WAIVER AGREEMENT

                                                                   Exhibit 4.1.7













                                WAIVER AGREEMENT

                            Dated as of June 9, 2006

                                      among

                   CALPINE CONSTRUCTION FINANCE COMPANY, L.P.

                               CCFC FINANCE CORP.

                           THE GUARANTORS NAMED HEREIN

                                       and

                              WILMINGTON TRUST FSB,

                                   as Trustee

                            Relating to the Indenture
                           Dated as of August 14, 2003
                                       and

        Amended as of September 18, 2003, January 14, 2004, March 5, 2004
                               and March 15, 2006






<PAGE>

             WAIVER  AGREEMENT  UNDER  INDENTURE,  dated as of June 9, 2006 (the
"Waiver  Agreement"),  among  Calpine  Construction  Finance  Company,  L.P.,  a
Delaware limited  partnership  (the  "Company"),  CCFC Finance Corp., a Delaware
corporation  ("Finance  Corp."),  the Guarantors  and  Wilmington  Trust FSB, as
trustee (the "Trustee").

             WHEREAS, the Company, Finance Corp., the Guarantors and the Trustee
have  executed  that  certain  Indenture,  dated  as  of  August  14,  2003,  as
supplemented by that certain Supplemental  Indenture,  dated as of September 18,
2003, as further  supplemented  by that certain Second  Supplemental  Indenture,
dated as of January 14, 2004,  as further  supplemented  by that  certain  Third
Supplemental  Indenture,  dated as of March 5, 2004, and as further supplemented
by that certain Fourth  Supplemental  Indenture,  dated as of March 15, 2006 (as
supplemented,  the  "Indenture"),  in  connection  with the  co-issuance  by the
Company and Finance Corp. of certain Second  Priority  Senior  Secured  Floating
Rate Notes due 2011 (the "Notes");

             WHEREAS, on December 20, 2005, Calpine Corporation  ("Calpine") and
certain  of  its  controlled  subsidiaries,  including,  among  others,  Calpine
Operating  Services  Company,  Inc. and Calpine Energy Services,  L.P.  ("CES"),
filed a voluntary  proceeding  for relief under  Chapter 11 of the United States
Bankruptcy  Code  with the  United  States  Bankruptcy  Court  for the  Southern
District of New York (the "Proceeding");

             WHEREAS, CES, the Company and certain of the Company's subsidiaries
are parties to the Index Based Gas Sale and Power Purchase Agreement dated as of
August 14, 2003, as amended (the "PPA"), pursuant to which the Company purchases
natural  gas from CES for its power  generating  facilities,  and CES  purchases
power generated by the facilities from the Company;

             WHEREAS, on November 1, 2005, as permitted under the Indenture, the
Company used net proceeds of  approximately  $212.0 million from the sale of one
of its  facilities  to make a prepayment  to CES for gas under the PPA (the "Gas
Prepay Transaction");

             WHEREAS,  ordinarily under the PPA, the cost of gas consumed by the
Company's  facilities  is  offset  against  the cost of power  generated  by the
facilities,  with CES paying the Company only the net amount due,  such payments
generally being made on the 25th of each month for services  provided during the
prior month; however, due to the Gas Prepay Transaction, CES was obligated for a
period of time to pay the full cost for the power under the PPA, without offset,
which resulted in larger than usual payments owing to the Company under the PPA;

             WHEREAS,  CES failed to timely make a number of  payments  owing to
the  Company  under the PPA,  including  in  respect  of gas  deliveries  during
February 2006, approximately $18.5 million due on March 27, 2006 (the "March PPA
Payment" );

             WHEREAS,  the  failure by CES to timely  make the March PPA Payment
constitutes  an Event of Default  under the  Indenture  (the  "March PPA Payment
Default");

             WHEREAS,  the Company has failed to timely provide to the Holders a
financial report for the periods ended December 31, 2005 and March 31, 2006 (the
"Financial  Reports")  as required  to be  provided to them  pursuant to Section
4.03(1) of the Indenture;

             WHEREAS, the failure by the Company to timely provide the Financial
Reports  constitutes a Default (the  "Reporting  Default," and together with the
March PPA Payment Default, the "Specified Defaults");

             WHEREAS,  pursuant to a consent solicitation,  commenced as of June
6,  2006 and  completed  as of June 9, 2006 (the  "Consent  Solicitation"),  the
Company and Finance Corp. have requested that the Holders consent to a waiver of
the Specified Defaults (the "Waiver");

             WHEREAS,  pursuant to Sections 6.04 and 9.02 of the Indenture,  the
Holders of at least a majority in aggregate  principal  amount of the Notes have
consented to the Waiver; and

             WHEREAS, the Company and Finance Corp. have directed the Trustee to
execute and deliver this Waiver  Agreement in  accordance  with the terms of the
Indenture.

             NOW THEREFORE,  for and in consideration of the premises and mutual
covenants herein contained,  the Company,  Finance Corp., the Guarantors and the
Trustee agree as follows:


                                   ARTICLE I
                                  DEFINITIONS

             Section 1.1 Definition of Terms.

             Unless  the  context  otherwise  requires,  capitalized  terms used
herein that are not otherwise  defined herein shall have the meaning assigned to
such terms in the Indenture.


                                   ARTICLE II
                          WAIVER OF SPECIFIED DEFAULTS

             Section 2.1 Waiver.

             (a) Upon the  satisfaction  of the  conditions set forth in Section
2.2 of this Waiver  Agreement,  the  Holders,  pursuant  to Section  6.04 of the
Indenture,  hereby  waive  application  of Sections  6.01(4) and 6.01(11) of the
Indenture solely to the extent applicable to any Specified Default,  such Waiver
being  effective