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Exhibit 10.1

FIRST AMENDMENT
 

 
This FIRST AMENDMENT dated as of April 15, 2009 (this “Amendment”) amends the
AMENDED AND RESTATED CREDIT AGREEMENT dated as of July 6, 2006 (the “Credit
Agreement”) among MIDAMERICAN ENERGY COMPANY (the “Company”), various financial
institutions (the “Banks”) and JPMORGAN CHASE BANK, N.A., as Administrative
Agent.  Capitalized terms used but not defined herein have the respective
meanings given to them in the Credit Agreement.
 
WHEREAS, the parties hereto have agreed to amend the Credit Agreement in certain
respects as more fully set forth below;
 
NOW, THEREFORE, the parties hereto agree as follows:
 
SECTION 1 AMENDMENTS.  Subject to satisfaction of the condition precedent in
Section 3, the Credit Agreement is amended as follows:
 
1.1 Addition of Definitions.  Section 1.1 is amended by adding the following
definitions in proper alphabetical order:
 
“Designated Bank” means a Defaulting Bank or a Downgraded Bank.
 
“Defaulting Bank” means any Bank that (a) has not made available to the
Administrative Agent such Bank’s ratable portion of a requested borrowing or has
not reimbursed the LC Issuer for such Bank’s Pro Rata Share of the amount of a
payment made by the LC Issuer under a Facility LC, in each case within three
Business Days after the due date therefor in accordance with Section 2.4.1 or
Section 2.7.5, as applicable; (b) has notified the Company or the Administrative
Agent that it does not intend to comply with its obligations under Section 2.4.1
or Section 2.7.5; or (c) is the subject of a bankruptcy, insolvency or similar
proceeding.  A Bank shall not be a Defaulting Bank solely by virtue of the
ownership or acquisition of an equity interest in such Bank or its parent
company by a governmental authority or instrumentality thereof.
 
“Downgraded Bank” means any Bank that (a) has a non-investment grade rating from
Moody’s Investors Service, Inc., Standard & Poor’s Rating Services, a division
of The McGraw Hill Companies, Inc., or another nationally recognized rating
agency or (b) is a Subsidiary of a Person that is the subject of a bankruptcy,
insolvency or similar proceeding.
 
1.2 Definition of Aggregate Commitment.  The definition of Aggregate Commitment
in Section 1.1 is amended by substituting the following for the period at the
end thereof:
 
; provided that for purposes of Sections 2.1.2, 2.2.2, 2.4.2, 2.7.1 and 2.7.6,
at any time there is a Defaulting Bank, the Aggregate Commitment shall be
reduced by an amount equal to the remainder of (A) the amount of such Defaulting
Bank’s Commitment minus (B) the principal amount of such Defaulting Bank’s
outstanding Loans.  No reduction of the Aggregate Commitment pursuant to the
proviso to the foregoing sentence shall be permanent (and if the circumstances
giving rise to such a reduction of the Aggregate Commitment cease to exist, then
such reduction shall no longer apply).
 

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1.3 Definition of LC Issuer.  The definition of LC Issuer in Section 1.1 is
amended in its entirety to read as follows (and if at any time there is more
than one LC Issuer, all other provisions of the Credit Agreement shall be deemed
to be amended to the extent necessary or appropriate to accommodate multiple LC
Issuers):
 
“LC Issuer” means JPMorgan (or any subsidiary or affiliate of JPMorgan
designated by JPMorgan) or any other Bank designated by the Company that agrees
to issue Facility LCs hereunder, in each case in its capacity as an issuer of
Facility LCs hereunder.
 
1.4 Termination of Designated Bank.  The following subsection (iii) is added to
Section 2.4.12 in proper sequence:
 
(iii)           Concurrently with the termination of a Designated Bank’s
Commitment pursuant to Section 3.6, (a) the Aggregate Commitment shall be
reduced by the amount of such Commitment; and (b) the participations of the
other Banks in the undrawn stated amount of all Facility LCs shall be
redetermined as if all outstanding Facility LCs were issued on such date.
 
1.5 Cash Collateralization of Participation Obligations of Defaulting Bank.  The
following Section 2.7.13 is added to Section 2.7 in proper sequence:
 
2.7.13  Cash Collateralization of Participation Obligations of Defaulting
Bank.  If a Bank at any time becomes a Defaulting Bank and Letters of Credit are
outstanding (or the Company requests the issuance of a Letter of Credit) at such
time, then the Company shall promptly (and in any event within three Business
Days) after request by the LC Issuer or the Administrative Agent (or, in the
case of the requested issuance of a Letter of Credit, prior to such issuance)
provide cash collateral to the Administrative Agent in an amount equal to the
aggregate amount of such Defaulting Bank’s participation in the outstanding
Letters of Credit (or in the requested Letter of Credit, if applicable) pursuant
to documentation satisfactory to the Administrative Agent, the LC Issuer and the
Company, which cash collateral shall secure such Defaulting Bank’s contingent
obligations to the LC Issuer in respect of such Letters of Credit.  If the
amount of cash collateral required to cover a Defaulting Bank’s participation in
Letters of Credit is reduced (or the circumstances giving rise to the
requirement that the Company provide cash collateral pursuant to this Section
2.7.13 cease to exist), then the Administrative Agent shall promptly return the
excess (or, if applicable, all) cash collateral to the Company.
 
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1.6 Replacement of Designated Bank.  The second line in Section 3.5 is amended
by (a) replacing the word “or” (which appears before the words “delivers a
notice”) with a comma and (b) inserting the following immediately after the
words “pursuant to Section 3.2”: “or is a Designated Bank”.
 
1.7   Termination of Designated Bank.  The following Section 3.6 is added to
Article III in proper sequence:
 
3.6           Termination of Designated Bank.  At any time a Bank is a
Designated Bank, the Company may terminate in full the Commitment of such
Designated Bank by giving notice to such Designated Bank and the Administrative
Agent (which notice shall specify the effective date of such termination);
provided that (a) at the time of such termination, no Event of Default exists;
(b) if any Facility LC is outstanding, the conditions precedent to the issuance
of a Facility LC set forth in Section 4.2 shall be satisfied as if all
outstanding Facility LCs were being issued at such time; (c) concurrently with
such termination, the Company shall prepay all outstanding Loans of such
Designated Bank together with accrued interest thereon and accrued fees and any
other amounts payable for the account of such Designated Bank hereunder; and (d)
after giving effect to the termination of such Designated Bank’s Commitment, the
Outstanding Credit Exposure will not exceed the Aggregate Commitment.  The
termination of the Commitment of a Defaulting Bank pursuant to this Section 3.6
shall not be deemed to be a waiver of any right that the Company, the
Administrative Agent, the LC Issuer or any other Bank may have against such
Defaulting Bank.
 
SECTION 2 TERMINATION OF LEHMAN BROTHERS BANK, FSB.  Pursuant to, and subject to
satisfaction of the conditions precedent set forth in, Section 2.4.12(iii) of
the Credit Agreement as amended hereby (the “Amended Credit Agreement”), the
Company hereby terminates the Commitment of Lehman Brothers Bank, FSB (“Lehman”)
effective immediately upon the effectiveness of this Amendment pursuant to
Section 3.  Concurrently with such termination, the Aggregate Commitment will be
reduced by the amount of Lehman’s Commitment (as in effect on such date),
Lehman’s participation in the undrawn Facility LCs shall terminate and the
participations of the other Banks in the outstanding Facility LCs shall be
redetermined as if all outstanding Facility LCs had been issued on such date.
 
SECTION 3 CONDITION PRECEDENT.  This Amendment shall become effective as of
April __, 2009 when the Administrative Agent has received counterparts hereof
signed by the Company and the Required Banks.
 
SECTION 4 REPRESENTATIONS AND WARRANTIES.  The Company represents and warrants
as follows:
 
4.1 Due Authorization, Non-Contravention, etc.  The execution and delivery by
the Company of this Amendment, and the performance by the Company of its
obligations under this Amendment and the Amended Credit Agreement, are within
the Company’s corporate powers, have been duly authorized by all necessary
corporate action and do not (a) contravene the articles of incorporation or
by-laws (or any comparable document) of the Company, (b) contravene any law or
governmental regulation or court decree or order, or any material contractual
restriction, binding on or affecting the Company or (c) result in, or require
the creation or imposition of, any lien on any of the Company’s properties.
 
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4.2 Government Approval, Regulation, etc.  No authorization or approval or other
action by, and no notice to or filing with, any governmental authority or
regulatory body or other Person is required for the due execution and delivery
by the Company of this Amendment or the performance by the Company of its
obligations under this Amendment and the Amended Credit Agreement (except for
any of the foregoing that has been obtained and is in full force and effect).
 
4.3 Enforceable Agreement.  This Amendment has been duly executed and delivered
by the Company, and this Amendment and the Amended Credit Agreement constitute
legal, valid and enforceable obligations of the Company, enforceable against the
Company in accordance with their respective terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws of general applicability and by the effect of general principles of
equity (regardless of whether enforceability is considered in a proceeding in
equity or at law) and except that no representation or warranty is made as to
the indemnification provisions of Section 9.7 of the Amended Credit Agreement or
the provisions of the Amended Credit Agreement purporting to authorize
conclusive determinations by the Banks.
 
4.4 No Material Adverse Change; No Default.  Since December 31, 2008, there has
been no material adverse change in the consolidated financial condition,
operations, assets, business, properties or prospects of the Company and its
Subsidiaries, taken as a whole.  No Default or Unmatured Default has occurred
and is continuing.
 
4.5 Credit Agreement Representations and Warranties.  The representations and
warranties contained in Article V of the Credit Agreement are true and correct
in all material respects as of the date of the execution and delivery of this
Amendment by the Company (except to the extent that any such representation or
warranty relates to a particular date, in which case it was true and correct in
all material respects as of such earlier date).
 
SECTION 5 MISCELLANEOUS.
 
5.1 Continuing Effectiveness.  Except as expressly set forth herein, the Credit
Agreement shall remain in full force and effect and is ratified, approved and
confirmed in all respects.
 
5.2 Execution in Counterparts.  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.  Delivery to the Administrative Agent of a counterpart hereof, or
signature page hereto, by facsimile or electronically in a pdf or similar file
shall be effective as delivery of an original manually-executed counterpart
hereof.
 
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5.3 Governing Law.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS, BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.
 
5.4 Successors and Assigns.  This Amendment shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
assigns.
 
[Signature pages follow.]
 
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.
 

  MIDAMERICAN ENERGY COMPANY          
 
By:
/s/  Paul J. Leighton       Paul J.Leighton        Vice President & Corporate
Secretary             By:  /s/  Brian K. Hankel       Brian K. Hankel       Vice
President & Treasurer  

 
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  JPMORGAN CHASE BANK, N.A., individually, as LC Issuer and as Administrative
Agent          
 
By:
/s/  Juan J. Javellana       Name:  Juan J. Javellana       Title:    Vice
President  

 
 
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  UNION BANK, N.A. (formerly known as Union Bank of California, N.A.)          
 
By:
/s/  Dennis G. Blank       Name:  Dennis G. Blank       Title:    Vice
President           

 
 

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  THE ROYAL BANK OF SCOTLAND plc          
 
By:
/s/  Belinda Tucker       Name:  Belinda Tucker        Title:    Senior Vice
President           

 
 
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  ABN AMRO BANK N.V.          
 
By:
/s/  Scott Donaldson       Name:  Scott Donaldson        Title:    Director     
        By:  /s/  Todd Vaubel        Name:  Todd Vaubel        Title:    Vice
President   

 
 
 
 
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  BNP PARIBAS          
 
By:
        Name:         Title:               

 
 

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  BARCLAYS BANK PLC          
 
By:
/s/  Alicia Borys       Name:  Alicia Borys        Title:    Assistant Vice
President           

 
 
 

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  THE BANK OF NEW YORK MELLON          
 
By:
/s/   John N. Watt       Name:  John N. Watt        Title:    Vice President   
       

 
 
 
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  FIFTH THIRD BANK          
 
By:
/s/  Ashley Colmenero       Name:  Ashley Colmenero        Title:   
Relationship Manager           

 
 

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  LEHMAN BROTHERS BANK, FSB          
 
By:
        Name:       Title:              

 
 
 
 
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  MIZUHO CORPORATE BANK, LTD.          
 
By:
        Name:        Title:           

 
 
 

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  NATIONAL CITY BANK          
 
By:
/s/   Michael Leong       Name:  Michael Leong        Title:    Vice President 
         

 
 
 
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  U.S. BANK NATIONAL ASSOCIATION          
 
By:
/s/   Karen Nelsen       Name:  Karen Nelsen        Title:    Vice President   
       

 

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  WACHOVIA BANK, NATIONAL ASSOCIATION          
 
By:
/s/  Frederick W. Price       Name:  Frederick W. Price        Title:   
Managing Director           

 
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  WELLS FARGO BANK, N.A.          
 
By:
/s/  Lisa Larpenteur       Name:  Lisa Larpenteur        Title:    Vice
President           

 
 

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  WILLIAM STREET COMMITMENT CORPORATION     (Recourse only to assets of William
Street Commitment Corporation)      
 
 
 
By:
/s/   Mark Walton       Name:  Mark Walton        Title:    Assistant Vice
President           

 
 
 
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  FIRST NATIONAL BANK OF OMAHA          
 
By:
        Name:        Title:           

 
 

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  UBS LOAN FINANCE LLC          
 
By:
/s/  Marie Haddad       Name:  Marie Haddad        Title:    Associate Director 
            By:  /s/  Irja R. Otsa        Name:   Irja R. Otsa       Title:    
Associate Director   

 
 
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  UBS AG STAMFORD BRANCH          
 
By:
/s/   Marie Haddad       Name:  Marie Haddad        Title:   
Associate Director              By:  /s/  Irja R. Otsa        Name:  Irja R.
Otsa        Title:    Associate Director   

 
 
 
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  SUMITOMO MITSUI BANKING CORPORATION          
 
By:
/s/  Masakazu Hasegawa       Name:  Masakazu Hasegawa        Title:    General
Manager           

 
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