Common use of Recourse Debt to Cash Flow Ratio Clause in Contracts

Recourse Debt to Cash Flow Ratio. The Borrower will maintain at the end of each fiscal quarter of the Borrower, a Recourse Debt to Cash Flow Ratio of not more than the ratio set forth below for each period set forth below: Four Fiscal Quarter Ending Maximum Recourse Debt to Cash Flow Ratio June 30, 2005 7.50 September 30, 2005 7.50 December 31, 2005 7.50 March 31, 2006 7.50 June 30, 2006 7.50 September 30, 2006 7.50 December 31, 2006 7.00 March 31, 2007 7.00 June 30, 2007 7.00 September 30, 2007 7.00 December 31, 2007 7.00 March 31, 2008 6.50 June 30, 2008 6.50 September 30, 2008 8.00 December 31, 2008 8.00 AES Fourth Amended and Restated Credit Agreement Four Fiscal Quarter Ending Maximum Recourse Debt to Cash Flow Ratio March 31, 2009 8.50 June 30, 2009 8.50 September 30, 2009 8.50 December 31, 2009 8.50 March 31, 2010 7.25 June 30, 2010 7.25 September 30, 2010 7.25 December 31, 2010 7.25 March 31, 2011 7.25 June 30, 2011 and thereafter 7.25

Recourse Debt to Cash Flow Ratio. The Borrower will maintain at the end of each fiscal quarter of the Borrower, a Recourse Debt to Cash Flow Ratio of not more than the ratio set forth below for each period set forth below: . Four Fiscal Quarter Quarters Ending Maximum Recourse Debt to Cash Flow Ratio September 30, 2010 7.50 December 31, 2010 7.50 March 31, 2011 7.50 June 30, 2005 2011 7.50 September 30, 2005 2011 7.50 December 31, 2005 2011 7.50 March 31, 2006 2012 7.50 June 30, 2006 2012 7.50 September 30, 2006 2012 7.50 December 31, 2006 2012 7.50 March 31, 2013 7.50 June 30, 2013 7.50 September 30, 2013 7.00 December 31, 2013 7.00 March 31, 2007 2014 7.00 June 30, 2007 2014 7.00 September 30, 2007 7.00 2014 6.50 December 31, 2007 7.00 March 31, 2008 6.50 June 30, 2008 6.50 September 30, 2008 8.00 December 31, 2008 8.00 AES Fourth Amended and Restated Credit Agreement Four Fiscal Quarter Ending Maximum Recourse Debt to Cash Flow Ratio March 31, 2009 8.50 June 30, 2009 8.50 September 30, 2009 8.50 December 31, 2009 8.50 March 31, 2010 7.25 June 30, 2010 7.25 September 30, 2010 7.25 December 31, 2010 7.25 March 31, 2011 7.25 June 30, 2011 and thereafter 7.252014 6.50

Recourse Debt to Cash Flow Ratio. The Borrower will maintain at the end of each fiscal quarter of the Borrower, a Recourse Debt to Cash Flow Ratio of not more than the ratio set forth below for each period set forth below: Four Fiscal Quarter Ending Maximum Recourse Debt to Cash Flow Ratio December 31, 2003 8.5 March 31, 2004 8.5 June 30, 2004 8.5 September 30, 2004 8.5 December 31, 2004 8.5 March 31, 2005 8.35 June 30, 2005 7.50 8.25 September 30, 2005 7.50 8.15 December 31, 2005 7.50 8.00 March 31, 2006 7.50 7.90 June 30, 2006 7.50 7.85 September 30, 2006 7.50 7.80 December 31, 2006 7.00 7.75 March 31, 2007 7.00 7.70 June 30, 2007 7.00 7.65 September 30, 2007 7.00 7.60 December 31, 2007 7.00 7.55 March 31, 2008 6.50 June 30, 2008 6.50 September 30, 2008 8.00 December 31, 2008 8.00 AES Fourth Amended and Restated Credit Agreement Four Fiscal Quarter Ending Maximum Recourse Debt to Cash Flow Ratio March 31, 2009 8.50 June 30, 2009 8.50 September 30, 2009 8.50 December 31, 2009 8.50 March 31, 2010 7.25 June 30, 2010 7.25 September 30, 2010 7.25 December 31, 2010 7.25 March 31, 2011 7.25 June 30, 2011 and thereafter 7.257.50

Recourse Debt to Cash Flow Ratio. The Borrower will maintain at the end of each fiscal quarter of the Borrower, a Recourse Debt to Cash Flow Ratio of not more than the ratio set forth below for each period set forth below: -------------------------- ------------------------- Four Fiscal Quarter Ending Maximum Recourse Debt to Fiscal Quarter Ending Cash Flow Ratio -------------------------- ------------------------- December 31, 2002 7.00 March 31, 2003 9.05 June 30, 2003 10.25 September 30, 2003 11.75 December 31, 2003 11.90 March 31, 2004 10.75 June 30, 2004 10.50 September 30, 2004 10.20 December 31, 2004 9.50 March 31, 2005 9.35 June 30, 2005 7.50 9.20 September 30, 2005 7.50 December 31, 2005 7.50 March 31, 2006 7.50 June 30, 2006 7.50 September 30, 2006 7.50 December 31, 2006 7.00 March 31, 2007 7.00 June 30, 2007 7.00 September 30, 2007 7.00 December 31, 2007 7.00 March 31, 2008 6.50 June 30, 2008 6.50 September 30, 2008 8.00 December 31, 2008 8.00 AES Fourth Amended and Restated Credit Agreement Four Fiscal Quarter Ending Maximum Recourse Debt to Cash Flow Ratio March 31, 2009 8.50 June 30, 2009 8.50 September 30, 2009 8.50 December 31, 2009 8.50 March 31, 2010 7.25 June 30, 2010 7.25 September 30, 2010 7.25 December 31, 2010 7.25 March 31, 2011 7.25 June 30, 2011 and thereafter 7.259.00

Recourse Debt to Cash Flow Ratio. The Borrower will maintain at the end of each fiscal quarter of the Borrower, a Recourse Debt to Cash Flow Ratio of not more than the ratio set forth below for each period set forth below: Four Fiscal Quarter Ending Maximum Recourse Debt to Cash Flow Ratio September 30, 2003 8.5 December 31, 2003 8.5 March 31, 2004 8.5 June 30, 2004 8.5 September 30, 2004 8.5 December 31, 2004 8.5 March 31, 2005 8.35 June 30, 2005 7.50 8.25 September 30, 2005 7.50 8.15 December 31, 2005 7.50 8.00 March 31, 2006 7.50 7.90 June 30, 2006 7.50 7.85 September 30, 2006 7.50 7.80 December 31, 2006 7.00 7.75 March 31, 2007 7.00 7.70 June 30, 2007 7.00 7.65 September 30, 2007 7.00 7.60 December 31, 2007 7.00 7.55 March 31, 2008 6.50 June 30, 2008 6.50 September 30, 2008 8.00 December 31, 2008 8.00 AES Fourth Amended and Restated Credit Agreement Four Fiscal Quarter Ending Maximum Recourse Debt to Cash Flow Ratio March 31, 2009 8.50 June 30, 2009 8.50 September 30, 2009 8.50 December 31, 2009 8.50 March 31, 2010 7.25 June 30, 2010 7.25 September 30, 2010 7.25 December 31, 2010 7.25 March 31, 2011 7.25 June 30, 2011 and thereafter 7.257.50