PNM RESOURCES INC
EXHIBIT 10.90.1
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>exh109011.htm
<DESCRIPTION>EXHIBIT 10.90.1
<TEXT>
<html>

<head>



<title>exhibit 10.90.1</title>

</head>

<body lang=EN-US link=blue vlink=purple>

<div class=Section1>

<p align=right style='text-align:right'><b>Exhibit
10.90.1</b></p>

<p align=right style='text-align:right'>Execution Version</p>

<p align="center"><b>AMENDMENT
NO. 1<br>
TO<br>
RECEIVABLES PURCHASE AGREEMENT</b></p>

<p>THIS AMENDMENT NO. 1 TO RECEIVABLES PURCHASE
AGREEMENT (this &quot;<u>Amendment</u>&quot;) dated as of June 19, 2003, is entered into
among PNM RECEIVABLES CORP. (&quot;<u>Seller</u>&quot;), PUBLIC SERVICE COMPANY OF NEW
MEXICO (&quot;<u>Servicer</u>&quot;), EAGLEFUNDING CAPITAL CORPORATION (&quot;<u>EagleFunding</u>&quot;),
FLEET SECURITIES, INC., as a &quot;Managing Agent&quot; (the &quot;<u>Managing Agent</u>&quot;) and
FLEET NATIONAL BANK (&quot;<u>Fleet</u>&quot;), as an Alternate Investor and as Deal
Agent (in such capacity, the &quot;<u>Deal Agent</u>&quot;).&nbsp; Capitalized terms used herein without definition shall have the
meanings ascribed thereto in the &quot;Receivables Purchase Agreement&quot; referred to
below.</p>

<p>PRELIMINARY
STATEMENTS</p>

<p style='text-indent:.5in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference
is made to that certain Receivables Purchase Agreement dated as of April 8,
2003 among Seller, Servicer, EagleFunding, the Managing Agent and the Deal
Agent (as the same may be amended, restated, supplemented or modified from time
to time, the &quot;<u>Receivables Purchase Agreement</u>&quot;).</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
parties hereto have agreed to amend the requirements of certain provisions of
the Receivables Purchase Agreement upon the terms and conditions set forth
herein.</p>

<p style='text-align:justify'><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>SECTION
1.&nbsp; Amendment.&nbsp; Subject to the satisfaction of the
conditions precedent set forth in Section 3 hereof, the parties hereto hereby
agree to amend Section 2.3 of the Receivables Purchase Agreement to
insert the words &quot;or other funds available to the Seller&quot; immediately after the
words &quot;proposed reduction of Aggregate Capital from Collections&quot;.</p>

<p style='text-align:justify'><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<font size="3">SECTION 2.&nbsp; <u>Representations and Warranties</u>.&nbsp; Each of the Seller and the Servicer hereby
represents and warrants to each of the other parties hereto, as to itself that:</font></p>

<p style="text-align: justify"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
this Amendment constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms; and</font></p>

<p style="text-align: justify"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on the date hereof, before and after
giving effect to this Amendment, (i) no Amortization Event or Potential Amortization Event has
occurred and is continuing and (ii) the aggregate Investor Interests do not
exceed the Maximum Investor Interest.</font></p>

<p style='text-align:justify'><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 3.&nbsp; <u>Conditions Precedent</u>.&nbsp; This Amendment shall become
effective on the first Business Day (the &quot;<u>Effective Date</u>&quot;) on which the Deal
Agent or its counsel has received counterpart signature pages of this Amendment,
executed by each of the parties hereto.</font></p>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<p style='margin-left:0in;
page-break-after:avoid;'><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.&nbsp; Reference to and Effect on the
Transaction Documents.</font></p>

<p><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the effectiveness of this Amendment, (i) each reference
in the Receivables Purchase Agreement to &quot;this Receivables Purchase Agreement&quot;,
&quot;this Agreement&quot;, &quot;hereunder&quot;, &quot;hereof&quot;, &quot;herein&quot; or words of like import shall
mean and be a reference to the Receivables Purchase Agreement, as amended or
otherwise modified hereby, and (ii) each reference to the Receivables Purchase
Agreement in any other Transaction Document or any other document, instrument
or agreement executed and/or delivered in connection therewith, shall mean and
be a reference to the Receivables Purchase Agreement as amended or otherwise
modified hereby.</font></p>

<p><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as specifically amended, terminated or otherwise
modified above, the terms and conditions of the Receivables Purchase Agreement,
of all other Transaction Documents and any other documents, instruments and
agreements executed and/or delivered in connection therewith, shall remain in
full force and effect and are hereby ratified and confirmed.</font></p>

<p><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any right, power or remedy of the Deal Agent,
any Managing Agent or any Investor under the Receivables Purchase Agreement or
any other Transaction Document or any other document, instrument or agreement
executed in connection therewith, nor constitute a waiver of any provision
contained therein, in each case except as specifically set forth herein.</font></p>

<p><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION
5.&nbsp; <u>Execution in
Counterparts</u>.&nbsp; This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same instrument.&nbsp; Delivery
of an executed counterpart of a signature page to this Amendment by telecopier
shall be effective as delivery of a manually executed counterpart of this
Amendment.</font></p>

<p style='margin-left:0in;'><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION
6.&nbsp; <u>Governing Law</u>.&nbsp; This Amendment shall be governed by and
construed in accordance with the laws of the State of New York.</font></p>

<p style='margin-left:0in;'><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION
7.&nbsp; <u>Headings</u>.&nbsp; Section headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose.</font></p>

<p style='margin-left:0in;'><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION
8.&nbsp; <u>Fees and Expenses</u>.&nbsp;&nbsp; Seller hereby confirms its agreement to pay
on demand all reasonable costs and expenses of the Deal Agent, Managing Agent
or Investors in connection with the preparation, execution and delivery of this
Amendment and any of the other instruments, documents and agreements to be
executed and/or delivered in connection herewith, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel to the
Deal Agent, Managing Agent or Investors with respect thereto.</font></p>

<p align=center style='text-align:center'>[Remainder of Page
Deliberately Left Blank]</p>
<p align=center style='text-align:center'>2</p>

</div>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<div class=Section2>

<p style='text-indent:.5in;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their respective officers as of the date first
above written.</p>

<p style='margin-top:24.0pt;margin-right:0in;margin-bottom:
0in;margin-left:2.5in;margin-bottom:.0001pt'>PNM RECEIVABLES CORP.</p>





<p style='margin-left:2.75in;text-indent:-.25in;'>By:_____<u>_/s/ Terry R. Horn </u>___________<br>
Name:&nbsp; Terry R. Horn<br>
Title:&nbsp;&nbsp;&nbsp; Treasurer</p>

<p style='margin-top:24.0pt;margin-right:0in;margin-bottom:
0in;margin-left:2.5in;margin-bottom:.0001pt'>PUBLIC SERVICE COMPANY OF NEW
MEXICO</p>



<p style='margin-left:2.75in;text-indent:-.25in;'>By: _____<u>_/s/ Terry R. Horn </u>___________<br>
Name:&nbsp; Terry R. Horn<br>
Title:&nbsp;&nbsp;&nbsp; Vice President and Treasurer</p>

<hr color="#000080"><br clear=all style='page-break-before:always'>


<p style='margin-left:2.5in'>EAGLEFUNDING CAPITAL
CORPORATION, as Conduit Investor</p>

<p style='margin-left:2.5in'>By:&nbsp; Fleet Securities, Inc. as attorney-in-fact</p>

<p style='margin-top:24.0pt;margin-right:0in;margin-bottom:
12.0pt;margin-left:2.5in;page-break-after:auto;'>By:
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Amy S. Roberts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>Name:&nbsp; Amy S. Roberts&nbsp; <br>
Title:&nbsp;&nbsp;&nbsp; Managing Director</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:2.5in'>FLEET NATIONAL BANK, as Alternate Investor</p>

<p style='margin-top:12.0pt;margin-right:0in;margin-bottom:
12.0pt;margin-left:2.5in;page-break-after:auto;'>By:<u>&nbsp; /s/ Stephen J. Hoffman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Name:&nbsp; Stephen J. Hoffman<br>
Title:&nbsp;&nbsp;&nbsp; Director</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:2.5in'>FLEET SECURITIES, INC., as Managing Agent and as Deal Agent</p>

<p style='margin-top:24.0pt;margin-right:0in;margin-bottom:
12.0pt;margin-left:2.5in;page-break-after:auto;'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Amy S. Roberts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Name:&nbsp; Amy S. Roberts&nbsp; <br>
Title:&nbsp;&nbsp;&nbsp; Managing Director</p>

</div>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<div class=Section3>

<p align=right style='margin-top:0in;text-align:right'><b>EXECUTION COPY</b></p>

<p style='margin:0in;margin-bottom:.0001pt' align="center"><b>AMENDMENT&nbsp; NO. 2</b></p>

<p style='margin:0in;margin-bottom:.0001pt' align="center"><b>DATED AS OF APRIL 6, 2004</b></p>

<p style='margin:0in;margin-bottom:.0001pt' align="center"><b>TO</b></p>

<p style='margin:0in;margin-bottom:.0001pt' align="center"><b>RECEIVABLES PURCHASE
AGREEMENT</b></p>

<p style='margin-top:0in' align="center"><b>DATED AS OF APRIL 8, 2003</b></p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS AMENDMENT NO.
2 TO RECEIVABLES PURCHASE AGREEMENT (&quot;<b>Amendment</b>&quot;)
is made effective as of this 6th day of April, 2004 by and among PNM
Receivables Corp., a Delaware corporation (the &quot;<u>Seller</u>&quot;), Public Service
Company of New Mexico, a New Mexico corporation (the &quot;<u>Servicer</u>&quot;), the
Investors party to the hereinafter identified and defined Receivables Purchase
Agreement, Fleet Securities, Inc., as a Managing Agent, and Fleet Securities,
Inc., as Deal Agent for the Investors under such Receivables Purchase Agreement
dated as of April 8, 2003 (as amended by that certain Amendment No. 1 dated
June 19, 2003, and as amended hereby and as the same may hereafter be amended,
modified, supplemented or restated from time to time, the &quot;<b>Receivables Purchase Agreement</b>&quot;).&nbsp;
Capitalized terms used herein and not otherwise defined herein shall
have the meaning given to them in the Receivables Purchase Agreement.</p>

<p style='page-break-after:auto' align="center">WITNESSETH</p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the
Seller, the Servicer, the Investors, the Managing Agent and the Deal Agent are
parties to the Receivables Purchase Agreement; </p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the
Seller, the Servicer, the Investors, the Managing Agent and the Deal Agent wish
to amend the Receivables Purchase Agreement;</p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whereas, the Seller, the Servicer, the
Investors, the Managing Agent and the Deal Agent further wish to waive the
notice requirement and provide for an extension of liquidity under <u>Section
13.4</u> of the Receivables Purchase Agreement;</p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS,the Seller,
the Servicer, the Investors, the Managing Agent and the Deal Agent have agreed
to amend the Receivables Purchase Agreement, provide the waiver and extend the
liquidity on the terms and conditions set forth in this Amendment.</p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, in
consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Seller, the Servicer, the
Investors, the Managing Agent and the Deal Agent have agreed to the following
amendment to the Receivables Purchase Agreement.</p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Amendment to Receivables Purchase
Agreement</font></u><font size="3">.&nbsp;&nbsp; Effective as of&nbsp; the date hereof, and subject to the
satisfaction of the conditions precedent set forth in Section 3 below, the&nbsp; Receivables Purchase Agreement shall be and
hereby is amended as follows:</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'><u>
<font size="3">Article I</font></u><font size="3">
of the Receivables Purchase Agreement is amended:</font></p>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:
1.0in;text-indent:-.5in;'><font size="3">to delete the definition of &quot;<b><u>Applicable Margin</u></b>&quot; in its entirety,
and to substitute the following therefor:</font></p>

<p style='margin-left:.5in;text-align:justify;text-indent:.5in'><i>&quot;<b><u>Applicable Margin&quot;</u></b></i> means the appropriate applicable percentages, in each
case, corresponding to the long term unsecured senior non-credit
enhanced debt rating by S&amp;P and Moody's
in effect as of the most recent Calculation Date (the &quot;<u>Debt Rating</u>&quot;) as
shown below:</p>



<div align=center>

<table border=1 cellspacing=0 cellpadding=0 align=left style='border-collapse:
 collapse;border:none;'>
 <tr>
  <td width=90 valign=bottom style='width:67.5pt;border-top:2.25pt;border-left:
  2.25pt;border-bottom:.5pt;border-right:.5pt;border-color:windowtext;
  border-style:solid;padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='text-align:center;page-break-after:
  avoid;'>Pricing Level</p>
  </td>
  <td width=192 valign=bottom style='width:2.0in;border-top:solid windowtext 2.25pt;
  border-left:none;border-bottom:solid windowtext .5pt;border-right:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt' align="center">


  <p align=center style='text-align:center;page-break-after:
  avoid;'>Debt Rating</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;border-top:solid windowtext 2.25pt;
  border-left:none;border-bottom:solid windowtext .5pt;border-right:solid windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt' align="center">

  <p align=center style='text-align:center;page-break-after:
  avoid;'>Applicable Margin</p>
  </td>
 </tr>
 <tr>
  <td width=90 valign=top style='width:67.5pt;border-top:none;border-left:solid windowtext 2.25pt;
  border-bottom:solid windowtext .5pt;border-right:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='text-align:center;page-break-after:
  avoid;'>I</p>
  </td>
  <td width=192 valign=top style='width:2.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext .5pt;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='margin-bottom:2.7pt;text-align:center;'><u>&gt;</u> BBB+/Baa1</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;border-top:none;border-left:
  none;border-bottom:solid windowtext .5pt;border-right:solid windowtext 2.25pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=right style='margin-right:27.8pt;text-align:right;
  page-break-after:avoid;'>0.875%</p>
  </td>
 </tr>
 <tr>
  <td width=90 valign=top style='width:67.5pt;border-top:none;border-left:solid windowtext 2.25pt;
  border-bottom:solid windowtext .5pt;border-right:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='text-align:center;page-break-after:
  avoid;'>II</p>
  </td>
  <td width=192 valign=top style='width:2.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext .5pt;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='margin-bottom:2.7pt;text-align:center;'>BBB/Baa2</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;border-top:none;border-left:
  none;border-bottom:solid windowtext .5pt;border-right:solid windowtext 2.25pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=right style='margin-right:27.8pt;text-align:right;
  page-break-after:avoid;'>1.000%</p>
  </td>
 </tr>
 <tr>
  <td width=90 valign=top style='width:67.5pt;border-top:none;border-left:solid windowtext 2.25pt;
  border-bottom:solid windowtext .5pt;border-right:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='text-align:center;page-break-after:
  avoid;'>III</p>
  </td>
  <td width=192 valign=top style='width:2.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext .5pt;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='margin-bottom:2.7pt;text-align:center;'>BBB-/Baa3</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;border-top:none;border-left:
  none;border-bottom:solid windowtext .5pt;border-right:solid windowtext 2.25pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=right style='margin-right:27.8pt;text-align:right;
  page-break-after:avoid;'>1.125%</p>
  </td>
 </tr>
 <tr>
  <td width=90 valign=top style='width:67.5pt;border-top:none;border-left:solid windowtext 2.25pt;
  border-bottom:solid windowtext .5pt;border-right:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='text-align:center;page-break-after:
  avoid;'>IV</p>
  </td>
  <td width=192 valign=top style='width:2.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext .5pt;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='margin-bottom:2.7pt;text-align:center;'>BB+/Ba1</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;border-top:none;border-left:
  none;border-bottom:solid windowtext .5pt;border-right:solid windowtext 2.25pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=right style='margin-right:27.8pt;text-align:right;
  page-break-after:avoid;'>1.375%</p>
  </td>
 </tr>
 <tr>
  <td width=90 valign=top style='width:67.5pt;border-top:none;border-left:solid windowtext 2.25pt;
  border-bottom:solid windowtext 2.25pt;border-right:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='text-align:center;page-break-after:
  avoid;'>V</p>
  </td>
  <td width=192 valign=top style='width:2.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext 2.25pt;border-right:solid windowtext .5pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=center style='margin-bottom:2.7pt;text-align:center;'>&lt;BB+/Ba1</p>
  </td>
  <td width=126 valign=top style='width:94.5pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 2.25pt;border-right:solid windowtext 2.25pt;
  padding:0in 5.4pt 0in 5.4pt' align="center">
  <p align=right style='margin-right:27.8pt;text-align:right;
  page-break-after:avoid;'>2.000%</p>
  </td>
 </tr>
</table>

</div>



<p style='margin-left:.5in;text-align:justify;text-indent:.5in'>&nbsp;</p>
<p style='margin-left:.5in;text-align:justify;text-indent:.5in'>&nbsp;</p>
<p style='margin-left:.5in;text-align:justify;text-indent:.5in'>&nbsp;</p>
<p style='margin-left:.5in;text-align:justify;text-indent:.5in'>&nbsp;</p>
<p style='margin-left:.5in;text-align:justify;text-indent:.5in'>The
Applicable Margin shall be determined and adjusted on the date (each a &quot;<u>Calculation Date</u>&quot;) one Business Day after the date on which the
Originator's Debt Rating is upgraded or downgraded in a manner which requires a
change in the then applicable Pricing Level set forth above.&nbsp; If at any time there is a split in the
Originator's Debt Ratings between S&amp;P and Moody's, (i) if both Debt Ratings
are BBB-/Baa3 or higher, the Applicable Margin shall be determined by the
higher of the two Debt Ratings (i.e. the lower pricing), provided that if the
two Debt Ratings are more than one level apart, the Applicable Margin shall be
based on the Debt Rating which is one level lower than the higher rating and
(ii) if either Debt Rating is BB+/Ba1 or lower, the Applicable Margin shall be
determined by the lower of the two Debt Ratings (i.e. the higher pricing).&nbsp; Each Applicable Margin shall be effective
from one Calculation Date until the next Calculation Date.&nbsp; Any adjustment in the Applicable Margin
shall be applicable to all existing Investor Interests as well as any new
Investor Interests purchased.&nbsp; </p>



<p style='margin-left:.5in;text-align:justify;text-indent:.5in'>and</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:
1.0in;text-indent:-.5in;'><font size="3">to delete the definition of &quot;<b><u>Credit Agreement</u></b>&quot; in its
entirety, and to substitute the following therefor:</font></p>



<p style='margin-left:31.5pt;text-indent:40.5pt'><i>&quot;Credit Agreement&quot;</i> means that certain
Credit Agreement by and among the Servicer, as Borrower, the Lenders party
thereto, Bank of America, N.A., as Administrative Agent, and Wachovia Bank,
National Association, as Syndication Agent, dated as of November 21, 2003.</p>

<p style='margin-left:1.0in;text-indent:-.5in;'><u>
<font size="3">Schedule D</font></u><font size="3">
to the Receivables Purchase Agreement is hereby amended to delete the
definition of &quot;<b><u>Credit Agreement</u></b>&quot;
in its entirety, and to substitute the following therefor:</font></p>

<hr color="#000080"><br clear=all style='page-break-before:always;'>



<p style='margin-left:31.5pt;text-indent:40.5pt'><i>&quot;Credit Agreement&quot;</i> means that certain
Credit Agreement by and among the Servicer, as Borrower, the Lenders party
thereto, Bank of America, N.A., as Administrative Agent, and Wachovia Bank,
National Association, as Syndication Agent, dated as of November 21, 2003.</p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Waiver and Request for Extension</font></u><font size="3">.&nbsp;&nbsp; Pursuant to <u>Section 13.4</u> of the
Agreement, the Seller hereby requests an extension of the Liquidity Termination
Date to April 5, 2005.&nbsp; Each of the
parties hereto agrees to waive the notice
requirements with regard to the foregoing extension set forth in <u>Section
13.4</u> of the Agreement.</font></p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Conditions of Effectiveness</font></u><font size="3">.&nbsp; The provisions of Section 1 and 2 of this
Amendment shall not become effective unless this Amendment shall have been
executed by the Seller, the Servicer, the Investors, the Managing Agent and the
Deal Agent.</font></p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Representations and Warranties of the
Seller and Servicer</font></u><font size="3">.&nbsp; The Seller and
Servicer hereby represent and warrant as follows:</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">The Seller and
Servicer have the legal power and authority to execute and deliver this
Amendment and the officers of the Seller and Servicer executing this Amendment
have been duly authorized to execute and deliver the same and bind the Seller
and Servicer with respect to the provisions hereof.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">This Amendment
and the Receivables Purchase Agreement as previously executed and as amended
hereby, constitute legal, valid and binding obligations of the Seller and
Servicer, enforceable against them in accordance with their terms (except as
enforceability may be limited by bankruptcy, insolvency or similar laws
affecting the enforcement of creditor's rights generally).</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">Upon the
effectiveness of this Amendment, the Seller and Servicer hereby reaffirm all
covenants, representations and warranties made in the Receivables Purchase
Agreement and the other Transaction Documents to the extent the same are not
amended hereby, and agrees that all such covenants, representations and
warranties shall be deemed to have been remade as of the effective date of this
Amendment.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">There exists no
Amortization Event.</font></p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Reference to the Effect on the
Receivables Purchase Agreement</font></u><font size="3">.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">Upon the
effectiveness of Section 1, on and after the date hereof, each reference in the
Receivables Purchase Agreement to &quot;this Receivables Purchase Agreement,&quot;
&quot;hereunder,&quot; &quot;hereof,&quot; &quot;herein&quot; or words of like import in each of the Loan
Documents shall mean and be a reference to the Receivables Purchase Agreement
as amended hereby.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">Except as
specifically amended above, the Receivables Purchase Agreement and all other
documents, instruments and agreements executed and/or delivered in connection
therewith, shall remain in full force and effect, and are hereby ratified and
confirmed.</font></p>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">The execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of
any right, power of remedy of the Deal Agent, the Managing Agent or the
Investors, nor constitute a waiver of any provision of the Receivables Purchase
Agreement or any other documents, instruments and agreements executed and/or
delivered in connection therewith.</font></p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Headings</font></u><font size="3">.&nbsp; Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.</font></p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Counterparts</font></u><font size="3">.&nbsp; This Amendment may be executed in any number
of counterparts, all of which taken together shall constitute one agreement,
and any of the parties hereto may execute this Agreement by signing any such
counterpart.</font></p>

<p style='page-break-after:auto' align="center">The remainder of this page
is intentionally blank.</p>

</div>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<div class=Section4>

<p>IN WITNESS WHEREOF, this Amendment has been
duly executed as of the day and year first above written.</p>

<p style='margin-top:12.0pt;margin-right:0in;margin-bottom:
.25in;margin-left:2.5in;page-break-after:auto;'><b>PNM RECEIVABLES CORP., as
Seller</b></p>

<p style='margin-top:12.0pt;margin-right:0in;margin-bottom:
.25in;margin-left:2.5in;page-break-after:auto;'>By:_<u>__/s/
Terry R. Horn &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terry R. Horn <br>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</p>

<p style='margin-top:12.0pt;margin-right:0in;margin-bottom:
.25in;margin-left:2.5in;page-break-after:auto;'><b>PUBLIC SERVICE COMPANY OF
NEW MEXICO, as Servicer</b><br>
<br>
<br>
By: _<u>__/s/ Terry R. Horn &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terry R. Horn<br>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and
Treasurer</p>

<hr color="#000080"><br clear=all style='
page-break-before:always'>




<p style='margin-left:2.5in;'><b>EAGLEFUNDING CAPITAL CORPORATION, as Conduit Investor</b></p>

<p style='margin-left:2.5in;'><b>&nbsp;</b></p>

<p style='margin-left:2.5in;'><b>By: Fleet Securities, Inc., as attorney-in-fact</b></p>



<p style='margin-left:2.5in;'>By:___<u>_/s/ John T.
Hackett, III &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p style='text-indent:2.5in;'>Name:&nbsp;&nbsp;&nbsp;&nbsp; John T. Hackett, III</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:.25in;
margin-left:2.5in;'>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managing
Director</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:.25in;
margin-left:2.5in;'><b>FLEET NATIONAL BANK, as
Alternate Investor</b></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:.25in;
margin-left:2.5in;'><b>By: Fleet Securities, Inc.,
as agent for Fleet National Bank</b></p>

<p style='margin-left:2.5in;'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Amy Roberts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>_</p>

<p style='text-indent:2.5in;'>Name:&nbsp;&nbsp;&nbsp;&nbsp; Amy Roberts</p>

<p style='margin-left:2.5in;'>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managing Director</p>



<p style='margin-bottom:.25in;margin-left:2.5in; margin-right:0in; margin-top:0in'><b>FLEET SECURITIES, INC., as Managing Agent and
as Deal Agent</b></p>

<p style='margin-left:2.5in;'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Amy Roberts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>_</p>

<p style='text-indent:2.5in;'>Name:&nbsp;&nbsp;&nbsp;&nbsp; Amy Roberts</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Managing
Director</p>





</div>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<div class=Section5>

<p align=right style='margin-top:0in;text-align:right'>EXECUTION VERSION</p>

<p style='margin:0in;margin-bottom:.0001pt' align="center"><b>AMENDMENT&nbsp; NO. 3</b></p>

<p style='margin:0in;margin-bottom:.0001pt' align="center"><b>DATED AS OF OCTOBER 15, 2004</b></p>

<p style='margin:0in;margin-bottom:.0001pt' align="center"><b>TO</b></p>

<p style='margin:0in;margin-bottom:.0001pt' align="center"><b>RECEIVABLES PURCHASE
AGREEMENT</b></p>

<p style='margin-top:0in' align="center"><b>DATED AS OF APRIL 8, 2003</b></p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS AMENDMENT NO.
3 TO RECEIVABLES PURCHASE AGREEMENT (&quot;<b>Amendment</b>&quot;)
is made effective as of this 15th day of October, 2004 by and among PNM
Receivables Corp., a Delaware corporation (the &quot;<u>Seller</u>&quot;), Public Service
Company of New Mexico, a New Mexico corporation (the &quot;<u>Servicer</u>&quot;), the
Investors party to the hereinafter identified and defined Receivables Purchase
Agreement, Bank of America, N.A., as successor-in-interest to Fleet Securities,
Inc., as a Managing Agent, and Bank of America, N.A., as successor-in-interest
to Fleet Securities, Inc., as Deal Agent for the Investors under such
Receivables Purchase Agreement dated as of April 8, 2003 (as amended by that
certain Amendment No. 1 dated June 19, 2003, and that certain Amendment No. 2
dated April 6, 2004, as modified by that certain Assignment dated April 28,
2004 and as amended hereby and as the same may hereafter be amended, modified,
supplemented or restated from time to time, the &quot;<b>Receivables Purchase Agreement</b>&quot;).&nbsp;
Capitalized terms used herein and not otherwise defined herein shall have
the meaning given to them in the Receivables Purchase Agreement.</p>

<p style='page-break-after:auto' align="center">WITNESSETH</p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the
Seller, the Servicer, the Investors, the Managing Agent and the Deal Agent are
parties to the Receivables Purchase Agreement; </p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the
Seller, the Servicer, the Investors, the Managing Agent and the Deal Agent wish
to amend the Receivables Purchase Agreement;</p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the
Seller, the Servicer, the Investors, the Managing Agent and the Deal Agent have
agreed to amend the Receivables Purchase Agreement on the terms and conditions
set forth in this Amendment.</p>

<p style='text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, in
consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Seller, the Servicer, the
Investors, the Managing Agent and the Deal Agent have agreed to the following
amendment to the Receivables Purchase Agreement.</p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Amendment to Receivables Purchase
Agreement</font></u><font size="3">.&nbsp;&nbsp; Effective as of&nbsp; the date hereof, and subject to the
satisfaction of the conditions precedent set forth in Section 3 below, the
Receivables Purchase Agreement shall be and hereby is amended as follows:</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'><u>
<font size="3">Article I</font></u><font size="3">
of the Receivables Purchase Agreement is amended to delete the definition of <b>&quot;<u>Deemed Collections</u>&quot;</b> in its
entirety and to substitute the following therefor:</font></p>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<p style='margin-top:0in;margin-right:.5in;
margin-bottom:12.0pt;margin-left:.5in;text-indent:0in'><b><i>&quot;<u>Deemed Collections</u>&quot;</i></b><i> means the aggregate of all amounts Seller
shall have been deemed to have received as a Collection of a Receivable.&nbsp; Seller shall be deemed to have received a
Collection of the full Outstanding Balance of a Receivable (i) if such
Receivable is (x) reduced as a result of any defective or rejected goods or
services, any discount or any adjustment (including without limitation as a
result of billing errors,&nbsp; meter-reading
errors, rate adjustments or allowances for outages) or otherwise by Seller
(other than cash Collections on account of such Receivable) or (y) reduced or
canceled as a result of a setoff in respect of any claim by any Person (whether
such claim arises out of the same or a related transaction or an unrelated
transaction), <u>provided that</u> a Deemed Collection in respect of a
Receivable equal to or greater than $100,000 may be reduced to the extent that
a subsequent charge is invoiced to the Obligor and recorded in the same period,
or (ii) if any of the representations or warranties in <u>Article VI</u> are no
longer true with respect to such Receivable.</i></p>

<p style='margin-left:1.0in;text-indent:-.5in;'><u>
<font size="3">Article I</font></u><font size="3">
of the Receivables Purchase Agreement is amended to delete the definition of <b>&quot;<u>Delinquency Ratio</u>&quot;</b> in its
entirety and to substitute the following therefor:</font></p>

<p style='margin-left:.5in;text-indent:0in'><i>&quot;<b><u>Delinquency
Ratio</u></b>&quot; means, at any time, the three Accrual Period rolling average of
the ratio (expressed as a percentage) equal to, for each such Accrual Period,
(i) the aggregate Outstanding Balance of all Receivables which are more than
thirty (30) and less than sixty-one (61) days past invoice as of the last day
of such Accrual Period divided by (ii) the aggregate Original Balance of all
Receivables as of the last day of such Accrual Period.</i></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">The definition of
<b>&quot;<u>Settlement Date</u>&quot;</b> in <u>Article
I</u> is hereby amended to delete the phrase &quot;the 17<sup>th</sup> of each
Calendar Month&quot; and to substitute the phrase &quot;the 19<sup>th</sup> of each
Calendar Month&quot; therefor.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'><u>
<font size="3">Section 9.5</font></u><font size="3">
is hereby amended to delete the phrase &quot;on the 12<sup>th</sup> day of each
month&quot; and to substitute the phrase &quot;on the 14<sup>th</sup> day of each month&quot;
therefor.</font></p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Waiver</font></u><font size="3">.&nbsp; Solely with respect to the Dilution Ratio for the Accrual Period
ended August 31, 2004:</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">The notice
requirement in <u>Section 8.1(b)</u> for an Amortization Event or Potential
Amortization Event which may have resulted solely from such Dilution Ratio
reported for the above described Accrual Period is hereby waived; and</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">Any Amortization
Event or Potential Amortization Event under <u>Section 10.1(f)</u> which may
have resulted solely from such Dilution Ratio reported for the above described
Accrual Period is hereby waived.</font></p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Conditions of Effectiveness</font></u><font size="3">.&nbsp; The provisions of Section 1 and 2 of this
Amendment shall not become effective unless this Amendment shall have been
executed by the Seller, the Servicer, the Investors, the Managing Agent and the
Deal Agent.</font></p>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Representations and Warranties of the
Seller and Servicer</font></u><font size="3">.&nbsp; The Seller and
Servicer hereby represent and warrant as follows:</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">The Seller and
Servicer have the legal power and authority to execute and deliver this
Amendment and the officers of the Seller and Servicer executing this Amendment
have been duly authorized to execute and deliver the same and bind the Seller
and Servicer with respect to the provisions hereof.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">This Amendment
and the Receivables Purchase Agreement as previously executed and as amended
hereby, constitute legal, valid and binding obligations of the Seller and
Servicer, enforceable against them in accordance with their terms (except as
enforceability may be limited by bankruptcy, insolvency or similar laws
affecting the enforcement of creditor's rights generally).</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">Upon the
effectiveness of this Amendment, the Seller and Servicer hereby reaffirm all
covenants, representations and warranties made in the Receivables Purchase Agreement
and the other Transaction Documents to the extent the same are not amended
hereby, and agrees that all such covenants, representations and warranties
shall be deemed to have been remade as of the effective date of this Amendment.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">There exists no
Amortization Event.</font></p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Reference to the Effect on the
Receivables Purchase Agreement</font></u><font size="3">.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">Upon the
effectiveness of Section 1, on and after the date hereof, each reference in the
Receivables Purchase Agreement to &quot;this Receivables Purchase Agreement,&quot;
&quot;hereunder,&quot; &quot;hereof,&quot; &quot;herein&quot; or words of like import in each of the Loan
Documents shall mean and be a reference to the Receivables Purchase Agreement
as amended hereby.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">Except as
specifically amended above, the Receivables Purchase Agreement and all other
documents, instruments and agreements executed and/or delivered in connection
therewith, shall remain in full force and effect, and are hereby ratified and
confirmed.</font></p>

<p style='margin-left:1.0in;text-indent:-.5in;'>
<font size="3">The execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of
any right, power of remedy of the Deal Agent, the Managing Agent or the
Investors, nor constitute a waiver of any provision of the Receivables Purchase
Agreement or any other documents, instruments and agreements executed and/or
delivered in connection therewith.</font></p>

<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Headings</font></u><font size="3">.&nbsp; Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.</font></p>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<p align=left style='margin-top:0in;text-align:left;text-indent:1.0in;
page-break-after:auto;'><u><font size="3">Counterparts</font></u><font size="3">.&nbsp; This Amendment may be executed in any number
of counterparts, all of which taken together shall constitute one agreement,
and any of the parties hereto may execute this Agreement by signing any such
counterpart.</font></p>

<p style='page-break-after:auto' align="center">The
remainder of this page is intentionally blank.</p>

</div>

<hr color="#000080"><br clear=all style='page-break-before:always;'>


<div class=Section6>

<p>IN WITNESS WHEREOF, this Amendment has been
duly executed as of the day and year first above written.</p>

<p style='margin-top:12.0pt;margin-right:0in;margin-bottom:
.25in;margin-left:2.5in;page-break-after:auto;'><b>PNM RECEIVABLES CORP., as
Seller</b></p>

<p style='margin-top:12.0pt;margin-right:0in;margin-bottom:
.25in;margin-left:2.5in;page-break-after:auto;'>By:_<u>___/s/
Terry R. Horn &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terry R. Horn<br>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</p>

<p style='margin-top:12.0pt;margin-right:0in;margin-bottom:
.25in;margin-left:2.5in;page-break-after:auto;'><b>PUBLIC SERVICE COMPANY OF
NEW MEXICO, as Servicer<br>
<br>
</b><br>
By:<u>___/s/ Terry R. Horn &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terry R. Horn<br>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and
Treasurer<hr color="#000080"><br clear=all style='page-break-before:
always'></p>

<p style='margin-left:2.5in;'><b>YC SUSI TRUST, as Conduit Investor</b></p>

<p style='margin-left:2.5in;'><b>&nbsp;</b></p>

<p style='margin-left:2.5in;'><b>By:&nbsp; Bank of America, N.A., as
Administrative Trustee</b></p>



<p style='margin-left:2.5in;'>By:___<u>/s/ Charu Mani&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p style='text-indent:2.5in;'>Name:&nbsp;&nbsp;&nbsp;&nbsp; Charu Mani</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:.25in;
margin-left:2.5in;'>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:.25in;
margin-left:2.5in;'><b>BANK OF AMERICA, N.A., as
Alternate Investor</b></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:.25in;
margin-left:2.5in;'><b>&nbsp;</b></p>

<p style='margin-left:2.5in;'>By: ___<u>/s/ Charu Mani&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p style='text-indent:2.5in;'>Name:&nbsp;&nbsp;&nbsp;&nbsp; Charu Mani</p>

<p style='margin-left:2.5in;'>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President</p>



<p style='margin-bottom:.25in;margin-left:2.5in; margin-right:0in; margin-top:0in'><b>BANK OF AMERICA, N.A., as Managing Agent and as Deal Agent</b></p>

<p style='margin-left:2.5in;'>By: ___<u>/s/ Charu Mani&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

<p style='text-indent:2.5in;'>Name:&nbsp;&nbsp;&nbsp;&nbsp; Charu Mani</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice
President</p>







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