Document:

exhibit1012.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

	In Madrid, on December 21, 2006

COORDINATION AND GUARANTEES AGREEMENT

In connection with financing for the maximum amount of €5,678,261,513.32

BY AND BETWEEN 

	ACCIONA, S.A. 

As Shareholder

	FINANZAS DOS, S.A.

As Borrower 

	and

	
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

THE ROYAL BANK OF SCOTLAND, PLC 

BANCA IMI S.P.A.

BNP PARIBAS BRANCH LOCATED IN SPAIN

	
BANCO SANTANDER CENTRAL HISPANO, S.A.

NATEXIS BANQUES POPULAIRES, BRANCH 

LOCATED IN SPAIN

CALYON, BRANCH LOCATED IN SPAIN

	As Lenders and Suppliers of the

Interest Rate Hedge Agreements

	and 

BANCO SANTANDER CENTRAL HISPANO, S.A.

As Agent 

 

(Legal and Tax Consultants)

COORDINATION AND GUARANTEES AGREEMENT

In Madrid, on December 21, 2006

THERE APPEAR AND PARTICIPATE

	For one party,

	Mr. Juan Gallardo Cruces, being of legal age, with National Identity Document (NID) No. 691.950-H and Mr. José Ángel Tejero Santos, being of legal age, with NID No. 52.570.589-H, in the name and on behalf of FINANZAS DOS, S.A. (hereinafter the “Borrower”), with domicile in Madrid, Calle Juan de Mena, number 8, and Tax Identification Code number A- 80062755, duly authorized to execute this agreement by virtue of a power of attorney executed before Madrid Notary Mr. Manuel Rodríguez Marín on December 20, 2006, under order number 4,000 of his notary record book.

	For another party,

	Mr. Valentín Francisco Montoya Moya, being of legal age, with NID No. 50.539.787-R and Mr. Juan Gallardo Cruces, being of legal age, with NID No. 691.950-H, for and on behalf of ACCIONA, S.A. (hereinafter “ACCIONA” or the “Shareholder”), with domicile in Alcobendas (Madrid), Avenida de Europa, number 18 and Tax Identification Code number A- 08001851, duly authorized to execute this agreement by virtue of a power of attorney executed before Madrid Notary Mr. Manuel Rodríguez Marín on October 26, 1998 under order number 2,911 of his notary record book.

	And for another party,

	Mr. Manuel Pérez Peral, being of legal age, with NID No. 27.300.295-P and Mr. Ignacio Domínguez-Adame Bozzano, being of legal age, with NID No. 1.391.826-M, for and on behalf of BANCO SANTANDER CENTRAL HISPANO, S.A. (hereinafter “SAN”, or the “Agent”), with domicile in Santander, Paseo de Pereda, numbers 9 to 12 and Tax Identification Code number A-39000013, duly authorized to execute this agreement by virtue of a power of attorney executed before the Notary of the Illustrious Association of Burgos, Mr. José María de Prada Díez, on March 1, 2002 under order number 574 of his notary record book. 

	Mr. Jose Maria Arana Arbide, being of legal age, with NID No. 15.940.550-D and Mr. Francisco Javier Sierra Sopranis, being of legal age, with NID No. 42.090.468-P, in the name and on behalf of THE ROYAL BANK OF SCOTLAND, PLC (hereinafter

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“RBS”), with domicile at 36 St. Andrew Square, Edinburgh EH2 2YB, Scotland, duly registered in the Commercial Registry of Scotland under number 90312, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid Mr. Antonio de la Esperanza Rodriguez, on September 19, 2006, under serial number 5,388 of his protocol.

	Mr. José Gefaell Chamochin, being of legal age, with NID No. 36.045.004-W, and Mr. José Serrano-Suñer de Hoyos, being of legal age, with NID No. 7.240.457-B, for and on behalf of BNP PARIBAS, Branch located in Spain (hereinafter “BNP”), with domicile in Madrid, Calle Ribera del Loira, number 28 and Tax Identification Code number A-0011117-I, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively, before Madrid Notary Mr. Miguel Ruiz Gallardón García de la Rasilla, on February 10, 2005, under order number 963 of his notary record book, and before the same Notary, on July 12, 2006, under order number 5,797 of his record book.

	Mr. Rolando Menor Aguilera, being of legal age, with NID No. 50.820.688-A, and Mr. Javier Álvarez-Rendueles Villar, being of legal age, with NID No. 7.230.899-K, for and on behalf of CALYON, Branch located in Spain (hereinafter “CALYON”), with domicile in Madrid, Paseo de la Castellana, number 1 and Tax Identification Code number A-0011043-G, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively, before Madrid Notary Mr. José Manuel García-Lozano Zulueta, on July 28, 2004 under order number 951 of his notary record book, and before the same Notary on April 18, 2005 under order number 359 of his notary record book 

	Mr. Fernando Vázquez de la Puerta, being of legal age, with NID No. 401.727-D and Mr. Juan Gortázar Sánchez-Torres, being of legal age, with NID No. 50.838.339-J, for and on behalf of BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (hereinafter “BBVA”), with domicile in Bilbao, Plaza de San Nicolás, number 4 and Tax Identification Code number A-48265169, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively, before Bilbao Notary Mr. José María Arriola Arana on March 17, 2003 under order number 418 of his notary record book, and before Bilbao Notary Mr. José Ignacio Uranga Otaegui on June 6, 2000 under order number 2,174 of his notary record book.

	Mr. José Guardo Galdón, being of legal age, with NID No. 18.965.340-D, for and on behalf of BANCA IMI S.P.A. (hereinafter “IMI”), with domicile in Milan (Italy), Corso Matteotti, number 6, and registered in the registry of companies with number 01988810154, duly authorized to execute this agreement by virtue of a power of attorney executed before Milan Notary Mrs. Mónica de Paoli on December 21, 2006 under order number [ ] of her notary record book. 

	Mr. Ricardo Teissiere Carrión, being of legal age, with NID No. 00698785-E and Mr. José Luís Sánchez García, being of legal age, with NID No. 4612737-Z, for and on behalf of NATEXIS BANQUES POPULAIRES, Branch located in Spain (hereinafter “NATEXIS”), with domicile at Paseo de Recoletos 7-9 and Tax Identification Code number N-0013055I, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively, before Madrid Notary Mr. Pablo de la Esperanza Rodríguez, on April 19, 2006 under order number 1,693 of his notary record book, and before Madrid Notary Mr. Antonio de

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la Esperanza Rodríguez, on September 20, 2001 under order number 4,060 of his notary record book. 

Hereinafter, and notwithstanding that which is stipulated herein below, SAN, RBS, BNP, CALYON, BBVA, IMI, and NATEXIS will collectively be called the “Lenders.” 

All of the above parties hereafter will also collectively be called the “Parties.”

The Parties agree to formalize this coordination and guarantees agreement, and for that purpose.

	THEY MANIFEST AND DECLARE

	I.      	That the Borrower is a Spanish corporation, duly registered in the Commercial Registry of its corporate domicile, the identity information of which is listed in the introductory section of this record. 
	 
	II.      	On September 25, 2006, the Borrower, a company wholly-owned by ACCIONA, S.A. (hereinafter “ACCIONA”), purchased 10% of the shares representing the capital stock of Endesa, S.A., (hereinafter “ENDESA”), and subsequently up to an approximate percentage of 20%, that is, 211,750,424 shares (hereinafter “ENDESA's Shares”) admitted for listing on the securities exchanges and represented through a book entry in the Registration Management Company, Securities Clearing and Settlement Service, S.A. (“IBERCLEAR”). 
	 
	 
	III.      	Acting with ACCIONA's financial support, the Borrower initially financed payment of the price of the purchase described by using a short-term line of credit signed on September 26, 2006 with Banco Santander Central Hispano, S.A. (hereinafter “SAN” or the “Agent”) for the amount of THREE BILLION FOUR HUNDRED SEVENTY-FIVE MILLION EUROS (€3,475,000,000) with a due date on February 28, 2007, which was novated on November 15, 2006 (the “Bridge Loan”), and it is interested in paying off part of the debt arising out of the Bridge Loan. 
	 
	 
	IV.      	For that purpose, the Lenders have agreed to grant to the Borrower on this date a financing agreement for the amount of FIVE BILLION SIX HUNDRED SEVENTY-EIGHT MILLION TWO HUNDRED SIXTY-ONE THOUSAND FIVE HUNDRED THIRTEEN AND THIRTY-TWO HUNDREDTHS EUROS (€5,678,261,513.32) (the “Financing Agreement”). 
	 
	 
	V.      	Simultaneously, at the execution of this agreement and the Financing Agreement, the Borrower has signed with SAN, RBS, CALYON, NATEXIS, IMI, BNP and BBVA several Financial Operation Master Agreements (Contratos Marco de Operaciones Financieras - CMOF), which regulate the terms and conditions of the interest rate risk hedge of the Financing Agreements (hereinafter the “Interest Rate Hedge Agreements”). 
	 
	VI.      	That notwithstanding the Borrower's personal and unlimited financial liability, the latter is willing to guarantee fulfillment of all its obligations under the financing described in the 
	 

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above representation IV above and the hedge derivatives mentioned in the above representation V.  
	 
	
VII.        	
That, pursuant to the above, the Guaranteed Creditors, the Borrower and the Shareholder have agreed on the terms and conditions that will govern the guarantees to be provided in order
to secure the obligations mentioned in the above representations IV and V, for which reason the Parties agree to sign this agreement (hereinafter the “Agreement” or the “Coordination and Guarantees
Agreement”), which will be governed by the following.  
	 

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	STIPULATIONS

	1.      	DEFINITIONS 
	 
	 	In the present Agreement, when used in either the singular or plural, the terms in title case will have the meaning set forth in the Financing Agreement or any other Financing Document unless such terms appear defined in the present Agreement or another meaning is expressly given to them in the present Agreement. 
	 
	 	Additionally, in the present Agreement, the following terms in title case will have the following meanings: 
	 
	 	“Majority of the Guaranteed Creditors” at all times the set of Guaranteed Creditors whose share of the amounts owed by the Borrower under the Guaranteed Obligations is at all times more than 50 percent. For purposes of determining this calculation, the Financing Agreement and the Interest Rate Hedge Agreements will be observed. With respect to the latter, only the amounts actually owed will be taken into account. 
	 
	 	“Derivative Suppliers” SAN, RBS, CALYON, BBVA, BNP, IMI and NATEXIS in their capacity of the Borrower’s counterparties to the Interest Rate Hedge Agreements. 
	 
	2.      	LIST OF GUARANTEES 
	 
	2.1      	Guarantees provided by the Borrower 
	 
	 	The Borrower guarantees fulfillment of all payment obligations assumed under the Financing Agreement in the broadest terms, including repayment of the unamortized principal, regular and default interest, fees, taxes, expenses for which the Borrower is responsible, legal costs and any other obligations assumed by the Borrower (hereinafter the “Guaranteed Financing Obligations”) by providing the following guarantees: 
	 
	 	(a)      	A pledge of ENDESA's Shares belonging to the Borrower. 
	 
	 	(b)      	A pledge of the credit rights held by the Borrower under the Interest Rate Hedge Agreements. 
	 
	 	Likewise, the Borrower guarantees fulfillment of all payment obligations assumed under the Interest Rate Hedge Agreements in the broadest terms, including making any regular payments, any payments due to their early termination, and reimbursement of default interest and fees, taxes, expenses for which the Borrower is responsible, legal costs and any other obligations assumed by the Borrower (hereinafter the “Guaranteed Hedge Obligations”) by pledging the remainder resulting from enforcement of the guarantees described in the above paragraph (a). 
	 

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The Guaranteed Financing Obligations and the Guaranteed Hedge Obligations will collectively be called the “Guaranteed Obligations.” 

Finally, the Borrower guarantees fulfillment of the Guaranteed Obligations by providing the following guarantees: 

	(i)      	A pledge of the balance of the Credit Account in the Checking Account. 
	 
	(ii)      	A pledge of the balance of the Main Account. 
	 
	(iii)      	A pledge of the credit rights held by the Borrower under ACCIONA's Support Agreement. 
	 

The provision of the guarantees in question notwithstanding the Borrower's universal financial liability in case of total or partial breach of the Guaranteed Obligations in accordance with Article 1911 of the Civil Code. 

All the Parties agree that the new guarantees in connection with the Guaranteed Obligations must be executed subject to the stipulations of the present Agreement. 

	2.2      	Guarantees provided by the Shareholder 
	 
	 	To guarantee the Guaranteed Financing Obligations, the Shareholder pledges all of the Borrower' shares, subject to the terms and conditions set forth in Stipulation 8. 
	 
	 	Likewise, to guarantee the Guaranteed Hedge Obligations, the Shareholder pledges the remainder resulting from enforcement of the guarantee described in the preceding paragraph. 
	 
	 	Hereinafter, the pledges provided by the Shareholder together with all the guarantees described in the above Stipulation 2.1 will collectively be called the “Guarantees,” and any of them individually will be called a “Guarantee.”). 
	 
	2.3      	Acceptance by the Guaranteed Creditors 
	 
	 	The Guaranteed Creditors expressly accept all the Guarantees provided in their favor in virtue of the present agreement. 
	 
	2.4      	Representations of the Borrower and the Shareholder 
	 
	 	The Guaranteed Creditors execute the Financing Agreement and the Interest Rate Hedge Agreements in consideration, among other things, of the following representations made by the Shareholder and the Borrower, who recognize and accept the essential nature of these representations for the Guaranteed Creditors and that will be tacitly understood renewed on the date on which a provision is made and on each day of start of an Interest Period of any of the Guaranteed Obligations: 
	 

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	a)      	the Borrower and the Shareholder are validly existing companies in accordance with the laws of Spain; they have the capacity to act in order to fulfill all the rights and obligations under the present Agreement; and their corporate purpose allows them to complete this legal act; 
	 
	b)      	the Borrower and the Shareholder have adopted all decisions and obtained all administrative, corporate or other authorizations necessary to execute and fulfill the present Agreement, so that the obligations undertaken hereunder are valid, binding and demandable; 
	 
	c)      	neither execution of the present Agreement nor fulfillment of any of the stipulations therein contained violates or will violate or constitutes or will constitute a breach, nor do they cause or will they cause overstepping or breach of any limitation, obligation or prohibition on the Borrower or the Shareholder or on the powers of the representatives imposed or that is contained in (i) any law, regulation or administrative resolution or judicial decision, through which the Borrower or the Shareholder or any other assets are bound or earmarked, (ii) any document or regulation containing or establishing the rules of incorporation of the Borrower or of the Shareholder, or (iii) any contract, agreement or other instrument to which the Borrower or Shareholder is a party or that makes any of their assets subject to attachment; 
	 
	d)      	The Shareholder holds one hundred percent (100%) of the Borrower's Shares, and at the date of the present Agreement, they are free of charges and encumbrances; 
	 
	e)      	The Borrower holds approximately 20% of ENDESA's capital stock, and at the date of the present Agreement, ENDESA's Shares are free of charges and encumbrances; 
	 

	3.      	PLEDGE OF ENDESA'S SHARES 
	 
	 	To guarantee the Guaranteed Financing Obligations, in accordance with the provisions of the Civil Code, the Borrower pledges ENDESA's Shares, subject to the following terms and conditions. 
	 
	 	The Parties agree to submit the pledge to the legal provisions contemplated in Royal Decree-Law 5/2005 dated March 11, with urgent amendments to boost productivity and improve public contracting (hereinafter “RD 5/2005”) whenever applicable. 
	 
	3.1      	Provision of the pledge 
	 
	 	3.1.1      	Verification of full ownership of the Shares. For purposes of what is set forth in Article 1857.2 of the Civil Code, the Borrower claims that it is the full owner of 211,750,424 ENDESA shares (hereinafter the “Shares” or “Endesa's Shares”), admitted for listing on the securities exchanges and represented through a book entry at Banco Santander Central Hispano, S.A. in its capacity of an entity having holdings in IBERCLEAR and deposited in account 0049 1500 07 4004845119 of Banco Santander Central Hispano, S.A. 
	 
	 	 	The Borrower represents that, on the date of the present Agreement, the Shares are free of charges and encumbrances. In addition, the Borrower shows the certifying 
	 

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	 	Notary and hereby delivers to the Agent the certificate of legal capacity (hereinafter the “Certificate of Legal Capacity”) contemplated in Royal Decree 116/1992 from February 14 on representation of securities through book entries and set-off and settlement of stock market transactions (hereinafter “RD 116/1992”). 
	 
	 	3.1.2      	Provision of the pledge in a public document. The execution of the present Agreement, raised to the category of a public document, makes the Pledge effective vis-à-vis third parties in accordance with Article 8.1 from RD 5/2005. 
	 
	 	3.1.3      	Conveyance of possession. For purposes of validly providing the Pledge, in accordance with Article 8.1 from RD 5/2005, the contribution or conveyance of possession of the Shares in favor of the Lenders is carried out by way of registration of the pledge in the respective book entry. 
	 
	 	 	For these purposes, the Parties hereby ask the Adhered Entity in charge of book registration of the Shares, Banco Santander Central Hispano, S.A., to record the provision of this pledge in the respective record of book entries. Likewise, once the pledge is recorded in the record of book entries, the Adhered Entity, Banco Santander Central Hispano, S.A., is asked to issue a certificate through a person having a sufficient power of attorney for that purpose, evidencing recording of the pledge of the Shares. 
	 
	 	 	By virtue of the real right established in their favor, the Lenders accept and assume possession of the Shares pursuant to Article 1863 of the Civil Code in the manner contemplated in Article 10 of Law 24/1988 from July 28, of the Securities Market, and Article 13 from Royal Decree 116/1992. 
	 
	3.2      	Exercise of the rights inherent to the Shares 
	 
	 	3.2.1      	Economic rights of the Shares. The economic rights of the Shares will belong to the Borrower, notwithstanding the antichresis provisions of the pledge in accordance with Stipulation 3.3.2 below. 
	 
	 	3.2.2      	Political rights of the Shares. The political rights of the Shares will belong to the Borrower and will be exercised by the latter in a manner aimed at properly performing the Guaranteed Obligations. 
	 

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	3.3      	Extension of the Pledge 
	 
	 	3.3.1      	Extension of the pledge through actual subrogation. The pledge will be extended automatically to any shares, holdings, securities or other financial elements (including money) that the Shares are converted into under any expropriation, merger, transformation, spin-off, swap, reduction of capital or dissolution and liquidation of ENDESA. 
	 
	 	 	In the event that while the Pledge is in effect, there is an increase in ENDESA's capital and the Borrower decides to waive its preferred subscription right, it must notify the Agent at least twenty Working Days in advance of the deadline to exercise the preferred subscription right. The Agent will be authorized to take all necessary steps on the Borrower's behalf to convey to third parties the respective subscription rights, by applying the price obtained upon the early amortization of Tranche A of the Financing. 
	 
	 	3.3.2      	Antichresis nature of the pledge. The pledge will be extended to dividends and distributions that ENDESA distributes to the Borrower and, generally, to any other economic return obtained from the Shares. 
	 
	 	 	Any amount distributed by ENDESA as dividends or amounts with a charge to dividends must be entered into the Main Account and may be applied by the Borrower as set forth in the Financing Agreement. 
	 
	3.4      	Limitations on disposal of the Shares 
	 
	 	The Borrower may not sell, assign, swap, encumber or otherwise dispose of the Shares without the prior written consent of all the Lenders acting unanimously nor establish any right of option or restriction on their free transferability except as permitted under the Financing Documents. 
	 
	 	Likewise, the Borrower may not transfer the Registry of the Shares to another participating entity authorized by IBERCLEAR other than Banco Santander Central Hispano, S.A. without the prior written consent of the Lenders. In that case, the Borrower must furnish the Agent with the certificate referred to in the above section 3.1.3, issued by the new entity. The expenses and commissions that must be satisfied in favor of Banco Santander Central Hispano, S.A. for keeping the Registry of the Shares (as long as such Shares continue to be pledged under the present Agreement) will be for the Borrower's account. 
	 
	4.      	PLEDGE OF THE BALANCE OF THE CREDIT ACCOUNT IN THE CHECKING ACCOUNT 
	 
	 	To guarantee the Guaranteed Obligations, the Borrower pledges the positive balance existing at any time in the Credit Account in the Checking Account. Therefore, the pledge applies to the creditor balance of the Credit Account in the Checking Account. 
	 

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	4.1      	Provision of the pledge 
	 
	 	4.1.1      	Provision of the pledge. Notification to the Agent. In its capacity of party to the present Agreement and potential debtor of the credit rights that are the object of the pledge, the Agent is deemed notified of the provision of the pledge. 
	 
	 	4.1.2      	Provision of the pledge vis-à-vis third parties. The execution of the present Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code. 
	 
	4.2      	Right to dispose the balance of the Credit Account in the Checking Account 
	 
	 	For purposes of what is set forth in Article 9.2 from RD 5/2005, the Parties agree to grant the Guaranteed Creditors the right to dispose the money that is the object of the financial guarantee, the amount of which is determined with the balance of the Credit Account in the Checking Account. 
	 
	 	In accordance with the last part of Article 9.2 from RD 5/2005, on behalf of the Guaranteed Creditors, the Agent may avail itself of the money that is the object of the guarantee in order to apply its amount to performing all the Guaranteed Obligations. The Agent may avail itself of the money that is the object of the Guarantee to pay off the obligations in question when they are due, whether in whole or in part, and whether normally or early. 
	 
	 	If there are several outstanding payment obligations on the same due date, the Agent will apply the balance of the Credit Account in the Checking Account to payment of the obligations referred to in the preceding paragraph, prorated according to the amounts of the obligations that are due on the same date. 
	 
	5.      	PLEDGE OF THE BALANCE OF THE MAIN ACCOUNT 
	 
	 	To guarantee the Guaranteed Obligations, the Borrower pledges the positive balance existing at any time in the Main Account. Therefore, the pledge applies to the creditor balance of the Main Account. 
	 
	5.1      	Provision of the pledge 
	 
	 	5.1.1      	Provision of the pledge. Notification to the Agent. In its capacity of party to the present Agreement and potential debtor of the credit rights that are the object of the pledge, the Agent is deemed notified of the provision of the pledge. 
	 
	 	5.1.2      	Provision of the pledge vis-à-vis third parties. The execution of the present Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code. 
	 
	5.2      	Right to dispose the balance of the Main Account 
	 
	 	For purposes of what is set forth in Article 9.2 from RD 5/2005, the Parties agree to grant the Guaranteed Creditors the right to dispose the money that is the object of the financial guarantee, the amount of which is determined with the balance of the Main Account. 
	 

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	 	In accordance with the last part of Article 9.2 from RD 5/2005, on behalf of the Guaranteed Creditors, the Agent may avail itself of the money that is the object of the guarantee in order to apply its amount to performing all the Guaranteed Obligations. The Agent may avail itself of the money that is the object of the Guarantee to pay off the obligations in question when they are due, whether in whole or in part, and whether normally or early. 
	 
	 	If there are several outstanding payment obligations on the same due date, the Agent will apply the balance of the Main Account to payment of the obligations referred to in the preceding paragraph, prorated according to the amounts of the obligations that are due on the same date. 
	 
	6.      	PLEDGE OVER THE CREDIT RIGHTS HELD BY THE BORROWER BY VIRTUE OF THE INTEREST RATE HEDGE AGREEMENTS 
	 
	 	To guarantee the Guaranteed Financing Obligations, the Borrower pledges the credit rights that it may hold and that result in its favor from the Interest Rate Hedge Agreements when they are due normally or early. 
	 
	6.1      	Provision of the pledge 
	 
	 	6.1.1      	Provision of the pledge. Notification to the Derivative Suppliers. In their capacity of a party to the present Agreement and potential debtor of the credit rights that are the object of the pledge, the Derivative Suppliers are deemed notified of the provision of the pledge. 
	 
	 	6.1.2      	Provision of the pledge vis-à-vis third parties. The execution of the present Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code. 
	 
	6.2      	Payment of the rights that are the object of the pledge 
	 
	 	As a result of the pledge provided pursuant to this Stipulation, all credit rights that are the object of the guarantee must be paid into the Credit Account of the Checking Account. 
	 
	6.3      	Extension of the pledge 
	 
	 	The pledge will be extended to all the civil fruits of the assigned rights in guarantee that are the object of the pledge, in particular to default interest and compensations that may accrue due to non-payment or late payment of such credits. 
	 
	7.      	PLEDGE OF THE CREDIT RIGHTS HELD BY THE DEBTOR UNDER ACCIONA’S SUPPORT AGREEMENT 
	 
	 	To guarantee the Guaranteed Obligations, the Borrower pledges the credit rights that it holds as creditor and that arise in its favor under ACCIONA's Support Agreement. 
	 

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7.1        	
Provision of the pledge  
	 
	 	
7.1.1        	
Provision of the pledge. Notification to the assigned debtor. In its capacity of party to the
present Agreement and as debtor of the credit rights assigned in guarantee that are the object of the pledge, ACCIONA is deemed notified of the provision of the pledge.  
	 
	 	
7.1.2        	
Provision of the pledge vis-à-vis third parties. The execution of the present Agreement,
raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code.  
	 
	
7.2        	
Payment of the credit rights assigned in guarantee that are the object of the pledge  
	 
	 	
As a result of the pledge provided pursuant to this Stipulation, all credit rights that are the object of the guarantee must be paid into the Credit Account of the Checking Account.
Payment made to any other checking account or in any other way shall not be releasing forthe Shareholder.  
	 
	
7.3        	
Extension of the pledge  
	 
	 	
The pledge will be extended to all the civil fruits of the assigned rights in guarantee that are the object of the pledge, in particular to default interest and compensations that may
accrue due to non-payment or late payment of such credits.  
	 
	
8.        	
PLEDGE ON THE DEBTOR'S SHARES  
	 
	 	
To guarantee the Guaranteed Financing Obligations, pursuant to the Civil Code, the Shareholder pledges the Borrower's shares subject to the terms and conditions set forth
below.  
	 
	 	
The Parties agree to submit the pledge to the legal provisions contemplated in RD 5/2005 whenever applicable.  
	 
	
8.1        	
Provision of the pledge  
	 
	 	
8.1.1        	
Verification of full ownership of the Shares. For purposes of what is set forth in Article
1857.2 of the Civil Code, the Shareholder represents that it is full owner of 3,800 nominative shares representing the Borrower's capital stock, with a par value of fifteen and eighty-two hundredths euros (€15.82) each. They represent one
hundred percent (100%) of the shares (hereinafter the “Borrower's Shares”).  
	 
	 	 	
The Borrower's Shares are represented by 1 multiple title that represents share numbers 1 to 3,800, both inclusive (hereinafter the “Title”).  
	 
	 	 	
The Shareholder represents that, on the date of the present Agreement, the Borrower's Shares are free of charges and encumbrances.  
	 

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	 	8.1.2      	Execution of the pledge in a public document. The execution of the present Agreement, raised to the category of a public document, makes the Pledge effective vis-à-vis third parties. 
	 
	 	8.1.3      	Contribution of the Borrower's Shares. For purposes of validly providing the Pledge, possession of the Borrower’s Shares in favor of the Lenders is contributed or conveyed through delivery of the Title to the Agent. 
	 
	 	 	At the Shareholder's request, the certifying Notary hereby stamps a notarial notation on the Title indicating the provision of the pledge and that the same was delivered to the Agent for and on behalf of the Lenders. 
	 
	 	 	The Agent receives the Title to its satisfaction and agrees to keep it in custody with proper diligence. 
	 
	8.2      	Exercise of the rights inherent to the Borrower's Shares 
	 
		8.2.1	Economic rights of the Borrower's Shares. The economic rights of the Borrower's Shares will belong to the Shareholder, notwithstanding the provisions of section 24.4.1 (v) of the Financing Agreement and notwithstanding the antichresis provisions of the pledge in accordance with Stipulation 8.3.2 below.

	 
	 	8.2.2      	Political rights of the Borrower's Shares. The political rights of the Borrower's Shares will belong to the Shareholder and will be exercised by the latter in a manner aimed at proper fulfillment of the Guaranteed Obligations. 
	 
	8.3      	Extension of the Pledge 
	 
	 	8.3.1      	Extension of the pledge through actual subrogation. The pledge will be extended automatically to any shares, holdings, securities or other financial elements (including money) that the Borrower's Shares are converted into under any expropriation, merger, transformation, spin-off, swap, reduction of capital or dissolution and liquidation of the Borrower. 
	 
		8.3.2      	Antichresis nature of the pledge. Notwithstanding the provisions of Stipulation 24.4.1 (v) of the Financing Agreement, the pledge will be extended to the dividends and distributions that the Borrower distributes to the Shareholder and, generally, to any other economic return obtained from the Borrower's Shares. 

	 
	 	8.3.3      	Extension in case of an increase in the Borrower's capital. In case of an increase in the Borrower's capital through the issue of new shares, the pledge will automatically be extended to the new shares subscribed to by the Shareholder such that, at all times, one hundred percent (100%) of the Borrower's capital stock belonging to the Shareholders is pledged. 
	 
	 	 	In case of an increase in the Borrower's capital through the issuance of new shares, the Shareholder agrees to subscribe to all the shares to which it is entitled. 
	 

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	8.3.4      	Formalization of the extensions. Notwithstanding the automatic nature of the extensions indicated in this Stipulation 8.3, the Shareholder agrees to formalize the extensions resulting from the pledge if so requested by the Agent. In that case, the Shareholder must formalize the extensions according to terms similar to those set forth in the present Agreement. 
		

		By virtue of the present Agreement, the Shareholder unconditionally and irrevocably authorizes the Agent and grants it a sufficient power of attorney so that for and on behalf of the Shareholder, it will (i) carry out any prior actions that are necessary or appropriate to establish the extensions indicated in this Stipulation 8.3.4 (including, among others, the designation of the certifying Notary and the application and contribution of the necessary documentation to execute the pledge extension document), and (ii) execute, on the Shareholder’s behalf, the pledge extension. The power of attorney executed by the Shareholder in favor of the Agent expressly contemplates the possibility of self-hiring of the attorney-in-fact. 
		

		By virtue of the present Agreement, the Guaranteed Creditors agree to appear at any procedures when requested by the Agent for purposes of the provisions of this section. 

 

	8.3.5      	Detriment to the pledge through the Shareholder's own acts. It will be deemed that the Shareholder has diminished the pledge through its own acts in cases in which the Shareholder has caused a reduction in the percentage of the capital stock represented by the Borrower's Shares or the loss of book value of the Borrower's Shares and, therefore, of the pledge. In particular, such diminishment will occur in the following cases: 
	 
	 	(i)      	When the Shareholder votes in favor of an increase in the Borrower's capital stock through exclusion of the preferred right to subscribe to the new shares. 
	 
	 	(ii)      	When the increase in the Borrower's capital stock has been decided on through the issuance of new shares and the Shareholder does not perform its obligation of subscribing to all the shares to which it is entitled. 
	 
	 	(iii)      	When the Shareholder accepts the collection of money for dividends or other economic rights of the Borrower's Shares, breaching the provisions of Stipulation 24.4.1 of the Financing Agreement. 
	 
	 	(iv)      	When the Shareholder accepts the collection of money for reimbursement of contributions due to a reduction in the Borrower's capital stock, without having entered such payments into a checking account previously pledged in favor of the Lenders. 
	 
	 	(v)      	When the Shareholder breaches its obligation of executing the Pledge extension documents referred to in the above Stipulation 8.3.4, after having been requested to do so in writing by the Agent. 
	 

In the above cases, notwithstanding the claim for damages that may be applicable vis-à-vis the Shareholder for breach of its obligations, the Lenders may terminate

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the Financing Agreement early in accordance with Article 1129.3 of the Civil Code and Stipulation 27 of the Financing Agreement. 

	8.4      	Limitations on disposal of the Borrower's Shares 
	 
	 	The Shareholder will not dispose of the Borrower's Shares for any reason, full or limited, as set forth in Stipulation 24.3.2 of the Financing Agreement. 
	 
	8.5      	Appraisal of the Borrower's Shares 
	 
	 	For purposes of execution of the pledge, the Borrower's Shares will be appraised at an amount equal to the value in euros of Endesa's Shares, calculated in relation to the simple average exchange rate for quotations of the aforementioned shares in the past thirty days according to a certificate issued by the Governing Company of the Madrid Exchange. 
	 
	9.      	PLEDGE OF THE REMAINDER OBTAINED FROM ENFORCEMENT OF THE PLEDGE OF SHARES 
	 
	 	To guarantee the Guaranteed Hedge Obligations, the Shareholder creates a pledge over any amount as enforcement remainder that might result from the enforcement of the pledge of the Borrower's Shares. 
	 
	9.1      	Provision of the pledge. 
	 
	 	The execution of this Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code. 
	 
	9.2      	Payment of the rights that are the object of the pledge. 
	 
	 	Because of the pledge provided pursuant to this Stipulation, all credit rights that are the object of the guarantee must be paid into the checking account designated by the Agent to ACCIONA for their application by the Agent to payment of the Guaranteed Hedge Obligations pursuant to the present Agreement. 
	 
	10.      	PLEDGE ON THE REMAINDER OBTAINED FROM ENFORCEMENT OF THE PLEDGE OF ENDESA'S SHARES 
	 
	 	To guarantee the Guaranteed Hedge Obligations, the Shareholder creates a pledge over any amount as enforcement remainder that might result from the enforcement of the pledge of the ENDESA's Shares. 
	 
	10.1      	Provision of the pledge. 
	 
	 	The execution of this Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code. 
	 

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	10.2      	Payment of the rights that are the object of the pledge. 
	 
	 	Because of the pledge provided pursuant to this Stipulation, all credit rights that are the object of the guarantee must be paid into the Credit Account in the Checking Account for their application by the Agent to payment of the Guaranteed Hedge Obligations pursuant to the present Agreement. 
	 
	11.      	COMMON LEGAL PROVISIONS APPLICABLE TO THE GUARANTEES 
	 
	11.1      	In solidum nature of the Guarantees 
	 
	 	The Guarantees are or will be provided in solidum and will be interchangeable, such that the Guaranteed Creditors, acting in the manner specified in Stipulation 12 of the present Agreement may, at their option, enforce any of them, in the order that they deem proper, alternatively, jointly or successively, and the start of the procedures to enforce one Guarantee will not limit or restrict the start of the procedures to enforce the other Guarantees. 
	 
	11.2      	Indivisibility of the Guarantees 
	 
	 	11.2.1      	Indivisibility on the part of the Guaranteed Creditors. The Guaranteed Creditors are joint holders of the respective guarantees in proportion to their respective shares as creditors of the guaranteed obligations in each case. None of the Guaranteed Creditors may cancel or extinguish any of the Guarantees of which it is a beneficiary, neither in whole or proportionately, until all the obligations guaranteed by such guarantee have been fully fulfilled. 
	 
	 	11.2.2      	Indivisibility on the part of the Borrower or the Shareholder. The Guarantees guarantee the fulfillment of the Guaranteed Obligations, and neither the Borrower nor the Shareholder will have the right to request the partial extinction of the Guarantees in case of partial performance of the Guaranteed Obligations. The Borrower and the Shareholder will only have the right to request the extinction of the Guarantees when the obligations guaranteed by the Guarantees have been fully satisfied. 
	 
	11.3      	Subsistence of the Guarantees 
	 
	 	11.3.1      	Nullity or ineffectiveness of the Guaranteed Obligations. If any of the Guaranteed Obligations are declared ineffective or null and void, in whole or in part, by operation of the Law, the Guarantees established in the present Agreement will guarantee the full and timely performance by the Borrower of all pecuniary obligations to restore and reimburse demandable from the Borrower because of such nullity or ineffectiveness. 
	 
	 	11.3.2      	Nullity or ineffectiveness of payment of the Guaranteed Obligations. The Parties agree that the Guarantees will remain fully in force, valid and effective if all the Guaranteed Obligations having been paid and such payment is afterwards declared null and void or ineffective within the framework of an insolvency procedure of the entity that made such payment (whether the Borrower, the Shareholder or any other entity with the consent of the Guaranteed Creditors) and such nullity was declared before execution by the Guaranteed Creditors of the documents canceling the Guarantees. 
	 

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	11.4      	Assignment of legal rights and actions to the Guaranteed Creditors 
	 
	 	As a result of the Guarantees provided in the previous stipulations, the Borrower and the Shareholder assign to the Guaranteed Creditors all legal rights and actions that they hold vis- à-vis third parties and that arise out of the credit rights that are the object of the Guarantees, the Shares or the Borrower's Shares, as the case may be. 
	 
	 	By virtue of the above and the provisions of Article 1869 of the Civil Code, acting as set forth in Stipulation 12 below, the Guaranteed Creditors are irrevocably authorized by the Borrower and the Shareholder to perform the following actions with respect to the debtors of such credits: 
	 
	 	(a)      	all actions that are deemed timely or proper, in the judgment of the Guaranteed Creditors, to maintain and/or preserve and/or defend the validity, effectiveness and demandability of the credit rights that are the object of the Guarantees, and 
	 
	 	(b)      	all actions, steps and claims, judicial and extrajudicial, that are deemed timely or proper, in the judgment of the Guaranteed Creditors, for the collection or claim of the credit rights that are the object of the Guarantees, including the exercise of any legal action arising out of such credit rights. 
	 
	 	Any of the aforementioned actions will be carried out after notification to the Borrower and/or the Shareholder at least five (5) Working Days in advance. The Borrower and the Shareholder agree to provide as much cooperation as is requested of them for such purpose by the Guaranteed Creditors. 
	 
	12.      	ENFORCEMENT OF THE PLEDGES OF THE BALANCES OF THE CREDIT ACCOUNT IN THE CHECKING ACCOUNT AND OF THE MAIN ACCOUNT 
	 
	12.1      	Requirements to enforce the pledges over the balances of the Credit Account in the Checking Account and of the Main Account 
	 
	 	As set forth in Article 11.1 from RD 5/2005, the Parties agree in this Stipulation on the requirements that will allow enforcing the pledges over the balances of the Credit Account in the Checking Account and the Main Account (hereinafter the “Balances”). 
	 

	12.1.1      	Enforcement of the pledges over the Balances. The pledges over the Balances may be enforced if there is a total or partial breach of the Guaranteed Obligations or any of the cases for early termination set forth in Stipulation 27 of the Financing Agreement occur. 
	 
	12.1.2      	Absence of additional requirements. For enforcement of the pledges over the Balances, it will not be necessary to terminate the Financing Agreement or the Interest Rate Hedge Agreements early. The Agent will notify the Borrower of the enforcement within three (3) Working Days following the date thereof. 
	 

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	12.2      	Authorization of the Guaranteed Creditors 
	 
	 	By virtue of the present Agreement, all the Guaranteed Creditors authorize the Agent so that, on behalf of all the Guaranteed Creditors, it can enforce the pledges over the Balances and make use of such balance in accordance with Stipulations 4.2 and 5.2. 
	 
	12.3      	Enforcement of the pledges through set-off of balances 
	 
	 	12.3.1      	Enforcement of the pledges over the Balances. The pledges over the balances in the Account will be enforced through set-off of the balances and their application to payment or performance of the outstanding payment obligations in accordance with the last part of Article 11.2 from RD 5/2005. 
	 
	 	12.3.2      	Partial enforcement. Because of the lack of need to terminate the Finance Agreement and the Interest Rate Hedge Agreements early, the Parties agree that the pledges may be partially enforced through application of the balances existing at each time to payment of the outstanding obligations. 
	 
	 	 	In accordance with the above, if there should be several unpaid Guaranteed Obligations and not all the Guaranteed Obligations have been terminated early, the Agent may apply the balance of the Credit Account in the Checking Account and the balance of the Main Account to payment of the Guaranteed Obligations, prorated according to the amounts of the Guaranteed Obligations that are due according to their regular schedule on the same date. 
	 
	 	12.3.3      	Total enforcement. If all the Guaranteed Obligations have terminated early, the Agent will apply the balance of the Credit Account in the Checking Account and the Main Account as set forth in Stipulation 14 below. 
	 
	13.      	ENFORCEMENT OF THE REMAINING GUARANTEES 
	 
	13.1      	Requirements for enforcement of the remaining Guarantees 
	 
	 	In order to enforce the remaining Guarantees (except for the pledges over the balances), there must be a total or partial breach of any of the Guaranteed Obligations or any of the Cases for Early Termination contemplated in Stipulation 27 of the Financing Agreement and a subsequent declaration of early termination of the Guaranteed Obligations must occur. 
	 
	13.2      	Power to enforce Guarantees and exercise of legal rights and actions assigned 
	 

	13.2.1      	Enforcement by the Majority of the Guaranteed Creditor. Except for the pledges over the balances, enforcement of the remaining Guarantees and exercise of the rights arising from the same will require the agreement of the Majority of the Guaranteed Creditors. 
	 

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	13.2.2      	Exercise of assigned legal rights and actions. The exercise of any legal rights and actions that the Borrower and the Shareholder hold vis-à-vis third parties and that arise out of the Guarantees and that have been assigned by virtue of the above Stipulation 11.4 will not be considered an enforcement of the Guarantees and will therefore require only the agreement of the Majority of the Guaranteed Creditors. 
	 
	 	Under this Agreement, all the Guaranteed Creditors authorize the Agent so that, on behalf of all the Guaranteed Creditors, it will carry out the actions and implement the decisions made by the Majority of the Guaranteed Creditors to preserve and/or protect the credit rights that are the object of the Guarantees, carry out acts to preserve them, make extrajudicial claims or demand payment of such credit rights. 
	 
	13.2.3      	Enforcement of Guarantees by the Agent (I): general procedure. Once the decision on the matter has been made by the Majority of the Guaranteed Creditors, the Agent will be the only entity empowered to pursue enforcement of the Guarantees in accordance with the terms and conditions of the present Agreement. 
	 
	 	(i)      	In their capacity of Guaranteed Creditors, all the Lenders and Derivate Suppliers agree to grant in favor of the Agent the powers required by the Law of Civil Proceedings and other applicable legislation so that the Agent will act on their behalf in judicial procedures brought to enforce the Guarantees or to exercise legal actions arising out of the credit rights that are the object of the Guarantees, in accordance with the above Stipulation 11.4. Alternatively, the Guaranteed Creditors must appear in any proceedings requested of them by the Agent. 
	 
	 	(ii)      	By virtue of the present Agreement, all the Lenders and Derivate Suppliers authorize and empower the Agent so that, on behalf of all the Guaranteed Creditors, it can issue the certification contemplated in Stipulations 13.3 and 13.9 below. 
	 
	 	(iii)      	By virtue of the present Agreement, all the Lenders and Derivate Suppliers authorize and empower the Agent so that, on behalf of all the Guaranteed Creditors, it can issue the pertinent communications and documents related to enforcement of the Guarantees and execute any other document complementary or related to the present Agreement. 
	 
	13.2.4      	Enforcement of Guarantees by the Agent (II): Guarantee over the Shares and over the Borrower's Shares. By virtue of the present Agreement, at the Agent's request, all the Lenders and Derivate Suppliers agree to appear [before a notary] to execute a sufficient power of attorney to the Agent so that, on behalf of all the Guaranteed Creditors, it can enforce the pledge over the Shares and over the Borrower's Shares through appropriation of the Shares under RD 5/2005 or through the procedure of notarial execution contemplated in Article 1872 of the Civil Code, or, as applicable, in the case of ENDESA's Shares, in accordance with the provisions of Article 12 from RD 5/2005 or as stipulated in Article 322 of the Code of Commerce. Alternatively, the Guaranteed Creditors may appear at any proceeding that the Agent requires. 
	 
	 

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13.3        	
Settlement of the Amount of the Guaranteed Obligations: Liquidity Agreement  
	 
	 	
13.3.1        	
Liquidity agreement. The Parties agree that the amount demandable in case the Guarantees are
enforced will be the one resulting from the settlement made by the Agent on behalf of the Guaranteed Creditors in accordance with the provisions of this Stipulation.  
	 
	 	
13.3.2        	
Settlement of the Amount of the Guaranteed Obligations. If the Financing Agreement is terminated
early, the Borrower recognizes the validity and binding nature of the settlement of the outstanding amounts under the Financing Agreement carried out by the Agent in accordance with the provisions of Stipulation 29.1 of the Financing
Agreement.  
	 
	 	 	
If the Financing Agreement and Interest Rate Hedge Agreements are terminated early, the Borrower will recognize the validity and binding nature of the settlement of the Guaranteed
Obligations carried out according to the following rules:  
	 
	 	 	
(i)        	
Within a maximum period of two (2) Working Days from the date of early termination of the Interest Rate Hedge Agreements, as set forth in the Interest Rate Hedge Agreements, the
Derivate Suppliers must calculate the total unpaid amount for which the Borrower is responsible and notify the Agent of such amounts as well as of the items that make up such amount.  
	 
	 	 	
(ii)        	
The Agent will calculate the total amount of the unpaid Guaranteed Obligations, adding to the unpaid amounts under the Financing Agreement the unpaid amounts under the Interest Rate
Hedge Agreements. The Agent will also calculate the share of the Guaranteed Obligations held by each of the Guaranteed Creditors.  
	 
	 	
13.3.3        	
Accounting of the amount of the Guaranteed Obligations. As from when the Agent becomes aware of
the declaration of early termination of the Financing Agreement and the Interest Rate Hedge Agreements, it will open and keep in its accounting a global account that will be used to pay the total amount of the Guaranteed Obligations and those
expenses, additional costs and other amounts that are for the Borrower's account. The Agent will deposit into it all the amounts received from the Borrower such that the balance of the account represents the amount owed by the Borrower at all times
under the Guaranteed Obligations.  
	 
	 	
13.3.4        	
Notification of the decision to enforce and the amount of the Guaranteed Obligations. In order
to enforce the Guarantees (except for the pledges over the Balances), the Agent must previously send to the Borrower a certification indicating:  
	 

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	(i)      	the existence of amounts owed under the Guaranteed Obligations and the decision to enforce adopted by the Majority of the Guaranteed Creditors, and 
	 
	(ii)      	the resulting balance of the settlement, that such balance matches with the one appearing in the account indicated in the above Stipulation 13.4.3 and that the settlement of the debt has been carried out in the manner stipulated in the present Agreement. 
		
	

Such certification will be issued by the Agent on behalf of the Lenders and will have the effects contemplated in Articles 572.2 and 573 of the Law of Civil Proceedings.
	 

 

	13.3.5      	Total or partial settlement, without waiver. The Agent's settlement may include all items of the Guaranteed Obligations or part thereof, as indicated in Article 573.3 of the Law of Civil Proceedings, and that will not mean any waiver whatsoever, in particular with respect to expenses and amounts owed by the Borrower. 
	 
	13.3.6      	Variable interest and parities. For the purposes indicated in Article 574 of the Law of Civil Proceedings, variable interest or parities will be calculated subject to the stipulations of the Financing Agreement and the respective Interest Rate Hedge Agreements. 
	 
	13.3.7      	Certification in an authentic document. Notification to the Borrower and/or the Shareholder. The certification issued by the Agent on behalf of the Guaranteed Creditors evidencing that the debtor balance matches withthe one appearing in the account indicated in Stipulation 13.3.3 and that the debt has been settled in the manner agreed to by the Parties to this Agreement will be incorporated into a Notarial Record or will be done before a Notary. 
	 
	13.3.8      	Compliance with legal requirements. In order to take legal actions for enforcement, in addition to the above, they must comply with the requirements set forth in Articles 572 et seq. of the Law of Civil Proceedings. 
	 
	13.3.9      	Objections by the Borrower and/or the Shareholder. Neither the Borrower nor the Shareholder may object to or challenge the settlement or calculations performed by the Agent under this stipulation except for the reasons contemplated in Articles 557 and 695 of the Law of Civil Proceedings. 
	 

13.4 Plurality and compatibility of the methods of enforcement

In order to take actions under the pledges, at their option, the Majority of the Guaranteed Creditors may choose to file any of the procedures to which they are legally entitled, whether for declaration or enforcement, including the extrajudicial notarial procedure contemplated in Article 1872 of the Civil Code or, as applicable, in the case of ENDESA's Shares, the procedure contemplated in Article 322 of the Code of Commerce, the procedures contemplated in RD 5/2005. Use of one method will not preclude their availing themselves of the rest of the methods as long as the Guaranteed Obligations have not been fully satisfied. 

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	13.5      	Legal costs and expenses incurred in order to enforce the Guarantees 
	 
	 	All expenses, legal costs and fees arising out of or incurred because of the judicial or extrajudicial procedures related to this Agreement will be for the Borrower's account. Among others, they include the following: 
	 
	 	(i)      	the amount of the judicial fee that the Guaranteed Creditors are forced to pay due to the above-mentioned procedures, and 
	 
	 	(ii)      	expenses incurred due to any notarial act that is necessary with respect to the documents attached to the respective actions for enforcement, and 
	 
	 	(iii)      	expenses incurred due to notifications, prior summons, announcements and other expenses caused by the award of the Shares or the Borrower's Shares to the awardee. 
	 
	13.6      	Enforcement of the Guarantees by way of an executive judicial procedure for the enforcement of monetary claims 
	 
	 	If the Majority of the Guaranteed Creditors approve enforcement of the Pledge through an executive judicial procedure for the enforcement of monetary claims contemplated in Articles 517 et seq. of the Law of Civil Proceedings, the Parties expressly agree that, in order to exercise the action to enforce, it will be sufficient to submit this Agreement together with: (a) the certification issued by the Agent and contemplated in the above Stipulation 13.3, which will be certified by a notary public, and (b) the documents evidencing notification of the amount demandable from the Borrower and, as applicable, from the Shareholder. 
	 
	 	The rest of the procedures must comply with the provisions of Articles 517 et seq. of the Law of Civil Proceedings. 
	 
	 	The funds obtained through such enforcement will be applied as set forth in Stipulation 14 below. 
	 
	13.7      	Enforcement of the Guarantees through an extrajudicial notarial procedure 
	 
	 	Enforcement of the Guarantees through the extrajudicial procedures contemplated in Article 1872 of the Civil Code will abide by the following rules set forth in this Stipulation. 
	 

	13.7.1      	Authorized notary. The authorized notary will be the Notary of the Illustrious Association of Madrid that designates the Agent. 
	 
	13.7.2      	Announcement of enforcement of the Guarantees through a public auction. The announcement of disposal of the Shares, the Borrower's Shares or the pledged credit rights in a public auction will be made at least twenty (20) days before it is held. 
	 
	 	The announcement will be published through one or several edicts, and, at the Agent's request, depending on the nature and value of the Shares, the Borrower's Shares or the credit rights to be auctioned off, in one of the daily newspapers with highest circulation in Madrid. The Borrower and/or the Shareholder will be personally notified. 
	 

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	 	Together with the date, time and place where it will be held, the edict will indicate the conditions of the auction, as set forth in the Stipulations below, and such information and circumstances as are important for the success of the auction. 
	 
	 	When the announcement is made through a newspaper, the Shares, the Borrower's Shares or the credit rights to be auctioned off will be identified and the date, time and place where the auction will be held will be indicated (both in the first and successive notices of auction), as will the place(s) where the edicts are published or such information and circumstances as are pertinent for the success of the auction. The Notary authorized to direct the auction will also be authorized to take any measure aimed at ensuring advertising of the auction. 
	 
	13.7.3      	Absence of delay due to disagreement of the Borrower and/or the Shareholder. Disagreement of the Borrower and/or the Shareholder on the demandability, breach or amount of the Guaranteed Obligations settled by the Agent on behalf of the Guaranteed Creditors when requesting enforcement of the Guarantees may not prevent or delay the enforcement, which will definitely be carried out according to the statement of the Guaranteed Creditors. The enforcement will not be interrupted unless there is a firm and/or executive order issued by a judicial authority having competent jurisdiction.
	 
	 
	13.7.4      	Deposit by bidders. In order to take part in the auction, at least two (2) Working Days in advance the bidders must deposit an amount equal to twenty percent (20%) of the minimum auction bid, in cash or with a bank check, at the place where it is to be held. Non-awardee bidders will be reimbursed the deposit made to take part in the auction within a period of three (3) Working Days after the auction is held.
	 
	13.7.5      	Right of the Guaranteed Creditors to bid in the auctions. The Guaranteed Creditors may take part in the auction and may improve their bids without the need to deposit any amount whatsoever.
	 
	 	In any situation in which more than one bidder takes part, open bidding will be held for a period of thirty (30) minutes. 
	 
	13.7.6      	Successive auctions and minimum bids by the bidders. At the first auction, bids by the bidders below ninety-five percent (95%) of the minimum auction bid will not be entertained. If there is no bidder in the first auction that complies with such conditions, a second auction will be held twenty (20) days later at the same place, with a reduction of twenty-five (25%) of the initial minimum bid. At such second auction, bids below ninety-five percent (95%) of the minimum auction bid will not be entertained. If there is no award in this second auction, a third auction may be held twenty (20) days later, at the same place and with no minimum auction bid. 
	 
	13.7.7      	Acquisition by the Guaranteed Creditors in case of auctions that are set aside. If at the third auction there is still no bidder, after a decision made by all the Guaranteed Creditors, each of the Guaranteed Creditors may become owner of the Shares, Borrower's Shares or credit rights auctioned off in proportion to its respective share of the Guaranteed Obligations and will provide a discharge of its entire credit. 
	 
	 	For purposes of exercising this right, it is established that the portion of the Shares, the Borrower's Shares or credit rights auctioned off to which each Guaranteed 
	 

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	 	Creditor has the right will match the share that each Guaranteed Creditor has in the Guaranteed Obligations. 
	 
	13.7.8      	Award. The Shares, Borrower's Shares or credit rights auctioned off will be awarded to the best bidder, if any, that complies with the stipulated conditions. In this case, the deposit to take part in the auction will be kept as payment toward the price, and the rest must be satisfied in a period of seven (7) days. If it fails to do so, the bidder will lose the amount deposited in benefit of the final settlement to the Borrower. 
	 
	13.7.9      	Distribution of the amount of the sale. The amount obtained from enforcement of the Pledges must be distributed among the Guaranteed Creditors according to the provisions of Stipulation 14 below. 
	 
	13.7.10      	Preservation of rights by the Guaranteed Creditors. The Guaranteed Creditors will preserve all rights and actions against the Borrower for the part of the Guaranteed Obligations that has not been satisfied because of enforcement of the Shares, Borrower's Shares or credit rights auctioned off in the following cases: 
	 
	 	(i)      	the proceeds from the enforcement are less than the total amount of the unpaid Guaranteed Obligations, or, in particular, 
	 
	 	(ii)      	any of the Guaranteed Creditors bid according to what is permitted by the above Stipulation 13.7.5, become the awardee of the Shares, the Borrower's Shares or credit rights auctioned off and the auction price is lower than the total amount of the unpaid Guaranteed Obligations.
	 
	 	 	If the auction price is lower than the share of the awardee Guaranteed Creditor in the Guaranteed Obligations, the latter will preserve all rights and actions against the Borrower for the part of its share that is unpaid.
	 
	13.7.11      	Execution of documents in favor of the awardee. Once the Guaranteed Creditors receive the entire price or, as applicable, the part thereof belonging to them, the pertinent documents in favor of the awardee will be executed before a Notary Public. For that purpose, the Borrower and the Shareholder irrevocably authorize the Agent to execute and sign in their name such public documents as are necessary, including in the case of self-hiring, all of them with the broadest powers.
	 
	 

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	13.7.12      	Supplementary provisions and the Notary’s discretion. The parties agree to submit to whatever the certifying Notary decides relating to the procedure to be followed for extrajudicial enforcement of the pledge for all matters not contemplated in this Stipulation 13.7. 
	 

	13.8      	Judicial enforcement of the pledge over the Shares and/or the Borrower's Shares through a specialized entity. 
	 
	 	For purposes of the provisions of Article 641 of the Law of Civil Proceedings and given the nature of the Shares and the Borrower's Shares, the Borrower and the Shareholder give their consent so that the Majority of the Guaranteed Creditors will decide to enforce the pledge over the Shares and/or over the Borrower's Shares by its performance through a specialized entity subject to the following rules. 
	 
	 	(i)      	Selection of the specialized person or entity. The Agent will designate a consulting or mediation firm specializing in the purchase and sale of companies, with national or international prestige, and the latter will have accepted the entrustment in accordance with the procedures set forth in Stipulation 13.9.2 (i). 
	 
	 	(ii)      	Due Diligence and sales book. If, in the specialized entity's opinion, it is necessary, it will take charge of or prepare on its own a report of due diligence or prior investigation on the situation of ENDESA and the Shares and/or on the situation of the Borrower and the Borrower's Shares in an informational “sales book” according to the customary terms followed in operations for the sale of companies. 
	 
	 	(iii)      	Alternative advertising. If the specialized entity feels that indiscriminate advertising of the sale would seriously harm the value of the Shares and/or the Borrower's Shares, such advertising will not be made and will be replaced with a personal written invitation to a sufficient number of potential buyers, including persons that may be requested by the Borrower and/or the Shareholder. 
	 
	 	(iv)      	Information and legal terms. As applicable, the persons invited to bid will receive the due diligence report and “sales book” indicated in paragraph (ii), as well as the legal terms of the operation, which will be those customary for the purchase and sale of companies. 
	 
	 	(v)      	Reception of bids and award. The specialized entity will collect firm and unconditional bids for the purchase of the Shares and/or the Borrower's Shares, and they will be awarded to the bid that is most advantageous to the Borrower and/or Shareholder, as the case may be. 
	 
	 	(vi)      	Bids by the Guaranteed Creditors. The Guaranteed Creditors may also make bids. 
	 
	 	(vii)      	Free price. The provisions of Article 641.3 of the Law of Civil Proceedings will not be applicable to the minimum price of fifty percent (50%) of the appraisal. 
	 
	 	(viii)      	The specialized entity's surety bond. The specialized entity is not required to provide a surety bond except for the amount of its fees collected in advance, as applicable. 
	 
	 	(ix)      	Supplementary provisions. For all matters not expressly contemplated above, the procedure for performance through a specialized entity will be governed by the provisions of Section 4 from Chapter IV of Title VI of Book 3 of the Law of Civil Proceedings and, absent that, by the customs in the sale of companies and 
	 

26

	 	according to the prudent criterion of the participating notary, or as decided by the Court, as the case may be. 
	 
	(x)      	Packages. The enforcement may apply to all the Shares or packages from the same. 
	 

The above-referenced procedure may be applied by the Guaranteed Creditors to enforce any of the Guarantees over shares, without the involvement of a public official or notary public, pursuant to Article 11.4 from RD 5/2005. 

	13.9      	Enforcement of the pledge over the Shares and/or Borrower's Shares through appropriation. 
	 
	 	If the Guaranteed Creditors, acting unanimously, approve enforcement of the pledge over the Shares and/or over the Borrower's Shares through the procedure of appropriation contemplated in Article 11.2 from RD 5/2005, the rules established in this Stipulation will apply. 
	 
	 	13.9.1      	Acquisition of full ownership of the Shares and/or the Borrower's Shares. For and on behalf of the Lenders, the Agent will serve the Shareholder or the Borrower, as applicable, through a notarial notification record, with a certification indicating: 
	 
	 	 	(i)      	the existence of grounds for early termination of the Financing Agreement and the enforcement decision made by the Majority of the Lenders, and 
	 
	 	 	(ii)      	the balance resulting from the settlement, that such balance matches the one appearing in the account indicated in the above Stipulation 13.3.3 and that the debt has been settled in the manner stipulated in this Agreement. 
	 
	 	 	In connection with the Borrower's Shares, because the Title is already in the Agent's possession, and for purposes of Article 1463 of the Civil Code, the Parties agree that execution of the aforementioned notarial record will be sufficient title for conveyance of ownership in favor of the Lenders. 
	 
	 	 	In connection with ENDESA's Shares and by virtue of Article 11 of the Law of the Securities Market, registration in the registry of book entries in favor of the Lenders will be sufficient title for conveyance of the ownership in favor of the Lenders. 
	 
	 	 	Upon the award of ownership of ENDESA's Shares or the Borrower's Shares, the Lenders will issue the firmest discharge with respect to the Guaranteed Financing Obligations. 
	 
	 	13.9.2      	Valuation of the Shares and/or the Borrower's Shares through a specialized entity. The Shares and/or Borrower's Shares will be the object of a valuation by a specialized entity subject to the following terms:

(i) Selection of the specialized entity. The Borrower will designate an investment bank or a consulting or mediation firm specializing in the purchase and sale of companies, with national or international prestige (which may not be an affiliate of any of the Lenders) from among the four (4) proposed by the Agent within a period of ten (10) Working Days from submission of the proposal. If that period expires and the Borrower has not designated the entity from among those proposed by the Agent, the Agent will designate such entity and the latter must 
	 

27

	 	have accepted the entrustment. The valuation to be performed by this specialized entity must in all cases comply with the provisions of Article 13 from Royal Decree 5/2005. 
	 
	 	(ii)      	Costs of the valuation. The fees and other expenses incurred in favor of the specialized agency in charge of valuating the Shares and/or the Borrower's Shares will be directly assumed by the Borrower. 
	 
	 	(iii)      	Valuation of the Shares. Free price. The provisions of the above Stipulation 8.5 as to the appraisal will not be applicable, and there will be no minimum price for the award. The valuation to be performed must in all cases comply with the provisions of Article 13 from Royal Decree 5/2005. 
	 
	13.9.3      	Award of the Shares and/or the Borrower's Shares. The Shares and/or Borrower's Shares will belong to the Lenders, on a joint ownership basis (or a regular pro indiviso), and in proportion to the share of each of them in the Financing Agreement. 
	 
	13.9.4      	Execution of documents in favor of the Guaranteed Creditors. The pertinent documents in favor of the Guaranteed Creditors will be executed before the Notary Public designated by the Majority of the Lenders. For that purpose, the Borrower and the Shareholder irrevocably authorize the Agent to execute and sign on their behalf such public documents as are necessary, according to the terms that the Agent deems proper and provided they do not contradict the stipulations of the present Agreement, all that with the broadest powers. The power of attorney executed expressly contemplates the possibility of self-hiring of the attorneys-in-fact. 
	 
	13.9.5      	Delivery of the remainder to the Borrower or Shareholder. If the value awarded to the Shares by the specialized entity is higher than the total amount of the Guaranteed Obligations, the Agent will deduct the court costs and expenses incurred to enforce the pledge through valuation of the Shares and will calculate the remainder to be delivered to the Borrower and the share to which each of the Guaranteed Creditors is entitled, according to its respective share of the Guaranteed Obligations. 
	 
	 	If the value awarded to the Borrower's Shares by the specialized entity is higher than the total amount of the Guaranteed Obligations, the Agent will deduct the legal costs and expenses incurred to enforce the pledge through valuation of the Borrower's Shares and will calculate the remainder to be delivered to the Shareholder and the share to which each of the Guaranteed Creditors is entitled, according to its respective share of the Guaranteed Obligations. 
	 
	 	The liability of the Guaranteed Creditors to the Borrower or, as applicable, the Shareholder, will be joint, and each of the Creditors will be liable only for its share of the remainder, according to its share of the Guaranteed Obligations. 
	 

28

	13.10      	Enforcement of the pledge over the Shares through the procedure set forth in Article 322 of the Code of Commerce or Article 12 from RD 5/2005 
	 
	 	If the Majority of the Guaranteed Creditors approves enforcement of the pledge over ENDESA's Shares through the procedures set forth in Article 322 of the Code of Commerce or the one established in Article 12 from RD 5/2005, the rules set forth in this Stipulation will apply: 
	 
	 	  (i)	Any of such procedures may be started within a period of fifteen (15) days counted from adoption of the enforcement decision by the Majority of the Guaranteed Creditors.
			

		(ii)	The Parties declare that the early termination of the Financing Agreement is considered “termination of the loan term” for purposes of Article 322 of the Code of Commerce and Article 12 from RD 5/2005.
	 
	 	 (iii)	 The funds obtained through such enforcement will be applied as set forth in Stipulation 14 below.
	 
	14.      	DISTRIBUTION OF THE PROCEEDS FROM ENFORCEMENT OF THE GUARANTEES 
	 
	 	The following rules will apply to the modes of enforcement of the Guarantees regulated in the above Stipulation 13 except for the one regulated in the above Stipulation 13.9, which will be governed by its own terms. 
	 
	14.1      	Participation of all the Guaranteed Creditors in the proceeds from enforcement of all the Guarantees 
	 

All the Guaranteed Creditors give their express consent to share the proceeds from enforcement of all the Guarantees prorated according to their share of the Guaranteed Obligations, determined by the Agent pursuant to the above section 13.3. 

14.2 Proceeds higher than the amount of the Guaranteed Obligations

If the amount from the sale of the Shares, the Borrower's Shares and the remainder obtained from enforcement of the pledge or the credit rights auctioned off is higher than the total amount of the unpaid Guaranteed Obligations, such amount will be applied in the following order of priority. 

	(i)      	Payment of legal costs and expenses incurred in order to enforce the Guarantees. 
	 
	(ii)      	Full payment of the Guaranteed Obligations according to the order of attribution of payments established in Stipulation 22.3 of the Financing Agreement, in the Interest Rate Hedge Agreements (as applicable), and in applicable Legislation. 
	 
	(iii)      	Delivery of the remainder to the Borrower or the Shareholder, as applicable. 
	 

29

14.3 Proceeds lower than the amount of the Guaranteed Obligations. Prorating

If the amount from the sale of the Shares, the Borrower's Shares and the remainder obtained from enforcement of the pledge or the credit rights auctioned off is lower than the total amount of the unpaid Guaranteed Obligations, such amount will be applied in the following order of priority. 

	(i)      	Payment of legal costs and expenses incurred in order to enforce the Guarantees. 
	 
	(ii)      	Partial payment of the Guaranteed Obligations, prorated according to the respective shares of each Guaranteed Creditor therein. For that purpose, each Guaranteed Creditor will have the right to the amount resulting from multiplying the proceeds from enforcement of the Guarantees by the percentage of its share in the Guaranteed Obligations. 
	 
	 	The amount obtained for each Guaranteed Creditor will be distributed according to the order of attribution of payments established in Stipulation 22.3 of the Financing Agreement, the Interest Rate Hedge Agreements (if applicable) and applicable Legislation. 
	 

Until full satisfaction of the Guaranteed Obligations, the Guaranteed Creditors will make available to the Agent any amount that, in payment of the obligations under the Financing Agreement or the Interest Rate Hedge Agreements, once these are terminated early, they receive from the Borrower or for enforcement of any right, the effective date being the day following its reception, for its distribution among the Guaranteed Creditors in accordance with the rules contemplated in the present Agreement. 

In particular, the Agent, as the custodian of the Credit Account in the Checking Account and the Main Account, must make available to all the Guaranteed Creditors any amounts that, in the course of enforcing any of the Guarantees or because of such enforcement, could be deposited in such accounts. 

15. CANCELLATION OF THE GUARANTEES 

Each of the Guarantees will be canceled once all the Guaranteed Obligations have been fully fulfilled. At the Borrower's expense and within fifteen (15) Working Days following receipt of a written request from the Borrower for that purpose, the Guaranteed Creditors will execute any public documents necessary to cancel the Guarantees. 

	16. 	  	DOMICILES FOR THE PURPOSE OF NOTIFICATIONS 
	  
	16.1 	  	Notifications 
	  	  	   For purposes of communications, unless otherwise expressly stipulated in the present 
	  	  	   Agreement, any means that allows having proof of sending and receiving may be used. The 
	  	  	   duty to notify will be considered performed through the receipt, sufficiently in advance in each 
	  	  	   case, of a certified letter with acknowledgment of receipt or a telegram with acknowledgment 
	  	  	   of receipt addressed to the respective domiciles indicated below or in case of an emergency, of 
	  	  	   a telefax sent to the numbers indicated. In addition, in this last case, they must be confirmed 
	  	  	   through other written means within the next five (5) days. 

30

	 	Any change or modification to the domiciles or numbers indicated in the next section will be communicated to the Agent, who will give notification of the same to the rest of the Parties through any of the means indicated above. Such change or modification will not be effective until the Agent acknowledges receipt of such change or modification. 
	 
	16.2      	Domicile and telefax numbers 
	 
	 	As stipulated in the preceding section, for purposes of providing notices and sending or receiving notifications or communications, whether judicial or extrajudicial, the following domiciles and telefax numbers of the parties are indicated: 
	 
	 	
	

	For the Borrower: 
	 

FINANZAS DOS, S.A

CONTACT INFORMATION 

	Contact for purposes of

sending documentation: 		Juan Gallardo / José Angel Tejero

	

	Address to which the

documentation must be

sent:	 	Avda. Europa, 18

Parque Empresarial La Moraleja 

28108 Alcobendas

Madrid

	

	Telephone: 	  	91 663 2355 
	

	Fax: 	  	91 663 2929 
	

	E-Mail: 	  	  
	

	For the Shareholder: 

ACCIONA, S.A. 

CONTACT INFORMATION 

	Contact for purposes of 	  	Juan Gallardo / José Ángel Tejero 
	sending documentation: 	  	  
	

	Address to which the

documentation must be

sent: 	  	Avda. Europa, 18

Parque Empresarial La Moraleja

28108 Alcobendas

Madrid
	  
	  
	

	Telephone: 	  	91 663 2355 
	

	Fax: 	  	91 663 2929 

31

	E-Mail:

	 	• For the Lenders:

                                                                               BANCO SANTANDER CENTRAL HISPANO, S.A. 

DOCUMENTATION 

	Contact for purposes of 	  	Raúl Osuna Menéndez / Inés García Revilla 
	sending documentation: 	  	  
	

		

	Address to which the 	  	Área Soluciones de Financiación (Financial Solutions Section) 
	documentation must be 	  	Ciudad Grupo Santander 
	sent: 	  	Edificio Amazonia 2a Planta 
	28660 Boadilla del Monte (Madrid) 
	

	Telephone: 	  	91 289 12 59 / 91 289 31 88 
	

		

	Fax: 	  	91 257 16 17 
	

		

	E-Mail: 	  	rosuna@gruposantander.com / inegarcia@gruposantander.com 

CONTACTS FOR OPERATING MATTERS

	Name: 	  	José Manuel Llorente / Pedro de Miguel / Maribel Centeno 
	

		

	Address: 	  	Ciudad Grupo Santander, Edificio Marisma Planta Baja 
	  	  	28660 Boadilla del Monte – Madrid 
	

		

	Telephone: 	  	91 289 30 12 / 91 289 30 13 / 91 289 47 89 
	

		

	Fax: 	  	91 257 11 64 / 91 257 11 65 / 91 257 10 86 / 91 257 16 36 
	

		

	E-Mail: 	  	Backofficesindicados.madrid@sinvest.es 
	  	  	josmllorente@gruposantander.com 
	micenteno@gruposantander.com 

PAYMENT AND COLLECTION DETAILS IN EUROS

	Name of Entity: 	  	Banco Santander Central Hispano S.A. 
	

		

	SWIFT Code 	  	BSCHESMM 

32

	Wire 	  	0049 
	Transfers/International 	  	  
	Bank Transfers 	  	  
			

                                                                                      BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

DOCUMENTATION 

	Contact for purposes of 	  	Iñigo Solaun Gonzalez / Celina Carvajal Fernandez 
	sending documentation: 	  	  
	

		

	Address to which the 	  	Calle Alcalá, 16 – 4o, 28014 Madrid, Spain 
	documentation must be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	91-374-73-74 / 91-537-83-14 
	

		

	Fax: 	  	91-537-05-66 
	

		

	E-Mail: 	  	inigo.solaun@grupobbva,com / ccarvajal@grupobbva.com 

	CONTACTS FOR OPERATING MATTERS 
	

	Name: 	  	Javier Granero / María González 
	

		

	Address: 	  	BBVA – Administración Mercado de Capitales (Shares Market

Administration)   
	  	  
	  	  	Vía de los Poblados s/n, 4o Planta 
	  	  	28033 Madrid, Spain 
	

		

	Telephone: 	  	91-374-73-74 / 91-537-83-14 
	

		

	Fax: 	  	91-374-41-40 / 91-537-09-47 
	

		

	E-Mail: 	  	jgranero@grupobbva.com / mdgonzalez@grupobbva.com / 
			

PAYMENT AND COLLECTION DETAILS IN EUROS

	
Name of Entity: Account Number

WireTransfers/International Bank Transfers:

	
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

0182

33

	SWIFT Code 	BBVAESMM 
	  	 

 BNP PARIBAS, Branch located in Spain 
	DOCUMENTATION 	  
	
Contact for purposes of sending documentation:

Address to which the documentation must be sent:

Telephone: 

Fax:

E-Mail:

	
Jose Gefaell / Jose Serrano-Suñer / Carolina Torres

Calle Ribera del Loira 28, 4a planta Madrid 28042

91 388 80 25 / 80 26 / 80 38 

91 388 80 50

Jose.gefaell@bnpparibas.com / Jose-serrano-suner@bnpparibas.com / 

Carolina.torres@bnpparibas.com

	CONTACTS FOR OPERATING MATTERS

	
Name:

Address: 

Telephone: 

Fax:

E-Mail:

	
Alberto Sanchez / Elena García Juarez

Ribera del Loira, 28 2a PLANTA 28042 MADRID 

91 388 80 25 / 80 26 / 80 38 

91 388 80 99 

Alberto.sanchez@bnpparibas.com

Elena.garciajuarez@bnpparibas.com

PAYMENT AND COLLECTION DETAILS IN EUROS

	
Name of Entity: 

Account Number

WireTransfers/International Bank Transfers:

SWIFT Code

	
BNP PARIBAS SUCURSAL EN ESPAÑA 

0149

BNPAESMS

34

	  	  	           CALYON, Branch located in Spain 
	DOCUMENTATION 	  	  
	

		

	Contact for purposes of 	  	Rolando Menor Aguilera / Isabel López Fernández 
	sending documentation: 	  	  
	

		

	Address to which the 	  	Paseo de la Castellana, número 1 
	documentation must be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	91.432.75.85 
	

		

	Fax: 	  	91.432.75.08 
	

		

	E-Mail: 	  	isabel.lopez@es.calyon.com 

CONTACTS FOR OPERATING MATTERS

	Name: 	  	María Teresa García García / Ana Isabel Avila Tobar 
	

		

	Address: 	  	  
	

		

	Telephone: 	  	91.432.73.85 / 91.432.72.75 
	

		

	Fax: 	  	91.432.73.85 / 91.432.72.75 
	

		

	E-Mail: 	  	maite.garcia@es.calyon.com 

PAYMENT AND COLLECTION DETAILS IN EUROS

	Name of Entity: 	  	Calyon, Branch located in Spain 
	

		

	Account Number 	  	0154 0001 95 9999999100 
	

		

	SWIFT Code 	  	BSUIESMM 

	  	  	THE ROYAL BANK OF SCOTLAND PLC 
	DOCUMENTATION 	  	  
	

		

	Contact for purposes of 	  	Lucia Rodríguez Bartolomé 
	sending documentation: 	  	  
	

		

	Address to which the 	  	Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid 
	documentation must be 	  	  
			

35

	sent: 	  	  
	

		

	Telephone: 	  	+34 91 438 5175 
	

		

	Fax: 	  	+34 91 438 5307 
	

		

	E-Mail: 	  	Lucia.rodriguez-bartolome@rbos.com 
	

		

	  
	CONTACTS FOR OPERATING MATTERS 
	

	Name: 	  	Henny de Lathauwer 
	

		

	Address: 	  	Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid 
	

		

	Telephone: 	  	+34 91 438 5129 
	

		

	Fax: 	  	+34 91 438 5307 
	

		

	E-Mail: 	  	Henny.delathauwer@rbos.com / RBSMadrid- 
	  	  	MiddleOffice@rbos.com 
	

		

	  
	For operating matters, please always copy: 
	

	Name: 	  	Georgina Chave 
	

		

	Address: 	  	2 1⁄2 Devonshire Square London, EC2M 4BB 
	

		

	Telephone: 	  	+44 207 672 6340 
	

		

	Fax: 	  	+44 207 615 0153 
	

		

	E-Mail: 	  	Georgina.chave@rbos.com 
	  	  	GBMLendingOpsEuropeanCommercial@rbos.com 
	

		

	  
	PAYMENT AND COLLECTION DETAILS IN EUROS 
	

	Name of Entity: 	  	Royal Bank of Scotland, London 
	

		

	Account Number 	  	  
	WireTransfers/International Bank 	  	  
	Transfers: 	  	  
	

		

	SWIFT Code 	  	RBOSGB2LGL O – Royal Bank of Scotland GLO, London 
	

		

	IBAN (International Banking 	  	GB29RBOS16107010091313 
	Account Number) 	  	  
			

36

	  	  	                               BANCA IMI S.P.A. 
	DOCUMENTATION 	  	  
	

		

	Contact for purposes of 	  	Valentina Valente 
	sending documentation: 	  	Giacomo Cerri 
	

		

	Address to which the 	  	Corso Matteotti, 6 20121 Milano 
	documentation must be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	+39 02 7751 2434 / +39 02 7751 2686 
	

		

	Fax: 	  	+39 02 7751 2442 
	

		

	E-Mail: 	  	valentina.valente@bancaimi.it / giacomo.cerri@bancaimi.it 

CONTACTS FOR OPERATING MATTERS

	Name: 	  	Riccardo Lamanna 
	

		

	Address: 	  	Corso Matteotti, 6 20121 Milano 
	

		

	Telephone: 	  	+39 02 7751 2413 
	

		

	Fax: 	  	+39 02 7751 92413 
	

		

	E-Mail: 	  	riccardo.lamanna@bancaimi.it 
	

		

	  
	With a Copy to: 	  	  
	

		

	Name: 	  	Andrea Barbaglio 
	

		

	Address: 	  	Corso Matteotti, 6 20121 Milano 
	

		

	Telephone: 	  	+39 02 7751 2350 
	

		

	Fax: 	  	+39 02 7751 2393 
	

		

	E-Mail: 	  	andrea.barbaglio@bancaimi.it 

37

PAYMENT AND COLLECTION DETAILS IN EUROS

	
Name of Entity: 

SWIFT Code

	
Banca IMI S.p.A. 

IMIT IT MM

                                                             NATEXIS BANQUES POPULAIRES, Branch located in Spain 

DOCUMENTATION 

	Contact for purposes of 	  	Ricardo Teissiere 
	sending documentation: 	  	  
	

		

	Address to which the 	  	Paseo de Recoletos 7-9 // 28004 Madrid / Spain 
	documentation must be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	34 91 837 47 54 
	

		

	Fax: 	  	34 91 837 47 81 
	

		

	E-Mail: 	  	Ricardo.teissiere@es.nxbp.com 
	

		

	  
	CONTACTS FOR OPERATING MATTERS 
	

	Name: 	  	Esther Campos / Karine Rodríguez 
	

		

	Address: 	  	Paseo de Recoletos 7-9 // 28004 Madrid 
	

		

	Telephone: 	  	34 91 837 47 25 /20 
	

		

	Fax: 	  	34 91 837 47 80 
	

		

	E-Mail: 	  	natexis@es.nxbp.com 
	

		

	  
	PAYMENT AND COLLECTION DETAILS IN EUROS 
	

	Name of Entity: 	  	Cuenta Tesorera BdE (BdE Treasury Account)// ESPBESMM for
	  	  	international payments 
	

		

	BIC 	  	BFCEESMM 
	

		

	IBAN 	  	ES18 9000 0001 2000 141 
	

		

	Account Number 	  	1479 
			

38

	17          EXPENSES AND TAXES

All expenses, taxes and fees of any type arising out of the present Agreement will be for the Borrower's account. 

	18          JURISDICTION

Waiving their own forum, if any, the parties to the present Agreement expressly submit to the Judgments and Courts of the city of Madrid for all matters that may arise in connection with the validity, interpretation or performance of the present Agreement. 

For those procedures in which the above submission is not effective or valid, the jurisdiction will be determined according to the legal rules applicable in each case. However, in order to avoid subsequent questions and to facilitate the determination of the court having competent jurisdiction, the parties agree that the place of execution of the present Agreement will be deemed to be the place in which it was entered into; the place of performance is considered to be the one indicated for the Borrower to pay the Guaranteed Creditors the amounts that it owes them under the Guaranteed Obligations; and the domicile of each of the parties is considered to be the one corresponding to it in accordance with the above Stipulations 16. 

	19          APPLICABLE LAW

The present Agreement will be governed and interpreted in accordance with common Spanish legislation. 

	20          PUBLIC DOCUMENT

The parties also hereby raise the present Agreement to the category of a public document in a record authorized by Madrid Notary Mr. José Miguel García Lombardía so that all the amounts owed will be deemed enforceable for all purposes contemplated in Article 517.2.4 and 572 to 574 of the Law of Civil Proceedings and other applicable legal provisions. 

Accepted and approved by the parties, the contents of the present Agreement as drafted, issued for one sole purpose in a single counterpart for it to be raised to the category of a public document, consisting of 35 pages of text written only on the front part, they agree to sign it only under their respective titles. 

	THE SIGNATURE PAGE FOLLOWS

39

	 	The Shareholder 

For ACCIONA, S.A

 

	/s/ Valentin Francisco Montoya Moya		/s/ Juan Gallardo Cruces
	Signed: Mr. Valentín Francisco Montoya	 	Signed: Mr. Juan Gallardo Cruces
	Moya	 	 
	 
	The Borrower,	 	 
	 
	 
	 
	 
	For FINANZAS DOS, S.A	 	 
	/s/ José Ángel Tejero Santos		/s/ Juan Gallardo Cruces
	Signed: Mr. José Ángel Tejero Santos	 	Signed: Mr. Juan Gallardo Cruces
	 
	The Lenders:	 	 
	 
	 
	 
	 
	For BANCO SANTANDER CENTRAL HISPANO, S.A:
	
	/s/ Manuel Pérez Peral		/s/ Mr. Ignacio Domínguez-Adame Bozzano
	Signed: Mr. Manuel Pérez Peral	 	Signed: Mr. Ignacio Domínguez-Adame
	 	 	Bozzano
	 
	 
	 
	 
	For : BNP PARIBAS, Branch located in Spain

	 	 
	/s/ José Gefaell Chamochin		/s/ José Serrano-Suñer de Hoyos
	Signed: Mr. José Gefaell Chamochin	 	Signed: Mr. José Serrano-Suñer de Hoyos

40

For : THE ROYAL BANK OF SCOTLAND, PLC

 

	/s/ José Maria Arana Arbide		/s/ Francisco Javier Sierra Sopranis
	Signed: Mr. José Maria Arana Arbide	 	Signed: Mr. Francisco Javier Sierra Sopranis
	 
	 
	 
	For CALYON, Branch located in Spain:	 	 
			
	/s/ Rolando Menor Aguilera		/s/ D Javier Álvarez-Rendueles Villar
	Signed: Mr. Rolando Menor Aguilera	 	Signed: Mr. D Javier Álvarez-Rendueles Villar
	 
	 
	 
	For BANCO BILBAO VIZCAYA ARGENTARIA, S.A:
	
	/s/ Fernando Vázquez de the Puerta		/s/ Juan Gortazar Sánchez-Torres
	Signed: Mr. Fernando Vázquez de the Puerta	 	Signed: Mr. Juan Gortazar Sánchez-Torres
	 
	 
	 
	 
	For BANCA IMI S.P.A.:	 	 
	/s/ José Guardo Galdón		
	Signed: Mr. José Guardo Galdón	 	 

41

For NATEXIS BANQUES POPULAIRES, Branch located in Spain:

 

	/s/ Ricardo Teissiere Carrión				/s/ José Luís Sánchez García
	Signed: Mr. Ricardo Teissiere Carrión	 		 	Signed: Mr. José Luís Sánchez García

42exhibit1013.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

	In Madrid, December 21, 2006

SHAREHOLDER SUPPORT AGREEMENT RELATED TO 

THE FINANCE AGREEMENT

	BY AND BETWEEN

	ACCIONA, S.A. 

As Shareholder

	FINANZAS DOS, S.A.

As Borrower 

and

	
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

THE ROYAL BANK OF SCOTLAND, PLC

BNP PARIBAS SPAIN BRANCH

	
BANCO SANTANDER CENTRAL HISPANO, S.A.

NATEXIS BANQUES POPULAIRES, SPAIN

BRANCH CALYON, SPAIN BRANCH

	
 

	

	As Lending Institutions

and

	BANCO SANTANDER CENTRAL HISPANO, S.A.

	As Agent

	1

SHAREHOLDER SUPPORT AGREEMENT

In Madrid, December 21, 2006 

	GATHERED TOGETHER

	THE PARTIES: 

The party of the first part,

	Mr. Juan Gallardo Cruces, of legal age, with National Identification Document No. 691.950-H, and Mr. José Ángel Tejero Santos, of legal age, with National Identification Document No. 52.570.589-H, for and on behalf of FINANZAS DOS, S.A. (hereinafter, the “Borrower”), domiciled in Madrid at Calle Juan de Mena, No. 8, and Taxpayer Identification No. A-80062755, duly empowered to execute this agreement by virtue of the power granted, before the Madrid Notary, Mr. Manuel Rodríguez Marín, on December 20, 2006, under No. 4,000 in the order of his protocol. 

	The party of the second part,

	Mr. Valentín Francisco Montoya Moya, of legal age, with National Identification Document No. 50.539.787-R and Mr. Juan Gallardo Cruces, of legal age, with National Identification Document No. 691.950-H, for and on behalf of ACCIONA, S.A. (hereinafter, “ACCIONA” or the “Shareholder”), domiciled in Alcobendas (Madrid) at Avenida de Europa, No. 18 and Taxpayer Identification No. A-08001851, duly empowered to execute this agreement by virtue of the power granted, before the Madrid Notary, Mr. Manuel Rodríguez Marín, on October 26, 1998, under No. 2,911 in the order of his protocol. 

	And, the party of the third part,

	Mr. Manuel Pérez Peral, of legal age, with National Identification Document No. 7.300.295-P, and Mr. Ignacio Domínguez-Adame Bozzano, of legal age, with National Identification Document No. 1.391.826-M, for and on behalf of BANCO SANTANDER CENTRAL HISPANO, S.A. (hereinafter, “SAN”, or the “Agent”), domiciled in Santander at Paseo de Pereda, Nos. 9 to 12 and TaxpayerIdentification No. A-39000013, duly empowered to execute this agreement by virtue of the power granted, before the Notary of the Illustrious Associationof Burgos, Mr. José María de Prada Díez, on March 1, 2002, under number 574 in the order of his protocol.

	Mr. Jose Maria Arana Arbide, of age of majority, with ID No. 15.940.550-D and Mr. Francisco Javier Sierra Sopranis, of age of majority, with ID No. 42.090.468-P, on behalf and in representation of THE ROYAL BANK OF SCOTLAND, PLC (hereinafter “RBS”), with domicile at 36 St. Andrew Square, Edinburgh EH2 2YB, Scotland, duly registered in the Commercial Registry of Scotland under number 90312, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid 

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Mr. Antonio de la Esperanza Rodriguez, on September 19, 2006, under serial number 5,388 of his protocol.

	Mr. José Gefaell Chamochin, of legal age, with National Identification Document No. 36.045.004-W, and Mr. José Serrano-Suñer de Hoyos, of legal age, with National Identification Document No. 7.240.457-B, for and on behalf of BNP PARIBAS Spain Branch (hereinafter, “BNP”), domiciled in Madrid at Calle Ribera del Loira, No. 28 and Taxpayer Identification No. A-0011117-I, duly empowered to execute this agreement by virtue of the powers granted, respectively, before the Madrid Notary, Mr. Miguel Ruiz Gallardón García de la Rasilla, on February 10, 2005, under No. 963 in the order of his protocol and before the same Notary, on July 12, 2006, under number 5,797 in the order of his protocol. 

	Mr. Rolando Menor Aguilera, of legal age, with National Identification Document No. 50.820.688-A and Mr. Javier Álvarez-Rendueles Villar, of legal age, with National Identification Document No. 7.230.899-K, for and on behalf of CALYON, Spain Branch (hereinafter, “CALYON”), domiciled in Madrid at Paseo de la Castellana, No. 1 and Taxpayer Identification No. A-0011043-G, duly empowered to execute this agreement by virtue of the powers granted, respectively, before the Madrid Notary, Mr. José Manuel García-Lozano Zulueta, on July 28, 2004, under 951 in the order of his protocol and before the same Notary, on April 18, 2005, under number 359 in the order of his protocol. 

	Mr. Fernando Vázquez de la Puerta, of legal age, with National Identification Document No. 401.727-D, and Mr. Juan Gortázar Sánchez-Torres, of legal age, with National Identification Document No. 50.838.339-J, for and on behalf of BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (hereinafter, “BBVA”), domiciled in Bilbao at Plaza de San Nicolás,No. 4 and Taxpayer Identification No. A-48265169, duly empowered to execute thisagreement by virtue of the powers granted, respectively, before the Bilbao Notary, Mr. José María Arriola Arana, on March 17, 2003, under No. 418 in the order of his protocol, and before the Bilbao Notary, Mr. José Ignacio Uranga Otaegui, on June 6, 2000, under number 2,174 in the order of his protocol.

	Mr. José Guardo Galdón, of legal age, with National Identification Document No. 18.965.340-D, for and on behalf of BANCA IMI S.P.A. (hereinafter, “IMI”), domiciled in Milan (Italy), Corso Matteotti street, No. 6, and entered in the Company Registry under No. 01988810154, duly empowered to execute this agreement by virtue of the power granted before the Milan Notary, Ms. Mónica de Paoli, on December 21, 2006, under number [ ] in the order of her protocol. 

	Mr. Ricardo Teissiere Carrión, of legal age, with National Identification Document No. 00698785-E and Mr. José Luís Sánchez García, of legal age, with National Identification Document No. 4612737-Z, for and on behalf of NATEXIS BANQUES POPULAIRES, Spain Branch (hereinafter, “NATEXIS”), domiciled at Paseo de Recoletos 7-9 and Taxpayer Identification No. N-0013055I, duly empowered to execute this agreement by virtue of the powers granted, respectively, before the Madrid Notary, Mr. Pablo de la Esperanza Rodríguez, on April 19, 2006, under No. 1,693 in the order of his protocol, and before the Madrid Notary, Mr. Antonio de la Esperanza Rodríguez, on September 20, 2001, under number 4,060 in the order of his protocol. 

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Hereinafter and without prejudice to anything previously stipulated in this agreement, SAN, RBS, BNP, CALYON, BBVA, IMI, and NATEXIS, shall be collectively referred to as the “Lending Institutions.” 

In accordance with the provisions of article 98 of Law 24 of December 27, 2001, the representative powers of the appearing parties are sufficient in the opinion of the authenticating Notary to execute this agreement. 

	RECITALS

	I.      	On September 25, 2006, the Borrower, a company wholly owned by ACCIONA, S.A. (hereinafter, “ACCIONA”), acquired 10% of the representative shares of the capital stock of Endesa, S.A., (hereinafter, “ENDESA”) and subsequently up to approximately 20%, that being 211,750,424 shares (hereinafter, “ENDESA Shares”) traded on the stock exchange and represented by account entry in Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. – “IBERCLEAR”) [Securities Registration, Compensation and Settlement Systems Management Company]. 
	 
	II.      	The Borrower, acting with the financial backing of ACCIONA, initially financed payment of the described purchase price with charge to a short-term credit line underwritten on September 26, 2006 with Banco Santander Central Hispano, S.A., (hereinafter “SAN” or the “Agent”) in the amount of THREE BILLION FOUR HUNDRED SEVENTY-FIVE MILLION EUROS (€ 3,475,000,000) expiring next February 28, 2007, which was novated on November 15, 2006 (the “Bridge Loan”), and is interested in paying part of the debts from the Bridge Loan by using the financing extended simultaneously to this Agreement by the Lending Institutions and by using the loan described in the following Recital. The Lending Institutions have offered to provide financing to the Borrower against certain guaranties from the latter and from its shareholder ACCIONA. 
	 
	 
	III.      	For the purposes described in the above recital ACCIONA shall enter into a Subordinated Loan Agreement with the Borrower in the amount of ONE BILLION FOUR HUNDRED NINETEEN MILLION FIVE HUNDRED SIXTY-FIVE THOUSAND THREE HUNDRED SEVENTY-EIGHT EURO AND 33 CENTS (€ 1,419,565,378.33), and the execution and payment of said loan is an essential requirement for the availability of the financing. 
	 
	 
	IV.      	In view of the above, the following are executed at the same time as this agreement: 
	 
	 	
	

	A corporate finance agreement, underwritten by ACCIONA and the Lending Institutions for a maximum amount of TWO BILLION FIVE HUNDRED TWELVE MILLION EIGHT HUNDRED NINETY-FOUR THOUSAND TWO HUNDRED SIXTY-SEVEN EUROS AND NINETY-TWO CENTIMES (€ 2,512,894,267.92) (the “ACCIONA Finance Agreement”). 
	 	 
	 
	 	
	

	A loan agreement, underwritten by the Borrower and the Lending Institutions for a maximum amount of FIVE BILLION SIX HUNDRED SEVENTY-EIGHT MILLION 
	 

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TWO HUNDRED SIXTY-ONE THOUSAND FIVE HUNDRED THIRTEEN EUROS AND THIRTY-TWO CENTIMES (€ 5,678,261,513.32) (the “Finance Agreement”) and,  
	 
	 	
	

	
A surety agreement underwritten by ACCIONA, the Borrower and the Lending Institutions (the “Surety Agreement”).  
	 
	 	
	

	
The Financial Transactions Standard Contracts (as defined in the ACCIONA Finance Agreement.  
	 
	
V.        	
The Lending Institutions have agreed under the present finance agreement to execute it on the same basis as the commitments undertaken and sureties extended by the Shareholders by
virtue of this agreement (hereinafter, the “ACCIONA Support Agreement” or the
Agreement”), which shall be governed by the following  
	 

	
STIPULATIONS

	 	
ONE.- DEFINITIONS

In this Agreement the terms shall have, both when used in the singular and in the plural, the meaning set forth in the Finance Agreement or any other Financing Document, except when
they are expressly given another meaning. 

TWO.- OBLIGATIONS TO PROVIDE FUNDS.  

The Shareholder assumes on behalf of the Lending Institutions the following obligations to provide funds to the Borrower. 

The obligations to provide funds contained in this Stipulation 2 shall end as of the date on which the Borrower surrenders the shares to the Borrower as a result of the surety furnished in favor of the Lending Institutions. 

	
2.1        	
Obligation to pay the tax credit.  
	 
	 	
The Shareholder, as the dominant company of the Fiscal Group to which the Borrower belongs, shall pay to the Borrower an amount equal to the tax credits generated by the Borrower that
benefit the Fiscal Group (at all times) because of the tax consolidation between the Borrower and the Shareholder.  
	 
	 	
Tax credit shall be understood to mean an amount equal to the amount actually paid by the Fiscal Group by applying the Borrower’s negative tax base to the current tax rate,
according to the annual payment of the Fiscal Group’s Corporate Tax (currently on July 25 of each fiscal year).  
	 
	 	
For the purposes of this section, reference to: (i) negative tax bases shall be understood as those mentioned in article 25 of Royal Legislative Decree 4 of March 5, 2004, (ii) Fiscal  
	 

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	 	Group shall be understood as the definition contained in article 67 of Royal Decree Law 4 of March 5, 2004. 
	 
	 	The Shareholder shall make these payments until the Finance Agreement is fully paid within five (5) Business Days from the final date of the annual or partial payment of the Corporate Tax for the Fiscal Group. 
	 
	 	In the event that an amendment to the regulations affects the calculation of the tax credit, the Shareholder’s obligation under this section shall be understood to be modified under the same terms. 
	 
	 	Conversely, the Borrower, as a company belonging to the Shareholder’s Fiscal Group, shall pay the Shareholder an amount equal to the tax debits generated by the Borrower that must be paid by the Shareholder because of the fiscal consolidation between the Borrower and the Shareholder. The stipulations of the above paragraphs shall apply mutatis mutandis to this obligation. 
	 
	2.2      	Nonexistence of Right to Reimbursement 
	 
	 	Payment of the amounts committed to under section 2.1 by the Shareholder to the Borrower shall not create on behalf of the former any right to reimbursement in cash or other kind from the Borrower. 
	 
	 	Payment of the amounts undertaken under the above section 2.1 by the Borrower to the Shareholder shall not create on behalf of the former any right to reimbursement in cash or other kind from the Shareholder. 
	 
	2.3      	Contribution of Subordinated Debt 
	 
	 	2.3.1 Principal Obligation. 
	 
	 	Subject to the limits set forth in the above paragraph, the Shareholder undertakes to have available Tranche B of the ACCIONA Finance Agreement in order to provide to the Borrower an amount equal to the amount owed by the Borrower to the Lending Institutions for principal and interest under the Finance Agreement on any date of payment of principal and interest, whether regular or advance, in accordance with the provisions of the Finance Agreement. 
	 
	 	In order to ensure fulfillment of this obligation, the Shareholder has irrevocably contracted with the ACCIONA Finance Agreement Agent to make the corresponding arrangements chargeable to Tranche B of said loan in accordance with the stipulations of this Agreement. 
	 
	 	The Shareholder’s obligation to provide funds under this section is limited at all times to the amount by which the outstanding principal must be reduced pending payment of the Finance Agreement, in such a way that on the last Measurement Date immediately prior to the principal payment date the DSCR is greater than or equal to 1.15. 
		
 

		Notwithstanding the above, the maximum fund contribution limit for which the Shareholders responsible shall be equal to the amounts available at any time under Tranche B of the ACCIONA Finance Agreement. 

 

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The above shall be understood to be without prejudice to the Shareholder’s obligations under the stipulations of section 2.5.2 below. 

Once the Shareholder has provided to the Borrower the amounts agreed to by virtue of the provisions of this Stipulation 2.3, such amounts shall constitute Subordinated Debt from the Shareholder to the Borrower and shall at all times be subject to the terms and conditions established in section 2.3.2 below. Therefore, the contents of this section 2.3 must be considered for all effects as a credit line in favor of the Borrower from the Shareholder for a maximum amount of ONE BILLION EIGHTY-THREE MILLION TWO HUNDRED SEVENTY-SEVEN THOUSAND THREE HUNDRED TWELVE EUROS AND FIFTY-TWO CENTIMES (€ 1,083,277,312.52), and furnished through Tranche B of the ACCIONA Finance Agreement. 

	2.3.2      	Terms of the Subordinated Debt. 
	 
	2.3.2.1      	Subordination 

The Shareholder, the Borrower, and the Secured Creditors expressly agree to configure the legal arrangements of the Subordinated Debt in such a way that it approximates as much as possible the legal arrangements of the stake in the Borrower’s capital stock, regarding (i) reimbursement to the Shareholder of the contributions made to the Borrower, and (ii) the rank and priority of the Shareholder’s credits. 

To that end, the Shareholder’s credit rights arising from the Subordinated Debt are subject to the legal arrangements provided for in the following sections. 

2.3.2.2   Prebankruptcy Subordination Clause. Conditions Precedent for Reimbursement. 

The Creditor’s rights to collect any amounts for any reason (including regular and overdue principal and interest) by virtue of the Subordinated Debt, and related obligations of the Borrower to pay such amounts to the Shareholder are subordinated to the obligations contracted by the Borrower by virtue of the Finance Agreement and the Interest Rate Hedge Agreements with respect to the counterparts of said agreements, such that in any event: 

	              	(a)	Payment of principal and interest from the Subordinated Debt shall be made by the Borrower in accordance with the provisions of sections 24.5.8 and 24.5.9 of the Finance Agreement, the terms of which shall take precedence over the provisions of this agreement. 
	 
	      	(b)	In the event of (i) nonpayment of any amount arising from the Finance Agreement and/or the Interest Rate Hedge Agreements, or (ii) the Borrower’s subjection to any bankruptcy proceedings and/or (iii) early expiration of the Finance Agreement and/or the Interest Rate Hedge Agreements, the Shareholder shall not have any right to receive payment from the Borrower until all amounts owed to the Secured Creditors have been paid by virtue of the Finance Agreement and under the Interest Rate Hedge Agreements. 
	 
	     	(c) 	If the Lending Institutions have received partial payment of the amounts owed under the Finance Agreement as a result of having exercised any legal, judicial 
	 

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	 	or extrajudicial rights or actions against the Borrower or any third party, or having demanded payment of any surety in their favor, the Shareholder shall not have any right to receive payment from the Borrower until all amounts owed to the Secured Creditors have been paid by virtue of the Finance Agreement. The same arrangements shall apply to the Providers of the Derivative Agreement, regarding the Interest Rate Hedge Agreements. 
	 
	(d)      	The Shareholder may not receive any amount under this Agreement from the moment it is no longer a Shareholder of the Borrower. 
	 

2.3.2.3   Waiver of Rights and Legal Actions against the Borrower. 

The Shareholder waives any rights and legal actions (judicial or extrajudicial) against the Borrower for the purpose of claiming amounts or rescinding this Agreement, or declaring its early expiration, without prior express and written consent from all Secured Creditors, acting unanimously, as principal beneficiaries of the subordination agreed to by the Shareholder. 

Legal actions taken by the Shareholder against the Borrower without prior authorization from all the Secured Creditors can be challenged or opposed by the Borrower or the Secured Creditors against the Shareholder in court or out of court, as deemed most appropriate. 

2.3.2.4   Waiver of Novation or Modification of Subordinated Debt.

The Borrower and ACCIONA waive the right to novation or modification of the Subordinated Debt, or to the verbal and undocumented agreement to novation or modification thereof, without prior express written consent from all the Secured Creditors, acting unanimously, as principal beneficiaries of the subordination agreed to by the Shareholder. 

2.3.2.5   Denial of Authorizations by the Secured Creditors 

Noncompliance with the conditions established in stipulation 2.3.2.2 above shall be just cause, among other possible ones, for the Secured Creditors to deny the authorizations required in stipulations 2.3.2.3 and 2.3.2.4. 

2.3.2.6   Bankruptcy Subordination Agreement. 

In the event that the Borrower is declared bankrupt, the Subordinated Debt shall remain subordinated to all other common and privileged creditors of the Borrower, in accordance with the provisions of Article 92.2 of Bankruptcy Law 22 of July 9, 2003. 

2.3.2.7 Amortization of the Subordinated Debt.

	(a)       Regular Amortization

The Borrower may amortize the Subordinated Debt and reimburse all amounts owed by virtue of this Agreement on December 31, 2012 (“Final Maturity Date”) provided that the conditions set forth in stipulation 2.3.2.2 above have been met. 

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	(b)          Voluntary Early Amortization

This Subordinated Debt may only be amortized early in accordance with the provisions of section 2.3.2.2 above. 

	2.3.2.8    Accrual of Interest

The Subordinated Debt shall bear interest in favor of the Shareholder until it is totally reimbursed. 

Interest shall accrue daily. Interest shall be calculated based on one (1) year of 360 days, and for calendar days actually transpired in each Interest Period, including the first day and excluding the last. 

2.3.2.9    Division of the Subordinated Debt into Interest Periods 

For the purposes of calculating the interest, the time between the date of signing of this Agreement and the Final Maturity Date shall be considered as divided into successive interest periods. 

	(a)      	Length of Interest Periods. The length of the interest periods shall be 12 calendar months. 
	 
	(b)      	Termination of an Interest Period on a non-Business Day. To calculate the length of an interest period, if the last day is not a Business Day, expiration shall be the first Business Day immediately following, except if it is in a different month, in which case the interest period shall expire on the Business Day immediately before. 
	 
	(c)      	Adjustment. On the Final Maturity Date all current Interest Periods shall end. 
	 
	2.3.2.10 Interest Rate 
	 

The interest rate applicable to each interest period shall be 4% annually.

2.3.2.11    Determination and Payment of Interest. 

Accrued interest due and payable shall be capitalized as higher principal of the Subordinated Loan. In no case shall interest be credited in any other way or form. 

	2.3.2.12    Payments

All payments (including payment of interest from capitalization) that must be made on a day that is not a Business Day shall be made on the following Business Day. 

	2.3.2.13    Prohibition against Offsetting

The Shareholder expressly waives for the collection of any amounts owed by the Borrower by offsetting against any amounts owed by the Shareholder to the Borrower. 

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	 	2.3.2.14 Obligation to Refund Payments 
	 
	 	In the event that the Shareholder receives any payment from the Borrower by virtue of this Agreement and it was not due or owed because of noncompliance with the conditions set forth in stipulation 2.3.2.2 above, the Shareholder undertakes to immediately reimburse Borrower for the amounts paid by the latter. 
	 
	 	Without prejudice to the above, Borrower may recover or claim from the Shareholder any amounts that have been paid before fulfilling the conditions set forth in stipulation 2.3.2.2 above, in accordance with Article 1121 of the Civil Code. 
	 
	 	2.3.2.15 Transfer 
	 
	 	(a)          Prohibition against Transfer by the Borrower 
	 
	 	The Borrower may not transfer or encumber its rights or obligations arising from this Agreement beyond the provisions of the Financing Documents. 
	 
	 	(b)          Prohibition against Transfer by the Shareholder 
	 
	 	The Shareholder may not transfer or encumber its rights or obligations arising from this Agreement beyond the provisions of the Financing Documents. 
	 
	 	2.3.2.16 Conversion to Total or Partial Participatory Loan 
	 
	 	Novation of the Subordinated Debt so that all or part of it can be qualified as a participatory loan shall not require the consent of the Secured Creditors. 
	 
	 	The Subordinated Debt converted to a participatory loan may have a maturity period sooner than what is provided for in stipulation 2.3.2.7 above, with the understanding that (i) the setting of said maturity date shall be understood to be without prejudice to the provisions of Stipulation 2.3 and (ii) that upon maturity of the participatory loan the outstanding amounts to be paid shall be considered again for all purposes to be Subordinated Debt subject to all the terms specified in this agreement. 
	 
	2.4      	New Subordinated Debt Contributions. 
	 
	 	All the Parties agree that any contributions that the Shareholder makes to the Borrower, that are not intended for payment of the tax credits referred to in section 2.1 of this Agreement, shall necessarily be understood to be Subordinated Debt and shall be governed by the provisions of section 2.3 above, excluding contributions for other reasons except for contributions made by virtue of capital underwriting. In the event that the Shareholder wishes to make contributions to the Borrower other than for Subordinated Debt or capital, it must have the prior express consent of the Secured Creditors, acting unanimously. 
	 
	2.5      	Common Rules for Fund Contributions. 
	 
	 	Contributions of funds governed by this Stipulation 2 shall follow the rules below: 
	 

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	      	2.5.1       	Contribution Period. The Shareholder may make these contributions to the Borrower in accordance with the provisions of this Agreement, without the need for prior authorization from the Lending Institutions or the Borrower. The Shareholder may not excuse its noncompliance because of lack of information regarding the status of the Borrower’s accounts or the scope of the Borrower’s obligations to the Lending Institutions. 
	 
	      	2.5.2	Liability for Delay. Delay in payment by the Shareholder of its payment obligations under this Agreement shall result in the application of default interest on unpaid amounts as of the date on which the Shareholder is supposed to make payment, and shall be calculated and settled in accordance with the provisions of stipulation 16 of the Finance Agreement, which all the parties declare that they understand. 
	 
	      	2.5.3	Credit Account in Current Account and Cash Payment. Any funds that are made available to the Borrower by virtue of this stipulation 2 must be made in cash into the Credit Account in the Current Account. 
	 
	     	2.5.4	Prohibition against Offsetting. Obligations to contribute funds may not in any case be satisfied by credit offsetting. 
	 
	            	2.5.5	Increase in Expenses and Taxes. The amounts referred to in this Stipulation 2 must be increased by the amounts needed to cover expenses and taxes that may accrue as a result of making contributions to the Borrower, in such a way that the Shareholder contributes the amounts owed as though there were no deduction, withholding, tax, fee, or expense at all. 
	 
	      	2.5.6	Pledging. The Shareholder agrees that the Borrower may pledge its credit rights with the Shareholder arising from this Agreement in favor of the Lending Institutions of the Finance Agreement and the Derivative Providers for the Interest Rate Hedge Agreements contracted by the Borrower in order to ensure complete fulfillment of all the Secured Obligations assumed with the aforementioned Secured Creditors. Because of the pledge and in representation of all the aforementioned Secured Creditors, the Agent acting for and on behalf of the aforementioned Secured Creditors, may claim payment directly from the Shareholder to the Borrower of any amount owed by virtue of this Agreement and/or in exercise of its rights as pledging creditor, may designate, in execution, a current account in the Agent’s name in which the corresponding disbursements shall be made. Payment by the Shareholder, in execution of the pledge, to the account opened in the name of the Agent shall fully release it with respect to the Borrower. 
	 
	 		By this Agreement the Shareholder is notified of the pledge in favor of the aforementioned Secured Creditors about the credit rights in favor of the Borrower by virtue of this Shareholder Support Agreement. 
	 

THREE.        LIFE OF THE AGREEMENTS. AUTOMATIC SUBROGATION 

The commitments assumed by the Shareholder under this Agreement shall remain in force for as long as all the obligations assumed by the Borrower with the Creditors under the Finance Agreement and under the rest of the Financing Documents have not been settled. 

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The Parties agree that transfer by any Creditor of its rights and obligations under the Finance Agreements shall involve the automatic subrogation of the assignee in the contractual position held by the assignor Creditor in this Agreement.

By signing this Agreement all the Parties hereto expressly waive in reciprocal benefit any right of revocation that may assist them under the provisions of Article 1,257 of the Civil Code. 

	FOUR.- EXECUTORY INSTRUMENT

Pursuant to the provisions of Articles 572.2 and others of the Civil Procedure Act, for the purposes of ensuring the full obligation to pay the debt of any of the Parties under this Agreement, they agree: 

	(a)      	In the event that the Borrower or the Lending Institutions, in their capacity as beneficiaries of the agreements, and pledging creditors decide to exercise the regular executive procedure provided in Article 517 of Civil Procedure Law 1 of January 7, 2000, it is expressly agreed by the parties hereto for the purposes specified in Articles 572 and 573 of the aforementioned Law that settlement to determine the quantity owed by Shareholder shall be done by the Agent in accordance with the provisions of Stipulation Two of this Agreement. 
	 
	(b)      	Therefore, in exercising the executive action it shall be sufficient to submit this Agreement to the public accompanied by a certification issued by the Agent or Borrower stating that the debt has been settled in the manner agreed to by the parties hereto. The certification or certifications shall be incorporated in an Notarial Certificate or shall be made by a Notary. 
	 
	(c)      	This Agreement shall be an executory instrument submitted to the public in accordance with the provisions of Article 517.2.4. 
	 

FIVE.- DOMICILES FOR THE PURPOSE OF NOTICES.

	5.1 Notices.

For the purpose of notices it is agreed that, except as otherwise expressly provided herein, any means may be used to ensure that there is proof of delivery and receipt, with due notification considered complete upon receipt, with enough advance time in each instance, of a certified letter with acknowledgement of receipt or telegram with acknowledgement of receipt addressed to the respective domiciles that are indicated below, or, if urgent, in the same manner by fax sent to the fax numbers, even if in this last instance confirmation must be made by another means in writing within 5 days thereafter. 

Any change or modification in the domiciles or fax numbers indicated in the above section must be communicated to the Agent, who shall send it to the other parties by any of the means indicated above, and said change or modification shall not take effect if the Agent has not acknowledged receipt. 

	5.2. Domiciles and Fax Numbers

Pursuant to the provisions in the above section, for the purposes of making requests and sending or receiving notices or communications, whether judicial or extrajudicial, the parties specify the following as domiciles and fax numbers: 

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	 	• For the Borrower:

	FINANZAS DOS, S.A.

	CONTACT INFORMATION

	Contact for purposes of 	  	Juan Gallardo / José Angel Tejero 
	sending documentation: 	  	  
	

		

	Address where the 	  	Avda. Europa, 18 
	documentation is to be 	  	Parque Empresarial La Moraleja 
	sent: 	  	28108 Alcobendas 
			Madrid
	

	Telephone: 	  	91 663 2355 
	

		

	Fax: 	  	91 663 2929 
	

		

	E-Mail: 	  	  
			

	 	• For the Shareholder:

	ACCIONA, S.A.

	CONTACT INFORMATION

	Contact for purposes of 	  	Juan Gallardo / José Ángel Tejero 
	sending documentation: 	  	  
	

		

	Address where the 	  	Avda. Europa, 18 
	documentation is to be 	  	Parque Empresarial La Moraleja 
	sent: 	  	28108 Alcobendas 
			Madrid
	

	Telephone: 	  	91 663 2355 
	

		

	Fax: 	  	91 663 2929 
	

		

	E-Mail: 	  	  
			

	 	• For the Lending Institutions

	                                                     BANCO SANTANDER CENTRAL HISPANO, S.A. 
	DOCUMENTATION 	  	  
	

		

	Contact for purposes of 	  	Raúl Osuna Menéndez / Inés García Revilla 
	sending documentation: 	  	  
	

		

	Address where the 	  	Área Soluciones de Financiación 
	documentation is to be 	  	Ciudad Grupo Santander 

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	sent: 	  	Edificio Amazonia 2a Planta 
	  	  	28660 Boadilla del Monte (Madrid) 
	

		

	Telephone: 	  	91 289 12 59 / 91 289 31 88 
	

		

	Fax: 	  	91 257 16 17 
	

		

	E-Mail: 	  	rosuna@gruposantander.com / inegarcia@gruposantander.com 

CONTACTS FOR OPERATIONAL MATTERS

	Name: 	  	José Manuel Llorente / Pedro de Miguel / Maribel Centeno 
	

		

	Address: 	  	Ciudad Grupo Santander, Edificio Marisma Planta Baja 
	  	  	28660 Boadilla del Monte – Madrid 
	

		

	Telephone: 	  	91 289 30 12 / 91 289 30 13 / 91 289 47 89 
	

		

	Fax: 	  	91 257 11 64 / 91 257 11 65 / 91 257 10 86 / 91 257 16 36 
	

		

	E-Mail: 	  	Backofficesindicados.madrid@sinvest.es 
	  	  	josmllorente@gruposantander.com 
			micenteno@gruposantander.com

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

	Name of Institution: 	  	Banco Santander Central Hispano S.A. 
	

		

	SWIFT Code 	  	BSCHESMM 
	

		

	OMF 	  	0049 

                                                               BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

DOCUMENTATION 

	Contact for purposes of 	  	Iñigo Solaun Gonzalez / Celina Carvajal Fernandez 
	sending documentation: 	  	  
	

		

	Address where the 	  	Calle Alcalá, 16 – 4o, 28014 Madrid, Spain 
	documentation is to be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	91-374-73-74 / 91-537-83-14 
	

		

	Fax: 	  	91-537-05-66 
	

		

	E-Mail: 	  	inigo.solaun@grupobbva,com / ccarvajal@grupobbva.com 

14

CONTACTS FOR OPERATIONAL MATTERS

	Name: 	  	Javier Granero / María González 
	

		

	Address: 	  	BBVA – Administración Mercado de Capitales 
			Vía de los Poblados s/n, 4o Planta
	  	  	28033 Madrid, 
	  	  	Spain 
	

		

	Telephone: 	  	91-374-73-74 / 91-537-83-14 
	

		

	Fax: 	  	91-374-41-40 / 91-537-09-47 
	

		

	E-Mail: 	  	jgranero@grupobbva.com / mdgonzalez@grupobbva.com / 

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

	Name of Institution: 	  	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 
	

		

	Account No. (OMF): 	  	0182 
	

		

	SWIFT Code 	  	BBVAESMM 
	

		

	  
	  	  	                 BNP PARIBAS, Spain Branch 
	DOCUMENTATION 	  	  
	

		

	Contact for purposes of 	  	Jose Gefaell / Jose Serrano-Suñer / Carolina Torres 
	sending documentation: 	  	  
	

		

	Address where the 	  	Calle Ribera del Loira 28, 4a planta Madrid 28042 
	documentation is to be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	91 388 80 25 / 80 26 / 80 38 
	

		

	Fax: 	  	91 388 80 50 
	

		

	E-Mail: 	  	Jose.gefaell@bnpparibas.com / Jose-serrano-suner@bnpparibas.com / 
	  	  	Carolina.torres@bnpparibas.com 
	

		

CONTACTS FOR OPERATIONAL MATTERS

	Name: 	  	Alberto Sanchez / Elena García Juarez 
	

		

	Address: 	  	Ribera del Loira, 28 2a PLANTA 28042 MADRID 
	

		

	Telephone: 	  	91 388 80 25 / 80 26 / 80 38 
	

		

	Fax: 	  	91 388 80 99 
	

		

	E-Mail: 	  	Alberto.sanchez@bnpparibas.com 
	  	  	Elena.garciajuarez@bnpparibas.com 
	

		

15

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

	Name of Institution: 	  	BNP PARIBAS BRANCH IN SPAIN 
	

		

	Account No. (OMF): 	  	0149 
	

		

	SWIFT Code 	  	BNPAESMS 

	  	  	                       CALYON, Spain Branch 
	DOCUMENTATION 	  	  
	

		

	Contact for purposes of 	  	Rolando Menor Aguilera / Isabel López Fernández 
	sending documentation: 	  	  
	

		

	Address where the 	  	Paseo de la Castellana, número 1 
	documentation is to be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	91.432.75.85 
	

		

	Fax: 	  	91.43275.08 
	

		

	E-Mail: 	  	isabel.lopez@es.calyon.com 

CONTACTS FOR OPERATIONAL MATTERS

	Name: 	  	Ma Teresa García García / Ana Isabel Avila Tobar 
	

		

	Address: 	  	  
	

		

	Telephone: 	  	91.432.73.85 / 91.432.72.75 
	

		

	Fax: 	  	91.432.73.85 / 91.432.72.75 
	

		

	E-Mail: 	  	maite.garcia@es.calyon.com 

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

	Name of Institution: 	  	Calyon, Branch in Spain 
	

		

	Account No. (OMF): 	  	0154 0001 95 9999999100 
	

		

	SWIFT Code 	  	BSUIESMM 

	  	  	THE ROYAL BANK OF SCOTLAND PLC 
	DOCUMENTATION 	  	  
	

		

	Contact for purposes of 	  	Lucia Rodríguez Bartolomé 
	sending documentation: 	  	  
	

		

	Address where the 	  	Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid 

16

	documentation is to be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	+34 91 438 5175 
	

		

	Fax: 	  	+34 91 438 5307 
	

		

	E-Mail: 	  	Lucia.rodriguez-bartolome@rbos.com 
	

		

	  
	CONTACTS FOR OPERATIONAL MATTERS 
	

	Name: 	  	Henny de Lathauwer 
	

		

	Address: 	  	Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid 
	

		

	Telephone: 	  	+34 91 438 5129 
	

		

	Fax: 	  	+34 91 438 5307 
	

		

	E-Mail: 	  	Henny.delathauwer@rbos.com / RBSMadrid- 
	  	  	MiddleOffice@rbos.com 
	

		

	  
	For operational matters, please always copy to: 
	

	Name: 	  	Georgina Chave 
	

		

	Address: 	  	2 1⁄2 Devonshire Square London, EC2M 4BB 
	

		

	Telephone: 	  	+44 207 672 6340 
	

		

	Fax: 	  	+44 207 615 0153 
	

		

	E-Mail: 	  	Georgina.chave@rbos.com 
	  	  	GBMLendingOpsEuropeanCommercial@rbos.com 
	

		

	  
	SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS 
	

	Name of Institution: 	  	Royal Bank of Scotland, London 
	

		

	Account No. (OMF): 	  	  
	

		

	SWIFT Code 	  	RBOSGB2LGL O – Royal Bank of Scotland GLO, London 
	

		

	IBAN 	  	GB29RBOS16107010091313 
	

		

	  
	  
	  	  	BANCA IMI S.P.A. 
	DOCUMENTATION 	  	  
	

		

	Contact for purposes of 	  	Valentina Valente 
	sending documentation: 	  	Giacomo Cerri 
	

		

	Address where the 	  	Corso Matteotti, 6 20121 Milano 
			

17

	documentation is to be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	+39 02 7751 2434 / +39 02 7751 2686 
	

		

	Fax: 	  	+39 02 7751 2442 
	

		

	E-Mail: 	  	valentina.valente@bancaimi.it / giacomo.cerri@bancaimi.it 

CONTACTS FOR OPERATIONAL MATTERS

	Name: 	  	Riccardo Lamanna 
	

		

	Address: 	  	Corso Matteotti, 6 20121 Milano 
	

		

	Telephone: 	  	+39 02 7751 2413 
	

		

	Fax: 	  	+39 02 7751 92413 
	

		

	E-Mail: 	  	riccardo.lamanna@bancaimi.it 
	

		

	  
	Copy to: 	  	  
	

		

	Name: 	  	Andrea Barbaglio 
	

		

	Address: 	  	Corso Matteotti, 6 20121 Milano 
	

		

	Telephone: 	  	+39 02 7751 2350 
	

		

	Fax: 	  	+39 02 7751 2393 
	

		

	E-Mail: 	  	andrea.barbaglio@bancaimi.it 

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

	Name of Institution: 	  	Banca IMI S.p.A. 
	

		

	SWIFT Code 	  	IMIT IT MM 

                                                       NATEXIS BANQUES POPULAIRES, Spain Branch 

DOCUMENTATION 

	Contact for purposes of 	  	Ricardo Teissiere 
	sending documentation: 	  	  
	

		

	Address where the 	  	Paseo de Recoletos 7-9 // 28004 Madrid / España 
	documentation is to be 	  	  
	sent: 	  	  
	

		

	Telephone: 	  	34 91 837 47 54 
	

		

	Fax: 	  	34 91 837 47 81 

18

E-Mail: Ricardo.teissiere@es.nxbp.com

CONTACTS FOR OPERATIONAL MATTERS

	Name: 	  	Esther Campos / Karine Rodríguez 
	

		

	Address: 	  	Paseo de Recoletos 7-9 // 28004 Madrid 
	

		

	Telephone: 	  	34 91 837 47 25 /20 
	

		

	Fax: 	  	34 91 837 47 80 
	

		

	E-Mail: 	  	natexis@es.nxbp.com 

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

	Name of Institution: 	  	Cuenta Tesorera BdE // ESPBESMM for international payments 
	

		

	BIC 	  	BFCEESMM 
	

		

	IBAN 	  	ES18 9000 0001 2000 141 
	

		

	Account Number 	  	1479 

	SIX.- JURISDICTION

Waiving their own jurisdictions, if any, the parties hereto expressly submit themselves to the Courts and Tribunals of the City of Madrid for all questions that may arise on the validity, interpretation, or performance of this Agreement. 

For any proceedings for which the above jurisdiction is not effective or valid, jurisdiction shall be determined according to the legal rules applicable in each case. Nevertheless, in order to avoid later uncertainties and to facilitate the determination of the competent court, the parties agree that the place where this Agreement was made shall be the place where it was entered into; that the place of fulfillment shall be the place indicated for the Borrower to pay the Lending Institutions the amounts owed according to the Finance Agreement; and that the domicile for each of the parties shall be the place indicated in Stipulation 5 above. 

	SEVEN.- APPLICABLE LAW

This Agreement shall be governed and interpreted in accordance with Spanish laws.

EIGHT.- CANCELLATION OF THE AGREEMENT 

The Borrower undertakes not to cancel or terminate Tranche B of the ACCIONA Finance Agreement by amortizing all the amounts pending payment by the Borrower without prior consent from all the lending institutions that are parties to the Finance Agreement in their capacity as beneficiaries of the guarantee represented by the ACCIONA Finance Agreement for the Borrower. 

19

NINE.- PUBLIC DOCUMENT

In this same act the parties make public this Agreement in an instrument authenticated by the Madrid Notary, Mr. José Miguel García Lombardía, so that all the amounts owed have the standing of executory instrument, for all the effects specified in Articles 517.2.4 and 572 to 574 of the Civil Procedure Law and any and all other applicable legal provisions.

The parties having agreed to and approved the contents of this Agreement as it has been drawn up, issued for one purpose in a single copy to be made public, comprising [ ] pages written only on their front side, they agree to sign only under their corresponding titles.

The Shareholder

For ACCIONA, S.A

 

 

	/s/ Valentin Francisco Montoya Moya		/s/ Juan Gallardo Cruces
	Signed: Mr. Valentín Francisco Montoya	 	Signed: Mr. Juan Gallardo Cruces
	Moya	 	 
	 
	The Borrower,	 	 
	 
	
For FINANZAS DOS, S.A

	 	 
	
 

 

		
	
 

		
	/s/ José Ángel Tejero Santos		/s/ Juan Gallardo Cruces
	
Signed: Mr. José Ángel Tejero Santos

	 	Signed: Mr. Juan Gallardo Cruces

20

The Lending Institutions:

For BANCO SANTANDER CENTRAL HISPANO, S.A:

 

 

	/s/ Manuel Pérez Peral		/s/ Ignacio Domínguez-Adame Bozzano
	Signed: Mr. Manuel Pérez Peral	 	Signed: Mr. Ignacio Domínguez-Adame
	 	 	Bozzano
	 
	 
	 
	 
	For BNP PARIBAS Spain Branch	 	 
	
 

 

		
	
 

		
	/s/ José Gefaell Chamochin		/s/ José Serrano-Suñer de Hoyos
	
Signed: Mr. José Gefaell Chamochin

	 	Signed: Mr. José Serrano-Suñer de Hoyos
	 
			
	For THE ROYAL BANK OF SCOTLAND, PLC	 	

	
 

 

		
	
 

		
	/s/ José Maria Arana Arbide		/s/ Francisco Javier Sierra Sopranis
	
Signed: Mr. José Maria Arana Arbide

	 	Signed: Mr. Francisco Javier Sierra Sopranis
	 
	 
	For CALYON, Spain Branch:	 	 
	
 

 

		
	
 

		
	/s/ Rolando Menor Aguilera		/s/ Javier Álvarez-Rendueles Villar
	
Signed: Mr. Rolando Menor Aguilera

	 	Signed: Mr. Javier Álvarez-Rendueles Villar

21

For BANCO BILBAO VIZCAYA ARGENTARIA, S.A:

 

	/s/ Fernando Vázquez de la Puerta		/s/ Juan Gortazar Sánchez-Torres
	Signed: Mr. Fernando Vázquez de la Puerta	 	Signed: Mr. Juan Gortazar Sánchez-Torres
	 
	 
	 
	 
	For BANCA IMI S.P.A.:	 	 
	
 

 

		
	
 

		
	/s/ José Guardo Galdón		
	
Signed: Mr. José Guardo Galdón

	 	 
	 
	 
	 
	 
	
For NATEXIS BANQUES POPULAIRES, Spain Branch:

	
 

 

		
	
 

		
	/s/ Ricardo Teissiere Carrión		/s/ José Luís Sánchez García
	Signed: Mr. Ricardo Teissiere Carrión	 	Signed: Mr. José Luís Sánchez García

22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]