Document:

<PAGE>   1
                                                                   EXHIBIT 10.50

                                     FORM OF
                         FOUNDER STOCK PLEDGE AGREEMENT

         PLEDGE AGREEMENT dated as of September 8, 2000 between ________________
("Pledgor") and Adir Technologies, Inc., a Delaware corporation (the "Pledgee"
or the "Company").

         Pursuant to a promissory note secured by a pledge of stock dated the
date hereof, a copy of which is attached hereto (the "Note"), the Pledgee has
loaned to Pledgor $_________. Pledgor desires to pledge, as security for its
repayment obligation under the Note, ____ shares of Common Stock of the Company,
as set forth in Schedule I attached hereto. The shares of Common Stock of the
Company pledged hereunder are collectively referred to as the "Shares."

         In consideration of the foregoing and the mutual covenants and
conditions contained herein, the parties hereto agree as follows:

         1. GRANT OF SECURITY INTEREST. Pledgor, as security for the due
performance by Pledgor of all of the agreements and obligations to be performed
and kept by Pledgor under the Note and this Pledge Agreement, hereby assigns,
hypothecates, transfers, and pledges to the Pledgee and hereby creates a present
security interest in favor of the Pledgee in the Shares.

         2. CERTIFICATES REPRESENTING PLEDGED SECURITIES. Pledgor hereby
delivers to the Pledgee a certificate or certificates representing the Shares
with undated, executed blank stock power(s) attached.

         3. ADDITIONAL STOCK. If, on or subsequent to the date hereof, the
Common Stock of the Company is increased, decreased, changed into or exchanged
for a different number or kind of shares or securities of the Company or any
other corporation through reorganization, recapitalization, reclassification,
stock dividend, stock split or reverse stock split, or otherwise, such shares or
securities shall be delivered to the Pledgee, together with duly executed stock
powers in blank, to be held subject to all the terms and conditions of this
Pledge Agreement, in addition to or in substitution for the certificates
representing the Shares delivered pursuant to Section 2 hereof, and the term
"Shares" shall also be deemed to refer to such shares or securities.

         4. VOTING AND DIVIDEND RIGHTS. While the Shares are in the possession
of the Pledgee and unless and until a Default (as defined in the Note) or a
breach of this Pledge Agreement occurs (collectively, a "default"), the Pledgor
shall retain each and all of the voting rights and dividend rights of the
Shares. The transfer of the voting rights of the Shares as contemplated hereby
shall constitute an irrevocable proxy coupled with an interest for as long as
and to the extent that the Pledgor is in default under the Note or this Pledge
Agreement. Upon the cure of such default, the voting rights and dividend rights
shall be transferred back to and exercisable by Pledgor until a further default
occurs, if any.

         5. DEFAULT. Subject to the limitations set forth in the Note, upon
Pledgor's default under the Note or this Pledge Agreement, the Pledgee shall
have all rights and remedies of a secured party under the Uniform Commercial
Code as in effect in the State of New Jersey, including the right to exercise
and enjoy the voting and dividend rights of the Shares, in addition

                                       -1-
<PAGE>   2
to the rights and remedies provided in this Agreement. All of the rights of the
Pledgee under this Pledge Agreement and the Note shall be cumulative and the
election of any one or more remedies shall not bar any other remedy or remedies.

         6. LIMITATION. Neither the Pledgee nor any assignee of the Pledgee
shall subject the Shares to a put, call, or other option or buy-sell or similar
arrangement other than those in effect on the date hereof.

         7. RELEASE OF PLEDGE. On repayment of all principal and accrued
interest on the Note, the certificates, stock powers, and other evidence
representing the Shares shall thereupon be released from pledge and delivered to
Pledgor.

         8. SUBSTITUTION OF COLLATERAL. At any time and from time to time, upon
request of Pledgor, the Pledgee may, in its sole discretion, release all or any
part of the Shares and accept substitute collateral for the pledged stock,
without affecting the liability or obligations of Pledgor or any other person
for payment of the indebtedness secured hereby.

         9. WARRANTY OF PLEDGOR. Pledgor warrants and represents that it is the
record and beneficial owner of the Shares, with full power and authority to
enter into this Pledge Agreement and to grant a security interest in the Shares
to the Pledgee as contemplated hereby. The Shares are not subject to any other
security interest or to any lien, encumbrance or adverse claim.

         10. NOTICES. All notices, demands or other communications to be given
or delivered under or by reason of the provisions of this Agreement will be in
writing and will be deemed to have been given when delivered personally, or one
business day following when sent next-day delivery via a nationally recognized
overnight courier, or when sent, when sent via facsimile confirmed in writing to
the recipient. Such notices, demands and other communications will be sent to
the address indicated below:

                  To the Pledgee:

                           Adir Technologies, Inc.
                           520 Broad Street
                           Newark, NJ 07102
                           Attn:  President
                           Facsimile: (973) ___-____

                  To the Pledgor:

                           _________________________
                           Net2Phone, Inc.
                           520 Broad Street
                           Newark, NJ 07102
                           Attn:  President
                           Facsimile: (973) ___-____

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<PAGE>   3
or such other address or to the attention of such other Person as the recipient
party shall have specified by prior written notice to the sending party.

         11. COUNTERPARTS. This Pledge Agreement may be executed in
counterparts, each of which shall be an original but all of which shall
constitute one and the same instrument.

         12. GOVERNING LAW. This Note shall be construed in accordance with the
domestic laws of the State of New Jersey, without giving effect to any choice of
law or conflict of law provision or rule (whether of the State of New Jersey or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New Jersey.

         13. MODIFICATIONS AND AMENDMENTS. This Pledge Agreement may not be
modified, changed or supplemented, nor may any obligations hereunder be waived,
except by written instrument signed by the party to be charged or by its agent
duly authorized in writing or as otherwise expressly permitted herein.

         14. NO THIRD PARTY RIGHTS. The parties do not intend to confer any
benefit hereunder on any person, firm or corporation other than the parties
hereto.

         15. WAIVERS AND EXTENSIONS. No waiver of any breach of any agreement or
provision herein contained shall be deemed a waiver of any preceding or
succeeding breach hereof or of any other agreement or provision herein
contained. No extension of time for performance of any obligations or acts shall
be deemed an extension of the time for performance of any other obligations or
acts.

         16. NON-WAIVER OF RIGHTS. No failure or delay of either party in the
exercise of any right given to such party hereunder shall constitute a waiver
thereof unless the time specified herein for exercise of such right has expired,
nor shall any single or partial exercise of any right preclude other or further
exercise thereof or of any other right.

         17. TITLES AND HEADINGS. Titles and headings of sections of this Pledge
Agreement are for convenience of reference only and shall not affect the meaning
or interpretation of any provision of this Pledge Agreement.

         18. FURTHER ASSURANCES. The parties agree to do such further acts and
things and to execute and deliver such additional agreements and instruments as
may reasonably be required to consummate, evidence, or confirm the agreement
contained herein in the manner contemplated hereby.

         19. SUCCESSORS AND ASSIGNS. This Pledge Agreement shall be binding upon
and inure to the benefit of the heirs, representatives, successors, and assigns
of the parties, provided however, that this Pledge Agreement may not be assigned
by the Pledgor without the prior written consent of the Pledgee.

         20. SEVERABILITY. Every provision of this Pledge Agreement is intended
to be severable. In the event any term or portion hereof is declared to be
illegal or invalid for any

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reason whatsoever by a court of competent jurisdiction, such illegality or
invalidity shall not affect any other term or portion of this Pledge Agreement,
which shall remain binding and enforceable.

         21. CONSENTS AND APPROVALS. Wherever the consent or approval of either
party is provided for in this Pledge Agreement, such consent or approval may not
unreasonably be withheld and shall be given in writing to the requesting party.

                                    * * * * *

                                      -4-
<PAGE>   5
         IN WITNESS WHEREOF, the parties hereto have executed this Pledge
Agreement as of the date first above written.

                                       ______________________________

                                       ADIR TECHNOLOGIES, INC.

                                       By: _____________________________________
                                       Name: ___________________________________
                                       Title: __________________________________
<PAGE>   6
                                                                      SCHEDULE I

<TABLE>
<CAPTION>
       CERTIFICATE NUMBER OF
         THE PLEDGED SHARES                      NUMBER OF SHARES
<S>                                              <C>

</TABLE><PAGE>   1

                                                                     Exhibit 4.4

    [FORM OF GLOBAL BOND FOR 8.962% SERIES A-1 SENIOR SECURED BONDS DUE 2016]

                        NRG SOUTH CENTRAL GENERATING LLC
                 8.962% Senior Secured Series A-1 Bonds Due 2016

       UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY ("DTC") TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER REPRESENTATIVE OF DTC AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

       TRANSFERS OF THIS GLOBAL BOND SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL BOND SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE.

                                                    CUSIP Number: 62937MAC3
                                                     ISIN Number: US62937MAC38

<TABLE>
<S>                                         <C>
Principal Amount:                           $

Maturity Date:                              March 15, 2016

Issue Date:                                 [__________], 2001

Interest Rate:                              8.962%

Registered Holder:                          Cede & Co.
</TABLE>

       NRG SOUTH CENTRAL GENERATING LLC, a Delaware limited liability company
(the "Issuer," which term includes any successor or assign under the Indenture
referred to below), for value received hereby promises to pay to Cede & Co., or
its registered assigns, on each date (each a "Payment Date") the principal sum
corresponding to such Payment Date set forth on Schedule I of the Indenture, or
on such earlier date as the entire principal hereof may become due in
accordance with the provisions of the Indenture, and to pay interest in arrears
on

<PAGE>   2

each March 15 and September 15 (each an "Interest Payment Date"), commencing
September 15, 2000, on said principal sum at the rate of 8.962% per annum.
Interest shall accrue from and including the most recent date to which interest
has been paid or duly provided for, from March 30, 2000 until payment of said
principal sum has been made or duly provided for. The interest payable on any
such Interest Payment Date will, subject to certain conditions set forth herein,
be paid to the person in whose name this Bond is registered at the end of the
fifteenth day next preceding each Interest Payment Date. Such payments shall be
made exclusively in such coin or currency of the United States of America as at
the time of payment shall be legal tender for the payment of public and private
debts.

       The statements in the legend set forth above, if any, are an integral
part of the terms of this Bond and by acceptance hereof the holder of this Bond
agrees to be subject to and bound by the terms and provisions set forth in such
legend, if any.

       REFERENCE IS MADE TO THE FURTHER PROVISIONS SET FORTH UNDER THE TERMS AND
CONDITIONS OF THE BONDS ENDORSED ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS
SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS
PLACE.

       Unless the certificate of authentication hereon has been executed by the
Bond Trustee referred to on the reverse hereof by manual signature, this Bond
shall not be entitled to any benefit under the Indenture or be valid for any
purpose.

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed.

Dated:  [___________], 2001

                                        NRG SOUTH CENTRAL GENERATING LLC

                                        By:
                                            ------------------------------------
                                             Name:
                                             Title:

       This is one of the Bonds described in the within-mentioned Indenture.

                                        THE CHASE MANHATTAN BANK
                                        as Bond Trustee

                                        By:
                                            ------------------------------------
                                             Authorized Signatory

                                       2
<PAGE>   3

                          TERMS AND CONDITIONS OF BONDS

<TABLE>
<S>                                         <C>
Principal Amount:                           $

Interest Rate:                              8.962%

Payment Dates:                              March 15 and September 15
                                            (commencing September 15, 2000)

Minimum Denominations:                      US$100,000 and integral multiples of
                                            $1,000 in excess thereof.

Other Terms:
</TABLE>

              1.     General. This Bond is one of a duly authorized issue of
debt securities (the "Bonds") of NRG SOUTH CENTRAL GENERATING LLC (the "the
Issuer") issued pursuant to an Indenture (the "Indenture") dated as of March 30,
2000, between the Issuer and THE CHASE MANHATTAN BANK, as Bond Trustee. All
capitalized terms used but not otherwise defined herein shall have the meanings
given to such terms in Appendix A of the Indenture. The Holders of the Bonds
will be entitled to the benefits of, be bound by and be deemed to have notice
of, all of the provisions of the Indenture. A copy of the Indenture is on file
and may be inspected at the Corporate Trust Office of the Bond Trustee in The
City of New York, at the offices of the paying agents listed at the foot of this
Bond and at the principal office of the Issuer set forth in Section 18 hereto.

              2.     Payments and Paying Agencies. (a) All payments on this
Bond shall be made exclusively in immediately available funds and in such coin
or currency of the United States of America which, at the time of payment, is
legal tender for the payment of public and private debts.

              (b)    The Person in whose name any Bond is registered at the
close of business on any Regular Record Date immediately preceding any Payment
Date shall be entitled to receive the principal, premium (if any) and/or
interest payable on such Payment Date notwithstanding the cancellation of such
Bond upon any transfer or exchange thereof subsequent to such Regular Record
Date and prior to such Payment Date; provided, however, that if and to the
extent there is a default in the payment of the principal, premium (if any)
and/or interest due with respect to any Bond on such Payment Date, such
defaulted principal, premium (if any) and/or interest shall be paid to the
Holder in whose names Outstanding Bonds are registered at the close of business
on a subsequent date (each such date, a "Special Record Date") determined by the
Bond Trustee as provided in Section 2.4 of the Indenture.

              (c)    If any date for the payment of principal of, premium
(if any) or interest on the Bond is not a Business Day, such payment shall be
due on the first Business Day thereafter. Any payment made on such next
succeeding Business Day shall have the same force and effect as if made on the
date on which such payment is due, and no interest shall accrue for the period
after such date.

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<PAGE>   4

              (d)    Interest shall be calculated on the basis of a 360-day
year of twelve 30-day months.

              3.     Amendments and Supplements to Indenture.

              (a)    Without Consent of Holders.

              Subject to the Intercreditor Agreement, the Indenture may be
amended or supplemented by the Issuer and the Bond Trustee at any time and from
time to time, without the consent of the Holders by a Supplemental Indenture
authorized by a resolution of the Management Committee of the Issuer filed with,
and in form satisfactory to, the Bond Trustee, solely for one or more of the
following purposes:

              (i)    to add additional covenants of the Issuer or any of the
       other obligors on the Bonds, to surrender any right or power herein
       conferred upon the Issuer or any of the other obligors on the Bonds or to
       confer upon the Holders any additional rights, remedies, benefits, powers
       or authorities that may lawfully be conferred;

              (ii)   to increase the assets securing the Issuer's obligations
       under the Indenture;

              (iii)  to provide for the issuance of Additional Bonds on the
       conditions set forth in Section 2.3 of the Indenture;

              (iv)   for any purpose not inconsistent with the terms of the
       Indenture to cure any ambiguity or to correct or supplement any provision
       contained herein or in any Supplemental Indenture which may be defective
       or inconsistent with any other provision contained herein or in any
       Supplemental Indenture;

              (v)    in connection with, and to reflect, any amendments to the
       provisions hereof required by the Rating Agencies in circumstances where
       confirmation of the Ratings are required under the Indenture in
       connection with the issuance of Additional Bonds or the taking of other
       actions by the Issuer; provided, however, that such amendments are not,
       in the judgment of the Bond Trustee, to the prejudice of the Bond Trustee
       or the Holders;

              (vi)   to provide for the issuance of Exchange Bonds and Private
       Exchange Bonds, as contemplated by the Registration Rights Agreement or
       similar exchange bonds in respect of Additional Bonds;

              (vii)  to evidence the succession of another Person to the Issuer
       or any other obligor on the Bonds as permitted by the terms of the
       Finance Documents, and the assumption by any such successor of the
       covenants of the Issuer or such obligor contained herein and in the
       Bonds;

              (viii) to evidence and provide for the acceptance of appointment
       of a successor Bond Trustee under the Indenture;

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<PAGE>   5

              (ix)   to mortgage, pledge, hypothecate or grant a security
       interest in favor of the Bond Trustee for the benefit of the Holders as
       additional security for the payment and performance of the Issuer's
       obligations under the Indenture; or

              (x)    to comply with any requirements of the Commission or the
       Trust Indenture Act in order to effect and maintain the qualification of
       the Indenture under the Trust Indenture Act.

              (b)    With Consent of Holders.

              Subject to the Intercreditor Agreement, the Indenture may be
amended or supplemented by the Issuer and the Bond Trustee at any time and from
time to time, with the consent of the Majority Holders, for the purpose of
adding any mutually agreeable provisions to or changing in any manner or
eliminating any of the provisions of, the Indenture, except with respect to (a)
the principal, premium (if any) or interest payable upon any Bonds, (b) the
dates on which interest on or principal of any Bonds is paid, (c) the dates of
maturity of any Bonds and (d) Article 8 of the Indenture. Subject to the
Intercreditor Agreement, the matters of the Indenture described in clauses (a)
through (d) of the preceding sentence may be amended or supplemented by the
Issuer and the Bond Trustee at any time and from time to time only with the
consent of the One Hundred Percent Holders. Notice of any such amendment shall
be given by the Issuer to any Rating Agency then maintaining a Rating for the
Bonds.

              4.     Mutilated, Lost, Destroyed or Stolen Bonds. (a) If any Bond
shall become mutilated, the Issuer shall execute, and the Bond Trustee shall
authenticate and deliver, a new Bond of like tenor, maturity and denomination in
exchange and substitution for the Bond so mutilated, but only upon surrender to
the Bond Trustee of such mutilated Bond for cancellation, and the Issuer or the
Bond Trustee may require reasonable indemnity therefor. If any Bond shall be
reported lost, stolen or destroyed, evidence as to the ownership and the loss,
theft or destruction thereof shall be submitted to the Bond Trustee. If such
evidence shall be satisfactory to both the Bond Trustee and the Issuer and
indemnity satisfactory to both shall be given, the Issuer shall execute, and
thereupon the Bond Trustee shall authenticate and deliver, a new Bond of like
tenor, maturity and denomination. The cost of providing any substitute Bond
under the provisions of Section 2.10 of the Indenture shall be borne by the
Holder for whose benefit such substitute Bond is provided. If any such
mutilated, lost, stolen or destroyed Bond shall have matured or be about to
mature, the Issuer may, with the consent of the Bond Trustee, pay to the Holder
thereof the principal amount of such Bond upon the maturity thereof and
compliance with the aforesaid conditions by such Holder, without the issuance of
a substitute Bond therefor, and likewise pay to the Holder the amount of the
unpaid interest, if any, which would have been paid on a substitute Bond had one
been issued.

              (b)    Every substitute Bond issued pursuant to Section 2.10 of
the Indenture shall constitute an additional contractual obligation of the
Issuer, whether or not the Bond alleged to have been mutilated, destroyed, lost
or stolen shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionally with any and all
other Bonds duly issued hereunder.

                                       5
<PAGE>   6

              (c)    All Bonds shall be held and owned upon the express
condition that the foregoing provisions are, to the extent permitted by
Applicable Law, exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Bonds, and shall preclude any and all other
rights and remedies with respect thereto.

              5.     Bond Trustee. For a description of the duties and the
immunities and rights of the Bond Trustee under the Indenture, reference is made
to the Indenture, and the obligations of the Bond Trustee to the Holder hereof
are subject to such immunities and rights.

              6.     Paying Agents; Authenticating Agents; Registrars. The
Issuer has initially appointed the Bond Trustee as Paying Agent, Authenticating
Agent and Registrar. The Issuer may, subject to the terms of the Indenture, at
any time appoint additional or other paying agents, authenticating agents and
registrars and terminate the appointment thereof, provided, that while the Bonds
are Outstanding, the Issuer will maintain offices or agencies for payment of
principal of and interest on this Bond as herein provided in the Borough of
Manhattan, The City of New York. Notice of any such termination or appointment
and of any change in the office through which any paying agent, authenticating
agent or registrar will act will be promptly given in the manner described in
Section 8 hereof.

              7.     Enforcement. (a) Subject to the Intercreditor Agreement and
the other provisions of Article 5 of the Indenture, a Holder shall not have the
right to institute any suit, action or proceeding at law or in equity or
otherwise for the appointment of a receiver or for the enforcement of any other
remedy under or upon this Indenture, unless:

              (i)    such Holder shall have previously given written notice to
       the Bond Trustee of a continuing Event of Default;

              (ii)   Holders representing the percentage of aggregate principal
       amount of Outstanding Bonds needed to initiate the exercise of remedies
       shall have requested the Bond Trustee in writing to institute such suit,
       action or proceeding;

              (iii)  the Bond Trustee shall have refused or neglected to
       institute any such suit, action or proceeding for sixty (60) days after
       receipt of such notice by the Bond Trustee; and

              (iv)   no direction inconsistent with such written request has
       been given to the Bond Trustee during such sixty (60) day period by the
       Majority Holders.

              (b)    Subject to the Intercreditor Agreement, it is understood
and intended that one or more of the Holders shall not have any right in any
manner whatsoever hereunder or under the Bonds to (i) surrender, impair, waive,
affect, disturb or prejudice the Lien of the Security Documents on any property
subject thereto or the rights of any other Holders, (ii) obtain or seek to
obtain priority or preference over any other Holders or (iii) enforce any right
under the Indenture, except in the manner provided herein or in the Indenture
and for the equal, ratable and common benefit of all of the Holders.

              8.     Notices. Notices will be mailed to Holders at their
registered addresses. Notice sent by first class mail, postage prepaid, shall be
deemed to have been given on the date

                                       6
<PAGE>   7

of such mailing. In addition, the Issuer will cause all such other publications
of such notices as may be required from time to time by Applicable Law.

              9.     Redemption at the Option of the Issuer. The Bonds are,
under certain conditions, subject to redemption at the option of the Issuer as
set forth in Section 3.1 of the Indenture.

              10.    Redemption at the Option of the Holders. The Bonds are,
under certain conditions, subject to redemption at the option of the Holders as
set forth in Section 3.1 of the Indenture.

              11.    Mandatory Redemption. The Bonds are subject to mandatory
redemption under certain circumstances as set forth in Section 3.2 of the
Indenture.

              12.    Authentication. This Bond shall not be valid for any
purpose until an Authorized Representative of the Bond Trustee manually signs
the certificate of authentication hereon substantially in the form set forth at
the end of the form of the Bond attached to the Indenture as Exhibit A.

              13.    Governing Law. This Bond is a contract made under the laws
of the State of New York of the United States and shall for all purposes be
governed by and construed in accordance with the laws of such State without
regard to the conflict of law rules thereof (other than Section 5-1401 of the
New York General Obligations Law).

              14.    Warranty by the Issuer. Subject to Section 1.2, the Issuer
hereby certifies and warrants that all acts, conditions and things required to
be done and performed and to have happened precedent to the creation and
issuance of this Bond, and to constitute the same a legal, valid and binding
obligation of the Issuer enforceable in accordance with its terms, have been
done and performed and have happened in due and strict compliance with all
Applicable Laws.

              15.    Bond Trustee Dealings with the Issuer. Subject to certain
limitations imposed by the Act, the Bond Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Bonds and
may otherwise deal with and collect obligations owed to it by the Issuer or its
Affiliates and may otherwise deal with the Issuer or its Affiliates with the
same rights it would have if it were not Bond Trustee.

              16.    No Recourse Against Others. A director, officer, employee,
partner, affiliate, agent, servant or shareholder, as such, of the Issuer or the
Bond Trustee shall not have any liability for any obligations of the Issuer
under the Bonds or the Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation. The Bonds shall be payable from,
and recourse solely to, the Guarantees and the Collateral. By accepting a Bond,
each Holder waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Bonds.

              17.    CUSIP Numbers. Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Issuer has
caused CUSIP numbers to be printed on the Bonds and has directed the Bond
Trustee to use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such

                                       7
<PAGE>   8

numbers either as printed on the Bonds or as contained in any notice of
redemption and reliance may be placed only on the other identification number
placed thereon. The Issuer will promptly notify the Bond Trustee of any change
in the CUSIP numbers.

              18.    Indentures. The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made
to: NRG SOUTH CENTRAL GENERATING LLC at 901 Marquette Avenue, Suite 2300,
Minneapolis, Minnesota 55402-3265, Attention: General Counsel, Telecopier No.:
(612) 373-5392.

              19.    Abbreviations. Customary abbreviations may be used in the
name of a Holder or an assignee, such as TEN COM (Tenants in Common), TEN ENT
(Tenants by the Entireties), JT TEN (Joint Tenants with Rights of Survivorship
and not as Tenants in Common), CUST (Custodian), and U/G/M/A (Uniform Gift to
Minors Act).

              20.    Descriptive Headings. The descriptive headings appearing in
these Terms and Conditions are for convenience of reference only and shall not
alter, limit or define the provisions thereof.

                                       8

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