSTOM Holdings	  	 	  	 
	France	  	ALSTOM Parafoudres SA	  	 99.99
	  	ETOILE KLEBER	  	 	  	 99.99

	France	  	ALSTOM Power Conversion	  	 99.99
	  	ALSTOM Holdings	  	 	  	 
	France	  	ALSTOM T&D Equipements Basse Tension SA	  	 99.99
	  	ETOILE KLEBER	  	 	  	 99.99

	France	  	ALSTOM T&D Protection & Contrôle SA	  	 99.99
	  	ALSTOM Holdings	  	 	  	 
	France	  	ALSTOM T&D SA	  	 99.99
	  	ALSTOM Holdings	  	 	  	 
	France	  	ALSTOM T&D Transformateurs de Mesure SA	  	 99.99
	  	ALSTOM Holdings	  	 	  	 
	Greece	  	ALSTOM Hellas AE qui détient Data Service Center Ltd	  	 99.99
	  	ALSTOM Holdings	  	 	  	 
	Indonesia	  	PT ALSTOM Distribution	  	 99.99
	  	ALSTOM Holdings qui détient 95%—ALSTOM Distribution 5%	  	 	  	 99.99

	New Zealand	  	ALSTOM New Zealand Ltd	  	 99.99
	  	ALSTOM New Zealand Holdings	  	 	  	 99.99

	Tunisia	  	ALSTOM T&D Etudes Techniques	  	 99.99
	  	ALSTOM GmbH	  	 	  	 100

	Indonesia	  	PT ALSTOM Transmission	  	 99.84
	  	ALSTOM Holdings	  	 	  	 
	China	  	ALSTOM T&D Limited	  	 99.83
	  	ALSTOM Holdings	  	 	  	 
	Turkey	  	ALSTOM Elektrik Endustrisi A.S qui détient CEM Elektrik Sanayi ve Ticaret et 26% de ELTEM Tek Elektrik	  	 99.81
	  	ALSTOM Holdings	  	 	  	 
	France	  	LABORATOIRE OSKMAN SERAPHIN	  	 99.52
	  	ALSTOM Holdings	  	 	  	 
	Brazil	  	ALSTOM Elec S/A	  	 99.25
	  	ALSTOM Participacoes Ltda	  	 	  	 100

	Mexico	  	ALSTOM T&D SA de CV qui détient Tuxpan T&D SA de CV (33%)	  	 97.32
	  	ALSTOM Mexico SA de CV	  	 	  	 100

	France	  	GIE COGELEX ALSTHOM	  	 95.99
	  	ALSTOM Holdings qui détient 48%	  	 	  	 
	China	  	ALSTOM T&D Suzhou High Voltage Switchgear Co., Ltd	  	 80
	  	ALSTOM (China) Investment Co. qui détient 80%	  	 	  	 100

	Pakistan	  	ALSTOM Pakistan Private Limited	  	 80
	  	ALSTOM Holdings qui détient 80%	  	 	  	 
	India	  	ALSTOM T&D Lightning Arresters Private Limited	  	 74
	  	ALSTOM Projects India Ltd	  	 	  	 68.45

	Indonesia	  	PT UNINDO	  	 67.64
	  	ALSTOM Holdings	  	 	  	 
	India	  	ALSTOM Ltd	  	 66.35
	  	ALSTOM Holdings qui détient 66.35%	  	 	  	 
	China	  	ALSTOM Wuhan Automation Co. Ltd	  	 60
	  	ALSTOM (China) Investment Co., qui détient 58%	  	 	  	 100

	China	  	ALSTOM T&D Shanghai Power Automation Co., Ltd	  	 59
	  	ALSTOM (China) Investment Co. qui détient 59%	  	 	  	 100

	China	  	SUZHOU ALSTOM T&D Switchgear Limited	  	 58
	  	ALSTOM Holdings qui détient 60%	  	 	  	 
	China	  	ALSTOM Shangai Transformer Co., Ltd	  	 52
	  	ALSTOM (China) Investment Co qui détient 52%	  	 	  	 100

	Brazil	  	ALTM S.A.—TECNOLOGIA E SERVICOS DE MANUTENCAO	  	 51
	  	ALSTOM Participacoes Ltda qui détient 51%	  	 	  	 100

	China	  	ALSTOM DBD Instrument Transformer Co. Ltd	  	 51
	  	ALSTOM (China) Investment Co qui détient 51%	  	 	  	 100

	Thaïland	  	ALSTOM T&D Ltd	  	 48.99
	  	ALSTOM Holdings (Thailand) Co	  	 	  	 48,99 (control %:99,99)

	Iran	  	PARS SWITCH	  	 6.8
	  	ALSTOM Holdings qui détient 6.80%	  	 	  	 
	Argentina	  	Activité T&D	  	 	  	ALSTOM Argentina SA	  	 	  	 100

	Belgium	  	Activité T&D	  	 	  	ALSTOM Belgium	  	 	  	 99.99

	Brazil	  	Activité T&D	  	 	  	ALSTOM Brazil Ltda	  	 	  	 99.94

	Canada	  	Activité T&D	  	 	  	ALSTOM Canada Inc.	  	 	  	 100

	Chile	  	Activité T&D	  	 	  	ALSTOM Chile SA	  	 	  	 91.4

	Czech Republic	  	Activité T&D	  	 	  	ALSTOM Czech s.r.o	  	 	  	 100

	Egypt	  	Activité T&D	  	 	  	ALSTOM Egypt SAE	  	 	  	 99.62

	Germany	  	Activité T&D	  	 	  	ALSTOM Power Conversion Gmbh	  	 	  	 100

	India	  	Activité T&D	  	 	  	ALSTOM Projects India Ltd	  	 	  	 68.45

	Korea	  	Activité T&D	  	 	  	ALSTOM Korea Ltd	  	 	  	 100

	Morocco	  	Activité T&D	  	 	  	ALSTOM Maroc SA	  	 	  	 99.79

	Netherlands	  	Activité T&D	  	 	  	ALSTOM Nederland BV	  	 	  	 100

	Switzerland	  	Activité T&D	  	 	  	ALSTOM Switzerland Ltd	  	 	  	 100

	U.K.	  	Activité T&D	  	 	  	ALSTOM Controls Ltd	  	 	  	 100

	U.K.	  	Activité T&D	  	 	  	ALSTOM Ltd	  	 	  	 100

	Venezuela	  	Activité T&D	  	 	  	ALSTOM Venezuela	  	 	  	 100

  
 PART B

  

	 COUNTRY

	 	 SOLD COMPANY

	 	 Net financial %
of ALSTOM
Holdings in the
sold
company
(direct/ indirect)

	 	 SELLING COMPANY

	 	 Net financial %
 of ALSTOM
Holdings in the
selling company
(direct/indirect)

	 	 SUBSIDIARIES OF TARGET THAT ARE BEING SOLD

	 UK
	 	ALSTOM Power UK Ltd	 	 100
	 	ALSTOM NV	 	 100
	 	 ALSTOM Power Industrial Turbine Services Ltd (100%)
 ALSTOM Power Industrial Turbines India Ltd (100%)
 ALSTOM Power UK Holdings Ltd (100%)
 ALSTOM Integrated Maintenance Services Ltd (100%)
 Napier Turbochargers Limited (100%)
 Ruston Gas Turbines Limited (100%)

	 Sweden
	 	ALSTOM Sweden AB (formerly ALSTOM Power Holding Sweden AB)	 	 100
	 	ALSTOM NV	 	 100
	 	 ALSTOM Power Sweden AB (100%)
 Stal Svenska
Turbinfabriks AB (100%)
 Stal Bostadsaktiebolag AB (100%)
 Renea
AB (100%)
 Stal Flotech AB (100%)
 Ljungström Technology AB
(100%)
 Fästighets AB Lösaram (100%)
 Fästighets
AB Skoveln (100%)
 Gasturbinkraft i Helsingborg HB (49%)

	 Germany
	 	ALSTOM Power Turbinen GmbH	 	 100
	 	ALSTOM Power AG	 	 100
	 	 
	 Russia
	 	ALSTOM Power Nevsky	 	 80
	 	ALSTOM NV	 	 100
	 	 
	 Russia
	 	Kompressorny Komplex	 	 30
	 	ALSTOM NV	 	 100
	 	 
	 Russia
	 	Nevsky Zavod	 	 32.71
	 	ALSTOM NV and Mabelec	 	 100
 99.99
	 	 
	 Iran
	 	ALSTOM Desoil Services Company	 	 51
	 	ALSTOM NV	 	 100
	 	 
	 Czech
	 	ALSTOM Power CZ, s.r.o., ALSTOM Group	 	 100
	 	ALSTOM Power, s.r.o.	 	 100
	 	 
	 US
	 	ACP Corporation	 	 	 	ALSTOM Power, Inc	 	 100
	 	 
	 Brazil
	 	“Brazilian Newco” (new company to be incorporated in Brazil by Seller)	 	 	 	ALSTOM Brasil Ltda	 	 99.94
	 	 
	 Argentina
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Argentina SA	 	 100
	 	 
	 Canada
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Canada Inc	 	 100
	 	 
	 Dubai / UAE
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Service (Arabia) Ltd	 	 100
	 	 
	 Finland
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Finland Oy	 	 100
	 	 
	 France
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Industrie	 	 99.99
	 	 
	 India
	 	 Activité Turbines
 Industrielles
	 	 	 	 ALSTOM Project India Ltd
 (formerly ALSTOM
Power India Ltd)
	 	 67.53
	 	 
	 Italy
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Italia SpA	 	 100
	 	 
	 Malaysia
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Asia Pacific Sdn Bhd	 	 100
	 	 
	 Netherlands
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Nederland BV	 	 100
	 	 
	 Poland
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Sp. z.o.o.	 	 99.59
	 	 
	 Russia
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Ltd (Russia)	 	 100
	 	 
	 Saudi Arabia
	 	Activité Turbines Industrielles	 	 	 	Power Equipment and Materials Co Ltd	 	 0% financial
 100% Control
	 	 
	 Singapore
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Singapore Ptd Ltd	 	 100
	 	 
	 Spain
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power SA (Spain)	 	 100
	 	 
	 UK
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Industrial Turbine Services Ltd	 	 100
	 	 
	 UK
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Ltd	 	 100
	 	 
	 Norway
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Norway AS	 	 100
	 	 
	 Portugal
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Portugal SA(formerly ALSTOM Power Portugal SA)	 	 100
	 	 
	 Turkey
	 	Activité Turbines Industrielles	 	 	 	 ALSTOM Power Enerji A.S.(formerly ABB ALSTOM Power Enerji AS)
 Has merged with ALSTOM Elektrik Endustrisi A.S on 26.06.2002
	 	 99.81
	 	 
	 Greece
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Hellas AE	 	 99.99
	 	 
	 Nigeria
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Nigeria Ltd	 	 99
	 	 
	 Mexico
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Mexico SA de CV	 	 100
	 	 
	 Chile
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Chile SA	 	 91.41
	 	 
	 Columbia
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Columbia SA	 	 99.99
	 	 
	 Venezuela
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Venezuela SA	 	 100
	 	 
	 Thailand
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power (Thailand) Ltd	 	 73.98
	 	 
	 Indonesia
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Power Energy Systems Indonesia PT	 	 86.66
	 	 
	 China
	 	Activité Turbines Industrielles	 	 	 	BEIJING ALSTOM Engineering Consultancy Services Co Ltd	 	 80
	 	 
	 Japan
	 	Activité Turbines Industrielles	 	 	 	ALSTOM KK	 	 99.99
	 	 
	 South Korea
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Korea Ltd	 	 100
	 	 
	 Taiwan
	 	Activité Turbines Industrielles	 	 	 	ALSTOM Taiwan Ltd	 	 100
	 	 
	 Australia
	 	Activitié Turbines Industrielles	 	 	 	ALSTOM Power Ltd (Australia)	 	 100
	 	 

  

 83 

 SCHEDULE 13 
  
 THE AFFECTED FACILITIES 
  
 LIST OF WAIVERS/CONSENTS/AMENDMENTS REQUIRED 
  
 1. Euro 1,875,000,000 multicurrency revolving credit agreement dated 19 April 1999, as amended between (i) ALSTOM as Borrower, (ii) Banque Nationale de Paris, Chase
Manhattan plc and HSBC Investment Bank plc as Arrangers, (iii) the Banks named therein and (iv) Banque Nationale de Paris as Agent. 
  
 Amendment of financial covenants. 
  
 2. Euro 1,110,000,000 multicurrency revolving credit agreement dated 3 August 2001, as amended, between (i) ALSTOM as Borrower, (ii) BNP Paribas, Citibank International
plc and HSBC Investment Bank plc as Arrangers, (iii) the Banks named therein and BNP Paribas as Agent. 
  
 Amendment of financial covenants. 
  
 3. Euro
560,000,000 secured credit facility agreement dated 29 March 2000, as amended, between (i) Tefus Financing Limited, (ii) the Banks named therein and (iii) Wesdeutche Landesbank Girozentrale as Agent and Security Agent, the purpose of which was to
finance the purchase of receivables under two shipbuilding contracts between (i) Chantiers de l’Atlantique and (ii) Brittany Shipping Corporation Ltd. In the context of this facility ALSTOM Holdings granted a parent guarantee dated 29 March
2000 in favour of Tefus Financing Limited. 
  
 Waiver of financial covenants.

  
 4. Deed of Guarantee dated 7 April 1995 as replaced on 18 December 2002
granted by ALSTOM Holdings in favour of Royal Bank of Scotland (Industrial Leasing) Limited and Asset Finance March (A) Limited (a member of the HSBC Group) in connection with the project known as the “Northern Line”, guaranteeing the
obligations of ALSTOM Northern Line Service Provisions Limited. 
  
 Waiver of
financial covenants. 
  

 84 

 SCHEDULE 14 
  
 EXISTING SECURITY 
  
 Security interests as of [    ] April 2003 
  
 ALSTOM : nil 
  
 ALSTOM Holdings : 
  

	-	 	USD 84,150,000 pledged deposit (“dépôt gage espèces”) in favour of Crédit Agricole Indosuez, related to the ship known as R8 (ex Renaissance).

  

	-	 	EUR 78,558,120 on escrow account (“ convention de dépôt séquestre ”)at Société Générale, with EDF and ALSTOM Holdings as
counterparties. Related to the sale of ALSTOM’s share into FIGLEC to EDFI. 

  

	-	 	EUR 49,852,000 on pledged deposit (“dépôt de garantie”) in favour of Crédit Lyonnais, corresponding to the level of overcollateralization required as
of 28th February 2003 for the T&D securitization programme of existing receivables. 

  

 85 

 SCHEDULE 15 
  
 FORM OF CONFIDENTIALITY UNDERTAKING CONFIDENTIALITY 
  
 CONFIDENTIALITY LETTER (SELLER) 
  
 [Letterhead of Seller/Seller’s Agent/Broker] 
  
 To: 
  

	 	 	 [insert name of Potential
 [insert name of Potential
 Purchaser/Purchaser’s agent/broker

  
 Re: The Agreement 

 

		
	 Borrower:
	 	 
		
	 Date:
	 	 
		
	 Amount:
	 	 
		
	 Agent:
	 	 

  
 Dear Sirs 
  
 We understand that you are considering [acquiring]1/[arranging the acquisition of]2 an interest in the Agreement (the Acquisition). In consideration of us agreeing to make available to you certain
information, by your signature of a copy of this letter you agree as follows: 
  
 1. Confidentiality Undertaking 
  
 You undertake (a) to keep the
Confidential Information confidential and not to disclose it to anyone except as provided for by paragraph 2 below and to ensure that the Confidential Information is protected with security measures and a degree of care that would apply to your own
confidential information, (b) to use the Confidential Information only for the Permitted Purpose, (c) to use all reasonable endeavours to ensure that any person to whom you pass any 

	1	 	delete if addressee is acting as broker or agent. 

	2	 	delete if addressee is acting as principal. 

  

 86 

 Confidential Information (unless disclosed under paragraph 2[(c)/(d)]3 below) acknowledges and complies with the provisions of this letter as if that person were also a party to it, and (d) not to make enquiries of any member of
the Group or any of their officers, directors, employees or professional advisers relating directly or indirectly to the Acquisition. 
  
 2. Permitted Disclosure 
  
 We agree that you may disclose Confidential Information: 
  

	(a)	 	to members of the Purchaser Group and their officers, directors, employees and professional advisers to the extent necessary for the Permitted Purpose and to any auditors of members
of the Purchaser Group; 

  

	(b)	 	[subject to the requirements of the Agreement, in accordance with the Permitted Purpose so long as any prospective purchaser has delivered a letter to you in equivalent form to this
letter;] 

  

	[(b/c)]3	 	subject to the requirements of the Agreement, to any person to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any of the
rights, benefits and obligations which you may acquire under the Agreement or with (or through) whom you enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by
reference to, the Agreement or the Borrower or any member of the Group so long as that person has delivered a letter to you in equivalent form to this letter; and 

  

	[(c/d)]3	 	(i) where requested or required by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body, (ii) where required
by the rules of any stock exchange on which the shares or other securities of any member of the Purchaser Group are listed or (iii) where required by the laws or regulations of any country with jurisdiction over the affairs of any member of the
Purchaser Group. 

  
 3. Notification of Required or Unauthorised
Disclosure 
  
 You agree (to the extent permitted by law) to inform us of the
full circumstances of any disclosure under paragraph 2[(c)/(d)]3 or upon becoming aware that Confidential
Information has been disclosed in breach of this letter. 
  
 4. Return of
Copies 
  
 If we so request in writing, you shall return all Confidential
Information supplied to you by us and destroy or permanently erase all copies of Confidential Information made by you and use all reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or
permanently erases such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any
competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 2[(c)/(d)]3 above. 

	3	 	delete as applicable. 

  

 87 

 5. Continuing Obligations 
  
 The obligations in this letter are continuing and, in particular, shall survive the termination of any discussions or negotiations between
you and us. Notwithstanding the previous sentence, the obligations in this letter shall cease (a) if you become a party to or otherwise acquire (by assignment or sub-participation) an interest, direct or indirect, in the Agreement or (b) twelve
months after you have returned all Confidential Information supplied to you by us and destroyed or permanently erased all copies of Confidential Information made by you (other than any such Confidential Information or copies which have been
disclosed under paragraph 2 above (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4 above, are not required to be returned or destroyed). 
  
 6. No Representation; Consequences of Breach, etc 
  
 You acknowledge and agree that: 
  

	(a)	 	neither we, [nor our principal] nor any member of the Group nor any of our or their respective officers, employees or advisers (each a Relevant Person)
(i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or the assumptions on
which it is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to you or any other person in respect to the Confidential
Information or any such information; and 

  

	(b)	 	we [or our principal]4 or members of the Group may be irreparably harmed by the breach of the terms hereof and damages may not be an adequate remedy; each Relevant Person may be granted an
injunction or specific performance for any threatened or actual breach of the provisions of this letter by you. 

  
 7. No Waiver; Amendments, etc 
  
 This letter sets out the full extent of your obligations of confidentiality owed to us in relation to the information the subject of this letter. No failure or delay in
exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise of any right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or
privileges hereunder. The terms of this letter and your obligations hereunder may only be amended or modified by written agreement between us. 
  
 8. Inside Information 
  
 You acknowledge that some or all of the Confidential Information (including in particular the information defined as “Confidential Information” under Clause 12 of the Agreement); is or may be price-sensitive
information and that the use of such information may be regulated or prohibited by applicable legislation relating to insider dealing and you undertake not to use any Confidential Information for any unlawful purpose. 

	4	 	delete if letter is sent out by the Seller rather than the Seller’s broker or agent. 

  

 88 

 9. Nature of Undertakings 
  
 The undertakings given by you under this letter are given to us and (without implying any fiduciary obligations on our part) are also given
for the benefit of [our principal,]4 the Borrower and each other member of the Group. 
  
 10. Third Party Rights 
  

	(a)	 	Subject to paragraph 6 and to paragraph 9 the terms of this letter may be enforced and relied upon only by you and us and the operation of the Contracts (Rights of Third Parties)
Act 1999 is excluded. 

  

	(b)	 	Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person to rescind or vary this letter at any time.

  
 11. Governing Law and Jurisdiction 
  
 This letter (including the agreement constituted by your acknowledgement of its terms) shall
be governed by and construed in accordance with the laws of England and the parties submit to the non-exclusive jurisdiction of the English courts. 
  
 12. Definitions 
  
 In this letter (including the acknowledgement set out below) terms defined in the Agreement shall, unless the context otherwise requires, have the same meaning and: 
  
 Confidential Information means any information relating to the
Borrower, the Group, the Agreement and/or the Acquisition provided to you by us or any of our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or
recording information which contains or is derived or copied from such information but excludes information that (a) is or becomes public knowledge other than as a direct or indirect result of any breach of this letter or (b) is known by you before
the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you thereafter, other than from a source which is connected with the Group and which, in either case, as far as you are aware, has not
been obtained in violation of, and is not otherwise subject to, any obligation of confidentiality and includes in particular the information defined as “Confidential Information” under Clause 34 of the Agreement; 
  
 Group means the Borrower and each of its holding companies and
Subsidiaries and each Subsidiary of each of its holding companies (as each such term is defined in the Companies Act 1985); 
  
 Permitted Purpose means [subject to the terms of this letter, passing on information to a prospective purchaser for the purpose
of]2 considering and evaluating whether to enter into the Acquisition; and 
  
 Purchaser Group means you, each of your holding companies and
Subsidiaries and each Subsidiary of each of your holding companies (as each such term is defined in the Companies Act 1985). 
  

 89 

 Please acknowledge your agreement to the above by signing and returning the enclosed copy. 
  
 Yours faithfully 

	
	  

	 For and on behalf of
 [Seller/Seller’s agent/broker]

  

	To:	 	[Seller] 

 [Seller’s agent/broker] 
 The Borrower and each other member of the Group 
  
 We acknowledge and agree to the above: 
  

	
	  

	 For and on behalf of
 [Potential Purchaser/Purchaser’s agent/broker]

  

 90 

 This Agreement has been entered into on the date stated at the beginning. 
  
 The Borrower 
  
 ALSTOM 
  
 The Arrangers 
  
 BNP PARIBAS 
  
 CHASE MANHATTAN plc

  
 HSBC INVESTMENT BANK plc 
  
 The Agent 
  
 BNP PARIBAS 
  
 The Co-Arrangers 
  
 ABN AMRO BANK N.V. 
  
 BANCO CENTRAL
HISPANOAMERICANO SA 
  

 91 

 BARCLAYS BANK PLC 
  
 CDC FINANCE—CDC IXIS 
  
 CITIBANK N.A. 
  
 COMMERZBANK AKTIENGESELLSCHAFT 
  
 CIC

  
 CREDIT AGRICOLE INDOSUEZ 
  
 CCF 
  
 CREDIT LYONNAIS S.A. 
  
 DRESDNER KLEINWORT BENSON 
  

 92 

 LLOYDS TSB BANK PLC 
  
 BNP PARIBAS 
  
 NATEXIS BANQUES POPULAIRES 
  
 WEST LB
FRANCE S.A. 
  

 93 

	 The Banks

	  	Tranche A
Commitment

	  	Tranche B
Commitment

	 ABN AMRO Bank N.V.
	  	nil	  	€	39,000,000
	 Banca Commerciale Italiana (France)
	  	nil	  	€	36,000,000
	 Banca Di Roma, Paris Branch
	  	nil	  	€	16,000,000
	 Banco Bilbao Vizcaya Argentaria S.A.
	  	nil	  	€	32,000,000
	 Banco Santander Central Hispano, Paris
	  	nil	  	€	54,000,000
	 Bank Austria Creditanstalt AG
	  	nil	  	€	10,000,000
	 Bank One, NA
	  	nil	  	€	16,000,000
	 Barclays Bank Plc
	  	nil	  	€	44,000,000
	 Bank Polska Kasa Opieki SA, Succursale de Paris
	  	nil	  	€	5,000,000
	 Bayerische Landesbank, Paris Branch
	  	nil	  	€	36,000,000
	 BNP Paribas
	  	nil	  	€	118,000,000
	 Caixa Catalunya, succursale en France
	  	nil	  	€	10,000,000
	 CDC Finance—CDC Ixis
	  	nil	  	€	54,000,000
	 Citibank N.A.
	  	nil	  	€	30,666,667
	 Commerzbank AG, Paris Branch
	  	nil	  	€	37,333,334
	 Commerzbank International (Ireland)
	  	nil	  	€	16,666,666
	 Crédit Agricole Indosuez
	  	nil	  	€	54,000,000
	 Crédit Industriel et Commercial
	  	nil	  	€	54,000,000
	 Crédit Lyonnais S.A.
	  	nil	  	€	54,000,000
	 Deutsche Bank AG, succursale de Paris
	  	nil	  	€	16,000,000
	 Dexia Banque Belgium SA/NV
	  	nil	  	€	44,000,000
	 Dresdner Bank (Ireland) plc
	  	nil	  	€	54,000,000
	 Fortis Bank SA/NV
	  	nil	  	€	36,000,000
	 HSBC Bank plc, London Branch
	  	nil	  	€	32,000,000
	 HSBC Bank plc, Paris Branch
	  	nil	  	€	32,000,000
	 HSBC/CCF
	  	nil	  	€	54,000,000
	 JPMorgan Chase Bank, Paris Branch
	  	nil	  	€	64,000,000
	 Lloyds TSB Bank plc
	  	nil	  	€	54,000,000
	 Natexis Banques Populaires
	  	nil	  	€	54,000,000
	 National Westminster Bank plc
	  	nil	  	€	16,000,000
	 Union de Banques Arabes et Françaises U.B.A.F.
	  	nil	  	€	10,000,000
	 WestLB Paris Branch
	  	nil	  	€	54,000,000
	 Westpac Banking Corporation
	  	nil	  	€	13,333,333
	 	  	
	  	
	

	 TOTAL COMMITMENTS
	  	nil	  	€	1,250,000,000
	 	  	
	  	
	

  

 94

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