Balfour Beatty Infrastructure Investments Limited

ALL PRESENT AND FUTURE OBLIGATIONS AND L IABILITIES (WHETHER ACTUAL OR CONTINGENT AND WHETHER OWED JOINTLY OR SEVERALLY,A S PRINCIPAL OR SURETY OR IN ANY OTHER CA PACITY WHATSOEVER) OF POWER ASSET DEVELO PMENT COMPANY LIMITED (THE DEBTOR) TO TH E CHARGEE AS TRUSTEE FOR ITSELF AND THE OTHER BENEFICIARIES (AS DEFINED) AND TO ANY BENEFICIARY UNDER EACH OF THE BENEFI CIARIES FINANCING AGREEMENTS

ALL PRESENT AND FUTURE OBLIGATIONS AND L IABILITIES (WHETHER ACTUAL OR CONTINGENT AND WHETHER OWED JOINTLY OR SEVERALLY,A S PRINCIPAL OR SURETY OR IN ANY OTHER CA PACITY WHATSOEVER) OF POWER ASSET DEVELO PMENT COMPANY LIMITED (THE DEBTOR) TO TH E CHARGEE AS TRUSTEE FOR ITSELF AND THE OTHER BENEFICIARIES (AS DEFINED) AND TO ANY BENEFICIARY UNDER EACH OF THE BENEFI CIARIES FINANCING AGREEMENTS SAVE THAT T HE MAXIMUM AMOUNT OF THE SECURED LIABILI TIES SHALL BE LIMITED TO AN AMOUNT EQUAL TO THE AGGREGATE OF ALL PRESENT AND FUT URE OBLIGATIONS AND LIABILITIES OWED BY SEEBOARD POWERLINK LIMITED TO THE DEBTOR UNDER ANY PROJECT DOCUMENT (AS DEFINED IN THE COMMON TERMS AGREEMENT) OR OTHERW ISE FROM TIME TO TIME