Exhibit 10.25.1

EXECUTION VERSION

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of August 2, 2012 is by and among Pepco Holdings, Inc.
(“PHI”), Potomac Electric Power Company (“PEPCO”), Delmarva Power & Light
Company (“DPL”), Atlantic City Electric Company (“ACE”; and together with PHI,
PEPCO and DPL, each a “Borrower” and collectively the “Borrowers”), the various
financial institutions party hereto (each a “Lender” and collectively the
“Lenders”), Bank of America, N.A., as syndication agent (the “Syndication
Agent”) and as an issuer of letters of credit and Wells Fargo Bank, National
Association, as agent on behalf of the Lenders under the Credit Agreement (as
hereinafter defined) (in such capacity, the “Agent”), as the swingline lender
and as an issuer of letters of credit. Capitalized terms used herein and not
otherwise defined herein shall have the meanings ascribed thereto in the Credit
Agreement.

W I T N E S S E T H

WHEREAS, the Borrowers, the Lenders and the Agent are parties to that certain
Second Amended and Restated Credit Agreement dated as of August 1, 2011 (as
amended, modified, extended, restated, replaced, or supplemented from time to
time, the “Credit Agreement”);

WHEREAS, the Borrowers have requested that the Lenders amend certain provisions
of the Credit Agreement; and

WHEREAS, the Lenders are willing to make such amendments to the Credit
Agreement, in accordance with and subject to the terms and conditions set forth
herein.

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and
for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

1.1 Amendment to Definition of Facility Termination Date. The definition of
Facility Termination Date set forth in Section 1.1 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

“Facility Termination Date” means, with respect to any Borrower, August 1, 2017,
as such date may be extended from time to time pursuant to Section 2.4, or any
earlier date on which such Borrower’s Sublimit is reduced to zero or the
obligations of the Lenders to make Credit Extensions to such Borrower is
terminated pursuant to Section 8.1.

1.2 Amendment to Schedule 1. Schedule 1 of the Credit Agreement is hereby
amended and restated in its entirety to read as set forth hereto as Exhibit A.

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ARTICLE II

CONDITIONS TO EFFECTIVENESS

2.1 Closing Conditions. This Amendment shall be deemed effective as of August 2,
2012 (the “Amendment Effective Date”) upon satisfaction of the following
conditions (in form and substance reasonably acceptable to the Agent):

(a) Executed Amendment. The Agent shall have received a copy of this Amendment
duly executed by each of the Borrowers, the Agent and the Lenders.

(b) Fees and Expenses.

(i) The Borrowers shall have paid all fees and expenses owing pursuant to
(1) that certain Active Joint Lead Arrangers Fee Letter dated as of July 19,
2012 by and among the Borrowers, the Agent, the Syndication Agent, Wells Fargo
Securities, LLC and Merrill Lynch, Pierce, Fenner and Smith, Incorporated and
(2) that certain Passive Joint Lead Arrangers Fee Letter dated as of July 19,
2012 by and among the Borrowers, Citigroup Global Markets Inc. and RBS
Securities, Inc.

(ii) King & Spalding LLP shall have received from the Borrowers payment of all
fees and expenses incurred in connection with this Amendment.

(c) Officer’s Certificates and Certificates of Good Standing. With respect to
each Borrower, the Agent shall have received the following, each in form and
substance reasonably satisfactory to the Agent, an officer’s certificate
(A) certifying that the articles or certificate of incorporation of such
Borrower that were delivered on the Closing Date remain true and complete as of
the Amendment Effective Date (or certified updates as applicable),
(B) certifying that the bylaws of such Borrower that were delivered on the
Closing Date remain true and correct and in force and effect as of the Amendment
Effective Date (or certified updates as applicable), (C) attaching copies of the
resolutions of the board of directors of such Borrower approving and adopting
this Amendment, the transactions contemplated herein and authorizing execution
and delivery hereof, and certifying such resolutions to be true and correct and
in force and effect as of the Amendment Effective Date and (D) attaching a new
incumbency certificate for such Borrower. The Agent shall have received
certificates of good standing, existence or its equivalent with respect to each
Borrower certified as of a recent date by the appropriate Governmental
Authorities of the state of incorporation of such Borrower.

(d) Miscellaneous. All other documents and legal matters in connection with the
transactions contemplated by this Amendment shall be reasonably satisfactory in
form and substance to the Agent and its counsel.

ARTICLE III

MISCELLANEOUS

3.1 Amended Terms. On and after the Amendment Effective Date, all references to
the Credit Agreement in each of the Loan Documents shall hereafter mean the
Credit Agreement as amended by this Amendment. Except as specifically amended
hereby or otherwise agreed, the Credit Agreement is hereby ratified and
confirmed and shall remain in full force and effect according to its terms.

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3.2 Representations and Warranties of Borrowers. Each of the Borrowers
represents and warrants as follows:

(a) Such Borrower has taken all necessary action to authorize the execution,
delivery and performance of this Amendment.

(b) Such Borrower has duly executed and delivered the Amendment and the
Amendment constitutes such Borrower’s legal, valid and binding obligation,
enforceable in accordance with its terms, except as such enforceability may be
subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws affecting creditors’ rights generally and
(ii) general principles of equity (regardless of whether such enforceability is
considered in a proceeding at law or in equity).

(c) No Approval is required to be obtained by such Borrower or any of its
Subsidiaries in connection with the execution, delivery or performance by such
Borrower of this Amendment; except for such Approvals which have been issued or
obtained by such Borrower or any of its Subsidiaries which are in full force and
effect.

(d) The representations and warranties set forth in Article V of the Credit
Agreement are true and correct as of the date hereof (except for (i) those which
expressly relate to an earlier date and (ii) representations and warranties
contained in Sections 5.5, 5.7 and 5.15 of the Credit Agreement).

(e) After giving effect to this Amendment, no event has occurred and is
continuing which constitutes a Default or an Event of Default.

3.3 Reaffirmation of Obligations. Each Borrower hereby ratifies the Credit
Agreement and acknowledges and reaffirms (a) that it is bound by all terms of
the Credit Agreement applicable to it and (b) that it is responsible for the
observance and full performance of its respective Obligations.

3.4 Loan Document. This Amendment shall constitute a Loan Document under the
terms of the Credit Agreement.

3.5 Expenses. The Borrowers agrees to pay all reasonable costs and expenses of
the Agent in connection with the preparation, execution and delivery of this
Amendment (including, without limitation, the reasonable fees and expenses of
the Agent’s legal counsel, which such fees and expenses shall not exceed, in the
aggregate, $15,000).

3.6 Further Assurances. The Borrowers agree to promptly take such action, upon
the request of the Agent, as is reasonably necessary to carry out the intent of
this Amendment.

3.7 Entirety. This Amendment and the other Loan Documents embody the entire
agreement among the parties hereto and supersede all prior agreements and
understandings, oral or written, if any, relating to the subject matter hereof.

3.8 Counterparts; Telecopy. This Amendment 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 Amendment by signing any such
counterpart. This Amendment shall be effective when it has been executed by the
Borrowers, the Agent and the Lenders and each party has notified the Agent by
facsimile transmission or telephone that it has taken such action.

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3.9 GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS (INCLUDING SECTION 5.1401.7 OF THE GENERAL OBLIGATIONS LAW, BUT
OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF) OF THE
STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS.

3.10 Successors and Assigns. This Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.

3.11 Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The
consent to jurisdiction and waiver of jury trial provisions set forth in
Sections 15.2 and 15.3 of the Credit Agreement, respectively, are hereby
incorporated by reference, mutatis mutandis.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly
executed on the date first above written.

 

PEPCO HOLDINGS, INC. By:   /s/ Kevin M. McGowan   Name:   Kevin M. McGowan  
Title:   Vice President and Treasurer POTOMAC ELECTRIC POWER COMPANY By:   /s/
Kevin M. McGowan   Name:   Kevin M. McGowan   Title:   Vice President and
Treasurer DELMARVA POWER & LIGHT COMPANY By:   /s/ Kevin M. McGowan   Name:  
Kevin M. McGowan   Title:   Vice President and Treasurer ATLANTIC CITY ELECTRIC
COMPANY By:   /s/ Kevin M. McGowan   Name:   Kevin M. McGowan   Title:  
Treasurer WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent, Issuer, Swingline
Lender and Lender By:       Name:       Title:    

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent, Issuer, Swingline Lender and
Lender By:   /s/ Allison Newman   Name:   Allison Newman   Title:   Director

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

BANK OF AMERICA, N.A., as Syndication Agent, Issuer and Lender By:   /s/ Michael
Mason   Name:   Michael Mason   Title:   Director

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

CITIBANK, N.A., as Co-Documentation Agent and Lender By:   /s/ D. Scott McMurtry
  Name:   D. Scott McMurtry   Title:   Vice President

 

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

THE ROYAL BANK OF SCOTLAND PLC, as Co-Documentation Agent and Lender By:  

/s/ Tyler J McCarthy

  Name: Tyler J McCarthy   Title: Director

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

THE BANK OF NOVA SCOTIA, as Lender By:  

/s/ Thane Rattew

  Name: Thane Rattew   Title: Managing Director

 

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

BARCLAYS BANK PLC, as Lender By:  

/s/ Sreedhar R. Kona

  Name: Sreedhar R. Kona   Title: Assistant Vice President

 

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender By:  

/s/ Mikhail Faybusovich

  Name: Mikhail Faybusovich   Title: Director By:  

/s/ Vipul Dhadda

  Name: Vipul Dhadda   Title: Associate

 

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

JPMORGAN CHASE BANK, N.A., as Lender By:  

/s/ Helen D. Davis

  Name: Helen D. Davis   Title: Vice President

 

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

MORGAN STANLEY BANK, N.A., as Lender By:  

/s/ Kelly Chin

  Name: Kelly Chin   Title: Authorized Signatory

 

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

KEYBANK NATIONAL ASSOCIATION, as Lender By:  

/s/ Sherrie I. Manson

  Name:  Sherrie I. Manson   Title:     Senior Vice President

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

SUNTRUST BANK, as Lender By:  

/s/ Andrew Johnson

  Name: Andrew Johnson   Title:   Director

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

BANK OF NEW YORK MELLON, as Lender By:  

/s/ Richard K. Fronapfel, Jr.

  Name: Richard K. Fronapfel, Jr.   Title:   Vice President

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

BANK OF TOKYO—MITSUBISHI UFJ, LTD., as Lender By:  

/s/ Nicholas R. Battista

  Name: Nicholas R. Battista   Title: Director

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

GOLDMAN SACHS BANK USA, as Lender By:  

/s/ Mark Walton

  Name: Mark Walton   Title:  Authorized Signatory

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

MANUFACTURERS AND TRADERS TRUST COMPANY, as Lender By:  

/s/ Rebecca A. Hancock

  Name: Rebecca A. Hancock   Title:  Vice President

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

NORTHERN TRUST COMPANY, as Lender By:  

/s/ Peter J. Hallan

  Name: Peter J. Hallan   Title:   Vice President

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PEPCO

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

PNC BANK, NATIONAL ASSOCIATION, as Lender By:  

/s/ Matthew Sawyer

  Name: Matthew Sawyer   Title:  Senior Vice President

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EXHIBIT A

See attached.

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SCHEDULE 1

PRICING SCHEDULE

 

LEVEL

STATUS

   APPLICABLE MARGIN FOR
EURODOLLAR RATE
ADVANCES/LC FEE RATE   APPLICABLE MARGIN FOR
FLOATING RATE
ADVANCES   FACILITY
FEE  RATE

I

   0.900%   0.000%   0.100%

II

   1.000%   0.000%   0.125%

III

   1.075%   0.075%   0.175%

IV

   1.275%   0.275%   0.225%

V

   1.475%   0.475%   0.275%

VI

   1.650%   0.650%   0.350%

For the purposes of this Schedule, the following terms have the following
meanings, subject to the other provisions of this Schedule:

“Level I Status” exists with respect to any Borrower on any date if, on such
date, such Borrower’s Moody’s Rating is A2 or better, such Borrower’s S&P Rating
is A or better or such Borrower’s Fitch Rating is A or better.

“Level II Status” exists with respect to any Borrower on any date if, on such
date, (i) such Borrower has not qualified for Level I Status and (ii) such
Borrower’s Moody’s Rating is A3 or better, such Borrower’s S&P Rating is A- or
better or such Borrower’s Fitch Rating is A- or better.

“Level III Status” exists with respect to any Borrower on any date if, on such
date, (i) such Borrower has not qualified for Level I Status or Level II Status
and (ii) such Borrower’s Moody’s Rating is Baa1 or better, such Borrower’s S&P
Rating is BBB+ or better or such Borrower’s Fitch Rating is BBB+ or better.

“Level IV Status” exists with respect to any Borrower on any date if, on such
date, (i) such Borrower has not qualified for Level I Status, Level II Status or
Level III Status and (ii) such Borrower’s Moody’s Rating is Baa2 or better, such
Borrower’s S&P Rating is BBB or better or such Borrower’s Fitch Rating is BBB or
better.

“Level V Status” exists with respect to any Borrower on any date if, on such
date, (i) such Borrower has not qualified for Level I Status, Level II Status,
Level III Status or Level IV Status and (ii) such Borrower’s Moody’s Rating is
Baa3 or better, such Borrower’s S&P Rating is BBB- or better or such Borrower’s
Fitch Rating is BBB- or better.

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“Level VI Status” exists with respect to any Borrower on any date if, on such
date, such Borrower has not qualified for Level I Status, Level II Status, Level
III Status, Level IV Status or Level V Status.

“Fitch Rating” means, at any time for any Borrower, the ratings issued by Fitch
Ratings, Ltd. (“Fitch”) and then in effect with respect to such Borrower’s
unsecured long-term debt securities without third-party credit enhancement.

“Moody’s Rating” means, at any time for any Borrower, the rating issued by
Moody’s and then in effect with respect to such Borrower’s senior unsecured long
term debt securities without third party credit enhancement.

“S&P Rating” means, at any time for any Borrower, the rating issued by S&P and
then in effect with respect to such Borrower’s senior unsecured long term debt
securities without third party credit enhancement.

“Status” means Level I Status, Level II Status, Level III Status, Level IV
Status, Level V Status or Level VI Status.

For purposes of this Schedule, the Moody’s Rating, the S&P Rating and the Fitch
Rating in effect for any Borrower on any date are that in effect at the close of
business on such date.

The Applicable Margin, the Facility Fee Rate and the LC Fee Rate for each
Borrower shall be determined in accordance with the above based on such
Borrower’s Status as determined from its then current Moody’s Rating, S&P Rating
and Fitch Rating. If the applicable Borrower is split-rated and all three
(3) ratings fall in different Levels, the Applicable Margin, the LC Fee Rate and
the Facility Fee Rate shall be based upon the Level indicated by the middle
rating. If the applicable Borrower is split-rated and two (2) of the ratings
fall in the same Level, (the “Majority Level”) and the third rating is in a
different Level, the Applicable Margin, the LC Fee Rate and the Facility Fee
Rate shall be based upon the Majority Level. In the event that only two
(2) ratings are available, the Applicable Margin, the LC Fee Rate and the
Facility Fee Rate shall be based upon the Level indicated by the higher of the
two ratings unless there is a two or more Level difference in the levels
indicated by each of the two available ratings, in which case the Level that is
one Level below the higher rating shall apply. Should a Borrower not have any
Moody’s Rating, S&P Rating or Fitch Rating, the corporate credit or issuer
rating of such Borrower, as applicable, will be used in lieu thereof.