Document:

Exhibit 4.7

CONFIRMATION

	
  Date:

  	
   

  	
  September 27, 2006

  
	
   

  	
   

  	
   

  
	
  To:

  	
   

  	
  GE Capital Credit Card Master Note Trust (“Party
  B”)

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  Bank of America, N.A. (“Party A”)

  
	
   

  	
   

  	
   

  
	
  Transaction Reference Number:

  	
   

  	
  24852/40308

  

 

The purpose of this letter agreement is to set forth
the terms and conditions of the Transaction entered into between us on the
Trade Date referred to below.  This
letter constitutes a “Confirmation” as referred to in the Master Agreement
specified below.

The definitions and provisions contained in the 2000
ISDA Definitions (as published by the International Swaps and Derivatives
Association, Inc., as such definitions are modified and amended by the Schedule
to the Master Agreement) (the “Definitions”)
are incorporated into this Confirmation. 
In the event of any inconsistency between those definitions and
provisions and this Confirmation, this Confirmation will govern.

This Confirmation supplements, forms a part of, and is
subject to, the ISDA Master Agreement dated as of September 27, 2006, as
amended or supplemented from time to time (the “Master
Agreement”) between you and us. 
All provisions contained in the Master Agreement shall govern this
Confirmation except as expressly modified below.

The capitalized terms used herein and not otherwise
defined herein, in the Master Agreement or in the Definitions shall have the
meanings assigned to them in the Master Indenture, dated as of September 25,
2003, between Party B, as Issuer, and Deutsche Bank Trust Company Americas, as
Indenture Trustee, as supplemented by the Series 2006-1 Indenture Supplement,
dated as of the date hereof, between Party B, as Issuer, and the Indenture
Trustee, both as amended or supplemented from time to time (collectively, the “Indenture”).

The terms of the particular Transaction to which this
Confirmation relates are as follows:

	
  Type of Transaction:

  	
   

  	
  Class C Notes Interest Rate Swap

  
	
   

  	
   

  	
   

  
	
  Notional Amount:

  	
   

  	
  As of any date, USD65,000,000, minus the aggregate
  amount of principal payments made to the Class C Noteholders on or prior to
  such date.

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  September 22, 2006

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  September 27, 2006

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The earlier of (i) the Payment Date in September
  2012; (ii) the date on which the Notional Amount is reduced to zero and (iii)
  an Early Termination Date.

  

 

 2006-1 (Class C)
 

 

 

 

	
  Payment Date:

  	
   

  	
  November 15, 2006 and the 15th day of each calendar month thereafter,
  subject to the Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Calculation Period:

  	
   

  	
  Initially, the period from and including the
  Effective Date to but excluding, November 15, 2006, and for each period
  thereafter, from and including each Payment Date to but excluding the
  following Payment Date.

  
	
   

  	
   

  	
   

  
	
  Business Day Convention:

  	
   

  	
  Following

  
	
   

  	
   

  	
   

  
	
  Business Day:

  	
   

  	
  New York and Connecticut

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Rate
  Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Payment Date:

  	
   

  	
  Each Payment Date

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Period End
  Dates:

  	
   

  	
  Last day of each Calculation Period, with No
  Adjustment to Period End Date.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate:

  	
   

  	
  4.9905% per annum

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating
  Rate Payer:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating
  Rate Payer

  	
   

  	
   

  
	
  Payment Dates:

  	
   

  	
  Each Payment Date

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate
  Payer

  	
   

  	
   

  
	
  Period End
  Dates:

  	
   

  	
  The last day of each Calculation Period, with
  Business Day Convention applicable.

  
	
   

  	
   

  	
   

  
	
  Reset Date:

  	
   

  	
  The first day of each Calculation Period

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating
  Rate:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  
	
  Initial LIBOR
  Setting:

  	
   

  	
  5.34071%

  
	
   

  	
   

  	
   

  
	
  Designated
  Maturity:

  	
   

  	
  One month, except for the first Calculation Period,
  which shall be determined by Linear Interpolation.

  
	
   

  	
   

  	
   

  
	
  Spread:

  	
   

  	
  None

  

 

 2
 

 

 

	
  LIBOR Floating Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  N/A

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  Party A

  

 

Account Details

Payments to Party A: 
To be provided in written instructions.

Payments to Party B: 
To be provided in written instructions.

[Signature Page Follows]

 3

 

Please confirm that the foregoing correctly sets forth
the terms of our agreement by executing the copy of this Confirmation enclosed
for that purpose and returning it to us.

	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Roger Heintzelman

  	
   

  
	
   

  	
   

  	
  Name: Roger Heintzelman

  
	
   

  	
   

  	
  Title: Senior Vice President

  

 

 	 
 	 S-1
 	 2006-1 (Class C)
 

  
 

 

Accepted and
confirmed as of

the date first above written:

GE CAPITAL CREDIT
CARD MASTER NOTE TRUST

By:  The Bank of
New York (Delaware), not in its individual capacity, but solely as 

Trustee

	
  By

  	
  /s/ Kristine Gullo

  	
   

  
	
   

  	
  Name:

  	
  Kristine K. Gullo

  
	
   

  	
   

  	
  Vice President

  
				

 

 	 
 	 S-2
 	 2006-1 (Class C)Exhibit 10.1

    
      

    

     

    EXHIBIT
      10.1

    
PNM
      RESOURCES, INC.

    2006
      OFFICER INCENTIVE PLAN

    (Amended
      September 26, 2006)

    

    

    

    INTRODUCTION

     

    This
      document serves as a comprehensive single source of information about the PNM
      Resources, Inc. Officer Incentive Plan (the “Plan”). It describes the objectives
      of the Plan, its various elements, and how they function. If you have questions
      that are not addressed by this document, please direct them to the Compensation
      Department.

     

    PLAN
      OBJECTIVES

     

    The
      Plan
      is designed to motivate and reward participants for achieving and exceeding
      annual company, business unit and individual goals, and the company-wide
      earnings per share (“EPS”) goal.

     

    EFFECTIVE
      DATES

     

    The
      Plan
      is effective from January 1, 2006 through December 31, 2006 (the “Plan Year”).
      Management reserves the right, however, to adjust, amend or suspend the Plan
      at
      its discretion during the Plan Year, with the approval of the Human Resources
      and Compensation Committee (the “Committee”) of the Board of Directors (the
“Board”).

     

    ADMINISTRATION

     

    
      	·  	
              Plan
                Year Goals

            

    

     

    Individual
      goals sets (e.g. combined company, business unit, and individual) will be
      established for each Officer. After considering the recommendations of
      management, the Committee will approve the company-wide EPS goals against which
      performance will be measured for the Plan Year.

     

    
      	·  	
              Incentive
                Award Approvals and Payout
                Timing

            

    

     

    Shortly
      after the end of the Plan Year, the Committee or the Board will, in its sole
      discretion, determine the final performance results, which will be used to
      calculate awards, if any. Awards will be distributed by check to eligible
      participants following such approval. The payment, generally, will be made
      by
      March 15 following the end of the Plan Year. If it is administratively
      impractical to make the payment by March 15, the payment shall be made as soon
      as reasonably practical following March 15. The payments also may be delayed
      in
      accordance with regulations issued pursuant to Section 409A of the Internal
      Revenue Code of 1986. 

     

    
      	·  	
              Provisions
                for a Change in
                Control

            

    

     

    Pursuant
      to the PNM Resources, Inc. Officer Retention Plan, if a participant’s employment
      is terminated during a “Protection Period” (as defined in the Officer Retention
      Plan), the participant may be entitled to a pro-rata award equal to 50% of
      the
      maximum award available under this Plan as in effect during the Protection
      Period. Please refer to the Officer Retention Plan for additional
      information.

     

    
      
        1

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.1

     

    If
      a
      participant’s employment is not terminated prior to the end of the Plan Year in
      which a “Change in Control” occurs, the participant shall receive an award for
      that Plan Year determined in accordance with the provisions of this Plan. If
      the
      Plan is modified in any way as to change the amounts paid under the Plan, the
      participant shall receive an award equal to 50% of the maximum award available
      under this Plan as in effect during the Protection Period. Please refer to
      the
      Plans for additional information. For purposes of this Plan, the term “Change in
      Control” shall mean and refer to any “change in control event” within the
      meaning of Prop. Treas. Reg. § 1.409A-3(g)(5). The payments due pursuant to this
      paragraph shall be paid at the same time as incentive awards normally are
      paid.

     

    ETHICS

     

    The
      purpose of the Plan is to fairly reward performance achievement. Any employee
      who manipulates or attempts to manipulate the Plan for personal gain at the
      expense of customers, other employees or company objectives will be subject
      to
      appropriate disciplinary action, up to and including termination of
      employment.

     

    ELIGIBILITY

     

    All
      officers are eligible to participate in the Plan with the exception of the
      Vice
      Presidents for First Choice Power, who will participate in the First Choice
      Power, L.P. Incentive Plan or the First Choice Power, L.P. Energy Trading Plan.
      For purposes of this Plan, officer means any employee of the company with the
      title of Chief Executive Officer, President, Executive Vice President, Senior
      Vice President or Vice President.

     

    
      	·  	
              Pro
                Rata Awards for Partial Service
                Periods

            

    

     

    Pro
      rata
      awards for the number of months actively employed at each eligibility level
      during the Plan Year will be paid to the following participants at the time
      awards are paid to all participants: (Note: Any months in which a participant
      is
      actively on the payroll for at least one day will count as a full
      month.)

     

    
      	-  	
              Participants
                who are newly hired during the Plan
                Year.

            

    

     

    
      	-  	
              Participants
                who are promoted, transferred or demoted during the Plan
                Year.

            

    

     

    
      	-  	
              Participants
                who are on leave of absence for any full months during the Plan
                Year.

            

    

     

    
      	-  	
              Participants
                who are impacted or leave the company due to retirement or disability
                during the Plan Year. (Note: For purposes of the Plan, “retirement” means
                termination of employment with the company and all affiliates after
                the
                employee has attained: (1) age forty-five and twenty years of service;
                (2)
                age fifty-five and ten years of service; (3) the age at which the
                early
                distribution penalty of Section 72(t) of the Internal Revenue Code
                no
                longer applies and five years of service; or (4) any age and thirty
                years
                of service.)

            

    

     

    
      	-  	
              Participants
                who die during the Plan Year, in which case the award will be paid
                to the
                spouse of a married participant or the legal representative of an
                unmarried participant.

            

    

     

    
      	·  	
              Forfeiture
                of Awards

            

    

     

    Any
      participant who terminates employment on or before awards are distributed for
      the Plan Year for any reason other than death, impaction or retirement (e.g.,
      voluntary separation, termination for performance or misconduct - even if the
      terminated participant elects to take retirement) will not be eligible for
      payment of an award.

     

     

    
      
        2

      

      
        
        

        
          

        

      

      
        
          
            EXHIBIT
              10.1

          

           

        

      

    

    
      	·  	
              Eligible
                Base for Incentive
                Purposes

            

    

     

    For
      the
      purpose of incentive calculations, the applicable salary grade midpoint is
      the
      participant’s salary grade midpoint effective December 31 of the Plan Year
      unless the participant has been demoted during the Plan Year. In this event,
      the
      participant’s salary grade midpoint may be prorated based on the period of time
      worked at each level.

     

    AWARD
      DETERMINATION

     

    Awards
      may be earned for performance that provides additional value to our
      shareholders. The incremental performance needed to fund awards is taken into
      consideration in establishing performance thresholds and goals under the
      Plan.

     

    
      	·  	
              Performance
                Thresholds

            

    

     

    In
      order to be eligible for incentive awards, the following performance threshold
      must be met for 2006 (Individual Award):

     

    
      	-  	
              Overall
                combined company, business unit, and individual goal performance
                that at
                least achieves the threshold performance level. If this performance
                threshold is not met, no award will be paid for the Plan
                Year.

            

    

     

    In
      order to be eligible for the award enhancement, the following performance
      threshold must be met for 2006:

     

    
      	-  	
              Company-wide
                EPS of $1.65 or more. If this performance threshold is not met, no
                award
                enhancement will be applied.

            

    

     

    
      	·  	
              Combined
                Company, Business Unit, and Individual Performance Award
                Opportunity

            

    

     

    For
      the
      2006 Plan Year, the combined company, business unit, and individual performance
      (Individual Award) opportunities are as follows:

     

    
      	
              Award
                Eligibility Level

               

            	
               

              Individual
                Goal Set

            
	
               

              Threshold*

            	
               

              Stretch*

            	
               

              Optimal*

            
	
              Vice-President

               

            	
              4.0%

               

            	
              7.0%

               

            	
              10.0%

               

            
	
              Senior
                Vice-President

               

            	
              6.4%

               

            	
              11.2%

               

            	
              16.0%

               

            
	
              Executive
                Vice-President

               

            	
              8.0%

               

            	
              14.0%

               

            	
              20.0%

               

            
	
              Chairman,
                President, and CEO

               

            	
              11.2%

               

            	
              19.6%

               

            	
              28.0%

               

            

    

    *Award
      calculated as a percentage of salary grade midpoint

     

    
      	·  	
              Earnings
                Per Share (EPS) Award
                Enhancement

            

    

     

    For
      the
      2006 Plan Year, the EPS award enhancement opportunities are as
      follows:

     

    
      	
               

              EPS
                Threshold Target = $1.65

            	
               

              EPS
                = $1.66 to $1.89

            	
               

              EPS
                Optimal Target = $1.90

            
	
              Individual
                Award is enhanced with a multiplier of 1.15

               

            	
              Individual
                Award is enhanced 1.31x to 4.85x using straight-line
                interpolation

               

            	
              Individual
                Award is enhanced a maximum of 5x

               

            

    

     

     

    
      
        3

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.1

     

    For
      this
      Plan, EPS is defined as net income related to running the business (excluding
      certain extraordinary items or events that result in windfalls or penalties
      which are not in keeping with the spirit of the Plan) divided by the number
      of
      shares of PNM Resources, Inc. common stock outstanding.

     

    
      	·  	
              Award
                Calculation

            

    

     

    Combined
      company, business unit, and individual goal performance that meets or exceeds
      the threshold target level will be eligible for an award. The amount of each
      participant’s award is determined by the participant’s eligibility level and the
      level of combined company, business unit, and individual goal performance in
      the
“Combined Company, Business Unit, and Individual Performance Award Opportunity”
table above.

     

    Company
      EPS performance that meets or exceeds the threshold target will serve as an
      enhancement to the award paid for workgroup performance. As identified in the
      “EPS Award Enhancement” table above, the award enhancement will be a minimum of
      1.15x at the EPS threshold target, a maximum of 5x at the EPS optimal target,
      and interpolated between the EPS threshold and optimal targets.

     

    The
      resulting percent is multiplied by the participant’s eligible salary grade
      midpoint to determine the amount of the participant’s award.

     

    For
      Example:
      Assume
      that overall workgroup results are at the optimal performance level and
      company-wide EPS performance is $1.78. A participant who is eligible for an
      award at the Vice-President eligibility level would receive an award of 31.5%
      of
      salary grade midpoint for the Plan Year. That is, workgroup optimal performance
      resulting in an award of 10%, which is then enhanced 3.15x for EPS performance.
      Assuming the participant’s salary grade midpoint is $170,500 the award would be
      $53,707.50 ($170,500 x 31.5%).

     

    4

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