EX-10 2 ex10-4211.htm EXHIBIT 10.42

 

 

Exhibit 10.42

EXECUTION VERSION

TERM LOAN CREDIT AGREEMENT

among

IDAHO POWER COMPANY,

as Borrower,

THE LENDERS NAMED HEREIN

and

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

J.P. MORGAN SECURITIES INC.

as

Lead Arranger and Sole Book Runner

Dated as of April 1, 2008

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Table of Contents

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ARTICLE 1

DEFINITIONS

1.1       
Definitions......................................................................................................................1
1.2        Other Interpretive
Provisions..........................................................................................12

ARTICLE 2

THE CREDITS

2.1       
Commitments.................................................................................................................13
2.2        Required Payments;
Termination.....................................................................................13
2.3        Types of Advances; Minimum Amount of Each
Advance................................................ 13
2.4       
Fees...............................................................................................................................13
2.5        Reduction or Termination of Aggregate
Commitment.......................................................14
2.6        Optional Principal
Payments............................................................................................14
2.7        Requesting
Loans...........................................................................................................
14
2.8        Conversion and Continuation of Outstanding
Advances................................................... 14
2.9        Changes in Interest Rate,
etc...........................................................................................15
2.10      Rates Applicable After
Default........................................................................................15
2.11      Method of
Payment........................................................................................................16
2.12      Noteless Agreement; Evidence of
Indebtedness.............................................................. 16
2.13      Telephonic
Notices........................................................................................................
17
2.14      Interest Payment Dates; Interest and Fee
Basis...............................................................17
2.15      Notification of Advances, Interest Rates, Prepayments and Commitment
Reductions.......18
2.16      Lending
Installations.......................................................................................................18
2.17      Non-Receipt of Funds by the Administrative
Agent.........................................................18
2.18     
Reserved........................................................................................................................18
2.19      Replacement of
Lender...................................................................................................18

ARTICLE 3

YIELD PROTECTION; TAXES

3.1        Yield
Protection.............................................................................................................19
3.2        Changes in Capital Adequacy
Regulations.......................................................................20
3.3        Availability of Types of
Advances...................................................................................20
3.4        Funding
Indemnification..................................................................................................20
3.5       
Taxes.............................................................................................................................20
3.6        Alternate Lending Installation; Lender Statements; Survival of
Indemnity..........................23
 

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ARTICLE 4

CONDITIONS PRECEDENT

4.1        Closing
Date..................................................................................................................24

ARTICLE 5

REPRESENTATIONS AND WARRANTIES

5.1        Existence and
Standing...................................................................................................25
5.2        Authorization and
Validity...............................................................................................25
5.3        No Conflict; Government
Consent..................................................................................25
5.4        Financial
Statements.......................................................................................................26
5.5        Material Adverse
Change...............................................................................................26
5.6       
Taxes.............................................................................................................................26
5.7        Litigation and Contingent
Obligations..............................................................................
26
5.8       
Subsidiaries....................................................................................................................27
5.9       
ERISA...........................................................................................................................27
5.10      Accuracy of
Information.................................................................................................27
5.11      Regulation
U..................................................................................................................27
5.12      Material
Agreements......................................................................................................27
5.13      Compliance With
Laws..................................................................................................28
5.14      Ownership of
Properties.................................................................................................28
5.15      Plan Assets; Prohibited
Transactions...............................................................................28
5.16      Environmental
Matters....................................................................................................28
5.17      Investment Company
Act...............................................................................................
28
5.18      OFAC; PATRIOT
Act..................................................................................................
28

ARTICLE 6

COVENANTS

6.1        Financial
Reporting.........................................................................................................29
6.2        Use of
Proceeds.............................................................................................................30
6.3        Notice of Default,
etc......................................................................................................30
6.4        Conduct of
Business.......................................................................................................31
6.5       
Taxes.............................................................................................................................31
6.6       
Insurance.......................................................................................................................
31
6.7        Compliance with
Laws....................................................................................................31
6.8        Maintenance of
Properties..............................................................................................31
6.9       
Inspection......................................................................................................................
31
6.10      Merger and Sale of
Assets..............................................................................................31
6.11     
Liens..............................................................................................................................32
6.12      Leverage
Ratio...............................................................................................................33
6.13      Investments and
Acquisitions..........................................................................................33
 

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6.14      Subsidiary Dividend
Restrictions.....................................................................................34
6.15     
Affiliates.........................................................................................................................34
6.16      OFAC, PATRIOT Act
Compliance...............................................................................34

ARTICLE 7

DEFAULTS

ARTICLE 8

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

8.1       
Acceleration...................................................................................................................37
8.2       
Amendments..................................................................................................................37
8.3        Preservation of
Rights.....................................................................................................38

ARTICLE 9

GENERAL PROVISIONS

9.1        Survival of
Representations.............................................................................................38
9.2        Governmental
Regulation................................................................................................
38
9.3       
Headings........................................................................................................................38
9.4        Entire
Agreement............................................................................................................38
9.5        Several Obligations; Benefits of this
Agreement...............................................................38
9.6        Expenses;
Indemnification...............................................................................................39
9.7        Numbers of
Documents..................................................................................................39
9.8       
Accounting.....................................................................................................................39
9.9        Severability of
Provisions................................................................................................40
9.10      Nonliability of
Lenders...................................................................................................
40
9.11     
Confidentiality.................................................................................................................40
9.12     
Nonreliance....................................................................................................................41
9.13     
Disclosure......................................................................................................................41
9.14      PATRIOT Act
Notice....................................................................................................41
9.15     
Counterparts..................................................................................................................41

ARTICLE 10

THE ADMINISTRATIVE AGENT

10.1      Appointment; Nature of
Relationship...............................................................................41
10.2     
Powers..........................................................................................................................
42
10.3      General
Immunity............................................................................................................42
10.4      No Responsibility for Loans, Recitals,
etc........................................................................42
10.5      Action on Instructions of
Lenders....................................................................................42
 

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10.6        Employment of Administrative Agents and
Counsel.......................................................43
10.7      Reliance on Documents;
Counsel....................................................................................43
10.8      Administrative Agent's Reimbursement and
Indemnification..............................................43
10.9      Notice of
Default............................................................................................................44
10.10    Rights as a
Lender..........................................................................................................44
10.11    Lender Credit
Decision...................................................................................................44
10.12    Successor Administrative
Agent......................................................................................44
10.13    Administrative Agent and Arranger
Fees.........................................................................45
10.14    Delegation to
Affiliates....................................................................................................45
10.15    Other
Agents..................................................................................................................45

ARTICLE 11

SETOFF; RATABLE PAYMENTS

11.1     
Setoff.............................................................................................................................45
11.2      Ratable
Payments...........................................................................................................46

ARTICLE 12

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

12.1      Successors and
Assigns..................................................................................................46
12.2     
Participations..................................................................................................................47
12.3     
Assignments...................................................................................................................47
12.4      Dissemination of
Information...........................................................................................49
12.5      Tax
Treatment................................................................................................................49

ARTICLE 13

NOTICES

13.1     
Notices..........................................................................................................................49
13.2      Change of
Address........................................................................................................
50

ARTICLE 14

CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

14.1      CHOICE OF
LAW.......................................................................................................50
14.2      CONSENT TO
JURISDICTION.................................................................................50
14.3      WAIVER OF JURY
TRIAL..........................................................................................51

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Page

Schedule I       Commitments
Schedule 5.8   List of Subsidiaries
Schedule 5.12 Agreements which restrict Subsidiary Dividends or which could
reasonably be expected to have a
                        Material Adverse Effect
Schedule 5.14 Indebtedness and Liens
Schedule 13.1 Notice Addresses

EXHIBIT A    Forms of Opinions
EXHIBIT B    Form of Compliance Certificate
EXHIBIT C    Form of Assignment Agreement
EXHIBIT D    Form of Written Money Transfer Instruction
EXHIBIT E    Form of Note

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TERM LOAN CREDIT AGREEMENT

This Term Loan Credit Agreement, dated as of April 1, 2008 is made among Idaho
Power Company, an Idaho corporation, the Lenders, and JPMorgan Chase Bank, N.A.,
as Administrative Agent for the Lenders.

In consideration of the mutual provisions, covenants and agreements herein
contained, the parties hereto hereby agree as follows:

ARTICLE 1

DEFINITIONS

1.1.            Definitions.  As used in this Agreement:

"Acquisition" means any transaction, or any series of related transactions,
consummated on or after the Closing Date, by which the Borrower or any of its
Subsidiaries (i) acquires any going business or all or substantially all of the
assets of any firm, corporation or limited liability company, or division
thereof, whether through purchase of assets, merger or otherwise or (ii)
directly or indirectly acquires (in one transaction or as the most recent
transaction in a series of transactions) at least a majority (in number of
votes) of the securities of a corporation which have ordinary voting power for
the election of directors (other than securities having such power only by
reason of the happening of a contingency) or a majority (by percentage or voting
power) of the outstanding ownership interests of a partnership or limited
liability company.

"Administrative Agent" means JPMorgan in its capacity as administrative agent
(i.e., contractual representative) of the Lenders pursuant to Article 10, and
not in its individual capacity as a Lender, and any successor Administrative
Agent appointed pursuant to Article 10.

"Administrative Questionnaire" means an administrative questionnaire,
substantially in the form supplied by the Administrative Agent, completed by a
Lender and furnished to the Administrative Agent in connection with this
Agreement.

"Advance" means the borrowing hereunder, (i) made by the Lenders on the Closing
Date, or (ii) converted or continued by the Lenders on the same date of
conversion or continuation and, in either case, consisting of Loans of the same
Type and, in the case of Eurodollar Advances, for the same Interest Period.

"Affected Lender" is defined in Section 2.19.

"Affiliate" of any Person means any other Person directly or indirectly
controlling, controlled by or under common control with such Person.  A Person
shall be deemed to control another Person if the controlling Person owns 10% or
more of any class of voting securities (or other ownership interests) of the
controlled Person or possesses, directly or indirectly, the power to direct or
cause the direction of the management or policies of the controlled Person,
whether through ownership of stock, by contract or otherwise.

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"Aggregate Commitment" means the aggregate of the Commitments of all the
Lenders, as reduced from time to time pursuant to the terms hereof.

"Aggregate Outstanding Credit Exposure" means, at any time, the aggregate of the
Outstanding Credit Exposure of all the Lenders.

"Agreement" means this Term Loan Credit Agreement, as amended, modified,
restated or supplemented from time to time in accordance with its terms.

"Agreement Accounting Principles" means generally accepted accounting principles
as in effect from time to time applied in a manner consistent with that used in
preparing financial statements referred to in Section 5.4.

"Alternate Base Rate" means, for any day, a rate of interest per annum equal to
the higher of (i) the Prime Rate for such day and (ii) the sum of the Federal
Funds Effective Rate for such day plus 1/2% per annum.  Any change in the
Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.

"Applicable Margin" means, with respect to Loans bearing interest at the
Eurodollar Base Rate, 0.75% per annum.

"Approved Fund" means any Person (other than a natural person) that is engaged
in making, purchasing, holding or investing in bank loans and similar extensions
of credit in the ordinary course of its business and that is administered or
managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender.

"Arranger" means J.P. Morgan Securities Inc., and its successors, in its
capacity as Lead Arranger and Sole Book Runner.

"Authorized Officer" means any of the Chief Executive Officer, President, Chief
Financial Officer, Vice President or Treasurer of the Borrower, acting singly.

"Borrower" means Idaho Power Company, an Idaho corporation, and its successors
and assigns.

"Borrowing Notice" is defined in Section 2.7.

"Business Day" means (i) with respect to any borrowing, payment or rate
selection of Eurodollar Advances, a day (other than a Saturday or Sunday) on
which banks generally are open in New York, New York and London, England for the
conduct of substantially all of their commercial lending activities, interbank
wire transfers can be made on the Fedwire system and dealings in United States
dollars are carried on in the London interbank market and (ii) for all other
purposes, a day (other than a Saturday or Sunday) on which banks generally are
open in New York, New York for the conduct of substantially all of their
commercial lending activities and interbank wire transfers can be made on the
Fedwire system.

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"Capitalized Lease" of a Person means any lease of Property by such Person as
lessee, which would be capitalized on a balance sheet of such Person prepared in
accordance with Agreement Accounting Principles.

"Capitalized Lease Obligations" of a Person means the amount of the obligations
of such Person under Capitalized Leases which would be shown as a liability on a
balance sheet of such Person prepared in accordance with Agreement Accounting
Principles.

"Cash Equivalent Investments" means (i) short-term obligations of, or fully
guaranteed by, the United States of America, (ii) commercial paper rated A-1 or
better by S&P or P-1 or better by Moody's, (iii) demand deposit accounts
maintained in the ordinary course of business, and (iv) certificates of deposit
issued by and time deposits with commercial banks (whether domestic or foreign)
having capital and surplus in excess of $100,000,000; provided in each case that
the same provides for payment of both principal and interest (and not principal
alone or interest alone) and is not subject to any contingency regarding the
payment of principal or interest.

"Change" is defined in Section 3.2.

"Change in Control" means the acquisition by any Person, or two or more Persons
acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of
the Securities and Exchange Commission under the Securities Exchange Act of
1934) of 20% or more of the outstanding shares of voting stock of the Parent.

"Change in Law" means any change in law or in the interpretation, administration
or application thereof (including the introduction of any new law, treaty or
governmental rule, regulation or order), or any determination of a court or
governmental authority, in each case that becomes effective after the date
hereof.

"Closing Date" means the first date all the conditions precedent in Section 4.1
are satisfied or waived in accordance with the terms of this Agreement.

"Code" means the Internal Revenue Code of 1986, as amended.

"Commitment" means, for each Lender, the obligation of such Lender to make Loans
to the Borrower on the Closing Date in an aggregate amount not exceeding the
amount set forth opposite its name on Schedule I, or, if such Lender has entered
into one or more assignments that has become effective pursuant to
Section 12.3(a), the amount set forth for such Lender at such time in the
Register maintained by the Administrative Agent, in either case, as such amount
may be reduced from time to time pursuant to the terms hereof.

"Condemnation" is defined in Section 7(i).

"Consolidated Indebtedness" means at any time the Indebtedness of the Borrower
and its Subsidiaries calculated on a consolidated basis as of such time;
provided, however that the aggregate outstanding Indebtedness evidenced by
Hybrid Securities shall be excluded to the extent that the total book value of
such Hybrid Securities does not exceed 15% of Consolidated Total Capitalization
as of such time.

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"Consolidated Net Worth" means at any time the consolidated stockholders' equity
of the Borrower and its Subsidiaries calculated on a consolidated basis as of
such time.

"Consolidated Total Capitalization" means at any time, without duplication, the
sum of (i) Consolidated Indebtedness, (ii) Consolidated Net Worth and (iii) the
aggregate outstanding amount of Hybrid Securities, each calculated as of such
time.

"Contingent Obligation" of a Person means any agreement, undertaking or
arrangement by which such Person assumes, guarantees, endorses, contingently
agrees to purchase or provide funds for the payment of, or otherwise becomes or
is contingently liable upon, the obligation or liability of any other Person, or
agrees to maintain the net worth or working capital or other financial condition
of any other Person, or otherwise assures any creditor of such other Person
against loss, including any comfort letter, operating agreement, take or pay
contract or the obligations of any such Person as general partner of a
partnership with respect to the liabilities of the partnership.

"Conversion/Continuation Notice" is defined in Section 2.8.

"Controlled Group" means all members of a controlled group of corporations or
other business entities and all trades or businesses (whether or not
incorporated) under common control which, together with the Borrower or any of
its Subsidiaries, are treated as a single employer under Section 414 of the
Code.

"Default" means an event described in Article 7.

"Environmental Laws" means any and all applicable federal, state, local and
foreign statutes, laws, judicial decisions, regulations, ordinances, rules,
judgments, orders, decrees, plans, injunctions, permits, concessions, grants,
franchises, licenses, agreements and other governmental restrictions relating to
(i) the protection of the environment, (ii) the effect of the environment on
human health, (iii) emissions, discharges or releases of pollutants,
contaminants, hazardous substances or wastes into surface water, ground water or
land, or (iv) the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of pollutants, contaminants, hazardous
substances or wastes or the clean-up or other remediation thereof.

"ERISA" means the Employee Retirement Income Security Act of 1974.

"Eurodollar Advance" means a Loan, or portion thereof, which, except as
otherwise provided in Section 2.10, bears interest at the applicable Eurodollar
Rate.

"Eurodollar Base Rate" means, with respect to any Eurodollar Advance for any
Interest Period, the rate appearing on Reuters BBA Libor Rates Page 3750 (or on
any successor or substitute page of such service, or any successor to or
substitute for such service, providing rate quotations comparable to those
currently provided on such page of such service, as determined by the
Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period.  In the event that such rate is not
available at such time for any reason, then the "Eurodollar Base Rate" with
respect to such Eurodollar Advance for such Interest Period shall be the rate at
which dollar deposits of $5,000,000 and for a maturity comparable to such
Interest Period are offered by the principal London office of the Administrative
Agent in immediately available funds in the London interbank market at
approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period.
 

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"Eurodollar Rate" means, with respect to any Eurodollar Advance for any Interest
Period, an interest rate per annum (rounded upwards, if necessary, to the next
1/16 of 1%) equal to the sum of (i) (a) the Eurodollar Base Rate for such
Interest Period multiplied by (b) the Statutory Reserve Rate and (ii) the
Applicable Margin.

"Excluded Taxes" means, in the case of each Lender or applicable Lending
Installation and the Administrative Agent, taxes imposed on its overall net
income, receipts, profits, capital, net worth, franchise taxes, branch profits
or similar taxes, imposed on it, by (i) the jurisdiction under the laws of which
such Lender or the Administrative Agent is incorporated or organized, (ii) the
jurisdiction in which the Administrative Agent's or such Lender's principal
executive office or such Lender's applicable Lending Installation is located, or
(iii) the jurisdiction in which the Lender, Lending Installation or the
Administrative Agent carries on a trade or business.

"Facility Termination Date" means March 31, 2009.

"Federal Funds Effective Rate" means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers, as published on the next succeeding Business Day by
the Federal Reserve Bank of New York, or, if such rate is not so published for
any day that is a Business Day, the average (rounded upwards, if necessary, to
the next 1/100 of 1%) of the quotations for such day for such transactions
received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it.

"Fee Letter" means the letter agreement dated April 1, 2008 among the Borrower,
the Administrative Agent and the Arranger.

"First Mortgage" means that certain Mortgage and Deed of Trust, dated as of
October 1, 1937, as supplemented, under which the Borrower is Mortgagor and
Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company)
and R.G. Page (Stanley Burg successor individual trustee) are Trustees, as it
may from time to time be further amended, supplemented or otherwise modified.

"Floating Rate Advance" means a Loan, or portion thereof, which, except as
otherwise provided in Section 2.10, bears interest at the Alternate Base Rate.

"Hybrid Securities" shall mean any hybrid securities, including any trust
preferred securities, deferrable interest subordinated debt securities,
mandatory convertible debt securities or other hybrid securities issued by the
Borrower or any Subsidiary or financing vehicle of the Borrower that (i) have an
original maturity of at least twenty (20) years, (ii) require, absent an event
of default with respect to such securities, no repayments or prepayments and no
mandatory redemptions or repurchases, in each case, prior to the date which is
ninety-one (91) days after the occurrence of the Facility Termination Date and
(iii) permit the Borrower or any such Subsidiary or any such financing vehicle
of the Borrower, respectively, at its option, to defer certain scheduled
interest payments.
 

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"Indebtedness" of a Person means such Person's (i) obligations for borrowed
money, (ii) obligations representing the deferred purchase price of Property or
services (other than accounts payable arising in the ordinary course of such
Person's business payable on terms customary in the trade), (iii) obligations,
whether or not assumed, secured by Liens or payable out of the proceeds or
production from Property now or hereafter owned or acquired by such Person,
(iv) obligations which are evidenced by notes, acceptances, or other
instruments, (v) obligations of such Person to purchase securities or other
Property arising out of or in connection with the sale of the same or
substantially similar securities or Property, (vi) Capitalized Lease
Obligations, (vii) Contingent Obligations, (viii) obligations in respect of
Letters of Credit, (ix) Rate Management Obligations, (x) preferred stock which
is required by the terms thereof to be redeemed, or for which mandatory sinking
fund payments are due, by a fixed date, (xi) Off-Balance Sheet Liabilities,
(xii) any other obligation for borrowed money or other financial accommodation
which in accordance with Agreement Accounting Principles would be shown as a
liability on the consolidated balance sheet of such Person and (xiii) amounts
outstanding under a Permitted Receivables Securitization.  For purposes of
determining Indebtedness, the "principal amount" of the obligations of the
Borrower or any of its Subsidiaries in respect of any Rate Management Obligation
at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that the Borrower or such Subsidiary would be required to pay if
such Rate Management Obligation were terminated at such time of determination.

"Indemnitee" is defined in Section 9.6(b).

"Interest Period" means, with respect to a Eurodollar Advance, a period of one,
two, three or six months commencing on a Business Day selected by the Borrower
pursuant to this Agreement.  Each Interest Period shall end on the day which
corresponds numerically to such date one, two, three or six months thereafter,
provided that if any Interest Period commences on the last Business Day of a
calendar month, or if there is no such numerically corresponding day in such
next, second, third or sixth succeeding month, such Interest Period shall end on
the last Business Day of such next, second, third or sixth succeeding month.  If
an Interest Period would otherwise end on a day which is not a Business Day,
such Interest Period shall end on the next succeeding Business Day, provided
that if said next succeeding Business Day falls in a new calendar month, such
Interest Period shall end on the immediately preceding Business Day.

"Investment" of a Person means any loan, advance (other than commission, travel
and similar advances to officers and employees made in the ordinary course of
business), extension of credit (other than accounts receivable arising in the
ordinary course of business on terms customary in the trade) or contribution of
capital by such Person; stocks, bonds, mutual funds, partnership interests,
notes, debentures or other securities owned by such Person; any deposit accounts
and certificate of deposit owned by such Person; and structured notes,
derivative financial instruments and other similar instruments or contracts
owned by such Person.

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"JPMorgan" means JPMorgan Chase Bank, N.A. and its successors.

"Lenders" means the lending institutions listed on the signature pages of this
Agreement and their respective successors and assigns.

"Lending Installation" means, with respect to a Lender or the Administrative
Agent, the office, branch, subsidiary or Affiliate of such Lender or the
Administrative Agent specified in its Administrative Questionnaire or otherwise
selected by such Lender or the Administrative Agent pursuant to Section 2.16.

"Letter of Credit" of a Person means a letter of credit or similar instrument
which is issued upon the application of such Person or upon which such Person is
an account party or for which such Person is in any way liable.

"Lien" means any lien (statutory or other), mortgage, pledge, hypothecation,
assignment, deposit arrangement, encumbrance or preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever
(including the interest of a vendor or lessor under any conditional sale,
Capitalized Lease or other title retention agreement).

"Loans" is defined in Section 2.1.

"Loan Documents" means this Agreement, the Fee Letter and any Notes issued
pursuant to Section 2.12.

"London Business Day" means a day (other than Saturday or Sunday) on which banks
generally are open in London, England for the conduct of substantially all of
their commercial lending activities and dealings are carried on in the London
interbank market.

"Material Adverse Effect" means a material adverse effect on (i) the business,
Property, condition (financial or otherwise), results of operations, or
prospects of the Borrower and its Subsidiaries taken as a whole, (ii) the
ability of the Borrower to perform its obligations under the Loan Documents, or
(iii) the validity or enforceability of any of the Loan Documents or the rights
or remedies of the Administrative Agent or the Lenders thereunder.

"Material Indebtedness" means Indebtedness (other than Obligations) of the
Borrower or any of its Subsidiaries, in an aggregate principal amount exceeding
$25,000,000 (or its equivalent in any other currency).

"Material Subsidiary" of the Borrower means any Subsidiary (a) whose gross
revenues for the fiscal year in respect of which such statements and related
balance sheet were prepared (or the last full fiscal year in the case of
quarterly financial statements) exceeded 10% of the consolidated gross revenue
of the Borrower and all its Subsidiaries for such fiscal year or (b) whose gross
assets as at the end of such fiscal year were in excess of 10% of the
consolidated gross assets of the Borrower and all its Subsidiaries for such
fiscal year.

"Moody's" means Moody's Investors Service, Inc.
 

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"Multiemployer Plan" means a Plan maintained pursuant to a collective bargaining
agreement or any other arrangement to which the Borrower or any member of the
Controlled Group is a party to which more than one employer is obligated to make
contributions.

"Non-U.S. Lender" is defined in Section 3.5(d).

"Note" means a promissory note issued at the request of a Lender pursuant to
Section 2.12(d), in substantially the form of Exhibit E hereto, evidencing the
aggregate indebtedness of the Borrower to such Lender resulting from the Loans
made by such Lender.

"Obligations" means all unpaid principal of and accrued and unpaid interest on
the Loans, all accrued and unpaid fees and all expenses, reimbursements,
indemnities and other obligations of the Borrower to the Lenders or to any
Lender, the Administrative Agent or any indemnified party arising under the Loan
Documents.

"OFAC" means the U.S. Department of the Treasury's Office of Foreign Assets
Control, and any successor thereto.

"Off-Balance Sheet Liability" of a Person means, without duplication, (i) any
repurchase obligation or liability of such Person with respect to accounts or
notes receivable sold by such Person, (ii) any liability under any Sale and
Leaseback Transaction which is not a Capitalized Lease, (iii) any liability
under any so-called "synthetic lease" transaction entered into by such Person,
or (iv) any obligation arising with respect to any other transaction which is
the functional equivalent of or takes the place of borrowing but which does not
constitute a liability on the balance sheets of such Person, but excluding from
this clause (iv) all Operating Leases.

"Operating Lease" of a Person means any lease of Property (other than a
Capitalized Lease) by such Person as lessee, which has an original term
(including any required renewals and any renewals effective at the option of the
lessor) of one year or more.

"Other Taxes" is defined in Section 3.5(b).

"Outstanding Credit Exposure" means, as to any Lender at any time, the aggregate
principal amount of all Loans made by such Lender outstanding at such time.

"Parent" means IDACORP, Inc., an Idaho corporation, and its successors and
assigns.

"Participants" is defined in Section 12.2(a).

"PATRIOT Act" means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act,
Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended from
time to time, and any successor statute, and all rules and regulations from time
to time promulgated thereunder.

"Payment Date" means the last day of each March, June, September and December.

"PBGC" means the Pension Benefit Guaranty Corporation, or any successor thereto.
 

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"Permitted Receivables Securitization" means a limited recourse or non-recourse
sale, assignment or contribution of accounts receivable and related records,
collateral and rights of the Borrower and/or one or more of its Subsidiaries to
one or more special purpose entities, in connection with the issuance of
obligations by any such special purpose entity secured by such assets, the
proceeds of the issuance of which obligations shall be made available, directly
or indirectly, to the Borrower and/or the applicable Subsidiaries.

"Person" means any natural person, corporation, firm, joint venture,
partnership, limited liability company, association, enterprise, trust or other
entity or organization, or any government or political subdivision or any
agency, department or instrumentality thereof.

"Plan" means an employee pension benefit plan which is covered by Title IV of
ERISA or subject to the minimum funding standards under Section 412 of the Code
as to which the Borrower or any member of the Controlled Group may have any
liability.

"Prime Rate" means the per annum interest rate publicly announced from time to
time by JPMorgan, to be its prime rate in effect at its principal office in New
York City (which may not necessarily be its lowest or best lending rate), as
adjusted to conform to changes as of the opening of business on the date any
such change is publicly announced.

"Property" of a Person means any and all property, whether real, personal,
tangible, intangible, or mixed, of such Person, or other assets owned, leased or
operated by such Person.

"Pro Rata Share" means, with respect to a Lender, a portion equal to a fraction
the numerator of which is such Lender's Commitment and the denominator of which
is the Aggregate Commitment (or, if the Commitments have been terminated, a
portion equal to a fraction (i) the numerator of which is equal to the principal
amount of such Lender's Loans and (ii) the denominator of which is equal to the
aggregate principal amount of all Loans.

"Purchasers" is defined in Section 12.3(a).

"Rate Management Obligations" of a Person means any and all obligations of such
Person, whether absolute or contingent and howsoever and whensoever created,
arising, evidenced or acquired (including all renewals, extensions and
modifications thereof and substitutions therefor), under (i) any and all Rate
Management Transactions, and (ii) any and all cancellations, buy backs,
reversals, terminations or assignments of any Rate Management Transactions.

"Rate Management Transaction" means any transaction (including an agreement with
respect thereto) now existing or hereafter entered into by the Borrower or the
Parent which is a rate swap, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, forward transaction,
currency swap transaction, cross-currency rate swap transaction, currency option
or any other similar transaction (including any option with respect to any of
these transactions) or any combination thereof, whether linked to one or more
interest rates, foreign currencies, commodity prices, equity prices or other
financial measures.
 

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"Register" is defined in Section 12.3(c).

"Regulation D" means Regulation D of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor thereto or other
regulation or official interpretation of said Board of Governors relating to
reserve requirements applicable to member banks of the Federal Reserve System.

"Regulation U" means Regulation U of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor or other
regulation or official interpretation of said Board of Governors relating to the
extension of credit by banks for the purpose of purchasing or carrying margin
stocks applicable to member banks of the Federal Reserve System.

"Reportable Event" means a reportable event as defined in Section 4043 of ERISA
and the regulations issued under such section, with respect to a Plan,
excluding, however, such events as to which the PBGC has by regulation waived
the requirement of Section 4043(a) of ERISA that it be notified within thirty
(30) days of the occurrence of such event, provided that a failure to meet the
minimum funding standard of Section 412 of the Code and of Section 302 of ERISA
shall be a Reportable Event regardless of the issuance of any such waiver of the
notice requirement in accordance with either Section 4043(a) of ERISA or Section
412(d) of the Code.

"Reports" is defined in Section 9.6.

"Required Lenders" means Lenders in the aggregate having at least a majority of
the Aggregate Commitment or, if the Aggregate Commitment has been terminated,
Lenders in the aggregate holding at least a majority of the Aggregate
Outstanding Credit Exposure.

"Risk-Based Capital Guidelines" is defined in Section 3.2.

"S&P" means Standard and Poor's Ratings Services, a division of The McGraw Hill
Companies, Inc.

"Sale and Leaseback Transaction" means any sale or other transfer of Property by
any Person with the intent to lease such Property as lessee.

"Sanctioned Country" means a country subject to a sanctions program identified
on the list maintained by OFAC and available at
http://www.treas.gov/offices/enforcement/ofac/sanctions/, or as otherwise
published from time to time.

"Sanctioned Person" means (i) a Person named on the list of Specially Designated
Nationals or Blocked Persons maintained by OFAC available at
http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf, or as otherwise
published from time to time, or (ii) (A) an agency of the government of a
Sanctioned Country, (B) an organization controlled by a Sanctioned Country, or
(C) a Person resident in a Sanctioned Country, to the extent subject to a
sanctions program administered by OFAC.

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"Single Employer Plan" means a Plan maintained by the Borrower or any member of
the Controlled Group for employees of the Borrower or any member of the
Controlled Group.

"Statutory Reserve Rate" means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board of Governors of the Federal Reserve System to which the
Administrative Agent is subject for eurocurrency funding (currently referred to
as "Eurocurrency Liabilities" in Regulation D).  Such reserve percentages shall
include those imposed pursuant to such Regulation D.  Eurodollar Advances shall
be deemed to constitute eurocurrency funding and to be subject to such reserve
requirements without benefit of or credit for proration, exemptions or offsets
that may be available from time to time to any Lender under such Regulation D or
any comparable regulation.  The Statutory Reserve Rate shall be adjusted
automatically on and as of the effective date of any change in any reserve
percentage.

"Subsidiary" of a Person means (i) any corporation more than 50% of the
outstanding securities having ordinary voting power of which shall at the time
be owned or controlled, directly or indirectly, by such Person or by one or more
of its Subsidiaries or by such Person and one or more of its Subsidiaries, or
(ii) any partnership, limited liability company, association, joint venture or
similar business organization more than 50% of the ownership interests having
ordinary voting power of which shall at the time be so owned or controlled. 
Unless otherwise expressly provided, all references herein to a "Subsidiary"
shall mean a Subsidiary of the Borrower.

"Substantial Portion" means, with respect to the Property of the Borrower and
its Subsidiaries, Property which (i) represents more than 10% of the
consolidated assets of the Borrower and its Subsidiaries as would be shown in
the consolidated financial statements of the Borrower and its Subsidiaries as of
the beginning of the twelve-month period ending with the month in which such
determination is made, or (ii) is responsible for more than 10% of the
consolidated net sales or of the consolidated net income of the Borrower and its
Subsidiaries as reflected in the financial statements referred to in clause (i)
above.

"Taxes" means any and all present or future taxes, duties, levies, imposts,
deductions, charges or withholdings, and any and all liabilities with respect to
the foregoing, but excluding Excluded Taxes and Other Taxes.

"Transferee" is defined in Section 12.4.

"Type" is defined in Section 2.3.

"Unfunded Liabilities" means the amount (if any) by which the present value of
all vested and unvested accrued benefits under all Single Employer Plans exceeds
the fair market value of all such Plan assets allocable to such benefits, all
determined as of the then most recent valuation date for such Plans using PBGC
actuarial assumptions for single employer plan terminations.

"Unmatured Default" means an event which but for the lapse of time or the giving
of notice, or both, would constitute a Default.

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"Wholly-Owned Subsidiary" of a Person means (i) any Subsidiary all of the
outstanding voting securities of which shall at the time be owned or controlled,
directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries
of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of
such Person, or (ii) any partnership, limited liability company, association,
joint venture or similar business organization 100% of the ownership interests
having ordinary voting power of which shall at the time be so owned or
controlled.

1.2.              Other Interpretive Provisions.

(a)                The meanings of defined terms are equally applicable to the
singular and plural forms of such terms.

(b)               Section, Schedule and Exhibit references are to this Agreement
unless otherwise specified.

(c)                The terms "including," "includes" and "include" shall be
deemed to be followed by the phrase "without limitation."

(d)               In the computation of periods of time from a specified date to
a later specified date, the word "from" means "from and including"; the words
"to" and "until" each mean "to but excluding", and the word "through" means "to
and including."

(e)                Unless otherwise expressly specified, all references herein
to a particular time shall mean New York, New York time.

(f)                 Unless otherwise expressly provided herein, (i) references
to agreements (including this Agreement), other contractual instruments and
organizational documents shall be deemed to include all subsequent amendments
and other modifications thereto, but only to the extent such amendments and
other modifications are not prohibited by the terms of this Agreement, and (ii)
references to any statute or regulation are to be construed as including all
statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting such statute or regulation.

ARTICLE 2

THE CREDITS

2.1.            Commitments.  Each Lender severally agrees, on the terms and
conditions set forth in this Agreement, to  make term loans to the Borrower
(each such term loan, a "Loan" and collectively, the "Loans") in a single draw
on the Closing Date, in Dollars, and in an amount equal to such Lender's
Commitment.  Each Loan under this Section 2.1 shall consist of Loans made by
each Lender ratably in proportion to such Lender's respective Pro Rata Share of
the Aggregate Commitment.  No Loan shall be reborrowed once repaid.

2.2.            Required Payments; Termination.
 

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(a)                Except to the extent due or paid sooner pursuant to the
provisions of this Agreement, the Borrower shall repay to the Lenders the
aggregate outstanding principal amount of each Loan on the Facility Termination
Date.

(b)               Notwithstanding anything to the contrary herein, except to the
extent due or paid sooner pursuant to the provisions of this Agreement, the
Aggregate Outstanding Credit Exposure and all unpaid Obligations shall be paid
in full by the Borrower on the Facility Termination Date.

2.3.            Types of Advances; Minimum Amount of Each Advance.  The Loans
may be comprised of Floating Rate Advances or Eurodollar Advances (each, a
"Type" of Advance), or a combination thereof, selected by the Borrower in
accordance with Sections 2.7 and 2.8.  Each Eurodollar Advance shall be in the
amount of $5,000,000 or a higher integral multiple of $100,000, and each
Floating Rate Advance shall be in the amount of $5,000,000 or a higher integral
multiple of $100,000.

2.4.            Fees

(a)                The Borrower agrees to pay to the Administrative Agent for
the account of each Lender an upfront fee in an amount agreed to in the Fee
Letter, payable on the date of execution of this Agreement.

(b)               The Borrower shall pay to the Arranger and the Administrative
Agent for their own respective accounts fees in the amounts and at the times
specified in the Fee Letter.

The fees described in this Section 2.4 shall be fully earned when paid and shall
not be refundable for any reason whatsoever.

2.5.            Reduction or Termination of Aggregate Commitment.  The
Commitments shall terminate upon the earlier of (a) the funding of the Loans to
the Borrower in the manner specified in Section 2.1 and (ii) 5:00 p.m. on the
Closing Date.

2.6.            Optional Principal Payments.  The Borrower may from time to time
pay, without penalty or premium, all outstanding Floating Rate Advances or, in
an aggregate amount of $5,000,000 or a higher integral multiple of $100,000, any
portion of the outstanding Floating Rate Advances upon one (1) Business Day's
prior notice to the Administrative Agent.  The Borrower may from time to time
pay, subject to the payment of any funding indemnification amounts required by
Section 3.4 but without penalty or premium, all outstanding Eurodollar Advances
or, in an aggregate amount of $5,000,000 or a higher integral multiple of
$100,000, any portion of the outstanding Eurodollar Advances upon three (3)
Business Days' prior notice to the Administrative Agent.

2.7.            Requesting Loans.  In order to obtain the Loans hereunder
(excluding, for the avoidance of doubt, conversions of outstanding Loans which
shall be made pursuant to Section 2.8), the Borrower shall give the
Administrative Agent irrevocable notice (the "Borrowing Notice") not later than
11:00 a.m. at least one (1) Business Day before the Closing Date to the extent
such Loans will constitute a Floating Rate Advance, and one (1) Business Day
before the Closing Date to the extent such Loans will constitute a Eurodollar
Advance (provided, that any request for a Eurodollar Advance shall be
accompanied by a
 

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 written agreement to indemnify the Lenders for loss or costs of the type
described in Section 3.4 notwithstanding that this Agreement may not yet be
effective), specifying:

(i)                  the date of such Advance, which shall be the Closing Date
and a Business Day,

(ii)                the aggregate amount of such Advance,

(iii)               the Type of Advance selected, and

(iv)              in the case of a Eurodollar Advance, the Interest Period
applicable thereto.

Not later than 1:00 p.m. on the Closing Date, each Lender shall make available
its Pro Rata Share of the Loans in funds immediately available to the
Administrative Agent at its address specified pursuant to Article 13.  The
Administrative Agent will make the funds so received from the Lenders available
to the Borrower at the Administrative Agent's aforesaid address.

2.8.            Conversion and Continuation of Outstanding Advances.  Floating
Rate Advances shall continue as Floating Rate Advances unless and until such
Floating Rate Advances are converted into Eurodollar Advances pursuant to this
Section 2.8 or are repaid in accordance with Section 2.6.  Each Eurodollar
Advance shall continue as a Eurodollar Advance until the end of the then
applicable Interest Period therefor, at which time such Eurodollar Advance shall
be automatically converted into a Floating Rate Advance unless (x) such
Eurodollar Advance is or was repaid in accordance with Section 2.6 or (y) the
Borrower shall have given the Administrative Agent a Conversion/Continuation
Notice (as defined below) requesting that, at the end of such Interest Period,
such Eurodollar Advance continue as a Eurodollar Advance for the same or another
Interest Period.  Subject to Section 2.3, the Borrower may elect from time to
time to convert all or any part of a Floating Rate Advance into a Eurodollar
Advance.  The Borrower shall give the Administrative Agent irrevocable notice (a
"Conversion/Continuation Notice") of each conversion of a Floating Rate Advance
into a Eurodollar Advance or continuation of a Eurodollar Advance not later than
11:00 a.m. at least three (3) Business Days prior to the date of the requested
conversion or continuation, specifying:

(i)                  the requested date, which shall be a Business Day, of such
conversion or continuation,

(ii)                the aggregate amount and Type of the Advance which is to be
converted or continued, and

(iii)               the amount of such Advance, which is to be converted into or
continued as a Eurodollar Advance and the duration of the Interest Period
applicable thereto.

2.9.            Changes in Interest Rate, etc.

(a)                Each Floating Rate Advance shall bear interest on the
outstanding principal amount thereof, for each day from the date such Floating
Rate Advance is made or is automatically converted from a Eurodollar Advance
into a Floating Rate Advance pursuant to Section 2.8, to the date it is paid or
is converted into a Eurodollar Advance pursuant to Section 2.8, at a rate per
annum equal to the Floating Rate for such day.  Changes in the rate of interest
on that portion of any Loan maintained as a Floating Rate Advance will take
effect simultaneously with each change in the Alternate Base Rate.
 

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(b)               Each Eurodollar Advance shall bear interest on the outstanding
principal amount thereof from the first day of the Interest Period applicable
thereto to (but not including) the last day of such Interest Period at the
interest rate determined by the Administrative Agent as applicable to such
Eurodollar Advance based upon the Borrower's selections under Sections 2.7 and
2.8 and otherwise in accordance with the terms hereof.  No Interest Period may
end after the Facility Termination Date.

2.10.        Rates Applicable After Default.  Notwithstanding anything to the
contrary contained in Sections 2.7, 2.8 or 2.9, during the continuance of a
Default the Required Lenders may, at their option, by notice to the Borrower,
declare that no Advance may be made as, converted into or continued as a
Eurodollar Advance.  During the continuance of a Default the Required Lenders
may, at their option, by notice to the Borrower, declare that (i) each
Eurodollar Advance shall bear interest for the remainder of the applicable
Interest Period at the rate otherwise applicable to such Interest Period plus 2%
per annum and (ii) each Floating Rate Advance shall bear interest at a rate per
annum equal to the Alternate Base  Rate in effect from time to time plus 2% per
annum; provided that during the continuance of a Default under Sections 7(g) or
7(h), the interest rates set forth in clauses (i) and (ii) above shall be
applicable to all Advances without any election or action on the part of the
Administrative Agent or any Lender.

2.11.        Method of Payment.  All payments of the Obligations hereunder shall
be made, without setoff, deduction, or counterclaim, in immediately available
funds to the Administrative Agent at the Administrative Agent's address
specified pursuant to Article 13, or at any other Lending Installation of the
Administrative Agent specified in writing by the Administrative Agent to the
Borrower, by 12:00 noon (local time) on the date when due and shall be applied
ratably by the Administrative Agent among the Lenders.  Each payment delivered
to the Administrative Agent for the account of any Lender shall be delivered
promptly by the Administrative Agent to such Lender in the same type of funds
that the Administrative Agent received at its address specified pursuant to
Article 13 or at any Lending Installation specified in a notice received by the
Administrative Agent from such Lender.  The Administrative Agent is hereby
authorized to charge any account of the Borrower maintained with JPMorgan for
each payment of principal, interest and fees as it becomes due hereunder.

2.12.        Noteless Agreement; Evidence of Indebtedness.

(a)                Each Lender shall maintain in accordance with its usual
practice an account or accounts evidencing the indebtedness of the Borrower to
such Lender resulting from each Loan made by such Lender from time to time,
including the amounts of principal and interest payable and paid to such Lender
from time to time hereunder.

(b)               The Administrative Agent shall also maintain the Register
pursuant to Section 12.3(c) and subaccounts for each Lender in which (taken
together) it will record (a) the amount of each Loan made hereunder, the Type
thereof and the Interest Period (if any) with respect thereto, (b) the amount of
any principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder, and (c) the amount of any sum received by the
Administrative Agent hereunder from the Borrower and each Lender's share
thereof.

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(c)                The entries maintained in the accounts, Register and
subaccounts maintained pursuant to Sections 2.12(a) and (b) above shall be prima
facie evidence of the existence and amounts of the Obligations therein recorded;
provided that the failure of the Administrative Agent or any Lender to maintain
such accounts, such Register or such subaccount, as applicable, or any error
therein shall not in any manner affect the obligation of the Borrower to repay
the Obligations in accordance with their terms.

(d)               The Loans made by each Lender shall, if requested by the
applicable Lender (which request shall be made to the Administrative Agent), be
evidenced by a Note, appropriately completed and executed by the Borrower and
payable to the order of such Lender.  Each Note shall be entitled to all of the
benefits of this Agreement and the other Loan Documents and shall be subject to
the provisions hereof and thereof.

2.13.        Telephonic Notices.  The Borrower hereby authorizes the Lenders and
the Administrative Agent to extend, convert or continue Advances, effect
selections of Types of Advances and to transfer funds based on telephonic
notices made by any person or persons the Administrative Agent or any Lender in
good faith believes to be acting on behalf of the Borrower, it being understood
that the foregoing authorization is specifically intended to allow the Borrowing
Notice and Conversion/Continuation Notices to be given telephonically.  The
Borrower agrees to deliver promptly to the Administrative Agent a written
confirmation, if such confirmation is requested by the Administrative Agent or
any Lender, of each telephonic notice signed by an Authorized Officer.  If the
written confirmation differs in any material respect from the action taken by
the Administrative Agent and the Lenders, the records of the Administrative
Agent and the Lenders shall govern absent manifest error.

2.14.        Interest Payment Dates; Interest and Fee Basis.

(a)                Interest accrued on each Floating Rate Advance shall be
payable on each Payment Date, commencing with the first such date to occur after
the date hereof, on any date on which such Floating Rate Advance is prepaid,
whether due to acceleration or otherwise, and at the Facility Termination Date. 
Interest accrued on that portion of the outstanding principal amount of any
Floating Rate Advance converted into a Eurodollar Advance on a day other than a
Payment Date shall be payable on the date of conversion.

(b)               Interest accrued on each Eurodollar Advance shall be payable
on the last day of its applicable Interest Period, on any date on which the
Eurodollar Advance is prepaid, whether by acceleration or otherwise, and at the
Facility Termination Date.  Interest accrued on each Eurodollar Advance having
an Interest Period longer than three months shall also be payable on the last
day of each three-month interval during such Interest Period.

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(c)                Interest on Floating Rate Advances bearing interest at the
Prime Rate shall be calculated for actual days elapsed on the basis of a 365, or
when appropriate, 366 day year.  All other interest and all fees shall be
calculated for actual days elapsed on the basis of a 360-day year.  Interest
shall be payable for the day an Advance is made but not for the day of any
payment on the amount paid if payment is received prior to 12:00 noon (local
time) at the place of payment.  If any payment of principal of or interest on an
Advance shall become due on a day which is not a Business Day, such payment
shall be made on the next succeeding Business Day (except for interest payments
in respect of Eurodollar Advances whose Interest Period ends on a day which is
not a Business Day, and the next succeeding Business Day falls in a new calendar
month, in which case interest accrued on such Eurodollar Advance shall be
payable on the immediately preceding Business Day) and, in the case of a
principal payment, such extension of time shall be included in computing
interest in connection with such payment.

2.15.        Notification of Advances, Interest Rates, Prepayments and
Commitment Reductions.  Promptly after receipt thereof, the Administrative Agent
will notify each Lender of the contents of the Borrowing Notice and each
Conversion/Continuation Notice and repayment notice received by it hereunder. 
The Administrative Agent will notify each Lender of the interest rate applicable
to each Eurodollar Advance promptly upon determination of such interest rate and
will give each Lender prompt notice of each change in the Alternate Base Rate.

2.16.        Lending Installations.  Each Lender may book its Loans at any
Lending Installation selected by such Lender and may change its Lending
Installation from time to time.  All terms of this Agreement shall apply to any
such Lending Installation and the Loans and any Notes issued hereunder shall be
deemed held by each Lender for the benefit of any such Lending Installation. 
Each Lender may, by written notice to the Administrative Agent and the Borrower
in accordance with Article 13, designate replacement or additional Lending
Installations through which Loans will be made by it and for whose account Loan
payments are to be made.

2.17.        Non-Receipt of Funds by the Administrative Agent.  Unless the
Borrower or a Lender, as the case may be, notifies the Administrative Agent
prior to the date on which it is scheduled to make payment to the Administrative
Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case
of the Borrower, a payment of principal, interest or fees to the Administrative
Agent for the account of the Lenders, that it does not intend to make such
payment, the Administrative Agent may assume that such payment has been made. 
The Administrative Agent may, but shall not be obligated to, make the amount of
such payment available to the intended recipient in reliance upon such
assumption.  If such Lender or the Borrower, as the case may be, has not in fact
made such payment to the Administrative Agent, the recipient of such payment
shall, on demand by the Administrative Agent, repay to the Administrative Agent
the amount so made available together with interest thereon in respect of each
day during the period commencing on the date such amount was so made available
by the Administrative Agent until the date the Administrative Agent recovers
such amount at a rate per annum equal to (x) in the case of payment by a Lender,
the Federal Funds Effective Rate for such day for the first three (3) days and,
thereafter, the interest rate applicable to the relevant Loan or (y) in the case
of payment by the Borrower, the interest rate applicable to the relevant Loan.

2.18.        [Reserved.]

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2.19.        Replacement of Lender.  If the Borrower is required pursuant to
Sections 3.1, 3.2 or 3.5 to make any additional payment to any Lender or if any
Lender's obligation to make or continue, or to convert Floating Rate Advances
into, Eurodollar Advances shall be suspended pursuant to Section 3.3 (any Lender
so affected an "Affected Lender"), the Borrower may elect, if such amounts
continue to be charged or such suspension is still effective, to replace such
Affected Lender as a Lender party to this Agreement, provided that no Default or
Unmatured Default shall have occurred and be continuing at the time of such
replacement, and provided further that, concurrently with such replacement, (i)
another bank or other entity which is reasonably satisfactory to the Borrower
and the Administrative Agent shall agree, as of such date, to purchase for cash
the Advances and other Obligations (excluding the amounts payable by the
Borrower pursuant to clause (ii) of this proviso) due to the Affected Lender
pursuant to an assignment substantially in the form of Exhibit C and to become a
Lender for all purposes under this Agreement and to assume all obligations of
the Affected Lender to be terminated as of such date and to comply with the
requirements of Section 12.3 applicable to assignments, and (ii) the Borrower
shall pay to such Affected Lender in same day funds on the day of such
replacement (A) all interest, fees and other amounts then accrued but unpaid to
such Affected Lender by the Borrower hereunder to and including the date of
termination, including payments due to such Affected Lender under Sections 3.1,
3.2 or 3.5, and (B) an amount, if any, equal to the payment which would have
been due to such Lender on the day of such replacement under Section 3.4 had the
Loans of such Affected Lender been prepaid on such date rather than sold to the
replacement Lender.

ARTICLE 3

YIELD PROTECTION; TAXES

3.1.            Yield Protection.  If, on or after the Closing Date, the
adoption of any law or any governmental or quasi governmental rule, regulation,
policy, guideline or directive (whether or not having the force of law), or any
change in the interpretation or administration thereof by any governmental or
quasi-governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender or
applicable Lending Installation with any request or directive (whether or not
having the force of law) of any such authority, central bank or comparable
agency:

(i)                  subjects any Lender or any applicable Lending Installation
to any Taxes, or changes the basis of taxation of payments (other than with
respect to Excluded Taxes or to any increased costs from taxes which will be
governed exclusively by Section 3.5) to any Lender in respect of its Eurodollar
Advances, or

(ii)                imposes or increases or deems applicable any reserve,
assessment, insurance charge, special deposit or similar requirement against
assets of, deposits with or for the account of, or credit extended by, any
Lender or any applicable Lending Installation (other than reserves and
assessments taken into account in determining the interest rate applicable to
Eurodollar Advances), or

(iii)               imposes any other condition the result of which is to
increase the cost to any Lender (or any applicable Lending Installation) of
making, funding or maintaining its Eurodollar Advances, or reduces any amount
receivable by any Lender (or any applicable Lending Installation) in connection
with its Eurodollar Advances, or requires any Lender (or any applicable Lending
Installation) to make any payment calculated by reference to the amount of
Eurodollar Advances held or interest received by it, by an amount deemed
material by such Lender,

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and the result of any of the foregoing is to increase the cost to such Lender or
applicable Lending Installation of making or maintaining its Eurodollar
Advances, or to reduce the return received by such Lender or applicable Lending
Installation in connection with such Eurodollar Advances, then, within fifteen
(15) days of demand by such Lender, the Borrower shall pay such Lender such
additional amount or amounts as will compensate such Lender for such increased
cost or reduction in amount received.

3.2.            Changes in Capital Adequacy Regulations.  If a Lender determines
the amount of capital required or expected to be maintained by such Lender, any
Lending Installation of such Lender, or any corporation controlling such Lender
is increased as a result of a Change, then, within fifteen (15) days of demand
by such Lender, the Borrower shall pay such Lender the amount necessary to
compensate for any shortfall in the rate of return on the portion of such
increased capital which such Lender determines is attributable to this
Agreement, its Outstanding Credit Exposure or its Commitment to make Loans
hereunder (after taking into account such Lender's policies as to capital
adequacy).  "Change" means (i) any change after the Closing Date in the
Risk-Based Capital Guidelines, or (ii) any adoption of or change in any other
law, governmental or quasi governmental rule, regulation, policy, guideline,
interpretation, or directive (whether or not having the force of law) after the
Closing Date which affects the amount of capital required or expected to be
maintained by any Lender or any Lending Installation or any corporation
controlling any Lender.  "Risk-Based Capital Guidelines" means (i) the risk
based capital guidelines in effect in the United States on the Closing Date,
including transition rules, and (ii) the corresponding capital regulations
promulgated by regulatory authorities outside the United States implementing the
July 1988 report of the Basle Committee on Banking Regulation and Supervisory
Practices Entitled "International Convergence of Capital Measurements and
Capital Standards," including transition rules, and any amendments to such
regulations adopted prior to the Closing Date.

3.3.            Availability of Types of Advances.  If any Lender determines
that maintenance of its Eurodollar Advances at a suitable Lending Installation
would violate any applicable law, rule, regulation, or directive, whether or not
having the force of law, or if the Required Lenders determine that (i) deposits
of a type and maturity appropriate to match fund Eurodollar Advances are not
available or (ii) the interest rate applicable to Eurodollar Advances does not
accurately reflect the cost of making or maintaining Eurodollar Advances, then
the Administrative Agent shall suspend the availability of Eurodollar Advances
and require any affected Eurodollar Advances to be repaid or converted to
Floating Rate Advances, subject to the payment of any funding indemnification
amounts required by Section 3.4.

3.4.            Funding Indemnification.  If any payment of a Eurodollar Advance
occurs on a date which is not the last day of the applicable Interest Period,
whether because of acceleration, prepayment or otherwise, or a Eurodollar
Advance is not made on the date specified by the Borrower for any reason other
than default by the Lenders, the Borrower will indemnify each Lender for any
loss or cost incurred by it resulting therefrom, including any loss or cost in
liquidating or employing deposits acquired to fund or maintain such Eurodollar
Advance.

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3.5.            Taxes.

(a)                All payments by the Borrower to or for the account of any
Lender or the Administrative Agent hereunder or under any Note shall be made
free and clear of and without deduction for any and all Taxes.  If the Borrower
shall be required by law to deduct any Taxes from or in respect of any sum
payable hereunder to any Lender or the Administrative Agent, (a) the sum payable
shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this
Section 3.5) such Lender or the Administrative Agent (as the case may be)
receives an amount equal to the sum it would have received had no such
deductions been made, (b) the Borrower shall make such deductions, (c) the
Borrower shall pay the full amount deducted to the relevant authority in
accordance with applicable law and (d) the Borrower shall furnish to the
Administrative Agent the original copy of a receipt evidencing payment thereof
within thirty (30) days after such payment is made.

(b)               In addition, the Borrower hereby agrees to pay any present or
future stamp or documentary taxes and any other excise or property taxes,
charges or similar levies which arise from any payment made hereunder or under
any Note or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any Note ("Other Taxes").

(c)                The Borrower hereby agrees to indemnify the Administrative
Agent and each Lender for the full amount of Taxes or Other Taxes (including any
Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by
the Administrative Agent or such Lender and any liability (including penalties,
interest and expenses, provided that the Administrative Agent and the Lenders
shall use best efforts to avoid incurrence of the same) arising therefrom or
with respect thereto.  Payments due under this indemnification shall be made
within thirty (30) days of the date the Administrative Agent or such Lender
makes demand therefor pursuant to Section 3.6.

(d)               Each Lender (or Transferee) that is organized under the laws
of a jurisdiction other than the United States, any State thereof or the
District of Columbia (a "Non−U.S. Lender") that is entitled to an exemption from
or reduction of withholding tax under the law of the jurisdiction in which the
Borrower is resident for tax purposes, or any treaty to which such jurisdiction
is a party, with respect to payments hereunder or under any other Loan Document
shall deliver to the Borrower (with a copy to the Administrative Agent), at the
time or times prescribed by applicable law or reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be
made without withholding or at a reduced rate of withholding. In addition, any
Lender, if requested by the Borrower or the Administrative Agent, shall deliver
such other documentation prescribed by applicable law or reasonably requested by
the Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements.

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Without limiting the generality of the foregoing, in the event that the Borrower
is resident for tax purposes in the United States of America, any Non-U.S.
Lender shall deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date
on which such Non−U.S. Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the request of the Borrower or the Administrative
Agent, but only if such Non−U.S. Lender is legally entitled to do so), whichever
of the following is applicable:

(i)                  duly completed copies of Internal Revenue Service Form
W-8BEN claiming eligibility for benefits of an income tax treaty to which the
United States of America is a party,

(ii)                duly completed copies of Internal Revenue Service Form
W-8ECI,

(iii)               duly completed copies of Internal Revenue Service Form
W-8IMY,

(iv)              with respect to clauses (i) - (iii), any subsequent versions
thereof or successors thereto, in each case claiming complete exemption from, or
reduced rate of, U.S. Federal withholding tax and payments of interest
hereunder,

(v)                in the case of a Non−U.S. Lender claiming the benefits of the
exemption for portfolio interest under section 871(h) or 881(c) of the Code, (x)
a certificate to the effect that such Non−U.S. Lender is not (A) a "bank" for
purposes of section 881(c) of the Code, (B) a "10-percent shareholder" (within
the meaning of section 871(h)(3)(B) of the Code) of the Borrower (or any
Affiliate thereof) and (C) a "controlled foreign corporation" related to the
Borrower or any Affiliate thereof (within the meaning of section 864(d)(4) of
the Code), and such Non-U.S. Lender agrees that it shall promptly notify the
Borrower in the event any of the above representations are no longer accurate
and (y) duly completed copies of Internal Revenue Service Form W-8BEN, or

(vi)              any other form prescribed by applicable law as a basis for
claiming exemption from or a reduction in United States Federal withholding tax
duly completed together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower to determine the withholding
or deduction required to be made.

(e)                For any period during which a Non-U.S. Lender has failed to
provide the Borrower with an appropriate form pursuant to Section 3.5(d) (unless
such failure is due to a change in treaty, law or regulation, or any change in
the interpretation or administration thereof by any governmental authority,
occurring subsequent to the date on which a form originally was required to be
provided) or Section 3.5(f), such Lender shall not be entitled to
indemnification under this Section 3.5 with respect to Taxes; provided that,
should a Non-U.S. Lender which is otherwise exempt from or subject to a reduced
rate of withholding tax become subject to Taxes because of its failure to
deliver a form required under Section 3.5(d), the Borrower shall take such
commercially-reasonable steps (at the cost of the Non-U.S. Lender) as such
Non-U.S. Lender shall reasonably request to assist such Non-U.S. Lender to
recover such Taxes.

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(f)                 Any Lender that is entitled to an exemption from or
reduction of withholding tax with respect to payments under this Agreement or
any Note pursuant to the law of any relevant jurisdiction or any treaty shall
deliver to the Borrower (with a copy to the Administrative Agent), at the time
or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be
made without withholding or at a reduced rate.

(g)                If the U.S. Internal Revenue Service or any other
governmental authority of the United States or any other country or any
political subdivision thereof asserts a claim that the Administrative Agent did
not properly withhold tax from amounts paid to or for the account of any Lender
(because the appropriate form was not delivered or properly completed, because
such Lender failed to notify the Administrative Agent of a change in
circumstances which rendered its exemption from withholding ineffective, or for
any other reason), such Lender shall indemnify the Administrative Agent fully
for all amounts paid, directly or indirectly, by the Administrative Agent as
tax, withholding therefor, or otherwise, including penalties and interest, and
including taxes imposed by any jurisdiction on amounts payable to the
Administrative Agent under this subsection, together with all costs and expenses
related thereto (including attorneys fees and time charges of attorneys for the
Administrative Agent, which attorneys may be employees of the Administrative
Agent) and the Borrower shall have no liability pursuant to this Agreement to
the Administrative Agent with respect to such amounts.  The obligations of the
Lenders under this Section 3.5(g) shall survive the payment of the Obligations
and termination of this Agreement.

(h)                Any Lender or Administrative Agent claiming any indemnity
payment or additional payment amounts payable pursuant to this Section 3.5 shall
use reasonable efforts (consistent with legal and regulatory restrictions and at
the cost of the Borrower) to file any certificate or document reasonably
requested in writing by the Borrower or to change the jurisdiction of its
applicable lending office if the making of such a filing or change (1) would
avoid the need for or reduce the amount of any such indemnity payment or
additional amount that may thereafter accrue, (2) would not require such Lender
or the Agent to disclose any information such Lender or the Administrative Agent
deems confidential and (3) would not subject such Lender or the Administrative
Agent to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender or the Administrative Agent.

(i)                  Each Lender will promptly notify the Borrower and the
Administrative Agent of any event of which it has knowledge, occurring after the
date of this Agreement, which will entitle such Lender to compensation pursuant
to this Section 3.5; provided that (i) if any Lender fails to give such notice
within 180 days after it obtains actual knowledge of such event (or, in the
exercise of ordinary due diligence, should have obtained actual knowledge
thereof), such Lender shall only be entitled to payments under this Section 3.5
for costs incurred from and after the date 180 days prior to the date that such
Lender does give such notice.

3.6.            Alternate Lending Installation; Lender Statements; Survival of
Indemnity.  To the extent reasonably possible, each Lender shall designate an
alternate Lending Installation with respect to its Eurodollar Advances to reduce
any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or
to avoid the unavailability of Eurodollar Advances under Section 3.3, so long as
such designation is not, in the judgment of such Lender, disadvantageous to such
Lender.  Each Lender shall deliver a written statement of such Lender to the
Borrower (with a copy to the Administrative Agent) as to the amount due, if any,
under Sections 3.1, 3.2, 3.4 or 3.5.
 

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Such written statement shall set forth in reasonable detail the calculations
upon which such Lender determined such amount and shall be final, conclusive and
binding on the Borrower in the absence of manifest error.  Determination of
amounts payable under such Sections in connection with a Eurodollar Advance
shall be calculated as though each Lender funded its Eurodollar Advance through
the purchase of a deposit of the type and maturity corresponding to the deposit
used as a reference in determining the Eurodollar Rate applicable to such Loan,
whether in fact that is the case or not.  Unless otherwise provided herein, the
amount specified in the written statement of any Lender shall be payable on
demand after receipt by the Borrower of such written statement.  The obligations
of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of
the Obligations and termination of this Agreement.
 

ARTICLE 4

CONDITIONS PRECEDENT

4.1.            Loans; Closing Date.  The Lenders shall not be required to make
the Loans hereunder as described in Section 2.1, and the Closing Date shall not
occur, unless:

(a)                The Borrower has furnished to the Administrative Agent
sufficient copies for the Lenders of:

(i)                  Copies of the articles or certificate of incorporation of
the Borrower, together with all amendments, and a certificate of good standing,
each certified by the appropriate governmental officer in its jurisdiction of
incorporation.

(ii)                Copies, certified by the Secretary or Assistant Secretary of
the Borrower, of its bylaws and of its Board of Directors' resolutions and of
resolutions or actions of any other body authorizing the execution of the Loan
Documents.

(iii)               An incumbency certificate, executed by the Secretary or
Assistant Secretary of the Borrower, which shall identify by name and title and
bear the signatures of the Authorized Officers and any other officers of the
Borrower authorized to sign the Loan Documents, upon which certificate the
Administrative Agent and the Lenders shall be entitled to rely until informed of
any change in writing by the Borrower.

(iv)              A certificate, signed by an Authorized Officer, certifying the
satisfaction of the condition in Section 4.1(c) below.

(v)                One or more written legal opinions of the Borrower's counsel,
addressed to the Administrative Agent and the Lenders, dated as of the Closing
Date, in form and substance reasonably acceptable to the Administrative Agent
and attached hereto as Exhibit A.

(vi)              Signature pages or counterparts to this Agreement and the Fee
Letter.

(vii)             Any Notes requested by a Lender pursuant to Section 2.12
payable to the order of each such requesting Lender.

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(viii)           Written money transfer instructions, in substantially the form
of Exhibit D, addressed to the Administrative Agent and signed by an Authorized
Officer, together with such other related money transfer authorizations as the
Administrative Agent may have reasonably requested.

(ix)              Such other documents as any Lender or its counsel may have
reasonably requested.

(b)               The Lenders and the Administrative Agent shall have received
all fees required to be paid, and all expenses for which invoices have been
presented, on or before the Closing Date.

(c)                No Default or Unmatured Default exists on or as of the
Closing Date.

(d)               The representations and warranties contained in Article 5
shall be true and correct on and as of the Closing Date except to the extent any
such representation or warranty is stated to relate solely to an earlier date,
in which case such representation or warranty shall have been true and correct
on and as of such earlier date.

(e)                All legal matters incident to the making of such Loans shall
be satisfactory to the Lenders and their counsel.

ARTICLE 5

REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Lenders that:

5.1.            Existence and Standing.  Each of the Borrower and its
Subsidiaries is a corporation, partnership (in the case of Subsidiaries only) or
limited liability company duly and properly incorporated or organized, as the
case may be, validly existing and (to the extent such concept applies to such
entity) in good standing under the laws of its jurisdiction of incorporation or
organization and has all requisite authority to conduct its business in each
jurisdiction in which its business is conducted, except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse
Effect.

5.2.            Authorization and Validity.  The Borrower has the power and
authority and legal right to execute and deliver the Loan Documents and to
perform its obligations thereunder.  The execution and delivery by the Borrower
of the Loan Documents and the performance of its obligations thereunder have
been duly authorized by proper corporate proceedings, and the Loan Documents
constitute legal, valid and binding obligations of the Borrower enforceable
against the Borrower in accordance with their terms, except as enforceability
may be limited by bankruptcy, insolvency or similar laws affecting the
enforcement of creditors' rights generally.

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5.3.            No Conflict; Government Consent.  Neither the execution and
delivery by the Borrower of the Loan Documents, nor the consummation of the
transactions therein contemplated, nor compliance with the provisions thereof
will violate, except to the extent that such violation, alone or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect,
(i) any law, rule, regulation, order, writ, judgment, injunction, decree or
award binding on the Borrower or any of its Subsidiaries or (ii) the Borrower's
or any Subsidiary's articles or certificate of incorporation, partnership
agreement, certificate of partnership, articles or certificate of organization,
bylaws, or operating or other management agreement, as the case may be, or (iii)
the provisions of any indenture, instrument or agreement to which the Borrower
or any of its Subsidiaries is a party or is subject, or by which it, or its
Property, is bound, or conflict with or constitute a default thereunder, or
result in, or require, the creation or imposition of any Lien in, of or on the
Property of the Borrower or a Subsidiary pursuant to the terms of any such
indenture, instrument or agreement.  No order, consent, adjudication, approval,
license, authorization, or validation of, or filing, recording or registration
with, or exemption by, or other action in respect of any governmental or public
body or authority, or any subdivision thereof, which has not been obtained by
the Borrower or any of its Subsidiaries, is required to be obtained by the
Borrower or any of its Subsidiaries in connection with the execution and
delivery of the Loan Documents, the borrowings under this Agreement, the payment
and performance by the Borrower of the Obligations or the legality, validity,
binding effect or enforceability of any of the Loan Documents.

5.4.            Financial Statements.  The December 31, 2007 consolidated
financial statements of the Borrower and its Subsidiaries heretofore delivered
to the Lenders were prepared in accordance with the Agreement Accounting
Principles in effect on the date such statements were prepared and fairly
present the consolidated financial condition and operations of the Borrower and
its Subsidiaries at such date and the consolidated results of their operations
for the period then ended.

5.5.            Material Adverse Change.  Since December 31, 2007, there has
been no change in the business, Property, condition (financial or otherwise) or
results of operations of the Borrower and its Subsidiaries which could
reasonably be expected to have a Material Adverse Effect.

5.6.            Taxes.  The Borrower and its Subsidiaries have filed all
material United States federal tax returns and all other tax returns which are
required to be filed and have paid all taxes due pursuant to said returns or
pursuant to any assessment received by the Borrower or any of its Subsidiaries,
except such taxes, if any, as are being contested in good faith and as to which
adequate reserves have been provided in accordance with Agreement Accounting
Principles.  No tax liens have been filed and no claims are being asserted with
respect to any such taxes claimed to be due and payable that would, if adversely
determined, have a Material Adverse Effect.  The charges, accruals and reserves
for taxes on the books of the Borrower and its Subsidiaries (to the extent in
excess of $5,000,000) are adequate under Agreement Accounting Principles. 
Notwithstanding any provision in this Agreement to the contrary, the only
representations and warranties made by the Borrower with respect to matters
relating to taxes shall be the representations and warranties set forth in this
Section 5.6, and this Agreement shall not be interpreted in any manner that is
contrary hereto.

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5.7.            Litigation and Contingent Obligations.  Except as set forth in
the most recent consolidated financial statements provided to the Administrative
Agent pursuant to Section 5.4 or Section 6.1, respectively, there is no
litigation, arbitration, governmental investigation, proceeding or inquiry
pending or, to the knowledge of any of their officers, threatened against or
affecting the Borrower or any of its Subsidiaries which could reasonably be
expected to have a Material Adverse Effect or which seeks to prevent, enjoin or
delay the making of the Loans.  Other than any liability incident to any
litigation, arbitration or proceeding, which, if decided adversely, would not
reasonably be expected to have a Material Adverse Effect, the Borrower has no
material contingent liabilities or obligations not provided for or disclosed in
the most recent consolidated financial statements provided to the Administrative
Agent pursuant to Section 5.4 or Section 6.1, respectively.

5.8.            Subsidiaries.  Schedule 5.8 contains an accurate list of all
Subsidiaries of the Borrower as of the Closing Date, setting forth their
respective jurisdictions of organization and the percentage of their respective
capital stock or other ownership interests owned by the Borrower or other
Subsidiaries.  All of the issued and outstanding shares of capital stock or
other ownership interests of such Subsidiaries have been (to the extent such
concepts are relevant with respect to such ownership interests) duly authorized
and issued and are fully paid and nonassessable.

5.9.            ERISA.  The Unfunded Liabilities of all Single Employer Plans do
not in the aggregate exceed $75,000,000.  Neither the Borrower nor any other
member of the Controlled Group has incurred, or is reasonably expected to incur,
any withdrawal liability to Multiemployer Plans in excess of $25,000,000 in the
aggregate.  Each Plan complies in all material respects with all applicable
requirements of law and regulations, no Reportable Event has occurred with
respect to any Plan, neither the Borrower nor any other member of the Controlled
Group has withdrawn from any Plan or initiated steps to do so, and no steps have
been taken to reorganize or terminate any Plan.

5.10.        Accuracy of Information.  No information, exhibit or report
furnished by the Borrower or any of its Subsidiaries to the Administrative
Agent, the Arranger or to any Lender in connection with the negotiation of, or
compliance with, the Loan Documents contained any material misstatement of fact
or omitted to state a material fact or any fact necessary to make the statements
contained therein not misleading.

5.11.        Regulation U.  Margin stock (as defined in Regulation U)
constitutes less than 25% of the value of those assets of the Borrower and its
Subsidiaries which are subject to any limitation on sale, pledge, or other
restriction hereunder.

5.12.        Material Agreements.  Except as set forth in Schedule 5.12, neither
the Borrower nor any Subsidiary is a party to any agreement or instrument or
subject to any charter or other corporate restriction (a) which either prohibits
or restricts the ability of any Subsidiary of Borrower to declare or pay
dividends to the Borrower, or (b) which could reasonably be expected to have a
Material Adverse Effect.  Neither the Borrower nor any Subsidiary is in default
in the performance, observance or fulfillment of any of the obligations,
covenants or conditions contained in (i) any agreement to which it is a party,
which default could reasonably be expected to have a Material Adverse Effect or
(ii) any agreement or instrument evidencing or governing Material Indebtedness,
which default could reasonably be expected to have a Material Adverse Effect.

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5.13.        Compliance With Laws.  The Borrower and its Subsidiaries have
complied with all applicable statutes, rules, regulations, orders and
restrictions of any domestic or foreign government or any instrumentality or
agency thereof having jurisdiction over the conduct of their respective
businesses or the ownership of their respective Property except for any failure
to comply with any of the foregoing which could not reasonably be expected to
have a Material Adverse Effect.

5.14.        Ownership of Properties.  Except as set forth on Schedule 5.14, as
of the Closing Date, the Borrower and its Subsidiaries will have good title,
free of all Liens other than those permitted by Section 6.11, to all of the
Property and assets reflected in the Borrower's most recent consolidated
financial statements provided to the Administrative Agent as owned by the
Borrower and its Subsidiaries.

5.15.        Plan Assets; Prohibited Transactions.  The Borrower is not an
entity deemed to hold "plan assets" within the meaning of 29 C.F.R. § 2510.3-101
of an employee benefit plan (as defined in Section 3(3) of ERISA) which is
subject to Title I of ERISA or any plan (within the meaning of Section 4975 of
the Code), and neither the execution of this Agreement nor the making of the
Loans hereunder gives rise to a prohibited transaction within the meaning of
Section 406 of ERISA or Section 4975 of the Code.

5.16.        Environmental Matters.  In the ordinary course of its business, the
Borrower considers the effect of Environmental Laws on the business of the
Borrower and its Subsidiaries, in the course of which it identifies and
evaluates potential risks and liabilities accruing to the Borrower due to
Environmental Laws.  On the basis of this consideration, the Borrower has
concluded that the potential risks and liabilities accruing to the Borrower due
to Environmental Laws could not reasonably be expected to have a Material
Adverse Effect.  Neither the Borrower nor any Subsidiary has received any notice
to the effect that its operations are not in material compliance with any of the
requirements of applicable Environmental Laws or are the subject of any federal
or state investigation evaluating whether any remedial action is needed to
respond to a release of any toxic or hazardous waste or substance into the
environment, which noncompliance or remedial action could reasonably be expected
to have a Material Adverse Effect.

5.17.        Investment Company Act.  The Borrower is not an "investment
company" or a company "controlled" by an "investment company", within the
meaning of the Investment Company Act of 1940.

5.18.        OFAC; PATRIOT Act.

(a)                Neither the Borrower or any of its Subsidiaries is a
Sanctioned Person or does business in a Sanctioned Country or with a Sanctioned
Person in violation of the economic sanctions of the United States administered
by OFAC.

(b)               Each of the Borrower and its Subsidiaries is in compliance in
all material respects with the PATRIOT Act.  No part of the proceeds of the
Loans hereunder will be used, directly or indirectly, for any payments to any
governmental official or employee, political party, official of a political
party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper
advantage, in violation of the United States Foreign Corrupt Practices Act of
1977, as amended.

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ARTICLE 6

COVENANTS

During the term of this Agreement, unless the Required Lenders shall otherwise
consent in writing:

6.1.            Financial Reporting.  The Borrower will maintain, for itself and
each Subsidiary, a system of accounting established and administered in
accordance with the Agreement Accounting Principles, and furnish to the
Administrative Agent in sufficient copies for each of the Lenders:

(i)                  Within one hundred twenty (120) days after the close of
each of its fiscal years (or, if earlier, within thirty (30) days after the
Borrower is required to file its Annual Report on Form 10-K with the Securities
and Exchange Commission for such fiscal year), an unqualified (except for
qualifications relating to changes in Agreement Accounting Principles or
practices reflecting changes in Agreement Accounting Principles and required or
approved by the Borrower's independent registered public accountants) audit
report certified by independent registered public accountants reasonably
acceptable to the Lenders, prepared in accordance with the Agreement Accounting
Principles on a consolidated and consolidating basis (consolidating statements
need not be certified by such accountants) for itself and its Subsidiaries,
including balance sheets as of the end of such period, related profit and loss
and reconciliation of surplus statements, and a statement of cash flows. 
Delivery by the Borrower to the Administrative Agent of copies of the Borrower's
Annual Report on Form 10-K filed with the Securities and Exchange Commission for
any year shall satisfy the Borrower's obligation under this clause (i) with
respect to such year.

(ii)                Within sixty (60) days after the close of the first three
quarterly periods of each of its fiscal years (or, if earlier, within fifteen
(15) days after the Borrower is required to file its Quarterly Report on Form
10-Q for with the Securities and Exchange Commission for such period),
consolidated and consolidating unaudited balance sheets as at the close of each
the first three quarterly periods of each of its fiscal years, for itself and
its Subsidiaries and consolidated and consolidating profit and loss and
reconciliation of surplus statements and a statement of cash flows for the
period from the beginning of such fiscal year to the end of such quarter, all
certified by an Authorized Officer.  Delivery by the Borrower to the
Administrative Agent of copies of the Borrower's Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission for any quarter shall satisfy
the Borrower's obligation under this clause (ii) with respect to such quarter.

(iii)               Together with the financial statements required under
Sections 6.1(i) and (ii), (A) a compliance certificate in substantially the form
of Exhibit B signed by an Authorized Officer showing the calculations necessary
to determine compliance with this Agreement and stating that no Default or
Unmatured Default exists, or if any Default or Unmatured Default exists, stating
the nature and status thereof and (B) a calculation of the Indebtedness secured
by Liens permitted under Section 6.11(xiii) in such form as is reasonably
satisfactory to the Administrative Agent.

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(iv)              As soon as possible and in any event within ten (10) days
after the Borrower knows that any Reportable Event has occurred with respect to
any Plan, a statement, signed by an Authorized Officer, describing said
Reportable Event and the action which the Borrower proposes to take with respect
thereto.

(v)                As soon as possible and in any event within ten (10) days
after receipt by the Borrower, a copy of (a) any notice or claim to the effect
that the Borrower or any of its Subsidiaries is or may be liable to any Person
as a result of the release by the Borrower, any of its Subsidiaries, or any
other Person of any toxic or hazardous waste or substance into the environment,
and (b) any notice alleging any violation of any federal, state or local
environmental, health or safety law or regulation by the Borrower or any of its
Subsidiaries, which, in either case, could reasonably be expected to have a
Material Adverse Effect.

(vi)              Promptly upon the furnishing thereof to the shareholders of
the Borrower or the Parent, copies of all financial statements and reports so
furnished.

(vii)             Promptly upon the filing thereof, copies of all registration
statements and annual, quarterly, monthly or other regular reports which the
Borrower or any of its Subsidiaries files with the Securities and Exchange
Commission.

(viii)           Such other information (including nonfinancial information) as
the Administrative Agent or any Lender may from time to time reasonably request.

6.2.            Use of Proceeds.  The Borrower will, and will cause each
Subsidiary to, use the proceeds of the Loans solely (a) to purchase (i) the
$116,300,000 Sweetwater County, Wyoming Pollution Control Revenue Refunding
Bonds (Idaho Power Company Project) Series 2006 and (ii) the $49,800,000
Humboldt County, Nevada Pollution Control Revenue Refunding Bonds (Idaho Power
Company Project) Series 2003 (collectively, the "Bonds"), (b) for the payment of
interest, fees and expenses incurred in connection with the Bonds and (c) for
the payment of interest, fees and expenses incurred in connection with this
Agreement.

6.3.            Notice of Default, etc.  The Borrower will, and will cause each
Subsidiary to, give prompt notice in writing to the Lenders of the occurrence of
(i) any Default or Unmatured Default and (ii) the commencement of or any ruling
in any litigation, or any other development, financial or otherwise, which could
reasonably be expected to have a Material Adverse Effect.

6.4.            Conduct of Business.  The Borrower will, and will cause each
Material Subsidiary to, carry on and conduct its business in substantially the
same manner and in substantially the same fields of enterprise as it is
presently conducted and do all things necessary to remain duly incorporated or
organized, validly existing and (to the extent such concept applies to such
entity) in good standing as a domestic corporation, partnership or limited
liability company in its jurisdiction of incorporation or organization, as the
case may be, and maintain all requisite authority to conduct its business in
each jurisdiction in which its business is conducted, except where the failure
to do so could not reasonably be expected to have a Material Adverse Effect.

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6.5.            Taxes.  The Borrower will, and will cause each Subsidiary to,
timely file complete and correct United States federal and applicable foreign,
state and local tax returns required by law and pay when due all taxes,
assessments and governmental charges and levies upon it or its income, profits
or Property, except those which are being contested in good faith by appropriate
proceedings and with respect to which adequate reserves have been set aside in
accordance with Agreement Accounting Principles.

6.6.            Insurance.  The Borrower will, and will cause each Subsidiary
to, maintain with financially sound and reputable insurance companies insurance
on all their Property in such amounts and covering such risks as is consistent
with sound business practice, and the Borrower will furnish to any Lender upon
request full information as to the insurance carried.

6.7.            Compliance with Laws.  The Borrower will, and will cause each
Subsidiary to, comply in all material respects with all laws, rules,
regulations, orders, writs, judgments, injunctions, decrees or awards to which
it may be subject, including all Environmental Laws.

6.8.            Maintenance of Properties.  The Borrower will, and will cause
each Subsidiary to, do all things necessary to maintain, preserve, protect and
keep its Property in good repair, working order and condition, and make all
necessary and proper repairs, renewals and replacements so that its business
carried on in connection therewith may be properly conducted at all times.

6.9.            Inspection.  The Borrower will, and will cause each Subsidiary
to, permit the Administrative Agent and the Lenders, by their respective
representatives and agents, to inspect any of the Property, books and financial
records of the Borrower and each Subsidiary, to examine and make copies of the
books of accounts and other financial records of the Borrower and each
Subsidiary, and to discuss the affairs, finances and accounts of the Borrower
and each Subsidiary with, and to be advised as to the same by, their respective
officers at such reasonable times and intervals as the Administrative Agent or
any Lender may designate.

6.10.        Merger and Sale of Assets.  Without the prior written consent of
the Required Lenders (such consent not to be unreasonably withheld), the
Borrower will not, nor will it permit any Material Subsidiary to, merge or
consolidate with or into any other Person, or sell or otherwise dispose of all
or substantially all of its Property to another Person except that (i) a
Material Subsidiary may merge into the Borrower or a Wholly-Owned Subsidiary,
(ii) a Material Subsidiary may dispose of all or substantially all of its
Property to the Borrower or a Wholly-Owned Subsidiary, or (iii) the Borrower or
any Subsidiary may sell, transfer, contribute, convey or dispose of accounts,
general intangibles and/or chattel paper (each as defined in Article 9 of the
Uniform Commercial Code) and associated collateral, lockbox and other collection
accounts, records and/or proceeds in connection with a Permitted Receivables
Securitization.

6.11.        Liens.  The Borrower will not, nor will it permit any Material
Subsidiary to, create, incur, or suffer to exist any Lien in, of or on the
Property of the Borrower or any Material Subsidiary, except:

(i)                  Liens for taxes, assessments or governmental charges or
levies on its Property if the same shall not at the time be delinquent or
thereafter can be paid without penalty, or are being contested in good faith and
by appropriate proceedings and for which adequate reserves in accordance with
Agreement Accounting Principles shall have been set aside on its books;

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(ii)                Liens imposed by law, such as carriers', warehousemen's and
mechanics' liens and other similar liens arising in the ordinary course of
business which secure payment of obligations not more than sixty (60) days past
due or which are being contested in good faith by appropriate proceedings and
for which adequate reserves shall have been set aside on its books;

(iii)               Liens arising out of pledges or deposits under worker's
compensation laws, unemployment insurance, old age pensions, or other social
security or retirement benefits, or similar legislation;

(iv)              Utility easements, building restrictions and such other
encumbrances or charges against real property as are of a nature generally
existing with respect to properties of a similar character and which do not in
any material way affect the marketability of the same or interfere with the use
thereof in the business of the Borrower or its Subsidiaries;

(v)                Liens existing on the date hereof and described in
Schedule 5.14;

(vi)              Liens on Property of the Borrower or any of its Material
Subsidiaries created solely for the purpose of securing Indebtedness incurred to
fund the purchase price of Property, provided that no such Lien shall extend to
or cover any other Property of the Borrower or its Material Subsidiaries other
than the Property so acquired and the original principal amount of the
Indebtedness so secured by any such Lien shall not exceed the original purchase
price of the Property so acquired;

(vii)             The Lien of the First Mortgage and any Lien described in any
deeds or other instruments under which property has been conveyed to the
Borrower and to which the Lien of the First Mortgage is expressly made subject;

(viii)           Any Lien existing on any property or asset prior to the
Acquisition thereof by the Borrower or any Material Subsidiary provided that the
Acquisition is permitted under Section 6.13 and such Lien is not created in
contemplation of or in connection with such Acquisition;

(ix)              Liens arising under a Permitted Receivables Securitization;

(x)                Liens arising by operation of law with respect to any
deposit, securities and commodity account; provided that (a) the right of the
Borrower or the applicable Material Subsidiary to withdraw assets from such
account shall not be restricted other than by customary rules of general
application (such as restrictions on withdrawals during the time required for a
check to clear); and (b) such account is not intended by the Borrower or any
Material Subsidiary to provide collateral to the applicable depository
institution, securities intermediary or commodities intermediary;
 

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(xi)              Liens in favor of the Administrative Agent hereunder;

(xii)             Any Lien arising out of the refinancing, extension, or renewal
of any Indebtedness secured by any Lien permitted by clause (v) of this Section
6.11; provided that such Indebtedness is not increased and is not secured by any
additional assets; and

(xiii)            (A) Liens incurred by the Borrower or the Parent in connection
with Rate Management Transactions entered into by either the Borrower or the
Parent in the ordinary course of business and not for speculation and in
accordance with its established risk management policies, and (B) other Liens
incurred by the Borrower or the Parent in the ordinary course of business,
provided that the aggregate principal amount of the Indebtedness secured by the
Liens permitted under this clause (xiii) shall not exceed $50,000,000 at any one
time outstanding.

6.12.        Leverage Ratio.  The Borrower will not permit the ratio, determined
as of the end of each of its fiscal quarters, of (i) Consolidated Indebtedness
to (ii) Consolidated Total Capitalization to be greater than 0.65 to 1.0.

6.13.        Investments and Acquisitions.  Without the prior written consent of
the Required Lenders (such consent not to be unreasonably withheld), the
Borrower will not, nor will it permit any Subsidiary to, make or suffer to exist
any Investments (including loans and advances to, and other Investments in,
Subsidiaries, or commitments therefor, or to create any Subsidiary or to become
or remain a partner in any partnership or joint venture), or to make any
Acquisition of any Person, except:

(i)                  Cash Equivalent Investments and Investments permitted by
the investment policies approved from time to time by the board of directors of
the Borrower or the relevant Subsidiary, as applicable;

(ii)                Investments in, and loans and advances to, Subsidiaries
existing as of the date hereof and other Investments existing as of the date
hereof;

(iii)               Investments by Subsidiaries in securities of the Borrower
and Investments by the Borrower and its Subsidiaries in any business trust
controlled, directly or indirectly, by the Borrower to the extent such business
trust purchases securities of the Borrower;

(iv)              In addition to Investments otherwise permitted hereunder,
Investments and Acquisitions related to the energy business of the Borrower and
its Subsidiaries made after the date hereof in an aggregate amount not exceeding
$750,000,000 at any one time outstanding; and

(v)                Investments by the Borrower or a Subsidiary in connection
with a Permitted Receivables Securitization.

6.14.        Subsidiary Dividend Restrictions.  The Borrower will not, nor will
it permit any Material Subsidiary to, become a party to any agreement
prohibiting or restricting the ability of such Material Subsidiary to declare or
pay dividends to the Borrower, except as disclosed in Schedule 5.12, other than
prohibitions or restrictions in connection with a Permitted Receivables
Securitization.

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6.15.        Affiliates.  The Borrower will not, and will not permit any
Subsidiary to, enter into any transaction (including the purchase or sale of any
Property or service) with, or make any payment or transfer to, any Affiliate
that is not a Subsidiary except in the ordinary course of business and pursuant
to the reasonable requirements of the Borrower's or such Subsidiary's business
and upon fair and reasonable terms no less favorable to the Borrower or such
Subsidiary than the Borrower or such Subsidiary would obtain in a comparable
arms-length transaction; provided, that for the avoidance of doubt, nothing
contained in this Section 6.15 shall prohibit the Borrower from paying dividends
to the Parent.

6.16.        OFAC, PATRIOT Act Compliance.  The Borrower will, and will cause
each of its Subsidiaries to, (i) refrain from doing business in a Sanctioned
Country or with a Sanctioned Person in violation of the economic sanctions of
the United States administered by OFAC, and (ii) provide, to the extent
commercially reasonable, such information and take such actions as are
reasonably requested by the Administrative Agent or any Lender in order to
assist the Administrative Agent and the Lenders in maintaining compliance with
the PATRIOT Act.

ARTICLE 7

DEFAULTS

The occurrence of any one or more of the following events shall constitute a
Default:

(a)                Any representation or warranty made by or on behalf of the
Borrower or any of its Subsidiaries to the Lenders or the Administrative Agent
under or in connection with this Agreement or any Loan Document, any Loans, or
any report, certificate, financial statement or other information delivered in
connection with this Agreement or any other Loan Document shall be false in any
material respect when so made, deemed made or delivered.

(b)               Nonpayment of principal of any Loan when due; or nonpayment of
interest on any Loan, any fee payable by the Borrower hereunder or any other
obligation under any of the Loan Documents within five (5) days after the same
becomes due.

(c)                The breach by the Borrower of any of the terms or provisions
of Section 6.2. 6.3(i) (and (i) in the case of failure to deliver notice of a
Default arising under Section 7(d), five (5) days shall have elapsed after an
Authorized Officer obtained knowledge of such Default, and (ii) in the case of
failure to deliver notice of a Default arising under Section 7(e), twenty (20)
days shall have elapsed after an Authorized Officer obtained knowledge of such
Default), 6.10, 6.11, 6.12 or 6.13.

(d)               The breach by the Borrower (other than a breach which
constitutes a Default under another Section of this Article 7) of any of the
terms or provisions of Section 6.9 or 6.14 which is not remedied within five (5)
days after written notice from the Administrative Agent or any Lender.

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(e)                The breach by the Borrower (other than a breach which
constitutes a Default under another Section of this Article 7) of any of the
terms or provisions of this Agreement which is not remedied within twenty (20)
days after written notice from the Administrative Agent or any Lender.

(f)                 Failure of the Borrower or any of its Subsidiaries to pay
when due any Material Indebtedness; or the default by the Borrower or any of its
Subsidiaries in the performance of any term, provision or condition contained in
any agreement under which any such Material Indebtedness was created or is
governed, or any other event shall occur or condition exist, the effect of which
default or event is to cause, or to permit the holder or holders of such
Material Indebtedness to cause, such Material Indebtedness to become due prior
to its stated maturity; or any Material Indebtedness of the Borrower or any of
its Subsidiaries shall be declared to be due and payable or required to be
prepaid or repurchased (other than by a regularly scheduled payment) prior to
the stated maturity thereof; or the Borrower or any of its Subsidiaries shall
not pay, or admit in writing its inability to pay, its debts generally as they
become due.

(g)                The Borrower or any of its Material Subsidiaries shall (i)
have an order for relief entered with respect to it under the Federal bankruptcy
laws as now or hereafter in effect, (ii) make an assignment for the benefit of
creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment
of a receiver, custodian, trustee, examiner, liquidator or similar official for
it or any Substantial Portion of its Property, (iv) institute any proceeding
seeking an order for relief under the Federal bankruptcy laws as now or
hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or
seeking dissolution, winding up, liquidation, reorganization, arrangement,
adjustment or composition of it or its debts under any law relating to
bankruptcy, insolvency or reorganization or relief of debtors or fail to file an
answer or other pleading denying the material allegations of any such proceeding
filed against it, (v) take any corporate or partnership action to authorize or
effect any of the foregoing actions set forth in this Section 7(g) or (vi) fail
to contest in good faith any appointment or proceeding described in
Section 7(h).

(h)                Without the application, approval or consent of the Borrower
or any of its Subsidiaries, a receiver, trustee, examiner, liquidator or similar
official shall be appointed for the Borrower or any of its Material Subsidiaries
or any Substantial Portion of its Property, or a proceeding described in
Section 7(g) shall be instituted against the Borrower or any of its Material
Subsidiaries and such appointment continues undischarged or such proceeding
continues undismissed or unstayed for a period of sixty (60) consecutive days.

(i)                  Any court, government or governmental agency shall condemn,
seize or otherwise appropriate, or take custody or control of (each, a
"Condemnation"), all or any portion of the Property of the Borrower and its
Subsidiaries which, when taken together with all other Property of the Borrower
and its Subsidiaries so condemned, seized, appropriated, or taken custody or
control of, during the twelve-month period ending with the month in which any
such action occurs, constitutes a Substantial Portion; provided that the term
"Condemnation" shall not include any voluntary transfer by the Borrower or any
of its Subsidiaries of its electronic transmission line facilities, or any
interest therein, to a regional independent grid operator.

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(j)                 The Borrower or any of its Subsidiaries shall fail within
thirty (30) days to pay, bond or otherwise discharge one or more (i) judgments
or orders for the payment of money in excess of $25,000,000 (or the equivalent
thereof in currencies other than U.S. Dollars) in the aggregate, or (ii)
nonmonetary judgments or orders which, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect, which judgment(s), in
any such case, is/are not stayed on appeal or otherwise being appropriately
contested in good faith.

(k)               The Unfunded Liabilities of all Single Employer Plans shall
exceed in the aggregate $75,000,000 or any Reportable Event shall occur in
connection with any Plan, or the Borrower or any other member of the Controlled
Group shall have been notified by the sponsor of a Multiemployer Plan that it
has incurred withdrawal liability to such Multiemployer Plan in an amount which,
when aggregated with all other amounts required to be paid to Multiemployer
Plans by the Borrower or any other member of the Controlled Group as withdrawal
liability (determined as of the date of such notification), exceeds $25,000,000.

(l)                  The Borrower or any of its Subsidiaries shall (i) be the
subject of any proceeding or investigation pertaining to the release by the
Borrower, any of its Subsidiaries or any other Person of any toxic or hazardous
waste or substance into the environment, or (ii) violate any Environmental Law,
which, in the case of an event described in clause (i) or clause (ii), could
reasonably be expected to have a Material Adverse Effect.

(m)              Any Change in Control shall occur.

(n)                The Parent shall cease to own, free and clear of all Liens,
100% of the outstanding shares of voting stock of the Borrower.

ARTICLE 8

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

 

8.1.            Acceleration.

(a)                If any Default described in Sections 7(g) or 7(h) occurs with
respect to the Borrower, the obligations of the Lenders to make Loans hereunder
shall automatically terminate and the Obligations shall immediately become due
and payable without any election or action on the part of the Administrative
Agent or any Lender.  If any other Default occurs, the Required Lenders (or the
Administrative Agent with the consent of the Required Lenders) may terminate or
suspend the obligations of the Lenders to make Loans hereunder or declare the
Obligations to be due and payable, or both, whereupon the Obligations shall
become immediately due and payable, without presentment, demand, protest or
notice of any kind, all of which the Borrower hereby expressly waives.

(b)               If, within fourteen (14) days after acceleration of the
maturity of the Obligations or termination of the obligations of the Lenders to
make Loans hereunder as a result of any Default (other than any Default as
described in Sections 7(g) or 7(h) with respect to the Borrower) and before any
judgment or decree for the payment of the Obligations due shall have been
obtained or entered, the Required Lenders (in their sole discretion) shall so
direct, the Administrative Agent shall, by notice to the Borrower, rescind and
annul such acceleration and/or termination.

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8.2.            Amendments.  Neither this Agreement or any other Loan Document
nor any provision hereof or thereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrower
and the Required Lenders (or by the Administrative Agent at the direction or
with the consent of the Required Lenders); provided, however, that no such
agreement shall:

(i)                  unless agreed to by each Lender directly affected thereby,
(i) reduce or forgive the principal amount of any Loan, reduce the rate of or
forgive any interest thereon (provided that only the consent of the Required
Lenders shall be required to waive the applicability of any post-default
increase in interest rates), or reduce or forgive any fees hereunder,
(ii) extend the scheduled date for the payment of any principal of or interest
on any Loan (including any scheduled date for the mandatory reduction or
termination of any Commitments), or extend the time of payment of any fees
hereunder, or (iii) increase any Commitment of any such Lender over the amount
thereof in effect or extend the maturity thereof;

(ii)                unless agreed to by all of the Lenders, (A) modify the
definition of the term "Required Lenders", or (B) change or waive any provision
of Section 11.2, any other provision of this Agreement or any other Loan
Document requiring pro rata treatment of any Lenders, or this Section 8.2; and

(iii)               unless agreed to by the Administrative Agent, no such
agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent hereunder without the prior written consent of the
Administrative Agent.

8.3.            Preservation of Rights.  No delay or omission of the Lenders or
the Administrative Agent to exercise any right under the Loan Documents shall
impair such right or be construed to be a waiver of any Default or an
acquiescence therein, and the making of any Loans notwithstanding the existence
of a Default or the inability of the Borrower to satisfy the conditions
precedent to such Loans shall not constitute any waiver or acquiescence.  Any
single or partial exercise of any such right shall not preclude other or further
exercise thereof or the exercise of any other right, and no waiver, amendment or
other variation of the terms, conditions or provisions of the Loan Documents
whatsoever shall be valid unless in writing signed by the Lenders required
pursuant to Section 8.2, and then only to the extent specifically set forth in
such writing.  All remedies contained in the Loan Documents or by law afforded
shall be cumulative and all shall be available to the Administrative Agent and
the Lenders until the Obligations have been paid in full.

ARTICLE 9

GENERAL PROVISIONS

9.1.            Survival of Representations.  All representations and warranties
of the Borrower contained in this Agreement shall survive the making of the
Loans herein contemplated.

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9.2.            Governmental Regulation.  Anything contained in this Agreement
to the contrary notwithstanding, no Lender shall be obligated to extend credit
to the Borrower in violation of any limitation or prohibition provided by any
applicable statute or regulation.

9.3.            Headings.  Section headings in the Loan Documents are for
convenience of reference only, and shall not govern the interpretation of any of
the provisions of the Loan Documents.

9.4.            Entire Agreement.  The Loan Documents embody the entire
agreement and understanding among the Borrower, the Administrative Agent and the
Lenders and supersede all prior agreements and understandings among the
Borrower, the Administrative Agent and the Lenders relating to the subject
matter thereof.

9.5.            Several Obligations; Benefits of this Agreement.  The respective
obligations of the Lenders hereunder are several and not joint and no Lender
shall be the partner or agent of any other (except to the extent to which the
Administrative Agent is authorized to act as such).  The failure of any Lender
to perform any of its obligations hereunder shall not relieve any other Lender
from any of its obligations hereunder.  This Agreement shall not be construed so
as to confer any right or benefit upon any Person other than the parties to this
Agreement and any Person indemnified under Section 9.6 or any other provision of
this Agreement, and their respective successors and assigns, provided that the
parties hereto expressly agree that the Arranger shall enjoy the benefits of the
provisions of Sections 9.6, 9.10 and 10.11 to the extent specifically set forth
therein and shall have the right to enforce such provisions on its own behalf
and in its own name to the same extent as if it were a party to this Agreement.

9.6.            Expenses; Indemnification.

(a)                The Borrower shall reimburse the Administrative Agent and the
Arranger for any reasonable costs, internal charges and out-of-pocket expenses
(including reasonable attorneys' fees and time charges of attorneys for the
Administrative Agent, which attorneys may be employees of the Administrative
Agent) paid or incurred by the Administrative Agent or the Arranger in
connection with the preparation, negotiation, execution, delivery, syndication,
distribution (including via the internet), review, amendment, modification, and
administration of the Loan Documents.  The Borrower also agrees to reimburse the
Administrative Agent, the Arranger and the Lenders for any reasonable costs,
internal charges and out-of-pocket expenses (including reasonable attorneys'
fees and time charges of attorneys for the Administrative Agent, the Arranger
and the Lenders, which attorneys may be employees of the Administrative Agent,
the Arranger or a Lender) paid or incurred by the Administrative Agent, the
Arranger or any Lender in connection with the collection and enforcement of the
Loan Documents.  Expenses being reimbursed by the Borrower under this Section
include reasonable costs and expenses incurred in connection with the Reports
described in the following sentence.  The Borrower acknowledges that from time
to time JPMorgan may prepare and may distribute to the Lenders (but shall have
no obligation or duty to prepare or to distribute to the Lenders) certain audit
reports (the "Reports") pertaining to the Borrower's assets for internal use by
JPMorgan from information furnished to it by or on behalf of the Borrower, after
JPMorgan has exercised its rights of inspection pursuant to this Agreement.

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(b)               The Borrower hereby further agrees to indemnify the
Administrative Agent, the Arranger, each Lender, their respective Affiliates,
and each of their partners, directors, officers, employees, agents and advisors
(each such Person being called an "Indemnitee") against all losses, claims,
damages, penalties, judgments, liabilities and expenses (including all expenses
of litigation or preparation therefor whether or not such Indemnitee is a party
thereto) which any of them may pay or incur arising out of or relating to this
Agreement, the other Loan Documents, the transactions contemplated hereby or the
direct or indirect application or proposed application of the proceeds of any
Loans hereunder except to the extent that they are determined in a final
non-appealable judgment by a court of competent jurisdiction to have resulted
from the gross negligence or willful misconduct of the party seeking
indemnification.

(c)                The obligations of the Borrower under this Section 9.6 shall
survive the termination of this Agreement.

9.7.            Numbers of Documents.  All statements, notices, closing
documents, and requests hereunder shall be furnished to the Administrative Agent
with sufficient counterparts so that the Administrative Agent may furnish one to
each of the Lenders.

9.8.            Accounting.  Except as provided to the contrary herein, all
accounting terms used herein shall be interpreted and all accounting
determinations hereunder shall be made in accordance with Agreement Accounting
Principles.

9.9.            Severability of Provisions.  Any provision in any Loan Document
that is held to be inoperative, unenforceable, or invalid in any jurisdiction
shall, as to that jurisdiction, be inoperative, unenforceable, or invalid
without affecting the remaining provisions in that jurisdiction or the
operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared
to be severable.

9.10.        Nonliability of Lenders.  The relationship between the Borrower on
the one hand and the Lenders and the Administrative Agent on the other hand
shall be solely that of borrower and lender.  None of the Administrative Agent,
the Arranger or any Lender shall have any fiduciary responsibilities to the
Borrower.  None of the Administrative Agent, the Arranger or any Lender
undertakes any responsibility to the Borrower to review or inform the Borrower
of any matter in connection with any phase of the Borrower's business or
operations.  The Borrower agrees that no Indemnitee shall have liability to the
Borrower (whether sounding in tort, contract or otherwise) for losses suffered
by the Borrower in connection with, arising out of, or in any way related to,
the transactions contemplated and the relationship established by the Loan
Documents, or any act, omission or event occurring in connection therewith,
unless it is determined in a final non-appealable judgment by a court of
competent jurisdiction that such losses resulted from the gross negligence or
willful misconduct of the party from which recovery is sought.  No Indemnitee
shall have any liability with respect to, and the Borrower hereby waives,
releases and agrees not to sue for, (i) any special, indirect, consequential or
punitive damages suffered by the Borrower in connection with, arising out of, or
in any way related to the Loan Documents or the transactions contemplated
thereby, and (ii) any damages arising from the use by unintended recipients of
any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this
Agreement or the other Loan Documents or the transactions contemplated hereby or
thereby.  The provisions of this Section 9.10 shall survive the termination of
this Agreement.

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9.11.        Confidentiality.  Each Lender agrees to hold any confidential
information which it may receive from the Borrower pursuant to this Agreement in
confidence, except for disclosure (i) to its Affiliates, directors, officers,
employees and agents and to other Lenders and their respective Affiliates,
directors, officers, employees and agents (ii) to legal counsel, accountants,
and other professional advisors to such Lender or to a Transferee, (iii) to
regulatory officials having jurisdiction over such Lender or any of its
Affiliates, (iv) as required by law, regulation, or legal process, (v) as
required in connection with any legal proceeding to which such Lender is a
party, (vi) to such Lender's actual or prospective direct or indirect
contractual counterparties in Rate Management Transactions or to legal counsel,
accountants and other professional advisors to such counterparties, (vii)
permitted by Section 12.4, (viii) in connection with the exercise of rights or
remedies hereunder or any action or proceeding relating to this agreement and
(ix) to the extent, and in the manner, consented to by the Borrower.  In the
case of any disclosure pursuant to clause (i), (ii), (vi) or (vii) above, each
Person to whom such disclosure is made will be informed of the confidential
nature of such information and instructed to keep such information
confidential.  In the case of any requested disclosure pursuant to clause (iv)
or (v) above, the applicable Lender will give prompt notice of the request to
the Borrower (unless prohibited by the terms of the applicable law, regulation,
subpoena or other legal process or proceeding) so that the Borrower may endeavor
to obtain a protective order or other assurance of confidential treatment.

9.12.        Nonreliance.  Each Lender hereby represents that it is not relying
on or looking to any margin stock (as defined in Regulation U of the Board of
Governors of the Federal Reserve System) for the repayment of the Loans provided
for herein.

9.13.        Disclosure.  The Borrower and each Lender hereby acknowledge and
agree that JPMorgan and/or its Affiliates from time to time may hold investments
in, make other loans to or have other relationships with the Borrower and its
Affiliates.

9.14.        PATRIOT Act Notice.  Each Lender that is subject to the PATRIOT Act
and the Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it
is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and address of the Borrower and
other information that will allow such Lender or the Administrative Agent, as
applicable, to identify the Borrower in accordance with the PATRIOT Act.

9.15.        Counterparts.  This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one agreement, and
any of the parties hereto may execute this Agreement by signing any such
counterpart.  This Agreement shall be effective when it has been executed by the
Borrower, the Administrative Agent and the Lenders as of the Closing Date and
each party has notified the Administrative Agent by facsimile transmission or
telephone that it has taken such action; provided that, for the avoidance of
doubt, the Commitments shall not become effective until all of the conditions
set forth in Section 4.1 have been satisfied or waived in accordance with the
terms hereof.

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ARTICLE 10

THE ADMINISTRATIVE AGENT

10.1.        Appointment; Nature of Relationship.  JPMorgan is hereby appointed
by each of the Lenders as its contractual representative (herein referred to as
the "Administrative Agent") hereunder and under each other Loan Document, and
each of the Lenders irrevocably authorizes the Administrative Agent to act as
the contractual representative of such Lender with the rights and duties
expressly set forth herein and in the other Loan Documents.  The Administrative
Agent agrees to act as such contractual representative upon the express
conditions contained in this Article 10.  Notwithstanding the use of the defined
term "Administrative Agent," it is expressly understood and agreed that the
Administrative Agent shall not have any fiduciary responsibilities to any Lender
by reason of this Agreement or any other Loan Document and that the
Administrative Agent is merely acting as the contractual representative of the
Lenders with only those duties as are expressly set forth in this Agreement and
the other Loan Documents.  In its capacity as the Lenders' contractual
representative, the Administrative Agent (i) does not hereby assume any
fiduciary duties to any of the Lenders, (ii) is a "representative" of the
Lenders within the meaning of Section 9-105 of the Uniform Commercial Code and
(iii) is acting as an independent contractor, the rights and duties of which are
limited to those expressly set forth in this Agreement and the other Loan
Documents.  Each of the Lenders hereby agrees to assert no claim against the
Administrative Agent on any agency theory or any other theory of liability for
breach of fiduciary duty, all of which claims each Lender hereby waives.

10.2.        Powers.  The Administrative Agent shall have and may exercise such
powers under the Loan Documents as are specifically delegated to the
Administrative Agent by the terms of each thereof, together with such powers as
are reasonably incidental thereto.  The Administrative Agent shall have no
implied duties to the Lenders, or any obligation to the Lenders to take any
action thereunder except any action specifically provided by the Loan Documents
to be taken by the Administrative Agent.

10.3.        General Immunity.  Neither the Administrative Agent nor any of its
directors, officers, agents or employees shall be liable to the Borrower, the
Lenders or any Lender for any action taken or omitted to be taken by it or them
hereunder or under any other Loan Document or in connection herewith or
therewith except to the extent such action or inaction is determined in a final
non-appealable judgment by a court of competent jurisdiction to have arisen from
the gross negligence or willful misconduct of such Person.

10.4.        No Responsibility for Loans, Recitals, etc.  Neither the
Administrative Agent nor any of its directors, officers, agents or employees
shall be responsible for or have any duty to ascertain, inquire into, or verify
(a) any statement, warranty or representation made in connection with any Loan
Document or any borrowing hereunder or the contents of any certificate, report
or other document delivered hereunder or in connection with any Loan Document;
(b) the performance or observance of any of the covenants or agreements of any
obligor under any Loan Document, including any agreement by an obligor to
furnish information directly to each Lender; (c) the satisfaction of any
condition specified in Article 4, except receipt of items required to be
delivered solely to the Administrative Agent; (d) the existence or possible
existence of any Default or Unmatured Default; (e) the validity, enforceability,
effectiveness, sufficiency or genuineness of any Loan Document or any other
instrument or writing furnished in connection therewith; (f) the value,
sufficiency, creation, perfection or priority of any Lien in any collateral
security; or (g) the financial condition of the Borrower or any guarantor of any
of the Obligations or of any of the Borrower's or any such guarantor's
respective Subsidiaries.  The Administrative Agent shall have no duty to
disclose to the Lenders information that is not required to be furnished by the
Borrower to the Administrative Agent at such time, but is voluntarily furnished
by the Borrower to the Administrative Agent (either in its capacity as
Administrative Agent or in its individual capacity).

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10.5.        Action on Instructions of Lenders.  The Administrative Agent shall
in all cases be fully protected in acting, or in refraining from acting,
hereunder and under any other Loan Document in accordance with written
instructions signed by the Required Lenders (or all of the Lenders in the event
that and to the extent that this Agreement expressly requires such), and such
instructions and any action taken or failure to act pursuant thereto shall be
binding on all of the Lenders.  The Lenders hereby acknowledge that the
Administrative Agent shall be under no duty to take any discretionary action
permitted to be taken by it pursuant to the provisions of this Agreement or any
other Loan Document unless it shall be requested in writing to do so by the
Required Lenders (or all of the Lenders in the event that and to the extent that
this Agreement expressly requires such).  The Administrative Agent shall be
fully justified in failing or refusing to take any action hereunder and under
any other Loan Document unless it shall first be indemnified to its satisfaction
by the Lenders pro rata against any and all liability, cost and expense that it
may incur by reason of taking or continuing to take any such action.

10.6.        Employment of Administrative Agents and Counsel.  The
Administrative Agent may execute any of its duties as Administrative Agent
hereunder and under any other Loan Document by or through directors, officers,
employees, agents, and attorneys-in-fact and shall not be answerable to the
Lenders (except as to money or securities received by it or its authorized
agents) for the default or misconduct of any such agents or attorneys-in-fact
selected by it with reasonable care.  The Administrative Agent shall be entitled
to advice of counsel concerning the contractual arrangement between the
Administrative Agent and the Lenders and all matters pertaining to the
Administrative Agent's duties hereunder and under any other Loan Document.

10.7.        Reliance on Documents; Counsel.  The Administrative Agent shall be
entitled to rely upon any note, notice, consent, certificate, affidavit, letter,
telegram, statement, paper or document believed by it to be genuine and correct
and to have been signed or sent by the proper person or persons, and, in respect
to legal matters, upon the opinion of counsel selected by the Administrative
Agent, which counsel may be employees of the Administrative Agent.  Without
limiting the foregoing, the Administrative Agent may consult with legal counsel
(who may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it
in accordance with the advice of any such counsel, accountants or experts.

10.8.        Administrative Agent's Reimbursement and Indemnification.  The
Lenders agree to reimburse and indemnify the Administrative Agent ratably in
proportion to their respective Pro Rata Shares (i) for any amounts not
reimbursed by the Borrower for which the Administrative Agent is entitled to
reimbursement by the Borrower under the Loan Documents, (ii) for any other
expenses incurred by the Administrative Agent on behalf of the Lenders, in
connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents (including for any expenses incurred by the
Administrative Agent in connection with any dispute between the Administrative
Agent and any Lender or between two or more of the Lenders) and (iii) for any
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind and nature whatsoever which may be
imposed on, incurred by or asserted against the Administrative Agent in any way
relating to or arising out of the Loan Documents or any other document delivered
in connection therewith or the transactions contemplated thereby (including for
any such amounts incurred by or asserted against the Administrative Agent in
connection with any dispute between the Administrative Agent and any Lender or
between two or more of the Lenders), or the enforcement of any of the terms of
the Loan Documents or of any such other documents, provided that (x) no Lender
shall be liable for any of the foregoing to the extent any of the foregoing is
found in a final non-appealable judgment by a court of competent jurisdiction to
have resulted from the gross negligence or willful misconduct of the
Administrative Agent and (y) any indemnification required pursuant to
Section 3.5(g) shall, notwithstanding the provisions of this Section 10.8, be
paid by the relevant Lender in accordance with the provisions thereof.  The
obligations of the Lenders under this Section 10.8 shall survive payment of the
Obligations and termination of this Agreement.

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10.9.        Notice of Default.  The Administrative Agent shall not be deemed to
have knowledge or notice of the occurrence of any Default or Unmatured Default
hereunder unless the Administrative Agent has received written notice from a
Lender or the Borrower referring to this Agreement, describing such Default or
Unmatured Default and stating that such notice is a "notice of default".  In the
event that the Administrative Agent receives such a notice, the Administrative
Agent shall give prompt notice thereof to the Lenders.

10.10.    Rights as a Lender.  In the event the Administrative Agent is a
Lender, the Administrative Agent shall have the same rights and powers hereunder
and under any other Loan Document with respect to its Commitment and its Loans
as any Lender and may exercise the same as though it were not the Administrative
Agent, and the term "Lender" or "Lenders" shall, at any time when the
Administrative Agent is a Lender, unless the context otherwise indicates,
include the Administrative Agent in its individual capacity.  The Administrative
Agent and its Affiliates may accept deposits from, lend money to, and generally
engage in any kind of trust, debt, equity or other transaction, in addition to
those contemplated by this Agreement or any other Loan Document, with the
Borrower or any of its Subsidiaries in which the Borrower or such Subsidiary is
not restricted hereby from engaging with any other Person.  The Administrative
Agent, in its individual capacity, is not obligated to remain a Lender.

10.11.    Lender Credit Decision.  Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent, the Arranger
or any other Lender and based on the financial statements prepared by the
Borrower and such other documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement and the
other Loan Documents.  Each Lender also acknowledges that it will, independently
and without reliance upon the Administrative Agent, the Arranger or any other
Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking
action under this Agreement and the other Loan Documents.

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10.12.    Successor Administrative Agent.  The Administrative Agent may resign
at any time by giving written notice thereof to the Lenders and the Borrower,
such resignation to be effective upon the appointment of a successor
Administrative Agent or, if no successor Administrative Agent has been
appointed, forty-five (45) days after the retiring Administrative Agent gives
notice of its intention to resign.  Upon any such resignation, the Required
Lenders shall have the right to appoint, on behalf of the Borrower and the
Lenders, a successor Administrative Agent.  If no successor Administrative Agent
shall have been so appointed by the Required Lenders within thirty (30) days
after the resigning Administrative Agent's giving notice of its intention to
resign, then the resigning Administrative Agent may appoint, on behalf of the
Borrower and the Lenders, a successor Administrative Agent.  Notwithstanding the
previous sentence, the Administrative Agent may at any time without the consent
of the Borrower or any Lender, appoint any of its Affiliates, which is a
commercial bank as a successor Administrative Agent hereunder.  If the
Administrative Agent has resigned and no successor Administrative Agent has been
appointed, the Lenders may perform all the duties of the Administrative Agent
hereunder and the Borrower shall make all payments in respect of the Obligations
to the applicable Lender and for all other purposes shall deal directly with the
Lenders.  No successor Administrative Agent shall be deemed to be appointed
hereunder until such successor Administrative Agent has accepted the
appointment.  Any such successor Administrative Agent shall be a commercial bank
having capital and retained earnings of at least $100,000,000.  Upon the
acceptance of any appointment as Administrative Agent hereunder by a successor
Administrative Agent, such successor Administrative Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties
of the resigning Administrative Agent.  Upon the effectiveness of the
resignation of the Administrative Agent, the resigning Administrative Agent
shall be discharged from its duties and obligations hereunder and under the Loan
Documents.  After the effectiveness of the resignation of an Administrative
Agent, the provisions of this Article 10 shall continue in effect for the
benefit of such Administrative Agent in respect of any actions taken or omitted
to be taken by it while it was acting as the Administrative Agent hereunder and
under the other Loan Documents.  In the event that there is a successor to the
Administrative Agent by merger, or the Administrative Agent assigns its duties
and obligations to an Affiliate pursuant to this Section 10.12, then the term
"Prime Rate" as used in this Agreement shall mean the prime rate, base rate or
other analogous rate of the new Administrative Agent.

10.13.    Administrative Agent and Arranger Fees.  The Borrower agrees to pay to
the Administrative Agent and the Arranger, for their accounts, the fees agreed
to by the Borrower, the Administrative Agent and/or the Arranger pursuant to the
Fee Letter.

10.14.    Delegation to Affiliates.  The Borrower and the Lenders agree that the
Administrative Agent may delegate any of its duties under this Agreement to any
of its Affiliates.  Any such Affiliate (and such Affiliate's directors,
officers, agents and employees) which performs duties in connection with this
Agreement shall be entitled to the same benefits of the indemnification, waiver
and other protective provisions to which the Administrative Agent is entitled
under Article 9 and Article 10.

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10.15.    Other Agents.  No Lender now or hereafter identified on the cover
page, the signature pages or otherwise in this Agreement, or in any document
related hereto, as being the "Syndication Agent" or a "Documentation Agent"
shall have any right, power, obligation, liability, responsibility or duty under
this Agreement in such capacity other than those applicable to all Lenders. 
Each Lender acknowledges that it has not relied, and will not rely, on any
Person so identified in deciding to enter into this Agreement or in taking or
refraining from taking any action hereunder or pursuant hereto.

ARTICLE 11

SETOFF; RATABLE PAYMENTS

11.1.        Setoff.  In addition to, and without limitation of, any rights
(including other rights of setoff) of the Lenders under applicable law, if the
Borrower becomes insolvent, however evidenced, or any Default occurs, any and
all deposits (including all account balances, whether provisional or final and
whether or not collected or available) and any other Indebtedness at any time
held or owing by any Lender or any of its respective Affiliates to or for the
credit or account of the Borrower may be offset and applied toward the payment
of the Obligations owing to such Lender or any such Affiliate whether or not the
Obligations, or any part thereof, shall then be due.  Each Lender agrees to
notify the Borrower and the Administrative Agent in writing promptly after any
such setoff and application; provided that the failure to give such notice shall
not affect the validity of such setoff and application.

11.2.        Ratable Payments.  If any Lender, whether by setoff or otherwise,
has payment made to it upon its Outstanding Credit Exposure (other than payments
received pursuant to Sections 3.1, 3.2, 3.4 or 3.5) in a greater proportion than
that received by any other Lender, such Lender agrees, promptly upon demand, to
purchase a portion of the Aggregate Outstanding Credit Exposure held by the
other Lenders so that after such purchase each Lender will hold its Pro Rata
Share of the Aggregate Outstanding Credit Exposure.  If any Lender, whether in
connection with setoff or amounts which might be subject to setoff or otherwise,
receives collateral or other protection for its Obligations or such amounts
which may be subject to setoff, such Lender agrees, promptly upon demand, to
take such action necessary such that all Lenders share in the benefits of such
collateral ratably in proportion to their respective Pro Rata Share of the
Aggregate Outstanding Credit Exposure.  In case any such payment is disturbed by
legal process, or otherwise, appropriate further adjustments shall be made.  If
an amount to be setoff is to be applied to Indebtedness of the Borrower to a
Lender other than Indebtedness comprised of the Outstanding Credit Exposure of
such Lender, such amount shall be applied ratably to such other Indebtedness and
to the Indebtedness comprised of such Outstanding Credit Exposure.

ARTICLE 12

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

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12.1.        Successors and Assigns.  The terms and provisions of the Loan
Documents shall be binding upon and inure to the benefit of the Borrower and the
Lenders and their respective successors and assigns, except that (i) the
Borrower shall not have the right to assign its rights or obligations under the
Loan Documents without the written consent of each Lender, (ii) any assignment
by any Lender must be made in compliance with Section 12.3 and (iii) any
participation by any Lender must be made in compliance with Section 12.2. The
parties to this Agreement acknowledge that clause (ii) of the foregoing sentence
relates only to absolute assignments and does not prohibit assignments creating
security interests, including (x) any pledge or assignment by any Lender of all
or any portion of its rights under this Agreement and any Note to a Federal
Reserve Bank or (y) in the case of a Lender which is a fund, any pledge or
assignment of all or any portion of its rights under this Agreement and any Note
to its trustee in support of its obligations to its trustee; provided that no
such pledge or assignment creating a security interest shall release the
transferor Lender from its obligations hereunder unless and until the parties
thereto have complied with the provisions of Section 12.3.  The Administrative
Agent may treat the Person which made any Loan or which holds any Note as the
owner thereof for all purposes hereof unless and until such Person complies with
Section 12.3; provided that the Administrative Agent may in its discretion (but
shall not be required to) follow instructions from the Person which made any
Loan or which holds any Note to direct payments relating to such Loan or Note to
another Person.  Any assignee of the rights to any Loan or any Note agrees by
acceptance of such assignment to be bound by all the terms and provisions of the
Loan Documents.  Any request, authority or consent of any Person, who at the
time of making such request or giving such authority or consent is the owner of
the rights to any Loan (whether or not a Note has been issued in evidence
thereof), shall be conclusive and binding on any subsequent holder or assignee
of the rights to such Loan.

12.2.        Participations.

(a)                Permitted Participants; Effect.  Any Lender may, in the
ordinary course of its business and in accordance with applicable law, at any
time sell to one or more banks or other entities ("Participants") participating
interests in any Outstanding Credit Exposure of such Lender, any Note held by
such Lender, any Commitment of such Lender or any other interest of such Lender
under the Loan Documents.  In the event of any such sale by a Lender of
participating interests to a Participant, such Lender's obligations under the
Loan Documents shall remain unchanged, such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations,
such Lender shall remain the owner of its Outstanding Credit Exposure and the
holder of any Note issued to it in evidence thereof for all purposes under the
Loan Documents, all amounts payable by the Borrower under this Agreement shall
be determined as if such Lender had not sold such participating interests, and
the Borrower and the Administrative Agent shall continue to deal solely and
directly with such Lender in connection with such Lender's rights and
obligations under the Loan Documents.

(b)               Voting Rights.  Each Lender shall retain the sole right to
approve, without the consent of any Participant, any amendment, modification or
waiver of any provision of the Loan Documents other than any amendment,
modification or waiver with respect to any Loans or Commitment in which such
Participant has an interest which forgives principal, interest or fees or
reduces the interest rate or fees payable with respect to any such Loan or
Commitment, extends the Facility Termination Date, postpones any date fixed for
any regularly-scheduled payment of principal of, or interest or fees on, any
such Loan or Commitment, releases any guarantor of any such Loan or releases all
or substantially all of the collateral, if any, securing any such Loan.
 

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(c)                Benefit of Setoff.  The Borrower agrees that each Participant
shall be deemed to have the right of setoff provided in Section 11.1 in respect
of its participating interest in amounts owing under the Loan Documents to the
same extent as if the amount of its participating interest were owing directly
to it as a Lender under the Loan Documents, provided that each Lender shall
retain the right of setoff provided in Section 11.1 with respect to the amount
of participating interests sold to each Participant.  The Lenders agree to share
with each Participant, and each Participant, by exercising the right of setoff
provided in Section 11.1, agrees to share with each Lender, any amount received
pursuant to the exercise of its right of setoff, such amounts to be shared in
accordance with Section 11.2 as if each Participant were a Lender.

12.3.        Assignments.

(a)                Permitted Assignments.  Any Lender may, in the ordinary
course of its business and in accordance with applicable law, at any time assign
to one or more banks or other entities ("Purchasers") all or any part of its
rights and obligations under the Loan Documents.  Such assignment shall be
substantially in the form of Exhibit C or in such other form as may be agreed to
by the parties thereto.  The consent of the Borrower and the Administrative
Agent shall be required prior to an assignment becoming effective with respect
to a Purchaser which is not a Lender or an Affiliate thereof or an Approved
Fund; provided that if a Default has occurred and is continuing, the consent of
the Borrower shall not be required.  Such consent shall not be unreasonably
withheld or delayed.  Each such assignment with respect to a Purchaser which is
not a Lender or an Affiliate thereof or an Approved Fund shall (unless each of
the Borrower (so long as no Default has occurred and is continuing) and the
Administrative Agent otherwise consents) be in an amount not less than the
lesser of (i) $10,000,000 or (ii) the remaining amount of the assigning Lender's
Commitment (calculated as at the date of such assignment) or Outstanding Credit
Exposure (if the applicable Commitment has been terminated).

(b)               Effect; Effective Date.  Upon (i) delivery to the
Administrative Agent of an assignment, together with any consents required by
Section 12.3(a), and (ii) payment of a $3,500 fee to the Administrative Agent
for processing such assignment (unless such fee is waived by the Administrative
Agent in its sole discretion), such assignment shall become effective on the
effective date specified in such assignment.  The assignment shall contain a
representation by the Purchaser to the effect that none of the consideration
used to make the purchase of the Commitment and Outstanding Credit Exposure
under the applicable assignment agreement constitutes "plan assets" as defined
under ERISA and that the rights and interests of the Purchaser in and under the
Loan Documents will not be "plan assets" under ERISA.  On and after the
effective date of such assignment, such Purchaser shall for all purposes be a
Lender party to this Agreement and any other Loan Document executed by or on
behalf of the Lenders and shall have all the rights and obligations of a Lender
under the Loan Documents, to the same extent as if it were an original party
hereto, and no further consent or action by the Borrower, the Lenders or the
Administrative Agent shall be required to release the transferor Lender with
respect to the percentage of the Aggregate Commitment and Outstanding Credit
Exposure assigned to such Purchaser; provided, however, that for the avoidance
of doubt, the transferor Lender shall continue to be entitled to the benefits of
those provisions of this Agreement and the other Loan Documents which survive
payment of the Obligations and termination of the Loan Documents.  Upon the
consummation of any assignment to a Purchaser pursuant to this Section 12.3(a),
the transferor Lender, the Administrative Agent and the Borrower shall, if the
transferor Lender or the Purchaser desires that its Loans be evidenced by Notes,
make appropriate arrangements so that new Notes or, as appropriate, replacement
Notes are issued to such transferor Lender and new Notes or, as appropriate,
replacement Notes, are issued to such Purchaser, in each case in principal
amounts reflecting their respective Commitments (or, if the Commitments have
terminated, their respective Outstanding Credit Exposure), as adjusted pursuant
to such assignment.

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(c)                Register.  The Administrative Agent, acting solely for this
purpose as an agent of the Borrower, shall maintain at its office in referred to
in Schedule 13.1 a copy of each assignment agreement delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and Outstanding Credit Exposure owing to, each Lender pursuant
to the terms hereof from time to time (the "Register"). The entries in the
Register shall be conclusive, and the Borrower, the Administrative Agent and the
Lenders may treat each Person whose name is recorded in the Register pursuant to
the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for
inspection by the Borrower and any Lender at any reasonable time and from time
to time upon reasonable prior notice.

12.4.        Dissemination of Information.  The Borrower authorizes each Lender
to disclose to any Participant or Purchaser or any other Person acquiring an
interest in the Loan Documents by operation of law (each a "Transferee") and any
prospective Transferee any and all information in such Lender's possession
concerning the creditworthiness of the Borrower and its Subsidiaries, including
any information contained in any Reports; provided that each Transferee and
prospective Transferee agrees to be bound by Section 9.11 of this Agreement.

12.5.        Tax Treatment.  If any interest in any Loan Document is transferred
to any Transferee, which is organized under the laws of any jurisdiction other
than the United States or any State thereof, the transferor Lender shall cause
such Transferee, concurrently with the effectiveness of such transfer, to comply
with the provisions of Section 3.5(d) and such Transferee shall not be entitled
to any additional payments under Section 3.5, (i) unless, and only to the
extent, that the transferor Lender was entitled to amounts under Section 3.5, or
(ii) in the event that payments to the Transferee were not subject to any
withholding at the time of transfer and became subject to withholding as a
result of a Change In Law.

ARTICLE 13

NOTICES

13.1.        Notices.

(a)                Except as otherwise permitted by Section 2.13 with respect to
borrowing notices, all notices, requests and other communications to any party
hereunder shall be in writing (including electronic transmission, facsimile
transmission or similar writing) and shall be given to such party: (x) in the
case of the Borrower or the Administrative Agent, at its address or facsimile
number set forth on Schedule 13.1, (y) in the case of any Lender, at its address
or facsimile number set forth in its Administrative Questionnaire or (z) in the
case of any party, at such other address or facsimile number as such party may
hereafter specify for the purpose by notice to the Administrative Agent and the
Borrower in accordance with the provisions of this Section 13.1.  Each such
notice, request or other communication shall be effective (i) if given by
facsimile transmission, when transmitted to the facsimile number specified in
this Section and confirmation of receipt is received, (ii) if given by mail, 72
hours after such communication is deposited in the mails with first class
postage prepaid, addressed as aforesaid, or (iii) if given by any other means,
when delivered at the address specified in this Section; provided that notices
to the Administrative Agent under Article 2 shall not be effective until
received.  Notices delivered through electronic communications to the extent
provided in subsection (b) below, shall be effective as provided in such
subsection (b).

47

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(b)               Notices and other communications to the Lenders hereunder may
be delivered or furnished by electronic communication (including e-mail and
internet or intranet websites) pursuant to procedures approved by the
Administrative Agent or as otherwise determined by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender pursuant to
Article 2 if such Lender has notified the Administrative Agent that it is
incapable of receiving notices under such Section by electronic communication. 
The Administrative Agent or the Borrower may, in its respective discretion,
agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it or as it otherwise
determines, provided that such determination or approval may be limited to
particular notices or communications.  Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall
be deemed received upon the sender's receipt of an acknowledgement from the
intended recipient (such as by the "return receipt requested" function, as
available, return e-mail or other written acknowledgement), provided that if
such notice or other communication is not given during the normal business hours
of the recipient, such notice or communication shall be deemed to have been
given at the opening of business on the next Business Day for the recipient, and
(ii) notices or communications posted to an internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (i) of notification that
such notice or communication is available and identifying the website address
therefor.

13.2.        Change of Address.  The Borrower, the Administrative Agent and any
Lender may each change the address for service of notice upon it by a notice in
writing to the other parties hereto.

ARTICLE 14

CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

14.1.        CHOICE OF LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL
(EXCEPT AS MAY BE EXPRESSLY OTHERWISE PROVIDED IN ANY LOAN DOCUMENT) BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK
(INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAW RULES).

48

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14.2.        CONSENT TO JURISDICTION.  THE BORROWER HEREBY IRREVOCABLY SUBMITS
TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING
IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER
HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES
ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN
INCONVENIENT FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE
AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF
ANY OTHER JURISDICTION.  ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE
ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT
OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING
OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN
A COURT IN NEW YORK, NEW  YORK.

14.3.        WAIVER OF JURY TRIAL.  THE BORROWER, THE ADMINISTRATIVE AGENT AND
EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING,
DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR
OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN
DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

Signatures Follow

49

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IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have
executed this Agreement as of the date first above written.

IDAHO POWER COMPANY, as the Borrower

By:       /s/ Darrel T. Anderson                                     

Name:  Darrel T. Anderson

Title:     Sr. Vice President - Administrative Services and Chief Financial
Officer

Idaho Power Company Term Loan Credit Agreement

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JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender

 

By:       /s/ Jennifer E. Fitzgerald                                   

Name:  Jennifer E. Fitzgerald

Title:     Associate                                                        

Idaho Power Company Term Loan Credit Agreement

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BANK OF AMERICA, N.A., as a Lender

 

By:       /s/ James J. Telchman                                      

Name:  James J. Telchman                                                       

Title:     Vice President

Idaho Power Company Term Loan Credit Agreement

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UNION BANK OF CALIFORNIA, N.A., as a Lender

By:       /s/ Jesus Serrano                                             

Name:  Jesus
Serrano                                                              

Title:     Vice President

Idaho Power Company Term Loan Credit Agreement

--------------------------------------------------------------------------------

WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender

By:       /s/ Henry R. Biedrzycki                                    

Name:  Henry R. Biedrzycki                                                    

Title:     Director

                Idaho Power Company Term Loan Credit Agreement

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SCHEDULE I

COMMITMENTS

Lender

Commitment

JPMorgan Chase Bank, N.A.

$ 42,500,000

Bank of America, N.A.

$ 42,500,000

Union Bank of California, N.A.

$ 42,500,000

Wachovia Bank, National Association

$ 42,500,000

TOTAL

$170,000,000

I-1

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SCHEDULE 5.8

SUBSIDIARIES AND OTHER INVESTMENTS

(As of December 31, 2007)

[Intentionally Omitted]

Schedule 5.8

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SCHEDULE 5.12

MATERIAL AGREEMENTS

None.

Schedule 5.12

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SCHEDULE 5.14

INDEBTEDNESS AND LIENS

Following is a list of existing liens of the Borrower and Subsidiaries:

Borrower:

Indebtedness Owed To: Bondholders pursuant to that certain Mortgage and Deed of
Trust, dated as of October 1, 1937 between Borrower and Deutsche Bank Trust
Company Americas (formerly Bankers Trust Company) and R.G. Page (Stanley Burg,
successor individual trustee), as Trustee, as supplemented and amended.

Property Encumbered: All existing and after-acquired real and personal property
of Borrower.

Amount of Indebtedness: The aggregate principal amount of Idaho Power Company
First Mortgage Bonds outstanding as of December 31, 2007 was $1.111 billion. The
amount of First Mortgage Bonds issuable by Borrower, giving effect to the
Forty-second Supplemental Indenture, is limited to a maximum of $1.5 billion,
but subject to increase at any time and may be further limited by property,
earnings and other provisions of the Mortgage.
 

Schedule 5.14

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SCHEDULE 13.1
NOTICE ADDRESSES
 

Address for notices for Borrower:
Idaho Power Company
1221 West Idaho Street
P.O. Box 70
Boise, Idaho 83707
Attention:  Steven R. Keen, Vice President and Treasurer
Telephone: 208-388-2600
Fax: 208-388-2879
Email: skeen@idahopower.com
 

Address for notices as Administrative Agent:
JPMorgan Chase Bank, N.A.
10 South Dearborn St., Floor 07
Chicago, Illinois  60603
Attention: Walter Jones
Telephone: 312-732-5078
Fax: 312-385-7096
Email: walter.h.jones@chase.com
 

Address for notices for Credit Contact:
JPMorgan Chase Bank, N.A.
10 South Dearborn St., Floor 09
Chicago, Illinois  60603
Attention: Jennifer Fitzgerald
Telephone: 312-732-1754
Fax: 312-732-1762
Email:  jennifer.e.fitzgerald@jpmorgan.com

Schedule 13.1

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EXHIBITS A-E

[Intentionally Omitted]

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