Document:

Exhibit 10.25d 

EXECUTION COPY 

AMENDMENT NO. 3
TO

CREDIT AGREEMENT  

 
        This
AMENDMENT  NO. 3, dated as of April 16,  2003 (this  “Amendment”),  is made by
and among AES  EASTERN ENERGY,  L.P., a Delaware  limited  partnership  (the
“Borrower”),  the bank listed on the signature  pages of this  Amendment as a
“Bank”  (together  with its  successors  and permitted  assignees  from time to
time, the “Bank”) and UNION BANK OF CALIFORNIA, N.A., as Agent and Issuing Bank. 

PRELIMINARY
STATEMENT: 

 
        The
Borrower, the Bank, and Union Bank of California, N.A., as Agent and Issuing Bank,
previously entered into that certain Credit Agreement, dated as of April 10, 2001, as
amended by Amendment No. 1 and Waiver to Credit Agreement, dated as of August 31, 2001,
and Amendment No. 2 thereto, dated as of November 20, 2002 (as so amended, the
“Existing Agreement", as amended by this Amendment, the
“Amended Agreement", and as the Amended Agreement may
hereafter be amended, supplemented or otherwise modified from time to time, the
“Credit Agreement"). The Borrower now wishes to extend the
Maturity Date under the Existing Agreement by one year and to make certain other
amendments to the Existing Agreement. The Bank, the Agent and the Issuing Bank have agreed
to such extension and amendments on the terms and conditions set forth herein. The parties
therefore agree as follows (capitalized terms used but not defined herein having the
meanings assigned such terms in the Existing Agreement): 

 
        SECTION
1.  Amendments to Existing Agreement. The Existing Agreement is,
effective as of the date hereof and subject to the satisfaction of the conditions
precedent set forth in Section 2 hereof, hereby amended as follows: 

 
        (a)
Maturity Date. The definition of “Maturity Date” contained
in Section 1.01 is hereby amended by deleting the date “January 2, 2004" in its
entirety and substituting therefor the new date “January 2, 2005". 

 
        (b)
Tangible Net Worth. Section 6.01(a) is hereby deleted in its entirety
and the new phrase “[Intentionally Omitted]" is substituted therefor. 

 
        (c)
Revised Annex A. Annex A to the Credit Agreement is hereby deleted in
its entirety and Annex A attached to this Amendment is substituted therefor. 

2 

 
        SECTION
2.  Conditions of Effectiveness. This Amendment shall become
effective as of the date first above written when, and only when, each of the following
conditions has been fulfilled: 

 
        (a)
The Agent shall have received (i) counterparts of this Amendment duly executed by the
Borrower, the Bank, the Agent and the Issuing Bank, and (ii) the following, each dated the
date hereof (except otherwise specified below), in form and substance satisfactory to the
Agent and each Bank (except where otherwise specified below) and in sufficient quantity
for each party to have a fully executed original: 

	 	 
        (A)
the  consent  of AES,  substantially  in the form of  Exhibit A  hereto,  duly  executed
by an authorized officer of AES; 

	 	 
        (B)
certified copies of the resolutions of the Board of Directors (or comparable governing
body) of AES NY authorizing the Borrower to enter into this Amendment, and of all
documents evidencing other necessary action (partnership, limited liability company or
otherwise) and Governmental Approvals, if any, with respect to this Amendment; 

	 	 
        (C)
a certificate of AES NY certifying the names, true signatures and incumbency of the
officers of AES NY authorized to sign this Amendment and the other documents to be
delivered hereunder; 

	 	 
        (D)
copies of the certificate of limited partnership, partnership agreement, certificate of
formation and limited liability company agreement, as applicable, of the Borrower and AES
NY, together with all amendments thereto, in each case certified in a manner satisfactory
to the Agent; 

	 	 
        (E)
good standing certificates in respect of the Borrower and AES NY from its jurisdiction of
organization and each jurisdiction in which it is qualified to do business as partnership
or limited liability company, as the case may be, in each case dated no earlier than 10
days prior to the date hereof; 

	 	 
        (F)
a favorable opinion of Chadbourne & Parke LLP, special New York counsel to the
Borrower and AES NY, in substantially the form of Exhibit B hereto; and 

	 	 
        (G)
such other approvals, certificates, opinions and documents as the Agent may reasonably
request. 

 
        (b)
The following statements shall be true and the Agent shall have received a certificate of
the Borrower, dated the date hereof and in sufficient copies for each Bank, stating that: 

3 

	 	 
        (i)
each Loan Document Representation and Warranty is true and correct on and as of the date
hereof, before and after giving effect to this Amendment, as though made on and as of such
date (with each reference in the Loan Documents to the Existing Agreement being deemed to
be a reference to this Amendment and the Amended Agreement), and 

	 	 
        (ii)
no Default has occurred and is continuing, both before and after giving effect to the
transactions contemplated by this Amendment. 

 
        (c)
The following statement shall be true and the Agent shall have received a certificate of
AES, dated the date hereof and in sufficient copies for each Bank, stating that: the
representations and warranties set forth in Section 5 of the Guaranty are true and correct
on and as of the date hereof with the same effect as though made on and as of such date. 

 
        (d)
All fees payable on or prior to the date hereof pursuant to the letter agreement, dated
April 16, 2003, between the Agent and the Borrower, and all amounts payable pursuant to
Section 11.02 of the Existing Agreement for which invoices have been delivered to the
Borrower on or prior to the date hereof, shall have been paid in full or arrangements
satisfactory to the Agent shall have been made to cause them to be paid in full on such
date. 

 
        (e)
All Governmental Approvals necessary in connection with this Amendment and the
transactions contemplated hereby shall have been obtained and be in full force and effect.
All third party approvals necessary or, in the judgment of the Agent, advisable in
connection with this Amendment and the transactions contemplated hereby shall have been
obtained and be in full force and effect. All such Governmental Approvals and third party
approvals, if any, shall be in form and substance satisfactory to the Agent. 

 
        SECTION
3. Reference to and Effect on the Existing Agreement.  (a) Upon
the effectiveness of this Amendment: (i) each reference in the Existing Agreement to
“this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Existing Agreement shall mean and be a reference to the Amended
Agreement; and (ii) each reference in any other Loan Document to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import
referring to the Existing Agreement shall mean and be a reference to the Amended
Agreement. The parties hereto agree and acknowledge that this Amendment constitutes a Loan
Document. 

 
        (b)
Except as specifically amended above, the Existing Agreement shall continue to be in full
force and effect and is hereby in all respects ratified and confirmed. Without limiting
the generality of the foregoing, the Pledge Agreement and all of the Collateral described
therein do and shall continue to secure the payment of all Secured Obligations (as defined
in the Pledge Agreement). 

4 

 
        (c)
The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Banks, the
Issuing Banks or the Agent under the Existing Agreement or any other Loan Document, nor
constitute a waiver of any provision of the Existing Agreement or any other Loan Document. 

 
        SECTION
4.  Costs and Expenses. The Borrower agrees to pay on demand all
reasonable costs and expenses of the Agent in connection with the preparation,
negotiation, execution and delivery of this Amendment and the other instruments and
documents to be delivered hereunder, including, without limitation, the reasonable fees
and out-of-pocket expenses of counsel to the Agent with respect thereto and with respect
to advising the Agent as to its rights and responsibilities hereunder and thereunder, and
all costs and expenses of the Agent and each Bank (including, without limitation,
reasonable fees and expenses of counsel to the Agent and counsel for each Bank) in
connection with the enforcement (whether through negotiations, legal proceedings or
otherwise) of this Amendment. 

 
        SECTION
5.  Execution in Counterparts. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed to be an original and all of which
taken together shall constitute but one and the same instrument. In furtherance of the
foregoing, it is understood and agreed that signatures hereto submitted by facsimile
transmission shall be deemed to be, and shall constitute, original signatures. 

 
        SECTION
6.  Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of the New York. 

S-1 

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

	 	AES
EASTERN ENERGY, L.P. 

	 	By:
AES NY, L.L.C., its general partner 

	 	By  	/s/
Amy V. Conley  

	 	 	Name:
Title:	Amy V. Conley
Chief Financial Officer 

	 	UNION
BANK OF CALIFORNIA, N.A.,
as Agent and Issuing Bank 

	 	By  	/s/
Chad Canfield  

	 	 	Name:
Title:	Chad Canfield
Assistant Vice President 

S-2 

	 	Bank 

	 	UNION
BANK OF CALIFORNIA, N.A. 

	 	By  	/s/
Chad Canfield  

	 	 	Name:
Title:	Chad Canfield
Assistant Vice President 

EXHIBIT A 

CONSENT 

 
        The
undersigned, as Guarantor under that certain Limited Guaranty, dated as of April 10, 2001
(the “Guaranty"), in favor of the Banks, the Issuing Banks
and the Agent, (i) hereby consents to Amendment No. 3, dated as of April 16, 2003, to the
Credit Agreement, dated as of April 10, 2001, as amended by that certain Amendment No. 1
and Waiver, dated as of August 31, 2001, and Amendment No. 2 thereto, dated as of November
20, 2002 (the “Credit Agreement", the terms defined therein
being used herein as therein defined), among AES Eastern Energy, L.P., the Banks and
Issuing Banks party thereto, and Union Bank of California, N.A., as Agent, and (ii) hereby
confirms and agrees that the Guaranty is, and shall continue to be, in full force and
effect and is hereby confirmed and ratified in all respects except that, on and after the
effective date of said Amendment No. 3, each reference in the Guaranty to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import
referring to the Credit Agreement shall mean and be a reference to the Credit Agreement,
as amended by said Amendment No. 3. 

	April 16, 2003	THE
AES CORPORATION 

	 	By  	/s/
Roger F. Naill  

	 	 	Name:
Title:	Roger F. Naill
Senior Vice President 

ANNEX A 

COMMITMENTS, LENDING
OFFICES AND NOTICE ADDRESSES 

	Name of Bank	Commitment	Notice Address	Domestic Lending Office	Eurodollar Lending Office
	Union Bank of California, N.A.	$20,000,000.00	Union Bank of California, N.A.
445 South Figueroa Street
15th Floor
Los Angeles, CA 90071
Attention: Chad Canfield
Telephone: (213) 236-6175
Telecopier: (213) 236-4096	Union Bank of California, N.A.
445 South Figueroa Street
15th Floor
Los Angeles, CA 90071
Attention: Chad Canfield
Telephone: (213) 236-6175
Telecopier: (213) 236-4096	Union Bank of California, N.A.
445 South Figueroa Street
15th Floor
Los Angeles, CA 90071
Attention: Chad Canfield
Telephone: (213) 236-6175
Telecopier: (213) 236-4096Exhibit 10.25e 

EXECUTION COPY 

AMENDMENT NO. 4
TO

CREDIT AGREEMENT  

 
        This
AMENDMENT  NO. 4, dated as of April 25,  2003 (this  “Amendment”),  is made by
and among AES  EASTERN ENERGY,  L.P., a Delaware  limited  partnership  (the
“Borrower”),  the bank listed on the signature  pages of this  Amendment as
“Bank”  (together  with their  successors  and permitted  assignees  from time
to  time, the “Bank”) and UNION BANK OF CALIFORNIA, N.A., as Agent and Issuing
Bank. 

PRELIMINARY
STATEMENT: 

 
        The
Borrower, the Bank, and Union Bank of California, N.A., as Agent and Issuing Bank,
previously entered into that certain Credit Agreement, dated as of April 10, 2001, as
amended by Amendment No. 1 and Waiver to Credit Agreement, dated as of August 31, 2001,
Amendment No. 2 thereto, dated as of November 20, 2002, and Amendment No. 3 thereto, dated
as of April 16, 2003 (as so amended, the “Existing
Agreement", as amended by this Amendment, the “Amended
Agreement", and as the Amended Agreement may hereafter be amended,
supplemented or otherwise modified from time to time, the “Credit
Agreement"). The Borrower now wishes to make a certain amendment to
the Existing Agreement. The Bank, the Agent and the Issuing Bank have agreed to such
amendment on the terms and conditions set forth herein. The parties therefore agree as
follows (capitalized terms used but not defined herein having the meanings assigned such
terms in the Existing Agreement): 

 
        SECTION
1.  Amendment to Existing Agreement. The Existing Agreement is,
effective as of the date hereof and subject to the satisfaction of the conditions
precedent set forth in Section 2 hereof, hereby amended as follows: 

 
        (a)
Amendments; Waivers. Section 11.06 is hereby amended in its entirety
to read as follows

	 	“Any
term, covenant, agreement or condition of the Loan Documents may be amended, and any
right  under the Loan Documents may be waived, if, but only if, such amendment or waiver
is in  writing and is signed by (a) in the case of an amendment or waiver with respect to
the  Loan Documents referred to in Section 10.07, the Agent, (b) in the case of an
amendment or  waiver with respect to any other Loan Document, (i) the Required Banks,
(ii) if the rights  and duties of the Agent are affected thereby, by the Agent, and (iii)
if the rights and  duties of any Issuing Bank are affected thereby, by such Issuing Bank,
and (c) in the case  of an amendment with respect to  

2 

	 	any
Loan Document, by the Borrower; provided,  however, that no amendment shall
be effective, unless in writing and signed by each  Bank affected thereby, to the extent
it changes the amount of such Bank’s  Commitment; and, provided, further,
that no amendment or waiver shall  be effective, unless in writing and signed by each
Bank, to the extent it (A) reduces the  principal of or the rate of interest on any Bank’s
Loans, Unreimbursed Drawings or  Note or the fees payable to any Bank hereunder, (B)
postpones any date fixed (otherwise  than as a result of a prepayment pursuant to Section
2.05) for any payment of principal of  or interest on any Bank’s Loans, Unreimbursed
Drawings or Note or the fees payable to  such Bank hereunder or (C) amends Section 2.14,
this Section 11.06 or any other provision  of this Agreement requiring the consent or
other action of all of the Banks. Unless  otherwise specified in an amendment or waiver,
an amendment or waiver under the Loan  Documents shall be effective only in the specific
instance and for the specific purpose  for which given. By entering into an amendment
with, or giving a waiver under, a section  of the Loan Documents, the Banks shall not be
deemed to have, or to have intended to have,  (1) waived any rights that they, or any of
them, then or thereafter may have under any  other provisions of the Loan Documents and
(2) if such amendment or waiver was occasioned  by a particular fact or facts, accepted
that fact or those facts for any other purpose or  Section of the Loan Documents,
including Section 5.23 of this Agreement, so that, for  purposes of Section 5.23, if such
fact or facts has had or could have, either alone, or  together with other facts, a
Materially Adverse Effect, such Materially Adverse Effect  shall be a change or event
subject to Section 5.23, notwithstanding such amendment or  waiver. No election not to
exercise, failure to exercise or delay in exercising any right,  nor any course of
dealing or performance, shall operate as a waiver of any right of the  Agent, any Bank or
any Issuing Bank under the Loan Documents or Applicable Law, nor shall  any single or
partial exercise of any such right preclude any other or further exercise  thereof or the
exercise of any other right of the Agent, any Bank or any Issuing Bank  under the Loan
Documents or Applicable Law.” 

 
        SECTION
2.  Conditions of Effectiveness. This Amendment shall become
effective as of the date first above written when, and only when, the Agent shall have
received (i) counterparts of this Amendment duly executed by the Borrower, the Banks, the
Agent and the Issuing Bank, and (ii) the consent of AES, substantially in the form of
Exhibit A hereto, duly executed by an authorized officer of AES. 

 
        SECTION
3. Reference to and Effect on the Existing Agreement.  (a) Upon
the effectiveness of this Amendment: (i) each reference in the Existing Agreement to
“this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Existing Agreement shall mean and be a reference to the Amended
Agreement; and (ii) each reference in any other Loan Document to “the Credit 

3 

Agreement”,
“thereunder”, “thereof” or words of like import  referring to the
Existing Agreement shall mean and be a reference to the Amended  Agreement. The parties
hereto agree and acknowledge that this Amendment constitutes a Loan  Document.  

 
        (b)
Except as specifically amended above, the Existing Agreement shall continue to be in full
force and effect and is hereby in all respects ratified and confirmed. Without limiting
the generality of the foregoing, the Pledge Agreement and all of the Collateral described
therein do and shall continue to secure the payment of all Secured Obligations (as defined
in the Pledge Agreement). 

 
        (c)
The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Banks, the
Issuing Banks or the Agent under the Existing Agreement or any other Loan Document, nor
constitute a waiver of any provision of the Existing Agreement or any other Loan Document. 

 
        SECTION
4.  Costs and Expenses. The Borrower agrees to pay on demand all
reasonable costs and expenses of the Agent in connection with the preparation,
negotiation, execution and delivery of this Amendment and the other instruments and
documents to be delivered hereunder, including, without limitation, the reasonable fees
and out-of-pocket expenses of counsel to the Agent with respect thereto and with respect
to advising the Agent as to its rights and responsibilities hereunder and thereunder, and
all costs and expenses of the Agent and each Bank (including, without limitation,
reasonable fees and expenses of counsel to the Agent and counsel for each Bank) in
connection with the enforcement (whether through negotiations, legal proceedings or
otherwise) of this Amendment. 

 
        SECTION
5.  Execution in Counterparts. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed to be an original and all of which
taken together shall constitute but one and the same instrument. In furtherance of the
foregoing, it is understood and agreed that signatures hereto submitted by facsimile
transmission shall be deemed to be, and shall constitute, original signatures. 

 
        SECTION
6.  Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of the New York. 

S-1 

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

	 	AES
EASTERN ENERGY, L.P. 

	 	By:
AES NY, L.L.C., its general partner 

	 	By  	/s/
Amy V. Conley  

	 	 	Name:
Title:	Amy V. Conley
Chief Financial Officer 

	 	UNION
BANK OF CALIFORNIA, N.A.,
as Agent and Issuing Bank 

	 	By  	/s/
Chad Canfield  

	 	 	Name:
Title:	Chad Canfield
Assistant Vice President 

S-2 

	 	Bank 

	 	UNION
BANK OF CALIFORNIA, N.A. 

	 	By  	/s/
Chad Canfield  

	 	 	Name:
Title:	Chad Canfield
Assistant Vice President 

EXHIBIT A 

CONSENT 

 
        The
undersigned, as Guarantor under that certain Limited Guaranty, dated as of April 10, 2001
(the “Guaranty"), in favor of the Banks, the Issuing Banks
and the Agent, (i) hereby consents to Amendment No. 4, dated as of April 25, 2003, to the
Credit Agreement, dated as of April 10, 2001, as amended by that certain Amendment No. 1
and Waiver, dated as of August 31, 2001, Amendment No. 2 thereto, dated as of November 20,
2002, and Amendment No. 3 thereto, dated as of April 16, 2003 (the “Credit
Agreement", the terms defined therein being used herein as therein
defined), among AES Eastern Energy, L.P., the Banks and Issuing Banks party thereto, and
Union Bank of California, N.A., as Agent, and (ii) hereby confirms and agrees that the
Guaranty is, and shall continue to be, in full force and effect and is hereby confirmed
and ratified in all respects except that, on and after the effective date of said
Amendment No. 4, each reference in the Guaranty to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the
Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by said
Amendment No. 4. 

	April 25, 2003	THE
AES CORPORATION 

	 	By  	/s/
Roger F. Naill  

	 	 	Name:
Title:	Roger F. Naill
Senior Vice President

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