Document:

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                                                                   EXHIBIT 10.49

Confidential materials omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote omissions.

                         PROFESSIONAL SERVICES AGREEMENT
                   (FOR USE WITH MANUFACTURING SERVICES ONLY)

This Professional Services Agreement (this "Agreement") is hereby entered into
on this 2nd day of December 2003 by and between LeCroy Corporation, of 700
Chestnut Ridge Road, Chestnut Ridge, NY 10977-6499, (hereinafter "Customer") and
Plexus Services Corp., of 55 Jewelers Park Drive, Neenah, WI 54956, (including
its subsidiaries and affiliates, "Plexus").

WHEREAS, Plexus is in the business of providing manufacturing services that
include the custom manufacture of printed electronic circuit boards, systems and
related services;

WHEREAS, the parties desire to establish the terms and conditions that will
apply to Customer's purchase from Plexus of certain printed electronic circuit
boards and/or systems and related services (hereinafter "Products");

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth,
the receipt and adequacy of which are hereby acknowledged, the parties,
intending to be legally bound, hereby agree as follows:

1. PURCHASE ORDERS; FORECASTS; MATERIALS. Customer will issue purchase orders
("P0") to Plexus in advance of Customer's requested delivery date. This time
period will be at least four (4) weeks in advance of Customer's requested
delivery date. Customer will also send Plexus a weekly forecast covering the
next twenty-six (26) weeks of expected demand. The first four (4) weeks of this
forecast will become frozen and the forecasted quantities listed in the weekly
forecast are not subject to cancellation or rescheduling by Customer, On a
monthly basis, Customer will supply Plexus with a twelve (12) month rolling
forecast which will be used for planning purposes and procuring long lead-time
components. The form and content of purchase orders and forecasts will be
mutually determined. The sale of Product contemplated herein will be made by
Plexus under the terms of this Agreement unless otherwise specifically agreed by
both parties in writing by amendment hereto. On a monthly basis, Plexus will
provide Customer a purchase order for material Plexus purchases from Customer
with scheduled deliveries at Plexus six (6) months after the issuance of the
purchase order or as otherwise agreed to in writing by both Customer and Plexus.
This Plexus purchase order shall be issued in accordance with either Customer's
forecast or P0 demand for Product and all such purchase orders shall be
cancelable, or material purchased by Plexus from Customer returnable, free of
charge, if Customer changes its forecast or P0 demand to Plexus. All payments
made by Plexus for material purchased from Customer will be at payment terms of
..5% 10, net 45 from the material ship date to Plexus.

Customer understands that Plexus will rely on Customer purchase orders and
forecasts to order and purchase materials necessary to fulfill the orders and
forecasts. Orders with suppliers may be non-cancelable and materials received by
Plexus non-returnable to suppliers. Accordingly, once Plexus has ordered or
purchased materials in support of Customer's purchase orders or forecasts,
Customer will be liable for such materials in the event the same are not
consumed as and when contemplated by the orders or forecasts on which Plexus
relied to order or purchase such materials. Customer acknowledges that this
liability will include (i) any unconsumed minimum or economic order quantities
of materials required to be purchased or ordered by suppliers, which may exceed
Customer's actual forecast or order demand; and (ii) materials ordered or
purchased by Plexus to support Customer's requested increase of, or flexibility
to increase, the quantity of Products ordered or forecasted. Plexus and Customer
will review these liabilities on a monthly basis.

Plexus will support the capability to increase the forecast by twenty-five
percent (25%) for Products forecasted to be delivered more than four (4) weeks
from Customer's requested increase by purchasing the additional Components from
the supplier. Within the fifth to eighth week period prior to the forecasted
deliveries, Customer may decrease the forecasted shipments fifty percent (50%).
Beyond week eight (8) there are no stated constraints on upside or downside.
Customer's liability for Obsolete Components or Excess Components procured to
meet the upside and downside flexibility requirement listed above is outlined
below.

The following is a description of the way Excess Components will be managed
between Plexus Services Corp and Customer:
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Customer will place a deposit of $[**] with Plexus for Excess Components on or
by September 30, 2003. For this consideration, Plexus will maintain in its own
inventory up to $[**] of Excess Components through the period ended March 31,
2004. If the value of Excess Components exceeds $[**] during this period,
Plexus will require, and Customer will promptly pay, additional deposit coverage
such that its exposure will not exceed $[**]. Risk of loss and ownership of
Excess Components shall remain with Plexus.

From April 1, 2004 forward, the required deposit from Customer will be
calculated as Excess Components less 5% average monthly sales volume. The
average monthly sales volume will be calculated based on the prior three months'
rolling average. Should the required deposit exceed $[**], Customer shall
submit to Plexus an increased deposit for the additional Excess Components held
at Plexus.

Any Excess Components held by Plexus with or without a Customer deposit for nine
(9) months shall be invoiced at the quoted cost plus markup as outlined in the
quotation.

Customer will be notified and will pre-approve any purchases of material that
will generate greater than $500 per component line item of potential Excess
Components per the forecast in place at the time of transaction.

Plexus will provide Customer with a list of Components with Minimum Order
Quantity ("MOQ") requirements each quarter. Customer will pre-approve such list
in writing and Plexus shall be authorized to procure such Components to support
Customer's Forecasts, Purchase Orders, upside flexibility requirements plus any
MOQ Components. Plexus agrees that at the end of each month it will notify
Customer of (i) the quantity and value of:
(a) materials it has on-hand and ordered; and (ii) any known liability of
Customer pursuant to the descriptions above in Section 1. To the extent Plexus
knows of Obsolete Component or Excess Component liability of Customer hereunder
and does not so notify Customer within sixty (60) business days, Customer shall
not be responsible for such liability. Customer agrees to review the Customer
liabilities relating to Obsolete Components and issue a separate purchase Order
and payment and written disposition for all items within ten (10) business days
of receipt of notification by Plexus. Obsolete Components shall mean those
components in inventory or on-order, within liabilities listed in Section 1
Material, that do not appear on a Customer bill of materials, or which appear on
a Customer bill of materials of an assembly that has no demand. Excess
Components shall mean those components in inventory or on-order that are
projected to be consumed by Customer demand, but not within the next ninety (90)
calendar days or Components at Plexus that have aged for more than ninety (90)
calendar days.

In all cases, however, before Customer will be required by Plexus to purchase
any such materials, Plexus agrees to use reasonable efforts to minimize
Customer's liability by returning the these materials to suppliers, canceling
orders with suppliers, or using these materials to manufacture product for other
Plexus customers whose demand reflects a current need for such materials.

The remittance of a deposit by Customer under this Agreement will represent a
security to Plexus for Customer's Component liability under this Agreement.
Plexus and Customer will review any amounts on deposit with Plexus from time to
time at either party's discretion and make adjustments to the same to reflect
the-then current component value of Excess Components on-hand and on-order at
Plexus. Plexus may hold any such deposits made by Customer under this Agreement
in any manner at its discretion. Title and risk of loss for Components against
which a deposit has been made shall remain with Plexus. Plexus will also retain
responsibility to insure and warehouse such components according to Plexus'
then-current practices. In addition, in the event this Agreement or the
manufacturing relationship between Customer and Plexus has terminated, any
deposits from Customer then held by Plexus will convert, at Plexus' option, into
a payment by Customer for any Components on-hand or on-order at Plexus and
relating to an assembly. Upon the conversion of any deposit into a payment by
Customer for Components, Plexus will ship such Components as soon as practicable
FOB Plexus' facility.

Upon the expiration or earlier termination of this Agreement, said deposit sum
shall be returned to Customer only after all financial liabilities owed to
Plexus by Customer have been fulfilled to the reasonable satisfaction of Plexus.

Component Cost Purchase Price Variance. Plexus agrees to notify Customer in
writing of Component purchases related to schedule changes that will create
adverse purchase price variance. Customer shall provide Plexus with
<PAGE>
written approval of such adverse purchase price variance prior to Plexus
purchasing such Components. Customer shall then reimburse Plexus for purchase
price variance previously approved at the end of the quarter.

2. CUSTOMER FURNISHED MATERIAL

To be added by amendment.

3. SHIPMENT AND DELIVERY. All Products shipped by Plexus to Customer pursuant to
Customer purchase orders will be shipped FOB Plexus' facility. These terms will
require Plexus to provide to Customer a Delivery Notice at the time of shipment
so that Customer may "receive" the goods into a virtual location and create the
requisite liability. This will be important to the extent shipments in-transit
to Customer's cross-financial reporting periods.

If Plexus fails to make deliveries as specified by Customer and accepted by
Plexus on Customer's purchase order and such failure is caused solely by Plexus,
Plexus will, at no additional cost to Customer, employ accelerated measures such
as material expediting fees, premium transportation costs, or labor overtime
required to meet the specified delivery schedule or minimize the lateness of
deliveries.

Plexus agrees that it has an affirmative responsibility to notify Customer, in
writing, promptly if it becomes aware of any factor, event, or circumstance that
may affect its ability to procure materials or items, to accomplish
manufacturing activities, or to otherwise fail to effect deliveries in
accordance with the forecasts described in Section 1. Plexus will use its
reasonable best efforts to meet delivery dates and shall advise Customer
promptly if a delay is anticipated or encountered, stating the reasons for the
delay, and providing a projected delivery date. The issuance of such a notice
shall not excuse Plexus from any default or performance obligation, unless
Customer provides written consent.

4. PRICING AND PAYMENT. Pricing for Products will be reviewed and agreed to by
the parties at periodic and mutually determined pricing reviews conducted by the
parties. Unless otherwise expressly agreed to in writing, prices for the product
will not include, and Customer will be liable for, any sales, use, excise, value
added or similar taxes imposed on the sale of product to Customer. All payments
made by Customer will be made via electronic funds transfer and received by
Plexus in US Dollars within forty-five (45) days from the date of invoice. When
Customer pays the invoice amount within ten (10) days from the issue date of the
invoice, the Customer is entitled to receive a .5% discount from payment
obligations. Customer will be given an opportunity to supply tax exemption or
resale certificates where applicable. Customer shall make payment to (Bank One,
1 Bank One Plaza, Chicago IL 60670, Account # 1109115 / ABA # 071000013, To:
Plexus Corp. unless otherwise directed by Plexus.). However, Customer
acknowledges that Plexus may change such payment terms, and any other credit
terms, limits or vehicles granted by Plexus to Customer during the course of the
performance of this Agreement, will be subject to periodic review. Plexus shall
not make any adverse change in the Customer's payment terms unless warranted by
an adverse change in Customer's ability to pay or credit history. For the
purpose of this Section, Plexus will review the following criterion when
evaluating the status of the Customer's credit history: sales growth, net income
growth, positive cash flow, invoices paid consistently within terms, Customer's
demand and current economic conditions.

5. STANDARD OF PERFORMANCE. Plexus shall manufacture and distribute Products in
accordance with Customer's manufacturing specifications as accepted by Plexus
which shall not be unreasonably withheld and applicable laws and regulations,
and shall maintain in full force and effect all material operating licenses and
other permits necessary for the performance of Plexus' obligations hereunder.
Plexus shall use commercially reasonable efforts to maintain the productivity,
yields and quality of its production of Products and practice the "continuous
improvement" approach in accordance with good manufacturing practice. Plexus
agrees to notify Customer of any significant Composition, Facility,
Manufacturing process, or specification changes prior to implementation and to
obtain Customer's written confirmation that such change is acceptable before
implementing the change.

Commitment to quality is a primary requirement of this Agreement. Plexus agrees
to ensure continued quality improvement in the manufacturing processes of the
Product covered under in this Agreement. Plexus agrees to participate in, and
play a proactive role in all applicable Design for Manufacturability ("DFM")
reviews, Cost Reduction programs or initiatives, or Quality Assurance programs
or initiatives, at the request of Customer, with
<PAGE>
the specific goal of improving manufacturability of design, reducing cost,
improving quality, or reducing lead-times.

Plexus must respond in writing within thirty (30) calendar days to any
complaints made in writing by Customer, and such response shall contain an
acknowledgment of receipt of the complaint and a plan for investigation for any
such complaint.

6. LIMITED WARRANTY. Plexus warrants that such Product will be free and clear of
all liens and encumbrances and that Plexus will convey good and marketable title
to such Product (provided that this Limited Warranty will not be construed as a
warranty of non-infringement). Except as set forth below, Plexus warrants that
the Products will be free from defects in workmanship performed by Plexus for a
period of one (1) year from the date of shipment where the Products do not
conform to the manufacturing specifications agreed to in writing by Plexus and
Customer. Plexus shall repair or replace, at Plexus' option and free of charge,
Products that are returned to Plexus securely packaged and insured within the
warranty period, and which bear a return material authorization ("RMA") number
issued by Plexus to Customer, and which upon examination Plexus determines in
its reasonable discretion to be covered by the warranty herein. Plexus' warranty
for replacement or repaired Products will be the same as the warranty stated
herein provided that the duration of such warranty shall be limited to the
duration of the warranty which remained on the original defective Products
returned to Plexus as of the date of Plexus's receipt of the same. Plexus will
respond to Customer promptly after receiving an RMA number request and any
non-conforming Product with the warranty herein shall be repaired or replaced
and returned to Customer or its designees within thirty (30) days from the date
of the Product receipt at Plexus. Plexus will return any defective Products
repaired or replaced under warranty herein pursuant to this paragraph to
Customer or its designees with freight pre-paid. The packaging and handling
expenses incidental thereto (including the applicable transportation costs) of
the Product repaired or replaced under Warranty will be borne exclusively by
Plexus. Non-warranty repairs, when requested by Customer, will be charged at the
then-current rate.

This warranty does not apply to:

a)    Design deficiencies. Plexus expressly disclaims any warranty relating to
      design deficiency.

b)    Malfunctions, defects, or failures resulting from misuse; abuse; accident;
      neglect; improper installation, operation or maintenance; theft;
      vandalism; acts of God; power failures or surges; casualty; alteration,
      modification, or repairs by any party other than Plexus; or any other
      cause beyond Plexus' reasonable control.

c)    Materials incorporated into the Products, provided that Plexus will
      transfer to Customer any transferable materials warranties obtained by
      Plexus from suppliers.

d)    Products shipped by Plexus and not tested according to agreed upon test
      procedures at the direction of Customer. Plexus agrees to provide Customer
      with test documentation for Products by serial number upon written
      request.

THE FOREGOING CONSTITUTES CUSTOMER'S SOLE REMEDIES AGAINST PLEXUS FOR BREACH OF
WARRANTY CLAIMS. EXCEPT AS PROVIDED IN THIS SECTION, PLEXUS MAKES NO WARRANTIES
WITH RESPECT TO THE PRODUCTS OR ITS SERVICES HEREUNDER, EXPRESS OR IMPLIED,
INCLUDING ANY IMPLIED WARRANTIES RESPECTING NONINFRINGEMENT, OR MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR ANY IMPLIED WARRANTIES ARISING FROM A
COURSE OF PERFORMANCE, A COURSE OF DEALING, OR TRADE USAGE. PLEXUS MAKES NO
WARRANTY WITH RESPECT TO SOFTWARE. ALL SOFTWARE IS PROVIDED "AS IS."

7. MONITORING OF MANUFACTURING ACTIVITIES AND INSPECTION. Plexus shall grant
Customer and its employees, representatives or agents access to its production
facilities with advance notification, and shall allow them to observe, inspect
and, depending on the circumstances, monitor the production of Products. If
requested by Customer, Plexus shall also make a reasonable effort to have its
subcontractors also grant Customer access to their production facilities, and
allow Customer to also observe, inspect and monitor their manufacturing activity
to the extent relevant for the production of components.
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Unless otherwise specified and agreed upon, the material to be furnished under
this order shall be subject to Plexus' standard inspection at the place of
manufacture. If it has been agreed upon and specified in an order that Customer
is to inspect or provide for inspection at the site of manufacture, such
inspection shall be in a timely manner and so conducted as to not interfere
unreasonably with Plexus operations, and consequent approval or rejection shall
be made before shipment of the material.

No items that deviate from the Purchase Order requirements shall be shipped to
Customer or its designee, unless such shipment is approved in advance in writing
by Customer.

Customer shall have the right to inspect Components at Plexus' manufacturing
facilities and Plexus shall reasonably cooperate with Customer in that regard.
If an inspection or test is made on Plexus' premises, Plexus shall provide
Customer's inspectors with reasonable facilities and assistance at no additional
charge. Customer must provide advance written notice of a desire to conduct an
inspection of at least two (2) business days prior to the beginning of such
inspection. Such inspection shall be conducted only during normal business hours
and in compliance with all Plexus' safety and security requirements.

8. TOOLING AND EQUIPMENT. All jigs, molds, fixtures, dies and patterns
(hereinafter referred to as "tooling") and all computers (hardware and
software), printers and other fixtures (hereinafter referred to as "equipment")
paid for by Customer shall become the property of Customer. Tooling or equipment
acquired or fabricated by Plexus and paid for by Customer pursuant to this
Agreement shall be marked "Property of LeCroy Corporation" and with the tool and
equipment number assigned by Customer, and shall be consigned to Plexus. Plexus
shall maintain such tooling in good condition at all times, shall effect
necessary repairs to same, and shall modify such tooling and equipment as
directed by Customer, all at Customer's expense. Plexus shall be responsible for
any damage to the tooling and equipment that is not attributable to normal wear
and tear. Customer has the right at any time to remove any and all Customer
owned tooling and equipment pursuant to Section 11 of this Agreement. Customer
makes no warranties of any kind as to the suitability of tooling acquired or
fabricated by Plexus and paid for by Customer, as contemplated above, and Plexus
assumes full responsibility for any and all risks and liabilities for property
damage or personal damage or injury that may arise from Plexus' installation,
modification, operation and removal of the tooling.

Plexus will quote tooling and equipment costs and repairs separately, and will
not incur any such cost without Customer's prior written approval. Customer will
pay only those tooling and equipment costs actually incurred by Plexus, with
markup as outlined in the quotation, and Customer will have the option to
amortize its payments over a reasonable period of time, not to exceed twelve
(12) months from the date of delivery, or number of units to be agreed by the
parties. In the event that the amortization payments made by Customer to Plexus
have not paid off the balance due to Plexus at the end of twelve (12) months,
Customer agrees to remit payment to Plexus for the balance within thirty (30)
calendar days of Plexus' written notice to Customer. Plexus will substantiate
all such costs, which will not exceed the initial agreed estimate unless Plexus
has provided Customer with prior written notification of such change in cost and
Customer has approved such change.

9. SECURITY. Certain Plexus employees will be approved for access to Customer's
ERP and other systems to perform specific authorized transactions. Customer will
approve all access to Customer systems. A list of Plexus employees (names,
titles, reason for access) will be maintained by Plexus and supplied to
Customer. If any of the listed employees terminate employment with Plexus, or
change roles, Customer will be notified within five (5) business days in order
that their access to Customer systems will also be terminated.

Access to Customer's ERP system will not be provided to any persons other than
to designated Plexus employees. The access will be used by Plexus employees for
as long as such person is providing services directly to Customer or in support
of Plexus' business purposes with Customer under this Agreement. The system may
not be used for any purposes other than those described herein.

Since Customer products are software intensive, and in particular Windows OS
based, virus protection is of utmost concern. Customer customers depend on 100%
rigor in the security environment during oscilloscope production to prevent any
possibility of shipping products infected with a virus. Therefore Customer
requires that Plexus maintain
<PAGE>
a physically controlled and procedurally secure work environment surrounding its
Customer production area, physically and functionally.

10. INDEMNITY. Customer agrees to defend at its expense, hold harmless and
indemnify Plexus, including its officers, directors, and employees, from and
against any judgments, liabilities, claims, demands, expenses, losses or costs
(including reasonable attorneys' fees) arising from Plexus' compliance with
Customer designs or specifications and any claim or action relating to the
functioning of the Products, or any product(s) of which they are a part, whether
such claims or actions be in the nature of public or product liability, contract
liability, intellectual property infringement, or otherwise during or following
the term of this Agreement; provided that Plexus: (i) gives Customer prompt
notice of any such claims; (ii) renders reasonable assistance at Customer's
expense; and (iii) permits Customer to direct the defense or the settlement of
such claims.

Plexus agrees to defend, at its expense, hold harmless and indemnify Customer,
including its officers, directors, and employees, from and against any and all
actions, claims, demands, liabilities, suits, losses, damages, costs, expenses
and judgments (including reasonable attorney's fee thereof) on account of
personal injury or tangible property damage by whomever made, to the extent
arising out of, related to, occasioned by or attributable to any breach by
Plexus of any provisions of this Agreement or any wrongful or negligent act or
omission by Plexus, its employees or agents in the performance thereof; provided
that Customer: (i) gives Plexus prompt notice of any such claims; (ii) renders
reasonable assistance at Plexus' expense; and (iii) permits Plexus to direct the
defense or the settlement of such claims.

11. TERM; TERMINATION. This Agreement shall remain in effect for a period of one
(1) year from the date first written above. Thereafter, this Agreement shall
automatically renew for successive one (1) year periods. However, either party
may terminate this Agreement at any time and for any reason upon one hundred
eighty (180) days prior written notice to the other party. In addition, either
party may terminate this Agreement in the event that the other party (i) fails
to cure a material default under this Agreement within thirty (30) days after
receiving written notice thereof; or (ii) becomes insolvent, files or has filed
against it a petition in bankruptcy, makes an assignment for the benefit of
creditors, or generally becomes unable to pay its debts as they become due.
Sections 1,2,4,6,8, 10, 11, 12, 15, 17, 19, and 20 of this Agreement shall
survive the termination of this Agreement.

12. LIMITATION OF LIABILITY. IN NO EVENT, WHETHER AS A RESULT OF BREACH OF
CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, PRODUCT
LIABILITY, OR OTHERWISE, SHALL PLEXUS BE LIABLE TO CUSTOMER FOR ANY LOSS OF
PROFITS, LOSS OF USE, OR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR EXEMPLARY
DAMAGES OF ANY KIND, WHETHER OR NOT PLEXUS IS ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES AND NOTWITHSTANDING THE FAILURE, OR ESSENTIAL PURPOSE, OF ANY REMEDY.

13. FORCE MAJEURE. Plexus shall not be liable for any delay in or failure of
performance under this Agreement due to any contingency beyond Plexus'
reasonable control, including, but not limited to, an act of God, war, acts of
terrorism, insurrection, fire, riot, strikes or labor unrest, sabotage, an act
of public enemy, flood, storm, accident, component shortages, equipment failure,
laws or regulations ; provided that Plexus gives Customer written notice of such
cause within seven (7) calendar days of the discovery of the event and uses its
reasonable efforts to remedy such delay in its performance.

14. ASSIGNMENT. Neither Plexus nor Customer shall assign any of its rights or
delegate any of its responsibilities under this Agreement unless agreed to by
both parties in writing. Both parties must agree in writing before Products are
transferred to manufacturing facilities outside of Neenah, WI.

15. GOVERNING LAW, The parties hereby agree that this Agreement shall be
governed by and will be construed in accordance with the laws of the State of
New York, irrespective of the conflicts of law provisions thereof.

16. RELATIONSHIP. Neither party is designated or appointed an agent or
representative to the other party and no party will have any authority, either
express or implied, to create or assume any agency or obligation on behalf of or
in the name of the other party. The relationship of Plexus to Customer is that
of independent contractor, and neither party will have any responsibility for or
obligations to the employees of the other.
<PAGE>
17. NO LICENSE. The manufacture of Products for Customer hereunder does not
convey to either party any license, express or implied, under any patent,
copyright or maskwork of the other party except as necessary for each party to
perform its obligations under this Agreement.

18. FURTHER ASSURANCES. Each party agrees that, upon the reasonable request of
the other party hereto, such party will adhere to processes and procedures in
furtherance of and consistent with the terms and conditions set forth in this
Agreement. Such processes and procedures will not be deemed a modification of
this Agreement, however, unless signed by duly authorized officers of both
parties. Plexus covenants that it shall not modify the Product nor create
derivative works based on the Product in any way without the express written
consent of Customer.

19. MISCELLANEOUS. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their successors and permitted assigns. If any
provision of this Agreement is adjudged to be unenforceable in whole or in part,
such adjudication shall not affect the validity of the remainder of this
Agreement. The parties cooperated in the preparation and negotiation of this
Agreement and this Agreement will not be construed against or in favor of any
party by virtue of the identity, interest, or affiliation of its preparer.
Failure by either party to exercise any right granted in this Agreement shall
not be deemed a waiver of such right. A waiver of any right under this Agreement
must be in writing and signed by an authorized representative of the party
making such waiver. This Agreement is the entire understanding between Plexus
and Customer with respect to the subject matter hereof and supersedes all prior
and contemporaneous agreements, understandings, dealings and negotiations,
whether oral or written. No modification, alteration or amendment shall be
effective unless made in writing and signed by duly authorized officers of both
parties. All purchases by Customer during the term of this Agreement shall be
governed only by the terms and conditions of this Agreement, notwithstanding any
preprinted terms and conditions on any Plexus or Customer forms or documents.

On or prior to the date of this Agreement, Plexus shall, for purposes of United
States backup withholding tax and information reporting requirements, provide
Customer with an executed copy of Internal Revenue Service Form W-9 or any
successor form.

This Agreement may be executed in multiple counterparts, each of which shall be
deemed to by an original, but all of which, when taken together, shall
constitute one and the same instrument.

20. CONFIDENTIAL INFORMATION. Plexus and Customer agree to execute, as part of
this Agreement, a Nondisclosure Agreement for the reciprocal protection of
confidential information. Each Party acknowledges that it may have heretofore
received and may from time to time hereafter receive Confidential Information of
the other Party, and such Party receiving such Confidential Information shall do
the following:(i) maintain such Confidential Information in confidence and shall
not disclose such information to any third party; (ii) not use such Confidential
Information other than in the performance of this Agreement; and (iii) disclose
such Confidential Information to its employees or to employees of its affiliates
only to the extent that such employees need to know such Confidential
Information to carry out the receiving Party's obligations under this Agreement.

All original documents, submitted by either party, which contain, without
limitation, specifications, drawings and procedures, intellectual property
rights and know-how remain exclusive property of the disclosing party. Each
party agrees to use such documents for the purpose of this Agreement only.
Further, nothing contained in this Agreement shall be construed to grant either
party any ownership, title to or interest in any trademark, trade name, service
mark or logo, of the other party.

21. INSURANCE OF PLEXUS. Plexus shall procure reasonably adequate insurance for
product liability damages arising out of the sale or use of the Products. Plexus
shall maintain comprehensive general liability insurance and other insurance, on
an occurrence basis, for injury to or death of any person(s) or damage to
property of not less than $10,000,000 in aggregate.

22. ENGINEERING CHANGES. Customer may, upon advance written notice to Plexus,
submit engineering changes for incorporation into the Product. It is important
that this notification include documentation of the change to effectively
support an investigation of the impact of the engineering change. Plexus will
make a reasonable effort to review the engineering change and report to
Customer. If any such change affects the price, delivery, or quality
<PAGE>
performance of said Product, an equitable adjustment will be negotiated between
Plexus and Customer prior to implementation of the change.

Plexus agrees not to undertake significant process changes, design changes, or
process step discontinuance affecting electrical performance and/or mechanical
form and fit without prior written notification and concurrence of the Customer.

In witness whereof, the parties have executed this Agreement as of the date
first above-written.

LECROY CORPORATION                                   PLEXUS SERVICES CORP.

BY: /s/ Pamela Wiseman                               By: /s/ Paul Ehlers
TITLE: Vice President                                Title: Vice President
Date: 1/16/04                                        Date: 12/22/03EXHIBIT 10.41

                             SUPPLEMENTAL AGREEMENT

                                  REGARDING THE
                 AMENDED AND RESTATED CASECNAN PROJECT AGREEMENT

This Supplemental Agreement (the "Agreement") is dated September 29, 2003 and is
by and between CE CASECNAN WATER AND ENERGY COMPANY, INC., a Philippine
corporation (hereinafter referred to as the "Operator" or "CE Casecnan"), with
offices at 24th Floor, 6750 Ayala Avenue, Makati, Metro Manila, Philippines,
represented herein by David A. Baldwin, its President, who is duly authorized to
represent it in this Agreement and the NATIONAL IRRIGATION ADMINISTRATION, a
government owned and controlled corporation attached to the Department of
Agriculture of the Republic of the Philippines (hereinafter referred to as
"NIA"), with principal offices at Elliptical Road, Diliman, Quezon City,
Philippines, represented herein by Jesus Emmanuel M. Paras, its Administrator,
who is duly authorized to represent it in this Agreement.

WHEREAS, NIA and CE Casecnan are parties to that certain Amended and Restated
Project Agreement, dated June 26, 1995 (including the schedules thereto, the
"Project Agreement").

WHEREAS, there exist disputes between NIA and CE Casecnan with respect to the
Project Agreement and such disputes are currently the subject of an
International Chamber of Commerce arbitration proceeding styled as Case No.
12284/TE - CE Casecnan Water and Energy Company, Inc. v. National Irrigation
Administration.

WHEREAS, NIA and CE Casecnan wish to document their settlement of the disputes
and certain other matters related to the Project, including inter alia, to amend
the Project Agreement to eliminate the increases in the Water Delivery Fee
payable by NIA claimed to be due under Article 11 thereof and to reduce the
obligations of NIA in respect of Water Delivery Fees and Energy Delivery Fees
thereunder.

NOW THEREFORE, for and in consideration of the foregoing premises, and the terms
and conditions set forth herein, the parties hereto hereby agree as follows:

                                    ARTICLE 1

                               DEFINITION OF TERMS

1.1 Definitions. Capitalized terms used in this Agreement and not otherwise
defined shall have the meanings given thereto in the Project Agreement.

"CO Water" means the volume of water, expressed in cubic meters, available for
delivery by the Casecnan Project but which is not delivered to NIA as a result
of NIA's failure to accept energy deliveries at a capacity up to 150MW as
provided in Section 2.5 at any time and up to 490,000,000 kWh in any Contract
Year. The

definition of "V" as used in Fifth Schedule of the Project Agreement shall be
construed in accordance with this definition of CO Water.

"CO Water Fee" has the meaning given thereto in Section 2.5(c) of this
Agreement.

"Closing Date" means the date on or after the date on which each of the
conditions in Section 5.1 have been met, but in no event later than October 15,
2003, which is mutually agreed to by NIA and CE Casecnan for closing.

"Contract Year" means each period from 10:00 am on December 25 in one calendar
year to 10:00 am on December 25 in the immediately succeeding calendar year.

"Delivered Water" means the volume of water, expressed in cubic meters, which
during the relevant time period was delivered to the Water Delivery Point.

"ICC Arbitration" means International Chamber of Commerce Case No. 12284/TE - CE
Casecnan Water and Energy Company, Inc. v. National Irrigation Administration.

"RoP Bond" means a ten-year bond of the Republic of the Philippines in the form
attached hereto as Exhibit B with a principal amount of not more than US$97
million.

"Settlement Documents" means this Agreement, the RoP Bond and all other
documents ancillary to any of the foregoing to which any of CE Casecnan Water
and Energy Company, Inc., NIA, the Republic of the Philippines or any other
Philippine government agency or instrumentality is a party.

"Settlement Amount" has the meaning given thereto in Section 4.1.

"Threshold Volume" means for each Month commencing after December 25, 2008,
700,000,000 cubic meters.

"Total Available Water" for the relevant time period means the sum of (i)
Delivered Water plus (ii) CO Water.

"Water Delivery Rate" equals the per cubic meter price for water for each Month,
as shown in Annex I.

1.2 References. Any reference in this Amendment to an "Article," "Part,"
"Section", "Exhibit" or "Schedule" is a reference to an article, part or section
hereof or a schedule hereto.

                                    ARTICLE 2

                       AMENDMENTS TO THE PROJECT AGREEMENT

2.1 Amendments to Definitions. Article 1 of the Project Agreement is hereby
amended by adding thereto the following new definitions:

              "Article 11 Taxes" means any and all present or future taxes
              (including without limitation real estate and personal property
              taxes, assessments, and other charges in respect of the Project
              equipment, structures and improvements (all of the foregoing,
              "Real Property Taxes"), stamp taxes, registration fees and
              business taxes,), duties, levies, imposts, or other fees or
              charges, and other levies of any kind whatsoever imposed,
              collected or claimed by or paid or payable to or at the direction
              or for the account of any Governmental Authority to which the
              Operator, the Project, any component parts of the Project or the
              Project documents are or may at any time be or become subject and
              all amounts by which the Operator (whether as direct obligor or
              withholding agent) is required to increase its payments to the
              holders of the Operator's Current Indebtedness (including without
              limitation all amounts which the Operator is required to pay or
              remit as withholding taxes on interest payments to the holders of
              the Operator's Current Indebtedness), provided however that
              Article 11 Taxes shall not include (i) any Philippine value-added
              taxes (which shall be reimbursed in accordance with normal VAT
              regulations), (ii) any taxes imposed or calculated on the basis of
              the net income of the Operator, and (iii) the levy of 1 centavo
              per kWh of generation pursuant to Energy Regulation 1-94.

              "Operator's Current Indebtedness" means the $125,000,000 11.45%
              Series A Notes and $171,500,000 11.95% Series B Bonds of CE
              Casecnan Water and Energy Company, Inc.

              "Water Delivery Fee" means the Guaranteed Water Delivery Fee plus
              the Variable Delivered Water Delivery Fee minus the Water Delivery
              Fee Credit, all as provided for herein.

2.2 Amendments to Article 11. Article 11 of the Project Agreement is hereby
amended by deleting it in its entirety and replacing it with the following:

                                   ARTICLE 11

                                      TAXES

              11.1 RESPONSIBILITIES. (a) NIA shall not pay any Article 11 Taxes
              for or on behalf of the Operator. As part of the recovery of its
              investment, however, the Operator shall invoice NIA for and NIA
              shall be responsible for as an additional payment hereunder an
              amount equal to all Article 11 Taxes.

              (b) (i) On or about the 10th day of each January, April, July and
              October, the Operator shall advise NIA of the Article 11 Taxes
              (other than interest withholding taxes in respect of the
              Operator's Current Indebtedness) which it then anticipates having
              to pay within the current calendar quarter, provided that NIA
              acknowledges that such advice

              shall be indicative only and the failure to so advise NIA of any
              Article 11 Tax which is in fact paid by CE Casecnan shall not
              reduce or alter NIA's obligation to pay such tax if invoiced in
              accordance with paragraph (c) below.

              (ii) On or about the 10th day of each January, April, July and
              October, the Operator shall advise NIA of the bond interest
              withholding taxes in respect of the Operator's Current
              Indebtedness which it then anticipates invoicing NIA on the
              immediately succeeding quarter, respectively, provided that NIA
              acknowledges that such advice shall be indicative only and the
              failure to so advise NIA of any Article 11 Tax which is in fact
              paid by CE Casecnan shall not reduce or alter NIA's obligation to
              pay such tax if invoiced in accordance with paragraph (c) below.

              (c) Together with the invoices delivered by the Operator pursuant
              to Section 7.6 of the Project Agreement on each January 25, April
              25, July 25 and October 25, the Operator will deliver to NIA an
              invoice (separate from the invoices in relation to water and
              energy) in respect of any Article 11 Taxes (other than interest
              withholding taxes with respect to the Operator's Current
              Indebtedness) which have been paid by the Operator in the
              immediately preceding calendar quarter, and NIA shall pay to the
              Operator the amount of such invoice within ninety (90) days after
              the delivery of such invoice. Interest withholding taxes with
              respect to the Operator's Current Indebtedness shall be invoiced
              on each January 25, April 25, July 25 and October 25and NIA shall
              pay to the Operator the amount of such invoice within ninety (90)
              days after the delivery of such invoice. The Operator shall
              provide to NIA documentation evidencing the payment of all such
              taxes included within the invoiced amount.

              (d) Attached hereto as the Tenth Schedule is the Operator's
              current estimate of the Article 11 Taxes which will become due and
              payable through the remainder of the Cooperation Period.
              Inaccuracies in the Tenth Schedule shall not in any way reduce or
              alter NIA's obligation to reimburse the Operator for any and all
              Article 11 Taxes actually paid by the Operator, as provided in
              this Article 11.

              (e) CE Casecnan shall not pay any Real Property Taxes unless and
              until it shall have been directed to do so in writing by NIA, with
              the concurrence of the Department of Finance, provided that CE
              Casecnan may pay such Real Property Taxes under protest if CE
              Casecnan has not received such a direction to pay and faces the
              risk of imminent assessment of penalties for non-payment and CE
              Casecnan has notified NIA in writing of such imminent risk, unless
              NIA and the Department of Finance jointly agree in writing (prior
              to any such penalties accruing) to be responsible for any such
              penalties in which event CE Casecnan shall not so pay. If paid by
              CE Casecnan, such Real Property Taxes shall be reimbursed as
              provided for in paragraph (c) above.

              11.2 TAX CREDIT OR PAYMENT CERTIFICATE. NIA shall have no
              obligation to reimburse the Operator for any Article 11 Taxes as
              to which it has delivered to the Operator a certificate or other
              evidence, in form and substance satisfactory to the Operator, from
              the Philippine Bureau of Internal Revenue or such other Philippine
              Government Authority which has levied the applicable Article 11
              Tax, exempting the Operator from the payment and/or evidencing
              remittance or credit (without the need for payment) of such
              Article 11 Tax, or otherwise ensuring that CE Casecnan has no
              liability or cash outflow for such taxes, such certificate or
              evidence to be delivered prior to the date on which such Article
              11 Tax is due. NIA shall indemnify and hold harmless the Operator
              against all claims, losses and demands in respect of any Article
              11 Taxes so exempted or as to which other evidence of no liability
              is provided.

              11.3 PAYMENTS FREE AND CLEAR. All sums payable by NIA under
              Section 11.1 shall be paid in full, without set-off or
              counterclaim, free of any deductions and withholdings imposed by
              any Governmental Authority, all of which shall be for the account
              of NIA.

2.3 Payments for Water. NIA shall pay for water in accordance with the relevant
provisions of the Fifth Schedule of the Project Agreement and the following
provisions, provided that to the extent of any inconsistencies between the Fifth
Schedule and the following provisions, the following provisions shall prevail:

(a) The Water Delivery Fee shall be equal to the Guaranteed Water Delivery Fee
plus the Variable Delivered Water Delivery Fee minus the Water Delivery Fee
Credit (as such term is defined in Section (f)(i) below), and shall be
calculated on a monthly basis and be payable in Dollars at the end of each
Month:

(b) (i) For each Month through to the Month ending on December 25, 2008 the
Guaranteed Water Delivery Fee shall equal the Water Delivery Rate multiplied by
66,825,000 cubic meters (corresponding to 801.9 million cubic meters per year)
and (ii) for each Month beginning with the Month commencing December 25, 2008
the Guaranteed Water Delivery Fee shall equal the Water Delivery Rate multiplied
by 58,333,333 cubic meters (corresponding to 700 million cubic meters per year).

(c) The actual volume of Delivered Water and CO Water in any Month greater than
or less than (i) prior to the Month beginning on December 25, 2008, 66,825,000
cubic meters and (ii) after the Month beginning on December 25, 2008, 58,333,333
cubic meters, will not result in any increases or reductions of the Guaranteed
Water Delivery Fee. Each of NIA and CE Casecnan understands and acknowledges
that the 66,825,000 cubic meter and 58,333,333 cubic meter monthly figures are
mathematical averages of annual figures and therefore do not bear any
relationship to water flows in any particular Month.

(d) For each Month through the Month ending December 25, 2008, the Variable
Delivered Water Delivery Fee shall be zero and for each Month beginning with the
Month commencing December 25, 2008 through the end of

the Cooperation Period, the Variable Delivered Water Delivery Fee shall be
payable only from the date when the cumulative Total Available Water for the
then current Contract Year exceeds 700,000,000 cubic meters and (i) for the
first Month in each such Contract Year shall equal the Water Delivery Rate
multiplied by the amount obtained by subtracting 700,000,000 from the Total
Available Water for the Contract Year through the end of such first Month during
which the Total Available Water has exceeded 700,000,000 cubic meters and (ii)
for subsequent Months of the same Contract Year, the Variable Delivered Water
Delivery Fee shall equal the Water Delivery Rate multiplied by the Total
Delivered Water for such Month, in cubic meters, but shall only be payable to
the extent the cumulative Total Available Water from December 25, 2008 for which
CE Casecnan has been paid is less than 1,324,700,000 cubic meters (i.e., is less
than 101,900,000 (being the difference between 801,900,000 and 700,000,000) x 13
(being the number of years in the Cooperation Period from December 2008 through
December 2021)).

(e) When in the aggregate Variable Delivered Water Delivery Fees plus CO Water
Fees have been earned on 1,324,700,000 cubic meters of water, the Variable
Delivered Water Delivery Fee shall be zero for the remainder of the Cooperation
Period (i.e., from the date such amount has been earned through December 11,
2021).

(f)(i) The Water Delivery Fee Credit shall be applicable only for each of the 60
       Months from December 25, 2008 through December 25, 2013 and shall equal
       the Water Delivery Rate as at December 25, 2008 (i.e.: 0.07381 US$/m3)
       multiplied by the sum of each Annual Water Credit divided by 60. The
       Annual Water Credit for each Contract Year starting from December 25,
       2003 and ending on December 25, 2008 shall equal 801,900,000 minus the
       Total Available Water for each Contract Year starting from December 25,
       2003 and ending on December 25, 2008 (in cubic meters).

       (ii) For any year, the Annual Water Credit may be positive or negative,
       provided that if the Total Available Water for any Contract Year is less
       than 700,000,000, the Annual Water Credit shall be 101,900,000.

       (iii) If the Water Delivery Fee Credit is negative (i.e., over the 5-year
       period from December 25, 2003 through December 25, 2008 CE Casecnan has
       delivered more water on an annual average basis than 801,900,000 cubic
       meters), then NIA shall retain the benefit of the over-deliveries at no
       additional charge and the Water Delivery Fee Credit shall have no further
       force or effect hereunder.

2.4 Payments for Variable Energy. (a) NIA shall pay for energy in excess of the
19,000,000 kWh per month (228,000,000 kWh per year) in accordance with the
relevant provisions of the Fifth Schedule of the Project Agreement and the
following provisions, provided that to the extent of any inconsistencies between
the Fifth Schedule and the following provisions, the following provisions shall
prevail.

(b) Each reference in the Project Agreement to "Excess Energy Delivery Fee",
"Excess Energy" and "EEDF" are hereby deleted and replaced with the words
"Variable Energy Delivery Fee", "Variable Energy" and "VEDF", respectively.

(c) Each reference in the Project Agreement to "CERA(EE)" is deleted and
replaced with "CERA(VE)"

(d) The definition of the term CERA(VE) in the Project Agreement is deleted in
its entirety and replaced with the following:

       CERA(VE) equals the unit price for electrical energy delivered in any
       Month in excess of 19,000,000 kWh (as shown in Annex II), established at
       (i) for each Month through the Month ending on December 25, 2008, $0.1509
       (15.09 U.S. cents) per kilowatt-hour (kWh), and (ii) for each Month
       commencing with the Month beginning on December 25, 2008, $0.1132 (11.32
       U.S. cents) per kWh and escalated annually thereafter commencing December
       25, 2009 at the rate of 1.00% per annum (e.g., for the billing period
       commencing December 25, 2009, the Variable Energy Fee per kWh shall be
       US$0.1143 (i.e., 0.1132 + (0.1132 x .01)) and for the billing period
       commencing December 25, 2010, the Variable Energy Fee per kWh shall be
       US$0.1154 (i.e., 0.1143 + (0.1143 x .01))); provided, however, that, with
       effect from October 15, 2003, the unit price for electrical energy in
       excess of 490,000,000 kWh delivered in any Contract Year shall be 1.30
       Philippine Pesos per kWh for each Month through the Month ending on
       December 25, 2008 and for each Month commencing with the Month beginning
       on December 25, 2008 shall be 0.98 Philippine Pesos per kWh and escalated
       annually thereafter commencing December 25, 2009 at the rate of 1.00% per
       annum, provided further that, also with effect from October 15, 2003,
       electrical energy in excess of 550,000,000 kWh delivered in any Contract
       Year shall be delivered at no charge (i.e., each of CERA(GE) and CERA(VE)
       for such amounts shall be zero).

2.5 Dispatch Protocol. (a) NIA shall make a demand forecast available to CE
Casecnan on a weekly basis. NIA, from time to time, shall advise CE Casecnan of
NIA's preferred dispatching sequence of the Casecnan Project. NIA shall endeavor
to dispatch the Casecnan Project at the agreed maximum of 150MW and shall at the
request of CE Casecnan endeavor to dispatch for more than 12 hours each day. Any
dispatch above 150MW shall be at NIA's sole option.

(b) Notwithstanding paragraph (a) above, if NIA does not dispatch the Project at
the agreed 150MW maximum load, and if water is available for delivery to NIA
during any hour of each day (24 hours per day), NIA shall pay CE Casecnan for
the calculated energy (CO) corresponding to the amount of actual water spilled
based upon the 150MW maximum load during any hour of each day (24 hours per day)
provided that in no event shall CO be due and payable for any Contract Year if
actual energy delivered for such Contract Year paid for by NIA is equal to or
greater than 490,000,000 kWh.

CE Casecnan shall send NIA (with copy to NPC) a separate monthly statement of
CO, provided that actual CO shall only be payable yearly at the end of each
Contract Year after determination as to whether actual generation for such
Contract Year equal to or greater than 490,000,000 kWh has been paid for by NIA.

If NIA has paid for 490,000,000 kWh or more of energy for such Contract Year, no
CO shall be due and payable. If NIA has paid for less than 490,000,000 kWh for
such Contract Year, CE Casecnan shall invoice the aggregate amount of CO for
such Contract Year as set forth in each monthly statement up to an amount which,
when added to the energy actually paid for by NIA, equals 490,000,000 kWh.

(c) In addition, if NIA does not dispatch the Project at the agreed 150MW
maximum load, and if water is available for delivery to NIA during any hour of
each day (24 hours per day), NIA shall pay CE Casecnan for CO Water
corresponding to the amount of actual water spilled based upon the 150MW maximum
load during any hour of each day (24 hours per day) provided that in no event
shall CO Water be due and payable for any Contract Year if Delivered Water for
such Contract Year paid for by NIA is equal to or greater than 801,900,000 cubic
meters.

CE Casecnan shall send NIA a separate monthly statement of CO Water, provided
that actual CO Water shall only be payable yearly at the end of each Contract
Year after determination as to whether Delivered Water for such Contract Year
equal to or greater than 801,900,000 cubic meters has been paid for by NIA.

If NIA has paid for 801,900,000 cubic meters or more of Delivered Water for such
Contract Year, no CO Water shall be due and payable. If NIA has paid for less
than 801,900,000 cubic meters for such Contract Year, CE Casecnan shall invoice
the aggregate amount of CO Water for such Contract Year as set forth in each
monthly statement up to an amount which, when added to the Delivered Water
actually paid for by NIA, equals 801,900,000 cubic meters.

(d) Notwithstanding paragraph (c) above, for the period from December 25, 2003
through December 25, 2008, CE Casecnan shall include in any determination of
Total Available Water for the purpose of determining the Annual Water Credit the
aggregate amount of CO Water for each Contract Year as set forth in each monthly
statement, up to an amount which, when added to the Delivered Water actually
paid for by NIA, does not exceed 888,000,000 cubic meters.

(e) NIA and NPC shall have the right to verify the computation of CO or set up a
procedure or protocol to monitor or verify water spillage. If considered
practicable by CE Casecnan, CE Casecnan shall install new facilities to reduce
the spillage of water.

(f) CO and CO Water shall be calculated and due and payable in accordance with
the forgoing from and after September 29, 2003. No further payments in respect
of CO shall be due and payable for the period from December 11, 2001 through
September 28, 2003.

(g) This Section 2.6 (Dispatch Protocol) supplements the Second Schedule
(Operating Parameters) of the Project Agreement.

2.6 Annexes I and II. The text of Annex I and Annex II referred to above is
attached to this Agreement as Exhibit C.

2.7 Tenth Schedule. The Project Agreement is hereby amended by adding thereto a
new schedule, designated the Tenth Schedule, as set forth as Exhibit D to this
Agreement.

                                    ARTICLE 3

COMPLIANCE WITH ER 1-94

3.1. CE Casecnan to Comply with ER 1-94. CE Casecnan hereby acknowledges and
agrees that it shall pay the tax of 1 centavo per kWh of generation for the
benefit of the host community, and as and when described in Energy
Regulation1-94 as in effect on the date of this Agreement. CE Casecnan
acknowledges that the levy of 1 centavo per kWh of generation pursuant to Energy
Regulation 1-94 shall not be reimbursable from NIA.

                                    ARTICLE 4

                                   SETTLEMENT

4.1 Settlement. In consideration of settling all amounts paid to date for taxes
(apart from VAT, which shall be reimbursed in accordance with normal VAT
regulations) for which NIA was obligated under the Project Agreement to
reimburse CE Casecnan, and in consideration of all other concessions provided
herein, NIA shall pay to CE Casecnan the sum of one hundred fourteen million six
hundred and ninety two thousand six hundred and twenty nine United States
Dollars (US$114,692,629) plus thirty nine million nine hundred and ninety seven
thousand nine hundred and forty one Philippine pesos (Php. 39,997,941) (the
"Settlement Amount") of which the sum of seven million six hundred and ninety
two thousand six hundred and twenty nine United States Dollars (US$7,692,629)
plus thirty nine million nine hundred and ninety seven thousand nine hundred and
forty one Philippine pesos (Php. 39,997,941) represents taxes paid since the
commencement of operations through June 30, 2003 and the detail of which is set
forth on Exhibit A hereto.

4.2 Cash Payment. Not less than the sum of seventeen million six hundred and
ninety two thousand six hundred and twenty nine United States Dollars
(US$17,692,629) plus thirty nine million nine hundred and ninety seven thousand
nine hundred and forty one Philippine pesos (Php. 39,997,941) of the Settlement
Amount shall be due and payable in cash on the Closing Date. The US dollar
amount shall be paid by wire transfer of immediately available funds to the
account of CE Casecnan set forth below:

                  THE JP MORGAN TRUST COMPANY

                  ABA 021000021 CTCC OPERATING ACCOUNT NO. 507-874439

                  RE: 126535.5 CE CASECNAN REVENUE ACCOUNT

The Philippine peso amount shall be paid by wire transfer of immediately
available funds to the account of CE Casecnan set forth below:

                  CITIBANK, NA

                  9TH FLOOR, CITIBANK TOWER, 8741 PASEO DE ROXAS, MAKATI CITY

                  ACCOUNT NO. 0-602776-018

                  RE: CE CASECNAN WATER AND ENERGY COMPANY, INC.

NIA shall have the option, in its sole discretion, of paying more of the
Settlement Amount in cash on the Closing Date, in which event the principal
amount of the RoP Bond shall reduce dollar for dollar for each dollar of cash so
paid in excess of seventeen million six hundred and ninety two thousand six
hundred and twenty nine United States Dollars (US$17,692,629).

4.3 RoP Bond. The balance of the Settlement Amount not paid in cash shall be
paid in the form of delivery of the RoP Bond to and in the name of CE Casecnan,
which shall be delivered on or prior to the Closing Date. It is understood that
NIA is the party liable for the Settlement Amount, and it also understood that
NIA is the beneficiary of the RoP Bond. NIA shall exert its best efforts to
obtain from the DOF the issuance of the RoP Bond for the specific purpose of
making available the Settlement Amount to NIA by investing or purchasing NIA
issued bonds or other credit instruments. NIA shall obtain the cooperation of
the Department of Finance to provide necessary disclosure materials with respect
to the RoP Bond, and provide other marketing information as necessary if CE
Casecnan decides to assign the RoP Bond to a third party.

4.4 CE Casecnan Delay Damages. In full and final settlement of any and all
claims whatsoever in respect of late completion of the Project, CE Casecnan
shall pay to NIA the sum of one million six hundred thousand United States
Dollars (US$1.6 million) in cash on the Closing Date. Such payment shall be made
by cashiers check delivered to NIA.

4.5 Income Tax Liability. In full and final settlement of any Philippine income
tax liability in respect of receipt by CE Casecnan of the Settlement Amount, CE
Casecnan shall pay to the Bureau of Internal Revenue Philippine income tax in
the amount of twenty four million three hundred and eighty three thousand and
thirty five United States Dollars (US$24,383,035) ("Final Settlement Taxes"), as
confirmed by the Bureau of Internal Revenue on or before closing, such amount to
be paid by CE Casecnan to the Bureau of Internal Revenue on or prior to the
Closing Date as an advance payment of 2003 Philippine income taxes on the
Settlement Amount pursuant to a special tax return filed with the Philippine
Bureau of Inland Revenue as set forth in Exhibit E hereto.

4.6 No Set-Off. All sums payable by NIA hereunder shall be paid in full, without
set-off or counterclaim, free of any deductions and withholdings imposed by any
Governmental Authority, all of which shall be for the account of NIA. In the
event that NIA is required by law to make deductions or withholdings from its
payments to CE Casecnan, then NIA shall pay such additional amounts to CE
Casecnan as may be necessary in order that the actual amount received after
deduction or withholding (and after payment of any additional Taxes or other
charges due as consequence of the payment of such additional amounts) shall
equal the amount that would have been received if such deduction or withholding
were not required.

                                    ARTICLE 5

                        CONDITIONS PRECEDENT AND CLOSING

5.1 Conditions to Effectiveness. Sections 8.2, 8.3, 8.6 and 8.9 of this
Agreement shall be effective upon full execution and delivery hereof. The
effectiveness of each other provision of this Agreement is conditional upon
satisfaction of the following conditions:

(a) delivery to CE Casecnan of a copy of resolutions adopted by the Board of
Directors of NIA authorizing the execution, delivery and performance by NIA of
this Agreement;

(b) delivery to CE Casecnan of evidence reasonably satisfactory to CE Casecnan
that the IAC/EPIRA issues have been resolved to the satisfaction of the Power
Sector Assets and Liabilities Management Corporation by virtue of this
Agreement;

(c) delivery to CE Casecnan of a copy of the approval of the cabinet level
committee of the Investment Coordinating Committee;

(d) delivery to CE Casecnan of an opinion of NIA's counsel, the OGCC, as to the
due authorization, approval and execution of this Agreement and of the
consummation of the transactions contemplated hereby and as to the validity,
legality and enforceability of the same.

(e) delivery to NIA of a copy of resolutions adopted by CE Casecnan's Board of
Directors authorizing the execution, delivery, and performance by CE Casecnan of
this Agreement;

(f) delivery to NIA of a copy of resolutions adopted by the executive committee
of MidAmerican Energy Holdings Company's of the Board of Directors authorizing
the execution, delivery, and performance by CE Casecnan of this Agreement;

(g)  the actions described in Sections 5.3 and 5.4 having taken place.

5.2. Termination of Agreement. If all of the conditions in Section 5.1 have not
been fulfilled by October 15, 2003, this Agreement shall have no force and
effect and neither party shall have any liability under this Agreement and the
parties shall be returned to the position as of the date of this Agreement with
no amendment to the Project Agreement and all attendant rights and remedies
associated therewith.

5.3  NIA Actions on the Closing Date.  On or before the Closing Date, NIA shall:

      (a)  pay to CE Casecnan the amounts specified in Section 4.2, in the
           manner specified therein; and

      (b)  deliver or cause to be delivered to CE Casecnan the RoP Bond,
           together with a letter or attestation signed by an authorized officer
           of the Department of Finance or Bureau of Treasury confirming

           that the said RoP Bond has been duly and validly issued on behalf of
           the Republic of the Philippines, and that the obligations contained
           therein are legal, valid and enforceable obligations binding of the
           Republic on the Philippines in accordance with the terms and
           conditions thereof.

5.4   CE Casecnan Actions on the Closing Date. On or before the Closing Date,
      CE Casecnan shall:

      (a)  pay to NIA the amount specified in Section 4.4, in the manner
           specified therein; and

      (b)  pay the Final Settlement Taxes, provided that CE Casecnan has
           received written confirmation from the Bureau of Internal Revenue
           that other than the Final Settlement Taxes, no taxes of any kind are
           due in connection with the receipt by CE Casecnan of the Settlement
           Amount.

                                    ARTICLE 6

REPRESENTATIONS AND WARRANTIES

6.1 Representations and Warranties of CE Casecnan. CE Casecnan represents that
it is a private corporation, duly organized and existing under the laws of its
jurisdiction of incorporation with the corporate power and authority to execute,
deliver, and perform the terms and conditions to be performed by it under this
Agreement and by the Closing Date shall have taken all necessary action, and
shall have secured or caused to be secured all necessary government orders,
consents or approvals, permits, and licenses to enter into and perform all of
the terms of this Agreement.

6.2 Representations and Warranties of NIA. NIA represents and warrants that (i)
it is an agency of the Department of Agriculture duly organized and existing
under and by virtue of the laws of the Republic of the Philippines and has the
power and authority to execute, deliver, and carry out the terms and conditions
of this Agreement. NIA represents and warrants that by the Closing Date it shall
have taken all necessary action, and have secured or caused to be secured all
necessary government orders, consents or approvals, permits, and licenses to
enter into and perform all of the terms of this Agreement and to permit the
Department of Agriculture, NPC and the Department of Finance to enter into and
perform all of the terms of the Settlement Documents to which each of them is a
party, and (ii) each approval, endorsement, authorization and opinion given with
respect to the Project and the Project Agreement is and will remain valid and
binding upon the execution and effectivity of this Agreement.

6.3 NIA also represents and warrants that (i) the obligations of NIA in the
Settlement Documents to which it is a party are legal and valid obligations
binding on NIA enforceable in accordance with the terms and conditions thereof,
and (ii) the obligations of the Republic of the Philippines under the RoP Bond
are legal and valid obligations binding on the Republic of the Philippines
enforceable in accordance with the terms and conditions thereof and the RoP Bond
is a full faith and credit obligation of the Republic of the Philippines.

                                    ARTICLE 7

RELEASE OF CLAIMS; DISMISSAL OF ARBITRATION

7.1 Release by CE Casecnan. CE Casecnan (on behalf of itself and its affiliates,
predecessors, successors, assigns, principals, officers, directors, general
partners, limited partners, stockholders, members, managers, agents, servants,
employees, and representatives, and all persons acting by, through, under, or in
concert with any of them) hereby releases, remises and forever discharges NIA
and each other agency, department and instrumentality of the Republic of the
Philippines, effective on the Closing Date, of and from any and all claims,
causes of action, complaints, charges, liabilities, damages, demands, costs,
taxes, attorneys' fees or expenses, whether arising in law or in equity whether
fixed or contingent, whether known or unknown, which CE Casecnan ever had, now
has or hereafter can, shall, or may have, for, upon, or by reason of any matter
cause or thing (i) alleged or asserted by CE Casecnan in its Request for
Arbitration as filed in the ICC Arbitration, or (ii) arising prior to the
Closing Date.

7.2 Release by NIA. NIA (on behalf of itself and each other agency, department
and instrumentality of the Republic of the Philippines) hereby releases, remises
and forever discharges CE Casecnan (and its affiliates, predecessors,
successors, assigns, parent companies, principals, officers, directors, general
partners, limited partners, stockholders, members, managers, agents, servants,
employees, and representatives, and all persons acting by, through, under or in
concert with them), effective on the Closing Date, of and from any and all
claims, causes of action, complaints, charges, liabilities, damages, demands,
costs, taxes, attorneys' fees or expenses, whether arising in law or in equity,
whether fixed or contingent, whether known or unknown, which NIA ever had, now
has or hereafter can, shall, or may have, for, upon, or by reason of any matter
cause or thing (i) alleged or asserted by NIA in its Answer and Counterclaim and
Supplemental Counterclaim as filed in the ICC Arbitration, or (ii) arising prior
to the Closing Date.

7.3 Termination and Dismissal of Arbitration Proceedings. Each of NIA and CE
Casecnan hereby agree that as of the Closing Date the ICC Arbitration, including
all claims and counterclaims, and all defences to all claims and counterclaims,
is dismissed, on the merits, with prejudice and CE Casecnan and NIA agree to
submit an executed stipulation of discontinuance in the form set forth in
Exhibit F hereto on or prior to the date which is ten days after the Closing
Date.

                                    ARTICLE 8

MISCELLANEOUS

8.1 Headings. Article, Section, Part, paragraph, and/or Schedule headings
appearing in this Agreement are inserted for convenience only and shall not be
construed as interpretation of text.

8.2 Severability. If any part or parts of this Agreement shall be declared
invalid by an arbitral tribunal organized pursuant to Section 9.6 of this
Agreement, the other parts hereof shall not thereby be affected or

impaired and the arbitral tribunal shall enforce the remainder of the agreement
in a manner consistent with the manifest intent of the parties.

8.3 Notices. Unless otherwise stated, each communication to be made hereunder
shall be made in writing but, unless otherwise stated, may be made by facsimile,
registered mail, courier, or personal delivery at the addresses or fax numbers
specified in the Project Agreement.

8.4 No Waiver. None of the provisions of the Agreement shall be considered
waived by either party except when such waiver is given in writing. The failure
of a party to insist, in any one or more instances, upon strict performance of
any of the provisions of this Agreement or to take advantage of any of its
rights hereunder shall not be construed as a waiver of any such provisions or
the relinquishment of any such rights for the future, but the same shall
continue in full force and effect.

8.5. Assignment. The parties hereto agree that the assignment provisions of the
Project Agreement shall apply hereto mutatis mutandis..

8.6 Dispute Resolution. The parties hereto agree that the dispute resolution
provisions of the Project Agreement shall apply hereto mutatis mutandis.

8.7 No Other Agreements. The Project Agreement, this Agreement and its Exhibits
and Schedules supersede any previous agreements, arrangements, or
representations between the parties, whether oral or written, in respect of the
subject matter hereof and shall constitute the entire agreement between the
parties in relation thereto.

8.8 Project Agreement To Remain In Effect. Except as expressly modified by this
Agreement, all other provisions of the Project Agreement and the rights and
obligations of NIA and of CE Casecnan thereunder shall remain unchanged and in
full force and effect. To the extent of any inconsistencies between the Project
Agreement and this Agreement, the provisions of this Agreement shall prevail.

8.9 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the Republic of the Philippines.

IN WITNESS WHEREOF, the parties hereto have affixed their respective signatures
this 29th day of September in the year 2003.

NATIONAL IRRIGATION ADMINISTRATION    CE CASECNAN WATER AND ENERGY COMPANY, INC.

By:                                   By:
Name: Jesus Emmanuel M. Paras         Name: David A. Baldwin
Title: Administrator                  Title: President and Chief Executive
                                             Officer

WITH APPROVAL OF

DEPARTMENT OF AGRICULTURE, REPUBLIC OF THE PHILIPPINES

By:
Name: Luis P. Lorenzo
Title: Secretary

DEPARTMENT OF ENERGY OF THE           DEPARTMENT OF FINANCE OF THE REPUBLIC
REPUBLIC OF THE PHILIPPINES           OF THE PHILIPPINES

By:                                   By:
Name: Vincent S. Perez, Jr            Name: Jose Isidro N. Camacho
Title: Secretary                      Title: Secretary

NATIONAL POWER CORPORATION (with reference to Section 2.5, Dispatch Protocol)

By:
Name: Rogelio M. Murga
Title: President

NOTED BY:

POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORPORATION

By:
Name: Edgardo M. Del Fonso
Title: President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}]]