Exhibit 10(a)3
LETTER AMENDMENT No. 1 TO EQUITY CONTRIBUTION AGREEMENT
Dated as of April 17, 2003
To Citibank, N.A., as agent for the
Lenders (as defined in the Credit
Agreement referred to below) and to
Southern (as defined below)
Ladies and Gentlemen:
We refer to the Equity Contribution Agreement, dated as of November 15,
2001 (as supplemented by the Equity Contribution Agreement Supplement, dated
April 22, 2002, among the undersigned, Southern and the Agent, the "Southern
Equity Agreement"), among the undersigned, The Southern Company ("Southern") and
Citibank, N.A., as Agent (the "Agent"). Capitalized terms not otherwise defined
in this Letter Amendment have the same meanings as specified in the Amended and
Restated Credit Agreement, dated as of April 17, 2003, among the Borrower, the
Lenders and the Agent.
It is hereby agreed by you and us as follows:
1. The Southern Equity Agreement is amended by:
(a) deleting from the third recital thereof the percentage
"60%" and inserting in its place the percentage "65%;"
(b) deleting from Section 1(a) thereof the ratio of "60:40"
and inserting in its place the ratio of "65:35;"
(c) deleting from Sections 2(g) and 2(h) the year "2000" each
time it appears and inserting in each such place the year "2002;"
(d) deleting from Schedule 1 thereto the words "Autaugaville"
and "Goat Rock" each time they appear and inserting in the place of
"Autaugaville" the word "Xxxxxx" and in the place of "Goat Rock" the
word "Franklin;" and
(e) deleting from Schedule 1 thereto the amount of
"$102,166,631" as the Project Limit for the Orlando Project and
inserting in its place the amount of "110,680,517."
2. This Letter Amendment shall become effective as of the date first
above written when, and only when, the Agent shall have received counterparts of
this Letter Amendment executed by the Borrower and Southern.
3. On and after the effectiveness of this Letter Amendment, each
reference in the Southern Equity Agreement and in each exhibit, schedule,
supplement or attachment thereto to "this Agreement," "hereunder," "hereof" or
words of like import referring to the Southern Equity Agreement, and each
reference in each of the other Loan Documents and in each exhibit, schedule,
supplement or attachment thereto to "the Southern Equity Agreement,"
"thereunder," "thereof" or words of like import referring to the Southern Equity
Agreement, shall mean and be a reference to the Southern Equity Agreement, as
amended by this Letter Amendment and as amended, supplemented or otherwise
modified from time to time.
4. The Southern Equity Agreement, as specifically amended by this
Letter Amendment, is and shall continue to be in full force and effect and is
hereby in all respects ratified and confirmed. The execution, delivery and
effectiveness of this Letter Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of any Lender or the
Agent under any of the Loan Documents, nor constitute a waiver of any provision
of any of the Loan Documents.
5. This Letter Amendment has been duly executed and delivered by the
Borrower. This Letter Amendment and the Southern Equity Agreement, as amended
hereby, are legal, valid and binding obligations of the Borrower, enforceable
against the Borrower in accordance with their respective terms, subject to Laws
affecting the enforcement of creditors' rights generally and to general
principles of equity.
6. This Letter Amendment has been duly executed and delivered by
Southern. This Letter Amendment and the Southern Equity Agreement, as amended
hereby, are legal, valid and binding obligations of Southern, enforceable
against Southern in accordance with their respective terms, subject to Laws
affecting the enforcement of creditors' rights generally and to general
principles of equity.
If you agree to the terms and provisions hereof, please evidence such
agreement by executing and returning at least twenty counterparts of this Letter
Amendment to the attention of Citibank, N.A., as Agent, Attention: Xxxx Xxxxxx,
0 Xxxxx Xxx, Xxxxx 000, Xxx Xxxxxx, XX 00000, Facsimile 000-000-0000, with a
copy to Shearman & Sterling, 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, XX 00000,
Attention: Xxxx Xxxxxxxxx, Facsimile: 000-000-0000.
This Letter Amendment may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Letter Amendment by telecopier shall be effective as
delivery of a manually executed counterpart of this Letter Amendment.
This Letter Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York.
Very truly yours,
SOUTHERN POWER COMPANY, as Borrower
By:
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Name:
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Title:
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Agreed:
THE SOUTHERN COMPANY
By:
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Name:
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Title:
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Agreed:
CITIBANK, N.A.
By:
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Name:
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Title:
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