Document:

SCHEDULE
                                     to the
                                Master Agreement
                         (Multicurrency - Cross Border)
                                dated as of [__]

                                     Between

[_______________] ("PARTY A"), and the Connecticut RRB Special Purpose Trust CL
& P-1, a not-for-profit business trust existing under the laws of the State of
Delaware ("PARTY B" or "Trust").

                                    PART 1.
                             TERMINATION PROVISIONS

(a)  "Specified Entity" means in relation to Party A for the purpose of:

     SECTION 5(a)(v), Inapplicable
     SECTION 5(a)(vi), Inapplicable
     SECTION 5(a)(vii), Inapplicable
     SECTION 5(b)(iv), Inapplicable

          and in relation to Party B for the purpose of:

     SECTION 5(a)(v), Inapplicable
     SECTION 5(a)(vi), Inapplicable
     SECTION 5(a)(vii), Inapplicable
     SECTION 5(b)(iv), Inapplicable

(b)  "SPECIFIED TRANSACTION" will have the meaning specified in SECTION 14 of
     this Agreement.

(c)  The "FAILURE TO PAY OR DELIVER" provisions of SECTION 5(a)(i) will apply to
     Party A and Party B; PROVIDED, HOWEVER, that failure by Party A or Party B
     to make, when due, any payment under this Agreement or delivery under
     SECTION 2(a)(i) or 2(e) required to be made by it will constitute an Event
     of Default as of the date of the failure to pay if such failure is not
     remedied on or before the fifth Local Business Day after notice of such
     failure is given to Party A by Party B or to Party B by Party A, as the
     case may be, unless, with respect to a default by Party A, the default is
     waived within 30 days of such notice of the failure to pay by Party B at
     the direction of the holders of at least 66-2/3% of the aggregate
     outstanding principal balance of the Rate Reduction Certificates Class A-4
     issued by Party B (the "Class A-4 Certificates"), it being agreed that the
     failure of either party to give such notice to the other party shall not
     constitute a waiver of the default by the non-performing party. Unless such
     waiver is obtained within that 30 day period, an Early Termination Date
     shall be deemed to occur, effective as of the end of the five Local
     Business Day period following the notice of the failure to pay, immediately
     and without further notice or demand.

<PAGE>

(d)  The "BREACH OF AGREEMENT" provisions of SECTION 5(a)(ii) will be
     inapplicable to Party A and Party B.

(e)  The "CREDIT SUPPORT DEFAULT" provisions of SECTION 5(a)(iii) will be
     inapplicable to Party A and Party B.

(f)  The "MISREPRESENTATION" provisions of SECTION 5(a)(iv) will be inapplicable
     to Party A and Party B.

(g)  The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v)
     will be inapplicable to Party A and Party B.

(h)  The "CROSS DEFAULT" provisions of SECTION 5(a)(vi) will be inapplicable to
     Party A and Party B.

(i)  The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will be
     inapplicable to Party A and Party B.

(j)  Each of the following shall constitute an ADDITIONAL TERMINATION EVENT:

     (i)       (a) the principal of and interest on the Class A-4 Certificates
               or Class A-4 Notes being declared immediately due and payable
               pursuant to SECTION [5.01] of the Certificate Indenture dated as
               of [__] between Party B and [ ], as Trustee thereunder (the
               "Certificate Indenture"), or (b) the Class A-4 Certificates or
               Class A-4 Notes being redeemed pursuant to Section [ ] of the
               Certificate Indenture; in which case Party B shall be the
               Affected Party and either Party A or Party B may elect to declare
               an Early Termination Date.

     (ii)      the events specified in SECTION 7(c) of this Agreement (as added
               by PART 5(e) of this Schedule) in which case Party A shall be the
               Affected Party and only Party B may elect to declare an Early
               Termination Date, which Early Termination Date shall be the date
               declared as provided in SECTION 7(c) of this Agreement;

     (iii)     If, due to the adoption of, or any change in, any applicable law,
               or due to the promulgation of, or any change in, the
               interpretation by any court, tribunal or regulatory authority
               with competent jurisdiction of any applicable law or applicable
               regulation or order, any of Party B's obligations to Party A
               under this Agreement are revoked or become in any other way
               unenforceable by Party A, in which case Party B shall be the sole
               Affected Party;

     (iv)      Any amendment or supplement is made without Party A's prior
               written consent to any of the Basic Documents which would
               adversely affect any of Party A's rights or obligations under
               this Agreement or the Transaction, including modifying the
               obligations of, or impairing the ability of Party B to fully
               perform any of Party B's obligations under this Agreement or the
               Transaction. "Basic Documents" means collectively, the Note

                                       2

<PAGE>

               Indenture, the Certificate Indenture, the Declaration of Trust,
               the Sale Agreement, the Servicing Agreement, the Administration
               Agreement, the Note Purchase Agreement, the Fee and Indemnity
               Agreement and the Underwriting Agreement.

(k)  The "AUTOMATIC EARLY TERMINATION" provisions of SECTION 6(a) will not apply
     to Party A or Party B.

(l)  PAYMENTS ON EARLY TERMINATION. For the purpose of SECTION 6(e) of this
     Agreement:

     (i)  Market Quotation will apply.

     (ii) (a)  The Second Method will apply PROVIDED, HOWEVER, that, if the
               party obligated to pay the amount to be paid determined in
               accordance with SECTION 6(e) is Party B, then such Party B shall
               not pay the amount so determined to Party A unless and until the
               Class A-4 Certificates or Class A-4 Notes have been accelerated
               in accordance to their terms under Section 5.01 of the
               Certificate Indenture or, in case of a redemption of the Class
               A-4 Certificates or Class A-4 Notes pursuant to Section [5.01] of
               the Certificate Indenture, which payment will be pari passu and
               on a pro rata basis with the redemption payment to the Class A-4
               Certificateholders. The proceeds of the liquidation of the Trust
               Property, including the Collateral, in accordance with Section
               [3.03(d)] of the [Certificate Indenture], shall be allocated pari
               passu and pro rata between and paid to Class A-4
               Certificateholders, on the one hand, and Party A, on the other
               hand, based on the aggregate amount of principal and interest due
               and payable on Class A-4 Certificates and the aggregate amount of
               the Settlement Amount and the Unpaid Amounts that would otherwise
               be payable to Party A but for the provisions of this paragraph
               (l).

          (b)  In the event of a [REDEMPTION OR] repurchase of the Class A-4
               Notes [OR CLASS A-4 CERTIFICATES] under Section 5.01(b)( ) of the
               Transition Property Purchase and Sale Agreement resulting in an
               early termination of this Agreement, it is understood that Party
               A will be indemnified and held harmless for its Loss, if any, by
               The Connecticut Light and Power Company pursuant to the terms of
               Section 5.01(b)( ) of the Transition Property Purchase and Sale
               Agreement.

          (c)  Party B agrees to reimburse Party A for payments made by Party A
               to Party B as termination payments of this Agreement to the
               extent that up-front amounts in compensation for the replacement
               of this Agreement are received by Party B from any person other
               than Party A. Party B agrees to act in a commercially reasonable
               manner in making arrangements for such payments with potential
               replacements for Party A.

(m)  INSOLVENCY. SECTION 5(a)(vii)(2) will be inapplicable to Party A and Party
     B.

                                       3

<PAGE>

                                    PART 2.
                               TAX REPRESENTATIONS

(a)  Payer Tax Representation. Each of Party A and Party B will make the
     following representation:

     It is not required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, of any Relevant Jurisdiction
     to make any deduction or withholding for or on account of any Tax from any
     payment (other than interest under Sections 2(e), 6(d)(ii) or 6(e) to be
     made by it to the other party under this Agreement. In making this
     representation, it may rely on:

          (i)     the accuracy of any representation made by the other party
                  pursuant to Section 3(f) hereof;

          (ii)    the satisfaction of the agreement of the other party contained
                  in Section 4(a)(i) and Section 4(a)(iii) hereof and the
                  accuracy and effectiveness of any document provided by the
                  other party pursuant to Section 4(a)(i) and Section 4(a)(iii)
                  hereof; and

          (iii)   the satisfaction of the agreement of the other party contained
                  in Section 4(d);

     provided that it shall not be a breach of this representation where
     reliance is placed on clause (ii) and the other party does not deliver a
     form or document under Part 4(a)(iii) by reason of material prejudice to
     its legal or commercial position.

(b)  Payee Tax Representations. Party A and Party B will make the following
     representations:

     (i)    Party A represents that each payment received or to be retained by
            it under the Transaction will be effectively connected with the
            conduct of a trade or business in the United States.

     (ii)   Party B represents that it is a United States person within the
            meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986,
            as amended.

(c)  For purposes of this Part 2 and Part 3 below:

     (i)    "Tax" means any present or future tax, levy, impost, duty, charge,
            assessment or fee of any nature (including interest, penalties and
            additions thereto) that is imposed by any government or other taxing
            authority in respect of any payment under this Agreement other than
            a stamp, registration, documentation or similar tax.

     (ii)   "Relevant Jurisdiction" means, with respect to a party, the
            jurisdictions (a) in which the party is incorporated, organized,
            managed and controlled or considered to have its seat, (b) where an
            Office through which the party is acting for purposes of this

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<PAGE>

            Agreement is located, (c) in which the party executes this Agreement
            and (d) in relation to any payment, from or through which such
            payment is made.

     (iii)  "Office" means a branch or office of a party, which may be such
            party's head or home office.

                                    PART 3.
                            DOCUMENTS TO BE DELIVERED

For the purpose of SECTION 4(a):

(a)  Tax forms, documents or certificates to be delivered are:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Party required to                                                                Date by which
deliver document               Forms/Documents/Certificates                     to be delivered
----------------------------------------------------------------------------------------------------------
<S>                       <C>                                      <C>
Party A and Party B       United States Internal Revenue Service   (i) On a date which is before the first
                          Service Form W-9, W8-ECI or any          Scheduled Payment Date under this
                          successor form.                          Agreement, or (ii) promptly upon
                                                                   reasonable demand by the other party.

----------------------------------------------------------------------------------------------------------
</TABLE>

(b)  Other documents to be delivered are:

     (i)    At the execution of this Agreement, each party shall deliver to the
            other party, certified evidence of the authority, incumbency and
            specimen signature of each authorized person executing any document
            on its behalf and on behalf of its Credit Support Provider, if any,
            in connection with this Agreement. Such evidence is covered by the
            SECTION 3(d) representation.

     (ii)   Each party upon request shall promptly deliver to the other party, a
            copy of its most recent annual report, if available, or another
            document containing consolidated balance sheets prepared in
            accordance with accounting principles that are generally accepted
            for institutions of its type in the jurisdiction of its organization
            consistently applied and certified by independent public
            accountants, and Party B shall deliver copies of any reports by
            Party B to holders of the Class A-4 Certificates required under the
            Certificate Indenture; PROVIDED, that in each case, neither party
            shall be required to deliver such information so long as such
            information is publicly available to the other party. Such
            information is covered by the SECTION 3(d) representation so long as
            such information is either provided by a party to the other party
            hereto or is obtained from publicly available information that has
            been provided by such party to the other party hereto.

     (iii)  Each party upon request shall promptly deliver to the other party,
            if available, a copy of its most recent unaudited interim
            consolidated balance sheets prepared in accordance with accounting

                                       5

<PAGE>

            principles that are generally accepted for institutions of its type
            in the jurisdiction of its organization in each case consistently
            applied, PROVIDED that such party shall not be required to deliver
            such information so long as such information is publicly available
            to the other party. Such information is covered by the SECTION 3(d)
            representation so long as such information is either provided by a
            party to the other party hereto or is obtained from publicly
            available information that has been provided by such party to the
            other party hereto.

     (iv)   Each party shall promptly deliver to the other party an opinion of
            counsel, reasonably satisfactory to the other party, which opinion
            shall include an opinion as to the enforceability of this Agreement.
            Party B shall further deliver to Party A letters from counsel to
            Party B to the collective effect that Party A may rely on the
            opinions of such counsel regarding authorization, execution,
            delivery and enforceability of the Sale Agreement, the Servicing
            Agreement, the Note Indenture, the Certificate Indenture, and other
            relevant Basic Documents, as if such opinions were addressed to
            Party A. Documents delivered pursuant to this CLAUSE (iv) are not
            covered by the SECTION 3(d) representation.

     (v)    Each party upon request shall promptly deliver to the other party
            such other public information prepared by such party respecting its
            condition or operations, financial or otherwise, as may reasonably
            be requested from time to time, PROVIDED that either party shall not
            be required to deliver such information so long as such information
            is publicly available to the other party. Such information is
            covered by the SECTION 3(d) representation so long as such
            information is either provided by a party to the other party hereto
            or is obtained from publicly available information that has been
            provided by such party to the other party hereto.

                                    PART 4.
                                  MISCELLANEOUS

(a)  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with the laws of the State of New York, without reference to
     choice of laws doctrine, except that (i) the capacity, power or authority
     of Party B to enter into this Agreement and any resolution authorizing this
     Agreement will be governed by and construed in accordance with the laws of
     the State of Delaware and (ii) any issue relating to the interpretation of
     the Certificate Indenture, applicable to Party B will be governed and
     construed in accordance with the laws of the State of Delaware. SECTION
     13(b)(i) of this Agreement is deleted and in substitution is amended by
     adding thereto the following: "(i) regardless of the law that applies to
     this Agreement, with respect to any Proceedings, each party irrevocably
     submits to the non-exclusive jurisdiction of the courts of the State of New
     York and the United States District Court for the Southern District of New
     York; and".

(b)  "AFFILIATE" will have the meaning specified in SECTION 14, but as to Party
     B, Affiliates will not include (i) The Connecticut Light and Power Company
     or affiliates thereof or (ii) the State of Connecticut or any agency or
     instrumentality thereof.

                                       6

<PAGE>

(c)  ADDRESSES FOR NOTICES. For the purpose of SECTION 12:

     Address for notices or communications to Party A:

     Address:

     Attention:

     Address for notices or communications to Party B:

     Address:
     Attention:

     Copy to: CL&P Funding LLC

     Attention:

(d)  CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

          Party A - None.

          Party B - The Certificate Indenture.

(e)  CREDIT SUPPORT PROVIDER. Party A - None.

     Party B- None; it being understood and agreed that in no event shall the
     Certificate Trustee under the Certificate Indenture or the Delaware Trustee
     be deemed to be a Credit Support Provider.

(f)  CALCULATION AGENT. The Calculation Agent is Party A, unless specified
     otherwise in a Confirmation in relation to the relevant Transaction;
     PROVIDED, HOWEVER, that the Trustee under the Certificate Indenture shall
     be responsible for calculating LIBOR as provided in this Agreement; and
     PROVIDED FURTHER, HOWEVER, that, if Party A or Party B objects to any
     calculation, Party A and Party B will negotiate in good faith to agree on
     an independent swaps dealer of the highest credit standing to make such
     calculation, which will be binding on Party A and Party B absent manifest
     error. The costs of such dealer will be borne by Party A. If Party A is a
     Defaulting Party, the Calculation Agent will be Party B.

                                    PART 5.
                                OTHER PROVISIONS

(a)  ISDA DEFINITIONS. The 2000 ISDA Definitions (the "2000 DEFINITIONS") as
     published by the International Swaps and Derivatives Association, Inc.,
     shall be deemed a part of this Agreement as if fully set forth herein. The
     2000 Definitions and the provisions of SECTION 14 of this Agreement shall
     be deemed a part of each Confirmation as if set forth in full therein.

(b)  INTERPRETATION. In the event of any inconsistency between the provisions of
     the Schedule and the Definitions, this Schedule will prevail. In the event
     of any inconsistency between the provisions of this Schedule and the

                                       7

<PAGE>

     printed Agreement of which it forms a part, this Schedule will prevail. In
     the event of any inconsistency between the provisions of any Confirmation
     and this Schedule, such Confirmation will prevail for the purpose of the
     relevant Transaction.

(c)  EXPENSES. SECTION 11 of this Agreement, bearing the heading "Expenses," is
     amended as follows: (i) on the first line strike the first word "A" and
     insert before the words "Defaulting Party" the words: "Party A, if it is
     the"; (ii) on the first line strike the words "the other party" and insert
     therein the words "Party B"; (iii) on the second line strike the words
     "such other party" and insert therein the words "Party B"; (iv) on the
     fifth line, after the words "costs of collection" and before the "." insert
     the words: ", and all fees, costs and expenses paid or payable by Party B
     to Reference market-makers to the extent necessary to determine or obtain
     Market Quotations"; and (v) at the end of the paragraph insert: "If Party B
     is a Defaulting Party in connection with an Early Termination Date for the
     Transaction, Party A will not, except as provided in this Agreement,
     request any payment of, and Party B will not pay, any resulting expenses,
     including any legal fees or actual or consequential losses or damages
     incurred by Party A."

(d)  CONSENT TO RECORDING. Each party consents to the recording of the telephone
     conversations of relevant swap trading personnel of the parties and their
     Affiliates in connection with this Agreement or any potential Transaction
     and the introduction of such recordings in any proceeding hereunder.

(e)  TRANSFER. The Transfer provision of SECTION 7 is amended by: (A) deleting
     at the end of SUBPARAGRAPH (b) the period and replacing it with "; and" and
     (B) adding the following new SUBPARAGRAPH (c):

     "(c) in the event of a Downgrade Event (as defined below), an assignment of
          Party A's rights and obligations under this Agreement may be required
          as follows:

     (i)    For the purpose of this Agreement, "DOWNGRADE EVENT" means a failure
            at any and each time of Party A to maintain ratings by all the
            Required Rating Agencies at least equal to the respective Required
            Rating, unless within 30 days following such occurrence, the
            Required Rating Agencies have reconfirmed the rating of the Class
            A-4 Certificates in effect immediately prior to such occurrence.
            "QUALIFIED REPLACEMENT COUNTERPARTY" means a Replacement
            Counterparty that (X) satisfies the Required Rating for each of
            the Required Rating Agencies or (Y) enters into such other
            arrangement as will result in the Class A-4 Certificates
            receiving a rating not less than would be received if such
            Replacement Counterparty satisfied the Required Rating for each
            of the Required Rating Agencies. "RATING AGENCY" means any rating
            agency rating the Class A-4 Certificates at the time of issuance
            thereof at the request of Party B. If no such organization or
            successor is any longer in existence, "RATING AGENCY" shall be a
            nationally recognized statistical rating organization designated
            by Party B. "RATING AGENCY REQUIREMENT" means, with respect to
            any action or arrangement, the notification in writing by each
            Rating Agency to, among others, Party B, that such action or
            arrangement will maintain or restore the rating by such Rating
            Agency of the Class A-4 Certificates that was in effect prior to

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<PAGE>

            the Downgrade Event. "REPLACEMENT COUNTERPARTY" means a
            replacement for Party A selected as provided in this CLAUSE (c).
            "REQUIRED RATING" means a long-term senior unsecured debt rating
            of at least (x) Aa3 in the case of Moody's Investors Service,
            Inc. ("MOODY'S"), (y) either at least A+ or (for short-term
            obligations) A-1 in the case of Standard & Poor's Ratings Group
            ("STANDARD & POOR'S") and (z) if a counterparty is rated by
            Fitch, Inc. ("Fitch"), either at least A+ or (for short-term
            obligations) F1. "REQUIRED RATING AGENCIES" means Moody's,
            Standard & Poor's and, for so long as Party A is rated by Fitch,
            Fitch.

     (ii)   In the event of the actual downgrading of the rating of Party A
            by any Required Rating Agency, if the rating reconfirmation by
            the Required Rating Agencies as provided under subparagraph
            (c)(i) above has not occurred, Party A must, within 30 days
            following such event, either (A) re-establish its ratings from
            the Required Rating Agencies to the Required Ratings, or (B)
            assign and transfer its rights and obligations under this
            Agreement to a Qualified Replacement Counterparty, (C) obtain a
            guaranty or a contingent agreement of another person with the
            Required Rating or (D) take any other action, establish or agree
            on such other arrangement (if needed) as will satisfy the Rating
            Agency Requirement, which may include collateralizing any net
            present value of its obligations hereunder.

     (iii)  In the event of a Downgrade Event, if, within the initial 30 days
            following the actual downgrading of the rating of Party A by any
            Required Rating Agency, Party A has not taken any of the actions
            required by SUBPARAGRAPH (c)(ii) above, then Party B shall
            appoint a swap dealer which is a member of the International
            Swaps and Derivatives Association, Inc. ("ISDA") with capital and
            surplus of at least $50 million (the "SWAP AGENT") to
            independently solicit, for an additional period not exceeding 30
            days (the "Subsequent 30 Day Period"), a Replacement
            Counterparty, who shall not be the Swap Agent or an Affiliate
            thereof. During such Subsequent 30 Day Period, the Swap Agent
            shall seek to find a Qualified Replacement Counterparty, or if a
            Qualified Replacement Counterparty cannot be found, the Swap
            Agent shall identify the highest rated Replacement Counterparty
            available that in any event is rated above Party A by at least
            one of the Required Rating Agencies and that is approved by the
            holders of at least 66-2/3% of the aggregate outstanding
            principal amount of the Class A-4 Certificates (an "APPROVED
            REPLACEMENT COUNTERPARTY"). If at any time during the Subsequent
            30 Day Period the Swap Agent identifies a Qualified Replacement
            Counterparty, then Party B will designate an Early Termination
            Date hereunder as if an Additional Termination Event has occurred
            with Party A being the Affected Party. If, upon the conclusion of
            the Subsequent 30 Day Period, a Qualified Replacement
            Counterparty has not assumed Party A's rights and obligations
            under this Agreement, an Additional Termination Event will occur
            with Party A as the Affected Party and Party B, in its sole
            discretion, may determine whether or not to (i) replace Party A
            with a prospective Approved Replacement Counterparty, if any,
            (ii) declare an Early Termination Date, which shall be as of the
            end of the Subsequent 30 Day Period, or (iii) elect not to
            declare an Early Termination Date and instead continue with Party
            A as the counterparty under this Agreement (PROVIDED that Party B

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<PAGE>

            shall be deemed to have chosen (ii) if neither (i) nor (iii) is
            chosen upon the conclusion of the Subsequent 30 Day Period). In
            any case, during the Subsequent 30 Day Period the Swap Agent
            shall be limited to obtaining a Qualified Replacement
            Counterparty or Approved Replacement Counterparty that is willing
            to intermediate the credit risk of Party A to Party B by entering
            into a transaction with Party A under terms substantially the
            same as this Agreement to hedge or offset the risk that such
            Qualified Replacement Counterparty or Approved Replacement
            Counterparty has to Party B under this Agreement. If the Swap
            Agent is successful in identifying an Approved Counterparty and
            Party B decides to replace Party A with such Approved
            Counterparty at the conclusion of the Subsequent 30 Day Period,
            then Party B will execute an ISDA Master Agreement (substantially
            under the same terms as this Agreement, including the schedule
            thereto and confirmation thereof) with such Approved Counterparty
            and designate an Early Termination Date hereunder, which shall be
            as of the end of such Subsequent 30 Day Period, as if an
            Additional Termination Event has occurred with Party A being the
            Affected Party.

     (iv)   If at the conclusion of the Subsequent 30 Day Period Party B has
            elected not to declare an Early Termination Date hereunder as
            provided under (c)(iii)(iii) above and did not establish and has not
            maintained in effect the other arrangements specified in
            subparagraph (c)(ii) above, Party B shall appoint a Swap Agent to
            independently solicit during a 3 months period (the "3 Months
            Period") a Qualified Replacement Counterparty or an Approved
            Replacement Counterparty in accordance with the procedure set forth
            in SUBPARAGRAPH (c)(iii) above, PROVIDED, HOWEVER, that such
            Qualified Replacement Counterparty or Approved Replacement
            Counterparty shall not be required to enter into a transaction with
            Party A to intermediate, hedge or offset risk. Such search shall be
            renewed every 3 months thereafter until a Qualified Replacement
            Counterparty or an Approved Replacement Counterparty has entered
            into an ISDA Master Agreement with Party B under terms substantially
            similar to this Agreement and no Early Termination Date has been
            designated hereunder. If at any time during a 3 Months Period, the
            Swap Agent identifies a Qualified Replacement Counterparty, then
            Party B will designate an Early Termination Date hereunder as if an
            Additional Termination Event has occurred with Party A being the
            Affected Party. At the conclusion of each such 3 Months Period in
            which Party B has not entered into such ISDA Master Agreement with a
            Qualified Replacement Counterparty or an Approved Replacement
            Counterparty and no Early Termination Date has been designated
            hereunder, an Additional Termination Event will occur with Party A
            as the Affected Party and Party B, in its sole discretion, may
            determine whether or not to (i) replace Party A with a prospective
            Approved Replacement Counterparty, if any, and designate an Early
            Termination Date hereunder, as of the conclusion of such 3 Months
            Period, (ii) declare an Early Termination Date, which shall be as of
            the end of the relevant 3 Months Period, or (iii) elect not to
            declare an Early Termination Date and instead continue with Party A
            as the counterparty under this Agreement (PROVIDED that Party B
            shall be deemed to have chosen (ii) if neither (i) nor (iii) is

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<PAGE>

            chosen upon the conclusion of each such 3 Months Period). The
            original Party A shall not be liable for any termination payments in
            connection with any termination occurring after it has been replaced
            by an Approved Replacement Counterparty, a Replacement Counterparty
            or a Qualified Replacement Counterparty as provided under
            (c)(ii),(iii) or (iv) above.

     (v)    In all circumstances, Party A shall be responsible for the payment
            of the Swap Agent's reasonable fees and all other reasonable fees
            and expenses of Party B as a result of any solicitation, replacement
            or proposed replacement hereunder until a replacement by a Qualified
            Replacement Counterparty or an Approved Replacement Counterpary as
            set forth above is successfully completed, and shall promptly make
            such payments. Party A shall be liable for any amount payable to a
            Qualified Replacement Counterparty or Approved Replacement
            Counterparty by Party B for assuming Party A's rights and
            obligations under this Agreement and shall receive any amounts paid
            by such Qualified Replacement Counterparty or Approved Replacement
            Counterparty to assume such rights and obligations (such amount, the
            "REPLACEMENT COST"); provided that Party A shall not be liable for
            any Replacement Cost associated with any subsequent assignment or
            replacement. Party A shall not be liable for any termination
            payments in connection with any termination occurring after it has
            been replaced by a Qualified Replacement Counterparty or Approved
            Replacement Counterparty. Further, in all circumstances, Party B
            agrees to act in a commercially reasonable manner in arranging for
            any Qualified Replacement Counterparty or Approved Replacement
            Counterparty.

     (vi)   Any purported transfer or assignment by Party A pursuant to
            subparagraphs (c)(iii), (iv) or (v) is subject to compliance with
            the Rating Agency Requirement."

(f)  WAIVER OF JURY TRIAL. Each party irrevocably waives any and all rights to
     trial by jury in any legal proceeding instituted in connection with this
     Agreement or any Transaction to the fullest extent permitted by law. As to
     any matter for which a jury trial cannot be waived, each party agrees not
     to assert any such matter as a cross claim or counterclaim in, nor move to
     consolidate the same with, any legal proceeding in which a jury trial is
     waived.

(g)  PARTIES TO RELY ON THEIR OWN EXPERTISE. Each party shall enter into each
     Transaction governed by this Agreement in reliance only upon its own
     judgment. Neither party holds itself out as advising, or any of its
     employees or agents as having the authority to advise, the other party as
     to whether or not it should enter into any such Transaction or as to any
     subsequent actions relating thereto or on any other commercial matters
     concerned with any Transaction governed by this Agreement, and neither
     party shall have any responsibility or liability whatsoever in respect of
     any advice of this nature given, or views expressed, by it or any of such
     persons to the other party, whether or not such advice is given or such
     views are expressed at the request of the other party.

(h)  IMMUNITY OF PERSONS RELATED TO PARTY B. No representation or agreement
     contained in this Agreement shall be deemed to be the covenant or agreement
     of any trustee, officer, attorney, agent or employee of Party B, The

                                       11

<PAGE>

     Connecticut Light and Power Company, any Affiliate thereof or any Credit
     Support Provider thereof in an individual capacity. No recourse shall be
     had for any payment under this Agreement or any claim based hereon against
     any trustee, officer, agent, attorney or employee of Party B, The
     Connecticut Light and Power Company, any Affiliate thereof or any Credit
     Support Provider thereof past, present or future, or its successors or
     assigns, as such, either directly or through Party B, The Connecticut Light
     and Power Company, any Affiliate thereof or any Credit Support Provider
     thereof, or any such successor corporation, whether by virtue of any
     constitutional provision, statutes or rule of law, or by the enforcement of
     any assessment or penalty, or otherwise, all of such liability of such
     members, managers, trustees, officers, agents, attorneys or employees being
     hereby released as a condition of and as a consideration for the execution
     and delivery of this Agreement, except in the case of [gross] negligence,
     bad faith or willful misconduct.

(i)  FACSIMILE AND TELEX CONFIRMATION. The parties agree that they may from time
     to time confirm the terms and conditions of any Transaction entered into
     between them pursuant to the terms of this Agreement by means of a telex or
     facsimile transmission from one party to another followed by a telex or
     facsimile transmission confirming the terms of the Transaction and any such
     exchange of telexes or facsimile transmissions shall constitute a
     Confirmation for all purposes hereunder.

(j)  COUNTERPARTS. The Agreement and this Schedule may be executed in several
     counterparts, each of which shall be an original and all of which shall
     together constitute one instrument.

(k)  NO BANKRUPTCY PETITION. Prior to the date that is one year and one day
     after the date upon which all amounts payable in respect of any of the
     Class A-4 Certificates, this Agreement or any other hedge or swap agreement
     to which Party B is a party have been paid in accordance with the terms
     thereof, Party A shall not institute against, or join any other person in
     instituting against, Party B, any bankruptcy, reorganization, arrangement,
     insolvency or liquidation proceedings, or other proceedings under any
     federal or state bankruptcy or similar law (including proceedings seeking
     to consolidate the assets and liabilities of Party B and CL&P Funding LLC,
     PROVIDED that Party A may assert its own claims against Party B once any
     such proceedings have been instituted by another person.

(l)  ACCURACY OF SPECIFIED INFORMATION. Section 3(d) is hereby amended by adding
     in the third line thereof after the word "respect" and before the period
     the words "or, in the case of audited or unaudited financial statements or
     balance sheets, a fair presentation of the financial condition of the
     relevant person (but unaudited financial statements or balance sheets shall
     be subject to year end adjustments)".

(m)  ADDITIONAL REPRESENTATIONS. SECTION 3(a) is hereby amended by adding the
     following additional Subsections:

     (vi)   NO AGENCY. It is entering into this Agreement and each Transaction
            as principal (and not as agent or in any other capacity, fiduciary
            or otherwise).

                                       12

<PAGE>

     (vii)  LINE OF BUSINESS. It has entered into this Agreement (including each
            Transaction evidenced hereby) in conjunction with the line of
            business (including financial intermediation services) or the
            financing of its business.

     (viii) ELIGIBLE CONTRACT PARTICIPANT. It is an Eligible Contract
            Participant as defined in Section 1a(12) of the Commodity Exchange
            Act.

     (ix)   INDIVIDUAL NEGOTIATION. This Agreement and each Transaction is
            subject to individual negotiation by the parties.

     (x)    MULTIBRANCH PARTY. It is not a multibranch party for purposes of
            this Agreement.

     (xi)   DISCLOSURE INFORMATION. The description of Party A on Annex A is
            true and correct as of the date hereof.

(n)  SPECIAL REPRESENTATIONS OF PARTY B. Party B represents and warrants to
     Party A as follows:

     (i)    BASIC DOCUMENTS. Party B will not make or cause to be made any
            amendment or supplement to any of the Basic Documents that would
            adversely affect any of Party A's rights or obligations under this
            Agreement or the Transaction, including modifying the obligations
            of, or impairing the ability of Party B to fully perform any of
            Party B's obligations under this Agreement or the Transaction;

     (ii)   INDEMNIFICATION. The Transaction Property and Purchase and Sale
            Agreement ("Sale Agreement") provides that in the event of a
            [redemption or] repurchase of the Class A-4 notes or Class A-4
            Certificates under the circumstances described in Section 5.01(b)( )
            therein resulting in an early termination of this Agreement, Party A
            will be indemnified and held harmless for its Loss, if any, by the
            Servicer pursuant to the terms set forth therein.

(o)  ILLEGALITY. The definition of "Illegality" in SECTION 5(b)(i) is hereby
     amended by adding in the first and third lines thereof after the word
     "applicable" and before the word "law" the words "United States federal or
     state". It is agreed that the parties will not treat any event as an
     "Illegality" without the prior receipt of a written opinion from an
     independent law firm experienced in swap agreements, selected by the
     parties, that an "Illegality" exists. The cost of receiving such legal
     opinion shall be borne equally by Party A and Party B.

(p)  NO RECOURSE. Without being bound thereby, and without prejudice to any
     provisions in this Agreement, Party A acknowledges that Party A has
     received and read the Certificate Indenture and the Prospectus dated [ ]
     for the Connecticut RRB Special Purpose Trust CL & P-1. Party B's
     Certificates, and all classes thereof represent a beneficial interest in
     the property of Party B only and do not represent an interest in or
     obligation of either Party A or the holders of the Certificates, and no
     recourse may be had by the holders of the Certificates against Party A or
     its assets with respect to the Certificates and/or this Agreement. With
     respect to the amounts payable to Party A by Party B hereunder, Party A's
     recourse shall be limited to Trust Property, including Collateral.

                                       13

<PAGE>

(q)  EQUITABLE RELIEf. Party A irrevocably agrees that it shall not request that
     any court issue attachment or other provisional or equitable remedies
     against Party B with respect to any lawsuit, dispute or claim under this
     Agreement.]

(r)  REGARDING PARTY A. Party B acknowledges and agrees that Party A had no
     involvement in and, accordingly, accepts no responsibility for: (i) the
     establishment, structure, or choice of assets of Party B; (ii) the
     selection of any person performing services for or acting on behalf of
     Party B; (iii) the selection of Party A as a swap provider; (iv) the terms
     of the Class A-4 Certificates; (v) the preparation of or passing on the
     disclosure and other information contained in any offering circular,
     prospectus, series supplement, indenture, or any other agreements or
     documents used by Party B or any other party in connection with the
     marketing and sale of the Certificates, except with respect to written
     information furnished to Party B by Party A which describes Party A for use
     in Party B's required disclosure documents, in the form attached hereto as
     ANNEX A; (vi) the ongoing operations and administration of Party B,
     including the furnishing of any information to Party B which is not
     specifically required under this Agreement; or (vii) any other aspect of
     Party B's existence.

(s)  PARTY B PLEDGE. Party A acknowledges that Party B will pledge its rights
     under this Agreement to the Trustee under the Certificate Indenture for the
     benefit of the holders of the Class A-4 Certificates and consents to such
     pledge.

(t)  CERTAIN DEFINITIONS. SECTION 1(a) of this Agreement is hereby amended by
     adding the following sentence: "All capitalized terms used in this
     Agreement and not defined herein shall have the meanings as set forth in
     the Certificate Indenture, provided that in the case of any inconsistency
     between any definition in this Agreement and a definition in the
     Certificate Indenture, the definition in this Agreement shall govern for
     purposes of this Agreement and any Confirmation hereunder."

(u)  NO RIGHT OF SETOFF. Without affecting any provisions of this Agreement
     requiring the calculation of certain net payment amounts, all payments
     under this Agreement shall be made without setoff or counterclaim and shall
     not be subject to any condition except as provided by SECTION 2 of this
     Agreement.

(v)  AMENDMENTS. SECTION 9(b) of this Agreement is amended by inserting the
     following words at the end thereof: "and notice thereof is provided to the
     Required Rating Agencies and Standard and Poor's confirms within five days
     after such notice is given that it will not downgrade, withdraw or modify
     its then-current rating of the Class A-4 Certificates."

(w)  CONFIRMATION FOR SINGLE TRANSACTION. The parties hereto agree that the
     Confirmation dated the date hereof relating to the Certificates shall
     represent the sole transaction (the "TRANSACTION") under this Agreement.

(x)  LIMITATION OF TRUSTEE'S LIABILITY. It is expressly understood and agreed by
     the parties hereto that (a) this Agreement is executed and delivered by
     First Union Trust Company, National Association, not individually or
     personally but solely as Trustee of Party B, in the exercise of the powers
     and authority conferred and vested in it, (b) the representations,

                                       14

<PAGE>

     undertakings and agreements herein made on the part of Party B are made and
     intended not as personal representations, undertakings and agreements by
     First Union Trust Company, National Association, but are made and intended
     for the purpose of binding only Party B, (c) nothing herein contained shall
     be construed as creating any liability on First Union Trust Company,
     National Association, individually or personally, to perform any covenant
     either expressed or implied contained herein in its individual capacity,
     all such liability, if any, being expressly waived by the parties who are
     signatories to this Agreement and by any person claiming by, through or
     under such parties and (d) under no circumstances shall First Union Trust
     Company, National Association, be personally liable for the payment of any
     indebtedness or expenses of Party B or Party A or be liable for the breach
     or failure of any obligation, representation, warranty or covenant made or
     undertaken by Party B or Party A under this Agreement, except for its
     [gross] negligence, bad faith or willful misconduct.

(y)  NONGOVERNMENTAL STATUS OF PARTY B. It is understood and agreed that (a)
     Party B is not an agency or instrumentality of the State of Connecticut,
     (b) the State of Connecticut is not a party to or beneficiary of this
     Agreement, and (c) the State of Connecticut is not a guarantor or insurer
     of Party B's obligations or liabilities under this Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement by their duly
authorized officers as of the date hereof.

[SWAP COUNTERPARTY]                          CONNECTICUT RRB SPECIAL PURPOSE
                                             TRUST CL & P-1

By:  _______________________                 By:   First Union Trust Company,
     Name:                                         National Association,
     Title:                                        (solely in its capacity as
                                                   Delaware Trustee under that
                                                   certain Declaration of Trust
                                                   dated March [ ], 2001, and
                                                   not as a  principal to this
                                                   Agreement)

                                              By:  ________________________
                                                   Name:
                                                   Title:

                                       15

<PAGE>

                                     ANNEX A

                        DESCRIPTION OF SWAP COUNTERPARTY

                                       16
<PAGE>
(MULTICURRENCY -- CROSS BORDER)
                                    ISDA (R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                                   dated as of .................................

 ................................... and ........................................

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows: --

1.   INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2. OBLIGATIONS

(a) GENERAL CONDITIONS.

     (i) Each party will make each payment or delivery specified in each
     Confirmation to be made by it, subject to the other provisions of this
     Agreement.

     (ii) Payments under this Agreement will be made on the due date for value
     on that date in the place of the account specified in the relevant
     Confirmation or otherwise pursuant to this Agreement, in freely
     transferable funds and in the manner customary for payments in the required
     currency. Where settlement is by delivery (that is, other than by payment),
     such delivery will be made for receipt on the due date in the manner
     customary for the relevant obligation unless otherwise specified in the
     relevant Confirmation or elsewhere in this Agreement.

     (iii) Each obligation of each party under Section 2(a)(i) is subject to (1)
     the condition precedent that no Event of Default or Potential Event of
     Default with respect to the other party has occurred and is continuing, (2)
     the condition precedent that no Early Termination Date in respect of the
     relevant Transaction has occurred or been effectively designated and (3)
     each other applicable condition precedent specified in this Agreement.

        Copyright(C)1992 by International Swap Dealers Association, Inc.
<PAGE>

(b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) NETTING. If on any date amounts would otherwise be payable:--

     (i) in the same currency; and

     (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d) DEDUCTION OR WITHHOLDING FOR TAX.

     (i) GROSS-UP. All payments under this Agreement will be made without any
     deduction or withholding for or on account of any Tax unless such deduction
     or withholding is required by any applicable law, as modified by the
     practice of any relevant governmental revenue authority, then in effect. If
     a party is so required to deduct or withhold, then that party ("X") will:--

          (1) promptly notify the other party ("Y") of such requirement;

          (2) pay to the relevant authorities the full amount required to be
          deducted or withheld (including the full amount required to be
          deducted or withheld from any additional amount paid by X to Y under
          this Section 2(d)) promptly upon the earlier of determining that such
          deduction or withholding is required or receiving notice that such
          amount has been assessed against Y;

          (3) promptly forward to Y an official receipt (or a certified copy),
          or other documentation reasonably acceptable to Y, evidencing such
          payment to such authorities; and

          (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
          payment to which Y is otherwise entitled under this Agreement, such
          additional amount as is necessary to ensure that the net amount
          actually received by Y (free and clear of Indemnifiable Taxes, whether
          assessed against X or Y) will equal the full amount Y would have
          received had no such deduction or withholding been required. However,
          X will not be required to pay any additional amount to Y to the extent
          that it would not be required to be paid but for:--

               (A) the failure by Y to comply with or perform any agreement
               contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

               (B) the failure of a representation made by Y pursuant to Section
               3(f) to be accurate and true unless such failure would not have
               occurred but for (I) any action taken by a taxing authority, or
               brought in a court of competent jurisdiction, on or after the
               date on which a Transaction is entered into (regardless of
               whether such action is taken or brought with respect to a party
               to this Agreement) or (II) a Change in Tax Law.

                                        2                            ISDA(R)1992
<PAGE>

     (ii) LIABILITY. If:--

          (1) X is required by any applicable law, as modified by the practice
          of any relevant governmental revenue authority, to make any deduction
          or withholding in respect of which X would not be required to pay an
          additional amount to Y under Section 2(d)(i)(4);

          (2) X does not so deduct or withhold; and

          (3) a liability resulting from such Tax is assessed directly against
          X,

     then, except to the extent Y has satisfied or then satisfies the liability
     resulting from such Tax, Y will promptly pay to X the amount of such
     liability (including any related liability for interest, but including any
     related liability for penalties only if Y has failed to comply with or
     perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e) DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.   REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)  BASIC REPRESENTATIONS.

     (i) STATUS. It is duly organised and validly existing under the laws of the
     jurisdiction of its organisation or incorporation and, if relevant under
     such laws, in good standing;

     (ii) POWERS. It has the power to execute this Agreement and any other
     documentation relating to this Agreement to which it is a party, to deliver
     this Agreement and any other documentation relating to this Agreement that
     it is required by this Agreement to deliver and to perform its obligations
     under this Agreement and any obligations it has under any Credit Support
     Document to which it is a party and has taken all necessary action to
     authorise such execution, delivery and performance;

     (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and performance do
     not violate or conflict with any law applicable to it, any provision of its
     constitutional documents, any order or judgment of any court or other
     agency of government applicable to it or any of its assets or any
     contractual restriction binding on or affecting it or any of its assets;

     (iv) CONSENTS. All governmental and other consents that are required to
     have been obtained by it with respect to this Agreement or any Credit
     Support Document to which it is a party have been obtained and are in full
     force and effect and all conditions of any such consents have been complied
     with; and

     (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
     Credit Support Document to which it is a party constitute its legal, valid
     and binding obligations, enforceable in accordance with their respective
     terms (subject to applicable bankruptcy, reorganisation, insolvency,
     moratorium or similar laws affecting creditors' rights generally and
     subject, as to enforceability, to equitable principles of general
     application (regardless of whether enforcement is sought in a proceeding in
     equity or at law)). proceeding in equity or at law)).

                                        3                            ISDA(R)1992
<PAGE>

(b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4. AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

     (i) any forms, documents or certificates relating to taxation specified in
     the Schedule or any Confirmation;

     (ii) any other documents specified in the Schedule or any Confirmation; and

     (iii) upon reasonable demand by such other party, any form or document that
     may be required or reasonably requested in writing in order to allow such
     other party or its Credit Support Provider to make a payment under this
     Agreement or any applicable Credit Support Document without any deduction
     or withholding for or on account of any Tax or with such deduction or
     withholding at a reduced rate (so long as the completion, execution or
     submission of such form or document would not materially prejudice the
     legal or commercial position of the party in receipt of such demand), with
     any such form or document to be accurate and completed in a manner
     reasonably satisfactory to such other party and to be executed and to be
     delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                        4                            ISDA(R)1992
<PAGE>

organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5. EVENTS OF DEFAULT AND TERMINATION EVENTS

(a) EVENTS OF DEFAULT. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

     (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due, any
     payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
     required to be made by it if such failure is not remedied on or before the
     third Local Business Day after notice of such failure is given to the
     party;

     (ii) BREACH OF AGREEMENT. Failure by the party to comply with or perform
     any agreement or obligation (other than an obligation to make any payment
     under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
     notice of a Termination Event or any agreement or obligation under Section
     4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
     in accordance with this Agreement if such failure is not remedied on or
     before the thirtieth day after notice of such failure is given to the
     party;

     (iii) CREDIT SUPPORT DEFAULT.

          (1) Failure by the party or any Credit Support Provider of such party
          to comply with or perform any agreement or obligation to be complied
          with or performed by it in accordance with any Credit Support Document
          if such failure is continuing after any applicable grace period has
          elapsed;

          (2) the expiration or termination of such Credit Support Document or
          the failing or ceasing of such Credit Support Document to be in full
          force and effect for the purpose of this Agreement (in either case
          other than in accordance with its terms) prior to the satisfaction of
          all obligations of such party under each Transaction to which such
          Credit Support Document relates without the written consent of the
          other party; or

          (3) the party or such Credit Support Provider disaffirms, disclaims,
          repudiates or rejects, in whole or in part, or challenges the validity
          of, such Credit Support Document;

     (iv) MISREPRESENTATION. A representation (other than a representation under
     Section 3(e) or (f)) made or repeated or deemed to have been made or
     repeated by the party or any Credit Support Provider of such party in this
     Agreement or any Credit Support Document proves to have been incorrect or
     misleading in any material respect when made or repeated or deemed to have
     been made or repeated;

     (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
     Provider of such party or any applicable Specified Entity of such party (1)
     defaults under a Specified Transaction and, after giving effect to any
     applicable notice requirement or grace period, there occurs a liquidation
     of, an acceleration of obligations under, or an early termination of, that
     Specified Transaction, (2) defaults, after giving effect to any applicable
     notice requirement or grace period, in making any payment or delivery due
     on the last payment, delivery or exchange date of, or any payment on early
     termination of, a Specified Transaction (or such default continues for at
     least three Local Business Days if there is no applicable notice
     requirement or grace period) or (3) disaffirms, disclaims, repudiates or
     rejects, in whole or in part, a Specified Transaction (or such action is
     taken by any person or entity appointed or empowered to operate it or act
     on its behalf);

     (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
     applying to the party, the occurrence or existence of (1) a default, event
     of default or other similar condition or event (however

                                        5                            ISDA(R)1992
<PAGE>

     described) in respect of such party, any Credit Support Provider of such
     party or any applicable Specified Entity of such party under one or more
     agreements or instruments relating to Specified Indebtedness of any of them
     (individually or collectively) in an aggregate amount of not less than the
     applicable Threshold Amount (as specified in the Schedule) which has
     resulted in such Specified Indebtedness becoming, or becoming capable at
     such time of being declared, due and payable under such agreements or
     instruments, before it would otherwise have been due and payable or (2) a
     default by such party, such Credit Support Provider or such Specified
     Entity (individually or collectively) in making one or more payments on the
     due date thereof in an aggregate amount of not less than the applicable
     Threshold Amount under such agreements or instruments (after giving effect
     to any applicable notice requirement or grace period);

     (vii) BANKRUPTCY. The party, any Credit Support Provider of such party or
     any applicable Specified Entity of such party: --

          (1) is dissolved (other than pursuant to a consolidation, amalgamation
          or merger); (2) becomes insolvent or is unable to pay its debts or
          fails or admits in writing its inability generally to pay its debts as
          they become due; (3) makes a general assignment, arrangement or
          composition with or for the benefit of its creditors; (4) institutes
          or has instituted against it a proceeding seeking a judgment of
          insolvency or bankruptcy or any other relief under any bankruptcy or
          insolvency law or other similar law affecting creditors' rights, or a
          petition is presented for its winding-up or liquidation, and, in the
          case of any such proceeding or petition instituted or presented
          against it, such proceeding or petition (A) results in a judgment of
          insolvency or bankruptcy or the entry of an order for relief or the
          making of an order for its winding-up or liquidation or (B) is not
          dismissed, discharged, stayed or restrained in each case within 30
          days of the institution or presentation thereof; (5) has a resolution
          passed for its winding-up, official management or liquidation (other
          than pursuant to a consolidation, amalgamation or merger); (6) seeks
          or becomes subject to the appointment of an administrator, provisional
          liquidator, conservator, receiver, trustee, custodian or other similar
          official for it or for all or substantially all its assets; (7) has a
          secured party take possession of all or substantially all its assets
          or has a distress, execution, attachment, sequestration or other legal
          process levied, enforced or sued on or against all or substantially
          all its assets and such secured party maintains possession, or any
          such process is not dismissed, discharged, stayed or restrained, in
          each case within 30 days thereafter; (8) causes or is subject to any
          event with respect to it which, under the applicable laws of any
          jurisdiction, has an analogous effect to any of the events specified
          in clauses (1) to (7) (inclusive); or (9) takes any action in
          furtherance of, or indicating its consent to, approval of, or
          acquiescence in, any of the foregoing acts; or

     (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
     of such party consolidates or amalgamates with, or merges with or into, or
     transfers all or substantially all its assets to, another entity and, at
     the time of such consolidation, amalgamation, merger or transfer: --

          (1) the resulting, surviving or transferee entity fails to assume all
          the obligations of such party or such Credit Support Provider under
          this Agreement or any Credit Support Document to which it or its
          predecessor was a party by operation of law or pursuant to an
          agreement reasonably satisfactory to the other party to this
          Agreement; or

          (2) the benefits of any Credit Support Document fail to extend
          (without the consent of the other party) to the performance by such
          resulting, surviving or transferee entity of its obligations under
          this Agreement.

(b) TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                        6                            ISDA(R)1992
<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

     (i) ILLEGALITY. Due to the adoption of, or any change in, any applicable
     law after the date on which a Transaction is entered into, or due to the
     promulgation of, or any change in, the interpretation by any court,
     tribunal or regulatory authority with competent jurisdiction of any
     applicable law after such date, it becomes unlawful (other than as a result
     of a breach by the party of Section 4(b)) for such party (which will be the
     Affected Party): --

          (1) to perform any absolute or contingent obligation to make a payment
          or delivery or to receive a payment or delivery in respect of such
          Transaction or to comply with any other material provision of this
          Agreement relating to such Transaction; or

          (2) to perform, or for any Credit Support Provider of such party to
          perform, any contingent or other obligation which the party (or such
          Credit Support Provider) has under any Credit Support Document
          relating to such Transaction;

     (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
     brought in a court of competent jurisdiction, on or after the date on which
     a Transaction is entered into (regardless of whether such action is taken
     or brought with respect to a party to this Agreement) or (y) a Change in
     Tax Law, the party (which will be the Affected Party) will, or there is a
     substantial likelihood that it will, on the next succeeding Scheduled
     Payment Date (1) be required to pay to the other party an additional amount
     in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in
     respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
     payment from which an amount is required to be deducted or withheld for or
     on account of a Tax (except in respect of interest under Section 2(e),
     6(d)(ii) or 6(e)) and no additional amount is required to be paid in
     respect of such Tax under Section 2(d)(i)(4) (other than by reason of
     Section 2(d)(i)(4)(A) or (B));

     (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the next
     succeeding Scheduled Payment Date will either (1) be required to pay an
     additional amount in respect of an Indemnifiable Tax under Section
     2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
     6(e)) or (2) receive a payment from which an amount has been deducted or
     withheld for or on account of any Indemnifiable Tax in respect of which the
     other party is not required to pay an additional amount (other than by
     reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
     party consolidating or amalgamating with, or merging with or into, or
     transferring all or substantially all its assets to, another entity (which
     will be the Affected Party) where such action does not constitute an event
     described in Section 5(a)(viii);

     (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is specified
     in the Schedule as applying to the party, such party ("X"), any Credit
     Support Provider of X or any applicable Specified Entity of X consolidates
     or amalgamates with, or merges with or into, or transfers all or
     substantially all its assets to, another entity and such action does not
     constitute an event described in Section 5(a)(viii) but the
     creditworthiness of the resulting, surviving or transferee entity is
     materially weaker than that of X, such Credit Support Provider or such
     Specified Entity, as the case may be, immediately prior to such action
     (and, in such event, X or its successor or transferee, as appropriate, will
     be the Affected Party); or

     (v) ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event" is
     specified in the Schedule or any Confirmation as applying, the occurrence
     of such event (and, in such event, the Affected Party or Affected Parties
     shall be as specified for such Additional Termination Event in the Schedule
     or such Confirmation).

(c) EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                        7                            ISDA(R)1992
<PAGE>

6.   EARLY TERMINATION

(a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)  RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

     (i) NOTICE. If a Termination Event occurs, an Affected Party will, promptly
     upon becoming aware of it, notify the other party, specifying the nature of
     that Termination Event and each Affected Transaction and will also give
     such other information about that Termination Event as the other party may
     reasonably require.

     (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
     Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
     Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
     Affected Party, the Affected Party will, as a condition to its right to
     designate an Early Termination Date under Section 6(b)(iv), use all
     reasonable efforts (which will not require such party to incur a loss,
     excluding immaterial, incidental expenses) to transfer within 20 days after
     it gives notice under Section 6(b)(i) all its rights and obligations under
     this Agreement in respect of the Affected Transactions to another of its
     Offices or Affiliates so that such Termination Event ceases to exist.

     If the Affected Party is not able to make such a transfer it will give
     notice to the other party to that effect within such 20 day period,
     whereupon the other party may effect such a transfer within 30 days after
     the notice is given under Section 6(b)(i).

     Any such transfer by a party under this Section 6(b)(ii) will be subject to
     and conditional upon the prior written consent of the other party, which
     consent will not be withheld if such other party's policies in effect at
     such time would permit it to enter into transactions with the transferee on
     the terms proposed.

     (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1) or a
     Tax Event occurs and there are two Affected Parties, each party will use
     all reasonable efforts to reach agreement within 30 days after notice
     thereof is given under Section 6(b)(i) on action to avoid that Termination
     Event.

     (iv) RIGHT TO TERMINATE. If:--

          (1) a transfer under Section 6(b)(ii) or an agreement under Section
          6(b)(iii), as the case may be, has not been effected with respect to
          all Affected Transactions within 30 days after an Affected Party gives
          notice under Section 6(b)(i); or

          (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger
          or an Additional Termination Event occurs, or a Tax Event Upon Merger
          occurs and the Burdened Party is not the Affected Party,

     either party in the case of an Illegality, the Burdened Party in the case
     of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
     or an Additional Termination Event if there is more than one Affected
     Party, or the party which is not the Affected Party in the case of a Credit
     Event Upon Merger or an Additional Termination Event if there is only one
     Affected Party may, by not more than 20 days notice to the other party and
     provided that the relevant Termination Event is then

                                         8                           ISDA(R)1992

<PAGE>

         continuing, designate a day not earlier than the day such notice is
         effective as an Early Termination Date in respect of all Affected
         Transactions.

(c)      EFFECT OF DESIGNATION.

     (i) If notice designating an Early Termination Date is given under Section
     6(a) or (b), the Early Termination Date will occur on the date so
     designated, whether or not the relevant Event of Default or Termination
     Event is then continuing.

     (ii) Upon the occurrence or effective designation of an Early Termination
     Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
     respect of the Terminated Transactions will be required to be made, but
     without prejudice to the other provisions of this Agreement. The amount, if
     any, payable in respect of an Early Termination Date shall be determined
     pursuant to Section 6(e).

(d)  CALCULATIONS.

(i)  STATEMENT. On or as soon as reasonably practicable following the occurrence
     of an Early Termination Date, each party will make the calculations on its
     part, if any, contemplated by Section 6(e) and will provide to the other
     party a statement (1) showing, in reasonable detail, such calculations
     (including all relevant quotations and specifying any amount payable under
     Section 6(e)) and (2) giving details of the relevant account to which any
     amount payable to it is to be paid. In the absence of written confirmation
     from the source of a quotation obtained in determining a Market Quotation,
     the records of the party obtaining such quotation will be conclusive
     evidence of the existence and accuracy of such quotation.

(ii) PAYMENT DATE. An amount calculated as being due in respect of any Early
     Termination Date under Section 6(e) will be payable on the day that notice
     of the amount payable is effective (in the case of an Early Termination
     Date which is designated or occurs as a result of an Event of Default) and
     on the day which is two Local Business Days after the day on which notice
     of the amount payable is effective (in the case of an Early Termination
     Date which is designated as a result of a Termination Event). Such amount
     will be paid together with (to the extent permitted under applicable law)
     interest thereon (before as well as after judgment) in the Termination
     Currency, from (and including) the relevant Early Termination Date to (but
     excluding) the date such amount is paid, at the Applicable Rate. Such
     interest will be calculated on the basis of daily compounding and the
     actual number of days elapsed.

(e) PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

     (i)  EVENTS OF DEFAULT. If the Early Termination Date results from an Event
          of Default:--

          (1) First Method and Market Quotation. If the First Method and Market
          Quotation apply, the Defaulting Party will pay to the Non-defaulting
          Party the excess, if a positive number, of (A) the sum of the
          Settlement Amount (determined by the Non-defaulting Party) in respect
          of the Terminated Transactions and the Termination Currency Equivalent
          of the Unpaid Amounts owing to the Non-defaulting Party over (B) the
          Termination Currency Equivalent of the Unpaid Amounts owing to the
          Defaulting Party.

          (2) First Method and Loss. If the First Method and Loss apply, the
          Defaulting Party will pay to the Non-defaulting Party, if a positive
          number, the Non-defaulting Party's Loss in respect of this Agreement.

          (3) Second Method and Market Quotation. If the Second Method and
          Market Quotation apply, an amount will be payable equal to (A) the sum
          of the Settlement Amount (determined by the

                                        9                            ISDA(R)1992
<PAGE>

          Non-defaulting Party) in respect of the Terminated Transactions and
          the Termination Currency Equivalent of the Unpaid Amounts owing to the
          Non-defaulting Party less (B) the Termination Currency Equivalent of
          the Unpaid Amounts owing to the Defaulting Party. If that amount is a
          positive number, the Defaulting Party will pay it to the
          Non-defaulting Party; if it is a negative number, the Non-defaulting
          Party will pay the absolute value of that amount to the Defaulting
          Party.

          (4) Second Method and Loss. If the Second Method and Loss apply, an
          amount will be payable equal to the Non-defaulting Party's Loss in
          respect of this Agreement. If that amount is a positive number, the
          Defaulting Party will pay it to the Non-defaulting Party; if it is a
          negative number, the Non-defaulting Party will pay the absolute value
          of that amount to the Defaulting Party.

     (ii) TERMINATION EVENTS. If the Early Termination Date results from a
          Termination Event:--

          (1) One Affected Party. If there is one Affected Party, the amount
          payable will be determined in accordance with Section 6(e)(i)(3), if
          Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
          except that, in either case, references to the Defaulting Party and to
          the Non-defaulting Party will be deemed to be references to the
          Affected Party and the party which is not the Affected Party,
          respectively, and, if Loss applies and fewer than all the Transactions
          are being terminated, Loss shall be calculated in respect of all
          Terminated Transactions.

          (2) Two Affected PartieS. If there are two Affected Parties:--

               (A) if Market Quotation applies, each party will determine a
               Settlement Amount in respect of the Terminated Transactions, and
               an amount will be payable equal to (I) the sum of (a) one-half of
               the difference between the Settlement Amount of the party with
               the higher Settlement Amount ("X") and the Settlement Amount of
               the party with the lower Settlement Amount ("Y") and (b) the
               Termination Currency Equivalent of the Unpaid Amounts owing to X
               less (II) the Termination Currency Equivalent of the Unpaid
               Amounts owing to Y; and

               (B) if Loss applies, each party will determine its Loss in
               respect of this Agreement (or, if fewer than all the Transactions
               are being terminated, in respect of all Terminated Transactions)
               and an amount will be payable equal to one-half of the difference
               between the Loss of the party with the higher Loss ("X") and the
               Loss of the party with the lower Loss ("Y").

          If the amount payable is a positive number, Y will pay it to X; if it
          is a negative number, X will pay the absolute value of that amount to
          Y.

     (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
     Termination Date occurs because "Automatic Early Termination" applies in
     respect of a party, the amount determined under this Section 6(e) will be
     subject to such adjustments as are appropriate and permitted by law to
     reflect any payments or deliveries made by one party to the other under
     this Agreement (and retained by such other party) during the period from
     the relevant Early Termination Date to the date for payment determined
     under Section 6(d)(ii).

     (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies an
     amount recoverable under this Section 6(e) is a reasonable pre-estimate of
     loss and not a penalty. Such amount is payable for the loss of bargain and
     the loss of protection against future risks and except as otherwise
     provided in this Agreement neither party will be entitled to recover any
     additional damages as a consequence of such losses.

                                       10                            ISDA(R)1992

<PAGE>

7.   TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that: --

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. CONTRACTUAL CURRENCY

(a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) EVIDENCE OF LOSS. For tbe purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                       11                            ISDA(R)1992
<PAGE>

9.   MISCELLANEOUS

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) COUNTERPARTS AND CONFIRMATIONS.

     (i) This Agreement (and each amendment, modification and waiver in respect
     of it) may be executed and delivered in counterparts (including by
     facsimile transmission), each of which will be deemed an original.

     (ii) The parties intend that they are legally bound by the terms of each
     Transaction from the moment they agree to those terms (whether orally or
     otherwise). A Confirmation shall he entered into as soon as practicable and
     may he executed and delivered in counterparts (including by facsimile
     transmission) or be created by an exchange of telexes or by an exchange of
     electronic messages on an electronic messaging system, which in each case
     will be sufficient for all purposes to evidence a binding supplement to
     this Agreement. The parties will specify therein or through another
     effective means that any such counterpart, telex or electronic message
     constitutes a Confirmation.

(f) NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10. OFFICES; MULTIBRANCH PARTIES

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11. EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                       12                           ISDA(R)1992
<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.      NOTICES

(a) EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

     (i) if in writing and delivered in person or by courier, on the date it is
     delivered;

     (ii) if sent by telex, on the date the recipient's answerback is received;

     (iii) if sent by facsimile transmission, on the date that transmission is
     received by a responsible employee of the recipient in legible form (it
     being agreed that the burden of proving receipt will be on the sender and
     will not be met by a transmission report generated by the sender's
     facsimile machine);

     (iv) if sent by certified or registered mail (airmail, if overseas) or the
     equivalent (return receipt requested), on the date that mail is delivered
     or its delivery is attempted; or

     (v) if sent by electronic messaging system, on the date that electronic
     message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13. GOVERNING LAW AND JURISDICTION

(a) GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) JURISDICTION. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

     (i) submits to the jurisdiction of the English courts, if this Agreement is
     expressed to be governed by English law, or to the non-exclusive
     jurisdiction of the courts of the State of New York and the United States
     District Court located in the Borough of Manhattan in New York City, if
     this Agreement is expressed to be governed by the laws of the State of New
     York; and

     (ii) waives any objection which it may have at any time to the laying of
     venue of any Proceedings brought in any such court, waives any claim that
     such Proceedings have been brought in an inconvenient forum and further
     waives the right to object, with respect to such Proceedings, that such
     court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                       13                            ISDA(R)1992

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14. DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                       14                            ISDA(R)1992
<PAGE>

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                       15                            ISDA(R)1992
<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker Smay, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of: --

(a) the Termination Currency Equivalent of the Market
Quotations (whether positive or negative) for each Terminated Transaction or
group of Terminated Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meanings specified in the Schedule.

                                   16                                ISDA(R)1992
<PAGE>

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                     17                              ISDA(R)1992
<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

 ..................................      ......................................
(Name of Party)                         (Name of Party)

By: ..............................      By:...................................
    Name:                                 Name:
    Title:                                Title:
    Date:                                 Date:

                                       18                            ISDA(R)1992
<PAGE>

(MULTICURRENCY -- CROSS BORDER)
                                    ISDA (R)
                  International Swap Dealers Association, Inc.

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT

              dated as of ......................................................

between ............................ and .......................................
        ("Party A")                      ("Party B")

Part 1. TERMINATION PROVISIONS.

(a) "SPECIFIED ENTITY" means in relation to Party A for the purpose of:--

     Section 5(a)(v),
                      ..........................................................
     Section 5(a)(vi),
                      ..........................................................
     Section 5(a)(vii),
                      ..........................................................
     Section 5(b)(iv),
                      ..........................................................

                and in relation to Party B for the purpose of:--

     Section 5(a)(v),
                      ..........................................................
     Section 5(a)(vi),
                      ..........................................................
     Section 5(a)(vii),
                      ..........................................................
     Section 5(b)(iv),
                      ..........................................................

(b) "SPECIFIED TRANSACTION" will have the meaning specified in Section 14 of
     this Agreement unless another meaning is specified here
    ............................................................................

    ............................................................................

    ............................................................................

(c) The "CROSS DEFAULT" provisions of Section 5(a)(vi)
                        will/will not * apply to Party A
                        will/will not * apply to Party B

If such provisions apply:--

    "SPECIFIED INDEBTEDNESS" will have the meaning specified in Section 14 of
    this Agreement unless another meaning is specified here

    ............................................................................
    ............................................................................
 * Delete as applicable.

                                    19                               ISDA(R)1992
<PAGE>

    "THRESHOLD AMOUNT" means....................................................
     ...........................................................................

(d)  The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv)
                          will/will not * apply to Party A
                          will/will not * apply to Party B

(e)  The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a)
                          will/will not * apply to Party A
                          will/will not * apply to Party B

(f)  PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
     Agreement:--

     (i) Market Quotation/Loss * will apply.

     (ii) The First Method/The Second Method * will apply.

(g)  "TERMINATION CURRENCY" means ........................... , if such currency
     is specified and freely available, and otherwise United States Dollars.

(h)  ADDITIONAL TERMINATION EVENT will/will not apply*. The following shall
     constitute an Additional Termination Event:--
     ...........................................................................
     ...........................................................................
     ...........................................................................
     ...........................................................................
     ...........................................................................
     ...........................................................................

For the purpose of the foregoing Termination Event, the Affected Party or
Affected Parties shall be: -- ...
 ................................................................................

Part 2.  TAX REPRESENTATIONS.

(a)  PAYER REPRESENTATIONS. For the purpose of Section 3(e) of this Agreement,
     Party A will/will not* make the following representation and Party B
     will/will not* make the following representation:--

     It is not required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, of any Relevant Jurisdiction
     to make any deduction or withholding for or on account of any Tax from any
     payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
     Agreement) to be made by it to the other party under this Agreement. In
     making this representation, it may rely on (i) the accuracy of any
     representations made by the other party pursuant to Section 3(f) of this
     Agreement, (ii) the satisfaction of the agreement contained in Section
     4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness
     of any document provided by the other party pursuant to Section 4(a)(i) or
     4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of
     the other party contained in Section 4(d) of this Agreement, provided that
     it shall not be a breach of this representation where reliance is placed on
     clause (ii) and the other party does not deliver a form or document under
     Section 4(a)(iii) by reason of material prejudice to its legal or
     commercial position.

(b)  PAYEE REPRESENTATIONS. For the purpose of Section 3(f) of this Agreement,
     Party A and Party B make the representations specified below, if any:

     (i) The following representation will/will not* apply to Party A and
         will/will not apply to Party B: --

     It is fully eligible for the benefits of the "Business Profits" or
     "Industrial and Commercial Profits" provision, as the case may be, the
     "Interest" provision or the "Other Income" provision (if any) of the
     Specified Treaty with respect to any payment described in such provisions
     and received or to be received

 * Delete as applicable..

                                     20                             ISDA(R)1992
<PAGE>

     by it in connection with this Agreement and no such payment is attributable
     to a trade or business carried on by it through a permanent establishment
     in the Specified Jurisdiction.

    If such representation applies, then: --

    "SPECIFIED TREATY" means with respect to Party A............................

    "SPECIFIED JURISDICTION" means with respect to Party A .....................

    "SPECIFIED TREATY" means with respect to Party B ...........................

    "SPECIFIED JURISDICTION" means with respect to Party B .....................

     (ii) The following representation will/will not* apply to Party A and
     will/will not* apply to Party B: --

     Each payment received or to be received by it in connection with this
     Agreement will be effectively connected with its conduct of a trade or
     business in the Specified Jurisdiction.

If such representation applies, then: --

    "SPECIFIED JURISDICTION" means with respect to Party A......................

    "SPECIFIED JURISDICTION" means with respect to Party B .....................

     (iii) The following representation will/will not* apply to Party A and
     will/will not* apply to Party B: --

     (A) It is entering into each Transaction in the ordinary course of its
     trade as, and is, either (1) a recognised U.K. bank or (2) a recognised
     U.K. swaps dealer (in either case (1) or (2), for purposes of the United
     Kingdom Inland Revenue extra statutory concession C17 on interest and
     currency swaps dated March 14, 1989), and (B) it will bring into account
     payments made and received in respect of each Transaction in computing its
     income for United Kingdom tax purposes.

     (iv) Other Payee Representations:--

     ...........................................................................

     ...........................................................................

     ...........................................................................

     ...........................................................................

     N.B. The above representations may need modification if either party is a
     Multibranch Party.

      * Delete as applicable

                                        21                           ISDA(R)1992
<PAGE>
Part 3. AGREEMENT TO DELIVER DOCUMENTS.

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents, as applicable: --

(a) Tax forms, documents or certificates to be delivered are:--

PARTY REQUIRED TO             FORM/DOCUMENT/             DATE BY WHICH
DELIVER DOCUMENT              CERTIFICATE                TO BE DELIVERED

 ................................................................................

 ................................................................................

 ................................................................................

(b) Other documents to be delivered are:--

PARTY REQUIRED TO      FORM/DOCUMENT/   DATE BY WHICH          COVERED BY
DELIVER DOCUMENT       CERTIFICATE     TO BE DELIVERED         SECTION 3(D)
                                                             REPRESENTATION

 .................      ............    ................          Yes/No*

 .................      ............    ................          Yes/No*

 .................      ............    ................          Yes/No*

 .................      ............    ................          Yes/No*

 .................      ............    ................          Yes/No*

Part 4.   MISCELLANEOUS.

(a)      ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this
         Agreement:--

         Address for notices or communications to Party A: --

         Address:
         .......................................................................

         Attention:
         .......................................................................

         Telex No.: .......................... Answerback:......................

         Facsimile No.: ..................... Telephone No:.....................

         Electronic Messaging System Details:...................................

         Address for notices or communications to Party B: --

         Address:
         .......................................................................

         Attention:
         .......................................................................

         Telex No.: ........................... Answerback:.....................

------------
      * Delete as applicable
                                       22                           ISDA(R)1992

<PAGE>

         Facsimile No.: ..................... Telephone No.:....................

         Electronic Messaging System Details:...................................

(b)      PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:--

         Party A appoints as its Process Agent.................................

         Party B appoints as its Process Agent..................................

(c)      OFFICES. The provisions of Section 10(a)
         will/will not* apply to this Agreement.

(d)      MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:-

         Party A is/is not* a Multibranch Party and, if so, may act through the
         following Offices: --

         .......................................................................

         .......................................................................

         Party B is/is not* a Multibranch Party and, if so, may act through the
         following Offices: --

         .......................................................................

         .......................................................................

(e)      CALCULATION AGENT. The Calculation Agent is ........................,
         unless otherwise specified in a Confirmation in relation to the
         relevant Transaction.

(f)      CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:--.....
         .......................................................................
         .......................................................................
         .......................................................................

(g)      CREDIT SUPPORT PROVIDER. Credit Support Provider means in relation to
         Party A,...............................................................
         .......................................................................

         Credit Support Provider means in relation to Party B, .................
         .......................................................................
         .......................................................................

(h)      GOVERNING LAW. This Agreement will be governed by and construed in
         accordance with English law/the laws of the State of New York (without
         reference to choice of law doctrine)*.

       * Delete as applicable

                                         23                          ISDA(R)1992
<PAGE>

(i)      NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this
         Agreement will not apply to the following Transactions or groups of
         Transactions (in each case starting from the date of this Agreement/in
         each case starting
         from....................................*).............................
         .......................................................................
         .......................................................................

(j)      "AFFILIATE" will have the meaning specified in Section 14 of this
         Agreement unless another meaning is specified here

         .......................................................................
         .......................................................................

Part 5.  OTHER PROVISIONS.

      * Delete as applicable.

                                            24                      ISDA(R)1992INTER-CREDITOR AGREEMENT

     INTER-CREDITOR AGREEMENT dated as of March __, 2001 among CITICORP NORTH
AMERICA, INC., a Delaware corporation with an office at 388 Greenwich Street,
New York, New York 10013 ("CNAI"), CITIBANK, N.A., a national banking
association with an office at 388 Greenwich Street, New York, New York 10013
(the "BANK") FIRST UNION TRUST COMPANY, NATIONAL ASSOCIATION, a national banking
association with an office at ____________________________, not in its
individual capacity, but solely as Note Trustee under the Note Indenture (as
hereinafter defined) (the "NOTE TRUSTEE"), CL&P RECEIVABLES CORPORATION, a
Connecticut corporation, with an office at 107 Selden Street, Berlin,
Connecticut 06037-1616 ("CRC"), CL&P FUNDING LLC., a Delaware limited liability
company with an office at 107 Selden Street, Berlin, Connecticut 06037-1616 (the
"NOTE ISSUER"), and THE CONNECTICUT LIGHT AND POWER COMPANY, a Connecticut
corporation with an office at 107 Selden Street, Berlin, Connecticut 06037-1616
("CL&P").

     WHEREAS, pursuant to the terms of that certain Purchase and Contribution
Agreement, dated as of September 30, 1997, as amended, between CL&P and CRC,
(said agreement as the same now exists and as it may hereafter be amended,
restated or modified, being the "PCA"), CL&P has sold or otherwise transferred
and may continue to sell or otherwise transfer to CRC certain of its accounts
receivable referred to therein as Receivables; and

     WHEREAS, pursuant to the terms of that certain Receivables Purchase and
Sale Agreement, dated as of September 30, 1997, as amended and restated as of
March __, 2001, among CL&P, CORPORATE ASSET FUNDING COMPANY, INC. (the
"PURCHASER"), the Bank and CNAI, as agent (the "AGENT") for the Purchasers and
the Banks (said agreement as the same now exists and as it may hereafter from
time to time be amended, restated or modified, being the "RPA"; certain terms
which are capitalized and used throughout this Agreement (in addition to those
defined herein) having the meanings ascribed thereto on this date in the RPA),
CRC has sold and may continue to sell interests in its Receivables referred to
as Receivable Interests to the Purchaser; and

     WHEREAS, pursuant to the terms of that certain Transition Property Purchase
and Sale Agreement, dated as of March __, 2001, between CL&P and the Note Issuer
(said agreement as the same now exists and as it may hereafter from time to time
be amended, restated or modified, being the "SALE AGREEMENT"), CL&P is selling
to the Note Issuer certain assets known as Transition Property which includes
the RRB Charge (each as defined in the Sale Agreement); and

     WHEREAS, pursuant to the terms of that certain Note Indenture, dated as of
March __, 2001, between the Note Issuer and the Note Trustee (said indenture as
the same now exists and as it may hereafter from time to time be amended,
restated or modified being the "NOTE INDENTURE"), the Note Issuer, among other
things, has granted to the Note Trustee a security interest in certain of its
assets to secure certain Notes issued pursuant to the Note Indenture ("NOTES");
and

                                       1
<PAGE>

     WHEREAS, pursuant to the terms of that certain Declaration of Trust, dated
as of March __, 2001, between the STATE OF CONNECTICUT, acting through the
office of the State Treasurer (the "FINANCE AUTHORITY"), and FIRST UNION TRUST
COMPANY, NATIONAL ASSOCIATION, as Delaware Trustee (the "DELAWARE TRUSTEE"; said
declaration of trust as the same now exists and as it may hereafter from time to
time be amended, restated or modified being the "DECLARATION OF TRUST"), the
Finance Authority has created CONNECTICUT RRB SPECIAL PURPOSE TRUST CL&P-1 (the
"CERTIFICATE ISSUER"); and

     WHEREAS, pursuant to the terms of that certain Note Purchase Agreement,
dated as of March __, 2001, between the Note Issuer and CONNECTICUT RRB SPECIAL
PURPOSE TRUST CL&P-1 (the "CERTIFICATE ISSUER"; said agreement, as the same now
exists and as it may hereafter from time to time be amended, restated or
modified, being the "NOTE PURCHASE AGREEMENT"), the Note Issuer has agreed to
issue and sell, and the Certificate Issuer has agreed to purchase from the Note
Issuer, the Notes; and

     WHEREAS, pursuant to the terms of that certain Certificate Indenture, dated
as of March __, 2001, among the Certificate Issuer, the Delaware Trustee and
FIRST UNION TRUST COMPANY, NATIONAL ASSOCIATION, as Certificate Trustee (the
"CERTIFICATE TRUSTEE"; said indenture as the same now exists and as it may
hereafter from time to time be amended, restated and modified being the
"CERTIFICATE INDENTURE"), the Certificate Issuer has granted to the Certificate
Trustee all of its right, title and interest in the Notes acquired pursuant to
the Note Purchase Agreement and agreed to issue certain Certificates
representing fractional undivided beneficial interests in the Notes and the
proceeds thereof (the "CERTIFICATES"); and

     WHEREAS, pursuant to the terms of that certain Transition Property
Servicing Agreement, dated as of March __, 2001, between the Note Issuer and
CL&P, as servicer (said agreement being, as the same now exists and as it may
hereafter from time to time be amended, restated or modified, being the
"SERVICING AGREEMENT"), CL&P has agreed to provide for the benefit of the Note
Issuer servicing functions with respect to the collection of the RRB Charge (as
defined in the Servicing Agreement); and

     WHEREAS, pursuant to the terms of the PCA and the RPA, CL&P has agreed to
provide for the benefit of CRC, the Purchasers and the Banks servicing functions
with respect to Collections related to Receivables and Receivable Interests; and

     WHEREAS, Collections with respect to Receivables and Receivable Interests
and collections with respect to the RRB Charge and related bank accounts as to
which the same may be deposited are the subject of the PCA, the RPA, the Sale
Agreement, the Note Indenture and the Servicing Agreement; and

     WHEREAS, the parties hereto wish to agree upon their respective rights
relating to such Collections, collections and bank accounts, as well as other
matters of common interest to them

                                       2

<PAGE>

which arise under or result from the coexistence of the PCA, the RPA, the Sale
Agreement, the Note Indenture and the Servicing Agreement;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:

     1. The Agent, the Bank and CRC hereby acknowledge the ownership interest of
the Note Issuer in the Transition Property including the RRB Charge (the "NOTE
ISSUER ASSETS") and the security interest in favor of the Note Trustee in such
assets (the "NOTE TRUSTEE COLLATERAL"). The Note Trustee, the Note Issuer and,
by its signature below, the Certificate Trustee hereby acknowledge the ownership
interest of CRC, the Purchaser, the Banks and the Agent in the Receivables
and/or Receivable Interests, as the case may be. The Agent, the Bank and CRC
further acknowledge that, notwithstanding anything in the RPA or the PCA to the
contrary, none of the Agent, the Bank, CRC or the Purchaser has any interest in
the Note Issuer Assets or the Note Trustee Collateral and each of the Note
Trustee and the Note Issuer further acknowledge that, notwithstanding anything
in the Sale Agreement or the Note Indenture to the contrary, it has no interest
in the Receivables and the Receivable Interests.

     2. The Agent, the Bank, CRC and the Note Trustee acknowledge that
Collections relating to the Receivables and Receivable Interests shall be
initially deposited into one or more general accounts of CL&P (together, the
"DEPOSIT ACCOUNT") and that collections with respect to the RRB Charge will also
initially be deposited into the Deposit Account by CL&P as servicer under the
Servicing Agreement. The Note Trustee and the Note Issuer waive any interest in
deposits to the Deposit Account to the extent that they relate to Collections on
account of Receivables and Receivable Interests and CRC, the Agent and the Bank
waive any interest in deposits to the Deposit Account to the extent that they
relate to collections on account of the RRB Charge. Without in any way
derogating their respective security interests in the proceeds of the RRB Charge
or the Receivables or Receivable Interests, as the case may be, or their rights
referred to in Section 5 hereof, each of CRC, the Agent, the Bank, the Note
Issuer and the Note Trustee acknowledges that it has no security interest in or
claim to the Deposit Account as a whole.

     3. The Agent, the Bank and CRC hereby acknowledge that, notwithstanding
anything in the RPA or the PCA to the contrary, all collections of the RRB
Charge are, and will continue to be, property of the Note Issuer pledged to the
Note Trustee for the benefit of Noteholders (as defined in the Note Indenture).
Each of the Note Issuer and the Note Trustee hereby acknowledge that,
notwithstanding anything in the Sale Agreement or the Note Indenture to the
contrary, all Collections related to Receivables and Receivable Interests, are,
and will continue to be, the property of the Purchaser and the Bank subject to
the terms of the RPA and the PCA.

     4. The acknowledgments contained in Paragraphs 1, 2 and 3 of this Agreement
are applicable irrespective of the time or order of attachment or perfection of
security

                                       3
<PAGE>

or ownership interests or the time or order of filing or recording of
financing statements or mortgages.

     5. The parties hereto recognize the existence of rights in favor of the
Note Issuer, the Note Trustee, the Certificate Trustee, CRC (assigned to the
Agent) and the Agent under the Note Indenture, the Servicing Agreement, the
Certificate Indenture, the PCA and the RPA, as the case may be, to (i) replace
CL&P as servicer under the Servicing Agreement, or under the PCA and the RPA, as
the case may be, and/or (ii) to take control over Collections relating to
Receivables and Receivable Interests and collections relating to the RRB Charge
by means, among other things, of notifying customers of CL&P to stop making
payments to CL&P on account of Receivables and Receivable Interests or the RRB
Charge, as the case may be, and to direct that such payments be made to a Person
or a lock-box or bank account selected by the relevant party (whether by means
of court ordered sequestration or otherwise), in each case subject to the terms
of this paragraph 5.

     In the event that any of the Note Trustee, the Note Issuer, the Certificate
Trustee or the Agent is entitled to and desires (i) to exercise its right to
replace CL&P or its successor as servicer, the party desiring to exercise such
right will consult with the other with respect to the Person who would replace
CL&P or its successor and/or (ii) to exercise its rights referred to in clause
(ii) of the prior paragraph, any redirection of funds will be either to (A) a
replacement servicer agreed to by both the Note Trustee and the Agent in
accordance with the terms hereof or (B) to an account designated by the Note
Trustee or the Agent, as the case may be, which shall be governed by the
following.

     Subject to satisfaction of the Rating Agency Condition (as defined below)
and the consent, if required by law or the Financing Order (as defined in the
Sale Agreement), of the Connecticut Department of Public Utility Control, the
Note Trustee and the Agent shall appoint an independent third party (which shall
be a financial institution having minimum capital of $50,000,000 or a
nationally-recognized, independent accounting firm) to (i) allocate and remit
funds from such account on a daily basis to the persons entitled thereto, being
the Note Trustee in the case of all collections relating to the Note Issuer
Assets and the Agent in the case of all Collections relating to the Receivables
and Receivable Interests, and (ii) maintain records as to the amounts deposited
into such account, the amounts remitted therefrom and the allocation as provided
in clause (i). The Note Trustee, the Note Issuer and the Agent agree not to take
any action to contest or interfere with the actions of the independent third
party provided in the preceding clauses (i) or (ii); provided that, subject to
the foregoing, each such party reserves the right to require an accounting of
collections, allocations and remittances by the independent third party in order
to preserve the respective property rights recognized under this Agreement. The
parties hereto agree that such account shall meet the requirements of an
"Eligible Deposit Account," as such term is defined in the Note Indenture and
that such account shall be held for the benefit of the Note Trustee and the
Agent as their interests may appear.

         If in accordance with the previous paragraph a replacement servicer
cannot be agreed upon within five Business Days, each of the Note Trustee and
the Agent at their own expense

                                       4
<PAGE>

will appoint a Person to select a replacement servicer for them and such Persons
shall agree upon a replacement servicer. Such replacement servicer shall be an
"eligible" servicer which is a Person (i) which is a financial institution
having minimum capital of $50,000,000, experienced in collecting utility company
receivables and (ii) whose appointment is subject to the Rating Agency
Condition.

     Anything in this Agreement to the contrary notwithstanding, any action
taken by either the Note Trustee or the Agent pursuant to this paragraph 5 shall
be subject to the Rating Agency Condition and the consent, if required by law,
of the Regulatory Authority. For the purposes of this Agreement, the Rating
Agency Condition means, with respect to any such action, notification to each
rating agency then rating any class or series of the Notes or Certificates, and
the receipt of notification or other assurance acceptable to the Note Trustee
from each of Fitch and S&P (as defined in the Note Indenture) that such action
will not result in a reduction or withdrawal of its then current rating of any
class or series of Notes or Certificates and as of the date of receipt of the
last of such notifications or other assurances from Fitch and S&P, Moody"s (as
defined in the Note Indenture) has not taken any action to reduce or withdraw
its rating of any class or series of Notes or Certificates. The parties hereto
acknowledge and agree that the approval or the consent of the rating agencies
which is required in order to satisfy the Rating Agency Condition is not subject
to any standard of commercial reasonableness, and the parties are bound to
satisfy this condition whether or not the rating agencies are unreasonable or
arbitrary.

     6. The Agent, the Note Trustee, the Note Issuer and CL&P agree to cooperate
with each other and make available to each other or any replacement servicer any
and all records and other data relevant to the RRB Charge, Receivables and
Receivable Interests hereinabove mentioned which it may from time to time
receive from CL&P (or its successor) or, in the case of CL&P, possess including,
without limitation, any and all computer programs, data files, documents,
instruments, files and records and any receptacles and cabinets containing the
same.

     7. Nothing herein contained shall be deemed as effecting a joint venture
among any of the Agent, CL&P, CRC, the Banks, the Purchaser, the Note Issuer and
the Note Trustee.

     8. For the purpose of this Agreement only, the Agent and the Bank hereby
consent and agree to the method of calculation, allocation and remittance of
payments set forth in Section 4.03(a) of the Servicing Agreement and irrevocably
waive any right to object to or enjoin such payment or allocation. Such consent
and agreement shall not relieve CL&P or CRC of any of its obligations to make
payments in accordance with the terms of the RPA and/or the PCA, as the case may
be.

     9. This Agreement shall terminate upon the payment in full of either the
Notes or the obligations under the RPA, except that the understandings and
acknowledgments contained in paragraphs 1, 2, 3 and 4 shall survive the
termination of this Agreement.

                                       5
<PAGE>

     10. CL&P and the Agent shall not cause or permit the PCA or the RPA to be
amended in any manner that would adversely affect the Note Issuer Assets, the
Notes or the holders thereof, without the prior written consent of the Note
Trustee. CL&P and the Note Trustee shall not cause or permit the Note Indenture
to be amended in any manner that would adversely affect the Receivables, the
Receivable Interests, the Agent, the Investors or the Banks, without the prior
written consent of the Agent.

     11. This Agreement shall be governed by the laws of the State of New York.

     12. The Agent, the Bank, CL&P, CRC, the Purchaser, the Note Issuer and the
Note Trustee agree to execute any and all agreements, instruments, financing
statements, releases and any and all other documents reasonably requested by the
other in order to effectuate the intent of this Agreement. In each case where a
release is to be given pursuant to this Agreement, the term release shall
include any documents or instruments necessary to effect a release, as
contemplated by this Agreement. All releases, subordinations and other
instruments submitted to the executing party are to be prepared at no expense to
such party.

     13. This Agreement is solely for the benefit of the Agent, the Bank, CL&P,
the Note Issuer, the Purchasers, the Note Trustee for the benefit of the
Noteholders and the Certificate Trustee for the benefit of the
Certificateholders (as defined in the Certificate Indenture), and no other
person or entity shall have any rights, benefits, priority or interest under or
because of the existence of this Agreement.

     14. This Agreement 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. Delivery of an
executed counterpart of a signature page to this Agreement by telecopier shall
be effective as delivery of a manually executed counterpart of this Agreement.

                                       6
<PAGE>

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

                                  CITICORP NORTH AMERICA, INC.,
                                  as Agent

                                  By:
                                     ---------------------------------------
                                     Vice President

                                 CITIBANK, N.A.

                                 By:
                                      ---------------------------------------
                                         Vice President

                                 THE CONNECTICUT LIGHT AND POWER COMPANY

                                 By:
                                      ---------------------------------------
                                      Title:

                                 FIRST UNION TRUST COMPANY,
                                 NATIONAL ASSOCIATION, not
                                 in its individual capacity
                                 but solely as Note Trustee
                                 under the Note Indenture

                                 By:
                                      ---------------------------------------
                                      Title:

                                CL&P FUNDING LLC

                                 By:
                                     ----------------------------------------
                                     Title:

                                       7

<PAGE>

                                 CL&P RECEIVABLES CORPORATION

                                 By:
                                      ---------------------------------------
                                      Title:

ACKNOWLEDGED AND AGREED:

CONNECTICUT RRB SPECIAL PURPOSE TRUST
CL&P-1

By:      First Union Trust Company, National Association,
         not in its individual capacity, but solely as Delaware
         Trustee under the Declaration of Trust

By:
         -----------------------------------------------------
         Title:

First Union Trust Company, National Association, not in its individual capacity,
but solely as Delaware Trustee under the Certificate Indenture

By:
         -----------------------------------------------------
         Title:

First Union Trust Company, National Association, not in its individual capacity
but solely as Certificate Trustee under the Certificate Indenture

By
         -----------------------------------------------------
         Title:

                                       8

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