Document:

Exhibit 4.4

 

EXECUTION COPY

 

8 May 2003

 

AES International Holdings II, Ltd.

 

(as Chargor)

 

and

 

Wells Fargo Bank Minnesota, National
Association
(as
Second Priority Corporate Trustee)

 

and

 

Jeffery T.
Rose
(as
Second Priority Individual Trustee)

 

SECOND PRIORITY CHARGE AND ASSIGNMENT OVER
SHARES

in

AES El Salvador Ltd.

and

AES South American Holdings Ltd.

 

 

SECOND PRIORITY CHARGE AND ASSIGNMENT OVER
SHARES

 

THIS SECOND PRIORITY CHARGE  AND ASSIGNMENT OVER SHARES (the “Second
Priority Charge”) is
made on the 8th day of May 2003

 

BETWEEN:

 

AES
International Holdings II, Ltd.,
a company incorporated in the British Virgin Islands, the registered office of
which is at the offices of Citco Building, Wickhams Cay, P.O. Box 662, Road
Town, Tortola, British Virgin Islands (the “Chargor”); and

 

Wells Fargo Bank Minnesota, National
Association, a national banking corporation, of Sixth Street
and Marquette Avenue, MAC N9303-120, Minneapolis, MN 55479 (the “Second Priority Corporate Trustee”)
and Jeffery T. Rose, an individual
residing in the State of Minnesota (the “Second
Priority Individual Trustee”; and together with the Second Priority
Corporate Trustee, the “Second Priority
Collateral Trustees”), as trustees under the Second Priority
Collateral Trust Agreement dated 8 May 2003 (as such agreement may be amended,
amended and restated, supplemented or otherwise modified hereafter from time to
time, being the “Second Priority Collateral
Trust Agreement”) among the Grantors (as hereinafter defined), the
Chargor and the Second Priority Collateral Trustees.

 

WHEREAS:

 

(1)           The AES Corporation (the “Borrower”) entered into an Amended and
Restated Credit, Reimbursement and Exchange Agreement dated as of 12 December
2002 (as such agreement may be amended, amended and restated, supplemented
extended, renewed, replaced, refinanced or otherwise modified from time to
time, being the “Credit Agreement”)
with the subsidiary guarantors party thereto, the financial institutions party
thereto (the “Credit Agreement Parties”)
and Citicorp USA, Inc., as administrative agent (in such capacity, the “Agent”) and as collateral agent (in such
capacity, the “Credit Agreement Collateral
Agent”; and together with the Agent, the “Agents”).

 

(2)           In
order to induce the Credit Agreement Parties and the Agents to enter into the
Credit Agreement, (a) the Chargor granted, pursuant to the terms
of a Charge and Assignment Over Shares dated as of 12 December 2002 (as such
agreement (including, without limitation, the schedules thereto), may be
amended, amended and restated, supplemented or otherwise modified from time to
time, being the “First Priority Charge”)
made by the Chargor to Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as corporate trustee
(together with any successor corporate trustee appointed pursuant to Article
VII of the First Priority Collateral Trust Agreement (as hereinafter defined),
the “Existing Corporate Trustee”),
and Bruce L. Bisson, an individual residing in the State of Delaware, not in
his individual capacity but solely as individual trustee (together with any
successor individual trustee appointed pursuant to Article VII of the First
Priority Collateral Trust Agreement, the “Existing
Individual Trustee”; and, together with the Existing Corporate
Trustee, the “Existing Collateral Trustees”),
as trustees under the Collateral Trust Agreement dated as of 12 December 2002
(as such agreement may be amended, amended and restated, supplemented or
otherwise modified from time to time, being the “First Priority Collateral

 

1

 

Trust
Agreement”),
and (b) the Grantors granted, pursuant to the terms of a Security
Agreement dated as of 12 December 2002 (as such agreement (including,
without limitation, the schedule thereto) may be amended, unended and restated,
supplemented or otherwise modified from time to time, being the “First Priority Security Agreement”) made by
the Grantors to the Existing Collateral Trustees, as trustees under the First
Priority Collateral Trust Agreement, a continuing first priority security
interest in and to the Collateral (as hereinafter defined) to the Existing
Collateral Trustees for the ratable benefit of the Lender Parties (as defined
in the First Priority Collateral Trust Agreement) to secure the obligations of
the Borrower and the other Obligors (as defined in the Credit Agreement) under
the Credit Agreement and the Notes (as defined in the Credit Agreement) issued
pursuant thereto.

 

(3)           The Borrower entered into an
Indenture dated as of 13 December 2002 (said agreement, as amended, amended and
restated, supplemented or otherwise modified from time to time, being the “Exchange Note Indenture”) with Wells Fargo
Bank Minnesota, National Association (the “Exchange
Note Trustee”) to exchange the Borrower’s (i) 8.75% Senior Notes due
2002 and (ii) 7.375% Remarketable or Redeemable Securities due 2013 for the 10%
Senior Secured Exchange Notes due 2005 issued on 13 December 2002 (the “Exchange Notes”, and together with the Exchange
Note Indenture (only to the extent relating to the Exchange Notes), the “Exchange Note Agreements”).

 

(4)           In order to induce the Exchange Note
Trustee to enter into the Exchange Note Indenture, the Grantors and the Chargor
agreed pursuant to the First Priority Security Agreement and the First Priority
Charge, respectively, to grant a continuing security interest in and to the
Collateral to the Existing Collateral Trustees for the ratable benefit of the
holders of the Exchange Notes to secure the obligations of the Borrower under
the Exchange Note Agreements.

 

(5)           In order to satisfy certain other
obligations of the Borrower, the Grantors and the Chargor agreed pursuant to
the First Priority Security Agreement and the First Priority Charge, respectively,
to grant a continuing security interest in and to the Collateral to the
Existing Collateral Trustees for the ratable benefit of the other First
Priority Secured Holders to secure the obligations of the Borrower under the
other First Priority Secured Agreements.

 

(6)           The Borrower entered into an
Indenture dated as of 8 May 2003 (as such agreement may be amended, amended and
restated, modified, extended, renewed, replaced, or supplemented from time to
time pursuant to the terms thereof, being the “Senior Note Indenture”) with Wells Fargo Bank Minnesota,
National Association, as indenture trustee 
(the “Senior Note Trustee”)
in connection with the Borrower’s issuance on 8 May 2003 of (i) 8.75% Second
Priority Senior Secured Notes due 2013 and (ii) 9.00% Second Priority Senior
Secured Notes due 2015 (the “Senior Notes”,
and together with the Senior Note Indenture, the “Senior Note Indenture Agreements”).

 

(7)           In order to induce the Senior Note
Trustee to enter into the Senior Note Indenture, the Chargor has agreed
pursuant to this Second Priority Charge to grant a continuing security interest
in and to the Collateral to the Second Priority Collateral Trustees for the
ratable benefit of the holders of the Senior Notes (the “Senior Note Holders”) to secure the obligations
of the Borrower under the Senior Note Indenture.

 

2

 

(8)           The Borrower and certain other
Persons party thereto (the “Grantors”)
have entered into a Security Agreement dated 8 May 2003 in favor of the Second
Priority Collateral Trustees (as such agreement (including, without limitation,
the schedules thereto) may be amended, amended and restated, supplemented or
otherwise modified from time to time, being the “Second Priority Security Agreement”) pursuant to which the
Grantors have granted to the Second Priority Collateral Trustees, for their
benefit and in trust for the equitable and ratable benefit of the Second
Priority Representatives (as defined in the Second Priority Collateral Trust
Agreement) and the Second Priority Secured Holders (as defined in the second
Priority Collateral Trust Agreement), a lien and security interest in certain
collateral of the Grantors.

 

(9)           It
is a condition precedent to (a) the entry into the Senior Note Indenture by the
Senior Note Trustee, (b) the acknowledgement of the Second Priority Security
Agreement by the Second Priority Collateral Trustees and (c) the entry into the
Second Priority Collateral Trust Agreement by the Second Priority Collateral
Trustees, that the Chargor shall have granted the assignment and security
interest and made the pledge and assignment contemplated by this Second
Priority Charge.

 

IT IS AGREED as follows:

 

1                                         DEFINITIONS
AND INTERPRETATION

 

1.1                                 Terms
defined in the Senior Note Indenture, the Second Priority Security Agreement or
the Second Priority Collateral Trust Agreement and not otherwise defined in
this Second Priority Charge or in this Section 1.1, are used in this Second
Priority Charge as defined in the Senior Note Indenture, the Second Priority
Security Agreement or the Second Priority Collateral Trust Agreement.  The following words and expressions shall
have the following meanings, and 

 

	
  “Collateral”

  	
  has the meaning given to
  it in Clause 3.

  
	
   

  	
   

  
	
  “Companies”

  	
  means AES El
  Salvador Ltd. and AES South American Holdings Ltd., each a company
  incorporated in the Cayman Islands, and any new direct Subsidiary of the
  Chargor formed or acquired by the Chargor in any manner after the date of
  this Second Priority Charge to the extent such new Subsidiary is a company
  incorporated in the Cayman Islands or in any other jurisdiction.

  
	
   

  	
   

  
	
  “Second Priority Charged Shares”

  	
  means the shares to be
  charged as set out in Schedule 1 hereto and any other shares of the Companies
  now or at any time in the future beneficially owned by the Chargor or in
  which the Chargor has any interest and all additional shares of or in any new
  direct Subsidiary of the Chargor formed or acquired by the Chargor in any
  manner after the date of this Second Priority Charge to the extent such new
  Subsidiary is a company incorporated in the Cayman 

  

 

 

3

 

	
   

  	
  Islands; provided that the term “Second Priority
  Charged Shares” shall not include, as to the Chargor, more than 65% of the
  outstanding voting shares of any of the Companies.

  
	
   

  	
   

  
	
  “Second Priority Receiver”

  	
  has the meaning given to
  it in Clause 8.

  
	
   

  	
   

  
	
  “Security Interest”

  	
  means
  the security interest in the Collateral granted hereunder securing the Second
  Priority Secured Obligations.

  

 

1.2                                 In
this Second Priority Charge:

 

1.2.1                        any
reference to a Recital, Clause or Schedule is to the relevant Recital, Clause
or Schedule of or to this Second Priority Charge and any reference to a
sub-clause or paragraph is to the relevant sub-clause or paragraph of the
Clause or Schedule in which it appears;

 

1.2.2                        the clause
headings are included for convenience only and shall not affect the
interpretation of this Second Priority Charge;

 

1.2.3                        use of the
singular includes the plural and vice versa;

 

1.2.4                        use of any
gender includes the other genders;

 

1.2.5                        any phrase
introduced by the terms “including”, “include”, “in particular” or any similar
expression shall be construed as illustrative and shall not limit the sense of
the words preceding those terms; and

 

1.2.6                        references
to any document or agreement are to be construed as references to such document
or agreement as is in force for the time being and as amended, varied
supplemented, substituted or novated from time to time.

 

1.3                                 The
Recitals and Schedules form part of this Second Priority Charge and shall have
effect as if set out in full in the body of this Second Priority Charge and any
reference to this Second Priority Charge includes the Recitals and Schedules.

 

2                                         CHARGED SHARES

 

The Chargor represents and warrants as
follows as of the date of this Second Priority Charge and on any date on which
additional or new shares of the Companies become the subject of this Second
Priority Charge.

 

2.1                                 The
Chargor owns all of the Second Priority Charged Shares, free and clear of any
Liens other than the Security Interest (A) created by (i) this Second Priority
Charge, (ii) the First Priority Collateral Documents and (iii) the other
Second Priority Collateral Documents or (B) permitted under (i) the Senior
Note Indenture and (ii) the other Applicable Agreements.  All of the Second Priority Charged Shares
have been duly

 

4

 

authorised and validly issued, and are fully
paid and non-assessable, and are subject to no rights or options to
purchase of any Person.  The Chargor is
not and will not become a party to or otherwise bound by any agreement, other
than this Second Priority Charge, which restricts in any manner the rights of
any present or future holder of any of the Second Priority Charged Shares with
respect thereto.

 

2.2                                 This
Second Priority Charge constitutes its legal, valid, binding and enforceable
obligation and is a second priority security interest over the Second Priority
Charged Shares effective in accordance with its terms.

 

2.3                                 (a)
The execution, delivery, recordation, filing or performance by the Chargor of
this Second Priority Charge, (b) the grant by the Chargor of the Liens
granted by it pursuant to this Second Priority Charge, (c) the perfection
or maintenance of the Liens created under this Second Priority Charge
(including the second priority nature thereof), (d) the exercise by the Second
Priority Collateral Trustees of their voting or other rights provided for in
this Second Priority Charge and (e) the exercise by the Second Priority
Collateral Trustees of their remedies in respect of the Collateral pursuant to
this Second Priority Charge and the other Second Priority Collateral Documents,
will not require any consent, approval, authorization or other order of, or any
notice to or filing with, any court, regulatory body, administrative agency or
other governmental body (other than (x) the consent of the Credit
Agreement Parties, which consent has been obtained and (y) any consent,
approval, authorization, order, notice or filing, the failure of which to make
or obtain could not reasonably be expected to have a Material Adverse Effect),
and will not conflict with or constitute a breach of any of the terms or
provisions of, or a default under, the charter, by-laws or memorandum and
articles of association of the Borrower, the Chargor or the other Pledged
Subsidiaries or any agreement, indenture or other instrument to which the
Borrower, the Chargor or any other Pledged Subsidiary is a party or by which the
Borrower, the Chargor and the other Pledged Subsidiaries, or any of the
Borrower’s, the Chargor’s or the other Pledged Subsidiaries’ respective
property is bound, or violate or conflict with any laws, administrative
regulations or rulings or court decrees applicable to the Borrower, the Chargor
or any of the other Pledged Subsidiaries or the Borrower’s, the Chargor’s or
the other Pledged Subsidiaries’ respective property, except for any violation,
breach, conflict or default that could not reasonably be expected to have a
Material Adverse Effect and except that in the foregoing cases, (A) any
foreclosure or other exercise of remedies by the Second Priority Collateral
Trustees pursuant to this Second Priority Charge and the other Second Priority
Collateral Documents will require additional approvals and consents that have
not been obtained from foreign and domestic regulators and from lenders to, and
suppliers, customers or other contractual counterparties of one or more
Subsidiaries, and the failure to obtain such approval or consent could result
in a default under, or breach of, agreements or other legal obligations of such
Subsidiary and (B) disposition of any of the Collateral may be subject to the
receipt of regulatory approvals and to laws affecting the offering and sale of
securities generally (the exceptions described in the foregoing clauses (A) and
(B) are referred to herein as “Remedies
Limitations”).

 

5

 

2.4                                 As
of this date, there is no action or proceeding pending or, to its knowledge,
threatened against the Chargor or the Companies, before any court or
governmental authority or arbitrator, which could affect the legality, validity
or enforceability of this Second Priority Charge.

 

3                                         CHARGE

 

3.1                                 The
Chargor, in order to secure the Second Priority Secured Obligations, hereby
charges by way of second fixed charge as a continuing security for the payment
and discharge of the Second Priority Secured Obligations, all its right, title,
interest and benefit present and future in, to and under the Second Priority
Charged Shares and all proceeds, income and profits thereon, and all interest,
dividends and other payments and distributions with respect thereto (the “Collateral”) subject to the provisions for
release of this Second Priority Charge set out below.

 

3.2                                 This
Second Priority Charge secures the payment of all Second Priority Secured
Obligations of the Borrower and the Chargor. 
Without limiting the generality of the foregoing, this Second Priority
Charge secures, as to the Chargor, the payment of all amounts that constitute
part of the Second Priority Secured Obligations and that would be owed by the
Chargor but for the fact that they are unenforceable or not allowable due to
the existence of a bankruptcy, reorganization or similar proceeding involving
the Chargor.

 

3.3                                 The
Lien created by this Second Priority Charge and the other Second Priority
Collateral Documents shall be subordinate in all respects (including the
exercise of remedies with respect to such Collateral) to the prior Lien of the
First Priority Collateral Documents in existence from time to time, in
accordance with Article IX of the Second Priority Collateral Trust Agreement.

 

3.4                                 The
Security Interest is granted as security only and shall not subject the Second
Priority Collateral Trustees and Second Priority Representatives or any other
Second Priority Secured Holder to, or transfer or in any way affect or modify,
any obligation or liability of the Chargor with respect to any of the Collateral
or any transaction in connection therewith.

 

4                                         COVENANTS BY
THE CHARGOR

 

So long as any of the
Second Priority Secured Obligations remain outstanding, the Chargor covenants
that:

 

4.1                                 it
shall forthwith and from time to time deposit with the Controlling Collateral
Trustees all certificates and other documents of title relating to the Second
Priority Charged Shares;

 

4.2                                 it
shall deliver to the Second Priority Collateral Trustees, to the extent that
the equivalent document has not already been delivered to and held by the First
Priority

 

6

 

Collateral Trustees in respect of the First
Priority Charge, as security in accordance with the terms of this Second
Priority Charge the following (on the date hereof and on any date on which
additional or new shares of the Companies become the subject of this Second
Priority Charge):

 

4.2.1                        original
share certificate in respect of the Second Priority Charged Shares;

 

4.2.2                        blank,
signed and undated share transfer certificates in respect of the Second
Priority Charged Shares in the forms set out in Schedule 2 to this Second
Priority Charge;

 

4.2.3                        a
shareholder proxy in favour of the Controlling Collateral Trustees in the forms
set out in Schedule 3 to this Second Priority Charge in respect of Second
Priority Charged Shares;

 

4.2.4                        executed
but undated letters of resignation and release together with letters of
authority to date the same from each of the directors, alternate directors and
officers of the Companies appointed by the Chargor in the forms set out in
Parts I and II of Schedule 4 to this Second Priority Charge; and

 

4.2.5                        an
undertaking from the Company to register transfers of the Second Priority
Charged Shares to the Chargee or its nominee in the form set out in Schedule 5
to this Second Priority Charge;

 

provided that on the
date that all First Priority Secured Obligations are Paid in Full, the Chargor
shall instruct the First Priority Collateral Trustees to deliver (i) to the
Chargor, all documentation referred to in Sections 4.2.2, 4.2.3, 4.2.4 and
4.2.5 above then held by the First Priority Collateral Trustees and the Chargor
shall deliver to the Second Priority Collateral Trustees newly executed
documentation pursuant to this Section 4.2 and (ii) to the Second Priority
Collateral Trustees, all documentation referred to in Section 4.2.1 above then
held by the First Priority Collateral Trustees; provided, further
that if at any time the Existing Collateral Trustees or the Second Priority
Collateral Trustees shall cease to be collateral trustees under the First
Priority Collateral Documents or the Second Priority Collateral Documents,
respectively, the Chargor shall deliver to the then acting collateral trustees
newly executed documentation pursuant to this Section 4.2.

 

4.3                                 upon
the issue of additional Second Priority Charged Shares which become the subject
of this Second Priority Charge it shall provide the Second Priority Collateral
Trustees, for the benefit of the Second Priority Representatives and the Second
Priority Secured Holders, with an opinion of the General Counsel of AES that
such additional Second Priority Charged Shares are duly authorised and validly
issued, fully paid and non-assessable (or the equivalent thereof) and are
subject to no rights or options to purchase of any Person.

 

7

 

5                                         FILING;
FURTHER ASSURANCES

 

Subject to the Remedies
Limitations, the Chargor agrees that it will, at its expense and in such manner
and form as the Second Priority Collateral Trustees may reasonably require,
execute, deliver, file and record any financing statement, specific assignment
or other paper and take any other action that may be necessary or that the
Second Priority Collateral Trustees may reasonably request and
that is within the power of the Chargor, consistent with its currently existing
contractual and other legal obligations, in order to create, preserve, perfect or validate the Security
Interest or to enable the Second Priority Collateral Trustees to exercise and
enforce their rights hereunder with respect to any of the Collateral; and
notwithstanding the generality of such provisions, the Chargor covenants that
immediately following execution of this Second Priority Charge it shall deliver
to the Second Priority Collateral Trustees a copy of the Chargor’s complete
register of mortgages, charges and other encumbrances as maintained at its
registered office, certified as a true copy by the registered agent of the
Chargor in the British Virgin Islands containing particulars of the security
created hereunder and shall procure that a further copy of the same is
submitted for registration with the Registrar of Companies in the British
Virgin Islands.

 

Subject to the Second
Priority Collateral Trust Agreement, the Second Priority Collateral Trustees
may, after the occurrence and during the continuance of a Second Priority
Collateral Trust Agreement Default, in their sole discretion, cause any or all
of the Second Priority Charged Shares to be transferred of record into the name
of the Second Priority Collateral Trustees or their nominee.  The Chargor will promptly give to the Second
Priority Collateral Trustees copies of any notices or other communications
received by it with respect to the Second Priority Charged Shares registered in
the name of the Chargor and the Second Priority Collateral Trustees will
promptly give the Chargor copies of any notices and communications received by
the Second Priority Collateral Trustees with respect to the Chargor registered
in the name of the Second Priority Collateral Trustees or their nominee.

 

6                                         RIGHT TO
RECEIVE DISTRIBUTIONS AND RIGHT TO VOTE CHARGED SHARES

 

6.1                                 So
long as no Second Priority Collateral Trust Agreement Default shall have
occurred and be continuing:

 

6.1.1                        The Chargor
shall be entitled to exercise any and all voting and other consensual rights
pertaining to the Collateral or any part thereof for any purpose; provided,  however, that the Chargor will not
exercise or refrain from exercising any such right if such action would have a
material adverse effect on the value of the Collateral or any part thereof.

 

6.1.2                        The
Chargor shall be entitled to receive and retain any and all dividends, interest
and other distributions paid in respect of the Collateral if and to the extent
that the payment thereof is not otherwise prohibited by the terms of the
Applicable Agreements; provided, however, that any and all dividends,
interest and other distributions paid or payable other than in cash in respect
of, and

 

8

 

instruments and other property received,
receivable or otherwise distributed in respect of, or in exchange for, any
Collateral shall
be, and shall be forthwith delivered to the Controlling Collateral Trustees to
hold as Collateral, and shall, if received by the Chargor, be received in trust
for the benefit of the Controlling Collateral Trustees, be segregated from the
other property or funds of the Chargor and be forthwith delivered to the
Controlling Collateral Trustees as Collateral in the same form as so received
(with any necessary indorsement).

 

6.1.3                        The
Controlling Collateral Trustees will execute and deliver (or cause to be
executed and delivered) to the Chargor all such proxies and other instruments
as the Chargor may reasonably request for the purpose of enabling the Chargor
to exercise the voting and other rights that it is entitled to exercise
pursuant to Section 6.1.1 above and to receive the dividends or interest
payments that it is authorized to receive and retain pursuant to Section 6.1.2
above.

 

6.2                                 Subject
to the Second Priority Collateral Trust Agreement and upon the occurrence and
during the continuance of a Second Priority Collateral Trust Agreement Default:

 

6.2.1                        All rights
of the Chargor (x) to exercise or refrain from exercising the voting and
other consensual rights that it would otherwise be entitled to exercise
pursuant to Section 6.1.1 shall, upon notice to the Chargor by the Second
Priority Collateral Trustees, cease and (y) to receive the dividends,
interest and other distributions that it would otherwise be authorized to
receive and retain pursuant to Section 6.1.2 shall automatically cease,
and, subject to the Remedies Limitations, all such rights shall thereupon
become vested in the Second Priority Collateral Trustees, who shall thereupon
have the sole right to exercise or refrain from exercising such voting and
other consensual rights and to receive and hold as Collateral such dividends,
interest and other distributions and shall deposit the same into the Second
Priority Collateral Account; and

 

6.2.2                        All
dividends, interest and other distributions that are received by the Chargor
contrary to the provisions of Section 6.2.1 shall be received in trust for the
benefit of the Second Priority Collateral Trustees, shall be segregated from
other funds of the Chargor and shall be forthwith paid over to the Second
Priority Collateral Trustees to be deposited into the Second Priority
Collateral Account.  Upon receipt of
notice from the Required Second Priority Representative(s) that all Second
Priority Collateral Trust Agreement Defaults have been cured, the Second
Priority Collateral Trustees’ right to retain dividends under this Section 6
shall cease and the Second Priority Collateral Trustees shall pay over to the
Chargor any such Collateral retained by them during the continuance of a Second
Priority Collateral Trust Agreement Default.

 

7                                         GENERAL
AUTHORITY

 

The Chargor hereby
irrevocably appoints the Second Priority Collateral Trustees its true and lawful
attorney, with full power of substitution, in the name of the Chargor, the
Second

 

9

 

Priority Collateral
Trustees, the Second Priority Representatives and the Second Priority Secured
Holders or otherwise, for the sole use and benefit of the Second Priority
Collateral Trustees on behalf of the Second Priority Representatives and the
Second Priority Secured Holders, but at the expense of the Chargor, to the
extent permitted by law to exercise and subject to the provisions of
Article IX of the Second Priority Collateral Trust Agreement, and at any
time and from time to time while a Second Priority Collateral Trust Agreement
Default has occurred and is continuing, all or any of the following powers with
respect to all or any of the Collateral:

 

(a)          to demand, sue for, collect, receive and give
acquittance for any and all monies due or to become due upon or by virtue
thereof,

 

(b)         to settle, compromise, compound, prosecute or defend any action or
proceeding with respect thereto,

 

(c)          to sell, transfer, assign or otherwise deal in or with the same or
the proceeds or avails thereof, as fully and effectually as if the Second
Priority Collateral Trustees were the absolute owner thereof, and

 

(d)         to extend the time of payment of any or all thereof and to make any
allowance and other adjustments with reference thereto;

 

provided that the Second Priority Collateral
Trustees shall give the Chargor not less than ten days’ prior notice of the
time and place of any sale or other intended disposition of any of the
Collateral except any Collateral which threatens to decline speedily in value
or is of a type customarily sold on a recognized market.

 

8                                         SECOND
PRIORITY RECEIVER

 

Subject to the Second
Priority Collateral Trust Agreement, if a Second Priority Collateral Trust
Agreement Default shall have occurred and be continuing, the Second Priority
Collateral Trustees may by writing without notice to the Chargor appoint one or
more person or persons as the Second Priority Collateral Trustees think fit to
be a receiver (the “Second Priority Receiver”)
in relation to the Collateral.  Where
the Second Priority Collateral Trustees appoint two or more persons as Second
Priority Receiver, the Second Priority Receivers may act jointly or independently.

 

8.1                                 The
Second Priority Receiver may take such action in relation to the enforcement of
this Second Priority Charge including, without limitation, to sell, charge or
otherwise dispose of the Collateral, to exercise any powers, discretion, voting
or other rights or entitlements in relation to the Collateral and generally to
carry out any other action which he may in his sole discretion deems necessary
in relation to the enforcement of this Second Priority Charge.

 

8.2                                 The
Second Priority Receiver shall have, in addition to the other powers set-out in
this Clause, the following powers:

 

10

 

8.2.1                        power to
take possession of, collect and get in the Collateral and, for that purpose, to
take such proceedings as may seem to him to be expedient;

 

8.2.2                        power to
raise or borrow money and grant security therefor over the Collateral;

 

8.2.3                        power to
appoint an attorney or accountant or other professionally qualified person to
assist him in the performance of his functions;

 

8.2.4                        power to
bring or defend any action or other legal proceedings in the name of and on
behalf of the Chargor in respect of the Collateral;

 

8.2.5                        power to
do all acts and execute in the name and on behalf of the Chargor any document or
deed in respect of the Collateral;

 

8.2.6                        power to
make any payment which is necessary or incidental to the performance of his
functions;

 

8.2.7                        power to
make any arrangement or compromise on behalf of the Chargor in respect of the
Collateral;

 

8.2.8                        power to
rank and claim in the insolvency or liquidation of the Companies and to receive
dividends and to accede to agreements for the creditors of the Companies;

 

8.2.9                        power to
present or defend a petition for the winding up of the Companies; and

 

8.2.10                  power to do all
other things incidental to the exercise of the foregoing powers.

 

8.3                                 The
Second Priority Receiver shall be the agent of the Chargor and the Chargor
alone shall be responsible for his acts and defaults and liable on any
contracts made, entered into or adopted by the Second Priority Receiver.  The Second Priority Collateral Trustees
shall not be liable for the Second Priority Receiver’s acts, omissions,
negligence or default, nor be liable on contracts entered into or adopted by
the Second Priority Receiver.

 

9                                         INDEMNIFICATION
AND EXPENSES

 

9.1                                 The
Chargor agrees to indemnify, defend and save and hold harmless the Second
Priority Collateral Trustees, each Second Priority Representative and each
Second Priority Secured Holder and each of their Affiliates and their
respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and
shall pay on demand, any and all claims, damages, losses, liabilities and
expenses (including, without limitation, reasonable fees and expenses of
counsel) that may be incurred by or asserted or awarded against any Indemnified
Party, in each case arising out of or in connection with or resulting from this
Second Priority Charge (including, without limitation, enforcement of this
Second Priority Charge) or any other Second Priority Collateral Document except
to the extent such claim, damage, loss,

 

11

 

liability or expense is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted
from such Indemnified Party’s gross negligence or willful misconduct.

 

9.2                                 The
Chargor will upon demand pay to the Second Priority Collateral Trustees the
amount of any and all reasonable expenses, including, without limitation, the
reasonable fees and expenses of their counsel and of any experts and agents,
that the Second Priority Collateral Trustees may incur in connection with
(a) the administration of this Second Priority Charge (b) the
custody, preservation, use or operation of, or the sale of, collection from or
other realization upon, any of the Collateral, (c) the exercise or
enforcement of any of the rights of the Second Priority Collateral Trustees,
the Second Priority Representatives or the other Second Priority Secured
Holders hereunder or (d) the failure by the Chargor to perform or observe
any of the provisions hereof.

 

Any such amount not paid on
demand shall bear interest at a per annum rate of 2% plus the Base Rate.

 

10                                  LIMITATION ON DUTY OF
THE COLLATERAL AGENT IN RESPECT OF CHARGED SHARES

 

Beyond the exercise of
reasonable care in the custody thereof, the Second Priority Collateral Trustees
shall have no duty as to any Collateral in their possession or control.  The Second Priority Collateral Trustees
shall be deemed to have exercised reasonable care in the custody and
preservation of the Collateral in their possession if the Collateral is
accorded treatment substantially equal to that which it accords its own
property and shall not be liable or responsible for any loss or damage to any
of the Collateral, or for any diminution in the value thereof, by reason of any
act or omission of any agent or bailee selected by the Second Priority
Collateral Trustees in good faith, other than any act or omission caused by the
gross negligence or willful misconduct of such bailee or any act or omission
made in breach of this Second Priority Charge. 
Any direction of the Required Second Priority Representative(s) to the
Second Priority Collateral Trustees to take any action hereunder shall be
subject to section 7.05(d) of the Second Priority Collateral Trust Agreement.

 

11                                  REMEDIES AND
APPLICATIONS OF PROCEEDS

 

Subject to the terms of the
Second Priority Collateral Trust Agreement, if a Second Priority Collateral Trust
Agreement Default shall have occurred and be continuing:

 

11.1                           Any
cash held by or on behalf of the Second Priority Collateral Trustees and all
cash proceeds received by or on behalf of the Second Priority Collateral
Trustees in respect of any sale of, collection from, or other realization upon
all or any part of the Collateral may, in the discretion of the Second Priority
Collateral Trustees, be held by the Second Priority Collateral Trustees as
collateral for, and/or then or at any time thereafter applied (after payment of
any amounts payable to the Second Priority Collateral Trustees pursuant to
Section 9 of this Second Priority Charge) in whole or in

 

12

 

part by the Second Priority Collateral
Trustees for the ratable benefit of the Second Priority Representatives and the
Second Priority Secured Holders against, all or any part of the Second Priority
Secured Obligations, in accordance with the terms of the Second Priority
Collateral Trust Agreement.

 

11.2                           All
payments received by the Chargor in respect of the Collateral shall be received
in trust for the benefit of the Second Priority Collateral Trustees, shall be
segregated from other funds of the Chargor and shall be forthwith paid over to
the Second Priority Collateral Trustees to be deposited into the Second
Priority Collateral Account.

 

11.3                           The
Second Priority Collateral Trustees may, without notice to the Chargor except
as required by law and at any time or from time to time, charge, set-off
and otherwise apply all or any part of the Second Priority Secured Obligations against any funds held
in the Second Priority Collateral Account or in any other deposit account of
the Borrower in accordance with Section 11.1 above.

 

11.4                           If the
Second Priority Collateral Trustees shall determine to exercise their right to
sell all or any of the Collateral pursuant to this Section 11, the Chargor
agrees that, upon request of the Second Priority Collateral Trustees and
subject to the Remedies Limitations, the Chargor will, at its own expense:

 

11.4.1                  execute and
deliver, and cause each issuer of such Collateral contemplated to be sold and
the directors and officers thereof to execute and deliver, all such instruments
and documents, and do or cause to be done all such other acts and things, as
may be necessary or, in the opinion of the Second Priority Collateral Trustees,
advisable to register such Collateral under the provisions of the Securities
Act of 1933 of the United States of America (as amended from time to time, the
“Securities Act”), to cause the
registration statement relating thereto to become effective and to remain
effective for such period as prospectuses are required by law to be furnished
and to make all amendments and supplements thereto and to the related
prospectus that, in the opinion of the Second Priority Collateral Trustees, are
necessary or advisable, all in conformity with the requirements of the
Securities Act and the rules and regulations of the Securities and Exchange
Commission applicable thereto;

 

11.4.2                  use its best
efforts to qualify the Collateral under the state securities or “Blue Sky” laws
of the United States of America and to obtain all necessary governmental
approvals for the sale of such Collateral, as requested by the Second Priority
Collateral Trustees;

 

11.4.3                  cause each such
issuer of such Collateral to make available to its security holders, as soon as
practicable, an earnings statement that will satisfy the provisions of
Section 11(a) of the Securities Act;

 

11.4.4                  provide the
Second Priority Collateral Trustees with such other information and projections
as may be necessary or, in the opinion of the Second Priority

 

13

 

Collateral Trustees, advisable to enable the
Second Priority Collateral Trustees to effect the sale of such Collateral; and

 

11.4.5                  do or cause to
be done all such other acts and things as may be necessary to make such sale of
such Collateral or any part thereof valid and binding and in compliance with
applicable law.

 

11.5                           The
Second Priority Collateral Trustees are authorized, in connection with any sale
of the Collateral pursuant to this Section 11 to deliver or otherwise
disclose to any prospective purchaser of the Collateral:

 

11.5.1                  any registration
statement or prospectus, and all supplements and amendments thereto, prepared
pursuant to Section 11.4.1 above;

 

11.5.2                  any information
and projections provided to it pursuant to Section 11.4.4 above; and

 

11.5.3                  any other
information in its possession relating to such Collateral.

 

11.6                           The
Chargor acknowledges the impossibility of ascertaining the amount of damages
that would be suffered by the Second Priority Secured Holders by reason of the
failure by the Chargor to perform any of the covenants contained in Section
11.4 above and, consequently, agrees that, if the Chargor shall fail to perform
any of such covenants, it will pay, as liquidated damages and not as a penalty,
an amount equal to the value of the Collateral on the date the Second Priority
Collateral Trustees shall demand compliance with Section 11.4 above.

 

12                                  TERMINATION OF
SECURITY INTEREST; RELEASE OF SECOND PRIORITY CHARGED SHARES

 

Upon termination of the Security Interest,
the Second Priority Collateral Trustees shall at their sole expense return to
the Chargor all documentation delivered by the Chargor to the Second Priority
Collateral Trustees pursuant to Section 4.2 hereof.  The Second Priority Collateral Trustees shall release all or any
portion of the Collateral solely on terms and subject to the conditions set
forth in Article 8 of the Second Priority Collateral Trust Agreement.

 

13                                  NOTICES

 

All notices, communications
and distributions hereunder shall be given in accordance with Section 10.03 of
the Second Priority Collateral Trust Agreement.

 

14                                  WAIVERS; NON-EXCLUSIVE REMEDIES

 

No failure on the part of
the Second Priority Collateral Trustees, the Second Priority Representatives or
any other Second Priority Secured Holder to exercise, and no delay in
exercising and no course of dealing with respect to, any right under this
Second Priority Charge shall operate as a waiver thereof; nor shall any single
or partial exercise of any right

 

14

 

under the Second Priority
Secured Agreements or this Second Priority Charge preclude any other or further
exercise thereof or the exercise of any other right.  The rights in the Second Priority Secured Agreements and this
Second Priority Charge are cumulative and are not exclusive of any other
remedies provided by law.

 

15                                  ADDITIONAL SECURED
OBLIGATIONS

 

Each of the Chargor, the
Second Priority Collateral Trustees, the Second Priority Representatives and
the Second Priority Secured Holders acknowledges and agrees that the Collateral
hereunder may secure additional Obligations of the Borrower in respect of the
incurrence of new Debt (as defined in the Senior Note Indenture) by the
Borrower or the refinancing, extension, or renewal of certain Debt of the
Borrower, in each case, only as permitted by the terms and conditions of the
Senior Note Indenture.  Upon the
execution and delivery to the Second Priority Collateral Trustees of an
acknowledgment by the Persons to whom the Obligations referred to in the
immediately preceding sentence are owed, in form and substance satisfactory to
the Second Priority Collateral Trustees, that (i) such Persons acknowledge
the terms and conditions of this Second Priority Charge and the other Second
Priority Collateral Documents and agree to be bound thereby and (ii) such
Persons agree to pay their ratable share of the fees and expenses of the Second
Priority Collateral Trustees and to ratably indemnify the Second Priority
Collateral Trustees, in such case, on terms and conditions similar to those
contained in the Senior Note Indenture and the Second Priority Collateral Trust
Agreement, such Persons shall become a “Second Priority Secured Holder” for all
purposes under the Second Priority Collateral Documents and shall be entitled
to share ratably in the Collateral for all purposes hereunder.

 

16                                  SUCCESSORS AND
ASSIGNS; CONTINUING SECURITY INTEREST

 

This Second Priority Charge
shall create a continuing security interest in the Collateral and shall
(a) remain in full force and effect until all of the Collateral is
released, and this Second Priority Charge is terminated, in accordance with
Section 8.02 of the Second Priority Collateral Trust Agreement, (b) be
binding upon the Chargor, its successors and assigns and (c) inure,
together with the rights and remedies of the Second Priority Collateral
Trustees hereunder, to the benefit of the Second Priority Collateral Trustees,
the Second Priority Representatives on behalf of themselves and on behalf of
the Second Priority Secured Holders and their respective successors,
transferees and assigns.  Without
limiting the generality of the foregoing clause (c), any Senior Note
Holder may transfer all or any portion of its rights and obligations under the
Senior Note Indenture (including, without limitation, all or a portion of the
Senior Notes held by it) to any other Person, and such other Person shall
thereupon become vested with all the benefits in respect thereof granted to
such Senior Note Holder in the Second Priority Collateral Documents or
otherwise, in each case as provided in the Senior Note Indenture.

 

17                                  CHANGES IN WRITING

 

No amendment or waiver of
any provision of this Second Priority Charge, and no consent to any departure
by the Chargor herefrom, shall in any event be effective unless the same shall
(a) be in writing and signed by the Second Priority Collateral Trustees and (b)
otherwise comply with Section 9.01 of the Second Priority Collateral Trust
Agreement, and then such waiver or consent

15

 

shall be effective only in
the specific instance and for the specific purpose for which given.  Notwithstanding the foregoing,
amendments, waivers and consents effected in respect of the First Priority
Charge (or, in the case of any Eligible Debt Agreement, the applicable security
agreement related to such Eligible Debt Agreement) shall upon their
effectiveness apply with equal force to the comparable provisions of this
Second Priority Charge and become effective with respect thereto without the
consent of or any other action on the part of any Person; provided, however, that any such
amendment, waiver, or consent effected in respect of the First Priority Charge
(or, in the case of any Eligible Debt Agreement, the applicable security
agreement related to such Eligible Debt Agreement) which has the effect of
releasing all or substantially all of the Collateral shall not automatically
apply to this Second Priority Charge.

 

18                                  PROTECTION OF
PURCHASERS

 

No purchaser or other
person dealing with the Second Priority Collateral Trustees or their delegate
shall be bound to see or inquire whether the right of the Second Priority
Collateral Trustees to exercise any of their powers has arisen or become
exercisable or be concerned with notice to the contrary, or be concerned to see
whether the delegation by the Second Priority Collateral Trustees pursuant to
the terms of this Second Priority Charge shall have lapsed for any reason or
been revoked.

 

19                                  LAW AND JURISDICTION

 

19.1                           This Second Priority Charge
is governed by, and shall be construed in accordance with, the law of the
Cayman Islands.

 

19.2                           The Chargor irrevocably
agrees for the exclusive benefit of the Second Priority Collateral Trustees,
the Second Priority
Representatives and the Second
Priority Secured Holders that the courts of the Cayman Islands shall
have jurisdiction to hear and determine any suit, action or proceeding and to
settle any dispute which may arise out of or in connection with this Second
Priority Charge and for such purposes irrevocably submits to the jurisdiction
of such courts.

 

20                                  COUNTERPARTS

 

This Second Priority Charge
may be executed in any number of counterparts and all such counterparts taken
together shall be deemed to constitute one and the same instrument.

 

16

 

IN WITNESS WHEREOF this Second Priority Charge has been
executed and delivered as a Deed the day and year first above written.

 

	
  EXECUTED UNDER THE COMMON SEAL OF

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  AES INTERNATIONAL HOLDINGS II, LTD.

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  Name:

  
	
   

  	
  )

  	
  Title:

  

 

In the presence of:

 

                                                Witness

 

 

	
  EXECUTED AS A DEED by 

  	
  )

  	
   

  
	
  WELLS
  FARGO BANK MINNESOTA,

  	
  )

  	
   

  
	
  NATIONAL
  ASSOCIATION,

  	
  )

  	
   

  
	
  as
  Second Priority Corporate Trustee

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  Name:

  
	
   

  	
  )

  	
  Title:

  

 

In the presence of:

 

                                                Witness

 

 

	
  EXECUTED AS A DEED by 

  	
  )

  	
   

  
	
  Jeffery T. Rose,

  	
  )

  	
   

  
	
  as Second Priority Individual Trustee

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  Name:

  
	
   

  	
  )

  	
  Title:

  

 

In the presence of:

 

                                                Witness

 

17

 

	
  ACKNOWLEDGED by

  	
  )

  	
   

  
	
  Wells
  Fargo Bank Minnesota,

  	
  )

  	
   

  
	
  National
  Association, as Senior Note Trustee

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  Name:

  
	
   

  	
  )

  	
  Title:

  

 

In the presence of:

 

                                                Witness

 

	
  ACKNOWLEDGED by

  	
  )

  	
   

  
	
  Wilmington
  Trust Company,

  	
  )

  	
   

  
	
  as
  Existing Corporate Trustee

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  Name:

  
	
   

  	
  )

  	
  Title:

  

 

In the presence of:

 

                                                Witness

 

	
  ACKNOWLEDGED by

  	
  )

  	
   

  
	
  Bruce L. Bisson,

  	
  )

  	
   

  
	
  as
  Existing Individual Trustee

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  Name:

  
	
   

  	
  )

  	
  Title:

  

 

In the presence of:

 

                                                Witness

 

18

 

SCHEDULE 1

 

	
  Legal Name

  	
   

  	
  Jurisdiction

  of

  Incorporation

  	
   

  	
  Types

  of

  Shares

  	
   

  	
  Authorized

  Shares

  	
   

  	
  Par

  Value

  	
   

  	
  Outstanding

  Shares

  	
   

  	
  Percentage

  Owned by

  AES

  	
   

  	
  Certificate

  No.

  	
   

  	
  %

  Pledged

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AES El
  Salvador, Ltd.

  	
   

  	
  Cayman

  	
   

  	
  Ordinary

  	
   

  	
  50,000

  	
   

  	
  $

  	
  1.00

  	
   

  	
  1,000

  	
   

  	
  100

  	
   

  	
  3, 4

  	
   

  	
  65

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AES South
  American Holdings, Ltd.

  	
   

  	
  Cayman

  	
   

  	
  Nominal

  	
   

  	
  50,000

  	
   

  	
  $

  	
  1.00

  	
   

  	
  5,030

  	
   

  	
  100

  	
   

  	
  3, 4

  	
   

  	
  65

  	
   

  

 

 

19

 

 

SCHEDULE
2

 

[NAME OF COMPANY]

 

SHARE TRANSFER CERTIFICATE

 

We, AES International
Holdings II, Ltd. (the “Transferor”),
for good and valuable consideration received by us through Wells Fargo Bank Minnesota, National
Association, as corporate trustee and Jeffery T. Rose, as individual trustee  (together,
the “Transferee”), do hereby:

 

(1)          transfer to the
Transferee [Number of Shares Transferred] Shares (the “Shares”) standing in our name in the
register of the Company to hold unto the Transferee, its executors,
administrators and assigns, subject to the several conditions on which we held
the same at the time of execution of this Share Transfer Certificate; and

 

(2)          consent that our name remains on the register of the Company until
such time as the Company enters the Transferee’s name in the register of the
Company.

 

And we, the Transferee, do
hereby agree to take the Shares subject to the same conditions.

 

As Witness Our Hands

 

Signed by the Transferor on

 

the               day
of

 

in the presence of:

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Witness

  	
   

  	
   

  	
  Transferor

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed by 

  	
   

  	
  Signed by 

  
	
   

  	
   

  	
   

  
	
  Wells Fargo Bank Minnesota, National
  Association, as Second Priority Corporate Trustee

  	
   

  	
  Jeffery T. Rose, as Second Priority
  Individual Trustee

  
	
   

  	
   

  	
   

  
	
  the            day of

  	
   

  	
  the            day of

  
	
   

  	
   

  	
   

  
	
  in the presence of:

  	
   

  	
  in the presence of:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness

  	
   

  	
  Witness

  

 

20

 

SCHEDULE 3

 

Part I

 

[NAME OF COMPANY]

 

IRREVOCABLE APPOINTMENT OF
PROXY

 

We, AES International
Holdings II, Ltd. hereby irrevocably appoint [Name of Proxy] as our proxy to
vote at meetings of the Shareholders of [Name of Company] (the “Company”) in respect of any existing or
further shares in the Company which may have been or may from time to time be
issued and/or registered in our name. 
This proxy is irrevocable by reason of being coupled with the interest
of [Name of Proxy] as chargee of the aforesaid shares.

 

	
   

  
	
  For and on behalf of AES International
  Holdings II, Ltd.

  
	
  Dated:

  

 

Part II

 

[NAME OF COMPANY]

 

IRREVOCABLE
APPOINTMENT OF PROXY

 

We, AES International
Holdings II, Ltd. hereby irrevocably appoint [appointee] as our duly authorised
representative to sign resolutions in writing of [Name of Company] (the “Company”) in respect of any existing or
further shares in the Company which may have been or may from time to time be
issued and/or registered in our name.

 

	
   

  
	
  For and on behalf of AES International
  Holdings II, Ltd.

  
	
  Dated:

  

 

[NOTE THE
ARTICLES OF THE COMPANIES NEED TO SPECIFICALLY PROVIDE FOR IRREVOCABLE PROXIES]

 

21

 

SCHEDULE 4

 

Part I

 

LETTER OF
RESIGNATION

 

Date:

 

The Board of Directors

[NAME OF COMPANY]

[ADDRESS]

 

Dear Sirs,

 

RESIGNATION OF DIRECTOR

 

I hereby tender my
resignation as a Director of the Company with effect from the date my
resignation is accepted by resolution of the Directors of [NAME OF COMPANY].

 

Yours faithfully,

 

	
   

  
	
  [Director]

  
	
   

  

22

 

Part II

 

LETTER OF
AUTHORISATION

 

Date:

 

Wells
Fargo Bank Minnesota,

National
Association,

  as Second Priority Corporate Trustee

Sixth Street and Marquette Avenue

 

MAC N9303-120

 

Minneapolis,
MN 55479

 

and

 

Jeffery T. Rose,

  as Second Priority Individual Trustee
c/o Wells Fargo Bank Minnesota,

National
Association

Sixth
Street and Marquette Avenue

MAC N9303-120

Minneapolis,
MN 55479

 

Dear Sirs,

 

SECOND
PRIORITY CHARGE AND ASSIGNMENT OVER SHARES BETWEEN AES INTERNATIONAL HOLDINGS
II, LTD., WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION (AS SECOND PRIORITY
CORPORATE TRUSTEE) AND JEFFERY T. ROSE (AS SECOND PRIORITY INDIVIDUAL TRUSTEE)
DATED 8 MAY 2003 (THE “SECOND PRIORITY CHARGE”)

 

I refer to my executed but
undated letter of resignation as director of [NAME OF COMPANY] provided in
accordance with the Second Priority Charge and I hereby authorise you to date
the letter in the event of a Second Priority Collateral Trust Agreement Default
(as defined in the Second Priority Charge).

 

Yours faithfully,

 

	
   

  
	
  [Director]

  

 

23

 

SCHEDULE 5

 

[NAME OF
COMPANY]

 

Wells
Fargo Bank Minnesota,

National
Association,

  as Second Priority Corporate Trustee

Sixth Street and Marquette Avenue

MAC N9303-120

Minneapolis,
MN 55479

 

and

 

Jeffery T. Rose,

  as Second Priority Individual Trustee
c/o Wells Fargo Bank Minnesota,

National
Association

Sixth
Street and Marquette Avenue

MAC N9303-120

Minneapolis,
MN 55479

 

Dear Sirs

 

[NAME OF
COMPANY]

 

We refer to the Second
Priority Charge and Assignment Over Shares (the “Second Priority Charge”) dated 8 May 2003 between AES International Holdings II, Ltd. (“Chargor”) and Wells Fargo Bank Minnesota, National Association, as corporate trustee
and Jeffery T. Rose, as individual trustee (together, the “Second Priority Collateral Trustees”)
whereby, inter alia, Chargor granted a charge over the Second Priority Charged
Shares in favour of the Second Priority Collateral Trustees.

 

Capitalised words and
expressions used in this letter which are not expressly defined herein have the
meanings ascribed to them in the Second Priority Charge.

 

This letter of undertaking
is given pursuant to clause 4.2.5 of the Second Priority Charge.

 

It is hereby acknowledged,
that the Company hereby irrevocably and unconditionally undertakes to register
in the Company’s register of members any and all share transfers to the Second
Priority Collateral Trustees or its nominee in respect of the Second Priority
Charged Shares submitted to the Company by the Second Priority Collateral
Trustees.

 

Yours faithfully,

 

	
   

  
	
  Director

  

 

24Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO.
1 TO THE AMENDED AND RESTATED CREDIT,

REIMBURSEMENT AND EXCHANGE AGREEMENT

 

AMENDMENT NO. 1 TO
THE AMENDED AND RESTATED CREDIT, REIMBURSEMENT AND EXCHANGE AGREEMENT, dated as
of April 14, 2003 (this “Amendment”) among The AES Corporation, a
Delaware corporation (the “Borrower”), AES International Holdings II,
Ltd., a corporation organized under the laws of the British Virgin Islands (“AES
BVI II”), the Subsidiary Guarantors party to the Credit Agreement referred
to below (the “Subsidiary Guarantors”), the banks, financial
institutions and other institutional lenders party to the Credit Agreement
referred to below (collective, the “Banks”), the Revolving Fronting
Banks and the Drax LOC Fronting Bank party to the Credit Agreement referred to
below, Citicorp USA, Inc., as administrative agent (in such capacity, the “Agent”)
and as collateral agent (in such capacity, the “Collateral Agent”).

 

PRELIMINARY STATEMENTS

 

(1)                                  The
Borrower, the Subsidiary Guarantors, the Revolving Fronting Banks and the Drax
LOC Fronting Bank, the Banks, the Agent and the Collateral Agent have entered
into an Amended and Restated Credit, Reimbursement and Exchange Agreement dated
as of December 12, 2002 (the “Credit Agreement”).  Capitalized terms not otherwise defined in
this Amendment have the same meanings as specified in the Credit Agreement.

 

(2)                                  The
Borrower has requested that the Banks amend certain provisions of the Credit
Agreement to permit the issuance from time to time and in one or more tranches
by the Borrower of new second-priority senior secured notes in an aggregate
principal amount of up to $2,000,000,000 and to permit certain other activities
by the Borrower.

 

(3)                                  The
Banks party hereto, constituting not less than the Required Banks are, on the
terms and conditions stated below, willing to grant the request of the Borrower
as hereinafter set forth.

 

NOW, THEREFORE,
for good and valuable consideration the sufficiency of which is hereby
acknowledged, and subject to the terms and conditions of this Amendment, the
parties agree as follows:

 

SECTION 1.  Amendments to the Credit Agreement.  Subject to the satisfaction of the
conditions precedent set forth in Section 3, the Credit Agreement is, effective
as of the date hereof, hereby amended as follows:

 

(a)                                  The
following definitions are hereby added to Section 1.01 of the Credit Agreement
in the correct alphabetical order:

 

““Amendment No. 1” means Amendment No. 1 to
this Agreement dated as of April 14, 2003 among the Borrower, the Subsidiary
Guarantors, AES BVI

 

 

II, the Revolving Fronting Banks and the Drax LOC Fronting Bank party
thereto, the Lenders party thereto, the Agent and the Collateral Agent.”

 

““Amendment No. 1 Effective Date” has the
meaning set forth in Section 3 of Amendment No. 1.”

 

““Asset Sale Proceeds Basket” means at any
time of determination, (x) the sum of (1) $100,000,000 and (2) aggregate
amount of Net Cash Proceeds received by the Borrower after the Amendment No. 1
Effective Date and prior to such time of determination from Covered Asset Sales
that are not required to prepay the Facilities as set forth in Section 2.11, less (y) the amounts referred to in clause
(x) above that were applied to the repayment of any Debt prior to such time in
accordance with the provisions of Section 5.17(viii) (other than any Debt
repayed with an amount from the Equity Basket at such time).”

 

““Second-Priority Senior Secured Notes” means
the Senior Secured Notes issued from time to time and in one or more tranches
by the Borrower in accordance with the provisions of Section 5.07(a)(xv).”

 

(b)                                 The
definition of “Net Cash Proceeds” in Section 1.01
of the Credit Agreement is amended by amending and restating clause (B) thereof
in its entirety to read as follows:

 

“(B)                          with
respect to any Asset Sale, means cash payments received (including any cash
payments received by way of deferred payment of principal pursuant to a note or
installment receivable or otherwise, but only as and when received (including
any cash received upon sale or disposition of such note or receivable),
excluding any other consideration received in the form of assumption by the
acquiring Person of Debt or other obligations relating to the property disposed
of in such Asset Sale or received in any other noncash form) therefrom, in each
case, net of all legal, title and recording tax expenses, commissions and other
customary fees and expenses incurred (including, without limitation, consent
and waiver fees and any applicable premiums, earn-out or working interest
payments or payments in lieu or in termination thereof), and all federal,
state, provincial, foreign and local taxes payable to the relevant tax
authority (i) as a direct consequence of such Asset Sale, (ii) as a result of
the required repayment of any Debt in any jurisdiction other than the
jurisdiction where the property disposed of was located or (iii) as a result of
any repatriation to the U.S. of any proceeds of such Asset Sale, and in each
case net of a reasonable reserve (which reserve (1) if required by the
applicable sale agreement, shall be deposited into a third party escrow account
with an escrow agent and (2) otherwise, shall be deposited into a Deposit
Account or a Securities Account (as each term is defined in the Security
Agreement) and shall be maintained in such account until such time as the
applicable indemnification obligation expires or the amounts on deposit are
required to make indemnification payments) for any indemnification payments
(fixed and contingent) attributable to seller’s indemnities to the purchaser
undertaken by the Borrower or any of its Subsidiaries in connection

 

2

 

with such Asset Sale (but excluding any payments, which by the terms of
the indemnities will not, under any circumstances, be made prior to the
Termination Date) provided that
any amounts in such reserve to the extent not paid to the purchaser as an
indemnification payment after the expiration of any applicable time period set
forth in the agreements in respect of such Asset Sale shall be treated as “Net
Cash Proceeds” for all purposes of the Agreement, and net of all payments made
on any Debt which must by its terms or by applicable law be repaid out of the
proceeds from such Asset Sale, and net of all required distributions and other
required payments made to minority interest holders in Subsidiaries or joint
ventures as a result of such Asset Sale;”

 

(c)                                  Section
1.01 of the Credit Agreement is amended by deleting the definition of “Permitted Investment Basket”.

 

(d)                                 Section
2.11(b)(iv) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

 

“The Borrower
shall, reasonably promptly following the date of receipt of Net Cash Proceeds
from the issuance of Debt by the Borrower permitted by Section 5.07(a)(xi) or
5.07(a)(xv) (provided that Net Cash Proceeds subject to this Section
2.11(b)(iv) shall be limited to the first $475,000,000 of such Net Cash
Proceeds from the initial issuance of the Debt issued pursuant to Section
5.07(a)(xv)) but in no event later than three Business Days after receipt
thereof, prepay an aggregate principal amount of the Term Loans and prepay or
cash collateralize the Drax LOC Liabilities in an aggregate amount equal to the
Banks’ Ratable Share of such Net Cash Proceeds.  Each such prepayment shall be applied ratably to each of the Term
Loan Facilities and the Drax Letter of Credit Facility as set forth in clause
(c) below (it being understood that for purposes of calculating such ratable
share prior to the Tranche A Term Loan Facility being paid in full, the
aggregate amount of the Revolving Credit Commitments shall be deemed to be part
of the Tranche A Term Loan Facility).”

 

(e)                                  Section
5.01 of the Credit Agreement is hereby amended by adding the following phrase
“other than with respect to clause (c) below which information shall only be
delivered to the Bank Party requesting such information” after the phrase “it
being understood that” in the first parenthetical therein.

 

(f)                                    Section
5.01(c) of the Credit Agreement is hereby amended by adding the phrase “upon
request by any such Bank Party made at least 30 days prior to the date that the
relevant financial statements are required to be delivered pursuant to clause
(a) or (b) above,” immediately prior to the phrase “(1) as soon as available”.

 

(g)                                 Section
5.07(a) of the Credit Agreement is hereby amended by (a) deleting the “and” at
the end of clause (xiii) thereof, (b) deleting the “.” at the end of clause
(xiv) thereof and replacing it with a “;” and (c) adding at the end thereof the
following new clause (xv) to read as follows:

 

3

 

“(xv) the issuance
by the Borrower of Second-Priority Senior Secured Notes, provided that (w) the aggregate principal
amount of such Debt shall not be greater than $2,000,000,000, (x) the final
maturity of such Debt shall in no event be prior to April 15, 2008, (y) (1) the
first $475,000,000 in Net Cash Proceeds from the initial issuance of such Debt
shall be applied as set forth in Section 2.11(b)(iv) and (2) the remaining Net
Cash Proceeds from the initial issuance and any subsequent issuances of such
Debt shall be used to repay, purchase or defease any of the Debt of the
Borrower (other than any of the surety bonds, guarantees, and letters of credit
set forth on Schedule VI to the Credit Agreement) that is permitted by Section
5.07(a)(ii)(the “Eligible Debt”) (provided that (A) up to $250,000,000 of
such remaining Net Cash Proceeds may be retained by the Borrower for general
corporate purposes (including, without limitation, to repay Eligible Debt) and
(B) to the extent that any such remaining Net Cash Proceeds (other than the
$250,000,000 referred to in the immediately preceding clause (A) in this proviso) are not used to immediately repay,
purchase or defease the Eligible Debt, such remaining Net Cash Proceeds shall
be deposited into and held either in a Deposit Account or a Securities Account
(as each term is defined in the Security Agreement) or a third party escrow
account with an escrow agent on terms and conditions reasonably satisfactory to
the Agent until such time as such Net Cash Proceeds are used to either repay,
purchase, redeem or defease such Eligible Debt (whether through open market
repurchases, redemptions or otherwise) or to redeem or repurchase such Second
Priority Senior Secured Notes and pending such use the Agent shall not exercise
any right or remedy under the Shared Collateral Documents that would prevent
the Borrower from using such Net Cash Proceeds for such purposes) and (z) the
terms and conditions of such Debt in the opinion of the Agent are consistent
with customary market terms for a financing of its nature and do not adversely
affect the ability of the Borrower to meet its payment Obligations under the
Financing Documents.”

 

(h)                                 Section
5.07(b)(ii) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

 

“(ii) Debt
incurred by a Subsidiary:

 

(x)                                   (1)
to finance the acquisition, development, construction, operation, maintenance
(including modifications and upgrades to comply with applicable laws and
regulations) or working capital requirements (including letters of credit or
guarantees to fund debt service reserve accounts or similar accounts or for the
benefit of power purchase agreements or commodity hedging counterparties) of a
Power Supply Business or other business owned, operated or managed (including
on a joint basis with others), directly or indirectly, by the Borrower (an “AES Business”)
or (2) to finance the acquisition of “greenfields” and the construction,
operation, maintenance or working capital requirements (including modifications
and upgrades to comply with applicable laws and regulations) or working capital
requirements (including letters of credit or guarantees to fund debt service
reserve accounts or similar accounts or for

 

4

 

the
benefit of power purchase agreements or commodity hedging counterparties)
necessary to develop and construct such “greenfields” and to operate them as an
AES Business; and

 

(y)                                 that
is not also the Debt of any other Subsidiary with an interest in any other AES
Business (except for Debt incurred or assumed by Intermediate Holding Companies
which, at the time such Debt was incurred or assumed, in the aggregate,
contributed less than 50% of the Parent Operating Cash Flow for the immediately
preceding four fiscal quarters);”

 

(i)                                     Section
5.07(b) of the Credit Agreement is hereby amended by adding at the end thereof
the following new clauses (xi) and (xii):

 

“(xi) Debt
incurred by a Subsidiary for the purpose of restructuring commercial contracts
of such Subsidiary, to the extent that such restructuring results in a net
present value saving to the Subsidiary incurring such Debt; provided that (w) the aggregate principal
amount of such Debt shall not be greater than the amounts necessary to
restructure such commercial contracts, (x) the Payment Restrictions in such
Debt (1) shall be no more restrictive than the Payment Restrictions contained
in the Debt of such Subsidiary currently outstanding as of the Closing Date or
(2) in the opinion of the Borrower, are consistent with customary market terms
for a financing of its nature and do not adversely affect the ability of the
Borrower to meet its payment Obligations under the Financing Documents and (y)
prior to the incurrence of such Debt, the Agent shall have received a
certificate from the chief executive officer, president, chief financial
officer or chief accounting officer of the Borrower setting forth in reasonable
details the calculations required to establish the net present value savings to
the Subsidiary from the restructuring of the applicable commercial contracts
and the incurrence of the proposed Debt.”

 

“(xii) Guarantees
by Excluded Subsidiaries of Debt and other obligations of other Excluded
Subsidiaries.”

 

(j)                                     Section
5.10 of the Credit Agreement is hereby amended by (a) amending and restating
clause (p) thereof in its entirety to read as follows:

 

“(p) Liens on the
Creditor Group Collateral securing the Debt of the Borrower permitted by
Section 5.07(a)(iii), (ix), (x), (xi), (xiv) and (xv); provided that the Liens on the Creditor
Group Collateral securing the Debt of the Borrower permitted by Section
5.07(a)(xv) shall be (1) junior and subordinate in all respects to the Liens
created under the Financing Documents and the other Liens permitted by this
clause (p) and (2) granted on terms and conditions that are reasonably
satisfactory to the Agent;”

 

and (b) deleting “.” at
the end of clause (q) and replacing it with a “;” and (c) by adding at the end
thereof the following new clauses (r), (s) and (t):

 

5

 

“(r)                              Liens
on the Borrower’s direct and indirect interest in the Power Supply Business in
Brazil known as “Tiete” (the “Tiete
Investment”) to secure the obligations of Excluded Subsidiaries the
assets of which consist only of other Power Supply Businesses located in Brazil
and direct or indirect interests therein;

 

(s)                                  Liens
on the assets of, or Investments in, Excluded Subsidiaries securing Debt of
such Excluded Subsidiaries permitted by Section 5.07(b)(xii); and

 

(t)                                    Liens
on cash set aside at the time of the issuance of Second Priority Senior Secured
Notes or Temporary Cash Investments purchased with such cash, in either case to
the extent that such cash or Temporary Cash Investments pre-fund the repayment
or redemption of such Second-Priority Senior Secured Notes and are held in the
escrow account referred to in Section 5.07(a)(xv) to be applied for such
purpose.”

 

(k)                                  Section
5.16(xii) of the Credit Agreement is hereby amended by deleting the phrase “in
an aggregate amount not to exceed the Permitted Investment Basket” therein.

 

(l)                                     Section
5.17 of the Credit Agreement is hereby amended by amending and restating clause
(viii) thereof in its entirety to read as follows:

 

“(viii) any
repayment of Debt with the Equity Basket or the Asset Sale Proceeds Basket at
such time;”

 

SECTION 2.  Authorization.  The Required Banks hereby authorize the Agent,
as the Required Representative (as defined in the Collateral Trust Agreement),
to direct the Collateral Trustee to execute an intercreditor agreement and any
other related agreements and documents necessary to effectuate the issuance by
the Borrower of the Second-Priority Senior Secured Notes.

 

SECTION 3.  Conditions to Effectiveness.  This Amendment shall be effective on the date on which all of the following conditions precedent have been satisfied (the “Amendment
No. 1 Effective Date”):

 

(a)                                  The
Agent shall have received counterparts of this Amendment executed by the
Borrower, the Subsidiary Guarantors, AES BVI II, the Collateral Agent and the
Required Banks or, as to any of the Banks, advice satisfactory to the Agent
that such Bank has executed this Amendment.

 

(b)                                 All
of the accrued fees and expenses of the Agent and the Bank Parties (including
the accrued fees and expenses of counsel for the Agent) shall have been paid in
full.

 

(c)                                  Simultaneously
with the occurrence of the Amendment No. 1 Effective Date, the Borrower shall
prepay the Loans in an amount equal to the Banks’ Ratable Share of $475,000,000
of the Net Cash Proceeds (the “Paydown”) received by

 

6

 

the Borrower
from the initial issuance of Second-Priority Senior Secured Notes pursuant to
Section 2.11(b) of the Credit Agreement (as if this Amendment had already
become effective).

 

SECTION 4.  Bank Fee.  Upon the occurrence of the Amendment No. 1 Effective Date, the
Borrower shall pay to the Agent, for the benefit of the applicable Banks, a fee
equal to 0.10% of (1) the aggregate amount of the Revolving Credit Loan
Commitment of each Bank as of the date hereof, (2) the amount of the Drax LOC
Commitment of the Drax LOC Fronting Bank as of the date hereof less the
aggregate amount in the Drax LOC Cash Collateral Account (after giving pro forma effect to the Paydown) and (3)
the aggregate outstanding principal amount of Tranche A Term Loans, Tranche B
Term Loan and Tranche C Term Loans owed to each Bank as of the date hereof (in
each case, after giving pro forma
effect to the Paydown) that has executed and delivered this Amendment on or
before April 14, 2003.

 

This Amendment is subject to the provisions
of Section 10.05 of the Credit Agreement.

 

SECTION 5.  Representations and Warranties.  The Borrower represents and warrants as
follows:

 

(a)                                  On
the date hereof, after giving effect to this Amendment, (i) no event has
occurred and is continuing, or would result from the effectiveness of this
Amendment, that constitutes a Default and (ii) all representations and
warranties set forth in the Financing Documents shall be true and correct in
all material respects.

 

(b)                                 No
authorization or approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body or any other third party is
required for the due execution, delivery or performance by the Borrower, AES
BVI II and the Subsidiary Guarantors of this Amendment or the other
transactions contemplated hereby.

 

(c)                                  This
Amendment has been duly executed and delivered by the Borrower, AES BVI II and
the Subsidiary Guarantors.  This
Amendment and each of the other Financing Documents, as amended hereby, to
which each Borrower, each Subsidiary Guarantor and each other Loan Party is a
party are legal, valid and binding obligations of such Borrower, such
Subsidiary Guarantor and such other Loan Party, as applicable, enforceable
against such Borrower, such Subsidiary Guarantor and such Loan Party, as
applicable, in accordance with their respective terms.

 

SECTION 6.  Reference to and Effect on the Credit
Agreement and Collateral Documents.

 

(a)                                  On and after the
Amendment No. 1 Effective Date, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the
Credit Agreement, and each reference in the Notes to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit
Agreement, shall mean and be a reference to the Credit Agreement, as amended
and otherwise modified hereby.

 

7

 

(b)                                 The Credit Agreement
and each of the other Financing Documents are and shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed.  Without limiting the generality of the
foregoing, the Collateral Documents and all of the Collateral described therein
do and shall continue to secure the payment of all Obligations of the Obligors
under the Financing Documents, in each case as amended by this Amendment.

 

(c)                                  The execution,
delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of any Bank
Party, the Collateral Agent or the Agent under the Credit Agreement or the
other Financing Documents, nor constitute a waiver of any provision of the
Credit Agreement or the other Financing Documents.

 

SECTION 7.  Affirmation of Credit Agreement and
Collateral Documents.  Each Loan
Party hereby consents to the modification of the
Credit Agreement effected hereby and hereby acknowledges and agrees that
the obligations of such Loan Party contained in the Credit Agreement and the
other Financing Documents as modified hereby are, and shall remain, in full
force and effect.

 

SECTION 8.  GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 9.  WAIVER OF JURY TRIAL.  EACH OF THE LOAN PARTIES, THE COLLATERAL
AGENT, THE AGENT AND THE BANK PARTIES IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE ACTIONS OF
THE AGENT, THE COLLATERAL AGENT OR ANY BANK PARTY IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

SECTION 10.  Execution in Counterparts.  This Amendment may be executed by one or
more of the parties to this Amendment on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one
and the same instrument.

 

SECTION 11.  Costs and Expenses.  The Borrower hereby agrees to pay all
reasonable costs and expenses associated with the preparation, execution,
delivery, administration, and enforcement of this Amendment, including, without
limitation, the fees and expenses of the Agent’s counsel and other
out-of-pocket expenses related hereto. 
Delivery of an executed counterpart of a signature page to this
Amendment by telecopier shall be effective as delivery of a manually executed
counterpart of this Amendment.

 

[THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK
INTENTIONALLY]

 

8

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed and delivered by their respective proper and
duly authorized officers as of the day and year first above written.

 

THE AES CORPORATION,

as Borrower

 

 

	
  By

  	
   

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  1001 North 19th Street

  
	
   

  	
   

  	
  Arlington, VA 22209

  
	
   

  	
  Fax:

  	
  (703) 528-4510

  
				

 

9

 

SUBSIDIARY GUARANTORS:

 

AES EDC
FUNDING II, L.L.C.,

as
Subsidiary Guarantor

 

	
  By

  	
   

  	
   

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
  Fax:

  

 

 

AES HAWAII MANAGEMENT COMPANY, INC.,

as Subsidiary Guarantor

 

	
  By

  	
   

  	
   

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
  Fax:

  

 

 

AES
OKLAHOMA HOLDINGS, L.L.C.,

as
Subsidiary Guarantor

 

	
  By

  	
   

  	
   

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
  Fax:

  

 

AES SOUTHLAND FUNDING, L.L.C.,

as Subsidiary Guarantor

 

	
  By

  	
   

  	
   

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
  Fax:

  

 

 

AES
WARRIOR RUN FUNDING, L.L.C.,

as
Subsidiary Guarantor

 

	
  By

  	
   

  	
   

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
  Fax:

  

 

10

 

OTHER OBLIGOR:

 

AES INTERNATIONAL HOLDINGS II, LTD.

 

	
  By

  	
   

  	
   

  
	
   

  	
  Title:

  

 

11

 

BANKS:

 

                                                             

[Please Type or
Print Name of Bank]

 

 

	
  By

  	
   

  	
   

  
	
   

  	
  Title:

  

 

12

 

AGENT:

 

CITICORP USA, INC.,

as Agent and as Collateral Agent

 

 

	
  By

  	
   

  	
   

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  	
  388 Greenwich Street, 21st Floor

  
	
   

  	
   

  	
  New York, NY 10013

  
	
   

  	
   

  	
   

  
	
   

  	
  Fax:

  	
  (212) 816-8098

  
	
   

  	
  Attention:

  	
  Stuart Glen

  
				

 

13

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