Document:

Deed of Assignment and Mortgage, Dated September 30, 2004

 Exhibit 4.33 
  
 CONFORMED COPY 
  
 DEED OF ASSIGNMENT AND MORTGAGE 
  
 DATED 30 September, 2004 
  
 BETWEEN 
  
 EGGBOROUGH POWER (HOLDINGS) LIMITED 
  
 - and - 
  
 BARCLAYS BANK
PLC 
 as Security Trustee 
  
 

 
  
 ALLEN & OVERY LLP

  
 London 

 CONTENTS 
  

					
	 Clause

	  	Page

	 1.
	  	Interpretation	  	3
	 2.
	  	Assignment of Share Purchase Agreement and Tax Deed of Covenant	  	5
	 3.
	  	Share mortgage	  	6
	 4.
	  	unsecured assets	  	6
	 5.
	  	Preservation of Security	  	6
	 6.
	  	Representations and Warranties	  	8
	 7.
	  	general undertakings	  	9
	 8.
	  	Receipts Account	  	11
	 9.
	  	When Security becomes Enforceable	  	12
	 10.
	  	Enforcement of Security	  	12
	 11.
	  	Receiver	  	13
	 12.
	  	Powers of Receiver	  	14
	 13.
	  	Application of Proceeds	  	16
	 14.
	  	Delegation	  	16
	 15.
	  	Further Assurances	  	16
	 16.
	  	Power of Attorney	  	16
	 17.
	  	Waiver, Remedies Cumulative	  	16
	 18.
	  	Miscellaneous	  	17
	 19.
	  	Severability	  	18
	 20.
	  	Counterparts	  	18
	 21.
	  	Changes to the Parties	  	18
	 22.
	  	Notices	  	18
	 23.
	  	Release	  	19
	 24.
	  	Governing Law and Jurisdiction	  	20
		
	 Schedule

	  	 
	 1.
	  	Notices of Assignment	  	21
	 	  	 Part 1        Notice of Assignment – Share Purchase Agreement
	  	21
	 	  	 Part 2        Notice of Assignment – Tax Deed of Covenant
	  	23
		
	 Signatories
	  	24

 THIS DEED is dated 30 September, 2004 
  

	(1)	EGGBOROUGH POWER (HOLDINGS) LIMITED (registered number SC201083) (the Company); and 

  

	(2)	BARCLAYS BANK PLC (the Security Trustee) as agent and trustee for the Finance Parties. 

  
 WHEREAS: 
  

	(A)	The Company enters into this Deed in connection with the obligations of the Borrower under the Credit Agreement and the Asset Option Agreement and of the Company under the Share
Option Agreement, the EPHL Assignment and the Shares Pledge (each as defined in the Credit Agreement defined below). 

  

	(B)	It is intended that this Deed takes effect as a deed notwithstanding the fact that a party may only execute this document under hand. 

  
 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

  
 In this Deed: 
  
 Act means the Law of Property Act 1925. 
  
 Assigned Assets means all assets of the Company which are the subject of any security created under Clause 2 (Assignment of Share Purchase
Agreement and Tax Deed of Covenant) of this Deed. 
  
 Borrower means Eggborough Power Limited. 
  
 Credit Agreement means the credit agreement originally dated 13th July, 2000, as amended and/or
restated on 8th September 2000, 24th October 2000, 12th
December 2000, 5th February 2001 and on or about the date of this Deed, between, among others, the Borrower and the Agent and under which a loan of £150,000,000 is made available to the Borrower. 
  
 Enforcement Event has the meaning given to it in the Intercreditor
Agreement. 
  
 First Security Assignment means the
security assignment between EPHL as assignor and the Issuer as assignee dated on or about the date of this Agreement. 
  
 Mortgaged Assets means all assets of the Company which are the subject of any security created under Clause 3 (Share Mortgage) of this Deed.

  
 Notice of Assignment means the notice of assignment
substantially in the form set out in Schedule 1. 
  
 Receipts
Account means an account with that name opened by the Security Trustee with the Account Bank at any time after an Enforcement Event has occurred. 
  

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 Receiver means an administrative receiver, a receiver and manager or a receiver, in each case,
appointed under this Deed. 
  
 Related Rights means any
dividend or interest paid or payable in relation to any Shares and any rights, moneys or property accruing or offered at any time in relation to any Shares by way of redemption, substitution, exchange, bonus or preference, under option rights or
otherwise. 
  
 Secured Liabilities means: 
  

	 	(a)	all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of any of the Obligors to
the Finance Parties under the Finance Documents; and 

  

	 	(b)	all costs and expenses incurred by the Finance Parties in connection with the enforcement of, or the preservation of, its rights under the Finance Documents against any of the
Obligors, 

  
 except for any obligation which, if
it were so included, would result in this Deed contravening Sections 151 and 152 of the Companies Act 1985. 
  
 Security Assets means the Assigned Assets and the Mortgaged Assets. 
  
 Security Period means the period beginning on the date of this Deed and ending on the date on which the Security
Trustee, acting reasonably, is satisfied that all the Secured Liabilities have been unconditionally and irrevocably paid and discharged in full. 
  
 Share Option has the meaning given to it in the EPHL Security Document. 
  
 Share Purchase Agreement means the share purchase agreement dated 16th November, 1999, and entered into between
National Power plc and the Company. 
  
 Shares means:

  

	 	(a)	the 1,000,001 ordinary shares of £1 each in the share capital of the Borrower together with all the shares in the Borrower in which the Company has an interest in the future;
and 

  

	 	(b)	any other stocks, shares, debentures, bonds or other securities and investments in the Borrower legally or beneficially owned by the Company or in which the Company has an interest.

  
 Tax Deed of Covenant means a tax deed of
covenant dated 3rd March 2000 between National Power plc and the Company. 
  
 Unsecured Assets has the meaning given to “Assigned Property” in the First Security Assignment. 
  

	1.2	Construction 

  

	(a)	Terms defined in the Credit Agreement or the Accounts Agreement have, unless expressly defined in this Deed, the same meaning in this Deed. 

  

 4 

	(b)	The provisions of Clause 1.2 (Construction) of the Credit Agreement apply to this Deed as though they were set out in full in this Deed except that references to the Credit
Agreement are to be construed as references to this Deed. 

  

	(c)	If the Security Trustee considers that an amount paid by an Obligor or to a Finance Party under a Finance Document is capable of being avoided or set aside on the liquidation or
administration of that Obligor or otherwise, then that amount will not be considered to have been irrevocably paid for the purpose of this Deed. 

  

	(d)	A person who is not a party to this Deed may not enforce its terms under the Contracts (Rights of Third Parties) Act 1999. 

  

	(e)	This Deed is subject to the terms of the Intercreditor Deed and the security constituted by this Deed is in each case subject to the EPHL Assignment and the Shares Pledge.

  

	(f)	This Deed is subject to the terms and conditions of the Share Subscription Agreement and the Intercreditor Agreement and the rights and obligations of EPHL, the Security Trustee
and/or any Receiver under this Deed are subject to the rights and obligations of EPHL, the Security Trustee and/or any Receiver under the Share Subscription Agreement and the Intercreditor Agreement. 

  

	(g)	Nothing in this Deed will in any way affect or prejudice the provisions of the EPHL Assignment and the Shares Pledge, which shall continue in full force and effect. It is intended
that the rights of the Security Trustee and the Finance Parties under this Deed shall, so far as it relates to them, be in addition to their rights under the EPHL Assignment and the Shares Pledge. 

  

	(h)	The provisions of this Deed shall only become effective upon the occurrence of the Restatement Date. 

  

	2.	ASSIGNMENT OF SHARE PURCHASE AGREEMENT AND TAX DEED OF COVENANT 

  

	(a)	The Company, with full title guarantee and as continuing security for the payment of all the Secured Liabilities by the Borrower, assigns by way of security to the Security
Trustee absolutely and, as security for payment of all Secured Liabilities, charges to the Security Trustee by way of first fixed charge:  

  

	 	(i)	all of the Company’s rights, title, interest and benefits under the Share Purchase Agreement and the Tax Deed of Covenant; and 

  

	 	(ii)	in relation to the above, all of the Company’s book and other debts, the proceeds of the same and all other moneys due and owing to the Company and the benefit of all rights,
securities and guarantees of any nature enjoyed or held by it. 

  

	(b)	The Company shall promptly give notice of the assignment of its rights, title, interest and benefit in and to the Share Purchase Agreement and the Tax Deed of Covenant by sending
notices to National Power plc substantially in the form of Schedule 1. 

  

	(c)	To the extent that any such rights, title, interest and benefit described in paragraph (a) is not assignable or capable of assignment, the purported assignment to be effected shall
operate as an assignment of any and all damages, compensation remuneration, profit, rent or income which the Company may derive, be awarded or be entitled to in respect of that assignment. 

  

 5 

	(d)	Without prejudice to paragraph (a), if, pursuant to Clause 8 (Receipts Account), the Company is entitled to withdraw the proceeds or part proceeds of any book and other debts
standing to the credit of the Receipts Account and, as a result, those proceeds or part proceeds are in any way released from the fixed charge created pursuant to paragraph (a) and stand subject to a floating charge, the release will in no way
derogate from the subsistence and continuance of the fixed charge on all other outstanding book and other debts of the Company and the proceeds or remaining proceeds of those debts which are assigned and charged in paragraphs (a) and (c).

  

	(e)	Notwithstanding paragraph (a), insofar as a fixed charge over the Assigned Assets set out in subparagraphs (a)(i) and (a)(ii) is expressed to be first ranking, it shall be first
ranking subject to any fixed charge with respect to that asset created under the EPHL Assignment. 

  

	3.	SHARE MORTGAGE 

  

	3.1	General 

  

	(a)	The Company as security for the payment of all the Secured Liabilities and with full title guarantee charges in favour of the Security Trustee: 

  

	 	(i)	by way of a first equitable mortgage or a first fixed charge, all the Shares; and 

  

	 	(ii)	by way of a first fixed charge, all Related Rights. 

  

	(b)	Notwithstanding paragraph (a), insofar as an equitable mortgage or a fixed charge over the Mortgaged Assets set out in subparagraph (a) is expressed to be first ranking, it shall be
first ranking subject to any equitable or fixed charge with respect to that asset created under the Shares Pledge. 

  

	3.2	Distribution 

  
 Notwithstanding the creation of an equitable mortgage of the Shares and Related Rights under Clause 3.1 or the creation of a legal mortgage or charge of
the Shares and Related Rights under Clause 7.5, the Company shall be entitled to receive and retain any Distributions made to it in accordance with Clause 15.26 (Distributions) of the Credit Agreement. 
  

	4.	UNSECURED ASSETS 

  
 Notwithstanding any other provision of this Deed, this Deed does not create, nor does it purport to create, any Security Interest over the Unsecured
Assets. 
  

	5.	PRESERVATION OF SECURITY 

  

	5.1	Continuing security 

  
 The security constituted by this Deed is continuing and will extend to the ultimate balance of all the Secured Liabilities regardless of any intermediate
payment or discharge in whole or in part. 
  

	5.2	Additional security 

  

	(a)	The security constituted by this Deed is in addition to and is not in any way prejudiced by any other security now or subsequently held by the Security Trustee for any Secured
Liability. 

  

 6 

	(b)	The Security Interests created by or pursuant to this Deed shall be cumulative, in addition to and independent of every other Security Interest which the Security Trustee or any
Finance Party may at any time hold for the Secured Liabilities or any other obligations, or any other rights, power and remedies provided by law. No prior security held by the Security Trustee (whether in its capacity as security trustee or
otherwise) or any of the Finance Parties over the whole or any part of the Security Assets shall merge into the security constituted by this Deed 

  

	5.3	Waiver of defences 

  
 The obligations of the Company under this Deed will not be affected by an act, omission, matter or thing which, but for this provision, would reduce,
release or prejudice any of its obligations under this Deed or prejudice or diminish those obligations in whole or in part including (whether or not known to it or the Security Trustee): 
  

	 	(a)	any time or waiver granted to, or composition with, the Borrower or other person; 

  

	 	(b)	the release of any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

  

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the
Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	any incapacity or lack of powers, authority or legal personality of or dissolution or change in the members or status of the Borrower or any other person; 

 

	 	(e)	any variation (however fundamental) or replacement of a Finance Document or any other document or security so that references to that Finance Document in this Deed shall include
each variation or replacement; 

  

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security, to the intent that the Company’s
obligations under this Deed shall remain in full force and be construed accordingly, as if there were no unenforceability, illegality or invalidity; or 

  

	 	(g)	any postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of the Borrower under a Finance Document resulting from any
insolvency, liquidation or dissolution proceedings or from any law, regulation or order so that each such obligation shall for the purposes of the Company’s obligations under this Deed be construed as if there were no such circumstance.

  

	5.4	Immediate recourse 

  
 The Company waives any right it may have of first requiring the Security Trustee (or any trustee or agent on its behalf) to proceed against or enforce any
other rights or security or claim payment from any person before enforcing this Deed. 
  

	5.5	Appropriations 

  
 The Security Trustee (or any trustee or agent on its behalf) may at any time during the Security Period: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by the Finance Parties or the Security Trustee (or any other trustee or agent on their
behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Company shall not be entitled to the benefit of the same; and 

 

 7 

	 	(b)	hold in a suspense account any moneys received on an enforcement of this Deed (with any interest on those moneys. 

  

	5.6	Reinstatement 

  

	(a)	Where any discharge (whether in respect of the obligations of the Borrower, this Deed, any other security or otherwise) is made in whole or in part or any arrangement is made on the
faith of any payment, security or other disposition which is avoided or must be restored on insolvency, liquidation or otherwise without limitation, this security and the liability of the Company under this Deed shall continue as if the discharge or
arrangement had not occurred. 

  

	(b)	The Security Trustee may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 

  

	6.	REPRESENTATIONS AND WARRANTIES 

  

	6.1	Representations and warranties 

  
 The Company makes the representations and warranties set out in this Clause 6 to the Security Trustee. 
  

	6.2	Powers and Authority 

  
 The Company has the power to enter into and perform, and has taken all necessary action to authorise the entry into, performance and delivery of, this
Deed and the transactions contemplated by this Deed. 
  

	6.3	Legal Validity 

  
 This Deed, constitutes its valid, legally binding and enforceable obligations. 
  

	6.4	Authorisations 

  
 All authorisations required in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, this
Deed have been obtained or effected and are in full force and effect. 
  

	6.5	Non-conflict 

  
 The entry into and performance by it of, and the transactions contemplated by, this Deed do not and will not: 
  

	 	(a)	conflict with any existing law or regulation or judicial or official order to which it is subject; 

  

	 	(b)	conflict with the constitutional documents of the Company; or 

  

	 	(c)	conflict with any document which is binding upon the Company or any asset of the Company. 

  

 8 

	6.6	Security 

  
 This Deed creates those Security Interests it purports to create. 
  

	6.7	Security Assets 

  

	(a)	The Company is the legal and beneficial owner of the Security Assets and the Shares are fully paid. 

  

	(b)	Each of the Security Assets are free from any Security Interest (other than the Permitted Security Interests). 

  

	(c)	The Shares represent the whole of the issued share capital of the Borrower. 

  

	6.8	Share Purchase Agreement 

  

	(a)	Payments by National Power plc to the Borrower under the Share Purchase Agreement are not subject to rights of set-off or similar rights. 

  

	(b)	The Share Purchase Agreement is the legal, valid and binding obligation of it and (so far as it is aware) of each other party to it. 

  

	(c)	The Company is not in default of any of its obligations under the Share Purchase Agreement. 

  

	(d)	The Company’s entering into this Deed will not constitute a breach of the Share Purchase Agreement. 

  

	6.9	Tax Deed of Covenant 

  

	(a)	Payments by National Power plc to the Borrower under the Tax Deed of Covenant are not subject to rights of set-off or similar rights. 

  

	(b)	The Tax Deed of Covenant is the legal, valid and binding obligation of it and (so far as it is aware) of each other party to it. 

  

	(c)	The Company is not in default of any of its obligations under the Tax Deed of Covenant. 

  

	(d)	The Company’s entering into this Deed will not constitute a breach of the Tax Deed of Covenant. 

  

	6.10	Times for making representations and warranties 

  
 The representations and warranties set out in this Clause 6 are made on the Restatement Date. 
  

	7.	GENERAL UNDERTAKINGS 

  

	7.1	Duration 

  
 The undertakings in this Clause 7 remain in force throughout the Security Period. 
  

	7.2	Assigned Assets 

  

	(a)	The Company shall on the occurrence of an Enforcement Event: 

  

	 	(i)	get in and realise the Company’s debts and other moneys receivable by it under the Share Purchase Agreement and the Tax Deed of Covenant and hold the proceeds of such getting
in and realisation (until payment into the Receipts Account if required in accordance with sub-paragraph (ii)) upon trust for the Security Trustee; and 

  

 9 

	 	(ii)	save to the extent that the Security Trustee otherwise agrees, pay the proceeds of the getting in and realisation in accordance with sub-paragraph (i) into the Receipts Account.

  

	(b)	The Company authorises the Security Trustee to: 

  

	 	(i)	complete, execute and serve any demands, notices and certificates as it considers appropriate including, without limitation, all Notices of Assignment, in each case, to the extent
required in connection with this Deed; and 

  

	 	(ii)	in the case of negotiable instruments referred to in sub-paragraph (b)(i) above, endorse all documents necessary to constitute the Security Trustee the holder of the documents.

  

	7.3	The Share Purchase Agreement and Tax Deed of Covenant 

  

	(a)	To the date of this Deed the Company shall not amend or waive any provision of or terminate the Share Purchase Agreement or the Tax Deed of Covenant without the prior written
consent of the Security Trustee and shall duly and promptly perform its obligations and diligently pursue its rights under the Share Purchase Agreement and the Tax Deed of Covenant. 

  

	(b)	The Company shall supply the Security Trustee and any Receiver with copies of the Share Purchase Agreement and the Tax Deed of Covenant and to the extent it is in the Company’s
power to do so, any information and documentation relating to the Share Purchase Agreement and the Tax Deed of Covenant requested by the Security Trustee or any Receiver. 

  

	(c)	The Company shall to the extent possible use its reasonable endeavours to procure that National Power plc will perform all its obligations under the Share Purchase Agreement and the
Tax Deed of Covenant in accordance with their terms. 

  

	(d)	The Company shall not take any action which would reasonably be likely to jeopardise the existence, enforceability or collectability of the Security Assets.

  

	(e)	The Company has been provided with and acknowledges the agreements of the Borrower contained in Clause 11.4 (Taxes) of the Credit Agreement insofar as they relate to the rights and
obligations of the Company under the Tax Deed of Covenant. 

  

	(f)	The Company agrees that where in Clause 11.4 (Taxes) of the Credit Agreement the Borrower is required to the extent possible, to procure that the Company exercises its rights and
fulfils its obligations under the Tax Deed of Covenant in a particular manner, the Company must exercise those rights and fulfil those obligations in that manner. 

  

	7.4	Deposit of Shares 

  
 To the extent that it has not done so in accordance with the Shares Pledge, the Company shall: 
  

	 	(a)	deposit with the Security Trustee, or as the Security Trustee may direct, all certificates and other documents of title or evidence of ownership in relation to the Shares and their
Related Rights; and 

  

 10 

	 	(b)	execute and deliver to the Security Trustee all share transfers and other documents which may be requested by the Security Trustee in order to enable the Security Trustee or its
nominees to be registered as the owner or otherwise obtain a legal title to the Shares and their Related Rights at any time after a Default has occurred and is continuing. 

  

	7.5	Calls and other obligations 

  

	(a)	To the extent that it has not done so in accordance with the Shares Pledge, the Company shall pay all calls or other payments due and payable in respect of any of the Mortgaged
Assets and if the Company fails to do so the Security Trustee may pay the calls or other payments on behalf of the Company. The Company shall promptly on demand reimburse the Security Trustee for any payment made by the Security Trustee pursuant to
this paragraph (a). 

  

	(b)	The Company shall promptly copy to the Security Trustee and comply with all requests for information which is within its knowledge and which are made under section 212 of the
Companies Act 1985 or any similar provision contained in any articles of association or other constitutional document relating to any of the Mortgaged Assets and if it fails to do so the Security Trustee may elect to provide such information as it
may have on behalf of the Company. 

  

	(c)	The Company shall comply with all other conditions and obligations assumed by it in respect of any of the Security Assets. 

  

	(d)	The Security Trustee is not obliged to carry out any obligation of the Company in respect of the Mortgaged Assets or to make any payment, or to make any enquiry as to the nature or
sufficiency of any payment received by it or the Company, or to present or file any claim or take any other action to collect or enforce the payment of any amount to which it may be entitled under this Deed. 

  

	7.6	Restrictions on dealing 

  
 The Company shall not: 
  

	 	(a)	create or permit to subsist any Security Interest on any Security Asset other than the Security Interests created by this Deed; 

  

	 	(b)	sell, transfer, grant, or lease or otherwise dispose of any Security Asset; or 

  

	 	(c)	take or permit the taking of any action which would reasonably be likely to result in the rights attaching to any Mortgaged Assets being altered or further shares in the Borrower
being issued (other than the issue of any deferred shares by the Company in accordance with the terms of the Share Subscription Agreement). 

  

	8.	RECEIPTS ACCOUNT 

  

	8.1	Interest 

  
 Amounts standing to the credit of the Receipts Account shall bear interest at a rate considered by the Security Trustee, acting reasonably, to be a fair
market rate. 
  

 11 

	8.2	Withdrawals 

  

	(a)	Except with the prior consent of the Security Trustee, the Company shall not withdraw any moneys standing to the credit of the Receipts Account. 

  

	(b)	The Security Trustee (or a Receiver) may (subject to the payment of any claims having priority to this security) withdraw amounts standing to the credit of the Receipts Account for
the application in accordance with the Intercreditor Agreement. 

  

	9.	WHEN SECURITY BECOMES ENFORCEABLE 

  
 The security constituted by this Deed shall become immediately enforceable upon the occurrence and continuance of an Event of Default and the power of
sale and other powers conferred by Section 101 of the Act, as varied or amended by this Deed, shall be immediately exercisable upon and at any time after the occurrence and continuance of any Event of Default. After the security constituted by this
Deed has become enforceable, the Security Trustee may in its absolute discretion enforce all or any part of the security in any manner it sees fit. 
  

	10.	ENFORCEMENT OF SECURITY 

  

	10.1	General 

  
 For the purposes of all powers implied by statute, the Secured Liabilities are deemed to have become due and payable on the date of this Deed and Section
103 of the Act (restricting the power of sale) and Section 93 of the Act (restricting the right of consolidation) do not apply to the security constituted by this Deed. 
  

	10.2	Contingencies 

  
 If the Security Trustee enforces the security constituted by this Deed at a time when no Secured Liabilities are due but at a time when Secured
Liabilities may or will become so due, the Security Trustee (or the Receiver) may pay the proceeds of any recoveries effected by it into a suspense account with the Security Trustee or such other bank as may be designated for this purpose by the
Security Trustee. 
  

	10.3	Shares 

  
 After the security constituted by this Deed has become enforceable, the Security Trustee may exercise (in the name of the Company and without any further
consent or authority on the part of the Company) any voting rights and any powers or rights which may be exercised by the person or persons in whose name any Share or its Related Rights are registered or who is the holder of any of them or otherwise
(including all the powers given to trustees by Section 10(3) and (4) of the Trustee Act, 1925 as amended by Section 9 of the Trustee Investment Act, 1961 in respect of securities or property subject to a trust). 
  

	10.4	No liability as mortgagee in possession 

  
 Neither the Security Trustee nor any Receiver will be liable, by reason of entering into possession of a Security Asset, to account as mortgagee in
possession or for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable. 
  

 12 

	10.5	Agent of the Company 

  
 Each Receiver is deemed to be the agent of the Company for all purposes and accordingly is deemed to be in the same position as a Receiver duly appointed
by a mortgagee under the Act. The Company alone shall be responsible for its contracts, engagements, acts, omissions, defaults and losses and for liabilities incurred by him and the Security Trustee shall not incur any liability (either to the
Company or to any other person) by reason of the Security Trustee making its appointment as a Receiver or for any other reason. 
  

	10.6	Privileges 

  
 Each Receiver and the Security Trustee is entitled to all the rights, powers, privileges and immunities conferred by the Act on mortgagees and receivers
when such receivers have been duly appointed under the Act, except that Section 103 of the Act does not apply. 
  

	10.7	Protection of third parties 

  
 No person (including a purchaser) dealing with the Security Trustee or a Receiver or its or his agents will be concerned to enquire: 
  

	 	(a)	whether the Secured Liabilities have become payable; 

  

	 	(b)	whether any power which the Security Trustee or the Receiver is purporting to exercise has become exercisable; 

  

	 	(c)	whether any Secured Liabilities remain due; or 

  

	 	(d)	how any money paid to the Security Trustee or to the Receiver is to be applied. 

  

	10.8	Redemption of prior Mortgages 

  
 At any time after the security constituted by this Deed has become enforceable, the Security Trustee may do one or more of the following: 
  

	 	(a)	redeem any prior Security Interest against any Security Asset (other than any Security Interest created under the First Security Assignment); 

  

	 	(b)	procure the transfer of that Security Interest to itself (other than any Security Interest created under the First Security Assignment); or 

  

	 	(c)	settle and pass the accounts of the prior mortgagee, chargee or encumbrancer (other than any accounts of the Issuer); any accounts so settled and passed shall be conclusive and
binding on the Company. 

  
 All principal moneys,
interest, costs, charges and expenses of and incidental to any such redemption or transfer shall be paid by the Company to the Security Trustee on demand. 
  

	11.	RECEIVER 

  

	11.1	Appointment of Receiver 

  
 At any time after the security constituted by this Deed becomes enforceable, or if the Company so requests the Security Trustee in writing, at any time,
the Security Trustee may without further notice appoint under seal or in writing under its hand any one or more persons to be a Receiver of all or any part of the Security Assets provided that the Security Trustee 
  

 13 

 may not appoint an administrative receiver (as defined in section 29(2) of the Insolvency Act 1986) over
the Security Assets if the Security Trustee is prohibited from doing so by Section 72A of the Insolvency Act 1986 and no exception to the prohibition on appointing an administrative receiver applies. 
  

	11.2	Removal 

  
 The Security Trustee may by writing under its hand (subject to any requirement for an order of the court in the case of an administrative receiver):

  

	 	(a)	remove any Receiver appointed by it; and 

  

	 	(b)	may, whenever it deems it expedient, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated. 

  

	11.3	Remuneration 

  
 The Security Trustee may fix the remuneration of any Receiver appointed by it and the maximum rate specified in Section 109(6) of the Act shall not apply.

  

	11.4	Relationship with Security Trustee 

  
 To the fullest extent permitted by law, any right, power or discretion conferred by this Deed (either expressly or impliedly) upon a Receiver of the
Security Assets may after the security created by this Deed becomes enforceable be exercised by the Security Trustee in relation to any Security Asset without first appointing a Receiver or notwithstanding the appointment of a Receiver. 

 

	12.	POWERS OF RECEIVER 

  

	12.1	General 

  

	(a)	Each Receiver has, and is entitled to exercise, all of the rights, powers and discretions set out below in this Clause 12 in addition to those conferred by any law; this includes:

  

	 	(i)	in the case of an administrative receiver, all the rights, powers and discretions conferred on an administrative receiver under the Insolvency Act 1986; and

  

	 	(ii)	otherwise, all the rights, powers and discretions conferred on a receiver (or a receiver and manager) under the Act and the Insolvency Act 1986. 

  

	(b)	If there is more than one Receiver holding office at the same time, each Receiver may (unless the document appointing him states otherwise) exercise all of the powers conferred on a
Receiver under this Deed individually and to the exclusion of any other Receivers. 

  

	(c)	Each Receiver has all the rights, power and discretions set out in Schedule 1 to the Insolvency Act, 1986. 

  

	12.2	Possession 

  
 A Receiver may take immediate possession of, get in and collect any Security Assets. 
  

 14 

	12.3	Carry on business 

  
 A Receiver may carry on the business of the Company as it relates to the Security Assets as he thinks fit. 
  

	12.4	Employees 

  
 A Receiver may appoint and discharge managers, officers, agents, accountants, servants, workmen and others for the purposes of this Deed upon such terms
as to remuneration or otherwise as he may think proper and discharge any such persons appointed by the Company. 
  

	12.5	Borrow money 

  
 A Receiver may raise and borrow money either unsecured or on the security of any Security Asset either in priority to the security constituted by this
Deed or otherwise and generally on any terms and for whatever purpose which he thinks fit. No person lending that money is concerned to enquire as to the propriety or purpose of the exercise of that power or to check the application of any money so
raised or borrowed. 
  

	12.6	Sale of assets 

  
 A Receiver may sell, exchange, convert into money and realise any Security Asset by public auction or private contract and generally in any manner and on
any terms which he thinks proper. The consideration for any such transaction may consist of cash, debentures or other obligations, shares, stock or other valuable consideration and any such consideration may be payable in a lump sum or by
instalments spread over such period as he thinks fit. 
  

	12.7	Compromise 

  
 A Receiver may settle, adjust, refer to arbitration, compromise and arrange any claims, accounts, disputes, questions and demands with or by any person
who is or claims to be a creditor of the Company or relating in any way to any Security Asset. 
  

	12.8	Legal actions 

  
 A Receiver may bring, prosecute, enforce, defend and abandon all actions, suits and proceedings in relation to any Security Asset which may seem to him to
be expedient. 
  

	12.9	Receipts 

  
 A Receiver may give valid receipts for all moneys and execute all assurances and things which may be proper or desirable for realising any Security Asset.

  

	12.10	Delegation 

  
 A Receiver may delegate his powers in accordance with Clause 14 (Delegation). 
  

	12.11	Other powers 

  
 A Receiver may: 
  

	 	(a)	do all other acts and things which he may consider desirable or necessary for realising any Security Asset or incidental or conducive to any of the rights, powers or discretions
conferred on a Receiver under or by virtue of this Deed; and 

  

 15 

	 	(b)	exercise in relation to any Security Asset all the powers, authorities and things which he would be capable of exercising if he were the absolute beneficial owner of the same,

  
 and may use the name of the Company for any of
the above purposes. 
  

	13.	APPLICATION OF PROCEEDS 

  
 Any moneys received by the Security Trustee after the security constituted by this Deed has become enforceable shall be applied in accordance with the
Intercreditor Agreement. 
  

	14.	DELEGATION 

  
 The Security Trustee and any Receiver may delegate by power of attorney or in any other manner to any person any right, power or discretion exercisable by
them under this Deed. Any such delegation may be made upon the terms (including power to sub-delegate) and subject to any regulations which the Security Trustee or such Receiver (as the case may be) may think fit. Neither the Security Trustee nor
any Receiver will be in any way liable or responsible to the Company for any loss or liability arising from any act, default, omission or misconduct on the part of any such delegate or sub-delegate unless caused by the Security Trustee or, as the
case may be, the Receiver. 
  

	15.	FURTHER ASSURANCES 

  
 The Company shall, at its own expense, take whatever action the Security Trustee or a Receiver may reasonably require for: 
  

	 	(a)	perfecting or protecting the security intended to be created by this Deed; and/or 

  

	 	(b)	facilitating the realisation of any Security Asset or the exercise of any right, power or discretion exercisable by the Security Trustee or any Receiver or any of its or their
delegates or sub-delegates in respect of any Security Asset after such time as the security constituted by this Deed shall have become enforceable, 

  
 including the execution of any transfer, conveyance, assignment or assurance of any property whether to the Security Trustee
or to its nominees, and the giving of any notice, order or direction and the making of any registration, which in any such case, the Security Trustee may think expedient. 
  

	16.	POWER OF ATTORNEY 

  
 The Company, by way of security, irrevocably and severally appoints the Security Trustee, each Receiver and any of their delegates or sub-delegates to be
its attorney to take any action which the Company is obliged to take under this Deed, including under Clause 16 (Further Assurances). The Company ratifies and confirms whatever any attorney does or purports to do pursuant to its appointment under
this Clause. 
  

	17.	WAIVER, REMEDIES CUMULATIVE 

  
 The rights of the Security Trustee under this Deed: 
  

	 	(a)	may be exercised as often as necessary; 

  

	 	(b)	are cumulative and not exclusive of its rights under the general law; and 

  

 16 

	 	(c)	may be waived only in writing and specifically. 

  
 Delay in exercising or non-exercise of any right is not a waiver of that right. 
  

	18.	MISCELLANEOUS 

  

	18.1	Covenant to pay 

  
 The Company shall pay or discharge the Secured Liabilities in the manner provided for in the Finance Documents. 
  

	18.2	Tacking 

  
 The Security Trustee agrees on behalf of the Finance Parties that each Finance Party shall perform its obligations under the Finance Documents (including
any obligation to make available further advances). 
  

	18.3	No liability on Security Trustee 

  
 The Security Trustee is not liable for any loss of any kind (including any loss arising from changes in exchange rates) which may occur as a result of the
exercise or purported exercise of, or any delay or neglect to exercise, any of its rights under this Deed, unless such loss arises as a result of the gross negligence, wilful default upon its part. 
  

	18.4	New Accounts 

  
 If the Security Trustee receives, or is deemed to be affected by, notice, whether actual or constructive, of any subsequent charge or other interest
affecting any Security Asset, the Security Trustee may open a new account with the Company. If the Security Trustee does not open a new account, it shall nevertheless be treated as if it had done so at the time when it received or was deemed to have
received notice. As from that time all payments made to the Security Trustee will be credited or be treated as having been credited to the new account and will not operate to reduce any amount for which this Deed is security. 
  

	18.5	Time Deposits 

  
 Without prejudice to any right of set-off any Finance Party may have under any other Finance Document or otherwise, if any time deposit matures on any
account the Company has with any Finance Party at a time within the Security Period when: 
  

	 	(a)	this security has become enforceable; and 

  

	 	(b)	no amount of the Secured Liabilities is due and payable, 

  
 that time deposit shall automatically be renewed for any further maturity which that Finance Party considers appropriate. 
  

	18.6	Certificates 

  
 A certificate or determination by the Security Trustee of a rate or amount under the Finance Documents is, in the absence of manifest error, conclusive
evidence of the matter to which it relates. 
  

 17 

	18.7	Stamp duties 

  
 The Company will pay and promptly on demand indemnify the Security Trustee against any liability it incurs in respect of any stamp, registration and
similar tax which is or becomes payable in connection with the entry into, performance or enforcement of this Deed to the extent that the Security Trustee has not been so reimbursed under the Credit Agreement. 
  

	19.	SEVERABILITY 

  
 If any provision of this Deed is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect: 
  

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other provision of this Deed; or 

  

	 	(b)	the legality, validity or enforceability in other jurisdictions of that or any other provisions of this Deed. 

  

	20.	COUNTERPARTS 

  
 This Deed may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
this Deed. 
  

	21.	CHANGES TO THE PARTIES 

  

	21.1	Transfer by the Company 

  
 The Company may not assign, transfer, novate or dispose of its rights or obligations under this Deed. 
  

	21.2	Transfers by the Security Trustee 

  
 The Security Trustee may assign, transfer, novate or dispose of all or any part of its rights or obligations under this Deed to a successor Security
Trustee appointed in accordance with clause 12.11 of the Intercreditor Agreement or to any other person after the Security Interests created under this Deed have become enforceable. 
  

	22.	NOTICES 

  

	22.1	Giving of notices 

  
 All notices or other communications under or in connection with this Deed shall be given in writing and, unless otherwise stated, may be made by
facsimile. Any such notice will be deemed to be given as follows: 
  

	 	(a)	if by letter, when delivered; and 

  

	 	(b)	if by facsimile, when received in legible form. 

  
 However, a notice given in accordance with the above but received on a non-working day or after business hours in the place of receipt will only be deemed
to be given on the next working day in that place. 
  

 18 

	22.2	Addresses for notices 

  

	(a)	The address and facsimile number of the Company are: 

  
 Eggborough Power (Holdings) Limited 
 10
Lochside Place 
 Edinburgh 
 Lothian E12 9DF 
  
 Facsimile No: **** *** ****
(Attention: Company Secretary); and 
                 ****
*** **** (Attention: Group Treasurer), 
  
 or such other as the
Company may notify to the Security Trustee by not less than five Business Days’ notice. 
  

	(b)	The address and facsimile number of the Security Trustee are: 

  
 Barclays Bank PLC 
 5 The North Colonnade

 Canary Wharf 
 London E14 4BB

  
 Facsimile No: 020 7773 1840, 
  
 or such other as the Security Trustee may notify to the Company by not less
than five Business Days’ notice. 
  

	23.	RELEASE 

  
 Upon the expiry of the Security Period (but not otherwise), the Security Trustee shall: 
  

	 	(a)	at the request and cost of the Company, take whatever action is necessary to re-assign to the Company absolutely the Assigned Assets not applied by the Security Trustee towards
payment of the Secured Liabilities; and 

  

	 	(b)	notify in writing the Borrower of the termination of this Deed and the re-assignment absolutely to the Company of the Security Assets. 

  

	23.2	Shares 

  
 Subject to Clause 24.3 (Option Agreements) below, upon the expiry of the Security Period (but not otherwise) the Security Trustee shall, at the request
and the cost of the Company, take whatever action is necessary to release the Mortgaged Assets from the security constituted by this Deed. 
  

	23.3	Option Agreements 

  
 Nothing in this Deed shall prevent the Security Trustee from irrevocably: 
  

	 	(a)	re-assigning the Assigned Assets to the Company; and 

  

	 	(b)	releasing the Mortgaged Assets from the security constituted by this Deed; 

  
 in accordance with the terms of the Finance Documents and the Option Agreements. 
  

 **** indicates material omitted and filed separately with the Commission.

  

 19 

	24.	GOVERNING LAW AND JURISDICTION 

  

	24.1	Governing Law 

  
 This Deed is governed by English law. 
  

	24.2	Jurisdiction 

  

	(a)	For the benefit of the Security Trustee, the Company agrees that the High Courts of Justice in London, and all appellate courts therefrom have jurisdiction to settle any disputes
which may arise out of or in connection with this Deed and that any suit, action or proceedings in connection with this Deed may be brought in the High Courts of Justice in London and all appellate courts therefrom and accordingly submits to the
jurisdiction of the High Courts of Justice in London and all appellate courts therefrom. 

  

	(b)	The Company irrevocably and unconditionally agrees that nothing in this Deed shall affect the right to serve process in any manner permitted by law. 

  
 THIS DEED has been entered into as a deed on the date stated at the beginning of this
Deed. 
  

 20 

 SCHEDULE 1 
  

NOTICES OF ASSIGNMENT 
  
 PART 1 
  
 NOTICE OF ASSIGNMENT – SHARE PURCHASE AGREEMENT 
  

							
	TO:	 	Innogy plc	  	 	  	 
				
	FROM:	 	Barclays Bank plc.	  	 	  	 
	 	 	 	  	DATED:	  	            , 2004

  
 Dear Sirs, 
  
 Share Purchase Agreement dated 16th November, 1999 between yourselves and
Eggborough 
 Power (Holdings) Limited (the Company) 
 (the Agreement) 
  
 This letter constitutes
notice to you that the Company has assigned to us all its rights and benefits under the Agreement. Notwithstanding the assignment, the Company remains liable to perform all its obligations under the Agreement, if any, and we shall have no liability
in respect of those obligations. 
  
 Subject to the terms of the notice of
assignment to you dated [            ], 2000, please pay all moneys payable by you to the Company under the Agreement to the account number:
[            ], sort code: [            ], reference: [            ],
attention: [            ], with [            ] or such other account number or bank as we may otherwise instruct you in writing.

  
 Please acknowledge receipt of this Notice of Assignment by signing the
duplicate of this Notice of Assignment and returning the same to us for the attention of [            ]. 
  

	
	 Yours faithfully

	
	  

	 For and on behalf of

	 Barclays Bank plc

  

 21 

 [on copy] 
  
 We acknowledge receipt of the Notice of Assignment from Barclays Bank plc on             , 2004. 

 
 We confirm that we have not received any prior notice of assignment in relation to the
same other than the notice of assignment from Barclays Bank plc dated [            ], 2000 (the Original Notice) and, subject to the Original Notice, agree to pay any monies payable
by us to the Company under the Agreement to the above account and bank or as you shall otherwise instruct us in writing. 
  
  

	
	

	 for and on behalf of

	 Innogy plc

  

 22 

 PART 2 
  
 NOTICE OF ASSIGNMENT – TAX DEED OF COVENANT 
  

							
	TO:	 	Innogy plc	  	 	  	 
				
	FROM:	 	Barclays Bank plc	  	 	  	 
	 	 	 	  	DATED:	  	            , 2004

  
 Dear Sirs, 
  
 Tax Deed of Covenant dated 3rd March, 2000 between yourselves and
Eggborough Power 
 (Holdings) Limited (the Company) 
 (the Deed) 
  
 This letter constitutes
notice to you that the Company has assigned to us all its rights and benefits under the Deed. Notwithstanding the assignment, the Company remains liable to perform all its obligations under the Deed, if any, and we shall have no liability in respect
of those obligations. 
  
 Subject to the terms of the notice of assignment to you
dated [            ], 2000, please pay all moneys payable by you to the Company under the Deed to the account number:
[            ], sort code: [            ], reference: [            ],
attention: [            ], with [            ] or such other account number or bank as we may otherwise instruct you in writing.

  
 Please acknowledge receipt of this Notice of Assignment by signing the
duplicate of this Notice of Assignment and returning the same to us for the attention of [            ]. 
  

	
	 Yours faithfully

	
	  

	 For and on behalf of

	 Barclays Bank plc

  
 [on copy] 
  
 We acknowledge receipt of the Notice of Assignment from Barclays Bank plc on
[    ], 2004. 
  
 We confirm that we have not received any
prior notice of assignment in relation to the same other than the notice of assignment from Barclays Bank plc dated [            ], 2000 (the Original Notice) and, subject to the
Original Notice, agree to pay any monies payable by us to the Company under the Deed to the above account and bank or as you shall otherwise instruct us in writing. 
  
  

	
	

	 for and on behalf of

	 Innogy plc

  

 23 

 SIGNATORIES 
  

					
	 EPHL
	  	 	  	 
			
	 EXECUTED as a DEED by
	  	)	  	 
	 EGGBOROUGH POWER
	  	)	  	 
	 (HOLDINGS) LIMITED
	  	)	  	 
	 acting by
	  	)	  	 
	 and
	  	)	  	 
			
	 Director
	  	Robert Armour	  	 
	 Secretary
	  	Jean MacDonald	  	 

  

			
	BARCLAYS BANK PLC
	
	as Security Trustee for
	the Finance Parties
		
	By:	 	Simon Deaves

  

 24Amended and Restated Intercreditor, Dated 14, January 2005

 Exhibit 4.34 
  
 CONFORMED COPY 
  
 AMENDED AND RESTATED INTERCREDITOR DEED 
  
 Originally dated 8th
September, 2000 and as amended by an amendment and restatement deed dated 
 5th February, 2001 and as further amended by an amendment and restatement deed dated 
 30 September, 2004 
  
 BETWEEN

  
 EGGBOROUGH POWER LIMITED 
 as Borrower 
  
 and 
  
 BRITISH ENERGY POWER AND ENERGY TRADING LIMITED 
  
 and 
  
 EGGBOROUGH POWER (HOLDINGS) LIMITED

  
 and 
  
 BARCLAYS BANK PLC 
 as Security Trustee and Agent for the Finance Parties and in its 
 personal capacity 
  
 and

  
 CERTAIN FINANCIAL INSTITUTIONS 
  
 

 
  
 ALLEN & OVERY LLP 
  
 LONDON 

 CONTENTS 
  

					
	 Clause

	 	 	  	Page

	 1.
	 	 Interpretation
	  	1
	 2.
	 	 Ranking
	  	6
	 3.
	 	 Permitted payments
	  	7
	 4.
	 	 Subordination
	  	8
	 5.
	 	 Turnover of non-permitted recoveries
	  	9
	 6.
	 	 Protection of subordination
	  	9
	 7.
	 	 Representations
	  	10
	 8.
	 	 Enforcement
	  	11
	 9.
	 	 Proceeds of enforcement of Security
	  	14
	 10.
	 	 release of security
	  	16
	 11.
	 	 The Security Trustee
	  	16
	 12.
	 	 Security
	  	21
	 13.
	 	 Co-operation between Secured creditors
	  	24
	 14.
	 	 Calculation and evidence
	  	25
	 15.
	 	 Amendments and waivers
	  	25
	 16.
	 	 Changes to the Parties
	  	25
	 17.
	 	 Sharing
	  	25
	 18.
	 	 Severability
	  	26
	 19.
	 	 Counterparts
	  	26
	 20.
	 	 Notices
	  	26
	 21.
	 	 Governing Law
	  	28
	 22.
	 	 Enforcement
	  	28
		
	 Schedule

	  	 
	 1.
	 	 Form of Accession Agreement
	  	29
	 2.
	 	 Finance Parties
	  	30
		
	 Signatories
	  	31

 THIS AMENDED AND RESTATED INTERCREDITOR DEED was originally dated 8th September, 2000 was amended and restated on
5th February, 2001 and further amended and restated on the Restatement Date (as defined in the Credit Agreement). 
  
 BETWEEN: 
  

	(1)	EGGBOROUGH POWER LIMITED (the Borrower); 

  

	(2)	BRITISH ENERGY POWER AND ENERGY TRADING LIMITED (BET); 

  

	(3)	EGGBOROUGH POWER (HOLDINGS) LIMITED (EPHL); 

  

	(4)	BARCLAYS BANK PLC (the Security Trustee) as Security Trustee and as Agent for the Finance Parties (as defined in the Credit Agreement defined below); and

  

	(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 2 (the Finance Parties). 

  
 BACKGROUND: 
  

	(A)	The Borrower enters into this Deed in connection with the Credit Agreement. 

  

	(B)	Under the Asset Option Agreement, the Security Trustee (on behalf of the Finance Parties) may make certain payments to the Borrower which shall be paid into the Asset Option
Account. Promptly upon receipt of any payment into the Asset Option Account, the Borrower will use such amount to make a prepayment to EPHL in accordance with the Accounts Agreement and the Second Intercompany Loan Agreement.

  

	(C)	Pursuant to the Second Security Assignment, the Borrower has assigned its rights under the Asset Option Agreement and this Deed to EPHL. 

  

	(D)	Under the Accounts Agreement, the Borrower may pay certain moneys into the Revenue Account for the benefit of BET. 

  

	(E)	The Borrower has or will open each Account (as defined in the Accounts Agreement). Pursuant to the Security Documents, (as defined in the Credit Agreement), the Borrower has granted
security in favour of the Security Trustee (on behalf of the Finance Parties), EPHL and BET. 

  

	(F)	It is intended that this document takes effect as a deed notwithstanding the fact that a party may only execute this document under hand. 

  
 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

  
 In this Deed: 
  
 Accession Deed means a deed by which a person becomes a party to this Deed, substantially in the form of Schedule 2 (Form of Accession Deed).

  
 Ascertained Security Value means, following an
Enforcement Event: 
  

	 	(a)	if an Enforcement Sale occurs on or prior to the Calculation Date, the net amount recovered from each and every sale of shares in, and/or assets of, the Borrower during the
Enforcement Sale Period, as determined in accordance with Clause 9.2(a); 

  

 1 

	 	(b)	if an Enforcement Sale does not occur on or prior to the Calculation Date, the value of the Plant as determined in accordance with Clause 9.2(b). 

  
 Asset Option Account has the meaning given to it in the Accounts
Agreement. 
  
 Asset Option Payments means each and every
sum payable or owing from time to time by the Buyer or any Finance Party to the Borrower under or in connection with the Asset Option Agreement. 
  
 Asset Option Security means each and every Security Interest conferred by the Security Documents over the Asset Option Payments and the Asset
Option Account (including all rights and claims to which the Borrower is now or may hereafter become entitled in relation to all moneys now or at any time hereafter standing to the credit of the Asset Option Account). 
  
 Buyer has the meaning given to it in the Asset Option Agreement.

  
 Calculation Date means the date falling twelve (12)
calendar months after an Enforcement Event. 
  
 Competitor
means any competitor of the Group as notified by any member of the Group to the Parties no later than 10 Business Days prior to the appointment of an Expert in accordance with Clause 9.1. 
  
 Credit Agreement means the credit agreement originally dated 13th
July, 2000, as amended and restated on 8th September, 2000, 24th October, 2000, 12th December, 2000, 5th February, 2001 and on or about the date of this Deed, between, among others, the Borrower and the Security Trustee and under which a loan of
£150,000,000 is made available to the Borrower. 
  
 CTA
Bonds means the £150,000,000 7% fixed rate guaranteed bonds due 2005-2022 issued by the Issuer to EPHL on or about the date of this Deed as represented by the CTA Global Bond Certificate. 
  
 CTA Bond Account has the meaning given to it in the Accounts
Agreement. 
  
 CTA Global Bond Certificate means the
certificate issued in respect of the CTA Bonds by the Issuer to EPHL on or about the date of this Deed. 
  
 CTA Bond Outstandings means, at any time, the Principal Amount Outstanding of the CTA Bonds at such time. 
  
 CTA Bond Payments means each and every sum payable or owing from time
to time by the Issuer to the Borrower under or in connection with the CTA Bonds. 
  
 CTA Bond Security means each and every Security Interest conferred by the Security Documents over the CTA Bond Payments and the CTA Bond Account (including all rights and claims to which the Borrower is now or
may hereafter become entitled in relation to all moneys now or at any time hereafter standing to the credit of the CTA Bond Account). 
  

 2 

 Debt means the Senior Debt, the New CTA Debt or the Subordinated Debt. 
  
 Determination Date means the earlier of: 
  

	 	(a)	the date on which the net amount recovered from the sale of all the shares in, or all the assets of, the Borrower is determined in accordance with Clause 9.2(a); and

  

	 	(b)	the date on which the value of the Plant is determined by the Experts in accordance with Clause 9.2(b). 

  
 Discharge Date means the date on which all the Debt has been unconditionally and irrevocably paid and discharged in
full. 
  
 Enforcement Date means the date on which an
Enforcement Event occurs. 
  
 Enforcement Event
means on or at any time after the occurrence of an Event of Default which is continuing, the exercise by the Security Trustee of any or all of its rights under a Security Document in accordance with clause 18.2 (a)(i) of the Credit Agreement.

  
 Enforcement Sale means, following an Enforcement
Event, the sale of all the shares in, or all the assets of, the Borrower (whether by a single sale, or a series of sales). 
  
 Enforcement Sale Date means the date on which an Enforcement Sale occurs. 
  
 Enforcement Sale Period means the period commencing on the Enforcement Date and ending on the Enforcement Sale Date
(both inclusive). 
  
 EPL means the Borrower. 

 
 EPHL Percentage means (the Ascertained Security Value/the CTA Bond
Outstandings) x one hundred (100), as calculated on the Determination Date, provided that if the Ascertained Security Value is equal to or greater than the CTA Bond Outstandings on the Determination Date, the EPHL Percentage shall equal one hundred
(100). 
  
 Experts means the Financial Expert and the
Technical Expert. 
  
 Finance Parties Percentage
means (the Residual Amount/the CTA Bond Outstandings) x one hundred (100), as calculated on the Determination Date, provided that if the Ascertained Security Value is equal to or greater than the CTA Bond Outstandings on the Determination Date, the
Finance Parties Percentage shall equal zero (0). 
  
 Financial Expert means a person chosen by the President for the time being of the Institute of Chartered Accountants of England and Wales: 
  

	 	(a)	who is independent and who has confirmed in writing that it will (i) have no conflict in acting as an Expert; and (ii) remain neutral and impartial at all times when acting as an
Expert; 

  

	 	(b)	who is not a Competitor; 

  

	 	(c)	who is not a Finance Party or an affiliate of a Finance Party; and 

  

	 	(d)	being a reputable bank, financial institution or international accounting firm having an appropriate expertise in the production of financial models for, and the assessment and
valuation of cashflows relating to, power stations of a similar type, and operated in a similar manner, as the Plant within the United Kingdom. 

  

 3 

 General Security means each and every Security Interest conferred by the Security Documents other
than the Asset Option Security, CTA Bond Security and the Revenue Security. 
  
 Insolvency Event means the occurrence of any of the events or circumstances set out in one or more of clause 17.13 (Insolvency), clause 17.14 (Insolvency proceedings), clause 17.15 (Creditors’ process) or
clause 17.16 (Analogous proceedings) of the Credit Agreement. 
  
 Junior Debt means the Subordinated Debt and, if a BET Event has occurred and is continuing, the New CTA Debt. 
  
 Liability means any present or future liability (actual or contingent), together with: 
  

	 	(a)	any permitted novation, deferral or extension of that liability; 

  

	 	(b)	any further advance which may be made under any agreement expressed to be supplemental to any document in respect of that liability, together with all related interest, fees and
costs; 

  

	 	(c)	any claim for damages or restitution in the event of rescission of that liability or otherwise; 

  

	 	(d)	any claim flowing from any recovery by a payment or discharge in respect of that liability on grounds of preference or otherwise; and 

  

	 	(e)	any amount (such as post-insolvency interest) which would be included in any of the above but for its discharge, non-provability, unenforceability or non-allowability in any
insolvency or other proceedings. 

  
 New Bonds
Terms and Conditions means the terms and conditions of the £700,000,000 7% fixed rate guaranteed bonds due 2005-2022 issued on or about the date of this Deed by the Issuer. 
  
 New CTA Debt means all Liabilities payable or owing from time to time by the Borrower to BET under or in connection
with the Capacity and Tolling Agreement. 
  
 Party means a
party to this Deed. 
  
 Principal Amount Outstanding has
the meaning given to it in the New Bonds Terms and Conditions. 
  
 Receiver means an administrative receiver, a receiver and manager or a receiver, in each case appointed under a Security Document. 
  
 Residual Amount means the CTA Bond Outstandings less the Ascertained Security Value, as calculated on the Determination Date. 
  
 Revenue Account has the meaning given to it in the Accounts
Agreement. 
  
 Revenue Agreement Payments means each and
every sum payable or owing from time to time to the Borrower under or in connection with the Revenue Agreements. 
  

 4 

 Revenue Security means each and every Security Interest conferred by the Security Documents over
the Revenue Agreement Payments and the Revenue Account (including all rights and claims to which the Borrower is now or may hereafter become entitled in relation to all moneys now or at any time hereafter standing to the credit of the Revenue
Account). 
  
 Second Intercompany Loan Agreement
means the intercompany loan agreement entered into on or about the date of this Deed between EPHL as lender and EPL as borrower. 
  
 Second Security Assignment means the security assignment between EPL as assignor and EPHL as assignee. 
  
 Secured Creditor means a Finance Party, BET or EPHL. 
  
 Security means each and every Security Interest conferred by the
Security Documents. 
  
 Senior Debt means all Liabilities
payable or owing by any Obligor to a Finance Party under or in connection with the Finance Documents. 
  
 Senior Discharge Date means the date on which all the Senior Debt has been unconditionally paid and discharged in full. 
  
 Subordinated Debt means all Liabilities payable or owing by the
Borrower to EPHL under or in connection with the Second Intercompany Loan Agreement. 
  
 Technical Expert means a person chosen by the President for the time being of the UK Institute of Civil Engineers: 
  

	 	(a)	who is independent and who has confirmed in writing that it will (i) have no conflict in acting as an Expert; and (ii) remain neutral and impartial at all times when acting as an
Expert; 

  

	 	(b)	who is not a Competitor; 

  

	 	(c)	who is not a Finance Party or an affiliate of a Finance Party; and 

  

	 	(d)	having appropriate expertise in the technical assessment and valuation of power stations of a similar type, and operated in a similar manner, as the Plant within the United Kingdom.

  
 Unsecured Assets has the meaning given
to it in the EPHL Security Document. 
  

	1.2	Construction 

  

	(a)	A capitalised term defined in the Credit Agreement has, unless expressly defined in this Deed, the same meaning in this Deed. 

  

	(b)	The provisions of clause 1.2 (Construction) of the Credit Agreement apply to this Deed as though they were set out in full in this Deed except that references to the Credit
Agreement are to be construed as references to this Deed. 

  

	(c)	Notwithstanding paragraph (b) above, references to the Capacity and Tolling Agreement and the Eggborough Contracts, means those agreements as at the Restructuring Date unless any
subsequent amendments to those agreements have been agreed to by the Agent. 

  

 5 

	(d)	Each undertaking of the Borrower, BET or EPHL under this Deed remains in force until the Discharge Date. 

  

	(e)	Each undertaking of the Finance Parties under this Deed remains in force until the Senior Discharge Date. 

  

	(f)	If the Security Trustee considers that an amount paid to a Secured Creditor under a Finance Document is capable of being avoided or otherwise set aside on the liquidation or
administration of the payer or otherwise, then that amount will not be considered to have been irrevocably paid for the purposes of this Deed. 

  

	2.	RANKING 

  

	2.1	Ranking of Debt 

  
 The Parties agree that: 
  

	(a)	(Subordinated Debt) 

  
 the Senior Debt and the Subordinated Debt shall rank in the following order: 
  

			
	First	  	the Senior Debt; and
		
	Second	  	the Subordinated Debt;

  
 provided that
EPHL’s right to prepayment of the Subordinated Debt out of any Asset Option Payments and/or amounts standing to the credit of the Asset Option Account shall rank ahead of the Senior Debt. 
  

	(b)	(New CTA Debt) 

  

	 	(i)	at any time while no BET Event is continuing, the Senior Debt and the New CTA Debt shall rank equally. 

  

	 	(ii)	at any time while a BET Event is continuing, the Senior Debt and the New CTA Debt shall rank in the following order: 

  

			
	First	  	the Senior Debt; and
		
	Second	  	the New CTA Debt.

  

	2.2	General 

  

	(a)	The ranking in Clauses 2.1 applies notwithstanding: 

  

	 	(i)	the order of registration, notice or execution of any document; 

  

	 	(ii)	any provision to the contrary in the Second Security Assignment or any Security Document (including without limitation Clause 14.1 of the Existing Debenture);

  

	 	(iii)	when any Debt is incurred; 

  

	 	(iv)	whether or when a creditor is obliged to advance any Debt; or 

  

 6 

	 	(v)	any fluctuation in the outstanding amount of, or any intermediate discharge of, any Debt. 

  

	(b)	Notwithstanding the provisions of Clause 2.1, on enforcement of the Security Documents and/or the Second Security Assignment, the proceeds of such enforcement shall be applied in
accordance with Clause 10 (Proceeds of Enforcement of Security). 

  

	2.3	BET and EPHL 

  
 EPHL (in respect of paragraph (a) below) and each of the Borrower and BET (in respect of paragraph (b) below) represents and warrants to the Security
Trustee on the date of this Deed that : 
  

	 	(a)	it is the sole beneficial owner of the Subordinated Debt owed to it free from any Security Interest, option and subordination in favour of any person (other than any Security
Interest in favour of the Issuer created under the First Security Assignment); and 

  

	 	(b)	BET is the sole legal and beneficial owner of the New CTA Debt owed to it free from any Security Interest, option and subordination in favour of any person (other than any Permitted
Security Interest in favour of the Finance Parties created under the Security Documents). 

  

	3.	PERMITTED PAYMENTS 

  

	3.1	Subordinated Debt 

  
 Prior to the Senior Discharge Date, the Borrower may only make payments in respect of the Subordinated Debt if: 
  

	 	(a)	at any time, the payment is made by a withdrawal or payment from the Asset Option Account in accordance with the Accounts Agreement; 

  

	 	(b)	at any time, the payment is made out of the proceeds of enforcement of the Second Security Assignment; or 

  

	 	(c)	on or after an Enforcement Event, the payment is made in accordance with Clause 10.1 (Order of Application). 

  

	3.2	New CTA Debt 

  
 Prior to the Senior Discharge Date, the Borrower may only make payments in respect of the New CTA Debt if: 
  

	 	(a)	at any time while no BET Event is continuing, the payment is made by a withdrawal or payment from the Revenue Account in accordance with the Accounts Agreement, or by a direction in
respect of a Revenue Agreement under the Capacity and Tolling Agreement and made in accordance with the Existing Debenture and the New Debenture; 

  

	 	(b)	at any time while a BET Event is continuing, the payment is made with the prior consent of the Security Trustee; or 

  

 7 

	 	(c)	on or after an Enforcement Event, the payment is made in accordance with Clause 10.1 (Order of Application). 

  

	3.3	Senior Debt 

  

	(a)	Prior to the Senior Discharge Date, the Borrower may only make payments in respect of the Senior Debt if: 

  

	 	(i)	prior to an Enforcement Event, the payments are made in accordance with the Finance Documents and, if the payment is made by a withdrawal or payment out of the Revenue Account, a
BET Event is continuing; or 

  

	 	(ii)	on or after an Enforcement Event, the payment is made in accordance with Clause 9.1 (Order of Application), 

  

	(b)	The Borrower shall not make any withdrawal or payment in respect of the Senior Debt out of the Asset Option Account or out of the proceeds of enforcement of the Second Security
Assignment at any time unless otherwise permitted by this Agreement. 

  

	4.	SUBORDINATION 

  

	4.1	Subordination events 

  
 Notwithstanding anything to the contrary in this Deed, each of the Borrower, BET and EPHL agrees that the subordination of the ranking of the rights of
payment of the Finance Parties created by this Deed in favour of EPHL and BETdoes not affect nor limit, in any way, the rights of the Finance Parties against any other asset or Liability of the Borrower under or concerning a Finance Document.

  

	4.2	Consequences of an Insolvency Event 

  

	(a)	If an Insolvency Event occurs and is continuing, the Security Trustee may: 

  

	 	(i)	claim, enforce and prove for any New CTA Debt owed by the Borrower; 

  

	 	(ii)	exercise all powers of convening meetings, voting and representation in respect of the New CTA Debt; 

  

	 	(iii)	file claims and proofs, give receipts and take any proceedings as the Security Trustee considers reasonably necessary to recover that New CTA Debt; 

  

	 	(iv)	do anything which the Security Trustee may reasonably consider necessary to recover that New CTA Debt; and 

  

	 	(v)	receive all distributions on that New CTA Debt for application against the New CTA Debt in the manner provided for in this Deed. 

  

	(b)	If and to the extent that the Security Trustee is not entitled to do anything mentioned in subparagraph (a) or does not wish to do so, the Borrower, BET, and each Finance Party must
do so in good time and as requested by the Security Trustee. 

  

	(c)	Each of the Borrower and BET irrevocably authorises the Security Trustee to take any action referred to in subparagraphs (a) and (b) above in respect of any New CTA Debt owed by the
Borrower to BET on or after an Insolvency Event. 

  

 8 

	4.3	Further assurance 

  
 Each of the Borrower and BET must, at its own expense, take whatever action the Security Trustee may require to give effect to this Clause. 
  

	5.	TURNOVER OF NON-PERMITTED RECOVERIES 

  

	5.1	Non-permitted payments 

  

	(a)	If a Secured Creditor receives: 

  

	 	(i)	a payment (including by way of set-off) or distribution in cash or in kind, of, or on account of, any of the Debt from the Borrower or any other source other than allowed under this
Deed; or 

  

	 	(ii)	the proceeds of any enforcement of any Security Interest or any guarantee or other assurance against financial loss for any Debt other than as allowed under this Deed,

  
 that Secured Creditor shall immediately pay an
amount equal to that receipt or recovery to the Security Trustee for application against the Debt in the order provided for in the Deed. 
  

	5.2	Non-permitted discharge 

  
 If, for any reason any of the Debt is discharged in any manner other than as allowed under this Deed, then the Secured Creditor whose Debt has been so
discharged must immediately pay an amount equal to the amount discharged to the Security Trustee for application against the Debt in the order provided for under this Deed. 
  

	6.	PROTECTION OF SUBORDINATION 

  

	6.1	Continuing subordination 

  
 The subordination provisions in this Deed constitute a continuing subordination and will benefit the ultimate balance of all of the Senior Debt, the
Subordinated Debt and the New CTA Debt, regardless of any intermediate payment or discharge in whole or in part. 
  

	6.2	Waiver of defences 

  
 The subordination in this Deed and the obligations of each Secured Creditor under this Deed will not be affected by any act, omission, matter or thing
which, but for this provision, would reduce, release or prejudice the subordination or any of those obligations. This includes: 
  

	 	(a)	any time or waiver granted to, or composition with any person; 

  

	 	(b)	any release of any person under the terms of any composition or arrangement; 

  

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person;

  

	 	(d)	any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

 9 

	 	(e)	any incapacity as lack of power, authority or legal personality of or dissolution or change in the members or statute of any person; 

  

	 	(f)	any amendment (however fundamental) of a Finance Document, the Second Intercompany Loan Agreement, the Second Security Assignment, the Capacity and Tolling Agreement or any other
document or security; or 

  

	 	(g)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document, the Second Intercompany Loan Agreement, the Second Security Assignment,
the Capacity and Tolling Agreement or any other document or security. 

  

	6.3	Non-competition 

  

	(a)	Following the occurrence of an Insolvency Event or an Enforcement Event in the period commencing on the date of this Deed and ending on the earlier of (i) the Senior Discharge Date;
and (ii) a date specified by the Security Trustee, and provided that a BET Event is continuing, BET will not under any circumstance: 

  

	 	(i)	be subrogated to any rights, security or moneys held, received or receivable by any Finance Party (or an agent or any trustee or other agent on its behalf) or be entitled to any
right of contribution or indemnity in respect of any payment made or moneys received on account of its liability in relation to the New CTA Debt; or 

  

	 	(ii)	claim, rank, prove or vote as a creditor of any person or estate in competition with any Finance Party (or an agent or any trustee or other agent on its behalf) in relation to the
New CTA Debt. 

  

	(b)	BET agrees that it shall not receive, claim or have the benefit of any payment, distribution or security from or on account of any person in respect of the New CTA Debt following an
Insolvency Event while a BET Event is continuing, until the earlier of (i) the Senior Discharge Date; or (ii) a date specified by the Security Trustee. 

  

	(c)	Unless the Security Trustee otherwise directs, BET shall hold in trust for and promptly pay or transfer to the Security Trustee any payment or distribution or benefit of security
received by it contrary to this Clause 6.3 or as directed by the Security Trustee. 

  

	(d)	Each of the Borrower, and BET agrees that subparagraphs (a) and (b) are not intended to limit, in any way, the rights of a Finance Party concerning any other asset or Liability of
the Borrower under or concerning a Finance Document. 

  

	7.	REPRESENTATIONS 

  

	7.1	Representations 

  
 The representations set out in this Clause are made by BET and EPHL to the Security Trustee on behalf of each Finance Party. 
  

	7.2	Status 

  
 It is a limited liability company, duly incorporated and validly existing under the laws of its jurisdiction of incorporation. 
  

 10 

	7.3	Powers and authorities 

  
 It has the power to enter into and perform, and has taken all necessary action to authorise the entry into and performance of, this Deed and the
transactions contemplated by this Deed. 
  

	7.4	Legal validity 

  
 This Deed constitutes its legally valid, binding and enforceable obligation (subject to the qualifications as to the matters of law only (if any)
contained in the legal opinions received by the Agent in connections with the Finance Documents). 
  

	7.5	Non-conflict 

  
 The entry into and performance by it of, and the transactions contemplated by, this Deed do not and will not: 
  

	 	(a)	conflict with any existing law or regulation applicable to it; 

  

	 	(b)	conflict with its constitutional documents; or 

  

	 	(c)	conflict in any material respect with any document which is binding upon it or any of its assets. 

  

	7.6	Authorisations 

  
 All authorisations required by it in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by,
this Deed have been obtained or effected (as appropriate) and are in full force and effect. 
  

	7.7	Times for making representations 

  
 The representations set out in this Clause are made by BET and EPHL on the Restatement Date. 
  

	8.	ENFORCEMENT 

  

	8.1	Restrictions on BET enforcement 

  
 Prior to the Senior Discharge Date, BET shall not without the prior consent of the Security Trustee: 
  

	 	(a)	enforce any of the New CTA Debt by execution or otherwise; 

  

	 	(b)	crystallise, or require the Security Trustee to crystallise, any floating charge in a Debenture; or 

  

	 	(c)	enforce, or require the Security Trustee to enforce, any Security. 

  

 11 

	8.2	Restrictions on BET and EPHL enforcement 

  

	 	(a)	Prior to the Senior Discharge Date, neither BET nor EPHL shall, without the prior consent of the Security Trustee: 

  

	 	(i)	initiate or support or take any step with a view to: 

  

	 	(A)	any insolvency, liquidation, reorganisation, administration or dissolution proceedings; 

  

	 	(B)	any voluntary arrangement or assignment for the benefit of creditors; or 

  

	 	(C)	any similar proceedings, 

  

	 	 	in each case, involving any Obligor whether by petition, convening a meeting, voting for a resolution or otherwise; 

  

	 	(ii)	bring or support any legal proceedings against any Obligor (or any of its Subsidiaries); 

  

	 	(iii)	exercise any right to require any insurance proceeds to be applied in reinstatement of any asset subject to any Security Interest; or 

  

	 	(iv)	otherwise exercise any remedy for the recovery of any New CTA Debt or Subordinated Debt. 

  

	 	(b)	All Parties acknowledge that, upon the Subordinated Debt becoming due and payable or at any time after the occurrence of the Senior Discharge Date, EPHL has the right to require
repayment of the Subordinated Debt and, following non payment of the Subordinated Debt so demanded, may enforce the security conferred by the Second Security Assignment for application in or towards payment of the Subordinated Debt.

  

	9.	ASCERTAINED SECURITY VALUE 

  

	9.1	Appointment of Experts 

  

	 	(a)	Following an Enforcement Event, in the event that: 

  

	 	(i)	all the shares in, or all the assets of, the Borrower are sold prior the Calculation Date and the consideration for such sale has not been received wholly in cash, the Borrower and
the Security Trustee shall procure the appointment of a Financial Expert (unless a Financial Expert has already been appointed in accordance with subparagraph (a)(ii) below); or 

  

	 	(ii)	all the shares in, or all the assets of, the Borrower have not been sold one calendar month prior to the Calculation Date, the Borrower and the Security Trustee shall procure the
appointment of: 

  

	 	(A)	a Financial Expert; and 

  

	 	(B)	a Technical Expert. 

  

	 	(b)	Each Expert shall act as an expert and not as an arbitrator and the law of arbitration shall not apply. 

  

	 	(c)	The reasonable fees and expenses of the Experts shall be borne by the Borrower. 

  

	 	(d)	Each Expert shall carry out such determinations as are required under Clause 9.2. 

  

 12 

	9.2	Calculation of Ascertained Security Value 

  

	 	(a)	In the event that an Enforcement Sale occurs on or prior to the Calculation Date, the net amount recovered shall be: 

  

	 	(i)	if the consideration for each and every sale of shares in, and/or assets of, the Borrower in the Enforcement Sale Period has been received wholly in cash: 

 

	 	(A)	the aggregate amount of such cash consideration, 

  

	 	 	less: 

  

	 	(B)	all costs and expenses that the Finance Parties and any Receiver incurred in effecting each and every sale of shares in, and/or assets of, the Borrower in the Enforcement Sale
Period, to the extent payable to the Finance Parties or any such Receiver in accordance with the terms of the Finance Documents only, 

  

	 	 	as determined within 15 Business Days of the Enforcement Sale Date; or 

  

	 	(ii)	otherwise, the aggregate of the net amounts recovered from each and every sale of shares in, and/or assets of, the Borrower in the Enforcement Sale Period, as determined by the
Financial Expert within 15 Business Days of the Enforcement Sale Date. 

  

	 	(b)	In the event that an Enforcement Sale does not occur on or prior to the Calculation Date, the Experts shall determine the value of the Plant as at the Calculation Date.

  

	 	(c)	When making a determination in accordance with subparagraph (b) above, the Experts shall disregard the sale of any shares in, or assets of, the Borrower during the Enforcement Sale
Period. 

  

	 	(d)	In the event that the Security Trustee or any Receiver failed to: 

  

	 	(i)	comply with its duties under law in respect of the sale of any shares in, and/or assets of, the Borrower; or 

  

	 	(ii)	disregard the existence of the CTA Bonds when complying with such duties, 

  
 then, notwithstanding any other provision of this Deed, the Ascertained Security Value shall be calculated in accordance with subparagraph (b) above.

  

	 	(e)	The Borrower and each Finance Party shall provide the Experts with all information they may reasonably require in order to make the determinations described in this Clause 9.2.

  

	 	(f)	In the absence of manifest error, the decisions of the Expert of the Experts (as the case may be) under this Clause 9.2 shall be final, conclusive and binding on the Parties.

  

 13 

	10.	PROCEEDS OF ENFORCEMENT OF SECURITY 

  

	10.1	CTA Bond Payments 

  
 Subject to the rights of any creditor with prior security or any preferential claim, the proceeds of enforcement of the CTA Bond Security shall be paid to
the Security Trustee and applied in the following order: 
  

	 	(a)	first, in or towards payment of any unpaid fees, costs and expenses of the Security Trustee and/or any receiver, attorney or agent appointed under the Security Documents to
the extent such fees, costs and/or expenses relate to the enforcement of the CTA Bond Security; 

  

	 	(b)	second: 

  

	 	(i)	up to (and including) the Determination Date, to the escrow account in the name of the Bond Trustee pending application in accordance with subparagraph (ii) below ; and

  

	 	(ii)	from (but excluding) the Determination Date, in payment to the Finance Parties for application in or towards the Senior Debt pari passu amongst themselves and EPHL in or
towards payment of the Subordinated Debt, in the following proportions: 

  

	 	(A)	the Finance Parties shall receive an amount of any such proceeds equal to such proceeds multiplied by the Finance Parties Percentage; and 

  

	 	(B)	EPHL shall receive an amount of any such proceeds equal to such proceeds multiplied by the EPHL Percentage. 

  

	10.2	Asset Option Payments 

  

	(a)	Subject to the rights of any prior security or any preferential claim (other than the security and claims of any of the Finance Parties under the Finance Documents), the proceeds of
enforcement of the security conferred by the Second Security Assignment shall be paid to EPHL for application in or towards payment of the Subordinated Debt. 

  

	(b)	Subject to the rights of any prior security or any preferential claim, the proceeds of enforcement of the Asset Option Security shall be applied in the following order:

  

	 	(i)	first, in or towards payment of any unpaid fees, costs and expenses of the Security Trustee and/or any receiver, attorney or agent appointed under the Security Documents to
the extent such fees, costs and/or expenses relate to the enforcement of the Asset Option Security; 

  

	 	(ii)	second, to EPHL for application in or towards payment of the Subordinated Debt; and 

  

	 	(iii)	third, the payment of the surplus (if any) to the relevant Obligor or other person entitled to it. 

  

 14 

	10.3	Revenue Agreement Payments 

  
 Subject to the rights of any prior security or any preferential claim, the proceeds of enforcement of the Revenue Security shall be paid to the Security
Trustee and applied in the following order: 
  

	 	(a)	first, in or towards payment of any unpaid fees, costs and expenses of the Security Trustee and/or any receiver, attorney or agent appointed under the Security Documents to
the extent such fees, costs and/or expenses relate to the enforcement of the Revenue Security; 

  

	 	(b)	second: 

  

	 	(i)	at any time while no BET Event is continuing: 

  

	 	(A)	first, in payment to BET for application in or towards payment of the New CTA Debt; and 

  

	 	(B)	second, in payment to the Finance Parties for application in or towards payment of the Senior Debt pari passu amongst themselves; or 

  

	 	(ii)	at any time while a BET Event is continuing: 

  

	 	(A)	first, in payment to the Finance Parties for application in or towards payment of the Senior Debt pari passu amongst themselves; and 

  

	 	(B)	second, to BET for application towards payment of the New CTA Debt. 

  

	 	(c)	third, the payment of the surplus (if any) to the relevant Obligor or other person entitled to it. 

  

	10.4	General Security 

  
 Subject to the rights of any prior security or any preferential claims, the proceeds of enforcement of the General Security shall be paid to the Security
Trustee and applied in the following order: 
  

	 	(a)	first, in or towards payment of any unpaid fees, costs and expenses of the Security Trustee and any receiver, attorney or agent appointed under the Security Documents to the
extent such fees, costs and/or expenses relate to the enforcement of the General Security; 

  

	 	(b)	second, in or towards payment (to the extent they are, under the Finance Documents, payable) of any costs and expenses of any Finance Party; 

  

	 	(c)	third, in payment to the Finance Parties for application in or towards payment of the Senior Debt pari passu amongst themselves; 

  

	 	(d)	fourth, in payment to BET for application in or towards payment of the New CTA Debt; 

  

 15 

	 	(e)	fifth, in payment to EPHL for application in or towards payment of the Subordinated Debt; and 

  

	 	(f)	sixth, the payment of the surplus (if any) to the relevant Obligor or other person entitled to it. 

  

	10.5	Good discharge 

  
 An acknowledgement of receipt signed by the relevant person to whom payments are to be applied under this Clause will discharge the Security Trustee.

  

	10.6	Non-cash Distributions 

  
 If the Security Trustee or any Secured Creditor receives any distribution otherwise than in cash in respect of the Debt from any Obligor or from any other
source, none of those debts will be deemed reduced by that distribution until and except to the extent that the realisation proceeds are applied towards them in accordance with this Deed. 
  

	10.7	Currencies 

  

	(a)	All moneys received or held by the Security Trustee under this Deed at any time on or after a Enforcement Event in a currency other than a currency in which the relevant debt is
denominated may be sold for any one or more of the currencies in which the debt is denominated as the Security Trustee considers necessary or desirable. 

  

	(b)	The Company must indemnify the Security Trustee against any loss or liability incurred in relation to any sale. 

  

	(c)	The Security Trustee has no liability to any Party in respect of any loss resulting from any fluctuation in exchange rates after any such sale. 

  

	11.	RELEASE OF SECURITY 

  

	(a)	With effect from the date of this Deed, the Security Trustee and the Finance Parties hereby irrevocably and unconditionally release any Security Interest conferred by the EPHL
Assignment over the Unsecured Assets. 

  

	(b)	Notwithstanding any other provision of the Finance Documents, the Security Trustee shall not release any Asset Option Security, CTA Bond Security or Revenue Security in favour of
EPHL and BET without the prior written consent of EPHL and BET. 

  

	12.	THE SECURITY TRUSTEE 

  

	12.1	Appointment and duties of the Security Trustee 

  

	(a)	Each Secured Creditor (other than the Security Trustee) appoints the Security Trustee to act as its agent in respect of the Security. 

  

	(b)	Each Secured Creditor (other than the Security Trustee) irrevocably authorises the Security Trustee to: 

  

	 	(i)	perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Security Documents, together with any other incidental rights,
powers and discretions; and 

  

 16 

	 	(ii)	execute each Security Document expressed to be executed by the Security Trustee. 

  

	(c)	The Security Trustee has only those duties which are expressly specified in this Deed and the Security Documents. Those duties are solely of a mechanical and administrative nature.

  

	12.2	Individual position of the Security Trustee 

  

	(a)	If it is also a Secured Creditor, the Security Trustee has the same rights and powers under the Security Documents as any other Secured Creditor and may exercise those rights and
powers as though it were not the Security Trustee. 

  

	(b)	The Security Trustee may: 

  

	 	(i)	carry on any business with any Obligor or its related entities (including acting as an agent or a trustee for any other financing); and 

  

	 	(ii)	retain any profits or remuneration it receives under the Security Documents or in relation to any other business it carries on with any Obligor or its related entities.

  

	12.3	Reliance 

  
 The Security Trustee may: 
  

	 	(a)	rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; 

  

	 	(b)	rely on any statement made by any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify, including any certificate of
an agent as to the nature and amount of any sums owing to the Secured Creditors for which it acts as agent; 

  

	 	(c)	engage, pay for and rely on professional advisers selected by it (including those representing a Secured Creditor other than the Security Trustee); and 

  

	 	(d)	act under the Security Documents through its personnel and agents. 

  

	12.4	Secured Creditors’ instructions 

  

	(a)	The Security Trustee shall exercise any right, power or discretion vested in it as trustee in accordance with any instructions: 

  

	 	(i)	prior to the Senior Discharge Date, given to it by the Agent (acting on the instructions of the Majority Banks) (or, in the absence of such instructions, in the best interests of
the Finance Parties); 

  

	 	(ii)	notwithstanding subparagraph (i): 

  

	 	(A)	to the extent any matter relates to the Subordinated Debt, given to it by EPHL (or in the absence of such instructions, in the best interests of EPHL); and 

 

	 	(B)	to the extent any matter relates to the New CTA Debt and provided no BET Event is continuing, given to it by BET (or in the absence of such instructions, in the best interests of
BET); and 

  

 17 

	 	(iii)	post the Senior Discharge Date, any instructions given to it by BET and/or EPHL (or, in the absence of such instructions, in the best interests of BET and/or EPHL).

  

	(b)	Each Secured Creditor other than the Security Trustee agrees that the Security Trustee is fully protected if it acts in accordance with subparagraph (a) when exercising any right,
power or discretion or any matter not expressly provided for in the Security Documents. 

  

	(c)	Except as otherwise provided for in this Deed, the Security Trustee is not authorised to act on behalf of a Secured Creditor (without first obtaining that Secured Creditor’s
consent) in any legal or arbitration proceedings in connection with any Security Document. 

  

	(d)	The Security Trustee may require the receipt of security satisfactory to it, whether by way of payment in advance or otherwise, against any liability or loss which it may incur in
complying with the instructions of a Secured Creditor. 

  

	12.5	Responsibility 

  

	(a)	The Security Trustee is not responsible to any Secured Creditor for the adequacy, accuracy or completeness of: 

  

	 	(i)	any Security Document or any other document; or 

  

	 	(ii)	any statement or information (whether written or oral) made in or supplied in connection with any Security Document. 

  

	(b)	Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Security Document, each Secured Creditor confirms that it:

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Security Documents (including the financial condition and
affairs of each Obligor and its related entities and the nature and extent of any recourse against any Party or its assets); and 

  

	 	(ii)	has not relied exclusively on any information provided to it by the Security Trustee in connection with any Security Document. 

  

	12.6	Exclusion of liability 

  

	(a)	The Security Trustee is not liable to any Secured Creditor for any action taken or not taken by it in connection with any Security Document, unless directly caused by its gross
negligence or wilful misconduct, or fraud. 

  

	(b)	No Party may take any proceedings against any officer, employee or agent of the Security Trustee in respect of any claim it might have against the Security Trustee or in respect of
any act or omission of any kind by that officer, employee or agent in connection with any Security Document. Any officer, employee or agent of the Security Trustee may rely on this subparagraph. 

  

	12.7	Default 

  
 The Security Trustee is not obliged to monitor or enquire whether a Default has occurred. The Security Trustee is not deemed to have knowledge of the
occurrence of a Default. 
  

 18 

	12.8	Information 

  

	(a)	The Security Trustee must promptly forward to the person concerned the original or a copy of any document which is delivered to the Security Trustee by a Party for that person.

  

	(b)	Except where a Security Document specifically provides otherwise, the Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it
forwards to another Party. 

  

	(c)	Except as provided above, the Security Trustee has no duty either initially or on a continuing basis to provide any Secured Creditor with any credit or other information concerning
the risks arising under or in connection with the Security Documents whether coming into its possession before, on or after the date of this Deed. This includes any information relating to the financial condition or affairs of any Obligor or its
related entities or the nature or extent of recourse against any Party or its assets. 

  

	(d)	Unless specifically requested to do so by a Secured Creditor in accordance with a Security Document, the Security Trustee has no duty to request any certificate or other document
from any other Party. 

  

	(e)	In acting as the Security Trustee, the agency division of the Security Trustee is treated as a separate entity from its other divisions and departments. Any information acquired by
the Security Trustee which, in its opinion, is acquired by it otherwise than in its capacity as the Security Trustee may be treated as confidential by the Security Trustee and will not be treated as information possessed by the Security Trustee in
its capacity as such. 

  

	(f)	Each Party irrevocably authorises the Security Trustee to disclose to the Secured Creditors any information which, in its opinion, is received by it in its capacity as the Security
Trustee. 

  

	12.9	Indemnities 

  

	(a)	Without limiting the liability of any Obligor under the Finance Documents: 

  

	 	(i)	prior to the Senior Discharge Date, each Finance Party must indemnify the Security Trustee for that Finance Party’s share of any loss or liability incurred by the Security
Trustee in acting as the Security Trustee except to the extent that such loss or liability directly relates to the administration, monitoring, preservation or otherwise of the Asset Option Security or the Revenue Account Security, in which case EPHL
and BET respectively must indemnify the Security Trustee for that loss or liability, and 

  

	 	(ii)	post the Senior Discharge Date, EPHL and BET must indemnify the Security Trustee for their respective shares of any loss or liability incurred by the Security Trustee in acting as
the Security Trustee, 

  
 except, in each case, to
the extent that the loss or liability is directly caused by the Security Trustee’s gross negligence or wilful misconduct or fraud. 
  

	(b)	A Secured Party’s share of any loss or liability under subparagraph (a)(i) will be the proportion which the aggregate amount of Debt owing to it bears to all the Debt then
owing at the time the loss or liability event occurs as calculated by the Security Trustee. If the Debt is denominated in more than one currency, the Security Trustee may use whatever rate of exchange it considers appropriate for this purpose.

  

 19 

	(c)	The Security Trustee may deduct from any amount received by it for a Secured Creditor against any amount due to the Security Trustee from that Secured Creditor under this Deed or a
Security Document but unpaid. 

  

	12.10	Compliance 

  
 The Security Trustee may refrain from doing anything (including the disclosure of any information) which might, in its opinion, constitute a breach of any
law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in its opinion, is necessary or desirable to comply with any law or regulation. 
  

	12.11	Resignation of the Security Trustee 

  

	(a)	The Security Trustee may resign and appoint any of its Affiliates as successor Security Trustee by giving notice to the Parties. 

  

	(b)	Alternatively, the Security Trustee may resign by giving written notice to the Parties, in which case the Agent (acting on the instructions of the Majority Banks) may appoint a
successor Security Trustee, or after the Senior Discharge Date EPHL and/or BET may appoint a successor Security Trustee. 

  

	(c)	If no successor Security Trustee has been appointed under subparagraph (b) within 30 days after notice of resignation was given, the Security Trustee may appoint a successor
Security Trustee. Following the Senior Discharge Date, the Security Trustee may require that any member of the British Energy Group or person nominated by EPHL and/or BET become the successor Security Trustee. 

  

	(d)	The person(s) appointing a successor Security Trustee must consult with the Borrower prior to the appointment. Any successor Security Trustee must have an office in the United
Kingdom. 

  

	(e)	The resignation of the Security Trustee and the appointment of any successor Security Trustee will both become effective only when the successor Security Trustee:

  

	 	(i)	notifies all the Parties in writing that it accepts its appointment; 

  

	 	(ii)	executes and delivers to the old Security Trustee an Accession Agreement; and 

  

	 	(iii)	accedes to each of the Finance Documents to which the retiring Security Trustee was a party and the Share Subscription Agreement. 

  

	(f)	In this event, the successor Security Trustee will succeed to the position of the Security Trustee and the term Security Trustee will mean the successor Security Trustee.

  

	(g)	The retiring Security Trustee must, at its own cost, make available to the successor Security Trustee such documents and records and provide such assistance as the successor
Security Trustee may reasonably request for the purposes of performing its functions as the Security Trustee under the Finance Documents and to ensure that the Security Documents constitute perfected and enforceable security in its favour.

  

	(h)	Each Party must take whatever action the successor Security Trustee may reasonably request for the purposes of performing its functions as the Security Trustee under the Finance
Documents or to ensure that the Security Documents constitute perfected and enforceable security in its favour. 

  

 20 

	(i)	Upon its resignation becoming effective, this Clause will continue to benefit the retiring Security Trustee in respect of any action taken or not taken by it in connection with the
Security Documents while it was the Security Trustee, and, subject to subparagraph (f), it will have no further obligations under any Finance Document. 

  

	(j)	The Agent (acting on the instructions of the Majority Banks) may, by notice to the Security Trustee, require it to resign under subparagraph (b), or after the Senior Discharge Date
EPHL and BET may jointly require it to resign under subparagraph (b) 

  

	(k)	If a replacement Security Trustee has not been appointed within 60 days of the Security Trustee giving notice of resignation under subparagraph (a) and the Discharge Date has
occurred, then: 

  

	 	(i)	the Security Trustee is entitled to release any Security; and 

  

	 	(ii)	notwithstanding any other term of this subparagraph, the resignation of the Security Trustee will take effect on the date notified by the Security Trustee for this purpose to the
other Secured Creditors whether or not a replacement has been appointed. 

  

	12.12	Relationship with Secured Creditors 

  

	(a)	The Security Trustee may treat each Secured Creditor as a Secured Creditor, entitled to payments under this Deed and the Security Documents and as acting through its Facility
Office(s) or its registered office until it has received not less than five Business Days’ prior notice from that Secured Creditor to the contrary. 

  

	(b)	The Security Trustee may at any time, and must if requested to do so by the Agent (acting on the instructions of the Majority Banks), convene a meeting of the Secured Creditors or
the Finance Parties. 

  

	(c)	The Security Trustee must keep a register of all the Parties and supply any other Party with a copy of the register on request. The register will include each Finance Party’s
Facility Office(s) and each Party’s contact details for the purposes of this Deed and the Security Documents. 

  

	12.13	Security Trustee‘s management time 

  
 If the Security Trustee requires (acting reasonably), any amount payable to the Security Trustee by any Party under any indemnity or in respect of any
costs or expenses incurred by the Security Trustee under this Deed or any Security Document after the date of this Deed may include the cost of using its management time or other resources and will be calculated on the basis of such reasonable daily
or hourly rates as the Security Trustee may notify to the relevant Party. This is in addition to any amount in respect of fees or expenses paid or payable to the Security Trustee under any other term of this Deed or any Security Document.

  

	13.	SECURITY 

  

	13.1	Security Trustee as trustee 

  

	(a)	Except as provided below, the Security Trustee holds: 

  

	 	(i)	on trust for the Secured Creditors: 

  

	 	(A)	each Security Interest created by the Security Documents; and 

  

 21 

	 	(B)	all other assets paid to, held by or received or recovered by it under or in connection with this Deed and the Security Documents; and 

  

	 	(ii)	the covenants given by each Secured Creditor under this Deed on trust for each other Secured Creditor. 

  

	13.2	Responsibility 

  
 The Security Trustee is not responsible to any Secured Creditor for any failure in perfecting or protecting any Security, unless directly caused by its
gross negligence or wilful misconduct or fraud. This includes any failure to: 
  

	 	(a)	make any necessary registration, recording or filing of or otherwise protect the relevant Security under any law in any jurisdiction; 

  

	 	(b)	give notice to any person of the execution of any Security Document; or 

  

	 	(c)	obtain any authorisation for the creation of any Security. 

  

	13.3	Title 

  
 The Security Trustee may accept without enquiry the title (if any) which an Obligor may have to any asset over which any Security is intended to be
created by a Security Document. 
  

	13.4	Possession of documents 

  
 Unless the Security Trustee agrees otherwise, the Security Trustee is not obliged to hold any share certificate or title deed, any Security Document or
other document in connection with any asset over which security is intended to be created by any Security Document in its own possession. The Security Trustee may allow an Obligor to retain any such documents in its possession if it considers it is
appropriate to do so. 
  

	13.5	Investments 

  
 Except as otherwise provided in any Security Document, all moneys which are received by the Security Trustee under that Security Document may be invested
in the name of or under the control of the Security Trustee in any investments which may be selected by the Security Trustee. Additionally, those moneys may be placed on deposit in the name of or under the control of the Security Trustee at such
bank or institution (including itself) and upon such terms as it may think fit. 
  

	13.6	Co-Security Trustees 

  

	(a)	The Security Trustee may appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a separate Security Trustee or a
co-Security Trustee jointly with the Security Trustee, if the Security Trustee considers that without the appointment: 

  

	 	(i)	it might not be able to conform to any legal requirement, restriction or condition in any jurisdiction in which any particular act is to be performed; 

  

	 	(ii)	it might not be able to obtain a judgement in any jurisdiction or the enforcement in any jurisdiction of either a judgement already obtained or any term of a Finance Document; or

  

 22 

	 	(iii)	the interests of the Finance Parties under the Finance Documents could be materially and adversely affected. 

  

	(b)	Any appointment will only become effective when the separate Security Trustee or co-Security Trustee becomes bound by the terms of this Deed as if it were the Security Trustee by
executing and delivering to the Security Trustee an Accession Agreement and notifies all the Parties in writing that it accepts its appointment. 

  

	(c)	Each separate Security Trustee or co-Security Trustee will have the rights and obligations conferred or imposed by its instrument of appointment, but: 

  

	 	(i)	its rights must not exceed those conferred on the Security Trustee by this Deed; and 

  

	 	(ii)	the appointment must be subject to the terms of this Deed. 

  

	(d)	The Security Trustee has the power to remove any separate Security Trustee or co-Security Trustee. 

  

	(e)	Any reasonable remuneration which the Security Trustee may pay to a separate Security Trustee or co-Security Trustee, together with any costs and expenses incurred by it in
performing its function as a separate Security Trustee or co-Security Trustee, will for the purposes of this Deed be treated as costs and expenses incurred by the Security Trustee. 

  

	13.7	Authority 

  
 Each Secured Creditor: 
  

	 	(a)	confirms its approval of each Security Document; and 

  

	 	(b)	authorises the Security Trustee (by itself or by any person(s) as it may nominate) to execute and enforce the Security Documents as trustee, agent or in any other role and (whether
or not expressly in that Secured Creditor’s name) on its behalf in accordance with this Deed. 

  

	13.8	Co-operation 

  
 Each Party agrees to use reasonable endeavours to ensure that any Security is held by the Security Trustee (to the extent legally possible) for the joint
benefit of the Secured Creditors in accordance with the priority arrangements set out in this Deed. 
  

	13.9	Enforcement instructions 

  

	(a)	The Security Trustee may refrain from enforcing the Security unless instructed otherwise by: 

  

	 	(i)	prior to the Senior Discharge Date, the Agent (acting on the instructions of the Majority Banks); and 

  

	 	(ii)	post the Senior Discharge Date, EPHL and/or BET. 

  

	(b)	Prior to the Senior Discharge Date, the Agent (acting on the instructions of the Majority Banks) may give or refrain from giving instructions to the Security Trustee to enforce or
refrain from enforcing the Security provided that neither the Agent nor any other Finance Party may give the Security Trustee instructions to enforce the Security following the exercise of an Option other than where the enforcement of the Security
is as a consequence of either (i) 

  

 23 

	 	EPHL failing to transfer the shares in the Borrower in default of its obligations under the Share Option Agreement or (ii) the Borrower failing to transfer its assets in default of
its obligations under the Asset Option Agreement. 

  

	(c)	The Security Trustee must, subject to the terms of a Security Document and as provided below, enforce the Security in accordance with Clause 12.4 (Secured Creditors’
Instructions). 

  

	(d)	Unless it is expressly provided to the contrary in this Deed, any instructions validly given to the Security Trustee by the Agent (acting on the instructions of the Majority Banks)
will, prior to the Discharge Date, override any conflicting instructions given by or on behalf of BET or EPHL other than any instructions which BET or EPHL are entitled by the express terms of this Deed to give. 

  

	(e)	The Security Trustee will be fully protected if it complies with any instructions of the Secured Creditors. 

  

	(f)	The Security Trustee, subject to any contrary instructions of the Secured Creditors and without prejudice to the duties of the Security Trustee and the Secured Creditors arising by
operation of law, may cease any such enforcement at any time. 

  

	(g)	Prior to the Senior Discharge Date, neither the Security Trustee nor any Finance Party is responsible to BET or EPHL for any failure to enforce.

  

	(h)	Prior to the Senior Discharge Date, neither the Security Trustee nor any Finance Party is responsible to the Borrower for any failure to enforce or to maximise the proceeds of any
enforcement. 

  

	13.10	Perpetuity Period 

  
 The perpetuity period for the trusts in this Deed is 80 years. 
  

	13.11	Conflict with Security Documents 

  
 If there is any conflict between the provisions of this Deed and any Finance Document, this Deed will prevail. 
  

	14.	CO-OPERATION BETWEEN SECURED CREDITORS 

  

	14.1	Defaults 

  
 The Security Trustee must promptly notify each Finance Party of the occurrence of any Event of Default under the Credit Agreement or a Security Document
of which it has received notice from a Party specifying the event and identifying it as an Event of Default. 
  

	14.2	Amount of Debt 

  
 The Security Trustee must on request notify each other Party of details of the amount of the Debt as appropriate. 
  

	14.3	Memorandum 

  
 If requested to do so by the Security Trustee, each Secured Creditor (or the relevant Agent on its behalf) must endorse a memorandum of this Deed on each
Finance Document specified by the Security Trustee. 
  

 24 

	15.	CALCULATION AND EVIDENCE 

  
 Any certification or determination by the Security Trustee of a rate or amount under this Deed will be, in the absence of manifest error, conclusive
evidence of the matters to which it relates. 
  

	16.	AMENDMENTS AND WAIVERS 

  

	16.1	Amendments 

  
 No Party may amend or waive any term of the Second Intercompany Loan Agreement or the Capacity and Tolling Agreement except as expressly allowed under the
Credit Agreement. 
  

	16.2	Waivers and remedies cumulative 

  

	(a)	The rights of each Party under this Deed: 

  

	 	(i)	may be exercised as often as necessary; 

  

	 	(ii)	are cumulative and not exclusive of its rights under the general law; and 

  

	 	(iii)	may be waived only in writing and specifically. 

  

	(b)	Delay in exercising or non-exercise of any right is not a waiver of that right. 

  

	17.	CHANGES TO THE PARTIES 

  

	17.1	The Borrower, BET and EPHL 

  
 None of the Borrower, BET or EPHL may assign or transfer any of their rights and/or obligations under this Deed without the prior consent of the Security
Trustee. 
  

	17.2	The Finance Parties 

  

	(a)	Any Finance Party may assign or otherwise dispose of all or any of its rights under the Credit Agreement in accordance with its terms provided that any assignee or transferee at or
before the time of transfer agrees to be bound by this Deed as a Finance Party by executing and delivering an Accession Agreement to the Security Trustee. 

  

	(b)	References to the Security Trustee in this Deed include any successor Security Trustee. 

  

	18.	SHARING 

  

	(a)	The Security Trustee must treat any proceeds that it receives pursuant to Clause 5 as if it had been paid by an Obligor and distribute it amongst the Secured Creditors in accordance
with this Deed. 

  

	(b)	When the Security Trustee makes a distribution under subparagraph (a), the Secured Creditor who made such payment to the Security Trustee (the Recovering Creditor) will be
subrogated to the rights of the Secured Creditors which have shared in that redistribution. 

  

	(c)	If and to the extent that the Recovering Creditor is not able to rely on any rights of subrogation under subparagraph (b), the relevant Obligor will owe the Recovering Creditor a
debt which is equal to the redistribution, immediately payable and of the type originally discharged. 

  

 25 

	(d)	If: 

  

	 	(i)	a Recovering Creditor must subsequently return a recovery, or an amount measured by reference to such a recovery, to the relevant Obligor; and 

  

	 	(ii)	the Recovering Creditor has paid to the Security Trustee a redistribution in relation to that recovery, 

  
 each Secured Creditor which has received a part of a redistribution that relates to such recovery must reimburse the
Recovering Creditor all or the appropriate portion of the redistribution paid to that Secured Creditor, together with interest for the period while it held such redistribution. In this event, the subrogation in subparagraph (b) will operate in
reverse to the extent of the reimbursement. 
  

	19.	SEVERABILITY 

  
 If a term of this Deed is or becomes illegal, invalid or unenforceable in any jurisdiction, that will not affect: 
  

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other term of this Deed; or 

  

	 	(b)	the legality, validity or enforceability in any other jurisdiction of that or any other term of this Deed. 

  

	20.	COUNTERPARTS 

  
 This Deed may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this
Deed. 
  

	21.	NOTICES 

  

	21.1	Contact details 

  

	(a)	The contact details of the Borrower for all notices in connection with this Deed are: 

  
 Eggborough Power Limited 
 Barnett Way 
 Barnwood 
 Gloucester 
 GL4 3RS 
  
 Attention: Corporate Affairs Director and Company Secretary 

			
	 Telephone:
	  	01355 594 020
	 Facsimile:
	  	01355 594 022

  

	(b)	The contact details of EPHL for all notices in connection with this Deed are: 

  

Eggborough Power (Holdings) Limited 
 3
Redwood Crescent 
 Peel Park 
 East Kilbridge 
 G74 5PR 
  

 26 

			
	 Attention:
	 	Corporate Affairs Director and Company Secretary
	 Telephone:
	 	01355 594 020
	 Facsimile:
	 	01355 594 022

  

	(c)	The contact details of BET for all notices in connection with this Deed are: 

  

British Energy Power and Energy Trading Limited 
 3 Redwood Crescent 
 Peel Park 
 East Kilbridge 
 G74 5PR 
  

			
	 Attention:
	 	Corporate Affairs Director and Company Secretary
	 Telephone:
	 	01355 594 020
	 Facsimile:
	 	01355 594 022

  

	(d)	The address and facsimile number of the Security Trustee, for general matters, are: 

  
 Barclays Bank PLC 
 5 The North Colonnade 
 Canary Wharf 
 London E14 4BB 
  

			
	 Telephone:
	 	********
	 Facsimile:
	 	********
	 Attention:
	 	Head of Agency

  
 The address and
facsimile number of the Security Trustee in respect of interest rollovers and other administrative financial matters, are: 
  
 Barclays Bank PLC 
 5 The North Colonnade

 Canary Wharf 
 London E14 4BB

  

			
	 Telephone:
	 	********
	 Facsimile:
	 	********
	 Attention:
	 	Head of Agency.

  

	(e)	Any Party may change its contact details by giving five Business Days’ notice to the Security Trustee or (in the case of the Security Trustee) to the other Parties.

  

	(f)	Where a Party nominates a particular department or officer to receive a notice, a notice will not be effective if it fails to specify that department or officer.

  

	21.2	Effectiveness 

  
 All notices or other communications under or in connection with this Deed shall be given in writing and, unless otherwise stated may be made by letter or
facsimile. Any such notice will be deemed to be given as follows: 
  

	 	(a)	if by letter, when delivered personally or on actual receipt; and 

  

	(****)	indicates material omitted and filed separately with the Commission. 

  

 27 

 (b) if by facsimile, when received in legible form. 
  
 However, a notice given in accordance with the above but received on a
non-working day or after business hours in the place of receipt will only be deemed to be given on the next working day in that place. A notice to the Security Trustee will only be effective on actual receipt by it. 
  

	22.	GOVERNING LAW 

  
 This Deed shall be governed by and construed in accordance with the laws of England and Wales. 
  

	23.	ENFORCEMENT 

  

	23.1	Jurisdiction 

  

	(a)	The English courts have exclusive jurisdiction to settle any dispute in connection with this Deed. 

  

	(b)	The English courts are the most appropriate and convenient courts to settle any such dispute. 

  

	(c)	This Clause is for the benefit of the Finance Parties only. To the extent allowed by law, a Finance Party may take: 

  

	 	(i)	proceedings in any other court; and 

  

	 	(ii)	concurrent proceedings in any number of jurisdictions. 

  

	23.2	Waiver of trial by jury 

  
 EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH ANY FINANCE DOCUMENT OR ANY TRANSACTION
CONTEMPLATED BY ANY FINANCE DOCUMENT. THIS DEED MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY COURT. 
  
 THIS DEED has been entered into as a deed on the date stated at the beginning of this Deed. 
  

 28 

 SCHEDULE 1 
  

FORM OF ACCESSION AGREEMENT 
  
 To:        [AGENT] as the Security Trustee 
  
 From:    [PROPOSED NEW PARTY] 
  

Date:     [                    ]

  
 Eggborough Power Limited - Intercreditor Agreement dated

 September, 2004 (the Intercreditor Agreement) 
  
 We refer to the Intercreditor Agreement. This deed is supplemental to an intercreditor deed (the Intercreditor Deed) dated on or
about 27th September, 2004 between amongst others, Eggborough Power Limited as the Borrower and Barclays Bank PLC as Security Trustee. 
  
 Words and expressions defined in the Intercreditor Deed have the same meaning when used in this Deed. 
  
 We, [name of new Party] of [address/registered office], agree with each other person who is or becomes a party to the Intercreditor Deed
that with effect on and from the date hereof it will be bound by the Intercreditor Deed as a [Finance Party/Security Trustee] as if it had been party originally to the Intercreditor Deed in that capacity. 
  
 The address for notices of [the new Finance Party/Security Trustee] for the purposes of
Clause 14 (Notices) of the Intercreditor Deed is: 
  
 [                    ] 
  
                                        
                                        
                                        
                 ]. 
  
 This deed is intended to be executed as a deed and is governed by English law. 
  

			
	By:	 	 
		
	[PROPOSED NEW PARTY]	 	 
		
	EXECUTED as a DEED	 	    )
		
	by [                    ]	 	    )
		
	in the presence of [            ]	 	    )
		
	and [            ]	 	    )

  

 29 

 SCHEDULE 2 
  

FINANCE PARTIES 
  
 Arab Bank plc 
  
 Banc of America Securities Limited 
  
 Barclays
Bank PLC 
  
 Bear Stearns Bank plc 
  
 Citibank International plc 
  
 Credit Industriel et Commercial (Singapore Branch) 
  

Credit Suisse First Boston 
  
 Deutsche Bank AG, London 
  
 Goldman Sachs Credit
Partners L.P. 
  
 Morgan Stanley Bank International Limited 
  
 ORN European Debt S.à.r.l. 
  
 Scotiabank Europe plc 
  
 The Royal Bank of Scotland plc 
  
 The Toronto-Dominion Bank 
  
 WestLB AG 
  

 30 

 SIGNATORIES 
  

			
	Company	 	 
		
	EXECUTED as a DEED by	 	 )

	EGGBOROUGH POWER LIMITED	 	 )

	 acting by
	 	 )

	 and
	 	 )

		
	 Director
	 	 
		
	 Director/Secretary
	 	 
		
	BET	 	 
		
	EXECUTED as a DEED by	 	 )

	BRITISH ENERGY POWER AND	 	 )

	ENERGY TRADING LIMITED	 	 )

	 acting by
	 	 )

	 and
	 	 )

		
	 Director
	 	 
		
	 Director/Secretary
	 	 
		
	EPHL	 	 
		
	EXECUTED as a DEED by	 	 )

	EGGBOROUGH POWER	 	 )

	(HOLDINGS) LIMITED	 	 )

	 acting by
	 	 )

	 and
	 	 )

		
	 Director
	 	 
		
	 Director/Secretary
	 	 
		
	Security Trustee and Facility Agent	 	 
		
	BARCLAYS BANK PLC	 	 
		
	 By:
	 	 
		
	 as Security Trustee and
	 	 
	 as Facility Agent as agent for the Finance Parties

  

 31

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