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                                                                    EXHIBIT 4.15

                            SENIOR CONVERTIBLE NOTE

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY
NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A)
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS OR (B) AN OPINION OF COUNSEL IN A
REASONABLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
APPLICABLE STATE SECURITIES LAWS OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR
RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THIS NOTE AND THE
SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE PLEDGED IN CONNECTION WITH A
BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THIS
NOTE. ANY TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS
NOTE, INCLUDING SECTIONS 3(c)(iii) AND 18(a) HEREOF. THE PRINCIPAL AMOUNT
REPRESENTED BY THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY
BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION
3(c)(iii) OF THIS NOTE.

                                XCEL ENERGY INC.

Issuance Date: _______ __, ______                  Principal: U.S. $____________

        FOR VALUE RECEIVED, XCEL ENERGY INC., a Minnesota corporation (the
"COMPANY"), hereby promises to pay to the order of __________________ or
registered assigns ("HOLDER") the amount set out above as the Principal (as
reduced pursuant to the terms hereof pursuant to redemption, conversion or
otherwise, the "PRINCIPAL") when due, whether upon the Final Maturity Date (as
defined below), acceleration, conversion, redemption or otherwise (in each case
in accordance with the terms hereof) and to pay interest ("INTEREST") on any
outstanding Principal at the rate of eight percent (8%) per annum, subject to
periodic adjustment pursuant to Section 2 (the "INTEREST RATE"), from the date
set out above as the Issuance Date (the "ISSUANCE DATE") until the same becomes
due and payable, whether upon an Interest Date (as defined below), the Final
Maturity Date, acceleration, conversion, redemption or otherwise (in each case
in accordance with the terms hereof). This Convertible Note (including all
Convertible Notes issued in exchange, transfer or replacement hereof, this
"NOTE") is one of an issue of Convertible Notes (collectively, the "NOTES" and
such other Convertible Notes, the "OTHER NOTES") issued on the Issuance Date
pursuant to the Securities Purchase Agreement (as defined below). Certain
capitalized terms are defined in Section 28 and terms used herein but not
defined herein shall have the meanings set forth for such terms in the
Securities Purchase Agreement.

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               (1) MATURITY. On the Final Maturity Date, the Holder shall
surrender this Note to the Company and the Company shall pay to the Holder an
amount in cash representing all outstanding Principal, accrued and unpaid
Interest and accrued and unpaid Late Charges (as defined in Section 24(b)), if
any. The "MATURITY DATE" shall be the date that is 364 days after the Issuance
Date; provided that, if the Holder has given notice in writing to the Company of
its desire to extend the Maturity Date on or prior to the date that is 10
Business Days prior to the Maturity Date, the Maturity Date shall be extended
(on one or more occasions) for an additional 364 days; provided, further, that
the Maturity Date shall not be extended (except as provided in the following
proviso) to more than five years after the Issuance Date (such date that is five
years after the Issuance Date or such earlier Maturity Date prior to which the
Holder has not requested an extension thereof, the "FINAL MATURITY DATE"); and
provided, further, that the Final Maturity Date may be extended at the option of
the Holder (x) in the event that, and for so long as, an Event of Default (as
defined in Section 4(a)) shall have occurred and be continuing or any event
shall have occurred and be continuing which with the passage of time and the
failure to cure would result in an Event of Default and (y) through the date
that is ten days after a Change of Control Termination Date in the event that
the Announcement Date giving rise to such Change of Control Termination Date
occurred prior to the Final Maturity Date.

               (2) INTEREST; INTEREST RATE. Interest on this Note shall commence
accruing on the Issuance Date and shall be computed on the basis of the actual
days elapsed during any period, and a calendar year of 365 or 366 calendar days,
as applicable, and shall be payable in cash on each May 1 and each November 1
during the period beginning on the Issuance Date and ending on, and including,
the Final Maturity Date (each an "INTEREST DATE"); provided that interest on any
Conversion Amount of this Note that is accrued but unpaid as of the Conversion
Date of such Conversion Amount shall be paid in shares of Common Stock at the
Conversion Rate. From and after the occurrence of an Event of Default (as
defined in Section 4(a)) or the failure to deliver timely the Non-Consolidation
Opinion (as defined in the Securities Purchase Agreement) pursuant to Section
4(f) of the Securities Purchase Agreement (the "NRG OPINION"), the Interest Rate
shall be increased by two percentage points (2%). In the event that such Event
of Default is subsequently cured, the adjustment referred to in the preceding
sentence shall cease to be effective as of the date of such cure; provided that
the Interest as calculated at such increased rate during the continuance of such
Event of Default shall continue to apply to the extent relating to the days
after the occurrence of such Event of Default through and including the date of
cure of such Event of Default. If the Company shall fail to credit the Holder's
balance account with DTC (as defined in Section 3(c)(i)) or, if requested in
writing by the Holder, to issue a certificate to the Holder for the number of
shares of Common Stock to which the Holder is entitled upon conversion of any
Conversion Amount or to issue a new Note (in accordance with Section 18(d))
representing the Principal portion of the Conversion Amount (as defined in
Section 3(b)(i)) to which the Holder is entitled, in each case within the time
periods set out in Section 3(c)(i) (in each case, a "CONVERSION FAILURE"), then
during each period beginning on and including the date of each such Conversion
Failure and ending on and including the date such Conversion Failure is cured,
the Interest Rate then in effect shall be increased by two percentage points
(2%). If (i) the Registration Statement (as defined in the Registration Rights
Agreement) covering all the Registrable Securities (as defined in the
Registration Rights Agreement) issuable upon conversion of this Note and
required to be filed by

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the Company pursuant to the Registration Rights Agreement is not declared
effective by the Securities and Exchange Commission (the "SEC") on or before the
applicable Mandatory Effective Date (as defined in the Registration Rights
Agreement) or (ii) on any day after such Registration Statement has been
declared effective by the SEC that sales of all the Registrable Securities
required to be included on such Registration Statement cannot be made (other
than during an Allowable Grace Period (as defined in Section 3(t) of the
Registration Rights Agreement) pursuant to such Registration Statement
(including, without limitation, because of a failure to keep such Registration
Statement effective, to disclose such information as is necessary for sales to
be made pursuant to such Registration Statement or to register sufficient shares
of Common Stock) (collectively with the event described in the immediately
preceding clause (i), each a "REGISTRATION FAILURE"), then, as partial relief
for the damages to any holder by reason of any such delay in or reduction of its
ability to sell Registrable Securities (which remedy shall not be exclusive of
any other remedies available at law or in equity) the Interest Rate then in
effect shall be increased by two percentage points (2%) during each period
beginning on and including the first date of each such Registration Failure and
ending on and including the date such Registration Failure is cured.

               (3) CONVERSION OF NOTES. This Note shall be convertible into
shares of the Common Stock, on the terms and conditions set forth in this
Section 3.

                      (a) Conversion Right. Subject to the provisions of Section
3(d), at any time or times on or after the Issuance Date, the Holder shall be
entitled to convert any portion of the outstanding and unpaid Conversion Amount
(as defined below) into fully paid and nonassessable shares of Common Stock in
accordance with Section 3(c), at the Conversion Rate (as defined below). The
Company shall not issue any fraction of a share of Common Stock upon any
conversion. If the issuance would result in the issuance of a fraction of a
share of Common Stock, the Company shall round such fraction of a share of
Common Stock up to the nearest whole share. The Company shall pay any and all
taxes that may be payable with respect to the issuance and delivery of Common
Stock upon conversion of any Conversion Amount.

                      (b) Conversion Rate. The number of shares of Common Stock
issuable upon conversion of any Conversion Amount pursuant to Section 3(a) shall
be determined by dividing (x) such Conversion Amount by (y) the Conversion Price
(as defined below) (the "CONVERSION RATE").

        (i) "CONVERSION AMOUNT" means the sum of (A) the portion of the
        Principal to be converted, redeemed or otherwise surrendered with
        respect to which this determination is being made, (B) accrued and
        unpaid Interest with respect to such Principal and (C) accrued and
        unpaid Late Charges with respect to such Principal and Interest.

        (ii) "CONVERSION PRICE" means 110% of the arithmetic average of the
        Weighted Average Price of the Common Stock during the 20 Trading Day
        period beginning 90 days after the issuance date of the First Notes, not
        to exceed the arithmetic average of the Weighted Average Price of the
        Common Stock during the 20 Trading Day period ending on the Trading Day
        that is immediately prior to the 90th day after the issuance date of the
        First Notes.

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                      (c) Mechanics of Conversion.

        (i) Optional Conversion. To convert any Conversion Amount into shares of
        Common Stock on any date (a "CONVERSION DATE"), the Holder shall (A)
        transmit by facsimile (or otherwise deliver), for receipt on or prior to
        11:59 p.m., Central Time on such date, a copy of an executed notice of
        conversion in the form attached hereto as Exhibit I (the "CONVERSION
        NOTICE") to the Company and (B) if required by Section 3(c)(ii),
        surrender this Note to a common carrier for delivery to the Company as
        soon as practicable on or following such date (or an indemnification
        undertaking with respect to this Note in the case of its loss, theft or
        destruction). On or before the first Business Day following the
        Company's receipt of a Conversion Notice, the Company shall transmit by
        facsimile a confirmation of receipt of such Conversion Notice to the
        Holder and the Transfer Agent (as defined below). On or before the
        second Business Day following the date of receipt of a Conversion Notice
        (the "SHARE DELIVERY DATE"), the Company shall (X) (if (Y) below does
        not apply) issue and deliver to the address as specified in the
        Conversion Notice, a certificate, registered in the name of the Holder
        or its designee, for the number of shares of Common Stock to which the
        Holder shall be entitled, or (Y) provided that the Company's transfer
        agent (the "TRANSFER AGENT") is participating in The Depository Trust
        Company ("DTC") Fast Automated Securities Transfer Program, upon the
        request of the Holder, credit such aggregate number of shares of Common
        Stock to which the Holder shall be entitled to the Holder's or its
        designee's balance account with DTC through its Deposit Withdrawal Agent
        Commission system. If this Note is physically surrendered for conversion
        as required by Section 3(c)(ii) and the outstanding Principal of this
        Note is greater than the Principal portion of the Conversion Amount
        being converted, then the Company shall as soon as practicable and in no
        event later than three Business Days after receipt of this Note (the
        "NOTE DELIVERY DATE") and at its own expense, issue and deliver to the
        holder a new Note (in accordance with Section 18(d)) representing the
        outstanding Principal not converted. The person or persons entitled to
        receive the shares of Common Stock issuable upon a conversion of this
        Note shall be treated for all purposes as the record holder or holders
        of such shares of Common Stock on the Conversion Date.

        (ii) Book-Entry. Notwithstanding anything to the contrary set forth
        herein, upon conversion of any portion of this Note in accordance with
        the terms hereof, the Holder shall not be required to physically
        surrender this Note to the Company unless (A) the full Conversion Amount
        represented by this Note is being converted or (B) the Holder has
        provided the Company with prior written notice (which notice may be
        included in a Conversion Notice) requesting physical surrender and
        reissue of this Note. The Holder and the Company shall maintain records
        showing the Principal and Interest converted and the dates of such
        conversions or shall use such other method, reasonably satisfactory to
        the Holder and the Company, so as not to require physical surrender of
        this Note upon conversion.

        (iii) Pro Rata Conversion; Disputes. In the event that the Company
        receives a Conversion Notice from more than one holder of the Notes or
        the Separate Tranche Notes

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        for the same Conversion Date and the Company can convert some, but not
        all, of such portions of the Notes and the Separate Tranche Notes
        submitted for conversion, the Company, subject to Section 3(d), shall
        convert from each holder of the Notes and the Separate Tranche Notes
        electing to have the Notes or Separate Tranche Notes converted on such
        date a pro rata amount of such holder's portion of its Notes or Separate
        Tranche Notes submitted for conversion based on the principal amount of
        the Notes or Separate Tranche Notes submitted for conversion on such
        date by such holder relative to the aggregate principal amount of all
        the Notes and the Separate Tranche Notes submitted for conversion on
        such date. In the event of a dispute as to the number of shares of
        Common Stock issuable to the Holder in connection with a conversion of
        this Note, the Company shall issue to the Holder the number of shares of
        Common Stock not in dispute and resolve such dispute in accordance with
        Section 23.

                      (d) Limitations on Conversions.

        (i) Beneficial Ownership. The Company shall not effect any conversion of
        this Note, and the Holder of this Note shall not have the right to
        convert any portion of this Note pursuant to Section 3(a), to the extent
        that after giving effect to such conversion, the Holder (together with
        the Holder's affiliates) would beneficially own in excess of 5.0% of the
        number of shares of Common Stock outstanding immediately after giving
        effect to such conversion. For purposes of the foregoing sentence, the
        number of shares of Common Stock beneficially owned by the Holder and
        its affiliates shall include the number of shares of Common Stock
        issuable upon conversion of this Note with respect to which the
        determination of such sentence is being made, but shall exclude the
        number of shares of Common Stock which would be issuable upon (A)
        conversion of the remaining, nonconverted portion of this Note
        beneficially owned by the Holder or any of its affiliates and (B)
        exercise or conversion of the unexercised or nonconverted portion of any
        other securities of the Company (including, without limitation, any
        Other Notes, Separate Tranche Notes or warrants) subject to a limitation
        on conversion or exercise analogous to the limitation contained herein
        beneficially owned by the Holder or any of its affiliates. Except as set
        forth in the preceding sentence, for purposes of this Section 3(d)(i),
        beneficial ownership shall be calculated in accordance with Section
        13(d) of the Securities Exchange Act of 1934, as amended. For purposes
        of this Section 3(d)(i), in determining the number of outstanding shares
        of Common Stock, the Holder may rely on the number of outstanding shares
        of Common Stock as reflected in (x) the Company's most recent Form 10-Q
        or Form 10-K, as the case may be, (y) a more recent public announcement
        by the Company or (z) any other notice by the Company or the Transfer
        Agent setting forth the number of shares of Common Stock outstanding.
        For any reason at any time, upon the written or oral request of the
        Holder, the Company shall within one Business Day confirm orally and in
        writing to the Holder the number of shares of Common Stock then
        outstanding. In any case, the number of outstanding shares of Common
        Stock shall be determined after giving effect to the conversion or
        exercise of securities of the Company, including this Note, by the
        Holder or its affiliates since the date as of which such number of
        outstanding shares of Common Stock was reported.

        (ii) Principal Market Regulation. The Company shall not be obligated to
        issue any

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        shares of Common Stock pursuant to this Note if the issuance of such
        shares of Common Stock would exceed that number of shares of Common
        Stock which the Company may issue pursuant to the Notes and the Separate
        Tranche Notes without breaching the Company's obligations under the
        rules or regulations of the Principal Market (the "EXCHANGE CAP"),
        except that such limitation shall not apply in the event that the
        Company (A) obtains the approval of its shareholders as required by the
        applicable rules of the Principal Market for issuances of Common Stock
        in excess of such amount or (B) obtains a written opinion from outside
        counsel to the Company that such approval is not required, which opinion
        shall be reasonably satisfactory to the holders of the Notes and the
        Separate Tranche Notes representing a majority of the principal amounts
        of the Notes and the Separate Tranche Notes (voting as a single class)
        then outstanding. Until such approval or written opinion is obtained, no
        purchaser of the Notes or the Separate Tranche Notes pursuant to the
        Securities Purchase Agreement (the "PURCHASERS") shall be issued, upon
        conversion of the Notes or the Separate Tranche Notes, shares of Common
        Stock in an amount greater than the product of the Exchange Cap
        multiplied by a fraction, the numerator of which is the principal amount
        of the Notes and the Separate Tranche Notes issued to such Purchaser
        pursuant to the Securities Purchase Agreement as of the date of such
        determination and the denominator of which is the aggregate principal
        amount of all the Notes and the Separate Tranche Notes issued to the
        Purchasers pursuant to the Securities Purchase Agreement as of the date
        of such determination (with respect to each Purchaser, the "EXCHANGE CAP
        ALLOCATION"). In the event that any Purchaser shall sell or otherwise
        transfer any of such Purchaser's Notes or Separate Tranche Notes, the
        transferee shall be allocated a pro rata portion of such Purchaser's
        Exchange Cap Allocation, and the restrictions of the prior sentence
        shall apply to such transferee with respect to the portion of the
        Exchange Cap Allocation allocated to such transferee. In the event that
        any holder of the Notes or the Separate Tranche Notes shall convert all
        of such holder's Notes or Separate Tranche Notes into a number of shares
        of Common Stock which, in the aggregate, is less than such holder's
        Exchange Cap Allocation, then the difference between such holder's
        Exchange Cap Allocation and the number of shares of Common Stock
        actually issued to such holder shall be allocated to the respective
        Exchange Cap Allocations of the remaining holders of the Notes and the
        Separate Tranche Notes on a pro rata basis in proportion to the
        aggregate principal amount of the Notes and the Separate Tranche Notes
        then held by each such holder.

               (4) RIGHTS UPON EVENT OF DEFAULT.

                      (a) Event of Default. Each of the following events shall
constitute a "EVENT OF DEFAULT":

        (i) the failure of the Registration Statement covering all Registrable
        Securities (as defined in the Registration Rights Agreement) required to
        be registered pursuant to the Registration Rights Agreement to be
        declared effective by the SEC on or prior to the date that is 180 days
        after the Issuance Date, or, while such Registration Statement is
        required to be maintained effective pursuant to the terms of the
        Registration Rights Agreement, the effectiveness of such Registration
        Statement lapses for any reason (including, without limitation, the
        issuance of a stop order) or is unavailable to any holder of the Notes
        for

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        sale of all of such holder's Registrable Securities in accordance with
        the terms of the Registration Rights Agreement, and such lapse or
        unavailability continues for a period of five consecutive Business Days
        or for more than an aggregate of 20 Business Days in any 365-day period;

        (ii) the suspension from trading on the Principal Market for a period of
        three consecutive Business Days or for more than an aggregate of three
        Business Days in any 30-day Trading Day period or the delisting of the
        Common Stock from the Principal Market;

        (iii) the Company's (A) failure to cure a Conversion Failure by delivery
        of the required number of shares of Common Stock or a new Note (in
        accordance with section 18(d)), as applicable, within 10 days after the
        receipt by the Company of a Conversion Notice or (B) notice, written or
        oral, to any holder of the Notes, including by way of public
        announcement or through any of its agents, at any time, of its intention
        not to comply with a request for conversion of any Notes into shares of
        Common Stock that is tendered in accordance with the provisions of the
        Notes;

        (iv) the Company's failure to pay to the Holder any amount of Principal,
        Interest, Late Charges or other amounts when and as due under this Note,
        the Securities Purchase Agreement, the Registration Rights Agreement or
        any other agreement, document, certificate or other instrument delivered
        in connection with the transactions contemplated hereby and thereby to
        which the Holder is a party;

        (v) any default under, redemption of or acceleration prior to maturity
        of any Indebtedness (as defined in Section 3(r) of the Securities
        Purchase Agreement) of the Company or any of its Subsidiaries (as
        defined in Section 3(a) of the Securities Purchase Agreement) other than
        NRG (as defined below) (including, without limitation, the Other Notes)
        of at least $50,000,000;

        (vi) the Company or any of its Subsidiaries other than NRG (as defined
        below), pursuant to or within the meaning of Title 11, U.S. Code, or any
        similar Federal or state law for the relief of debtors (collectively,
        "BANKRUPTCY LAW"), (A) commences a voluntary case, (B) consents to the
        entry of an order for relief against it in an involuntary case, (C)
        consents to the appointment of a receiver, trustee, assignee, liquidator
        or similar official (a "CUSTODIAN"), (D) makes a general assignment for
        the benefit of its creditors or (E) admits in writing that it is
        generally unable to pay its debts as they become due;

        (vii) a court of competent jurisdiction enters an order or decree under
        any Bankruptcy Law that (A) is for relief against the Company or any of
        its Subsidiaries other than NRG (as defined below) in an involuntary
        case, (B) appoints a Custodian of the Company or any of its Subsidiaries
        other than NRG (as defined below) or (C) orders the liquidation of the
        Company or any of its Subsidiaries other than NRG (as defined below); or

        (viii) the Company breaches any representation, warranty, covenant
        (other than any covenant to deliver the NRG Opinion) or other term or
        condition of the Securities

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        Purchase Agreement, the Registration Rights Agreement, this Note or any
        other agreement, document, certificate or other instrument delivered in
        connection with the transactions contemplated thereby and hereby to
        which the Holder is a party, except, in the case of a breach of a
        covenant which is curable, only if such breach continues for a period of
        at least 10 consecutive days.

                      (b) Redemption Right. Promptly after the occurrence of an
Event of Default with respect to this Note or the Other Notes, the Company shall
deliver written notice thereof via facsimile and overnight courier (a "EVENT OF
DEFAULT NOTICE") to the Holder. At any time after the earlier of the Holder's
receipt of an Event of Default Notice and the Holder becoming aware of an Event
of Default, the Holder may require the Company to redeem all or any portion of
this Note by delivering written notice thereof (the "EVENT OF DEFAULT REDEMPTION
NOTICE") to the Company, which Event of Default Redemption Notice shall indicate
the portion of this Note the Holder is electing to redeem. Each portion of this
Note subject to redemption by the Company pursuant to this Section 4(b) shall be
redeemed by the Company at a price equal to the greater of (i) the product of
(x) the Conversion Amount and (y) the quotient determined by dividing (A) the
Closing Sale Price of the Common Stock immediately prior to such Event of
Default by (B) the Conversion Price and (ii) the product of (x) the Conversion
Amount and (y) the Redemption Premium (the "EVENT OF DEFAULT REDEMPTION PRICE").
Redemptions required by this Section 4(b) shall be made in accordance with the
provisions of Section 10.

               (5) RIGHTS UPON CHANGE OF CONTROL.

                      (a) Change of Control. Each of the following events shall
constitute a "CHANGE OF CONTROL":

        (i) the consolidation, merger or other business combination (including,
        without limitation, a reorganization or recapitalization) of the Company
        with or into another Person in which holders of the Company's voting
        power immediately prior to the transaction cease after the transaction
        to hold, directly or indirectly, a majority of the voting power of the
        surviving entity or entities or the voting power necessary to elect a
        majority of the members of the board of directors (or their equivalent
        if other than a corporation) of such entity or entities;

        (ii) the sale or transfer of all or substantially all of the Company's
        assets; or

        (iii) a purchase, tender or exchange offer made to and accepted by the
        holders of more than the 50% of the outstanding shares of Common Stock.

                      (b) Assumption. Prior to the consummation of any Change of
Control, the Company will secure from any Person purchasing the Company's assets
or Common Stock or any successor resulting from such Change of Control (in each
case, an "ACQUIRING ENTITY") a written agreement (in form and substance
satisfactory to the holders of Notes representing a majority of the aggregate
principal amount of the Notes then outstanding) to deliver to each holder of
Notes in exchange for such Notes, a security of the Acquiring Entity evidenced
by a written instrument substantially similar in form and substance to the
Notes, including, without

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limitation, having a principal amount and interest rate equal to the principal
amounts and the interest rates of the Notes held by such holder, and
satisfactory to the holders of Notes representing a majority of the principal
amount of the Notes then outstanding. In the event that an Acquiring Entity is
directly or indirectly controlled by a company or entity whose common stock or
similar equity interest is listed, designated or quoted on a securities exchange
or trading market, the holders of notes representing a majority of the aggregate
principal amount of the Notes then outstanding may elect to treat such Person as
the Acquiring Entity for purposes of this Section 5(b).

                      (c) Redemption Right. No sooner than 15 days nor later
than 10 days prior to the consummation of a Change of Control, but not prior to
the public announcement of such Change of Control, the Company shall deliver
written notice thereof via facsimile and overnight courier to the Holder (a
"CHANGE OF CONTROL NOTICE"). At any time on or after consummation of such Change
of Control, the Holder may require the Company to redeem all or any portion of
this Note by delivering written notice thereof ("CHANGE OF CONTROL REDEMPTION
NOTICE" and, collectively with an Event of Default Redemption Notice,
"REDEMPTION NOTICES" and, individually, each a "REDEMPTION NOTICE") to the
Company, which Change of Control Redemption Notice shall indicate the Conversion
Amount the Holder is electing to redeem. The portion of this Note subject to
redemption pursuant to this Section 5(c) shall be redeemed by the Company at a
price equal to the greater of (i) the product of (x) the Conversion Amount and
(y) the quotient determined by dividing (A) the Closing Sale Price of the Common
Stock immediately following the public announcement of such proposed Change of
Control by (B) the Conversion Price and (ii) 115% of the Conversion Amount (the
"CHANGE OF CONTROL REDEMPTION PRICE" and, together with the Event of Default
Redemption Price, the "REDEMPTION PRICE"). Redemptions required by this Section
5(c) shall be made in accordance with the provisions of Section 10 and shall
have priority to payments to other shareholders in connection with a Change of
Control.

               (6) RIGHTS UPON ISSUANCE OF PURCHASE RIGHTS AND OTHER CORPORATE
EVENTS.

                      (a) Purchase Rights. If at any time the Company grants,
issues or sells any Options, Convertible Securities or rights to purchase stock,
warrants, securities or other property pro rata to the record holders of any
class of Common Stock (the "PURCHASE RIGHTS"), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the
number of shares of Common Stock acquirable upon complete conversion of this
Note (without taking into account any limitations or restrictions on the
convertibility of this Note) immediately before the date on which a record is
taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of Common Stock are to
be determined for the grant, issue or sale of such Purchase Rights.

                      (b) Other Corporate Events. Prior to the consummation of
any recapitalization, reorganization, consolidation, merger or other business
combination (other than a Change of Control) pursuant to which holders of Common
Stock are entitled to receive

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securities or other assets with respect to or in exchange for Common Stock (a
"CORPORATE EVENT"), the Company shall make appropriate provision to insure that
the Holder will thereafter have the right to receive upon a conversion of this
Note, (i) in addition to the shares of Common Stock receivable upon such
conversion, such securities or other assets to which the Holder would have been
entitled with respect to such shares of Common Stock had such shares of Common
Stock been held by the Holder upon the consummation of such Corporate Event or
(ii) in lieu of the shares of Common Stock otherwise receivable upon such
conversion, such securities or other assets received by the holders of Common
Stock in connection with the consummation of such Corporate Event in such
amounts as the Holder would have been entitled to receive had this Note
initially been issued with conversion rights for the form of such consideration
(as opposed to shares of Common Stock) at a conversion rate for such
consideration commensurate with the Conversion Rate. Provision made pursuant to
the preceding sentence shall be in a form and substance satisfactory to the
holders of Notes representing a majority of the aggregate principal amount of
the Notes then outstanding.

               (7) RIGHTS UPON ISSUANCE OF OTHER SECURITIES.

                      (a) Adjustment of Conversion Price upon Issuance of Common
Stock. If and whenever on or after the issuance date of the Third Notes, the
Company issues or sells, or in accordance with this Section 7(a) is deemed to
have issued or sold, any shares of Common Stock (including the issuance or sale
of shares of Common Stock owned or held by or for the account of the Company,
but excluding shares of Common Stock deemed to have been issued or sold by the
Company (I) in connection with the Xcel Energy Direct Purchase Plan or any
employee benefit plan which has been approved by the Board of Directors of the
Company or any of its Subsidiaries, pursuant to which the Company's securities
may be issued to any employee, officer or director for services provided to the
Company or its Subsidiaries (each, an "APPROVED STOCK PLAN") or (II) upon
conversion of the Notes or the Separate Tranche Notes) for a consideration per
share less than the higher of the Closing Sale Price of the Common Stock on the
date of such issuance or sale or deemed issuance or sale and the Conversion
Price in effect immediately prior to such issuance or sale or deemed issuance or
sale (such higher price is referred to herein as the "APPLICABLE PRICE"), then
immediately after such issue or sale (subject to Section 7(a)(vi)), the
Conversion Price then in effect shall be reduced to an amount equal to the
product of (x) the Conversion Price in effect immediately prior to such issue or
sale or deemed issuance or sale and (y) the quotient determined by dividing (1)
the sum of the product of the Applicable Price and the number of shares of
Common Stock Deemed Outstanding immediately prior to such issue or sale or
deemed issue or sale and the consideration, if any, received by the Company upon
such issue or sale, by (2) the product of the Applicable Price multiplied by the
number of shares of Common Stock Deemed Outstanding immediately after such issue
or sale or deemed issue or sale. For purposes of determining the adjusted
Conversion Price under this Section 7(a), the following shall be applicable:

        (i) Issuance of Options. If the Company in any manner grants or sells
        any Options and the lowest price per share for which one share of Common
        Stock is issuable upon the exercise of any such Option or upon
        conversion, exercise or exchange of any Convertible Securities issuable
        upon exercise of such Option is less than the Applicable Price, then
        such share of Common Stock shall be deemed to be outstanding and to have
        been issued

                                       10
<PAGE>

        and sold by the Company at the time of the granting or sale of such
        Option for such price per share. For purposes of this Section 7(a)(i),
        the "lowest price per share for which one share of Common Stock is
        issuable upon the exercise of any such Option or upon conversion,
        exercise or exchange of any Convertible Securities issuable upon
        exercise of such Option" shall be equal to the sum of the lowest amounts
        of consideration (if any) received or receivable by the Company with
        respect to any one share of Common Stock upon granting or sale of the
        Option, upon exercise of the Option and upon conversion, exercise or
        exchange of any Convertible Security issuable upon exercise of such
        Option. No further adjustment of the Conversion Price shall be made upon
        the actual issuance of such Common Stock or of such Convertible
        Securities upon the exercise of such Options or upon the actual issuance
        of such Common Stock upon conversion, exercise or exchange of such
        Convertible Securities. If the Company issues or sells any Options which
        are Variable Securities, no adjustment of the Conversion Price shall be
        made pursuant to this Section 7(a), and no shares of Common Stock shall
        be deemed outstanding with respect to such Variable Securities, as a
        result of the issuance of such Variable Securities until the actual
        issuance of Common Stock or Convertible Securities upon exercise of such
        Variable Securities, except to the extent such Variable Security also
        includes as a component of the exercise price a price which does not
        vary with the market price of the Common Stock.

        (ii) Issuance of Convertible Securities. If the Company in any manner
        issues or sells any Convertible Securities and the lowest price per
        share for which one share of Common Stock is issuable upon such
        conversion, exercise or exchange thereof is less than the Applicable
        Price, then such share of Common Stock shall be deemed to be outstanding
        and to have been issued and sold by the Company at the time of the
        issuance of sale of such Convertible Securities for such price per
        share. For the purposes of this Section 7(a)(ii), the "price per share
        for which one share of Common Stock is issuable upon such conversion,
        exercise or exchange" shall be equal to the sum of the lowest amounts of
        consideration (if any) received or receivable by the Company with
        respect to any one share of Common Stock upon the issuance or sale of
        the Convertible Security and upon the conversion, exercise or exchange
        of such Convertible Security. No further adjustment of the Conversion
        Price shall be made upon the actual issuance of such Common Stock upon
        conversion, exercise or exchange of such Convertible Securities, and if
        any such issue or sale of such Convertible Securities is made upon
        exercise of any Options for which adjustment of the Conversion Price had
        been or are to be made pursuant to other provisions of this Section
        7(a), no further adjustment of the Conversion Price shall be made by
        reason of such issue or sale. If the Company issues or sells any
        Convertible Securities which are Variable Securities, no adjustment of
        the Conversion Price shall be made pursuant to this Section 7(a), and no
        shares of Common Stock shall be deemed outstanding with respect to such
        Variable Security, as a result of the issuance of such Variable
        Securities until the actual issuance of Common Stock upon exercise of
        such Variable Securities, except to the extent such Variable Security
        also includes as a component of the conversion, exercise or exchange
        price a price which does not vary with the market price of the Common
        Stock.

        (iii) Change in Option Price or Rate of Conversion. If the purchase
        price provided for

                                       11
<PAGE>

        in any Options, the additional consideration, if any, payable upon the
        issue, conversion or exchange of any Convertible Securities, or the rate
        at which any Convertible Securities are convertible into or exercisable
        or exchangeable for Common Stock changes at any time, the Conversion
        Price in effect at the time of such change shall be adjusted to the
        Conversion Price which would have been in effect at such time had such
        Options or Convertible Securities provided for such changed purchase
        price, additional consideration or changed conversion rate, as the case
        may be, at the time initially granted, issued or sold. For purposes of
        this Section 7(a)(iii), if the terms of any Option or Convertible
        Security that was outstanding as of the Issuance Date are changed in the
        manner described in the immediately preceding sentence, then such Option
        or Convertible Security and the Common Stock deemed issuable upon
        exercise, conversion or exchange thereof shall be deemed to have been
        issued as of the date of such change. No adjustment shall be made if
        such adjustment would result in an increase of the Conversion Price then
        in effect.

        (iv) Calculation of Consideration Received. In case any Option is issued
        in connection with the issue or sale of other securities of the Company,
        together comprising one integrated transaction in which no specific
        consideration is allocated to such Options by the parties thereto, the
        Options will be deemed to have been issued for a consideration of $.01.
        If any Common Stock, Options or Convertible Securities are issued or
        sold or deemed to have been issued or sold for cash, the consideration
        received therefor will be deemed to be the net amount received by the
        Company therefor. If any Common Stock, Options or Convertible Securities
        are issued or sold for a consideration other than cash, the amount of
        the consideration other than cash received by the Company will be the
        fair value of such consideration, except where such consideration
        consists of securities, in which case the amount of consideration
        received by the Company will be the Closing Sale Price of such
        securities on the date of receipt. If any Common Stock, Options or
        Convertible Securities are issued to the owners of the non-surviving
        entity in connection with any merger in which the Company is the
        surviving entity, the amount of consideration therefor will be deemed to
        be the fair value of such portion of the net assets and business of the
        non-surviving entity as is attributable to such Common Stock, Options or
        Convertible Securities, as the case may be. The fair value of any
        consideration other than cash or securities will be determined jointly
        by the Company and the holders of Notes representing a majority of the
        principal amounts of the Notes then outstanding. If such parties are
        unable to reach agreement within ten days after the occurrence of an
        event requiring valuation (the "VALUATION EVENT"), the fair value of
        such consideration will be determined within five Business Days after
        the tenth day following the Valuation Event by an independent, reputable
        appraiser jointly selected by the Company and the holders of Notes
        representing a majority of the principal amounts of the Notes then
        outstanding. The determination of such appraiser shall be deemed binding
        upon all parties absent manifest error and the fees and expenses of such
        appraiser shall be borne by the Company.

        (v) Record Date. If the Company takes a record of the holders of Common
        Stock for the purpose of entitling them (A) to receive a dividend or
        other distribution payable in Common Stock, Options or in Convertible
        Securities or (B) to subscribe for or purchase

                                       12
<PAGE>

        Common Stock, Options or Convertible Securities, then such record date
        will be deemed to be the date of the issue or sale of the shares of
        Common Stock deemed to have been issued or sold upon the declaration of
        such dividend or the making of such other distribution or the date of
        the granting of such right of subscription or purchase, as the case may
        be.

        (vi) Common Stock Deemed Outstanding. "COMMON STOCK DEEMED OUTSTANDING"
        means, at any given time, the number of shares of Common Stock actually
        outstanding at such time, plus the number of shares of Common Stock
        deemed to be outstanding pursuant to Sections 7(a)(i) and 7(a)(ii)
        hereof regardless of whether the Options or Convertible Securities are
        actually exercisable at such time, but excluding any shares of Common
        Stock owned or held by or for the account of the Company or issuable
        upon conversion of the Notes or the Separate Tranche Notes.

        (vii) Delayed Adjustment. In addition to the foregoing provisions of
        this Section 7(a), the Weighted Average Price, Closing Sales Price and
        Closing Bid Price shall be subject to adjustment, in accordance with the
        foregoing provisions, for any days during any measuring period used
        herein that occur prior to any of the aforementioned events if such
        events occur prior to the end of such measuring period.

                      (b) Adjustment of Conversion Price upon Subdivision or
Combination of Common Stock. If the Company at any time subdivides (by any stock
split, stock dividend, recapitalization or otherwise) one or more classes of its
outstanding shares of Common Stock into a greater number of shares, the
Conversion Price in effect immediately prior to such subdivision will be
proportionately reduced. If the Company at any time combines (by combination,
reverse stock split or otherwise) one or more classes of its outstanding shares
of Common Stock into a smaller number of shares, the Conversion Price in effect
immediately prior to such combination will be proportionately increased.

                      (c) Other Events. If any event occurs of the type
contemplated by the provisions of this Section 7 but not expressly provided for
by such provisions (including, without limitation, the granting of stock
appreciation rights, phantom stock rights or other rights with equity features),
then the Company's Board of Directors will make an appropriate adjustment in the
Conversion Price so as to protect the rights of the Holder under this Note;
provided that no such adjustment will increase the Conversion Price as otherwise
determined pursuant to this Section 7.

               (8) NONCIRCUMVENTION. The Company hereby covenants and agrees
that the Company will not, by amendment of its Articles of Incorporation or
through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities, or any other voluntary action, avoid
or seek to avoid the observance or performance of any of the terms of, or enter
into any agreement which by its terms restricts or otherwise impairs the
Company's performance of the terms of, this Note or any of the other Transaction
Documents (as defined in the Securities Purchase Agreement), and will at all
times in good faith carry out all of the provisions of this Note and take all
action as may be required to protect the rights of the Holder of this Note.

                                       13
<PAGE>

               (9) RESERVATION OF AUTHORIZED SHARES.

                      (a) Reservation. The Company shall initially reserve out
of its authorized and unissued Common Stock a number of shares of Common Stock
for each of the Notes and the Separate Tranche Notes equal to 115% of the
Conversion Rate with respect to the Conversion Amount of each such Note and
Separate Tranche Note. Thereafter, the Company shall, so long as any of the
Notes or Separate Tranche Notes are outstanding, take all action necessary to
reserve and keep available out of its authorized and unissued Common Stock,
solely for the purpose of effecting the conversion of the Notes and Separate
Tranche Note, at least 100% of the number of shares of Common Stock as shall
from time to time be necessary to effect the conversion of all of the Notes and
the Separate Tranche Notes then outstanding; provided that at no time shall the
number of shares of Common Stock so reserved be less than the number of shares
required to be reserved by the previous sentence (without regard to any
limitations on conversions) (the "REQUIRED RESERVE AMOUNT"). The initial number
of shares of Common Stock reserved for conversions of the Notes and the Separate
Tranche Note and each increase in the number of shares so reserved shall be
allocated pro rata among the holders of the Notes and Separate Tranche Note
based on the principal amount of the Notes and Separate Tranche Notes held by
each holder at the time of Issuance Date or increase in the number of reserved
shares, as the case may be (the "AUTHORIZED SHARE ALLOCATION"). In the event
that a holder shall sell or otherwise transfer any of such holder's Notes, each
transferee shall be allocated a pro rata portion of such holder's Authorized
Share Allocation. Any shares of Common Stock reserved and allocated to any
Person which ceases to hold any Notes shall be allocated to the remaining
holders of Notes, pro rata based on the principal amount of the Notes then held
by such holders.

                      (b) Insufficient Authorized Shares. If at any time while
any of the Notes or Separate Tranche Note remain outstanding the Company does
not have a sufficient number of authorized and unreserved shares of Common Stock
to satisfy its obligation to reserve for issuance upon conversion of the Notes
and the Separate Tranche Notes at least a number of shares of Common Stock equal
to the Required Reserve Amount (an "AUTHORIZED SHARE FAILURE"), then the Company
shall immediately take all action necessary to increase the Company's authorized
shares of Common Stock to an amount sufficient to allow the Company to reserve
the Required Reserve Amount for the Notes and Separate Tranche Note then
outstanding. Without limiting the generality of the foregoing sentence, as soon
as practicable after the date of the occurrence of an Authorized Share Failure,
but in no event later than 60 days after the occurrence of such Authorized Share
Failure, the Company shall hold a meeting of its shareholders for the approval
of an increase in the number of authorized shares of Common Stock. In connection
with such meeting, the Company shall provide each shareholder with a proxy
statement and shall use its best efforts to solicit its shareholders' approval
of such increase in authorized shares of Common Stock and to cause its board of
directors to recommend to the shareholders that they approve such proposal.

               (10) REDEMPTION.

                      (a) Mechanics. In the event that the Holder has sent a
Redemption Notice to the Company pursuant to Section 4(b) or Section 5(c), the
Holder shall promptly

                                       14
<PAGE>

submit this Note to the Company. The Company shall deliver the applicable Event
of Default Redemption Price to the Holder within five Business Days after the
Company's receipt of the Holder's Event of Default Redemption Notice and
thereafter the Holder shall promptly deliver this Note to the Company. If the
Holder has submitted a Change of Control Redemption Notice in accordance with
Section 5(c), the Company shall deliver the applicable Change of Control
Redemption Price to the Holder concurrently with the consummation of such Change
of Control if such notice is received prior to the consummation of such Change
of Control and within five Business Days after the Company's receipt of such
notice otherwise. In the event of a redemption of less than all of the
Conversion Amount of this Note, the Company shall promptly cause to be issued
and delivered to the Holder a new Note (in accordance with Section 18(d))
representing the outstanding Principal which has not been redeemed. In the event
that the Company does not pay the Redemption Price to the Holder within the time
period required above in this Section 10(a) at any time thereafter and until the
Company pays such unpaid Redemption Price in full, the Holder shall have the
option to, in lieu of redemption, require the Company to promptly return to the
Holder all or any portion of this Note representing the Conversion Amount that
was submitted for redemption and for which the applicable Redemption Price
(together with any Late Charges thereon) has not been paid. Upon the Company's
receipt of such notice, (x) the Redemption Notice shall be null and void with
respect to such Conversion Amount, (y) the Company shall immediately return this
Note, or issue a new Note (in accordance with Section 18(d)) to the Holder
representing such Conversion Amount and (z) the Conversion Price of this Note or
such new Notes shall be adjusted to the lesser of (A) the Conversion Price as in
effect on the date on which the Redemption Notice is voided and (B) the lowest
Closing Bid Price during the period beginning on and including the date on which
the Redemption Notice is delivered to the Company and ending on and including
the date on which the Redemption Notice is voided. The Holder's delivery of a
notice voiding a Redemption Notice and exercise of its rights following such
notice shall not affect the Company's obligations to make any payments of Late
Charges which have accrued prior to the date of such notice with respect to the
Conversion Amount subject to such notice.

                      (b) Redemption by Other Holders. Upon the Company's
receipt of notice from any of the holders of the Other Notes or the Separate
Tranche Notes for redemption or repayment as a result of an event or occurrence
substantially similar to the events or occurrences described in Section 4(b) or
Section 5(c) (each an "OTHER REDEMPTION NOTICE"), the Company shall immediately
forward to the Holder by facsimile a copy of such notice. If the Company
receives a Redemption Notice and one or more Other Redemption Notices during the
seven Business Day period beginning on and including the date which is three
Business Days prior to the Company's receipt of the Holder's Redemption Notice
and ending on and including the date which is three Business Days after the
Company's receipt of the Holder's Redemption Notice and the Company is unable to
redeem all principal, interest and other amounts designated in such Redemption
Notice and such Other Redemption Notices received during such seven Business Day
period, then the Company shall redeem a pro rata amount from each holder of the
Notes and the Separate Tranche Notes (including the Holder) based on the
principal amount of the Notes and the Separate Tranche Notes submitted for
redemption pursuant to such Redemption Notice and such Other Redemption Notices
received by the Company during such seven Business Day period.

                                       15
<PAGE>

                      (c) Redemption at the Option of the Company. Except in
connection with the satisfaction by the Company of its obligations to redeem the
Notes under Sections 4(b) and 5(c) hereof, without the prior written consent of
the Holder the Company shall not have the right to prepay, redeem, repurchase,
defease or otherwise retire any Note prior to the Final Maturity Date.

                      (11) RESTRICTION ON REDEMPTION. Until all of the Notes
have been converted, redeemed or otherwise satisfied in accordance with their
terms, the Company shall not, directly or indirectly, redeem its capital stock
without the prior express written consent of the holders of Notes representing
at least two-thirds of the aggregate principal amount of the Notes then
outstanding.

                      (12) SUBORDINATION; ADDITIONAL INDEBTEDNESS. Payments of
Principal and Interest and other payments due under this Note shall rank pari
passu in right of payment with all (and shall not be subordinated to any)
unsecured, unsubordinated indebtedness of the Company and will be senior in
right of payment to all subordinated indebtedness of the Company.

                      (13) COVENANTS.

                             (a) Indebtedness. The Company shall not create,
incur, assume, guarantee or suffer to exist, or otherwise become or remain
liable with respect to, any Indebtedness other than Permitted Indebtedness and
Subordinated Indebtedness. "Subordinated Indebtedness" shall mean Indebtedness
that is unsecured and subordinated in right of payment to the Notes and other
obligations owing to the Holders in accordance with a subordination agreement in
form and substance satisfactory to the Holders. "Permitted Indebtedness" shall
mean any Indebtedness that is unsecured and is not senior in right of payment to
the Notes and is otherwise on terms that are no more favorable to the holders
thereof than the terms of the Indebtedness evidenced by the Notes unless such
more favorable terms are offered to the Holders.

                             (b) Liens. The Company shall not create, incur,
assume or suffer to exist, or permit any of its Subsidiaries (other than NRG
Energy Inc. or its subsidiaries (collectively, "NRG")) to create, incur, assume
or suffer to exist, any Lien upon or with respect to any of its properties,
whether now owned or hereafter acquired; sign or suffer to exist any security
agreement authorizing any secured party thereunder to file a Uniform Commercial
Code financing statement (or the equivalent thereof) as notice of a Lien on any
property of the Company or its Subsidiaries; sell any of its property or assets
subject to an understanding or agreement, contingent or otherwise, to repurchase
such property or assets (including sales of accounts receivable) with recourse
to it or any of its Subsidiaries or assign or otherwise transfer, or permit any
of its Subsidiaries (other than the Existing Utility Subsidiaries (as defined in
the Bank Facility)) to assign or otherwise transfer, any account or other right
to receive income; other than, as to all of the above, Permitted Liens. As used
herein, "Permitted Liens" shall have the meaning of that term as defined in the
Five-Year Credit Agreement, dated as of November 10, 2000, among the Company and
the banks listed therein (as the same maybe amended from time to time, the "BANK
FACILITY"). As used herein, "Liens" means any mortgage,

                                       16
<PAGE>

deed of trust, pledge, lien (statutory or otherwise), security interest, charge
or other encumbrance or security or preferential arrangement of any nature,
including, without limitation, any conditional sale or title retention
arrangement, any capitalized lease and any assignment, deposit arrangement or
financing lease intended as, or having the effect of, security.

                      (c) Transactions With Affiliates. The Company shall not,
and shall not permit any Subsidiary to, directly or indirectly, effect any
transaction with any Affiliate (as defined in the Bank Facility) that is (a)
outside the ordinary course of business or (b) on a basis less favorable than
would at the time be obtainable for a comparable transaction in arms-length
dealing with an unrelated third party, provided that notwithstanding the
foregoing, no loan, payment or other form of contribution shall be made to NRG
unless it is in an amount not in excess of (i) $300 Million payable pursuant to
the Support Agreement and Capital Subscription Agreement, dated as of May 29,
2002, by and between the Company and NRG Energy Inc. and (ii) $250 Million in
respect of guarantee obligations relating to the power marketing business of
NRG; provided further that with respect to any payment permitted pursuant to
clause (ii) above, the Company shall, in the context of a restructuring of NRG,
use its reasonable best efforts to obtain a full release of all obligations and
liabilities of the Company relating to NRG.

                      (d) Leverage Ratio. The Company shall not permit the
Leverage Ratio set forth in the Bank Facility to be exceeded.

                      (e) Restrictive Agreements. The Company shall not, and
shall not permit any Significant Subsidiary (as defined in the Bank Facility)
other than NRG to, enter into any agreement after the date of this Note that
imposes any restriction on the ability of such Significant Subsidiary to make
payments, directly or indirectly, to its shareholders by way of dividends,
advances, repayment of loans or intercompany charges, expenses or accruals or
other returns on investments that is more restrictive than any such restriction
applicable to such Significant Subsidiary on the Issuance Date.

                      (f) Scope of Business. The Company shall, and shall cause
each Subsidiary to, engage only in energy-related business, functionally related
businesses (as interpreted under PUHCA, as defined in the Securities Purchase
Agreement)or such other businesses as maybe permitted pursuant to an order
issued by the SEC pursuant to PUHCA.

               (14) VOTING RIGHTS. The Holder shall have no voting rights as the
holder of this Note, except as required by law, including but not limited to the
Minnesota Business Corporation Act, and as expressly provided in this Note.

               (15) PARTICIPATION. The Holder, as the holder of this Note, shall
be entitled to (i) all extraordinary or special dividends paid and distributions
made to the holders of Common Stock to the same extent as if the Holder had
converted this Note into Common Stock (without regard to any limitations on
conversion herein or elsewhere) and had held such shares of Common Stock on the
record date for such dividends and distributions and (ii) regular cash dividends
and distributions paid to the holders of the Common Stock only with respect to
that portion of such dividends that exceeds $0.1875 per share of Common Stock in
any calendar quarter (subject to adjustment for stock splits, stock dividends,
stock combinations and other

                                       17
<PAGE>

similar transactions after the Issuance Date). Payments under the preceding
sentence shall be made concurrently with the dividend or distribution to the
holders of Common Stock.

               (16) VOTE TO ISSUE, OR CHANGE THE TERMS OF, NOTES. The
affirmative vote at a meeting duly called for such purpose or the written
consent without a meeting, of the holders of Notes representing not less than
two-thirds of the aggregate principal amount of the then outstanding Notes,
shall be required for any change or amendment to this Note or the Other Notes.

               (17) TRANSFER. This Note may be offered, sold, assigned or
transferred by the Holder without the consent of the Company, subject only to
the provisions of Section 2(f) of the Securities Purchase Agreement.

               (18) REISSUANCE OF THIS NOTE.

                      (a) Transfer. If this Note is to be transferred, the
Holder shall surrender this Note to the Company, whereupon the Company will
forthwith issue and deliver upon the order of the Holder a new Note (in
accordance with Section 18(d)), registered as the Holder may request,
representing the outstanding Principal being transferred by the Holder and, if
less then the entire outstanding Principal is being transferred, a new Note (in
accordance with Section 18(d)) to the Holder representing the outstanding
Principal not being transferred. The Holder and any assignee, by acceptance of
this Note, acknowledge and agree that, by reason of the provisions of Section
3(c)(iii) and this Section 18(a), following conversion or redemption of any
portion of this Note, the outstanding Principal represented by this Note may be
less than the Principal stated on the face of this Note.

                      (b) Lost, Stolen or Mutilated Note. Upon receipt by the
Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note, and, in the case of loss, theft or
destruction, of any indemnification undertaking by the Holder to the Company in
customary form and, in the case of mutilation, upon surrender and cancellation
of this Note, the Company shall execute and deliver to the Holder a new Note (in
accordance with Section 18(d)) representing the outstanding Principal.

                      (c) Note Exchangeable for Different Denominations. This
Note is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Note or Notes (in accordance with Section 18(d)
and in principal amounts of at least $100,000) representing in the aggregate the
outstanding Principal of this Note, and each such new Note will represent such
portion of such outstanding Principal as is designated by the Holder at the time
of such surrender.

                      (d) Issuance of New Notes. Whenever the Company is
required to issue a new Note pursuant to the terms of this Note, such new Note
(i) shall be of like tenor with this Note, (ii) shall represent, as indicated on
the face of such new Note, the Principal remaining outstanding (or in the case
of a new Note being issued pursuant to Section 18(a) or Section 18(c), the
Principal designated by the Holder which, when added to the principal
represented by the other new Notes issued in connection with such issuance, does
not exceed the Principal

                                       18
<PAGE>

remaining outstanding under this Note immediately prior to such issuance of new
Notes), (iii) shall have an issuance date, as indicated on the face of such new
Note which is the same as the Issuance Date of this Note, (iv) shall have the
same rights and conditions as this Note, and (v) shall represent accrued
Interest and Late Charges on the Principal and Interest of this Note, from the
Issuance Date.

               (19) REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND
INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative and in
addition to all other remedies available under this Note, the Securities
Purchase Agreement and the Registration Rights Agreement, at law or in equity
(including a decree of specific performance and/or other injunctive relief), and
nothing herein shall limit the Holder's right to pursue actual and consequential
damages for any failure by the Company to comply with the terms of this Note.
Amounts set forth or provided for herein with respect to payments, conversion
and the like (and the computation thereof) shall be the amounts to be received
by the Holder and shall not, except as expressly provided herein, be subject to
any other obligation of the Company (or the performance thereof). The Company
acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach
may be inadequate. The Company therefore agrees that, in the event of any such
breach or threatened breach, the Holder shall be entitled, in addition to all
other available remedies, to an injunction restraining any breach, without the
necessity of showing economic loss and without any bond or other security being
required.

               (20) PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a)
this Note is placed in the hands of an attorney for collection or enforcement or
is collected or enforced through any legal proceeding or the Holder otherwise
takes action to collect amounts due under this Note or to enforce the provisions
of this Note or (b) there occurs any bankruptcy, reorganization, receivership of
the Company or other proceedings affecting Company creditors' rights and
involving a claim under this Note, then the Company shall pay the costs incurred
by the Holder for such collection, enforcement or action or in connection with
such bankruptcy, reorganization, receivership or other proceeding, including but
not limited to attorneys fees and disbursements.

               (21) CONSTRUCTION; HEADINGS. This Note shall be deemed to be
jointly drafted by the Company and all the Purchasers and shall not be construed
against any person as the drafter hereof. The headings of this Note are for
convenience of reference and shall not form part of, or affect the
interpretation of, this Note.

               (22) FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the
part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other right, power or privilege.

               (23) DISPUTE RESOLUTION. In the case of a dispute as to the
determination of the Redemption Price or the arithmetic calculation of the
Conversion Rate or the Redemption Price or any other calculation hereunder, the
Company shall submit the disputed determinations or arithmetic calculations via
facsimile within one Business Day of receipt of the Conversion

                                       19
<PAGE>

Notice or Redemption Notice giving rise to such dispute, as the case may be, to
the Holder. If the Holder and the Company are unable to agree upon such
determination or calculation of the Conversion Rate within one Business Day of
such disputed determination or arithmetic calculation being submitted to the
Holder, then the Company shall, within one Business Day submit via facsimile (a)
the disputed determination of the Weighted Average Price, the Closing Bid Price
or the Closing Sale Price or any other calculation hereunder to an independent,
reputable investment bank selected by the Company and approved by the Holder or
(b) the disputed arithmetic calculation of the Conversion Rate or the Redemption
Price to the Company's independent, outside accountant. The Company, at the
Company's expense, shall cause the investment bank or the accountant, as the
case may be, to perform the determinations or calculations and notify the
Company and the Holder of the results no later than five Business Days from the
time it receives the disputed determinations or calculations. Such investment
bank's or accountant's determination or calculation, as the case may be, shall
be binding upon all parties absent demonstrable error.

               (24) NOTICES; PAYMENTS.

                      (a) Notices. Whenever notice is required to be given under
this Note, unless otherwise provided herein, such notice shall be given in
accordance with Section 9(f) of the Securities Purchase Agreement. The Company
shall provide the Holder with prompt written notice of all actions taken
pursuant to this Note, including in reasonable detail a description of such
action and the reason therefore. Without limiting the generality of the
foregoing, the Company will give written notice to the Holder (i) immediately
upon any adjustment of the Conversion Price, setting forth in reasonable detail,
and certifying, the calculation of such adjustment and (ii) at least twenty days
prior to the date on which the Company closes its books or takes a record (A)
with respect to any dividend or distribution upon the Common Stock, (B) with
respect to any grants, issues or sales of any Options, Convertible Securities or
rights to purchase stock, warrants, securities or other property pro rata to
holders of Common Stock or (C) for determining rights to vote with respect to
any Change of Control, dissolution or liquidation, provided in each case that
such information shall be made known to the public prior to or in conjunction
with such notice being provided to such holder. Notwithstanding the foregoing,
Section 4(j) of the Securities Purchase Agreement shall apply to all notices
given pursuant to this Note.

                      (b) Payments. Whenever any payment of cash is to be made
by the Company to any Person pursuant to this Note, such payment shall be made
in lawful money of the United States of America by a check drawn on the account
of the Company and sent via overnight courier service to such Person at such
address as previously provided to the Company in writing (which address, in the
case of each of the Purchasers (as defined in Section 3(d)(ii)), shall initially
be as set forth on the Schedule of Buyers attached to the Securities Purchase
Agreement); provided that the Holder may elect to receive a payment of cash via
wire transfer of immediately available funds by providing the Company with prior
written notice setting out such request and the Holder's wire transfer
instructions. Whenever any amount expressed to be due by the terms of this Note
is due on any day which is not a Business Day, the same shall instead be due on
the next succeeding day which is a Business Day and, in the case of any Interest
Date which is not the date on which this Note is paid in full, the extension of
the due date thereof shall

                                       20
<PAGE>

not be taken into account for purposes of determining the amount of Interest due
on such date. Any amount of Interest, Principal or other amount due under the
Transaction Documents (as defined in the Securities Purchase Agreement) which is
not paid when due shall result in a late charge being incurred and payable by
the Company in an amount equal to interest on such amount at the rate of 12% per
annum from the date such amount was due until the same is paid in full ("LATE
CHARGE").

               (25) CANCELLATION. After all Principal, accrued Interest and
other amounts at any time owed on this Note has been paid in full, this Note
shall automatically be deemed canceled, shall be surrendered to the Company for
cancellation and shall not be reissued.

               (26) WAIVER OF NOTICE. To the extent permitted by law, the
Company hereby waives demand, notice, protest and all other demands and notices
in connection with the delivery, acceptance, performance, default or enforcement
of this Note and the Securities Purchase Agreement.

               (27) GOVERNING LAW. This Note shall be construed and enforced in
accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal
laws of the State of Illinois, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of Illinois or any other
jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of Illinois.

               (28) CERTAIN DEFINITIONS. For purposes of this Note, the
following terms shall have the following meanings:

                      (a) "BUSINESS DAY" means any day other than Saturday,
Sunday or other day on which commercial banks in The City of New York are
authorized or required by law to remain closed.

                      (b) "CHANGE OF CONTROL TERMINATION DATE" shall mean, with
respect to any proposed Change of Control for which a public announcement that
it proposes or intends to effect a Change of Control of the Company (the date of
such announcement, the "ANNOUNCEMENT DATE") has been made, the date upon which
the Company or other Person proposing to effect such Change of Control
consummates or publicly announces the termination or abandonment of the proposed
Change of Control which was the subject of the previous public announcement.

                      (c) "CLOSING BID PRICE" and "CLOSING SALE PRICE" means,
for any security as of any date, the last closing bid price and last closing
trade price, respectively, for such security on The New York Stock Exchange,
Inc. (the "PRINCIPAL MARKET") as reported by Bloomberg Financial Markets
("BLOOMBERG"), or, if the Principal Market begins to operate on an extended
hours basis and does not designate the closing bid price or the closing trade
price, as the case may be, then the last bid price or last trade price,
respectively, of such security prior to 4:00:00 p.m. Eastern Time as reported by
Bloomberg, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the last closing bid price or last

                                       21
<PAGE>

trade price, respectively, of such security on the principal securities exchange
or trading market where such security is listed or traded as reported by
Bloomberg, or if the foregoing do not apply, the last closing bid price or last
trade price, respectively, of such security in the over-the-counter market on
the electronic bulletin board for such security as reported by Bloomberg, or, if
no closing bid price or last trade price, respectively, is reported for such
security by Bloomberg, the average of the bid prices, or the ask prices,
respectively, of any market makers for such security as reported in the "pink
sheets" by the National Quotation Bureau, Inc. If the Closing Bid Price or the
Closing Sale Price cannot be calculated for a security on a particular date on
any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as
the case may be, of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. If the Company and the Holder
are unable to agree upon the fair market value of such security, then such
dispute shall be resolved pursuant to Section 23. All such determinations to be
appropriately adjusted for any stock dividend, stock split, stock combination or
other similar transaction during any applicable calculation period.

                      (d) "COMMON STOCK" means (i) the Company's common stock,
par value $2.50 per share, and (ii) any capital stock resulting from a
reclassification of such Common Stock.

                      (e) "PERSON" means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization, any other entity and a government or any department
or agency thereof.

                      (f) "REDEMPTION PREMIUM" means (i) in the case of the
Events of Default described in Section 4(a)(i), (ii), (iii), (iv) and (viii),
115% or (ii) in the case of the Events of Default described in Section 4(a)(v) -
(vii), 100%.

                      (g) "REGISTRATION RIGHTS AGREEMENT" means that certain
registration rights agreement between the Company and the initial holders of the
Notes relating to the registration of the resale of the shares of Common Stock
issuable upon conversion of the Notes.

                      (h) "SECURITIES PURCHASE AGREEMENT" means that certain
securities purchase agreement between the Company and the initial holders of the
Notes pursuant to which the Company issued the Notes.

                      (i) "SEPARATE TRANCHE NOTES" means the First Notes, Second
Notes, First Call Notes, Second Call Notes and Third Notes, collectively.

                      (j) "TRADING DAY" means any day on which the Common Stock
is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities
exchange or securities market on which the Common Stock is then traded; provided
that "Trading Day" shall not include any day on which the Common Stock is
scheduled to trade on such exchange or market or actually trades on such
exchange or market for less than 4.5 hours.

                      (k) "VARIABLE SECURITIES" means any stock or securities
other than

                                       22
<PAGE>

Options directly or indirectly convertible into or exchangeable for Common Stock
("CONVERTIBLE SECURITIES") or any rights, warrants or option to subscribe for or
purchase Common Stock or Convertible Securities ("OPTIONS") that are convertible
into or exchangeable, directly or indirectly, for Common Stock at a price which
varies or may vary with the market price of the Common Stock, including by way
of one or more adjustments or resets to a fixed price (a "VARIABLE PRICE").

                      (l) "WEIGHTED AVERAGE PRICE" means, for any security as of
any date, the dollar volume-weighted average price for such security on the
Principal Market during the period beginning at 9:30 a.m., New York Time (or
such other time as the Principal Market publicly announces is the official open
of trading), and ending at 4:00 p.m., New York Time (or such other time as the
Principal Market publicly announces is the official close of trading), as
reported by Bloomberg through its "Volume at Price" functions (ignoring any
trade of more than 100,000 shares of such security pursuant to an individual
transaction (subject to adjustment for stock splits, stock dividends, stock
combinations and other similar transactions involving such security after the
Issuance Date)), or, if the Principal Market is not the principal securities
exchange or trading market for such security, the dollar volume-weighted average
price for such security on the principal securities exchange or trading market
where such security is listed or traded during the period beginning at 9:30
a.m., New York Time (or such other time as such principal securities exchange or
trading market publicly announces is the official open of trading), and ending
at 4:00 p.m., New York Time (or such other time as such principal securities
exchange or trading market publicly announces is the official close of trading),
as reported by Bloomberg through its "Volume at Price" functions (ignoring any
trade of more than 100,000 shares of such security pursuant to an individual
transaction (subject to adjustment for stock splits, stock dividends, stock
combinations and other similar transactions involving such security after the
Issuance Date)), or, if the foregoing does not apply, the dollar volume-weighted
average price of such security in the over-the-counter market on the electronic
bulletin board for such security during the period beginning at 9:30 a.m., New
York Time (or such other time as the Principal Market publicly announces is the
official open of trading), and ending at 4:00 p.m., New York Time (or such other
time as the Principal Market publicly announces is the official close of
trading), as reported by Bloomberg, or, if no dollar volume-weighted average
price is reported for such security by Bloomberg for such hours, the average of
the highest closing bid price and the lowest closing ask price of any of the
market makers for such security as reported in the "pink sheets" by the National
Quotation Bureau, Inc. If the Weighted Average Price cannot be calculated for a
security on a particular date on any of the foregoing bases, the Weighted
Average Price of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. If the Company and the Holder
are unable to agree upon the fair market value of such security, then such
dispute shall be resolved pursuant to Section 23. All such determinations to be
appropriately adjusted for any stock dividend, stock split, stock combination or
other similar transaction during applicable calculation period.

                            [SIGNATURE PAGE FOLLOWS]

                                       23
<PAGE>

        IN WITNESS WHEREOF, the Company has caused this Note to be duly executed
as of the Date of Issuance set out above.

                                            XCEL ENERGY INC.

                                            By:
                                               ---------------------------------
                                                  Name:
                                                  Title: Chief Executive Officer

<PAGE>

                                    EXHIBIT I

                                XCEL ENERGY INC.
                                CONVERSION NOTICE

Reference is made to the Convertible Note (the "NOTE") issued to the undersigned
by XCEL ENERGY INC. (the "COMPANY"). In accordance with and pursuant to the
Note, the undersigned hereby elects to convert the Conversion Amount (as defined
in the Note) of the Note indicated below into shares of Common Stock, par value
$2.50 per share (the "COMMON STOCK"), of the Company as of the date specified
below.

        Date of Conversion:
                           -----------------------------------------------------

        Aggregate Conversion Amount to be converted:
                                                    ----------------------------

Please confirm the following information:

        Conversion Price:
                         -------------------------------------------------------

        Number of shares of Common Stock to be issued:
                                                      --------------------------

Please issue the Common Stock into which the Note is being converted and, if
applicable, any check drawn on an account of the Company in the following name
and to the following address:

        Issue to:
                 ---------------------------------------------------------------
                 ---------------------------------------------------------------
                 ---------------------------------------------------------------

        Facsimile Number:
                         -------------------------------------------------------

        Authorization:
                      ----------------------------------------------------------
               By:
                  --------------------------------------------------------------
                                                   Title:
                                                         -----------------------
Dated:
      --------------------------------------------------------------------------

        Account Number:
                       ---------------------------------------------------------
          (if electronic book entry transfer)

        Transaction Code Number:
                                ------------------------------------------------
          (if electronic book entry transfer)

<PAGE>

                                 ACKNOWLEDGMENT

        The Company hereby acknowledges this Conversion Notice and hereby
directs [TRANSFER AGENT] to issue the above indicated number of shares of Common
Stock in accordance with the Transfer Agent Instructions dated November 8, 2002
from the Company and acknowledged and agreed to by [TRANSFER AGENT].

                                            XCEL ENERGY INC.

                                            By:
                                               ---------------------------------
                                                  Name:
                                                  Title:<PAGE>
                                                                    EXHIBIT 10.1

                           SIXTH AMENDMENT TO AMENDED
                          AND RESTATED CREDIT AGREEMENT

         THIS SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"Amendment") is made and entered into effective as of November 13, 2002 (the
"Effective Date") by and among ACE CASH EXPRESS, INC., a Texas corporation (the
"Borrower"), the lenders party to the Credit Agreement (as defined below)
(collectively, together with all successors and assigns, the "Lenders"), WELLS
FARGO BANK TEXAS, NATIONAL ASSOCIATION, a national banking association, as agent
for the Lenders (the "Agent"), BANK OF AMERICA, N.A., a national banking
association, as syndication agent for the Lenders (the "Syndication Agent"),
WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, formerly
known as FIRST UNION NATIONAL BANK ("Wachovia"), and JPMORGAN CHASE BANK, a New
York state banking corporation, formerly known as THE CHASE MANHATTAN BANK
("Chase"), both as managing agents for the Lenders (Wachovia and Chase, in such
capacities, are hereby referred to as the "Managing Agents") (collectively, the
Agent, the Syndication Agent and the Managing Agents are referred to as the
"Agents").

                             PRELIMINARY STATEMENTS

         A. The Borrower, the Lenders and the Agents have entered into that
certain Amended and Restated Credit Agreement, dated as of November 9, 2000, as
amended by that certain Amendment to Amended and Restated Credit Agreement, by
and among the Borrower, the Lenders and the Agents, dated as of February 21,
2001, as further amended by that certain Second Amendment to Amended and
Restated Credit Agreement, by and among the Borrower, the Lenders and the
Agents, dated as of November 7, 2001, as further amended by that certain Third
Amendment to Amended and Restated Credit Agreement, by and among the Borrower,
the Lenders and the Agents, dated as of December 31, 2001, as further amended by
that certain Fourth Amendment to Amended and Restated Credit Agreement, by and
among the Borrower, the Lenders and the Agents, dated as of April 30, 2002, and
as further amended by the Fifth Amendment to Amended and Restated Credit
Agreement, by and among the Borrower, the Lenders and the Agents, dated as of
October 31, 2002 (as amended, the "Credit Agreement").

         B. The Borrower has advised the Agent and the Lenders that the Borrower
desires to form a special purpose limited liability company or business trust
("ACE Funding"), as a wholly-owned subsidiary of the Borrower.

         C. The Borrower, the Lenders and the Agents desire to amend the Credit
Agreement and the other Credit Documents as hereinafter set forth.

         NOW, THEREFORE, in consideration of the premises herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties, intending to be legally bound, agree as
follows:

                                       1
                                                                 Sixth Amendment

<PAGE>

                                    AGREEMENT

ARTICLE I. DEFINITIONS

         SECTION 1.02 Certain Defined Terms. Capitalized terms used in this
Amendment are used as defined in the Credit Agreement, as amended hereby, unless
otherwise stated.

ARTICLE II. AMENDMENT

         SECTION 2.01 Amendment to Section 1.01; Amendment and Restatement of
Certain Defined Terms. Effective as of the Effective Date, the following
definitions contained in Section 1.01 of the Credit Agreement are hereby amended
and restated in their entirety to read as follows:

                   "Applicable Margin" shall mean the following percentages per
         annum applicable to the following Types of Loans, which percentages
         shall be added to the applicable interest rates for purposes of
         calculating the interest rates payable to the Lenders, as more fully
         described by Section 2.05.

<Table>
<Caption>
                                                  ALTERNATE BASE           REFERENCE
                                                  RATE APPLICABLE        RATE APPLICABLE
               TYPE OF LOANS                          MARGIN                 MARGIN
               -------------                      ---------------        ---------------
<S>                                               <C>                    <C>
          Revolving Credit Loan                        3.50%                  4.50%

          Seasonal Revolving Credit Loan               4.00%                   N/A
</Table>

                  "Available Commitment Amount" shall mean at any date of
         determination (i) with respect to the Revolving Credit Commitment, the
         Total Revolving Credit Commitment, minus the average daily unpaid
         principal balance of the Revolving Credit Loans since the later to
         occur of November 13, 2002 and the last date of payment of the
         Commitment Fee with respect to the Revolving Credit Commitment, as
         described in Section 2.06(a) hereof and (ii) with respect to the
         Seasonal Revolving Credit Commitment, the Total Seasonal Revolving
         Credit Commitment, minus the average daily unpaid principal balance of
         the Seasonal Revolving Credit Loans since the later to occur of
         November 13, 2002 and the last date of payment of the Commitment Fee
         with respect to the Seasonal Revolving Credit Commitment, as described
         in Section 2.06(a).

                  "Final Maturity Date" shall mean October 31, 2003.

                  "Fixed Rate" shall mean a fixed interest rate equal to fifteen
         percent (15.0%) per annum.

                                       2
                                                                 Sixth Amendment
<PAGE>

                  "Interest Payment Date" shall mean (a) with respect to any
         Revolving Credit Loan that is an Alternate Base Loan, (i) the last
         Business Day of each month commencing on the month following the
         Closing Date and (ii) the Revolving Credit Termination Date, (b) with
         respect to any Seasonal Revolving Credit Loan that is an Alternate Base
         Loan, (i) the last Business Day of each month commencing on the month
         following the Closing Date and (ii) the Seasonal Revolving Credit
         Termination Date, (c) with respect to any Reference Rate Loan, (i) the
         last Business Day of each month commencing on the month following the
         Closing Date and (ii) the Revolving Credit Termination Date and (d)
         with respect to any Fixed Rate Loan, (i) the last Business Day of each
         month commencing on the month following the Closing Date and (ii) the
         Term Loan Termination Date.

                  "Interest Period" shall mean, as to any (i) Alternate Base
         Loan, the period commencing on the date of such Alternate Base Loan and
         ending on the numerically corresponding day (or, if there is no
         numerically corresponding day, on the last day) in the calendar month
         that is one (1) month thereafter, as the Borrower may elect with
         respect to its Alternate Base Loans; and (ii) Reference Rate Loan, the
         period commencing on the date of such Reference Rate Loan and ending on
         the numerically corresponding day (or, if there is no numerically
         corresponding day, on the last day) in the calendar month that is one
         (1) month thereafter, as the Borrower may elect with respect to its
         Reference Rate Loans; provided, however, that (a) if an Interest Period
         would otherwise end on a day that is not a Business Day, such Interest
         Period shall be extended to the next succeeding Business Day unless
         such next succeeding Business Day would fall in the next calendar
         month, in which case such Interest Period shall end on the next
         preceding Business Day, (b) no Interest Period shall (i) with respect
         to a Term Loan, end later than the Term Loan Termination Date, (ii)
         with respect to a Revolving Credit Loan, end later than the Revolving
         Credit Loan Termination Date, and (iii) with respect to a Seasonal
         Revolving Credit Loan, end later than the Seasonal Revolving Credit
         Loan Termination Date, and (c) interest shall accrue from and including
         the first day of an Interest Period to but excluding the last day of
         such Interest Period.

                  "Loan" shall mean any Term Loan, any Revolving Credit Loan or
         any Seasonal Revolving Credit Loan.

                  "Notes" shall mean, collectively, the Term Notes, the
         Revolving Credit Notes and the Seasonal Revolving Credit Notes of the
         Borrower, executed and delivered as provided in Section 2.04 hereof.

                  "Revolving Credit Notes" shall mean the Amended and Restated
         Revolving Credit Notes of the Borrower, executed and delivered as
         provided in Section 2.04 hereof, in substantially the form of Exhibit B
         annexed hereto, as amended, modified, supplemented or extended from
         time to time.

                                       3
                                                                 Sixth Amendment

<PAGE>

                  "Total Commitment" shall mean the sum of the Lenders' Total
         Term Loan Commitment, Total Revolving Credit Commitment and Total
         Seasonal Revolving Credit Commitment, as the same may be terminated or
         reduced from time to time in accordance with the provisions of this
         Agreement.

         SECTION 2.02 Amendment to Section 1.01; Addition of Certain Defined
Terms. Effective as of the date hereof, the following definitions shall be added
to Section 1.01 of the Credit Agreement in alphabetical order:

                  "ACE Funding" shall mean a special purpose limited liability
         company or business trust to be formed by the Borrower after November
         13, 2002 as a wholly-owned Subsidiary of the Borrower.

                  "Contingency Fee" shall have the meaning assigned to such term
         in Section 2.06(c) hereof.

                  "Contingency Fee Payments" shall have the meaning assigned to
         such term in Section 2.06(c) hereof.

                  "ACE Funding Lender" shall have the meaning assigned to such
         term in Section 6.21 hereof.

                  "Seasonal Revolving Credit Commitment" shall mean, with
         respect to any Seasonal Revolving Credit Lender, the Seasonal Revolving
         Credit Commitment of such Lender as set forth in Schedule 2.01(c)
         annexed hereto, as the same may be terminated or reduced from time to
         time in accordance with the provisions of this Agreement.

                  "Seasonal Revolving Credit Lender" shall mean any Lender that
         makes Seasonal Revolving Credit Loans pursuant to this Agreement.

                  "Seasonal Revolving Credit Loan" shall mean advances under the
         Seasonal Revolving Credit Commitment to the Borrower made pursuant to
         this Agreement.

                  "Seasonal Revolving Credit Notes" shall mean the Seasonal
         Revolving Credit Notes of the Borrower, executed and delivered as
         provided in Section 2.04 hereof, in substantially the form of Exhibit K
         annexed hereto, as amended, modified, supplemented or extended from
         time to time.

                  "Seasonal Revolving Credit Termination Date" shall mean the
         earlier of (a) March 15, 2003 or (b) such date as the Seasonal
         Revolving Credit Loans shall otherwise be payable in full and the
         Seasonal Revolving Credit Commitment shall terminate, expire or be
         canceled in accordance with the terms of this Agreement.

                  "Security Agreement" shall have the meaning assigned to such
         term in Section 5.19 hereof.

                                       4
                                                                 Sixth Amendment

<PAGE>

                  "Term Notes" shall mean the Second Amended and Restated Term
         Notes of the Borrower, executed and delivered as provided in Section
         2.04 hereof, in substantially the form of Exhibit A annexed hereto, as
         amended, modified, supplemented or extended from time to time.

                  "Total Seasonal Revolving Credit Commitment" shall mean the
         sum of the Lenders' Seasonal Revolving Credit Commitments, as the same
         may be terminated or reduced from time to time in accordance with the
         provisions of this Agreement.

                  "Usage Period" shall mean the period from January 7 (or the
         preceding Business Day if January 7 is not a Business Day) through
         April 30 (or the next Business Day if April 30 is not a Business Day)
         of each calendar year.

         SECTION 2.03 Amendment to Section 1.01; Deletion of Certain Defined
Terms. Effective as of the date hereof, the definitions of "Eurodollar Lending
Office", "Eurodollar Loan" and "Term Loan Note" shall be deleted from Section
1.01 of the Credit Agreement.

         SECTION 2.04 Amendment to Section 2.01(d). Effective as of the
Effective Date, Section 2.01(d) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(d) Subject to the terms and conditions and relying upon the
         representations and warranties herein set forth, each Lender, severally
         and not jointly, agrees to make Revolving Credit Loans to the Borrower,
         at any time and from time to time, the Borrower having the right to
         borrow, repay and reborrow, from the Closing Date to the Revolving
         Credit Termination Date, in an aggregate principal amount at any time
         outstanding not to exceed the amount of such Lender's Revolving Credit
         Commitment set forth opposite its name in Schedule 2.01(b) hereto.
         Notwithstanding the foregoing, at no time shall the sum of (i) the
         aggregate principal amount of Revolving Credit Loans outstanding and
         (ii) the aggregate principal amount of Seasonal Revolving Credit Loans
         outstanding, exceed the Borrowing Base then in effect. If the total
         unpaid amount of the Revolving Credit Loans and the Seasonal Revolving
         Credit Loans at any time exceeds the Borrowing Base then in effect,
         Borrower shall make a paydown on the Seasonal Revolving Credit Loans
         (and, to the extent necessary, the Revolving Credit Loans) in an amount
         sufficient to reduce the total unpaid balance of the Seasonal Revolving
         Credit Loans and Revolving Credit Loans to an amount no greater than
         the Borrowing Base. Such mandatory paydown shall be accompanied by all
         accrued and unpaid interest on the amount prepaid."

         SECTION 2.05 Amendment to Section 2.01; Addition of Section 2.01(e).
Effective as of the Effective Date, a new Section 2.01(e) is hereby added to the
Credit Agreement to read as follows:

                  "(e) Subject to the terms and conditions and relying upon the
         representations and warranties herein set forth, each Seasonal
         Revolving Credit

                                       5
                                                                 Sixth Amendment

<PAGE>

         Lender, severally and not jointly, agrees to make Seasonal Revolving
         Credit Loans to the Borrower, at any time and from time to time, the
         Borrower having the right to borrow, repay and reborrow, from December
         1, 2002, to the Seasonal Revolving Credit Termination Date, in an
         aggregate principal amount at any time outstanding not to exceed the
         amount of such Lender's Seasonal Revolving Credit Commitment set forth
         opposite its name in Schedule 2.01(c) hereto. The Seasonal Revolving
         Credit Loans shall be subject to the Borrowing Base and shall not be
         made if any such Seasonal Revolving Credit Loan would cause the unpaid
         amount of the Seasonal Revolving Credit Loans, together with the unpaid
         amount of all of the Revolving Credit Loans then outstanding, to exceed
         the Borrowing Base then in effect. The Seasonal Revolving Credit Loans
         shall be made on, and subject to, the same terms and conditions as the
         Revolving Credit Loans, and the Seasonal Revolving Credit Commitments
         shall be subject to reduction or termination upon the same terms and
         conditions as the Revolving Credit Commitments, in each case to the
         extent not expressly provided otherwise in this Agreement. Any payments
         made by the Borrower to the Agent during a period when any Seasonal
         Revolving Credit Loans are outstanding shall be applied first to
         accrued and unpaid interest on the portion of the Seasonal Revolving
         Credit Loans, if any, that exceeds $35,000,000 in the aggregate, second
         to accrued and unpaid interest on the remaining portion of the Seasonal
         Revolving Credit Loans, third to the unpaid principal amount of any
         Seasonal Revolving Credit Loans, if any, in excess of $35,000,000,
         fourth to the unpaid principal amount of the remaining Seasonal
         Revolving Credit Loans, and thereafter in accordance with the terms of
         this Agreement."

         SECTION 2.06 Amendment to Section 2.02(b). Effective as of the
Effective Date, Section 2.02(b) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(b) Revolving Credit Loans and Seasonal Revolving Credit
         Loans shall be made ratably by the Lenders in accordance with their
         respective Revolving Credit Commitments and Seasonal Revolving Credit
         Commitments; provided, however, that the failure of any Lender to make
         any Loan shall not in itself relieve any other Lender of its obligation
         to lend hereunder. Term Loans shall be made by the Lenders against
         delivery to each Lender of one (1) Term Note, payable to the order of
         such Lender, as referred to in Section 2.04 hereof. All Revolving
         Credit Loans shall be made by the Lenders against delivery to each
         Lender of one (1) Revolving Credit Note, payable to the order of such
         Lender, as referred to in Section 2.04 hereof. All Seasonal Revolving
         Credit Loans shall be made by the Lenders against delivery to each
         Lender of one (1) Seasonal Revolving Credit Note, payable to the order
         of such Lender, as referred to in Section 2.04 hereof."

         SECTION 2.07 Amendment to Section 2.03. Effective as of the Effective
Date, Section 2.03 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

                                       6
                                                                 Sixth Amendment

<PAGE>

                  "SECTION 2.03. Notice of Revolving Credit Loans and Seasonal
         Revolving Credit Loans. The Borrower shall give the Agent irrevocable
         written or facsimile notice (promptly confirmed in writing) of each
         borrowing to be made by the Borrower (including, without limitation, a
         conversion as permitted by Section 2.02(e) hereof) not later than (i)
         8:00 a.m., San Francisco, California time, the Business Day of a
         proposed Revolving Credit Loan consisting of a Reference Rate Loan
         borrowing or any Reference Rate Loan conversion and (ii) 8:00 a.m., San
         Francisco, California time, the Business Day of a proposed Revolving
         Credit Loan or Seasonal Revolving Credit Loan consisting of an
         Alternate Base Loan borrowing or any Alternate Base Loan conversion.
         Such notice shall be in substantially the form of Exhibit I hereto (the
         "Borrowing Notice") and shall (i) state whether the Loans then being
         requested are to be Revolving Credit Loans or Seasonal Revolving Credit
         Loans, (ii) specify whether the Loans then being requested are to be
         Alternate Base Loans or Reference Rate Loans, (iii) specify the date of
         such borrowing (which shall be a Business Day) and amount thereof, (iv)
         state that the representations and warranties set forth in Article III
         hereof and in any documents delivered in connection herewith shall be
         true and correct in all material respects with the same effect as
         though made on and as of such date (except insofar as such
         representations and warranties relate expressly to an earlier date),
         (v) state that no Default or Event of Default has occurred and is
         continuing or would otherwise be created by such borrowing and (vi)
         state that the proceeds of such Loans will be used only to fund
         Borrower's working capital requirements in the ordinary course of its
         business. If no election as to the Type of Loan is specified in any
         such notice, all such Loans shall be Alternate Base Loans.
         Notwithstanding anything contained in this Agreement to the contrary,
         (i) Revolving Credit Loans shall only be, and shall only be convertible
         into, Alternate Base Loans or Reference Rate Loans, (ii) Term Loans
         shall only be Fixed Rate Loans, and (iii) Seasonal Revolving Credit
         Loans shall only be, and shall only be convertible into, Alternate Base
         Loans. The Agent shall promptly advise the Lenders of any notice given
         pursuant to this Section 2.03 and of each Lender's portion of the
         requested borrowing."

         SECTION 2.08 Amendment to Section 2.04(a). Effective as of the
Effective Date, Section 2.04(a) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(a) All Term Loans made by a Lender to the Borrower shall be
         evidenced by a single Term Note duly executed by the Borrower, dated as
         of November 13, 2002, in substantially the form of Exhibit A hereto,
         delivered by the Borrower and payable to such Lender in a principal
         amount equal to such Lender's Term Loan Commitment on such date. All
         Revolving Credit Loans made by a Lender to the Borrower shall be
         evidenced by a single Revolving Credit Note, duly executed by the
         Borrower, dated as of November 13, 2002, in substantially the form of
         Exhibit B hereto, delivered by the Borrower and payable to such Lender
         in a principal amount equal to such Lender's Revolving Credit
         Commitment on such date. All Seasonal Revolving Credit Loans made by a
         Lender to the Borrower shall be evidenced by a single Seasonal
         Revolving Credit

                                       7
                                                                 Sixth Amendment

<PAGE>

         Note, duly executed by the Borrower, dated as of November 13, 2002, in
         substantially the form of Exhibit K hereto, delivered by the Borrower
         and payable to such Lender in a principal amount equal to the highest
         principal amount at any time outstanding of such Lender's Seasonal
         Revolving Credit Commitment as set forth on Schedule 2.01(c)."

         SECTION 2.09 Amendment to Section 2.04(b). Effective as of the
Effective Date, Section 2.04(b) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(b) Each Revolving Credit Note shall bear interest from its
         date on the outstanding principal balance thereof, as provided in
         Section 2.05 hereof. The outstanding balance of each Revolving Credit
         Loan, as evidenced by any such Revolving Credit Note, shall mature and
         be due and payable on the Revolving Credit Termination Date. Each
         Seasonal Revolving Credit Note shall bear interest from its date on the
         outstanding principal balance thereof, as provided in Section 2.05
         hereof. The outstanding balance of each Seasonal Revolving Credit Loan,
         as evidenced by any such Seasonal Revolving Credit Note, shall mature
         and be due and payable on the Seasonal Revolving Credit Termination
         Date."

         SECTION 2.10 Amendment to Section 2.04(c). Effective as of the
Effective Date, Section 2.04(c) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(c) Each Term Note shall bear interest from its date on the
         outstanding principal balance thereof as provided in Section 2.05
         hereof. The Borrower shall make aggregate principal payments in respect
         of the Term Notes on the dates and in the amounts set forth below.

<Table>
<Caption>
                           Date                                     Principal Payments
                           ----                                     ------------------
<S>                                                                 <C>

                  January 31, 2003                                  $     500,000

                  February 28, 2003                                 $   5,750,000

                  March 31, 2003 and on the last Business Day       $     250,000
                  of each calendar month thereafter through
                  and including the last Business Day of the
                  calendar month immediately preceding the
                  Term Loan Termination Date
</Table>

         The aggregate unpaid principal balance of each Term Loan, as evidenced
         by such Term Note, shall mature and be due and payable on the Term Loan
         Termination Date."

         SECTION 2.11 Amendment to Section 2.05. Effective as of the Effective
Date, Section 2.05 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

                                       8
                                                                 Sixth Amendment

<PAGE>

         "SECTION 2.05 Interest on Loans.

                  (a) Subject to the provisions of Section 2.08 and Section 9.08
         hereof, each Alternate Base Loan shall bear interest at a rate per
         annum equal to the Alternate Base Rate plus the Applicable Margin then
         in effect.

                  (b) Subject to the provisions of Section 2.08 and Section 9.08
         hereof, each Reference Rate Loan shall bear interest at a rate per
         annum equal to the Reference Rate plus the Applicable Margin then in
         effect.

                  (c) Subject to the provisions of Section 2.08 and Section 9.08
         hereof, each Fixed Rate Loan shall bear interest at a rate per annum
         equal to the Fixed Rate.

                  (d) Notwithstanding anything contained in this Agreement to
         the contrary, (i) Revolving Credit Loans shall only be, and shall only
         be convertible into, Alternate Base Loans or Reference Rate Loans, (ii)
         Term Loans shall only be Fixed Rate Loans and (iii) Seasonal Revolving
         Credit Loans shall only be, and shall only be convertible into,
         Alternate Base Loans.

                  (e) Interest on each Loan shall be payable in arrears on each
         applicable Interest Payment Date. Interest on each Loan shall be
         computed based on the number of days elapsed in a year of 360 days. The
         Agent shall determine each interest rate applicable to the Revolving
         Credit Loans and shall promptly advise the Borrower and the Lenders of
         the interest rate so determined."

         SECTION 2.12 Amendment to Section 2.06. Effective as of the Effective
Date, Section 2.06 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

                  "SECTION 2.06. Fees.

                  (a) The Borrower shall pay each Lender, through the Agent, its
         pro rata share of a monthly commitment fee ("Commitment Fee") from
         November 13, 2002 until the later to occur of the Revolving Credit
         Termination Date and the Seasonal Revolving Credit Termination Date, in
         an amount equal to: (i)(A) the Available Commitment Amount applicable
         to the Revolving Credit Commitment during such month (or such shorter
         period as may be applicable), multiplied by (B) the Applicable
         Commitment Fee Percentage, plus (ii)(A) the Available Commitment Amount
         applicable to the Seasonal Revolving Credit Commitment during such
         month (or such shorter period as may be applicable), multiplied by (B)
         the Applicable Commitment Fee Percentage; provided, however, that there
         shall be no Commitment Fee attributable to (i) the Revolving Credit
         Commitment after the Revolving Credit Termination Date or (ii) the
         Seasonal Revolving Credit Commitment after the Seasonal Revolving
         Credit Termination Date.

                  (b) Any portion of the Commitment Fee that has not been
         previously paid shall be payable in immediately available funds (i) as
         to any portion of the Commitment Fee which remains unpaid on November
         13, 2002, on November 13

                                        9
                                                                 Sixth Amendment

<PAGE>

         2002, with respect to any portion of the Commitment Fee unpaid
         thereafter, on the last Business Day of each calendar month commencing
         November 30, 2002, (ii) with respect to the Revolving Credit
         Commitment, on the Revolving Credit Termination Date, (iii) with
         respect to the Seasonal Revolving Credit Commitment, on the Seasonal
         Revolving Credit Termination Date and (iv) on the date of any reduction
         of the Total Revolving Credit Commitment or Total Seasonal Revolving
         Credit Commitment, in each case in accordance with the provisions of
         this Agreement. The Commitment Fee due to each Lender under this
         Section 2.06 shall commence to accrue on November 13, 2002 and cease to
         accrue (i) on the Revolving Credit Termination Date, with respect to
         the Revolving Credit Commitment, and (ii) on the Seasonal Revolving
         Credit Termination Date, with respect to the Seasonal Revolving Credit
         Commitment, in each case in accordance with the terms of this Section
         2.06. The Commitment Fee shall be calculated on the basis of the actual
         number of days elapsed in a year of 360 days.

                  (c) In consideration of the Loans and other credit
         accommodations provided herein, the Borrower shall pay each Lender,
         through the Agent, its pro rata share (allocated pro rata based upon
         their respective Total Commitments) of a contingency fee (the
         "Contingency Fee") in an aggregate amount equal to $2,625,000, which
         Contingency Fee shall be due and payable on the dates and in the
         amounts (the "Contingency Fee Payments") set forth below:

<Table>
<Caption>
                                                                Contingency Fee
                     Due Date                                       Payment
                     --------                                   ---------------
<S>                                                             <C>

                  November 13, 2002                             $    375,000
                  April 1, 2003                                 $    500,000
                  July 1, 2003                                  $    750,000
                  October 1, 2003                               $  1,000,000

</Table>

         ; provided, however, that if, on or before the due date of any
         Contingency Fee Payment, Borrower (i) obtains additional capital in
         accordance with Section 5.20 hereof and (ii) utilizes the proceeds
         thereof to repay the then outstanding amount of the Term Loans as
         required by Section 5.20, then, in such event, the remaining
         Contingency Fee Payments shall be reduced by a fraction, (i) the
         numerator of which shall be the principal amount of the Term Loans so
         repaid with the proceeds of such additional capital and (ii) the
         denominator of which shall be the outstanding principal amount of the
         Term Loans immediately prior to giving effect to such repayment."

         SECTION 2.13 Amendment to Section 2.07. Effective as of the Effective
Date, Section 2.07 of the Credit Agreement, together with the heading thereto,
is hereby amended and restated in its entirety to read as follows:

                                       10
                                                                 Sixth Amendment

<PAGE>

                  "SECTION 2.07 Termination or Reduction of the Total Revolving
         Credit Commitment; Termination of Term Loan Commitment; Termination of
         Seasonal Revolving Credit Commitment.

                  (a) Upon at least five (5) Business Days' prior irrevocable
         written notice (or facsimile notice promptly confirmed in writing) to
         the Agent, the Borrower may at any time in whole permanently terminate,
         or from time to time in part permanently reduce, the Total Revolving
         Credit Commitment ratably among the Lenders in accordance with the
         amounts of their Commitments; provided, however, the Total Revolving
         Credit Commitment shall not at any time be reduced to an amount less
         than the sum of the Revolving Credit Loans then outstanding. Each
         voluntary partial reduction of the Total Revolving Credit Commitment
         shall be in an integral multiple of five million dollars ($5,000,000).

                  (b) Simultaneously with any termination or reduction of the
         Total Revolving Credit Commitment pursuant to paragraph (a) above, the
         Borrower shall pay to each Lender, through the Agent, the Commitment
         Fee due and owing through and including the date of such termination or
         reduction on the amount of the Commitment of such Lender so terminated
         or reduced.

                  (c) The Revolving Credit Commitment of each Lender shall
         automatically and permanently terminate on the Revolving Credit
         Termination Date, and all Revolving Credit Loans still outstanding on
         such date shall be due and payable in full together with accrued
         interest thereon. No Lender shall have any obligation to make any
         Revolving Credit Loans after the Revolving Credit Termination Date.

                  (d) The Term Loan Commitment of each Lender shall
         automatically and permanently terminate on the Term Loan Termination
         Date and all Term Loans still outstanding on such date shall be due and
         payable in full together with accrued interest thereon.

                  (e) The Seasonal Revolving Credit Commitment of each Lender
         shall automatically and permanently terminate on the Seasonal Revolving
         Credit Termination Date, and all Seasonal Revolving Credit Loans still
         outstanding on such date shall be due and payable in full together with
         accrued interest thereon. No Lender shall have any obligation to make
         any Seasonal Revolving Credit Loans after the Seasonal Revolving Credit
         Termination Date."

         SECTION 2.14 Amendment to Section 2.09(a). Effective as of the
Effective Date, Section 2.09(a) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(a) Within fifteen (15) Business Days after the consummation
         of any Asset Sale, the Borrower shall prepay the Obligations in an
         amount equal to one hundred percent (100%) of the net cash proceeds of
         such Asset Sale; provided, however, that the Borrower shall have no
         obligation to make any such

                                       11
                                                                 Sixth Amendment
<PAGE>

         prepayment pursuant to this Section 2.09(a) until the Borrower has
         received, with respect to any Fiscal Year, aggregate net cash proceeds
         from Asset Sales of at least one million dollars ($1,000,000) (the
         "Asset Sale Limit"). Such prepayments shall be applied, first to the
         principal payments of the Term Loan in inverse order of their maturity,
         second to the unpaid interest of the Term Loan, third to the unpaid
         interest on the Seasonal Revolving Credit Loans, fourth to the unpaid
         principal of the Seasonal Revolving Credit Loans and finally to the
         repayment of the Revolving Credit Loans."

         SECTION 2.15 Amendment to Section 2.09(b). Effective as of the
Effective Date, Section 2.09(b) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(b) Within five (5) Business Days after the receipt of
         proceeds pursuant to an issuance by the Borrower or any of its
         Subsidiaries of any of the Borrower's or any such Subsidiary's equity
         securities (and regardless of whether such equity securities are issued
         in a public or private sale), the Borrower shall prepay the Obligations
         in an amount equal to the net cash proceeds of any such sale of equity
         securities. Such prepayments shall be applied first to the principal
         payments of the Term Loan in inverse order of their maturity, second to
         the unpaid interest of the Term Loan, third to the unpaid interest on
         the Seasonal Revolving Credit Loans, fourth to the unpaid principal of
         the Seasonal Revolving Credit Loans and finally to the repayment of the
         Revolving Credit Loans."

         SECTION 2.16 Amendment to Section 2.09(e). Effective as of the
Effective Date, Section 2.09(e) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "(e) The Borrower shall make prepayments of the Revolving
         Credit Loans and Seasonal Revolving Credit Loans from time to time as
         required in order to ensure that the aggregate principal amount of the
         Revolving Credit Loans and Seasonal Revolving Credit Loans outstanding
         does not exceed the lesser of (i) the Borrowing Base then in effect or
         (ii) the sum of the Total Revolving Credit Commitment plus the Total
         Seasonal Revolving Credit Commitment."

         SECTION 2.17 Amendment to Section 2.13(a). Effective as of the
Effective Date, Section 2.13(a) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

                  "SECTION 2.13. Pro Rata Treatment.

                  (a) Except as permitted or contemplated by Sections 2.01(e),
         2.10 2.11, 2.18, 2.19 or 2.20 hereof, each Loan or other borrowing,
         each payment or prepayment of principal of the Notes, each payment of
         interest on the Notes, each payment of any fee or other amount payable
         hereunder and each reduction of the Total Revolving Credit Commitment,
         the Total Seasonal Revolving Credit Commitment or the Total Term Loan
         Commitment, as the case may be, shall be

                                       12
                                                                 Sixth Amendment

<PAGE>

         made pro rata among the Lenders in the proportions that their Revolving
         Credit Commitments bears to the Total Revolving Credit Commitment, that
         their Seasonal Revolving Credit Commitments bear to the Total Seasonal
         Revolving Credit Commitment and that their Term Loan Commitments bear
         to the Total Term Loan Commitment, as applicable. Notwithstanding the
         foregoing, in the event that any Lender notifies Agent in writing prior
         to the date of a proposed Loan that such Lender will not on such date
         make such Lender's ratable portion of such Loan available to the Agent
         (any such Lender being hereinafter referred to as a "Non-Funding
         Lender"), then, in such event and subject to all other terms and
         conditions set forth herein, such Loan shall be made pro rata among all
         Lenders other than the Non-Funding Lender (such Lenders being
         hereinafter referred to as the "Funding Lenders"); provided, however,
         that (i) no Funding Lender shall be obligated to make any such Loan if
         the Non-Funding Lender declined to make its ratable portion of such
         Loan available to Agent as a result of the occurrence of any Default or
         Event of Default hereunder or nonsatisfaction of any conditions
         precedent to such loan, and (ii) no Funding Lender shall be obligated
         to make any such Loan to the Borrower in an aggregate principal amount
         in excess of such Lender's Term Loan Commitment or Revolving Credit
         Commitment, as the case may be."

         SECTION 2.18 Addition of Section 5.19. Effective as of the Effective
Date, a new Section 5.19 is hereby added to the Credit Agreement which shall
read as follows:

                  "SECTION 5.19 Perfection Letters. Notwithstanding and in
         addition to the requirements set forth in Sections 4.14 and 4.15 of the
         Amended and Restated Assignment of Deposit Accounts and Security
         Agreement executed by the Borrower and the Collateral Trustee dated as
         of July 31, 1998 (as amended, modified or supplemented from time to
         time, the "Security Agreement"), the Borrower shall deliver to Agent,
         not later than February 13, 2003, (i) letter agreements, substantially
         in the form of Exhibit M attached hereto, duly executed by the
         Collateral Trustee, Borrower and a sufficient number of armored car
         companies that transport Borrower's cash, checks or other remittances
         to comply with the requirements of Section 6.20 hereof and (ii) letter
         agreements, substantially in the form of Exhibit N attached hereto,
         duly executed by the Collateral Trustee, Borrower and a sufficient
         number of depository institutions where Borrower deposits its cash,
         checks or other remittances to comply with the requirements of Section
         6.20 hereof."

         SECTION 2.19 Addition of Section 5.20. Effective as of the Effective
Date, a new Section 5.20 is hereby added to the Credit Agreement which shall
read as follows:

                  "SECTION 5.20. Additional Refinancing. Borrower shall use its
         commercially reasonable best efforts to obtain additional capital, in
         an amount and on terms and conditions reasonably satisfactory to the
         Agent and the Lenders, the proceeds of which shall be used to repay a
         portion of the aggregate amount outstanding under the Term Loans. In
         addition to and not in limitation of any other provisions of this
         Agreement, if (i) Borrower fails to obtain additional

                                       13
                                                                 Sixth Amendment

<PAGE>

         capital, on terms and conditions reasonably satisfactory to the Agent
         and the Lenders, in a minimum amount of $20,000,000 on or before April
         30, 2003 and (ii) Borrower has not engaged by that date an investment
         banker reasonably satisfactory to the Agent and the Lenders for
         purposes of attempting to obtain such additional capital, then, upon
         the request of Required Lenders, the Agent, on behalf of the Lenders,
         shall engage an investment banker satisfactory to such Required
         Lenders, at Borrower's expense, in order to attempt to obtain
         alternative capital sources for Borrower."

         SECTION 2.20 Amendment to Section 6.19. Effective as of the Effective
Date, Section 6.19 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

                  "SECTION 6.19. Store Leases; Capital Expenditures. From and
         after November 13, 2002, open any new stores or enter into any lease,
         commitment or other agreement obligating the Borrower to take occupancy
         of any additional leased space; provided, however, that the Borrower
         shall be permitted to open and/or finish out new company-owned stores
         (which stores shall be opened in replacement of company-owned stores
         that are closed in the ordinary course of Borrower's business) if the
         total amount of all Capital Expenditures made or incurred by the
         Borrower in connection with opening and/or finishing out (i) any such
         individual store location does not exceed $75,000 and (ii) all such
         store locations do not exceed $1,500,000 in the aggregate; provided
         further, however, that the foregoing shall not restrict the opening
         and/or finishing out of any franchisee-owned stores if no Capital
         Expenditures or other costs are made or incurred by the Borrower in
         connection with the opening and/or finishing out of such stores. In
         addition to the foregoing, during the period from November 13, 2002
         through and including the Final Maturity Date, the Borrower shall not
         make any Capital Expenditures except for (a) the Capital Expenditures
         expressly permitted pursuant to the first proviso contained in the
         preceding sentence and (b) other Capital Expenditures not to exceed
         $3,000,000 in the aggregate."

         SECTION 2.21 Addition of Section 6.20. Effective as of the Effective
Date, a new Section 6.20 is hereby added to the Credit Agreement, which shall
read in its entirety as follows:

                  "SECTION 6.20. Collateral Perfection/Control Letters.
         Notwithstanding and in addition to the requirements set forth in
         Sections 4.14 and 4.15 of the Security Agreement, permit, at any time
         on or after February 13, 2003, (i) more than 5% of the aggregate amount
         of the Borrower's and its Subsidiaries cash, checks or other
         remittances (excluding any cash, checks or other remittances of ACE
         Funding) to be held in deposit accounts maintained by financial
         institutions with which there is no Letter Agreement (as such term is
         defined in the Security Agreement) or (i) more than 5% of the aggregate
         dollar amount of the Company's and its Subsidiaries' cash, checks or
         other remittances (excluding any cash, checks or other remittances of
         ACE Funding) to be transported by armored car couriers with which there
         is no Letter Agreement (as such term is defined in the Security
         Agreement)."

                                       14

<PAGE>

         SECTION 2.22 Addition of Section 6.21. Effective as of the Effective
Date, a new Section 6.20 is hereby added to the Credit Agreement, which shall
read in its entirety as follows:

                  "SECTION 6.21. ACE Funding. Notwithstanding anything to the
         contrary contained in this Agreement, (i) ACE Funding shall be entitled
         to incur Indebtedness in favor of Autobahn Funding Company LLC or any
         other Person(s) (any such Person being hereinafter referred to as an
         "ACE Funding Lender"), and such indebtedness may be secured by Liens on
         any or all of ACE Funding's assets or properties, (ii) ACE Funding
         shall not be a Borrower under the Agreement and shall not obtain the
         benefit of the Revolving Credit Commitment or the Seasonal Revolving
         Credit Commitment (provided, however, that the Borrower shall be
         permitted to loan, advance or transfer to ACE Funding up to $2,900,000
         during the Usage Period for purposes of allowing ACE Funding to (a)
         satisfy its minimum funding requirements under one or more reserve
         accounts to be established by ACE Funding in favor of the ACE Funding
         Lender and (b) provide cash to its self-service check cashing machines
         in various H&R Block business locations (hereinafter referred to as
         "SSMs")), (iii) ACE Funding shall not be required to become a Guarantor
         hereunder, (iv) neither Borrower nor ACE Funding shall allow any ACE
         Funding Lender to have or obtain a Lien on any assets or properties of
         the Borrower or any of its Subsidiaries (other than ACE Funding), (v)
         neither Borrower nor any of its Subsidiaries (other than ACE Funding)
         will engage in any merger or consolidation with ACE Funding, (vi)
         neither Borrower nor any of its Subsidiaries (other than ACE Funding)
         will sell, lease, transfer or otherwise assign any of its assets or
         properties to, or acquire, for any amount of consideration, any assets
         or properties of, ACE Funding (provided, however, that the Borrower
         shall be permitted to lease its SSMs to ACE Funding) and (vii) except
         as specifically permitted under clause (ii) above, neither Borrower nor
         any of its Subsidiaries (other than ACE Funding) will make any loans or
         advances to, or make any equity investments in, ACE Funding (other than
         the minimum equity investment, if any, required to form ACE Funding
         under its jurisdiction of organization)."

         SECTION 2.23 Amendment to Article VII. Effective as of the Effective
Date, the last paragraph of Article VII of the Credit Agreement shall be deleted
in its entirety and replaced with the following:

         "then, and upon the occurrence of any such Event of Default (other than
         an event described in paragraph (e) or (f) above), and at any time
         thereafter during the continuance of such Event of Default, the Agent
         may, and upon the written request of the Required Lenders shall, by
         written notice (or facsimile notice promptly confirmed in writing) to
         the Borrower, take any or all of the following actions at the same or
         different times: (i) engage (only upon the request by the Required
         Lenders) an independent financial consultant satisfactory to the
         Lenders to conduct, (A) an analytical review of the Borrower's business
         practices and any other matter deemed necessary by the Agent and the
         Lenders, and (B) the Borrower hereby irrevocably agrees to afford such
         financial consultant full access

                                       15
                                                                 Sixth Amendment
<PAGE>

         to the relevant books, records and employees of the Borrower as such
         financial consultant shall deem necessary or appropriate in light of
         the scope of such review, (ii) terminate forthwith all or any portion
         of the Total Commitment and the obligations of WFB to issue or cause to
         be issued Letters of Credit; (iii) demand that the Borrower provide to
         WFB, and the Borrower upon such demand agrees to provide, cash
         collateral in an amount equal to the Total Letter of Credit Exposure of
         the Borrower then existing, such cash collateral to be deposited in a
         cash collateral account to be held by Agent for the benefit of WFB; and
         (iv) declare the Notes and all reimbursement obligations in respect of
         drawings under Letters of Credit then outstanding to be forthwith due
         and payable, whereupon the principal of such Notes together with
         accrued interest and fees thereon, together with all reimbursement
         obligations in respect of drawings under Letters of Credit and all
         other liabilities of the Borrower accrued hereunder, shall become
         forthwith due and payable both as to principal and interest, without
         presentment, demand, protest, notice of intent to accelerate, notice of
         acceleration or any other notice of any kind, all of which are hereby
         expressly waived by the Borrower, anything contained herein or in the
         other Credit Documents to the contrary notwithstanding; provided,
         however, that with respect to an Event of Default described in
         paragraph (e) or (f) above, the Total Commitment and the obligations of
         WFB to issue Letters of Credit shall automatically terminate and the
         Notes, all reimbursement obligations in respect of drawings under
         Letters of Credit, any unpaid accrued fees and any other liabilities of
         the Borrower accrued hereunder shall automatically become due and
         payable, both as to principal and interest, without presentment,
         demand, protest, notice of intent to accelerate, notice of acceleration
         or other notice of any kind, all of which are hereby expressly waived
         by the Borrower, anything contained herein or in the other Credit
         Documents to the contrary notwithstanding. The remedies provided in the
         Credit Documents are cumulative and not exclusive of any remedies
         provided by law."

         SECTION 2.24 Amendment of Exhibit C, Exhibit I, Schedule 2.01(a),
Schedule 2.01(b), Schedule 6.19(a) and Schedule 6.19(b). Effective as of the
Effective Date, (i) Exhibit C, Exhibit I and Schedules 2.01(a) and 2.01(b) to
the Credit Agreement are hereby replaced with the forms of Exhibit C, Exhibit I
and Schedules 2.01(a) and 2.01(b) attached hereto and (ii) Schedule 6.19(a) and
Schedule 6.19(b) are hereby deleted in their entirety.

         SECTION 2.25 Miscellaneous Additions. Effective as of the Effective
Date, (i) Schedule 2.01(c) of the Credit Agreement is hereby added to the Credit
Agreement in the form of Schedule 2.01(c) attached hereto and (ii) Exhibit K,
Exhibit M and Exhibit N to the Credit Agreement are hereby added to the Credit
Agreement in the forms of Exhibit K, Exhibit M and Exhibit N attached hereto.

ARTICLE III. CONDITIONS PRECEDENT

         SECTION 3.01 The effectiveness of the amendments in Article II of this
Amendment is subject to the satisfaction of the following conditions precedent:

                                       16
                                                                 Sixth Amendment

<PAGE>

                  (a) The Lenders shall have received (i) this Amendment, duly
         executed by the Borrower and the Lenders, (ii) a certificate of the
         Secretary of the Borrower acknowledging (A) that the Borrower's Board
         of Directors has adopted, approved, consented to and ratified
         resolutions which authorize the execution, delivery and performance by
         the Borrower of this Amendment, and (B) the names of the officers of
         the Borrower authorized to sign this Amendment together with specimen
         signatures of such officers, (iii) a Consent and Ratification of the
         existing Guaranty Agreements, substantially in the form of Exhibit G to
         the Credit Agreement, executed by each Guarantor, (iv) the Second
         Amended and Restated Term Notes in the form attached hereto as Exhibit
         A, duly executed by Borrower in favor of the Lenders, (v) the Amended
         and Restated Revolving Credit Notes in the form attached hereto as
         Exhibit B, duly executed by Borrower in favor of the Lenders, (vi) the
         Seasonal Revolving Credit Notes in the form attached hereto as Exhibit
         K, duly executed by Borrower in favor of the Lender, and (vii) such
         additional documents, instruments and information as the Agents or any
         Lender may reasonably request;

                  (b) The representations and warranties contained herein and in
         the Credit Agreement, as amended hereby, and the other Credit Documents
         shall be true and correct in all material respects as of the date
         hereof, as if made on the date hereof;

                  (c) After giving effect to this Amendment, no Default or Event
         of Default shall have occurred and be continuing;

                  (d) All corporate proceedings taken in connection with the
         transactions contemplated by this Amendment and all documents,
         instruments and other legal matters incident thereto shall be
         satisfactory to the Agents and the Required Lenders and their legal
         counsel;

                  (e) Agent shall have received Borrower's unaudited
         consolidated financial statements as of September 30, 2002, which shall
         be in form and substance satisfactory to Agent;

                  (f) Borrower shall have paid (i) the Commitment Fee accrued
         pursuant to Section 2.06 of the Credit Agreement through the date of
         this Amendment, as required by Section 2.06(b) of the Credit Agreement,
         (ii) the portion of the Contingency Fee described in Section 2.06 of
         the Credit Agreement, as amended hereby, which is due and payable on
         the date hereof and (iii) the portion of the commitment fee described
         in Section 4.01 of this Amendment which is due and payable on the date
         hereof; and

                  (g) Borrower shall have paid all reasonable fees and expenses
         incurred by counsel to Agent and Lenders in connection with the
         transactions contemplated by this Amendment, including, without
         limitation, all reasonable fees and expenses incurred in connection
         with the preparation of this Amendment and any other loan documentation
         related thereto.

ARTICLE IV. COVENANTS

         SECTION 4.01 In consideration of the Loans and other credit
accommodations

                                       17
                                                                 Sixth Amendment

<PAGE>

provided herein, the Borrower hereby agrees to pay to each Lender a commitment
fee in an amount equal to 1.00% of each Lender's combined Revolving Credit
Commitment (as of the date of this Amendment), Term Loan Commitment (as of the
date of this Amendment) and Seasonal Revolving Credit Commitment (as of January
16, 2003, as set forth on Schedule 2.01(c) attached hereto). The Borrower, the
Lenders and the Agents hereby agree and acknowledge that each Lender's
commitment fee shall be deemed fully earned and nonrefundable upon execution of
this Amendment by the Borrower, and shall be payable, in immediately available
funds, as follows: (i) $1,111,750 of the aggregate commitment fee shall be due
and payable on the date of this Amendment (which amount shall be allocated to
the Lenders pro rata based upon their respective commitment amounts) and (ii)
$1,111,750 of the aggregate commitment fee shall be due and payable on February
28, 2003 (which amount shall be allocated to the Lenders pro rata based upon
their respective commitment amounts).

ARTICLE V. REPRESENTATIONS AND WARRANTIES

         SECTION 5.01 The Borrower hereby represents and warrants to the Agents
and the Lenders that (a) the representations and warranties contained in the
Credit Agreement, as amended hereby, and in any other Credit Document are true
and correct in all material respects on and as of the date hereof as though made
on and as of the date hereof (except insofar as such representations and
warranties relate expressly to an earlier date); (b) no Default or Event of
Default under the Credit Agreement, as amended hereby, or any other Credit
Document has occurred and is continuing; and (c) Borrower is in compliance in
all material respects with all covenants and agreements contained in the Credit
Agreement, as amended hereby, and in the other Credit Documents.

ARTICLE VI. LIMITED WAIVER

         SECTION 6.01 By execution of this Amendment, the Agents and the Lenders
hereby waive any violation, Default or Event of Default that would otherwise
occur under the Credit Agreement solely as a result of (a) the Borrower's
formation of ACE Funding or (b) the Borrower's amendment of its agreements and
cessation of its agency relationship with Goleta National Bank on the terms
disclosed in the Borrower's Form 8-K filed with the Securities and Exchange
Commission on November 5, 2002. Except as expressly provided in the preceding
sentence, (i) nothing contained in this Amendment or any other communication
between Agents and/or Lenders and the Borrower shall be a waiver of any past,
present or future violation, Default or Event of Default of the Borrower under
the Credit Agreement or any Credit Document; (ii) Agents and Lenders hereby
expressly reserve any rights, privileges and remedies under the Credit Agreement
and each Credit Document that Agents and Lenders may have with respect to each
violation, default or Event of Default, and any failure by Agents and/or Lenders
to exercise any right, privilege or remedy as a result of the violations set
forth above shall not directly or indirectly in any way whatsoever either (A)
impair, prejudice or otherwise adversely affect the rights of Agents and/or
Lenders, except as set forth herein, at any time to exercise any right,
privilege or remedy in connection with the Credit Agreement or any Credit
Documents, (B) amend or alter any provision of the Credit Agreement or any
Credit Documents or any other contract or instrument, or (C) constitute any
course of dealing or other basis for altering any obligation of the Borrower or
any rights, privilege or remedy of Agents and/or Lenders under the Credit
Agreement or any Credit Documents or any other contract or instrument; and (iii)
nothing in this Amendment shall be construed to be a consent.

                                       18
                                                                 Sixth Amendment

<PAGE>

ARTICLE VII. MISCELLANEOUS PROVISIONS

         SECTION 7.01 Ratification of Credit Agreement and Other Credit
Documents. Except as expressly provided herein, (i) the Credit Agreement and all
other Credit Documents shall remain unmodified and in full force and effect as
supplemented and amended hereby, and (ii) the Borrower hereby affirms all the
provisions of the Credit Agreement, as amended hereby, and the other Credit
Documents.

         SECTION 7.02 Confirmation of the Security Documents. The Borrower
hereby acknowledges and confirms that the Collateral (as defined in the Security
Documents) continues to secure the Liabilities (as defined in the Security
Documents), including those arising under the Credit Agreement, as amended
hereby.

         SECTION 7.03 Counterparts. This Amendment may be executed in one or
more counterparts, each of which when so executed shall be deemed to be an
original, but all of which when taken together shall constitute one and the same
instrument.

         SECTION 7.04 RELEASE. THE BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO
DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR
NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF
ITS LIABILITY TO REPAY THE "OBLIGATIONS" OR TO SEEK AFFIRMATIVE RELIEF OR
DAMAGES OF ANY KIND OR NATURE FROM AGENTS OR LENDERS. THE BORROWER HEREBY
VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES AGENTS AND LENDERS,
THEIR PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND
ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES,
COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR
UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT
LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW OR HEREAFTER HAVE AGAINST
AGENTS AND/OR LENDERS, THEIR PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES,
AGENTS, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH
CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR
OTHERWISE, AND ARISING FROM ANY "LOANS", INCLUDING, WITHOUT LIMITATION, ANY
CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST
IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND
REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER CREDIT DOCUMENTS, AND THE
NEGOTIATION OF, AND EXECUTION OF, THIS AMENDMENT.

                                       19
                                                                 Sixth Amendment

<PAGE>

         IN WITNESS WHEREOF, this Amendment has been executed as of the date
first above written.

                                 BORROWER:

                                 ACE CASH EXPRESS, INC.

                                 By:  /s/ JOE W. CONNER
                                    --------------------------------------------
                                 Name:  Joe W. Conner
                                 Title: Senior Vice President &
                                        Chief Financial Officer

                                 AGENT:

                                 WELLS FARGO BANK TEXAS, NATIONAL ASSOCIATION

                                 By: /s/ MICHAEL B. SULLIVAN
                                    --------------------------------------------
                                 Name:  Michael B. Sullivan
                                 Title: Senior Vice President

                                 SYNDICATION AGENT:

                                 BANK OF AMERICA, N.A.

                                 By:  /s/ JOHN W. WOODIEL III
                                    --------------------------------------------
                                 Name:  John W. Woodiel III
                                 Title: Managing Director

                                 MANAGING AGENTS:

                                 JPMORGAN CHASE BANK
                                 (f/k/a THE CHASE MANHATTAN BANK)

                                 By:  /s/ D. SCOTT HARVEY
                                    --------------------------------------------
                                 Name:  D. Scott Harvey
                                 Title: Senior Vice President

                                                                 Sixth Amendment

<PAGE>

                                 WACHOVIA BANK, NATIONAL ASSOCIATION
                                 (f/k/a FIRST UNION NATIONAL BANK)

                                 By:  /s/ M. G. HYDE
                                    --------------------------------------------
                                 Name:  M. G. Hyde
                                 Title: Director

                                 LENDERS:

                                 WELLS FARGO BANK TEXAS, NATIONAL ASSOCIATION

                                 By:  /s/ MICHAEL B. SULLIVAN
                                    --------------------------------------------
                                 Name:  Michael B. Sullivan
                                 Title: Senior Vice President

                                 BANK OF AMERICA, N.A.

                                 By:  /s/ JOHN W. WOODIEL III
                                    --------------------------------------------
                                 Name:  John W. Woodiel III
                                 Title: Managing Director

                                 JPMORGAN CHASE BANK
                                 (f/k/a THE CHASE MANHATTAN BANK)

                                 By:  /s/ D. SCOTT HARVEY
                                    --------------------------------------------
                                 Name:  D. Scott Harvey
                                 Title: Senior Vice President

                                 WACHOVIA BANK, NATIONAL ASSOCIATION
                                 (f/k/a FIRST UNION NATIONAL BANK)

                                 By:  /s/ M. G. HYDE
                                    --------------------------------------------
                                 Name:  M. G. Hyde
                                 Title: Director

                                                                 Sixth Amendment

<PAGE>

                                 NATIONAL CITY BANK

                                 By:  /s/ MICHAEL J. DURBIN
                                    --------------------------------------------
                                 Name:  Michael J. Durbin
                                 Title: Vice President

                                 HIBERNIA NATIONAL BANK

                                 By:  /s/ FRANK J. CRIFASI
                                    --------------------------------------------
                                 Name:  Frank J. Crifasi
                                 Title: Senior Vice President

                                 TEXAS CAPITAL BANK, NATIONAL ASSOCIATION

                                 By:  /s/ RONALD K. BAKER
                                    --------------------------------------------
                                 Name:  Ronald K. Baker
                                 Title: Executive Vice President

                                 FIRST AMERICAN BANK, SSB

                                 By:  /s/ PAUL VOORHIES
                                    --------------------------------------------
                                 Name:  Paul Voorhies
                                 Title: Vice President

                                                                 Sixth Amendment
<PAGE>

                                SCHEDULE 2.01(a)

                              TERM LOAN COMMITMENTS

<Table>
<Caption>
          Lender                               Commitment             Percentage of Commitment
          ------                             ---------------          ------------------------
<S>                                          <C>                      <C>
Wells Fargo Bank Texas, N.A.                 $ 14,665,807.85                   30.97%
Bank of America, N.A.                        $ 10,623,397.20                   22.44%
Wachovia Bank, N. A.                         $  8,071,022.40                   17.05%
JPMorgan Chase Bank                          $  8,071,022.40                   17.05%
National City Bank                           $  2,690,341.04                    5.68%
Hibernia National Bank                       $  1,076,136.37                    2.27%
Texas Capital Bank, N.A                      $  1,076,136.37                    2.27%
First American Bank, SSB                     $  1,076,136.37                    2.27%
Total Term Loan Commitments                  $ 47,350,000.00                  100.00%
</Table>

Schedule 2.01(A)
<PAGE>

                                SCHEDULE 2.01(b)

                          REVOLVING CREDIT COMMITMENTS

<Table>
<Caption>
          Lender                               Commitment             Percentage of Commitment
          ------                            ----------------          ------------------------
<S>                                         <C>                       <C>
Wells Fargo Bank Texas, National            $  32,796,000.00                   27.33%
Association
Bank of America, N.A.                       $  31,296,000.00                   26.08%
Wachovia Bank, National Bank                $  20,460,000.00                   17.05%
JPMorgan Chase Bank                         $  20,460,000.00                   17.05%
National City Bank                          $   6,816,000.00                    5.68%
Hibernia National Bank                      $   2,724,000.00                    2.27%
Texas Capital Bank National                 $   2,724,000.00                    2.27%
Association
First American Bank, SSB                    $   2,724,000.00                    2.27%
Total Revolving Credit Commitments          $ 120,000,000.00                  100.00%
</Table>

Schedule 2.01(b)
<PAGE>

                                SCHEDULE 2.01(c)

                      SEASONAL REVOLVING CREDIT COMMITMENTS

<Table>
<Caption>
                      Commitment
                     during period
                      commencing
                   December 1, 2002
                      through and      Percentage     Commitment during period commencing January 1, 2003 through
                       including        of Each                     and including January 15, 2003
                     December 31,       Lender's                             ($45,000,000)
                       2002 and        Commitment
     Lender           Commitment
                     during period                                                     Seasonal      Percentage of
                   commencing March                                   Percentage       Revolving     Each Lender's
                    1, 2003 through                    Seasonal         of Each      Credit Loans      Commitment
                     and including                     Revolving       Lender's      greater than     greater than
                     the Seasonal                    Credit Loans     Commitment      $35,000,000     $35,000,000
                   Revolving Credit                  less than or    less than or    but less than   but less than
                   Termination Date                    equal to        equal to       or equal to     or equal to
                     ($10,000,000)                    $35,000,000     $35,000,000     $45,000,000     $45,000,000
------------------ ------------------ ------------- ---------------  ------------   -------------    ---------------
<S>                <C>                <C>           <C>              <C>            <C>              <C>
Wells Fargo Bank    $2,733,000.00         27.33%    $9,565,500.00         27.33%    $5,750,000.00          57.50%
Texas, National
Association

Bank of America,    $2,608,000.00         26.08%    $9,128,000.00         26.08%           N/A              N/A
N.A.

Wachovia Bank,      $1,705,000.00         17.05%    $5,967,500.00         17.05%           N/A              N/A
National
Association

JPMorgan Chase      $1,705,000.00         17.05%    $5,967,500.00         17.05%    $2,500,000.00          25.00%
Bank

National City         $568,000.00          5.68%    $1,988,000.00          5.68%           N/A              N/A
Bank

Hibernia              $227,000.00          2.27%      $794,500.00          2.27%           N/A              N/A
National Bank

Texas Capital         $227,000.00          2.27%      $794,500.00          2.27%    $1,750,000.00         17.50%
Bank, National
Association

First American        $227,000.00          2.27%      $794,500.00          2.27%           N/A              N/A
Bank, SSB

Total Seasonal     $10,000,000.00        100.00%    $35,000,000.00       100.00%    $10,000,000.00        100.00%
Revolving Credit
Commitments

<Caption>
                    Commitment during period commencing January 16, 2003 through
                                  and including February 28, 2003
                                           ($55,000,000)

     Lender
                                                      Seasonal     Percentage of
                                                     Revolving     Each Lender's
                      Seasonal     Percentage of    Credit Loans     Commitment
                     Revolving     Each Lender's    greater than    greater than
                    Credit Loans     Commitment     $35,000,000     $35,000,000
                    less than or    less than or   but less than   but less than
                      equal to        equal to      or equal to     or equal to
                    $35,000,000     $35,000,000     $55,000,000     $55,000,000
------------------ --------------- --------------- --------------- ---------------
<S>                <C>             <C>             <C>             <C>
Wells Fargo Bank   $9,565,500.00        27.33%     $11,500,000.00       57.50%
Texas, National
Association

Bank of America,   $9,128,000.00        26.08%            N/A             N/A
N.A.

Wachovia Bank,     $5,967,500.00        17.05%            N/A             N/A
National
Association

JPMorgan Chase     $5,967,500.00        17.05%      $5,000,000.00       25.00%
Bank

National City      $1,988,000.00         5.68%            N/A             N/A
Bank

Hibernia             $794,500.00         2.27%            N/A             N/A
National Bank

Texas Capital        $794,500.00         2.27%     $3,500,000.00        17.50%
Bank, National
Association

First American       $794,500.00         2.27%            N/A             N/A
Bank, SSB

Total Seasonal    $35,000,000.00       100.00%     $20,000,000.00      100.00%
Revolving Credit
Commitments
</Table>

<PAGE>

                                    EXHIBIT A

                  FORM OF SECOND AMENDED AND RESTATED TERM NOTE

U.S. $_________                   Dallas, Texas                November __, 2002

         FOR VALUE RECEIVED, the undersigned, ACE CASH EXPRESS, INC., a Texas
corporation (the "Borrower"), HEREBY PROMISES TO PAY to the order of
________________________ (the "Lender"), for the account of its Applicable
Lending Office, as defined in that certain Amended and Restated Credit
Agreement, dated as of November 9, 2000, by and among the Borrower, the Lender,
certain other lenders from time to time parties thereto (collectively, the
"Lenders"), Wells Fargo Bank Texas, National Association, a national banking
association, as Agent for the Lenders, Bank of America, N.A., a national banking
association, as Syndication Agent, and Wachovia Bank, National Association, a
national banking association (f/k/a First Union National Bank), and JPMorgan
Chase Bank, a New York state banking corporation (f/k/a The Chase Manhattan
Bank), both as Managing Agents (as amended, modified or supplemented from time
to time, the "Credit Agreement") (capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Credit Agreement) or
any other office designated by the Lender the principal sum of _______________
DOLLARS ($_______________).

         The Borrower promises to pay interest on the unpaid principal amount of
the Term Loan from the date of such Term Loan until such principal amount is
paid in full, at such interest rates, and payable at such times, as are
specified in the Credit Agreement.

         Both principal and interest are payable in lawful money of the United
States of America to Wells Fargo Bank Texas, National Association, a national
banking association, as Agent, at 4975 Preston Park Boulevard, Suite 280, Plano,
Texas 75093, in same day funds.

         All payments made on account of principal of each Term Loan, shall be
recorded by the Lender and, prior to any transfer hereof, endorsed on the grid
attached hereto which is part of this Second Amended and Restated Term Note
(this "Note"), provided, however, that failure of the Lender to make such
notation or any error therein shall not in any manner affect the obligation of
the Borrower to repay such Term Loans in accordance with the terms of this Note.

         This Note is one of the Term Notes referred to in, and is subject to
and entitled to the benefits of, the Credit Agreement. This Note is secured by
the Collateral described in the Credit Documents. The Credit Agreement, among
other things, contains provisions for acceleration of the maturity hereof upon
the happening of certain stated events and also for prepayments on account of
principal hereof prior to the maturity hereof upon the terms and conditions
therein specified.

         The Borrower hereby waives presentment, demand, protest, notice of
intent to accelerate, notice of acceleration and any other notice of any kind,
except as provided in the Credit Agreement. No failure to exercise, and no delay
in exercising, any rights hereunder on the part of the holder hereof shall
operate as a waiver of such rights.

                                       1
                                                               FORM OF TERM NOTE
<PAGE>

         This Note amends, modifies and restates, but does not extinguish or
constitute a novation of, the indebtedness evidenced by that certain Amended and
Restated Term Note, dated April 30, 2002 in the principal amount of
$______________, executed by the Borrower and payable to the Lender, which
Amended and Restated Term Note was given in modification and replacement, but
not in extinguishment or novation of, the indebtedness evidenced by that certain
Term Note, dated November 7, 2001, in the principal amount of $___________,
executed by the Borrower and payable to the Lender, which Term Note was given in
modification and replacement, but not in extinguishment or novation of, the
indebtedness evidenced by that certain Reducing Revolver Note, dated November 9,
2000, in the principal amount of $______________, executed by the Borrower and
payable to the order of the Lender. All rights, titles, liens and security
interests securing the prior notes are preserved, maintained and carried forward
to secure this Note.

         THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF TEXAS.

                                   ACE CASH EXPRESS, INC.

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

                                       2
                                                               FORM OF TERM NOTE
<PAGE>

                                LOANS, MATURITIES
                     AND PAYMENTS OF PRINCIPAL AND INTEREST

<Table>
<Caption>
                                        Rate of        Amount of        Amount of
                        Amount          Interest       Principal         Interest        Unpaid
     Borrowing        and Type of      Applicable      Paid or           Paid or         Principal        Notation
       Date              Loan           to Loan         Prepaid          Prepaid          Balance          Made By
------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------
<S>                <C>              <C>              <C>             <C>              <C>              <C>
------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------
</Table>

                                      3

                                                               FORM OF TERM NOTE
<PAGE>

                                    EXHIBIT B

               FORM OF AMENDED AND RESTATED REVOLVING CREDIT NOTE

U.S. $________                    Dallas, Texas               November ___, 2002

         FOR VALUE RECEIVED, the undersigned, ACE CASH EXPRESS, INC., a Texas
corporation (the "Borrower"), HEREBY PROMISES TO PAY to the order of
__________________ (the "Lender"), for the account of its Applicable Lending
Office, as defined in that certain Amended and Restated Credit Agreement, dated
as of the date hereof, by and among the Borrower, the Lender, certain other
lenders from time to time parties thereto (collectively, the "Lenders"), Wells
Fargo Bank Texas, National Association, a national banking association, as Agent
for the Lenders, Bank of America, N.A., a national banking association, as
Syndication Agent, and WACHOVIA bank, National Association, a national banking
association (f/k/a First Union National Association). and JPMorgan Chase
Manhattan Bank, a New York state banking corporation (f/k/a The Chase Manhattan
Bank), both as Managing Agents (as amended, modified or supplemented from time
to time, the "Credit Agreement") (capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Credit Agreement) or
any other office designated by the Lender, the lesser of (i) the principal sum
of __________________ DOLLARS ($________________), or (ii) the aggregate unpaid
principal amount of all Revolving Credit Loans made by the Lender to the
Borrower pursuant to the Credit Agreement.

         The Borrower promises to pay interest on the unpaid principal amount of
each Revolving Credit Loan from the date of such Revolving Credit Loan until
such principal amount is paid in full, at such interest rates, and payable at
such times, as are specified in the Credit Agreement.

         Both principal and interest are payable in lawful money of the United
States of America to Wells Fargo Bank Texas, National Association, a national
banking association, as Agent, at 4975 Preston Park Boulevard, Suite 280, Plano,
Texas 75093, in same day funds. Each Revolving Credit Loan made by the Lender to
the Borrower and all payments made on account of principal thereof, shall be
recorded by the Lender and, prior to any transfer hereof, endorsed on the grid
attached hereto which is part of this Amended and Restated Revolving Credit Note
(this "Note"), provided, however, that failure of the Lender to make such
notation or any error therein shall not in any manner affect the obligation of
the Borrower to repay such Revolving Credit Loans in accordance with the terms
of this Note.

         This Note is one of the Revolving Credit Notes referred to in, and is
subject to and entitled to the benefits of, the Credit Agreement. This Note is
secured by the Collateral described in the Credit Documents. The Credit
Agreement, among other things, (i) provides for the making of Revolving Credit
Loans by the Lender to the Borrower from time to time pursuant to Section 2.01
of the Credit Agreement in an aggregate outstanding amount not to exceed at any
time the U.S. dollar amount first above mentioned, the indebtedness of the
Borrower resulting

                                       1
                                                   FORM OF REVOLVING CREDIT NOTE
<PAGE>

from each such Revolving Credit Loan being evidenced by this Note, and (ii)
contains provisions for acceleration of the maturity hereof upon the happening
of certain stated events and also for prepayments on account of principal hereof
prior to the maturity hereof upon the terms and conditions therein specified.

         The Borrower hereby waives presentment, demand, protest, notice of
intent to accelerate, notice of acceleration and any other notice of any kind,
except as provided in the Credit Agreement. No failure to exercise, and no delay
in exercising, any rights hereunder on the part of the holder hereof shall
operate as a waiver of such rights.

         This Note amends, modifies and restates, but does not extinguish or
constitute a novation of, the indebtedness evidenced by that certain Revolving
Credit Note dated November 9, 2000 in the principal amount of $___________
executed by the Borrower and payable to the order of the Lender. All rights,
titles, liens and security interests securing the prior note are preserved,
maintained and carried forward to secure this Note.

         THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF TEXAS (EXCEPT THAT THE PROVISIONS OF CHAPTER 346 OF THE
TEXAS FINANCE CODE, WHICH REGULATES CERTAIN REVOLVING CREDIT LOAN ACCOUNTS,
SHALL NOT APPLY TO THIS NOTE).

                                     ACE CASH EXPRESS, INC.

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

                                       2
                                                   FORM OF REVOLVING CREDIT NOTE
<PAGE>

                                LOANS, MATURITIES
                     AND PAYMENTS OF PRINCIPAL AND INTEREST

<Table>
<Caption>
                                        Rate of        Amount of        Amount of
                        Amount          Interest       Principal         Interest        Unpaid
     Borrowing        and Type of      Applicable      Paid or           Paid or         Principal        Notation
       Date              Loan           to Loan         Prepaid          Prepaid          Balance          Made By
------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------
<S>                <C>              <C>              <C>             <C>              <C>              <C>
------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------

------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------
</Table>

                                       3
                                                   FORM OF REVOLVING CREDIT NOTE
<PAGE>
                                                                       EXHIBIT C

                              BORROWING BASE REPORT

Borrowing Base Report for Week Beginning Sunday _________, 200__ and Ending
Saturday __________, 200__ (the "Prior Week"):

All capitalized terms used herein, unless otherwise defined herein, shall have
the meanings set forth in that certain Amended and Restated Credit Agreement,
dated as of November 9, 2000, by and among ACE Cash Express, Inc. (the
"Borrower"), Wells Fargo Bank Texas, National Association, as Agent, Bank of
America, N.A., a national banking association, as Syndication Agent, Wachovia
Bank, National Association, a national banking association, and JP Morgan Chase
Bank, a New York state banking corporation, both as Managing Agents, and the
other Lenders party thereto (as amended, modified, supplemented or extended from
time to time, the "Agreement").

<Table>
<Caption>
                                                        Sunday    Monday   Tuesday   Wednesday    Thursday     Friday   Saturday
                                                        ------    ------   -------   ---------    --------     ------   --------
<S>                                                     <C>       <C>      <C>       <C>          <C>          <C>      <C>
1.  Calculation of the Borrower's Cash Holdings
    and the Guarantors' Cash Holdings as of the end
    of the Prior Week:

    a. Aggregate amount of cash of
       the Borrower and each of its
       Subsidiaries that is a Guarantor
       (the "Guarantors") in their
       respective stores as of the end
       of the Prior Week                               $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------

    b. Aggregate amount of deposits of
       the Borrower and the Guarantors
       held in depository accounts with
       financial institutions.                         $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------

    c. Aggregate dollar amount of checks
       which are payable to the order of,
       or endorsable to the order of, the
       Borrower and/or the Guarantors,
       other than checks which have been
       deposited into any deposit or other
       account (i.e., the aggregate dollar
       amount of all checks in the Borrower's
       and/or the Guarantors' stores or in
       transit with any armored courier.)              $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------

    d. Aggregate amount of cash of the
       Borrower and the Guarantors in transit
       with armored couriers.                          $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------

    e. Total Borrower's Cash Holdings and
       Guarantors' Cash Holdings as of the
       end of the Prior Week (sum of a
       through d above)                                $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------

2.  Less:  Aggregate amount owed by the
    Borrower and its Subsidiaries to Travelers
    Express Company, Inc. under the Money Order
    Agreement dated April 16, 1998, as
    of the end of the Prior Week                       $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------

3.  Less:  Aggregate amount of any cash and/or
    checks received and/or held by the Borrower
    or the Guarantors for payment to third parties
    (other than Goleta National Bank), including,
    but not limited to, cash and checks received by
    the Borrower or a Subsidiary for the purchase
    of lottery tickets or the payment of any type
    of bill on behalf of a customer in excess
    of $12,500,000.                                    $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------

4.  Equals:  Amount Available for Borrowing,
    subject to the terms of the Agreement, before
    taking into account the outstanding principal
    amount of all Revolving Credit Loans and
    Seasonal Revolving Credit Loans                    $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------

5.  Less:  Aggregate principal amount of all
    Revolving Credit Loans and Seasonal Revolving
    Credit Loans outstanding as of the end of the
    Prior Week                                         $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------

6.  Equals:  Net Amount Available for Borrowing,
    subject to the terms of the Agreement, if
    positive, or amount due, if negative               $         $         $         $            $            $        $
                                                        -------   -------   -------   ---------    --------     ------   --------
</Table>

The undersigned hereby certifies that the above information and computations are
true and correct and not misleading as of the date hereof.

ACE CASH EXPRESS, INC.

By:
    ---------------------------------

Name:
     --------------------------------

Title:
      -------------------------------

Date:
     --------------------------------

                                                                      EXHIBIT C

<PAGE>

                                    EXHIBIT I

                                BORROWING NOTICE

                                  _______, 200_

Wells Fargo Bank Texas, National Association, as Agent
4975 Preston Park Boulevard,
Suite 280
Plano, Texas  75093

         Attention: Loan Administration

Ladies and Gentlemen:

         The undersigned, ACE Cash Express, Inc., a Texas corporation (the
"Borrower"), refers to the Credit Agreement, dated as of November 9, 2000 (as
amended from time to time in accordance with its terms, the "Credit Agreement";
capitalized terms defined therein and not defined herein being used herein as
therein defined), among the undersigned, certain Lenders parties thereto, and
Wells Fargo Bank Texas, National Association, a national banking association, as
Agent for such Lenders, and hereby gives you notice, irrevocably pursuant to
Section 2.03 of the Credit Agreement, that the undersigned hereby requests a
borrowing under the Credit Agreement, and in that connection sets forth below
the information relating to such a borrowing (the "Proposed Borrowing") as
required by Section 2.03 of the Credit Agreement:

(A)   Borrowing Date of a Proposed Borrowing
      (which is a Business Day)
                                                 ------------------------------

(B)   Aggregate Principal Amount of Proposed
      Borrowing
                                                 ------------------------------

(C)   Revolving Credit Loan or Seasonal Revolving
      Credit Loan
                                                 ------------------------------

(D)   Reference Rate or Alternate Base Loan
                                                 ------------------------------

         The undersigned hereby certifies that the following statements are true
on the date hereof, and will be true on the date of the Proposed Borrowing:

         (a) the representations and warranties contained in Article III of the
Credit Agreement are true and correct in all material respects on and as of the
date of the Proposed Borrowing, before and after giving effect to the Proposed
Borrowing and to the application of the proceeds therefrom, as though made on
and as of such date;

<PAGE>

         (b) no event has occurred and is continuing, or would result from the
Proposed Borrowing or from the application of the proceeds therefrom, which
constitutes an Event of Default or a Default;

         (c) after giving effect to the Proposed Borrowing and all other
borrowings which have been requested on or prior to the date of the Proposed
Borrowing but which have not been made prior to such date, the aggregate
principal amount of (i) Revolving Credit Loans will not exceed the aggregate of
the Revolving Credit Commitment and (ii) Seasonal Revolving Credit Loans will
not exceed the aggregate of the Seasonal Revolving Credit Commitment; and

         (d) the proceeds of such Proposed Borrowing will be used only to fund
Borrower's working capital requirements in the ordinary course of its business.

         Attached hereto are calculations demonstrating the Borrower's
compliance with the aforementioned financial covenants.

                                      Sincerely,

                                      ACE CASH EXPRESS, INC.

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

                                       2
<PAGE>

                                   EXHIBIT K

                     FORM OF SEASONAL REVOLVING CREDIT NOTE

U.S. $                           Dallas, Texas               November   , 2002
      -------------                                                   --

         FOR VALUE RECEIVED, the undersigned, ACE CASH EXPRESS, INC., a Texas
corporation (the "Borrower"), HEREBY PROMISES TO PAY to the order of
_________________________ (the "Lender"), for the account of its Applicable
Lending Office (as defined in that certain Amended and Restated Credit
Agreement, dated as of November 9, 2000, by and among the Borrower, the Lender,
certain other lenders from time to time parties thereto (collectively, the
"Lenders"), Wells Fargo Bank Texas, National Association, a national banking
association, as Agent for the Lenders, Bank of America, N.A., a national banking
association, as Syndication Agent, Wachovia Bank, National Association, a
national banking association (f/k/a First Union National Bank), and JPMorgan
Chase Bank, a New York state banking corporation (f/k/a The Chase Manhattan
Bank), both as Managing Agents (as amended, modified or supplemented from time
to time, the "Credit Agreement") (capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Credit Agreement) or
any other office designated by the Lender, the lesser of (i) the principal sum
of ______________________________ DOLLARS ($______________), or (ii) the
aggregate unpaid principal amount of all Seasonal Revolving Credit Loans made by
the Lender to the Borrower pursuant to the Credit Agreement.

         The Borrower promises to pay interest on the unpaid principal amount of
each Seasonal Revolving Credit Loan from the date of such Seasonal Revolving
Credit Loan until such principal amount is paid in full, at such interest rates,
and payable at such times, as are specified in the Credit Agreement.

         Both principal and interest are payable in lawful money of the United
States of America to Wells Fargo Bank Texas, National Association, a national
banking association, as Agent, at 4975 Preston Park Boulevard, Suite 280, Plano,
Texas 75093, in same day funds. Each Seasonal Revolving Credit Loan made by the
Lender to the Borrower and all payments made on account of principal thereof,
shall be recorded by the Lender and, prior to any transfer hereof, endorsed on
the grid attached hereto which is part of this Seasonal Revolving Credit Note
(this "Note"), provided, however, that failure of the Lender to make such
notation or any error therein shall not in any manner affect the obligation of
the Borrower to repay such Seasonal Revolving Credit Loans in accordance with
the terms of this Note.

         This Note is one of the Seasonal Revolving Credit Notes referred to in,
and is subject to and entitled to the benefits of, the Credit Agreement. This
Note is secured by the Collateral described in the Credit Documents. The Credit
Agreement, among other things, (i) provides for the making of Seasonal Revolving
Credit Loans by the Lender to the Borrower from time to time pursuant to Section
2.01(e) of the Credit Agreement in an aggregate outstanding amount not to exceed
at any time the U.S. dollar amount first above mentioned, the indebtedness of
the

                                          FORM OF SEASONAL REVOLVING CREDIT NOTE

                                       1
<PAGE>

Borrower resulting from each such Seasonal Revolving Credit Loan being evidenced
by this Note, and (ii) contains provisions for acceleration of the maturity
hereof upon the happening of certain stated events and also for prepayments on
account of principal hereof prior to the maturity hereof upon the terms and
conditions therein specified.

         The Borrower hereby waives presentment, demand, protest, notice of
intent to accelerate, notice of acceleration and any other notice of any kind,
except as provided in the Credit Agreement. No failure to exercise, and no delay
in exercising, any rights hereunder on the part of the holder hereof shall
operate as a waiver of such rights.

         THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF TEXAS (EXCEPT THAT THE PROVISIONS OF CHAPTER 346 OF THE
TEXAS FINANCE CODE, WHICH REGULATES CERTAIN REVOLVING CREDIT LOAN ACCOUNTS,
SHALL NOT APPLY TO THIS NOTE).

                                        ACE CASH EXPRESS, INC.

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

                                          FORM OF SEASONAL REVOLVING CREDIT NOTE

                                       2

<PAGE>

                                LOANS, MATURITIES
                     AND PAYMENTS OF PRINCIPAL AND INTEREST

<Table>
<Caption>
                                        Rate of        Amount of      Amount of
                     Amount and        Interest        Principal       Interest         Unpaid
 Borrowing            Type of         Applicable        Paid or        Paid or         Principal        Notation
   Date                 Loan            to Loan         Prepaid        Prepaid          Balance          Made By
----------           ----------       ----------       ---------      ---------        ---------        --------
<S>                  <C>              <C>              <C>            <C>              <C>              <C>

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------

----------           ----------       ----------       ---------      ---------        ---------        --------
</Table>

                                          FORM OF SEASONAL REVOLVING CREDIT NOTE

                                       3

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