Document:

EXHIBIT 10.1

                  AGREEMENT REGARDING TERMINATION
                                 OF
      NINE WEST TRADE RECEIVABLES MASTER TRUST SECURITIZATION
                           TRANSACTION

  This AGREEMENT REGARDING TERMINATION OF NINE WEST TRADE RECEIVABLES
MASTER TRUST SECURITIZATION TRANSACTION (this "Termination Agreement"),
dated as of March 3, 2000, is entered into by and among Nine West Funding
Corporation (the "Transferor"), The Bank of New York, in its capacity as
trustee (the "Trustee"), Nine West Group Inc. ("Nine West"), Nine West
Footwear Corporation ("Nine West Footwear"), Jones Apparel Group, Inc.
("Jones"), Corporate Receivables Corporation ("CRC"), Citibank, N.A. and the
other financial institutions parties to the CPA (as defined below) (each, a
"Liquidity Provider") and Citicorp North America, Inc. ("CNAI") as the
program agent (the "Program Agent") with respect to the following facts and
circumstances.

  A. (i) Each of the Transferor, CRC, CNAI, the Trustee, and the Liquidity
Providers previously entered into that certain Amended and Restated
Certificate Purchase Agreement dated as of July 31, 1998 (the "CPA"),  (ii)
the Transferor, Nine West as Servicer, and the Trustee previously entered
into that certain Pooling and Servicing Agreement dated as of December 28,
1995 (the "PSA") and the Amended and Restated Series 1995-1 Supplement
thereto dated as of July 31, 1998 (the "Series Supplement"), (iii) Nine West
and the Transferor previously entered into that certain Receivables Purchase
Agreement dated as of December 28, 1995 (the "Nine West RPA"), (iv) Nine
West Footwear and Nine West previously entered into that certain Receivables
Purchase Agreement dated as of December 28, 1995 (the "Nine West Footwear
RPA") and (v) Jones previously entered into that certain Undertaking
Agreement dated as of June 15, 1999, in favor of CRC, the Liquidity
Providers, CNAI and the Trustee (the "Undertaking Agreement").

  B. Pursuant to the Nine West Footwear RPA, Nine West Footwear sold to
Nine West (a) all of the Receivables originated by Nine West Footwear during
the "Effective Period" (as defined therein) and (b) all Collections with
respect to, and other proceeds of, such Receivables.  Pursuant to the Nine
West RPA, Nine West sold to the Transferor (a) all of the Receivables
originated by the Originators prior to the last "Purchase Date" thereunder
(as defined therein) and (b) all Collections with respect to, and other
proceeds of, such Receivables (collectively, the "Transferor Receivables").
Pursuant to the PSA, the Transferor conveyed to the Nine West Trade
Receivables Master Trust (the "Trust") without recourse (a) the Transferor
Receivables, (b) all of the Transferor's rights and remedies under the Nine
West RPA and (c) all monies from time to time on deposit in, and all
Eligible Investments and other securities, investments, and other
investments purchased from funds on deposit in, the Concentration Account,
the Collection Accounts and any Series Account, and any Enhancement
(collectively, the "Trust Assets").

  C. Pursuant to the Undertaking Agreement, Jones unconditionally and
irrevocably undertook for the benefit of the Liquidity Providers, the
Trustee, CRC and the Program Agent to cause the due and punctual performance
and observance by each of Footwear and Nine West of all of the terms,
covenants, conditions, agreements and undertakings on the part of Footwear
or Nine West, as applicable, to be performed or observed under the Nine West

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<PAGE> 2

Footwear RPA, the Nine West RPA, the PSA, the CPA, the Series Supplement,
and the other documents delivered in connection therewith in accordance with
the terms thereof.

  D. The transactions contemplated by the Nine West Footwear RPA, the Nine
West RPA, the PSA, the CPA, the Series Supplement, the Undertaking Agreement
and the related agreements entered into in connection therewith are referred
to herein collectively as the "Securitization Transaction," and the Nine
West Footwear RPA, the Nine West RPA, the PSA, the CPA, the Series
Supplement, the Undertaking Agreement and the related agreements entered
into in connection therewith are referred to herein collectively as the
"Securitization Documents."  Unless otherwise indicated, capitalized terms
used but not defined herein shall have the respective meanings assigned
thereto in the PSA as modified by the Series Supplement.

  E. Each of the parties hereto now desires to terminate the Securitization
Transaction and each of the Securitization Documents entered into in
connection therewith, subject to the terms and conditions hereinafter set
forth.

  NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each of the parties hereto
hereby agrees as follows:

  Section 1.  Repayment of Amended and Restated Series 1995-1 Certificates.
Notwithstanding anything to the contrary contained in the Securitization
Documents, subject to the terms and conditions of this Termination Agreement,
on the Closing Date, the Transferor agrees to remit to the Program Agent (to
the appropriate account specified in Schedule I hereto), and the Program
Agent, on behalf of CRC (as sole Holder of the Series 1995-1 Certificate)
and each of the Liquidity Providers, hereby agrees to accept, in full
satisfaction of all amounts payable in respect of the Invested Amount,
any accrued and unpaid Debt Service Amount and all other amounts payable
to the Holder under the Series 1995-1 Certificate, an aggregate cash payment
of $67,342,316.11 (the "Certificate Payment Amount"), consisting of the sum
of (i) $67,000,000.00 in respect of the outstanding Invested Amount on the
Closing Date and  (ii) $342,316.11 in respect of the Debt Service Amount
accrued and unpaid thereon through the Closing Date, all as set forth in
Schedule I hereto.

  Section 2.  Payment of Fees, Expenses and Other Amounts.  Notwithstanding
anything to the contrary contained in the Securitization Documents, subject
to the terms and conditions of this Termination Agreement, on the Closing
Date, the Transferor agrees to pay, and each of the Liquidity Providers, the
Servicer, and the Program Agent (each individually, a "Reimbursed Party" and
collectively with CRC, the "Reimbursed Parties") hereby agrees to accept
payment, as follows:

  2.1  to the Trustee (to the account specified in Schedule II hereto), all
obligations owing in respect of any accrued and unpaid Series Trustee's Fee
accrued through the Closing Date, which amount is set forth in Schedule II
hereto;

  2.2  to the Program Agent, on behalf of the Liquidity Providers (to the
respective account specified in Schedule III hereto), (i) all obligations
owing in respect of any accrued and unpaid Facility Fees accrued through the
Closing Date, which amounts are set forth in  Schedule III hereto; and

  2.3  to or for the account of the Program Agent (to the respective
accounts specified in Schedule IV hereto), (i) all obligations owing in
respect of any accrued and unpaid

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Program Fee accrued through the Closing Date and (ii) all reasonable fees,
costs and expenses incurred by the Program Agent's counsel in connection
with the administration of, and all prior amendments and modifications to,
the Securitization Documents, the execution and delivery of this Termination
Agreement and the consummation of the transactions contemplated hereby, which
amounts are set forth in Schedule IV hereto.

  Section 3.  Purchase and Sale of Receivables and Trust Assets.

  3.1  Purchase of Receivables by Transferor from Trustee.  Notwithstanding
anything to the contrary contained in the Securitization Documents, effective
as of the Closing Date, upon satisfaction of the conditions precedent set
forth in Section 5 hereof, in consideration of the receipt by the Program
Agent of the Certificate Payment Amount and the receipt by all of the
Reimbursed Parties of the other fees, costs and expenses and other amounts
payable to such Persons hereunder, the Trustee, on behalf of the Trust,
hereby agrees to sell, convey, assign and deliver to the Transferor, and the
Transferor hereby agrees to purchase and accept the conveyance, assignment
and delivery of, all of the Trustee's right, title and interest in and to
the Trust Assets owned or held by the Trustee as of the Closing Date, and
any and all other rights, title, licenses or interests in respect thereof
acquired by the Trustee pursuant to the Securitization Documents, all without
recourse or warranty, express or implied, of any kind, except that the Trustee
represents that such Transferor Receivables are free and clear of any adverse
claim created by or through the Trustee.

  3.2  Purchase of Receivables by Nine West from Transferor.
Notwithstanding anything to the contrary contained in the Securitization
Documents, effective as of the Closing Date, upon satisfaction of the
conditions precedent set forth in Section 5 hereof, the Transferor hereby
agrees to sell, convey, assign and deliver to Nine West, and Nine West hereby
agrees to purchase and accept the conveyance, assignment and delivery of all
of the Tranferor's right, title and interest in and to the Transferor
Receivables owned or held by the Transferor as of the completion of the
purchase and sale contemplated by Section 3.1, and any and all other rights,
title, licenses or interests in respect thereof acquired by the Transferor
pursuant to the Securitization Documents, all without recourse or warranty,
express or implied, of any kind, except that the Transferor represents that
such Transferor Receivables are free and clear of any adverse claim created
by or through the Transferor, in consideration of (i) the payment of a cash
purchase price of $67,000,000.00 (the "Transferor Cash Price") and (ii) the
return, cancellation and retirement of the Subordinated Note.

  Section 4.  Termination.  Each of the parties hereto agrees that,
effective as of the Closing Date, upon the satisfaction of the conditions
precedent set forth in Section 5 hereof, except for obligations and
liabilities of any party arising under the Securitization Documents that
expressly survive the termination of the Securitization Documents
(including, without limitation, in accordance with Sections 8.04 and 8.05 of
the CPA), and after giving effect to the transfers described in Section 3
hereof, the Securitization Transaction shall be deemed terminated, each of
the Securitization Documents (including, without limitation, the Nine West
Footwear RPA, the Nine West RPA, the PSA, the Series Supplement, and the
Undertaking Agreement) shall be deemed terminated, null and void and of no
further force or effect, with the result that no party hereto nor any other
party to any of the Securitization Documents shall have any further
obligations thereunder or otherwise with respect to the Securitization
Transaction on or after the Closing Date; provided, however, that if any
Reimbursed Party is required by law to repay (as a preference or otherwise)
to any of Jones, Nine West, Nine West Footwear, the Transferor, or a trustee
for any of them, any Obligor, a court or any other Person, any required
payment or deposit previously received hereunder or under any Securitization
Documents, then such

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<PAGE> 4

payment or deposit obligation shall be reinstated by the amount of such
repayment and Nine West and Jones will jointly and severally indemnify and
hold such Reimbursed Party harmless for the amount of such repayment,
interest thereon required (or believed in good faith by such Reimbursed
Party to be required) to be paid in connection therewith and all losses,
liabilities, costs and expenses related thereto including but not limited
to reasonable attorneys' fees and expenses), and any such reinstated
obligation shall survive the transactions contemplated hereby.

  4.1  Termination of Trust.  Upon satisfaction of the conditions
precedent set forth in Section 5 hereto, the Closing Date shall be deemed
the Termination Date of Series 1995-1.  Pursuant to Section 12 of the PSA,
the Transferor hereby exercises its option to terminate the Trust upon the
Termination Date of  Series 1995-1.  The parties hereby agree that the Trust
and the respective obligations and responsibilities of the Transferor, the
Servicer and the Trustee created thereby shall terminate, except with
respect to those obligations which pursuant to Section 12.01 of the PSA
shall expressly survive the termination.

  4.2  Waiver of Notices.  Each of the Trustee and CRC hereby waives all
notices required to be provided to such Person under Section 12.02 of the
PSA.

  Section 5.  Condition Precedent.  This Termination Agreement shall become
effective as of the date hereof upon occurrence of the following:

  5.1  the receipt by the Trustee of executed counterparts of this
Termination Agreement duly executed by each of the parties hereto;

  5.2  the receipt by the Trustee of the cancelled Series 1995-1
Certificate;

  5.3  the execution and delivery by the parties thereto of bills of
sale and assignment substantially in the forms attached hereto as Exhibit A
(the "Bank of New York Bill of Sale") and Exhibit B (the "Nine West Funding
Bill of Sale") and such other documents as may be reasonably necessary to
evidence the purchases and sales contemplated by Section 3 hereof;

  5.4  the receipt by the Transferor of the cancelled Subordinated Note;

  5.5  the receipt by the Program Agent of an amount equal to the sum of
the Certificate Payment Amount and all other amounts payable to CRC
hereunder by federal funds bank wire transfer of immediately available funds
to the accounts specified by the Program Agent on Schedule I hereto;

  5.6  the receipt by the Trustee of an amount equal to the accrued and
unpaid Series Trustee's Fee by federal funds bank wire transfer of
immediately available funds to the accounts specified on Schedule II hereto;

  5.6  the receipt by the Liquidity Providers of an amount equal to the
sum of the accrued and unpaid Facility Fee and all other amounts payable to
the Liquidity Providers hereunder by federal funds bank wire transfer of
immediately available funds to the applicable account specified on Schedule
III hereto;

  5.7  the receipt by the Program Agent and its counsel of an amount
equal to the sum of the accrued and unpaid Program Fee and all other amounts
payable to the Program Agent

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<PAGE> 5

hereunder by federal funds bank wire transfer of immediately available funds
to the accounts specified on Schedule IV hereto; and

  5.8  the receipt by CNAI or its counsel of:

  (a)  fully executed originals of this Termination Agreement; and

  (b)  all such consents, authorizations or other agreements as CNAI or
its counsel shall deem necessary or appropriate in order to consummate the
termination of the Securitization Transaction and the other transactions
contemplated hereby.

  Section 6.  Further Assurances. In furtherance of the foregoing, each of
the parties hereto hereby agrees as follows:

  6.1  Upon satisfaction of the conditions precedent set forth in
Section 5 hereof, any security interests in the Receivables granted (i) by
Nine West Footwear to Nine West, (ii) by Nine West to the Transferor or (ii)
by the Transferor to the Trustee shall be deemed released and terminated,
null and void and of no further force or effect, in each case as of the
Closing Date.  The Trustee agrees that it shall execute and deliver or cause
to be executed and delivered to the Transferor and/or Nine West any and all
financing statements and notices to Originators as Nine West may deem
necessary, expedient or appropriate in order to (i) release and terminate
such security interests and (ii) evidence the purchases and sales
contemplated by Section 3 hereof.

  6.2  Effective as of the Closing Date, upon satisfaction of the
conditions precedent set forth in Section 5 hereof, the Trustee agrees that
all of its right, title and interest in and to any and all Series Accounts
shall be deemed released and terminated, null and void and of no further
force or effect as of the Closing Date.  The Trustee agrees that, on or
after the Closing Date, it shall execute and deliver to the Transferor any
notice, acknowledgment, assignment, agreement or other instrument as it may
deemed reasonably necessary, expedient or appropriate in order to effect the
assignment of such Series Account to the Transferor and/or to terminate any
rights of the Trustee in or to any Series Accounts.

  6.3  On or after the Closing Date, each party hereto shall execute any
and all further documents and perform such other reasonable actions as may
be or become necessary, expedient or appropriate to effectuate the termination
of the Securitization Transaction and the Securitization Documents as
contemplated hereby and the purchases and sales contemplated by Section 3
hereof.

  7. Representations and Warranties.  As an inducement to the other
parties to enter into this Termination Agreement, as of the date hereof and
as of the Closing Date, each of the parties hereto hereby represents and
warrants as follows:

  7.1  This Termination Agreement has been and, as of the Closing Date,
all other agreements entered into in connection herewith, as applicable,
shall have been, duly executed and delivered by such party.  This
Termination Agreement constitutes and, as of the Closing Date, all other
agreements entered into in connection herewith, as applicable, shall
constitute, a legal, valid and binding obligation of such party, enforceable
against it in accordance with its terms (except as such enforceability may
be limited by applicable bankruptcy, insolvency, moratorium, reorganization
or similar laws affecting creditors' rights generally and by limitations on
the availability of equitable remedies).

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<PAGE> 6

  7.2  Such party has and, as of the Closing Date, will have, full power
and right to enter into this Termination Agreement and all other agreements
entered into in connection herewith, as applicable, and consummate the
transactions contemplated hereby pursuant to the terms hereof.

  7.3  The execution, delivery and performance of this Termination
Agreement and the other agreements entered into in connection herewith, as
applicable, and the consummation of the transactions contemplated hereby
will not (i) conflict with or result in a breach of any of the terms of the
charter, bylaws or other organizational documents of such party, (ii)
constitute a default (or an event which, with notice or lapse of time or both,
would constitute a default) under the terms, conditions or provisions of any
note, bond, mortgage, indenture, license, lease, agreement or other material
instrument or obligation to which such party is a party or by which such party
is bound, or (iii) violate any judgment, order, injunction, decree, statute,
rule, law or regulation applicable to such party.

  Section 8.  Execution in Counterparts.  This Termination Agreement may be
executed in one or more counterparts, each of which shall be an original but
all of which, taken together, shall constitute one and the same agreement.

  Section 9.   GOVERNING LAW.  THIS TERMINATION AGREEMENT IS DEEMED TO BE A
CONTRACT MADE UNDER, AND WILL BE GOVERNED BY AND BE CONSTRUED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT
REGARD TO CONFLICT OF LAW PRINCIPLES).

  Section 10.  Direction of the Trustee.  By executing this Termination
Agreement, each of CRC, the Liquidity Providers and the Program Agent hereby
confirms, acknowledges and agrees that the Trustee is authorized and empowered
to enter into this Termination Agreement and to take the actions contemplated
to be entered into and taken (as the case may be) by the Trustee pursuant to
the terms hereof; including, without limitation, the termination of the Trust
in accordance with Article 12 of the PSA and Section 4.1 hereof.

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

                         NINE WEST FUNDING CORPORATION

                         By: /s/ Efthimios P. Sotos
                             ----------------------
                             Name:     Efthimios P. Sotos
                             Title:    Assistant Treasurer

                         NINE WEST GROUP INC.

                         By: /s/ Efthimios P. Sotos
                             ----------------------
                             Name:     Efthimios P. Sotos
                             Title:    Assistant Treasurer

                         JONES APPAREL GROUP, INC.

                         By: /s/ Wesley R. Card
                             ------------------
                             Name:     Wesley R. Card
                             Title:    Chief Financial Officer

                         CORPORATE RECEIVABLES CORPORATION

                         By: /s/ Kathy Simmons
                             -----------------
                             Name:     Kathy Simmons
                             Title:    Vice President

                         CITICORP NORTH AMERICA, INC., as Program Agent

                         By: /s/ Kathy Simmons
                             -----------------
                             Name:     Kathy Simmons
                             Title:    Vice President

                         THE BANK OF NEW YORK, as Trustee

                         By: /s/ Erwin Soriano
                             -----------------
                             Name:     Erwin Soriano
                             Title:    Assistant Treasurer

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<PAGE> 8

                         CITIBANK, NATIONAL ASSOCIATION

                         By: /s/ Kathy Simmons
                             -----------------
                             Name:     Kathy Simmons
                             Title:    Vice President

                         CREDIT AGRICOLE INDOSUEZ

                         By: /s/ Thomas P. Gillis /s/ Laurence F. Grant
                             ------------------------------------------
                             Name:     Thomas P. Gillis   Laurence F. Grant
                             Title:    Vice President,    Vice President,
                                       Manager            Sr. Relationship Mgr.

                         CREDIT COMMUNAL DE BELGIQUE, NEW YORK BRANCH

                         By: /s/ Jan E. van Panhuys /s/ Caroline Junius
                             ------------------------------------------
                             Name:     Jan E. van Panhuys  Caroline Junius
                             Title:    General Manager     Vice President

                         NORDDEUTSCHE LANDESBANK GIRONZENTRALE, NEW YORK BRANCH

                         By: /s/ Stephen K. Hunter  /s/ Josef Haas
                             -------------------------------------
                             Name:     Stephen K. Hunter   Josef Haas
                             Title:    Senior Vice         Vice President
                                       President39

Return to:

Don Edwards, General Counsel
Chugach Electric Association, Inc.
P.O. Box 196300
Anchorage, AK   99519-6300

                  NINTH SUPPLEMENTAL INDENTURE OF TRUST

              (Amending Legal Description of Real Property
(Acquired and/or Released by the Company to Exhibit A of the Indenture)

         THIS NINTH  SUPPLEMENTAL  INDENTURE OF TRUST,  dated as of April 25,
2000, is  amendatory  and  supplemental  to that certain Indenture of Trust
dated September 15, 1991 (the ?Original  Indenture?),  by and between CHUGACH
ELECTRIC ASSOCIATION,  INC., an Alaska electric cooperative (the ?Company?),
and SECURITY PACIFIC BANK WASHINGTON,  N.A., a national banking association,
recorded September 25, 1991, under the following recording numbers:
<TABLE>
<S>                 <C>                                                  <C>

------------------------------------------------------------ ---------------------------------------------------------
                    Recording District                                   Recording Number, Book and Page

------------------------------------------------------------ ---------------------------------------------------------
------------------------------------------------------------ ---------------------------------------------------------
                         Anchorage                                       91-040327 (Book 2195, Page 178)
------------------------------------------------------------ ---------------------------------------------------------
------------------------------------------------------------ ---------------------------------------------------------
                           Kenai                                           91-7151 (Book 389, Page 637)
------------------------------------------------------------ ---------------------------------------------------------
------------------------------------------------------------ ---------------------------------------------------------
                          Palmer                                          91-011276 (Book 663, Page 167)
------------------------------------------------------------ ---------------------------------------------------------
------------------------------------------------------------ ---------------------------------------------------------
                          Seward                                           91-1051 (Book 62, Page 251)
------------------------------------------------------------ ---------------------------------------------------------
------------------------------------------------------------ ---------------------------------------------------------
                          Valdez                                           91-0738 (Book 114, Page 233)
------------------------------------------------------------ ---------------------------------------------------------
</TABLE>

         The Original  Indenture  was amended by those,  First,  Second,  Third,
Fourth,  Fifth, Sixth, Seventh and Eighth Supplemental  Indentures,  dated as of
March 17, 1993, May 19, 1994, June 29, 1994,  March 1, 1995,  September 6, 1995,
April 3, 1996, June 1, 1997 and February 4, 1998, respectively,  and recorded as
follows:

<PAGE>

<TABLE>
<S>                      <C>                     <C>                                          <C>

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

RECORDING DISTRICT       SUPPLEMENTAL             RECORDING NUMBER, BOOK AND PAGE                RECORDING DATE
                          INDENTURE
-------------------- --------------------- ----------------------------------------------- ---------------------------
-------------------- --------------------- ----------------------------------------------- ---------------------------

     Anchorage              First                 93-014587 (Book 2394, Page 638)                March 30, 1993
                            Second                94-036094 (Book 2656, Page 313)                 May 23, 1994
                            Third                 94-046579 (Book 2678, Page 629)                July 11, 1994
                            Fourth                95-015010 (Book 2772, Page 604)                March 31, 1995
                            Fifth                 96-006182 (Book 2886, Page 853)              February 12, 1996
                            Sixth                 96-028052 (Book 2936, Page 602)                June 10, 1996
                           Seventh                97-044282 (Book 3117, Page 356)              September 2, 1997
                            Eighth                98-021693 (Book 3232, Page 498)                April 20, 1998
-------------------- --------------------- ----------------------------------------------- ---------------------------
-------------------- --------------------- ----------------------------------------------- ---------------------------

       Kenai                First                   94-3630 (Book 441, Page 841)                 April 27, 1994
                            Second                  94-4844 (Book 444, Page 348)                  May 31, 1994
                            Third                   94-6354 (Book 447, Page 238)                 July 11, 1994
                            Fourth                  95-0383 (Book 461, Page 299)                 April 10, 1995
                            Fifth                   96-1826 (Book 480, Page 485)                 March 12, 1996
                            Sixth                   96-4713 (Book 486, Page 796)                 June 18, 1996
                           Seventh                  97-7086 (Book 513, Page 807)               September 4, 1997
                            Eighth                  98-3320 (Book 528, Page 037)                 April 28, 1998
-------------------- --------------------- ----------------------------------------------- ---------------------------
-------------------- --------------------- ----------------------------------------------- ---------------------------

      Palmer                First                   94-6629 (Book 763, Page 279)                 April 26, 1994
                            Second                94-008794 (Book 768, Page 219)                 May 27, 1994
                            Third                 94-011249 (Book 773, Page 460)                July 11, 1994
                            Fourth                95-003739 (Book 0800, Page 693)                April 4, 1995
                            Fifth                 96-003374 (Book 0840, Page 390)                March 12, 1996
                            Sixth                 96-008674 (Book 0852, Page 453)                June 18, 1996
                           Seventh                97-014700 (Book 0911, Page 038)              September 4, 1997
                            Eighth                98-007176 (Book 0946, Page 137)                April 28, 1998
-------------------- --------------------- ----------------------------------------------- ---------------------------
-------------------- --------------------- ----------------------------------------------- ---------------------------

      Seward                First                    94-562 (Book 72, Page 239)                  April 29, 1994
                            Second                  94-0832 (Book 72, Page 786)                   June 2, 1994
                            Third                   94-1091 (Book 73, Page 283)                  July 12, 1994
                            Fourth                  95-0392 (Book 76, Page 575)                  April 4, 1995
                            Fifth                   96-0301 (Book 80, Page 589)                February 29, 1996
                            Sixth                   96-0853 (Book 81, Page 859)                  June 19, 1996
                           Seventh                  97-1278 (Book 87, Page 352)                September 10, 1997
                            Eighth                  98-0632 (Book 90, Page 707)                  April 29, 1998
-------------------- --------------------- ----------------------------------------------- ---------------------------
-------------------- --------------------- ----------------------------------------------- ---------------------------

      Valdez                First                   94-0604 (Book 122, Page 677)                 April 27, 1994
                            Second                  94-0767 (Book 122, Page 967)                  May 31, 1994
                            Third                   94-0971 (Book 123, Page 269)                 July 11, 1994
                            Fourth                  95-0383 (Book 126, Page 214)                 April 10, 1995
                            Fifth                   96-0158 (Book 128, Page 435)               February 28, 1996
                            Sixth                   96-0550 (Book 129, Page 361)                 June 19, 1996
                           Seventh                  97-0972 (Book 133, Page 332)               September 22, 1997
                            Eighth                  98-0408 (Book 135, Page 186)                 April 29, 1998
-------------------- --------------------- ----------------------------------------------- ---------------------------
</TABLE>

<PAGE>

         The Original Indenture, as amended by the First, Second, Third, Fourth,
Fifth, Sixth, Seventh and Eighth Supplemental Indentures,  is referred to herein
as the ?Indenture.? All capitalized terms used and not otherwise defined in this
Ninth Supplemental  Indenture shall have the meanings assigned to those terms in
the Indenture, except where the context clearly indicates otherwise.

         The Indenture secures payment of the principal of (and premium, if any)
and interest on the Outstanding  Secured Bonds (as defined in the Indenture) and
the performance of the covenants contained in such Outstanding Secured Bonds and
the Indenture.

         Pursuant to the Indenture, the Company did grant, bargain, sell, alien,
remise, release, convey, assign, transfer,  mortgage,  hypothecate,  pledge, set
over and confirm to Security  Pacific Bank  Washington,  N.A.,  as Trustee,  all
property,  rights,  privileges  and  franchises of the Company of every kind and
description,  real,  personal or mixed,  tangible and  intangible,  whether then
owned or thereafter  acquired by the Company,  except any Excepted  Property (as
defined in the  Indenture),  and  granted a security  interest  therein  for the
purposes therein expressed.

         The  purpose  of the First,  Second,  Fourth,  Fifth,  Sixth and Eighth
Supplemental  Indenture  was to amend  the legal  description  of  certain  real
property (described in the respective  Supplemental  Indentures) acquired and/or
released  by the  Company  to Exhibit A of the  Indenture  after the date of the
Original  Indenture,  and to confirm the substitution of Seattle-First  National
Bank  (successor  by merger  to the  original  Trustee,  Security  Pacific  Bank
Washington,  N.A.) as  Trustee  under the  Indenture.  The  purpose of the Third
Supplemental  Indenture  was to establish a new series of bonds to be designated
First  Mortgage  Bonds,  CoBank  Series,  to be issued to the National  Bank for
Cooperatives pursuant to the terms of a Credit Agreement between the Company and
the National  Bank for  Cooperatives.  The National  Bank for  Cooperatives  was
subsequently merged into CoBank, ACB (?CoBank?),  which has thereby succeeded to
the interests of the National Bank for Cooperatives  under such Credit Agreement
and all  outstanding  CoBank  Bonds.  The  purpose of the  Seventh  Supplemental
Indenture  was  to  amend  the  terms  of  the  Third   Supplemental   Indenture
establishing the First Mortgage Bonds,  CoBank Series,  to eliminate the maximum
aggregate amount of bonds of such series the Company may issue.

         As a result of the acquisition by U.S. Bank Trust National  Association
(formerly  known  as  First  Trust  National  Association,  a  national  banking
association,) of the trust business of Bank of America NW, N.A.  (formerly known
as  Seattle-First  National  Bank),  U.S. Bank Trust  National  Association  has
succeeded to the interest of the Trustee under the Indenture.

         On  January  22,  1999 and  February  1,  1999,  the  Company  acquired
additional  interests in real property which real property was not  specifically
described in Exhibit A to the  Indenture,  but which interest was intended to be
subjected to the lien of the Indenture  from and after the date of the Company's
acquisition thereof.

<PAGE>

         On December 23, 1998, the Company  released  interests in real property
which  real  property  was  included  in Exhibit A to the  Indenture,  and which
interest is now intended to be released from the lien of the Indenture  from and
after the date of the Company?s release thereof.

         The purpose of this Ninth Supplemental  Indenture is to a) confirm that
the  Company's  interest in the acquired  real  property  described in Exhibit A
attached hereto,  including the Company's  interest in all improvements  thereon
and  appurtenances  thereto,  is in all  respects  subject  to the  lien  of the
Indenture  in the same manner and to the same extent as if legally  described in
Exhibit A to the Indenture,  and Exhibit A to the Indenture is hereby amended as
to the Company's  interest in the real property  described in Exhibit A attached
to this Ninth  Supplemental  Indenture;  and b) to confirm  that the  Company no
longer has an  interest  in the real  property  described  in Exhibit B attached
hereto and such real property is therefore no longer  subject to the lien of the
Indenture.

                         CHUGACH ELECTRIC ASSOCIATION, INC.,
                         an Alaska electric cooperative

                         By /s/ Eugene N. Bjornstad

                         Title: General Manager

                         U.S.BANKTRUST NATIONAL ASSOCIATION,
                         a national banking association

                         By    /s/ D Woodard

                         Title: Vice President

<PAGE>

STATE OF ALASKA            )
                                            ) ss.
THIRD JUDICIAL DISTRICT    )

         The foregoing  instrument was  acknowledged  before me this 15th day of
March,  2000, by Eugene N. Bjornstad,  the General  Manager of CHUGACH  ELECTRIC
ASSOCIATION, INC., an Alaska electric cooperative, on behalf of the cooperative.

                              /s/ Dianne Hillemeyer

                        NOTARY PUBLIC in and for Alaska.
                        My commission expires 5-13-2000.

STATE OF WASHINGTON                                  )
                                                     ) ss.
COUNTY OF KING                                       )

         I certify  that I know or have  satisfactory  evidence  that Michael A.
Jones, is the person who appeared before me, and said person  acknowledged  that
he signed this instrument,  on oath stated that he was authorized to execute the
instrument and acknowledged it as the Vice President of U.S. BANK TRUST NATIONAL
ASSOCIATION,  to be the free and voluntary act and deed of said national banking
association, for the uses and purposes therein mentioned.

         Given under my hand and official seal this 25 day of April, 2000.

                                                        /s/ Shirley D. Young

                                                     Print   name:   Shirley  D.
                                                     Young NOTARY  PUBLIC in and
                                                     for Washington, residing at
                                                     King  County My  commission
                                                     expires 11/15/2000.

<PAGE>

                                    EXHIBIT A

                          (Ninth Supplement Indenture)

Property Acquired (two parcels):

         Lot 15, Block 3, PATRICIA  SUBDIVISION,  according to the official plat
         thereof,  filed  under Plat  Number  69-54,  Records  of the  Anchorage
         Recording District, Third Judicial District, State of Alaska.

         SUBJECT to  reservations  and exceptions in U.S.  Patent and/or in Acts
         authorizing  the issuance  thereof;  real property  taxes,  if any due;
         easements and notes on plat;  easements of record;  and  reservation of
         all oil, gas and mineral  rights in instrument  recorded April 5, 1965,
         in Book 299 at Page 34.

         Lot 19, Block 2, PATRICIA  SUBDIVISION,  according to the official plat
         thereof,  filed  under Plat  Number  69-54,  Records  of the  Anchorage
         Recording District, Third Judicial District, State of Alaska.

         SUBJECT to  reservations  and exceptions in U.S.  Patent and/or in Acts
         authorizing  the issuance  thereof;  real property  taxes,  if any due;
         easements and notes on plat;  easements of record;  and  reservation of
         all oil, gas and mineral  rights in instrument  recorded April 5, 1965,
         in Book 299 at Page 34.

<PAGE>

                                    EXHIBIT B

                          (Ninth Supplement Indenture)

Released Property (one parcel):

A parcel of land within Tract A, CEA Hillside Substation  Subdivision  according
to  Plat  91-8,  on file  in the  office  of the  District  Recorder,  Anchorage
Recording District, Seward Meridian, Alaska, and as shown on the Attachment A, a
drawing  of  the  State  of  Alaska  Department  of  Transportation  and  Public
Facilities Right of Way Required for Rabbit Creek Road Rehabilitation FM-0504(7)
Parcel No. 3 dated  April  1998,  said parcel  more  particularly  described  as
follows:

         Beginning  at the  southeast  corner of said Tract A; thence  along the
         east  property  line N 00 22? 53? W 15.50  feet;  thence S 74 57? 54?
         W 100.00  feet;  thence S 00 22? 53? E 15.50  feet;  then along the
         south property line of said Tract A, said south  property  line also
         being the north  boundary line of the Rabbit Creek Road right of way,
         N 74 57? 54? E 100.00 feet to the  southeast  corner of said Tract A
         and the point of beginning. Said parcel containing 1500 square feet,
         more or less.

<PAGE>

["Attachment A" contains a drawing of Parcel No. 3 for the State of Alaska
Department of Transportation and Public Facilities Right of Way Required for
Rabbit Creek Road

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