Exhibit 10(n)-4

Execution Version

THIRD AMENDMENT
TO
CREDIT AND SECURITY AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AND SECURITY AGREEMENT, dated as of March 15,
2006 (this “Amendment”), is entered into by and among PPL RECEIVABLES
CORPORATION (“Borrower”), PPL Electric Utilities Corporation (“PPL Electric”),
Variable Funding Capital Company, LLC (successor to Blue Ridge Asset Funding
Corporation) (“VFCC”), and Wachovia Bank, National Association (together with
its successors and assigns, the “Agent”). Capitalized terms used and not
otherwise defined herein are used as defined in the Agreement (as defined below
and amended hereby).
 
WHEREAS, the Borrower, PPL Electric, VFCC and the Agent are parties to that
certain Credit and Security Agreement, dated as of August 1, 2004 (as amended,
supplemented or otherwise modified from time to time, the "Agreement");
 
WHEREAS, the parties to the Agreement wish to amend the Agreement in certain
respects as hereinafter described;
 
NOW THEREFORE, in consideration of the premises and the other mutual covenants
contained herein, the parties hereto agree as follows:
 
SECTION 1. Amendment. Clause (ii) of Section 9.1(i) of the Agreement is hereby
amended and restated in its entirety to read as follows:
 
“(ii)  the three-month rolling average Default Ratio shall exceed 2.50%;”
 
SECTION 2. Reference to and Effect on the Agreement and the Related Documents.
Upon the effectiveness of this Amendment, (i) each of the Borrower and PPL
Electric hereby reaffirms all representations and warranties made by it in the
Agreement and agrees that all such representations and warranties shall be
deemed to have been remade as of the effective date of this Amendment, (ii) each
of the Borrower and PPL Electric hereby represents and warrants that no
Amortization Event or Unmatured Amortization Event shall have occurred and be
continuing and (iii) each reference in the Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import shall mean and be, and
any references to the Agreement in any other document, instrument or agreement
executed and/or delivered in connection with the Agreement shall mean and be, a
reference to the Agreement as amended hereby.
 
SECTION 3. Effect. Upon the execution and delivery of counterparts of this
Amendment by each of the parties hereto, this Amendment shall be effective as of
February 28, 2006. Except as otherwise amended by this Amendment, the Agreement
shall continue in full force and effect and is hereby ratified and confirmed.
 
SECTION 4. Governing Law. This Amendment will be governed by and construed in
accordance with the laws of the State of New York, without giving effect to the
conflicts of laws principles thereof (other than Section 5-1401 of the New York
General Obligations Law).
 
SECTION 5. Severability. Each provision of this Amendment shall be severable
from every other provision of this Amendment for the purpose of determining the
legal enforceability of any provision hereof, and the unenforceability of one or
more provisions of this Amendment in one jurisdiction shall not have the effect
of rendering such provision or provisions unenforceable in any other
jurisdiction.
 
SECTION 6. Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument. Delivery of an executed
counterpart of a signature page by facsimile shall be effective as delivery of a
manually executed counterpart of this Amendment.
 

[remainder of page intentionally left blank]

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

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above
written.

PPL RECEIVABLES CORPORATION

By: __________________________ 
Name: ________________________
Title: _________________________ 

PPL ELECTRIC UTILITIES CORPORATION

By: __________________________ 
Name: ________________________
Title: _________________________ 
 

VARIABLE FUNDING CAPITAL COMPANY, LLC
By: Wachovia Capital Markets, LLC,
as Attorney-In-Fact

By: __________________________ 
Name:________________________
Title:_________________________ 

WACHOVIA BANK,
NATIONAL ASSOCIATION,
as a Liquidity Bank and as Agent

By:__________________________ 
Name:________________________
Title:_________________________