Document:

AMENDMENT NO. 3 TO CREDIT AGREEMENT

          This AMENDMENT NO. 3, dated as of July 26, 2002 (this "Amendment"), to the Credit Agreement dated as of May 1, 1995 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement") among LSP-COTTAGE GROVE, L.P., a limited partnership organized and existing under the laws of the State of Delaware (the "Partnership"), EACH OF THE LENDERS SIGNATORY THERETO (the "Lenders") and CREDIT LYONNAIS NEW YORK BRANCH, the New York Branch of a banking institution organized under the laws of France, as agent for the Lenders (in such capacity the "Agent"), is hereby entered into among the Partnership, the Lenders and the Agent.

          WHEREAS, the parties wish to amend certain provisions of the Credit Agreement pursuant to Section 11.04 thereof as set forth below.

          NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

          Section 1.  Definitions.  Capitalized terms used herein without definition shall have the respective meanings ascribed thereto in the Credit Agreement.

          Section 2.  Amendments.  Effective on and as of the Effective Date (as defined in Section 4 below), the Credit Agreement is hereby amended as follows:

          (a)   The first sentence of Section 2.05(a) of the Credit Agreement shall be amended in its entirety to read as follows:

	
          "The Partnership shall pay to the Agent for the account of each Working Capital Lender a commitment fee (the "Working Capital Loan Commitment Fee") on the daily average unused amount of such Working Capital Lender's Working Capital Loan Commitment, for the period from and including the Third Amendment Effective Date to but not including the date such Working Capital Loan Commitment is terminated or reduced to zero, at a rate per annum equal to 0.50%."

          (b)   The first sentence of Section 2.05(b) of the Credit Agreement shall be amended in its entirety to read as follows:

	
          "The Partnership shall pay to the Agent for account of each Letter of Credit Lender a commitment fee (the "Letter of Credit Loan Commitment Fee") on the excess (if any of) (i) the daily average unused amount of such Letter of Credit Lender's Letter of Credit Loan Commitment over (ii) such Letter of Credit Lender's Commitment Percentage of the daily average undrawn face amount of Letters of Credit, for the period from and including the Third Amendment Effective Date to but not including the earlier of the date such Letter of Credit Loan Commitment is terminated or reduced to zero, at a rate per annum equal to 0.50%."

          (c)   The text of paragraph (c) of Section 3.04 of the Credit Agreement shall be amended in its entirety to read as follows:

	
          "Working Capital Loans. The Partnership shall (i) from time to time prior to the Credit Termination Date prepay the Working Capital Loans on each Funding Date in an amount equal to the lesser of (x) the outstanding principal amount of Working Capital Loans outstanding on such Funding Date or (y) the amount otherwise available for such payment under Section 3.6(b)(i) or 3.6(b)(iii), as applicable, of the Depositary Agreement (after giving effect to payments of interest, fees and other amounts with respect to Working Capital Loans as contemplated by Section 3.6(b)(i) or 3.6(b)(iii), as applicable, of the Depositary Agreement) and (ii) at least one time in each calendar year prior to the Credit Termination Date, prepay in whole the Working Capital Loans together with all accrued and unpaid interest thereon and shall not borrow under the Working Capital Loan Commitments for a period of at least 5 consecutive Business Days thereafter."

          (d)   Section 7.02 of the Credit Agreement shall be amended by deleting each reference to the date "June 30, 1995" in the second and eighth lines thereof and inserting in its place the date "December 31, 2001" and by deleting the words "KPMG Peat Marwick" in the fifth line thereof and inserting in their place the words "Arthur Andersen LLP".

          (e)   Section 7.08 of the Credit Agreement shall be amended by deleting the word "No" appearing in the first line of such section and inserting in its place the words "To the knowledge of the Partnership, no" and by deleting the word "The" appearing at the beginning of the second sentence of such section and inserting in its place the words "To the knowledge of the Partnership, the".

          (f)   The following new paragraph (k) shall be added to Section 9 of the Credit Agreement, after paragraph (j) thereof:

	
          "(k) Unless the prior written consent of the Majority Lenders shall have been obtained (such consent not to be unreasonably withheld), Cogentrix Energy shall cease to own either (i) directly or indirectly, at least 51% of the capital stock of the General Partner or (ii) directly or indirectly (through the direct or indirect ownership of the capital stock of, or partnership or other ownership interests in, the Partners), at least 30% of the ownership and economic interests in the Partnership,"

          (g)   The definition of "Agent's Account" contained in Appendix A to the Credit Agreement shall be amended in its entirety to read as follows:

	
          "'Agent's Account' shall mean (a) for purposes of Section 2.03 hereof, (i) for Credit Lyonnais, as Agent, account number 01-88179-3701-00 maintained by the Agent with Credit Lyonnais at the Principal Office and (ii) for any other Person as Agent, the account designated by such Person to the Partnership and the Lenders and (b) for purposes of Section 4.01 hereof, (i) for Credit Lyonnais, as Agent, account number 01-88179-3701-00 maintained by the Agent with Credit Lyonnais at the Principal Office and (ii) for any other Person as Agent, the account designated by such Person to the Partnership and the Lenders."

          (h)   The definition of "Applicable Letter of Credit Fee Percentage" contained in Appendix A to the Credit Agreement shall be amended in its entirety to read as follows:

	
          "'Applicable Letter of Credit Fee Percentage' shall mean, with respect to any Letter of Credit, (i) for the period from and including the Third Amendment Effective Date to but not including the date that is three years after the Third Amendment Effective Date, 1.50% per annum and (ii) from and including the date that is three years after the Third Amendment Effective Date and thereafter, 1.75% per annum."

          (i)   The definition of "Applicable Margin" contained in Appendix A to the Credit Agreement shall be amended in its entirety to read as follows:

	
          "'Applicable Margin' shall mean:

	
          (a)   with respect to any Base Rate Loan, (i) for the period from and including the Third Amendment Effective Date to but not including the date that is three years after the Third Amendment Effective Date, 0.75% per annum and (ii) from and including the date that is three years after the Third Amendment Effective Date and thereafter, 1.00% per annum; and

	
          (b)   with respect to any Eurodollar Loan, (i) for the period from and including the Third Amendment Effective Date to but not including the date that is three years after the Third Amendment Effective Date, 1.50% per annum and (ii) from and including the date that is three years after the Third Amendment Effective Date and thereafter, 1.75% per annum."

          (j)   The following new definitions shall be added to Appendix A to the Credit Agreement in the appropriate alphabetical locations:

	
          "'Cogentrix Energy' shall mean Cogentrix Energy, Inc., a North Carolina corporation."

	
          "'Credit Lyonnais' shall mean Credit Lyonnais New York Branch."

          (k)   The definition of "Final Maturity Date" contained in Appendix A to the Credit Agreement shall be amended in its entirety to read as follows:

	
          "'Final Maturity Date" shall mean the date occurring five years after the Third Amendment Effective Date; provided that, if such date is not a Business Day, the Final Maturity Date shall be the next preceding Business Day."

          (l)   The definition of "Principal Office" contained in Appendix A to the Credit Agreement shall be amended in its entirety to read as follows:

	
          "'Principal Office' shall mean (a) in the case of Credit Lyonnais as Agent and Lead Lender, the principal office of Credit Lyonnais which is presently located at 1301 Avenue of the Americas, New York, New York 10019 and (b) in the case of any other Lender as Agent and Lead Lender, the principal office of such other Lender (or person that such other Lender may designate) designated by such other Lender by notice to the Partnership and the other Lenders."

          (m)   The following definition shall be added to Appendix A to the Credit Agreement in the appropriate alphabetical location:

	
          "'Third Amendment Effective Date' shall mean the "Effective Date" as defined in the Third Amendment to the Credit Agreement, dated as of July 26, 2002, among the Partnership, the Lenders and the Agent."

          (n)   The Credit Agreement is hereby amended by deleting the text of Appendix C thereto in its entirety and replacing such text with the text of Appendix A hereto.

          Section 3.  Expenses.  The Partnership agrees to pay and reimburse Credit Lyonnais for all its reasonable costs and out-of-pocket expenses incurred in connection with the preparation and delivery of this Amendment, including, without limitation, the reasonable fees and disbursements of counsel to Credit Lyonnais.

          Section 5.  Conditions Precedent.  The amendments to the Credit Agreement set forth in Section 2 shall become effective upon the date (the "Effective Date") as of which all of the following shall have been satisfied: 

          (a)   the Agent shall have received counterparts of this Amendment duly executed and delivered by the Partnership, the Lenders and the Agent; and 

          (b)   the "Assignment Date" shall have occurred under and as defined in the Instrument of Assignment, Resignation, Appointment, Acceptance and Designation, dated as of July 26, 2002, among Credit Lyonnais, Dresdner Bank AG, New York and Grand Cayman Branches and the Partnership.

          Section 6.  Representations and Warranties.  The Partnership hereby represents and warrants to each Lender and the Agent that (i) it has full power and authority to execute, deliver and perform this Amendment, (ii) the execution, delivery and performance by the Partnership of this Amendment has been duly authorized by all necessary corporate and partnership action, (iii) this Amendment constitutes the legal, valid and binding obligation of the Partnership enforceable in accordance with its terms (except to the extent enforcement may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally and by general principles of equity), (iv) the execution, delivery and performance of this Amendment by the Partnership does not require any Governmental Approval other than Governmental Approvals which have already been obtained and which are in full force and effect and are final and non-appealable and (v) the execution, delivery and performance of this Amendment does not conflict with, constitute a default under, or otherwise violate (x) its certificate of limited partnership or the Partnership Agreement, (y) any indenture, mortgage, deed of trust or other contractual instrument, covenant or restriction to which it is party or by which it or its assets may be bound or (z) any provision of any law, rule, regulation, order, writ, judgment or decree applicable to it.

          Section 7.  Consent of Issuing Bank.  As required by Section 11.04 of the Credit Agreement, the Issuing Bank hereby consents to the execution by the Partnership, the Lenders and the Agent of this Amendment.

          Section 8.  Miscellaneous.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect and is hereby ratified and affirmed by each of the parties hereto.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.  THIS AMENDMENT SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE  STATE NEW YORK.

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

	
LSP-COTTAGE GROVE, L.P.

By     LSP-COTTAGE GROVE, INC.,

             as general partner

By:            /s/  JOHN W. O'CONNOR                   

           Name:  John W. O'Connor

           Title:    Vice President - Finance

                        Treasurer

	
CREDIT LYONNAIS NEW YORK BRANCH, 

   as Lender and Agent

By:            /s/  NINA S. ESHOO                           

           Name:  Nina S. Eshoo

           Title:    First Vice President

CONSENTED TO, AS PROVIDED IN SECTION 6 ABOVE:

	
CREDIT LYONNAIS NEW YORK BRANCH, 

   as Issuing Bank

By:            /s/  NINA S. ESHOO                          

           Name:  Nina S. Eshoo

           Title:    First Vice President

APPENDIX A

LIST OF COMMITMENTS AND

APPLICABLE LENDING OFFICE

CREDIT LYONNAIS NEW YORK BRANCH

1.     Commitments

	
(a)
	
Letter of Credit Loan Commitment
	
$   5,500,000

	
(b)
	
Letter of Credit Commitment
	
$   5,500,000

	
(c)
	
Working Capital Loan Commitment
	
$   3,000,000

	
	
	

	
	
TOTAL COMMITMENT
	
$   8,500,000

2.     Applicable Lending Office

	
Lending Office for all Loans:

	 	
Credit Lyonnais New York Branch

1301 Avenue of the Americas

New York, New York 10019

	
Lending Office for Letter of Credit Interests:

	 	
Credit Lyonnais New York Branch

1301 Avenue of the Americas

New York, New York 10019AMENDMENT NO. 2 TO THE CREDIT AGREEMENT

          This AMENDMENT NO. 2 TO THE CREDIT AGREEMENT, dated as of June 28, 2002 (this "Amendment"), is hereby entered into among LSP WHITEWATER, LIMITED PARTNERSHIP, a limited partnership organized and existing under the laws of the State of Delaware (the "Partnership"), EACH OF THE LENDERS SIGNATORY HERETO (the "Lenders") and DRESDNER BANK AG, NEW YORK BRANCH, the New York Branch of a banking corporation organized under the laws of Germany, as agent for the Lenders (in such capacity, the "Agent"). 

          WHEREAS, the parties hereto are party to a certain Credit Agreement dated as of May 1, 1995, as amended by Amendment No. 1 thereto dated as of December 31, 1995 (as so amended and as further amended, supplemented, amended and restated or otherwise modified from time to time, the "Credit Agreement"); and

          WHEREAS, the parties wish to amend the Credit Agreement pursuant to Section 11.04 thereof in order to extend the maturity date thereof as set forth below.

          NOW, THEREFORE, the parties hereto hereby agree as follows:

          Section 1.     Definitions.  Capitalized terms used herein without definition shall have the respective meanings ascribed thereto in the Credit Agreement.

          Section 2.     Amendment.  Effective on and as of the Effective Date (as defined in Section 3 below), the definition of "Final Maturity Date" contained in Appendix A to the Credit Agreement shall be amended by replacing, in its entirety, the definition thereof with the following:

           "Final Maturity Date" shall mean July 30, 2002.

          Section 3.     Conditions Precedent.  The amendment to the Credit Agreement set forth in Section 2 shall become effective upon the date (the "Effective Date") as of which the following conditions precedent have been satisfied:

                     (i)     the Agent shall have received counterparts of this Amendment, executed and delivered by the Partnership, the Agent and each of the Lenders;

                     (ii)     the Agent shall have received from the Partnership evidence satisfactory to the Agent that the Partnership shall have received a commitment from a lender (subject only to customary terms and conditions) to replace the Agent and Lenders under the Credit Agreement on or prior to July 30, 2002; and

                     (iii)     the conditions precedent to the effectiveness of Amendment No. 2 dated as of the date hereof by and among LPS-Cottage Grove, L.P., each of the lenders signatory thereto and Dresdner Bank AG, New York Branch, as agent for such lenders to the Credit Agreement dated as of May 1, 1995 by and among such parties shall have been satisfied.

          Section 4.     Representations and Warranties.  The Partnership hereby represents and warrants to each Lender and the Agent that: 

                     (i)     it has full power and authority to execute, deliver and perform this Amendment; 

                     (ii)     the execution, delivery and performance by the Partnership of this Amendment have been duly authorized by all necessary partnership action;

                     (iii)     this Amendment constitutes the legal, valid and binding obligation of the Partnership enforceable in accordance with its terms (except to the extent enforcement may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors, rights generally and by generally applicable principles of equity);

                     (iv)     the execution, delivery and performance of this Amendment by the Partnership does not require any Governmental Approval other than Governmental Approvals which have already been obtained and which are in full force and effect and are final and non-appealable; and

                     (v)     the execution, delivery and performance of this Amendment does not conflict with, constitute a default under, or otherwise violate (x) the Partnership's certificate of limited partnership or the Partnership Agreement, (y) any indenture, mortgage, deed of trust or other contractual instrument, covenant or restriction to which the Partnership is party or by which it or its assets may be bound or (z) any provision of any law, rule, regulation, order, writ, judgment or decree applicable to the Partnership.

          Section 5.     Miscellaneous.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect and is hereby ratified and affirmed by each of the parties hereto.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

	
LSP WHITEWATER, LIMITED PARTNERSHIP

By     LSP-WHITEWATER I, INC., 

             as general partner

By:            /s/  THOMAS F. SCHWARTZ          

           Name:  Thomas F. Schwartz

           Title:    Senior Vice President and

                        Chief Financial Officer

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

	
DRESDNER BANK AG, NEW YORK BRANCH, 

   as Agent

By:         /s/  LAURA J.K. SCHUMACHER        

           Name:  Laura J.K. Schumacher 

           Title:    Vice President 

By:         /s/  BRIAN M. SMITH                                

           Name:  Brian Smith

           Title:    Director

	
DRESDNER BANK AG, NEW YORK AND

   GRAND CAYMAN BRANCHES, as Lender 

By:         /s/  LAURA J.K. SCHUMACHER        

           Name:  Laura J.K. Schumacher 

           Title:    Vice President 

By:         /s/  BRIAN M. SMITH                                

           Name:  Brian Smith

           Title:    Director

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