##### 



Exhibit 10.3
 SECOND AMENDMENT TO CREDIT AGREEMENT
 Amendment Credit Agreement Initial Borrower Initial Borrowers Administrative
Agent
   AMENDMENTS. Section 2 Annex I.
 CONDITIONS PRECEDENT. Surviving Obligations
  Representations and Warranties of ComEd
 Representations and Warranties of Continuing Borrowers Continuing Borrower Continuing Borrowers




---



##### 



Amended Credit Agreement
 MISCELLANEOUS
 Continuing Effectiveness, etc
 Severability
 Headings
 Execution in Counterparts
 Governing Law THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA.
 Successors and Assigns
 Deletion of ComEd as a Borrower
  2




---



##### 



EXELON CORPORATIONBy:
    
    /s/ Thomas R. MillerName:      Thomas R. MillerTitle:        Assistant Treasurer
 COMMONWEALTH EDISON COMPANYBy:
    
    /s/ Thomas R. MillerName:      Thomas R. MillerTitle:        Assistant Treasurer
 PECO ENERGY COMPANYBy:
    
    /s/ Thomas R. MillerName:      Thomas R. MillerTitle:         Assistant Treasurer
 EXELON GENERATION COMPANY, LLCBy:
    
    /s/ Thomas R. MillerName:      Thomas R. MillerTitle:        Assistant Treasurer
 Second Amendment to
Five Year Credit Agreement




---



##### 



THE LENDERS
 JPMORGAN CHASE BANK, N.A.,as
Administrative Agent and as a LenderBy:
    
    /s/ Michael J. DeForgeName:      Michael J. DeForgeTitle:        Vice President
 Second Amendment to
Five Year Credit Agreement




---



##### 



BARCLAYS BANK PLCBy:
    
    /s/ David BartonName: David BartonTitle:  Associate Director
 Second Amendment to
Five Year Credit Agreement




---



##### 



CITIBANK, N.A.By:
    
    /s/ Stuart J. MurrayName:

    STUART J. MURRAYTitle:

    Director388 Greenwich Street/21st FL/NYC(212) 816-8597
 Second Amendment to
Five Year Credit Agreement




---



##### 



DEUTSCHE, BANK AG NEW YORK BRANCHBy:
    
    /s/ Marcus TarkingtonName:    Marcus TarkingtonTitle:      DirectorBy:
    
    /s/ Rainer MeierName:   Rainer MeierTitle:     Assistant Vice President
 Second Amendment to
Five Year Credit Agreement




---



##### 



BANK OF AMERICA, N.A.By:
    
    /s/ Kevin R. WagleyName:
    Kevin R. WagleyTitle:       Senior Vice President
 Second Amendment to
Five Year Credit Agreement




---



##### 



MERRILL LYNCH BANK USABy:
    
    /s/ Louis AlderName:     Louis AlderTitle:       Director
 Second Amendment to
Five Year Credit Agreement




---



##### 



THE BANK OF NOVA SCOTIABy:
    
    /s/ Thane RattewName:   Thane RattewTitle:   Managing Director
 Second Amendment to
Five Year Credit Agreement




---



##### 



CREDIT SUISSE, Cayman Islands Branch
(formerly known as CREDIT SUISSE FIRST
BOSTON. Cayman Islands Branch)By:
    
    /s/ Sarah WuName:     Sarah WuTitle:       DirectorBy:
    
    /s/ Denise AlvarezName:     Denise AlvarezTitle:       Associate
 Second Amendment to
Five Year Credit Agreement




---



##### 



KEYBANK NATIONAL ASSOCIATIONBy:
    
    /s/ Lawrence A. MackName:   Lawrence A. MackTitle:   Senior Vice President
 Second Amendment to
Five Year Credit Agreement




---



##### 



LEHMAN BROTHERS BANK, FSBBy:
    
    /s/ Janine M. ShuganName:   Janine M. ShuganTitle:     Authorized Signatory
 Five Year Credit Agreement




---



##### 



UBS LOAN FINANCE LLCBy:
    
    /s/ Richard L. TavrowName:
    
    Richard L. TavrowTitle:
    
    DirectorBy:
    
    /s/ Irja R. OtsaName:
    
    Irja R. OtsaTitle:
    
    Associate Director
 Second Amendment to
Five Year Credit Agreement




---



##### 



BNP PARIBASBy:
    
    /s/ Mark A. RenaudName:
    
    MARK A. RENAUDTitle:
    
    Managing DirectorBy:
    
    /s/ Timothy F. VincentName:
    
    TIMOTHY F. VINCENTTitle:
    
    Director
 Second Amendment to
Five Year Credit Agreement




---



##### 



THE BANK OF NEW YORKBy:
    
    /s/ Richard K. Fronapfel, Jr.Name:
    
    Richard K. Fronapfel, Jr.Title:
    
    Vice President
 Second Amendment to
Five Year Credit Agreement




---



##### 



MELLON BANK, N.A.By:
    
    /s/ Mark W. RogersName:
    
    Mark W. RogersTitle:
    
    Vice President
 Second Amendment to
Five Year Credit Agreement




---



##### 



ABN AMRO BANK, N.V.By:
    
    /s/ R. Scott DonaldsonName:
    
    R. Scott DonaldsonTitle:
    
    Vice PresidentBy:
    
    /s/ Todd VaubelName:
    
    Todd VaubelTitle
    
    Assistant Vice President
 Second Amendment to
Five Year Credit Agreement




---



##### 



DRESDNER BANK AG, NEW YORK ANDGRAND CAYMAN BRANCHESBy:
    
    /s/ Thomas R. BradyName:
    
    Thomas R. BradyTitle:
    
    DirectorDRESDNER BANK AG, NEW YORK ANDGRAND CAYMAN BRANCHESBy:
    
    /s/ Brian SmithName:
    
    Brian SmithTitle:
    
    Managing Director
 Second Amendment to
Five Year Credit Agreement




---



##### 



THE NORTHERN TRUST COMPANYBy:
    
    /s/ Karen E. DahlName:
    
    KAREN E. DAHLTitle:
    
    VICE PRESIDENT
 Second Amendment to
Five Year Credit Agreement




---



##### 



U.S. BANK NATIONAL ASSOCIATIONBy:
    
    /s/ R. Michael NewtonName:
    
    R. Michael NewtonTitle:
    
    Vice President
 Second Amendment to
Five Year Credit Agreement




---



##### 



WELLS FARGO BANK, N.A.By:
    
    /s/ Charles W. ReedName:
    
    Charles W. ReedTitle:
    
    Vice PresidentBy:
    
    /s/ Peter R. MartinetsName:
    
    Peter R. MartinetsTitle:
    
    Vice President
 Five Year Credit Agreement




---



##### 



MIZUHO CORPORATE BANK, LTD.By:
    
    /s/ Raymond VenturaName:
    
    Raymond VenturaTitle:
    
    Deputy General Manager
 Second Amendment to
Five Year Credit Agreement




---



##### 



UNION BANK OF CALIFORNIABy:
    
    /s/ Jonathan BigelowName:
    
    Jonathan BigelowTitle:
    
    Vice President
 Second Amendment to
Five Year Credit Agreement




---



##### 



WACHOVIA BANK, NATIONALASSOCIATIONBy:Name:Title:
 Second Amendment to
Five Year Credit Agreement




---



##### 



MORGAN STANLEY BANKBy:Name:Title:
 Second Amendment to
Five Year Credit Agreement




---



##### 



FIFTH THIRD BANKBy:Name:Title:
 Second Amendment to
Five Year Credit Agreement




---



##### 



ANNEX
I   COPY OF CREDIT AGREEMENT AS AMENDED
 [ATTACHED]




---



##### 



as Borrowers
 as Lenders
 as Administrative Agent
     as Co-Documentation Agents
   as Syndication Agent
    Co-Lead Arrangers and Joint Book Runners




---



##### 



TABLE OF CONTENTS
 PageARTICLE I DEFINITIONS AND ACCOUNTING TERMS
    
    
    1SECTION 1.01 Certain Defined Terms
    
    
    1SECTION 1.02 Other Interpretive Provisions
    
    
    13SECTION 1.03 Accounting Principles
    
    
    13ARTICLE II AMOUNTS AND TERMS OF THE COMMITMENTS
    
    
    14SECTION 2.01 Commitments
    
    
    14SECTION 2.02 Procedures for Advances; Limitations on Borrowings
    
    
    14SECTION 2.03 Facility and Utilization Fees
    
    
    15SECTION 2.04 Reduction of Commitment Amounts; Adjustment of
Sublimits
    
    
    16SECTION 2.05 Repayment of Advances
    
    
    16SECTION 2.06 Interest on Advances
    
    
    16SECTION 2.07 Additional Interest on Eurodollar Advances
    
    
    17SECTION 2.08 Interest Rate Determination
    
    
    17SECTION 2.09 Continuation and Conversion of Advances
    
    
    18SECTION 2.10 Prepayments
    
    
    18SECTION 2.11 Increased Costs
    
    
    18SECTION 2.12 Illegality
    
    
    20SECTION 2.13 Payments and Computations
    
    
    20SECTION 2.14 Taxes
    
    
    22SECTION 2.15 Sharing of Payments, Etc
    
    
    24SECTION 2.16 Facility LCs
    
    
    24ARTICLE III CONDITIONS TO CREDIT EXTENSIONS
    
    
    28SECTION 3.01 Conditions Precedent to Initial Credit Extensions
    
    
    29SECTION 3.02 Conditions Precedent to All Credit Extensions
    
    
    30ARTICLE IV REPRESENTATIONS AND WARRANTIES
    
    
    30SECTION 4.01 Representations and Warranties of the Borrowers
    
    
    30ARTICLE V COVENANTS OF THE BORROWERS
    
    
    33SECTION 5.01 Affirmative Covenants
    
    
    33SECTION 5.02 Negative Covenants
    
    
    36




---



##### 



TABLE OF CONTENTS
 PageARTICLE VI EVENTS OF DEFAULT
    
    
    38SECTION 6.01 Events of Default
    
    
    38ARTICLE VII THE AGENTS
    
    
    41SECTION 7.01 Authorization and Action
    
    
    41SECTION 7.02 Agents Reliance, Etc
    
    
    41SECTION 7.03 Agents and Affiliates
    
    
    41SECTION 7.04 Lender Credit Decision
    
    
    42SECTION 7.05 Indemnification
    
    
    42SECTION 7.06 Successor Administrative Agent
    
    
    42SECTION 7.07 Co-Documentation Agents, Syndication Agent and Co-Lead Arranger
    
    
    43ARTICLE VIII MISCELLANEOUS
    
    
    43SECTION 8.01 Amendments, Etc
    
    
    43SECTION 8.02 Notices, Etc
    
    
    43SECTION 8.03 No Waiver; Remedies
    
    
    44SECTION 8.04 Costs and Expenses; Indemnification
    
    
    44SECTION 8.05 Right of Set-off
    
    
    45SECTION 8.06 Binding Effect
    
    
    45SECTION 8.07 Assignments and Participations
    
    
    46SECTION 8.08 Governing Law
    
    
    49SECTION 8.09 Consent to Jurisdiction; Certain Waivers
    
    
    49SECTION 8.10 Execution in Counterparts; Integration
    
    
    49SECTION 8.11 Liability Several
    
    
    50SECTION 8.12 USA PATRIOT ACT NOTIFICATION
    
    
    50SECTION 8.13 Termination of Existing Agreement
    
    
    50




---



##### 



TABLE OF CONTENTS
 Page
 SCHEDULE I
    
    PRICING SCHEDULESCHEDULE II
    
    COMMITMENTSSCHEDULE III
    
    EXISTING LETTERS OF CREDITSCHEDULE IV
    
    EXISTING TAX EXEMPT DEBT ISSUANCESEXHIBIT A
    
    FORM OF NOTEEXHIBIT B
    
    FORM OF NOTICE OF BORROWINGEXHIBIT C
    
    FORM OF ASSIGNMENT AND ACCEPTANCEEXHIBIT D-1
    
    FORM OF OPINION OF COUNSEL FOR EXELON AND PECOEXHIBIT E
    
    FORM OF ANNUAL AND QUARTERLY COMPLIANCECERTIFICATE




---



##### 



Certain Defined Terms
 Adjusted Funds From Operations minus plus minus,
 Administrative Agent Article VII, Section 7.06.
 Administrative Questionnaire
 Advance Type
 Affiliate
 Agents Agent
 Applicable Lending Office
 -1-




---



##### 



Applicable Margin Schedule I
 Assignment and Acceptance Exhibit C
 Base Rate
  plus
 Base Rate Advance Section
2.06(a).
 Borrowers Borrower
 Borrowing
 Business Day
 Closing Date
 Code
 Co-Documentation Agent
 Co-Lead Arranger
 ComEd
 -2-




---



##### 



ComEd Debt
 ComEd Entity
 Commitment
 Commitment Amount Schedule II Section 8.07(c), Section 2.04.
 Commitment Termination Date Section 2.04 6.01
 Commodity Trading Obligations
 Controlled Group
 Credit Extension
 Debt
 -3-




---



##### 



clauses (i) (v)
 Domestic Lending Office
 Eligible Assignee provided provided clause (i), (ii) (iii) clause
(ii), (iii), (iv) (v) Section 2.14(e)).
 Eligible Successor
 Energy Holdings
 -4-




---



##### 



Energy Holdings Debt
 Energy Holdings Entity
 ERISA
 Eurocurrency Liabilities
 Eurodollar Lending Office
 Eurodollar Rate provided
 Eurodollar Rate Advance Section 2.06(b).
 Eurodollar Rate Reserve Percentage
 Event of Default Section 6.01
 Exchange Act
 -5-




---



##### 



Exelon
 Exelon Sublimit Section 2.04(c)
 Existing Agreement
 Existing Letter of Credit Schedule III.
 Schedule I.
 Facility LC Section 2.16
 Facility LC Application Section 2.16.3
 Federal Funds Rate
 GAAP Section 1.03
 Genco
 Genco Sublimit Section
2.04(c)
 Granting Bank Section 8.07(h).
 Hedging Obligations
 Interest Coverage Ratio
 -6-




---



##### 



Interest Expens
 Interest Expense to Affiliates
 Interest Period Section 2.02 2.09 provided
     JPMCB
 LC Fee Rate Schedule I.
 LC Issuer
 LC Obligations
 LC Payment Date Section 2.16.5
 -7-




---



##### 



Lenders Section 8.07.
 Letter of Credit Sublimit
 Lien
 Majority Lenders (provided
 Material Adverse Change Material Adverse Effect provided except as otherwise expressly provided herein,
 Material Subsidiary
 Maturity Date Section
6.01
 Modify Modification Section 2.16.1.
 Moodys
 Moodys Rating
 -8-




---



##### 



Multiemployer Plan
 Net Cash Flows From Operating Activities excluding
 Net Interest Expense minus minus
 Nonrecourse Indebtedness
 Debtor
   Note Exhibit A,
 Notice of Borrowing Section 2.02(a)
 -9-




---



##### 



OECD
 Outstanding Credit Extensions
 PBGC
 PECO
 PECO Mortgage provided
 PECO Sublimit Section
2.04(c)
 Permitted Obligations
 Person
 Plan
 Power
 Power Merger
 Power Merger Date
 -10-




---



##### 



Prime Rate
 Principal Subsidiary provided
 Pro Rata Share
 PSE&G
 PSEG
 PSEG Merger
 PSEG Merger Date
 PSE&G Mortgage provided
 Register Section 8.07(c)
 Reimbursement Obligations Section 2.16
 Reportable Event
 -11-




---



##### 



provided
 S&P
 S&P Rating
 Single Employer Plan
 SPC Section 8.07(h)
 Special Purpose Subsidiary
 Sublimit
 Subsidiary
 Syndication Agent
 Taxes Section 2.14
 Transitional Funding Instrument
 -12-




---



##### 



Transitional Funding Instrument Interest
 Transitional Funding Instrument Revenue
 Type
 Unfunded Liabilities
 Unmatured Event of Default
 Utility Subsidiary provided
 Utilization Fee Rate Schedule I
 Other Interpretive Provisions Article Section Exhibit Schedule
 -13-




---



##### 



Accounting Principles Section 1.03(b) Section 5.01(b)(iv)
 provided
   Commitments provided Section 2.10
 Procedures for Advances; Limitations on Borrowings
 Notice of
Borrowing
 -14-




---



##### 



Exhibit B Section 8.02 Article III
 Article III
 Section 2.02(a)
  -15-




---



##### 



Facility and Utilization Fees
  Utilization Fee
 Reduction of Commitment Amounts; Adjustment of Sublimits provided provided further Section 2.04
  -16-




---



##### 



Repayment of Advances
 Interest on Advances
  Section 2.07 plus
 Additional Interest on Eurodollar Advances provided provided further
 -17-




---



##### 



Interest Rate Determination Section 2.06(a) (b)
    Continuation and Conversion of Advances Sections 2.08 2.12 provided Section 8.04(b)
 Section 1.01 Section 2.09(a)
 -18-




---



##### 



Prepayments provided Section 8.04(b)
 Increased Costs Section 2.14 provided provided further clause (i) (ii)
  -19-




---



##### 



provided provided further
 Section 2.11
 Illegality Section 2.12
 -20-




---



##### 



clause (i)
 Payments and Computations Section 8.02 Section 2.02(b) 2.07 2.11 2.14 8.04(b) Section
8.07(d)
  Section 2.07 Section 2.07
 -21-




---



##### 



provided
   Taxes Section 2.13 excluding Taxes Section 2.14
  -22-




---



##### 



Other Taxes it being understood
 Section 2.14
 Section 2.14 it being understood
 Section 2.14
 Section 2.14
 -23-




---



##### 



Section
2.14 Section 2.14 Section 2.14(g) Section 2.14(g) Section 2.14(g) Section 2.14(f)
 Section 2.14 Section 2.14 provided further Section 2.14
 Sharing of Payments, Etc Section 2.02(b) 2.07 2.11 2.14 8.04(b) provided
 -24-




---



##### 



Section 2.15
 Facility LCs
 Issuance Section
2.01 Modify Modification Schedule IV
 Participations Section 2.16
 Notice Section 2.16.1
 -25-




---



##### 



Article III provided Facility LC Application
 LC Fees
 Administration; Reimbursement by Lenders LC Payment Date Section 2.16.6
 -26-




---



##### 



Reimbursement by Borrowers provided Section 2.16.5 Section 2.02 Article III
 Obligations Absolute Section 2.16
 -27-




---



##### 



Section 2.16.7 Section 2.16.6
 Actions of LC Issuer Section 2.16
 Indemnification provided Section 2.16.9
 -28-




---



##### 



Lenders Indemnification Section 2.16
 Rights as a Lender
   Conditions Precedent to Initial Credit Extensions
    -29-




---



##### 



Section 4.01
 Exhibit D
 Conditions Precedent to All Credit Extensions
 Section
4.01 provided Section 3.02(A) Sections 4.01(e)(i)(B), 4.01(e)(ii)(B) 4.01(e)(iii)(B) Section 4.01(f)
    -30-




---



##### 



Representations and Warranties of the Borrowers
       -31-




---



##### 



-32-




---



##### 



Section
6.01(g) Section 6.01(g)
   Affirmative Covenants Section 5.01(a)
 Keep Books; Existence; Maintenance of Properties; Compliance with
Laws; Insurance; Taxes
  Section 5.02(b)
 -33-




---



##### 



provided clause (vi) provided further
 Section 4.01(g) 4.01(h)
  Reporting Requirements
 -34-




---



##### 



Sections 5.01(b)(ii) 5.01(b)(iii) Exhibit E
 clause (ii) (iii)
 -35-




---



##### 



Section 5.01(b) Communication
 Platform
  -36-




---



##### 



Negative Covenants Section 5.02(a)
 Limitation on Liens clause (iii)
 -37-




---



##### 



provided clause (I) clause
(I) clauses
(i) (xiii) Section 5.02(a) Section 5.02(a)
 Mergers and Consolidations; Disposition of Assets except provided
 -38-




---



##### 



clause (A) clause
(A)
 Interest Coverage Ratio
 Continuation of Businesses
 Capital Structure
 Restrictive Agreements Section 5.02(e)
   -39-




---



##### 



Events of Default
   Section 5.01(a)(vii) Section 5.01(b)(i) Section 5.02
   -40-




---



##### 



Section 6.01(e)
  provided clauses (i) (v) provided further Section 6.01(g) Section 6.01(g) subclause (b) clause
(i)
    -41-




---



##### 



provided Section 6.01(e)
   Authorization and Action provided
 Agents Reliance, Etc Section 8.07
 -42-




---



##### 



Agents and Affiliates
 Lender Credit Decision Section 4.01(e)
 Indemnification provided
 Successor Administrative Agent
 -43-




---



##### 



clause (i) (ii) Article VII Section 7.06
 Co-Documentation Agents, Syndication Agent and Co-Lead Arranger
   Amendments, Etc provided Section 3.01 3.02 Section 2.04(c)(ii)(B) Section
8.01 provided further
 -44-




---



##### 



Notices, Etc Article II VII
 No Waiver; Remedies
 Costs and Expenses; Indemnification it being
understood Section 8.04(a) it being understood
 -45-




---



##### 



Section 2.09 2.12 Section 6.01
 Indemnified Person it being understood provided Section 8.04(c) Section 8.04(c)
 Right of Set-off Section 6.01 Section 6.01 provided
 -46-




---



##### 



Section 8.05
 Binding Effect provided Section 5.02(b)(iii)
 Assignments and Participations Section
8.07(g) provided Section 8.04(c) Section 8.07(a)
 -47-




---



##### 



provided
 Section 4.01(e)
 Section 8.02 Register
 Exhibit C
 Participant
 -48-




---



##### 



provided
 Section 8.07 provided
 Section 2.11(a) 2.11(b) 2.14 Section
2.12 clause (i) Section 2.11(a) 2.11(b) 2.14 clause (ii) Section 8.07 Section 8.07
 Granting
Bank SPC
 -49-




---



##### 



provided Section 8.07 Section 8.07(h)
 Governing Law THIS AGREEMENT AND ALL NOTES SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA
 Consent to Jurisdiction ; Certain Waivers. (a) THE BORROWERS HEREBY
IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF
PENNSYLVANIA AND ANY UNITED STATES DISTRICT COURT SITTING IN THE COMMONWEALTH OF PENNSYLVANIA IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY NOTE AND THE BORROWERS
HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVE ANY OBJECTION THEY 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 ANY BORROWER IN THE COURTS OF ANY OTHER JURISDICTION
 (b) EXCEPT AS PROHIBITED BY LAW, EACH PARTY HERETO HEREBY WAIVES ANY RIGHT IT MAY HAVE TO
CLAIM OR RECOVER IN ANY LITIGATION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
 -50-




---



##### 



NOTE ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR
IN ADDITION TO, ACTUAL DAMAGES
 Execution in Counterparts; Integration
 Liability Several
 USA PATRIOT ACT NOTIFICATION
  Termination of Existing Agreement.
  -51-




---



##### 



EXELON CORPORATIONBy:Name:Title:PECO ENERGY COMPANYBy:Name:TitleEXELON GENERATION COMPANY, LLCBy:Name:Title
 Five Year Credit Agreement




---



##### 



THE LENDERS
 BANK ONE, NA(Main Office Chicago), as
Administrative Agent, as LC Issuer and as a LenderBy:Name:Title
 Five Year Credit Agreement




---



##### 



BARCLAYS BANK
PLC, as Syndication Agent and as a
LenderBy:Name:Title
 Five Year Credit Agreement




---



##### 



CITIBANK, N.A.,
as Co-Documentation Agent and as
a LenderBy:Name:Title:
 Five Year Credit Agreement




---



##### 



WACHOVIA BANK, NATIONAL ASSOCIATION, as

Co-Documentation Agent and as a LenderBy:Name:Title
 Five Year Credit Agreement




---



##### 



ABN AMRO BANK,
N.V., as Co-Documentation 
Agent and
as a LenderBy:Name:TitleBy:Name:Title
 Five Year Credit Agreement




---



##### 



DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN
BRANCHESBy:Name:TitleBy:Name:Title
 Five Year Credit Agreement




---



##### 



DEUTSCHE BANK AG NEW YORK BRANCHBy:Name:TitleBy:Name:Title
 Five Year Credit Agreement




---



##### 



BANK OF AMERICA, N.A.By:Name:Title
 Five Year Credit Agreement




---



##### 



JPMORGAN CHASE BANKBy:Name:Title
 Five Year Credit Agreement




---



##### 



KEYBANK NATIONAL ASSOCIATIONBy:Name:Title
 Five Year Credit Agreement




---



##### 



LEHMAN BROTHERS BANK, FSBBy:Name:Title
 Five Year Credit Agreement




---



##### 



MORGAN STANLEY BANKBy:Name:Title
 Five Year Credit Agreement




---



##### 



BNP PARIBASBy:Name:TitleBy:Name:Title
 Five Year Credit Agreement




---



##### 



MERRILL LYNCH BANK USABy:Name:Title
 Five Year Credit Agreement




---



##### 



THE BANK OF NOVA SCOTIABy:Name:Title
 Five Year Credit Agreement




---



##### 



UBS LOAN FINANCE LLCBy:Name:TitleBy:Name:Title
 Five Year Credit Agreement




---



##### 



THE NORTHERN TRUST COMPANYBy:Name:Title
 Five Year Credit Agreement




---



##### 



MELLON BANK, N.A.By:Name:Title
 Five Year Credit Agreement




---



##### 



CREDIT SUISSE FIRST BOSTON, CAYMAN ISLANDS BRANCHBy:Name:TitleBy:Name:Title
 Five Year Credit Agreement




---



##### 



THE BANK OF NEW YORKBy:Name:Title
 Five Year Credit Agreement




---



##### 



MIZUHO CORPORATE BANK, LTD.By:Name:Title
 Five Year Credit Agreement




---



##### 



U.S. BANK NATIONAL ASSOCIATIONBy:Name:Title
 Five Year Credit Agreement




---



##### 



WELLS FARGO BANK, N.A.By:Name:TitleBy:Name:Title
 Five Year Credit Agreement




---



##### 



FIFTH THIRD BANKBy:Name:Title
 Five Year Credit Agreement




---



##### 



ApplicableMargin and LC
    
    Facility FeeStatus
    

Fee
Rate
    

Rate
    

Utilization Fee RateLevel I
    
    
    0.300
    %
    
    
    0.100
    %
    
    
    0.100
    %Level II
    
    
    0.400
    %
    
    
    0.125
    %
    
    
    0.100
    %Level III
    
    
    0.475
    %
    
    
    0.150
    %
    
    
    0.125
    %Level IV
    
    
    0.575
    %
    
    
    0.175
    %
    
    
    0.125
    %Level V
    
    
    0.750
    %
    
    
    0.250
    %
    
    
    0.250
    %Level VI
    
    
    0.825
    %
    
    
    0.300
    %
    
    
    0.500
    %
       I-1




---



##### 



I-2




---



##### 



LENDER
    
    COMMITMENTJPMorgan Chase Bank, N.A.
    
    $
    55,000,000Barclays Bank PLC
    
    $
    55,000,000Citibank, N.A.
    
    $
    55,000,000Wachovia Bank, National Association
    
    $
    55,000,000Deutsche Bank
    
    $
    85,000,000Bank of America, N.A.
    
    $
    43,000,000Morgan Stanley Bank
    
    $
    43,000,000Merrill Lynch Bank USA
    
    $
    33,000,000The Bank of Nova Scotia
    
    $
    43,000,000Credit Suisse First Boston
    
    $
    43,000,000KeyBank National Association
    
    $
    43,000,000Lehman Brothers Bank, FSB
    
    $
    43,000,000UBS Loan Finance LLC
    
    $
    43,000,000BNP Paribas
    
    $
    43,000,000The Bank of New York
    
    $
    43,000,000Mellon Bank, N.A.
    
    $
    26,000,000ABN AMRO Bank, N.V.
    
    $
    55,000,000Dresdner Bank, AG New York and Grand Cayman Branches
    
    $
    55,000,000The Northern Trust Company
    
    $
    26,000,000U.S. Bank National Association
    
    $
    26,000,000Wells Fargo Bank, N.A.
    
    $
    26,000,000Mizuho Corporate Bank, Ltd.
    
    $
    25,000,000Fifth Third Bank
    
    $
    26,000,000Union Bank of California
    
    $
    10,000,000TOTAL
    
    $
    1,000,000,000
 II-1




---



##### 



Current
    
    OriginalAmount
    
    Amount
    
    Actual
    
    AdjustedNumber
    
    Type
    
    Borrower
    
    (in Dollars)
    
    (in Dollars)
    
    Expiration
    
    Expiration00325419
    
    Standby Letter of Credit
    
    Exelon
    
    
    1,001,725.00
    
    
    
    2,155,500.00
    
    
    31-Oct-2004
    
    19-Dec-200400326103
    
    Standby Letter of Credit
    
    Exelon
    
    
    2,884,188.00
    
    
    
    12,500,000.00
    
    
    31-Dec-2004
    
    19-Dec-200400330868
    
    Standby Letter of Credit
    
    Exelon
    
    
    1,000,000.00
    
    
    
    1,000,000.00
    
    
    30-Jun-2004
    
    30-Jun-2004SLT325319
    
    Standby Letter of Credit
    
    Exelon
    
    
    220,000.00
    
    
    
    200,000.00
    
    
    20-May-2005
    
    20-Nov-2004SLT325320
    
    Standby Letter of Credit
    
    Exelon
    
    
    1,587,411.62
    
    
    
    1,587,411.62
    
    
    20-May-2005
    
    20-Nov-200400326643
    
    Standby Letter of Credit
    
    Exelon
    
    
    5,500,000.00
    
    
    
    5,500,000.00
    
    
    31-May-2005
    
    31-May-200500326644
    
    Standby Letter of Credit
    
    Exelon
    
    
    1,000,000.00
    
    
    
    1,000,000.00
    
    
    31-May-2005
    
    31-May-200500325420
    
    Standby Letter of Credit
    
    Exelon
    
    
    87,669.00
    
    
    
    87,669.00
    
    
    31-Jul-2004
    
    31-Jul-2005SLT326297
    
    Standby Letter of Credit
    
    Exelon
    
    
    60,600.00
    
    
    
    60,600.00
    
    
    15-Nov-2004
    
    15-Nov-200500325611
    
    Standby Letter of Credit
    
    Exelon
    
    
    3,400,000.00
    
    
    
    3,400,000.00
    
    
    1-Oct-2004
    
    19-Dec-200400325715
    
    Standby Letter of Credit
    
    Exelon
    
    
    20,000.00
    
    
    
    20,000.00
    
    
    10-Oct-2004
    
    10-Oct-200400326947
    
    Standby Letter of Credit
    
    Exelon
    
    
    1,700,000.00
    
    
    
    1,700,000.00
    
    
    12-Aug-2004
    
    12-Aug-200500330949
    
    Standby Letter of Credit
    
    Exelon
    
    
    185,000.00
    
    
    
    185,000.00
    
    
    9-Feb-2005
    
    9-Feb-2005SLT751645
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    7,000,000.00
    
    
    
    10,000,000.00
    
    
    21-Nov-2004
    
    7-Oct-2004SLT752101
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    1,150,000.00
    
    
    
    1,150,000.00
    
    
    4-Dec-2004
    
    4-Dec-200400325698
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    250,000.00
    
    
    
    250,000.00
    
    
    30-Sep-2004
    
    30-Sep-2004SLT332490
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    250,000.00
    
    
    
    250,000.00
    
    
    30-Sep-2004
    
    30-Jun-200400325858
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    390,000.00
    
    
    
    2,200,000.00
    
    
    30-Nov-2004
    
    30-Nov-200400325446
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    50,000.00
    
    
    
    45,000.00
    
    
    31-May-2005
    
    31-May-200500330190
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    2,000,000.00
    
    
    
    2,000,000.00
    
    
    30-Sep-2004
    
    30-Sep-200400326663
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    635,000.00
    
    
    
    575,000.00
    
    
    31-May-2005
    
    31-May-200500329840
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    335,000.00
    
    
    
    1,400,000.00
    
    
    31-Mar-2005
    
    31-Mar-200500330867
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    250,000.00
    
    
    
    2,000,000.00
    
    
    31-Aug-2004
    
    31-Aug-2005
 III-1




---



##### 



Current
    
    OriginalAmount
    
    Amount
    
    Actual
    
    AdjustedNumber
    
    Type
    
    Borrower
    
    (in Dollars)
    
    (in Dollars)
    
    Expiration
    
    Expiration00326414
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    100,000.00
    
    
    
    2,000,000.00
    
    
    23-Apr-2005
    
    24-Apr-2005SLT751658
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    1,252,000.00
    
    
    
    950,000.00
    
    
    5-Dec-2004
    
    5-Dec-200400325638
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    1,700,000.00
    
    
    
    1,700,000.00
    
    
    19-Dec-2004
    
    19-Dec-200400330901
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    7,325,000.00
    
    
    
    6,125,000.00
    
    
    1-Dec-2004
    
    1-Dec-200400331843
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    3,500,000.00
    
    
    
    1,500,000.00
    
    
    14-Apr-2005
    
    14-Apr-2005SLT330230
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    250,000.00
    
    
    
    250,000.00
    
    
    12/1/04
    
    1-Dec-2004SLT751677
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    1,700,000.00
    
    
    
    1,700,000.00
    
    
    30-Jun-2005
    
    30-Jun-2005SLT751676
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    200,000.00
    
    
    
    200,000.00
    
    
    30-Jun-2005
    
    30-Jun-2005SLT751674
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    2,268,926.00
    
    
    
    1,211,426.00
    
    
    30-Jun-2005
    
    30-Jun-2005SLT751678
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    2,300,000.00
    
    
    
    2,300,000.00
    
    
    30-Jun-2005
    
    30-Jun-2005SLT751675
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    300,000.00
    
    
    
    300,000.00
    
    
    30-Jun-2005
    
    30-Jun-2005SLT751673
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    3,628,504.00
    
    
    
    2,335,904.00
    
    
    30-Jun-2005
    
    30-Jun-2005SLT751670
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    45,000,000.00
    
    
    
    45,000,000.00
    
    
    30-Jun-2005
    
    30-Jun-2005SLT752168
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    50,000,000.00
    
    
    
    50,000,000.00
    
    
    25-Jan-2005
    
    26-Jan-2005SLT751672
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    250,000.00
    
    
    
    250,000.00
    
    
    30-Jun-2005
    
    7-Jul-2004SLT751679
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    590,000.00
    
    
    
    575,000.00
    
    
    30-Jun-2005
    
    30-Jun-2005SLT751667
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    325,000.00
    
    
    
    315,000.00
    
    
    30-Jun-2005
    
    30-Jun-2005SLT751684
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    4,050,000.00
    
    
    
    7,500,000.00
    
    
    30-Jul-2004
    
    30-Jul-2004SLT751685
    
    Standby Letter of Credit
    
    Exelon Generation
    
    
    2,194,653.00
    
    
    
    2,194,653.00
    
    
    30-Jun-2005
    
    30-Jun-2005
 III-2




---



##### 



Exelon Corp. Tax-exempt Debt  As of 6/30/04
 PECO
 Series
    
    Rate
    
    Issue Date
    
    Maturity
    
    Call Date
    
    Call Price
    
    Principal
    
    
    CUSIPDelaware Co. 1988 Ser. A
    
    Auction
    
    4/1/93
    
    12/1/12
    
    
    
    
    
    $
    50,000,000
    
    
    
    246015AV3Delaware Co. 1988 Ser. B
    
    Auction
    
    4/1/93
    
    12/1/12
    
    
    
    
    
    $
    50,000,000
    
    
    
    246015AW1Delaware Co. 1988 Ser. C
    
    Auction
    
    4/1/93
    
    12/1/12
    
    
    
    
    
    $
    50,000,000
    
    
    
    246015AX9Salem Co. 1988 Ser. A
    
    Auction
    
    4/1/93
    
    12/1/12
    
    
    
    
    
    $
    4,200,000
    
    
    
    794103AY7Delaware Co. 1999 Ser. A
    
    5.2% 5yrPUT
    
    10/14/99
    
    4/1/21
    
    9/30/04
    
    Par
    
    $
    50,765,000
    
    
    
    246015BE0Montgomery Co. 1999 Ser. A
    
    5.2% 5yrPUT
    
    10/14/99
    
    10/1/30
    
    9/30/04
    
    Par
    
    $
    91,775,000
    
    
    
    6130RAB2Montgomery Co. 1999 Ser. B
    
    5.3% 5yrPUT
    
    10/14/99
    
    10/1/34
    
    9/30/04
    
    Par
    
    $
    13,880,000
    
    
    
    6130RAC0Total
    
    
    
    
    
    $
    310,620,000
 Genco
 Series
    
    Rate
    
    Issue Date
    
    Maturity
    
    Call Date
    
    Call Price
    
    Principal
    
    
    CUSIPMontgomery Co. 2001 Ser. B
    
    CP
    
    9/5/01
    
    10/1/30
    
    
    
    
    
    $
    68,795,000
    
    
    
    61360QAA6Delaware Co. 2001 Ser. A
    
    CP
    
    4/25/01
    
    4/1/21
    
    
    
    
    
    $
    39,235,000
    
    
    
    24601VAA2Montgomery Co. 2001 Ser. A
    
    CP
    
    4/25/01
    
    10/1/34
    
    
    
    
    
    $
    13,150,000
    
    
    
    61360RAD8Delaware Co. 1993 Ser. A
    
    CP
    
    8/24/93
    
    8/1/16
    
    
    
    
    
    $
    24,125,000
    
    
    
    24601TAJ8Salem Co. 1993 Ser. A
    
    CP
    
    9/9/93
    
    3/1/25
    
    
    
    
    
    $
    23,000,000
    
    
    
    79410QAX8Montgomery Co. 1994 Ser. A
    
    CP
    
    2/14/95
    
    6/1/29
    
    
    
    
    
    $
    82,560,000
    
    
    
    613609NXMontgomery Co. 1994 Ser. B
    
    CP
    
    7/2/95
    
    6/1/29
    
    
    
    
    
    $
    13,340,000
    
    
    
    613609NYYork County 1993 Ser. A
    
    CP
    
    8/24/93
    
    8/1/16
    
    
    
    
    
    $
    18,440,000
    
    
    
    98640TAE6Montgomery Co. 1996 Ser. A
    
    CP
    
    3/27/96
    
    3/1/34
    
    
    
    
    
    $
    34,000,000
    
    
    
    61360RAA4Montgomery Co. 2002 Ser. A
    
    CP
    
    7/24/02
    
    12/1/29
    
    
    
    
    
    $
    29,530,000
    
    
    
    61360SAA2Indiana Co. 2003 A
    
    Weekly
    
    6/3/03
    
    6/1/27
    
    
    
    
    
    $
    17,240,000
    
    
    
    454695AJ6Total
    
    
    
    
    
    $
    363,415,000
 IV-1




---



##### 



A-1




---



##### 



[EXELON CORPORATION]
[PECO ENERGY COMPANY]
[EXELON GENERATION COMPANY, LLC]ByName:Title: A-2




---



##### 



Amount ofPrincipal
    
    UnpaidAmount of
    
    Paid or
    
    Principal
    
    NotationDate
    
    Advance
    
    Prepaid
    
    Balance
    
    Made By
 A-3




---



##### 



[ ] [ ]
 
    B-1




---



##### 



B-2




---



##### 



Assignment and Assumption Insert name of
Assignor ] Assignor [ Insert name of Assignee ] Assignee Credit
Agreement
 Assigned Interest
 1.
    
    Assignor:2.
    

Assignee:     
[and is an affiliate of Assignor]3.
    
    Borrowers: Exelon Corporation, PECO Energy Company and Exelon
Generation Company, LLC4.
    
    Agent: JPMorgan Chase Bank, N.A.5.
    
    Credit Agreement: Five Year Credit Agreement, dated as of July 16, 2004, among the
Borrowers, the Lenders party thereto, and the Agent.
 C-1




---



##### 



6.
    
    Assigned Interest:
 Aggregate Amount ofCommitment/Outstanding Credit
    
    Amount of Commitment/
    
    Percentage Assigned ofExposure for all
    
    Outstanding Credit Exposure
    
    Commitment/ OutstandingFacility Assigned
    
    Lenders*
    
    Assigned*
    
    Credit Exposure1$
    
    
    
    $
    
    
    
    
    
    %$
    
    
    
    $
    
    
    
    
    
    %$
    
    
    
    $
    
    
    
    
    
    %
 2    ]
  ASSIGNOR[NAME OF ASSIGNOR]By:Title:ASSIGNEE[NAME OF ASSIGNEE]By:Title:
 [ ] 3       [ ] 4  [ ]
 
 *
    
    Amount to be adjusted by the counterparties to take into account any
payments or prepayments made between the Trade Date and the Effective Date.1
    
    Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all
Lenders thereunder.2
    
    Insert if satisfaction of minimum amounts is to be determined as of the Trade Date.3
    
    To be added only if the consent of the Administrative Agent is required by the terms of the Credit
Agreement.4
    
    To be added only if the consent of the Borrowers and/or other parties (e.g. LC Issuer) is required by the
terms of the Credit Agreement. C-2




---



##### 



TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION
 Representations
and Warranties
 Assignor
 Assignee
 C-3




---



##### 



Payments
 General
Provisions
 C-4




---



##### 



ADMINISTRATIVE QUESTIONNAIRE
  C-5




---



##### 



US AND NON-US TAX INFORMATION REPORTING REQUIREMENTS
  C-6




---



##### 



$1,000,000,000 Five-Year Credit Agreement
         D-1-1




---



##### 



D-1-2




---



##### 



D-1-3




---



##### 



D-1-4




---



##### 



D-1-5




---



##### 



Credit Agreement Exelon ComEd PECO Genco
 ComEd Notes
 (i)
    
    the Credit Agreement;(ii)
    
    the ComEd Notes;(iii)
    
    the Restated Articles of Incorporation of ComEd and all amendments thereto (the
ComEd Charter); and(iv)
    
    the by-laws of ComEd and all amendments thereto (the ComEd By-Laws).
  D-2-1




---



##### 



D-2-2




---



##### 



Investment Company Act
   Certificate Executing Officer
 D-2-3




---



##### 



D-2-4




---



##### 



E-1




---



##### 



E-2