EXHIBIT 4.3
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PECO ENERGY COMPANY
TO
WACHOVIA BANK, NATIONAL ASSOCIATION, TRUSTEE
(formerly, First Union National Bank)
------------------
SUPPLEMENTAL
INDENTURE DATED AS OF
TO
FIRST AND REFUNDING MORTGAGE
OF
THE COUNTIES GAS AND ELECTRIC
COMPANY
TO
FIDELITY TRUST COMPANY, TRUSTEE
DATED MAY 1, 1923
------------------
% SERIES DUE 20
(New Series)
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THIS SUPPLEMENTAL INDENTURE dated as of by and
between PECO ENERGY COMPANY, a corporation organized and existing under the laws
of the Commonwealth of Pennsylvania (hereinafter called the Company), party of
the first part, and WACHOVIA BANK, NATIONAL ASSOCIATION (formerly First Union
National Bank), a national banking association organized and existing under the
laws of the United States of America (hereinafter called the Trustee), as
Trustee under the Mortgage hereinafter mentioned, party of the second part,
Witnesseth that
WHEREAS, The Counties Gas and Electric Company (hereinafter called
Counties Company), a Pennsylvania corporation and a predecessor to the Company,
duly executed and delivered to Fidelity Trust Company, a Pennsylvania
corporation to which the Trustee is successor, as Trustee, a certain indenture
of mortgage and deed of trust dated May 1, 1923 (hereinafter called the
Mortgage), to provide for the issue of, and to secure, its First and Refunding
Mortgage Bonds, issuable in series and without limit as to principal amount
except as provided in the Mortgage, the initial series of Bonds being designated
the 6% Series of 1923, and the terms and provisions of other series of bonds
secured by the Mortgage to be determined as provided in the Mortgage; and
WHEREAS, thereafter Counties Company, Philadelphia Suburban-Counties
Gas and Electric Company (hereinafter called Suburban Company), and the Company,
respectively, have from time to time executed and delivered indentures
supplemental to the Mortgage, providing for the creation of additional series of
bonds secured by the Mortgage and for amendment of certain of the terms and
provisions of the Mortgage and of indentures supplemental thereto, or evidencing
the succession of Suburban Company to Counties Company and of the Company to
Suburban Company, such indentures supplemental to the Mortgage, the respective
dates, parties thereto, and purposes thereof, being as follows:
1
Supplemental Indenture
and Date Parties Providing for:
------------------------ ------- -------------
First Counties Company to Bonds of 5% Series of
September 1, 1926 Fidelity-Philadelphia 1926
Trust Company
(Successor to Fidelity
Trust Company)
Second Suburban Company to Evidencing succession of
May 1, 1927 Fidelity-Philadelphia Suburban Company to
Trust Company Counties Company
Third Suburban Company to Bonds of 4-1/2% Series
May 1, 1927 Fidelity-Philadelphia due 1957; amendment of
Trust Company certain provisions of
Mortgage
Fourth Suburban Company to Additional Bonds of
November 1, 1927 Fidelity-Philadelphia 4-1/2% Series due 1957
Trust Company
Fifth Company to Evidencing succession of
January 31, 1931 Fidelity-Philadelphia Company to
Trust Company Suburban Company
Sixth Company to Bonds of 4% Series
February 1, 1931 Fidelity-Philadelphia due 1971
Trust Company
Seventh Company to Bonds of 3-1/2% Series
March 1, 1937 Fidelity-Philadelphia due 1967; amendment of
Trust Company certain provisions of
Mortgage
Eighth Company to Bonds of 2-3/4% Series
December 1, 1941 Fidelity-Philadelphia due 1971; amendment of
Trust Company certain provisions of
Mortgage
Ninth Company to Bonds of 2-3/4% Series
November 1, 1944 Fidelity-Philadelphia due 1967 and 2-3/4% Series
Trust Company due 1974; amendment of
certain provisions of
Mortgage
Tenth Company to Bonds of 2-3/4% Series
December 1, 1946 Fidelity-Philadelphia due 1981; amendment of
Trust Company certain provisions of
Mortgage*
2
Supplemental Indenture
and Date Parties Providing for:
---------------------- ------- -------------
Eleventh Company to Bonds of 2-7/8% Series
February 1, 1948 Fidelity-Philadelphia due 1978*
Trust Company
Twelfth Company to Bonds of 3-1/4% Series
January 1, 1952 Fidelity-Philadelphia due 1982*
Trust Company
Thirteenth Company to Bonds of 3-7/8% Series
May 1, 1953 Fidelity-Philadelphia due 1983*
Trust Company
Fourteenth Company to Bonds of 3-1/8% Series
December 1, 1953 Fidelity-Philadelphia due 1983*
Trust Company
Fifteenth Company to Bonds of 3-1/8% Series
April 1, 1955 Fidelity-Philadelphia due 1985*
Trust Company
Sixteenth Company to Bonds of 4-5/8% Series
September 1, 1957 Fidelity-Philadelphia due 1987; amendment of certain
Trust Company provisions of Mortgage*
Seventeenth Company to Bonds of 3-3/4% Series
May 1, 1958 Fidelity-Philadelphia due 1988; amendment of certain
Trust Company provisions of Mortgage*
Eighteenth Company to Bonds of 4-3/8% Series
December 1, 1958 Fidelity-Philadelphia due 1986*
Trust Company
Nineteenth Company to Bonds of 5% Series
October 1, 1959 Fidelity-Philadelphia due 1989*
Trust Company
Twentieth Company to Bonds of 4-1/2% Series
May 1, 1964 Fidelity-Philadelphia due 1994*
Trust Company
Twenty-first Company to Bonds of 6% Series due
October 15, 1966 Fidelity-Philadelphia 1968-1973*
Trust Company
Twenty-second Company to The Fidelity Bank Bonds of 5-1/4 % Series due
June 1, 1967 (formerly 1968-1973 and 5-3/4 %
Fidelity-Philadelphia Series due 1977*
Trust Company)
Twenty-third Company to The Fidelity Bonds of 6-1/8 % Series
October 1, 1957 Bank due 1997*
3
Supplemental Indenture
and Date Parties Providing for:
---------------------- ------- -------------
Twenty-fourth Company to The Fidelity Bonds of 6-1/2% Series
March 1, 1968 Bank due 1993; amendment of
Article XIV of
Mortgage*
Twenty-fifth Company to The Fidelity Bonds of 1968 Series due
September 10, 1968 Bank 1969-1976*
Twenty-sixth Company to The Fidelity Bonds of 8% Series due
August 15, 1969 Bank 1975*
Twenty-seventh Company to The Fidelity Bonds of 9% Series due
February 1, 1970 Bank 1995*
Twenty-eighth Company to The Fidelity Bonds of 8-1/2% Series
May 1, 1970 Bank due 1976*
Twenty-ninth Company to The Fidelity Bonds of 7-3/4% Series
December 15, 1970 Bank due 2000*
Thirtieth Company to The Fidelity Bonds of 8-1/4% Series
August 1, 1971 Bank due 1996*
Thirty-first Company to The Fidelity Bonds of 7-3/8% Series
December 15, 1971 Bank due 2001; amendment of
Article XI of Mortgage*
Thirty-second Company to The Fidelity Bonds of 7-1/2% Series
June 15, 1972 Bank due 1998*
Thirty-third Company to The Fidelity Bonds of 7-1/2% Series
January 15, 1973 Bank due 1999*
Thirty-fourth Company to The Fidelity Bonds of 8-1/2% Series
January 15, 1974 Bank due 2004
Thirty-fifth Company to The Fidelity Bonds of 11% Series
October 15, 1974 Bank due 1980*
Thirty-sixth Company to The Fidelity Bonds of 11-5/8% Series
April 15, 1975 Bank due 2000*
Thirty-seventh Company to The Fidelity Bonds of 11% Series due
August 1, 1975 Bank 2000*
Thirty-eighth Company to The Fidelity Bonds of 9-1/8% Series
March 1, 1976 Bank due 2006*
Thirty-ninth Company to The Fidelity Bonds of 9-5/8% Series
August 1, 1976 Bank due 2002*
4
Supplemental Indenture
and Date Parties Providing for:
---------------------- ------- -------------
Fortieth Company to The Fidelity Bonds of Pollution
February 1, 1977 Bank Control Series A
and Pollution
Control Series B*
Forty-first Company to The Fidelity Bonds of 8-5/8% Series
March 15, 1977 Bank due 2007*
Forty-second Company to The Fidelity Bonds of 8-5/8% Series
July 15, 1977 Bank due 2003*
Forty-third Company to The Fidelity Bonds of 9-1/8% Series
March 15, 1978 Bank due 2008*
Forty-fourth Company to The Fidelity Bonds of 12-1/2% Series
October 15, 1979 Bank due 2005*
Forty-fifth Company to The Fidelity Bonds of 13-3/4% Series
October 15, 1980 Bank due 1992*
Forty-sixth Company to The Fidelity Bonds of 15-1/4% Series
March 1, 1981 Bank due 1996; amendment of
Article VIII of
Mortgage*
Forty-seventh Company to The Fidelity Bonds of 15% Series due
March 1, 1981 Bank 1996; amendment of
Article VIII of
Mortgage*
Forty-eighth Company to The Fidelity Bonds of 17-5/8% Series
July 1, 1981 Bank due 2011*
Forty-ninth Company to The Fidelity Bonds of 18-3/4% Series
September 15, 1981 Bank due 2009*
Fiftieth Company to The Fidelity Bonds of 18% Series due
April 1, 1982 Bank 2012*
Fifty-first Company to The Fidelity Bonds of 15-3/8% Series
October 1, 1982 Bank due 2010*
Fifty-second Company to The Fidelity Bonds of 13-3/8% Series
June 15, 1983 Bank due 2013*
Fifty-third Company to Fidelity Bank, Bonds of 13.05% Series
November 15, 1984 National Association due 1994; amendment
(formerly The Fidelity Bank) of Article VIII of
Mortgage*
5
Supplemental Indenture
and Date Parties Providing for:
---------------------- ------- -------------
Fifty-fourth Company to Fidelity Bank, Bonds of 14% Series due
December 1, 1984 National Association 1988-1994; amendment
of Article VIII of
Mortgage*
Fifty-fifth Company to Fidelity Bank, Bonds of Pollution
May 15, 1985 National Association Control Series C*
Fifty-sixth Company to Fidelity Bank, Bonds of Pollution
October 1, 1985 National Association Control Series D*
Fifty-seventh Company to Fidelity Bank, Bonds of 10-7/8% Series
November 15, 1985 National Association due 1995*
Fifty-eight Company to Fidelity Bank, Bonds of 11-3/4% Series
November 15, 1985 National Association due 2014*
Fifty-ninth Company to Fidelity Bank, Bonds of Pollution
June 1, 1986 National Association Control Series E*
Sixtieth Company to Fidelity Bank, Bonds of 10-1/4% Series
November 1, 1986 National Association due 2016*
Sixty-first Company to Fidelity Bank, Bonds of 8-3/4% Series
November 1, 1986 National Association due 1994*
Sixty-second Company to Fidelity Bank, Bonds of 9-3/8% Series
April 1, 1987 National Association due 2017*
Sixty-third Company to Fidelity Bank, Bonds of 11% Series due
July 15, 1987 National Association 2016*
Sixty-fourth Company to Fidelity Bank, Bonds of 10% Series due
July 15, 1987 National Association 1997*
Sixty-fifth Company to Fidelity Bank, Bonds of 10-1/4% Series
August 1, 1987 National Association due 2007*
Sixty-sixth Company to Fidelity Bank, Bonds of 11% Series due
October 15, 1987 National Association 1997*
Sixty-seventh Company to Fidelity Bank, Bonds of 12-1/8% Series
October 15, 1987 National Association due 2016*
Sixty-eighth Company to Fidelity Bank, Bonds of 10% Series due
April 15, 1988 National Association 1998*
Sixty-ninth Company to Fidelity Bank, Bonds of 11% Series due
April 15, 1988 National Association 2018*
6
Supplemental Indenture
and Date Parties Providing for:
---------------------- ------- -------------
Seventieth Company to Fidelity Bank, Bonds of 10% Series due
June 15, 1989 National Association 2019*
Seventy-first Company to Fidelity Bank, Bonds of 9-7/8% Series
October 1, 1989 National Association due 2019*
Seventy-second Company to Fidelity Bank, Bonds of 9-1/4% Series
October 1, 1989 National Association due 1999*
Seventy-third Company to Fidelity Bank, Medium-Term Note
October 1, 1989 National Association Series A*
Seventy-fourth Company to Fidelity Bank, Bonds of 10-1/2% Series
October 15, 1990 National Association due 2020*
Seventy-fifth Company to Fidelity Bank, Bonds of 10% Series due
October 15, 1990 National Association 2000*
Seventy-sixth Company to Fidelity Bank, Bonds of Pollution
April 1, 1991 National Association Control Series F
and Pollution
Control Series G*
Seventy-seventh Company to Fidelity Bank, Bonds of Pollution
December 1, 1991 National Association Control Series H*
Seventy-eighth Company to Fidelity Bank, Bonds of 7-1/2% 1992
January 15, 1992 National Association Series due 1999*
Seventy-ninth Company to Fidelity Bank, Bonds of 8% Series due
April 1, 1992 National Association 2002*
Eightieth Company to Fidelity Bank, Bonds of 8-3/4% Series
April 1, 1992 National Association due 2022*
Eighty-first Company to Fidelity Bank, Bonds of Pollution
June 1, 1992 National Association Control Series I*
Eighty-second Company to Fidelity Bank, Bonds of 8-5/8% Series
June 1, 1992 National Association due 2022*
Eighty-third Company to Fidelity Bank, Bonds of 7-1/2% Series
July 15, 1992 National Association due 2002*
Eighty-fourth Company to Fidelity Bank, Bonds of 8-1/4% Series
September 1, 1992 National Association due 2022*
Eighty-fifth Company to Fidelity Bank, Bonds of 7-1/8% Series
September 1, 1992 National Association due 2002*
7
Supplemental Indenture
and Date Parties Providing for:
---------------------- ------- -------------
Eighty-sixth Company to Fidelity Bank, Bonds of 6-5/8% Series
March 1, 1993 National Association due 2003*
Eighty-Seventh Company to Fidelity Bank, Bonds of 7-3/4% Series
March 1, 1993 National Association due 2023*
Eighty-eighth Company to Fidelity Bank, Bonds of Pollution
March 1, 1993 National Association Control Series J,
Pollution Control
Series K, Pollution
Control Series L
and Pollution Control
Series M*
Eighty-ninth Company to Fidelity Bank, Bonds of 6-1/2% Series
May 1, 1993 National Association due 2003*
Ninetieth Company to Fidelity Bank, Bonds of 7-3/4% Series
May 1, 1993 National Association 2 due 2023*
Ninety-first Company to First Fidelity Bank, Bonds of 7-1/8% Series
August 15, 1993 N.A., Pennsylvania due 2023*
Ninety-second Company to First Fidelity Bank, Bonds of 6-3/8% Series
August 15, 1993 N.A., Pennsylvania due 2005*
Ninety-third Company to First Fidelity Bank, Bonds of 5-3/8% Series
August 15, 1993 N.A., Pennsylvania due 1998*
Ninety-fourth Company to First Fidelity Bank, Bonds of 7-1/4% Series
November 1, 1993 N.A., Pennsylvania due 2024*
Ninety-fifth Company to First Fidelity Bank, Bonds of 5-5/8% Series
November 1, 1993 N.A., Pennsylvania due 2001*
Ninety-sixth Company to First Fidelity Bank, Medium Term Note Series B*
May 1, 1995 N.A., Pennsylvania
Ninety-seventh Company to First Union National Bank Bonds of 5.95% Series
October 15, 2001 (formerly First Fidelity Bank, N.A., due 2011*
Pennsylvania)
Ninety-eighth Company to Wachovia Bank, National Bonds of 5.95% Series
September __, 2002 Association (formerly First Union due 2011 (Exchange Bonds)*
National Bank)
*And amendment of certain provisions of the Ninth Supplemental Indenture.
8
WHEREAS, the respective principal amounts of the bonds of each series
presently outstanding under the Mortgage and the several supplemental indentures
above referred to, are as follows:
PRINCIPAL
Series AMOUNT
------ ------
6-5/8% Series due 2003 ................................... 250,000,000
6-1/2% Series due 2003 ................................... 200,000,000
6-3/8% Series due 2005 ................................... 75,000,000
Pollution Control Series J due 2012 ........................ 50,000,000
Pollution Control Series K due 2012 ........................ 50,000,000
Pollution Control Series L due 2012 ........................ 50,000,000
Pollution Control Series M due 2012 ........................ 4,200,000
5.95% Series due 2011 ................................... 250,000,000
Total $ ........................ $929,200,000
============
WHEREAS, the Company deems it advisable and has determined, pursuant to
Article XI of the Mortgage,
(a) to amend Article II of the Ninth Supplemental Indenture to the Mortgage
as heretofore amended;
(If additional property is to be added to the Mortgage, include the
following paragraph.)
(b) to convey, pledge, transfer and assign to the Trustee and to subject
specifically to the lien of the Mortgage additional property not therein or in
any supplemental indenture specifically described but now owned by the Company
and acquired by it by purchase or otherwise; and
(c) to create a new series of bonds to be issued from time to time under,
and secured by, the Mortgage, to be designated PECO Energy Company First and
Refunding Mortgage Bonds, % Series Due 20 , (hereinafter sometimes called the
"bonds of the New Series" or the "bonds of the % Series due 20 "); and for the
above-mentioned purposes to execute, deliver and record this Supplemental
Indenture; and
WHEREAS, the Company has determined by proper corporate action that the
terms, provisions and form of the bonds of the New Series shall be substantially
as follows:
9
(Form of Face of Bond)
PECO ENERGY COMPANY
REGISTERED REGISTERED
NUMBER
FIRST AND REFUNDING MORTGAGE BOND,
% SERIES DUE 20 ,
DUE
PECO Energy Company, a Pennsylvania corporation (hereinafter called the
Company), for value received, hereby promises to pay to or
registered assigns,
Dollars on , at the office or agency of the Company, in the City of
Philadelphia, Pennsylvania, or, at the option of the holder, at the office or
agency of the Company, in the Borough of Manhattan, The City of New York, in
such coin or currency of the United States of America as at the time of payment
shall constitute legal tender for the payment of public and private debts, and
to pay interest (computed on the basis of a 360-day year of twelve 30-day
months) thereon from the date hereof at the rate of percent per annum in like
coin or currency, payable at either of the offices aforesaid on and in
each year until the Company's obligation with respect to the payment of such
principal shall have been discharged.
The Company may fix a date, not more than fourteen calendar days prior to
any interest payment date, as a record date for determining the registered
holder of this bond entitled to such interest payment, in which case only the
registered holder on such record date shall be entitled to receive such payment,
notwithstanding any transfer of this bond upon the registration books subsequent
to such record date.
This bond shall not be valid or become obligatory for any purpose unless it
shall have been authenticated by the certificate of the Trustee under said
Mortgage endorsed hereon.
The provisions of this bond are continued on the reverse hereof and such
continued provisions shall for all purposes have the same effect as though fully
set forth at this place.
10
IN WITNESS WHEREOF, PECO Energy Company has caused this instrument to
be signed in its corporate name with the manual or facsimile signature of its
President or a Vice President and its corporate seal to be impressed or a
facsimile imprinted hereon, duly attested by the manual or facsimile signature
of its Secretary or an Assistant Secretary.
Dated:
PECO ENERGY COMPANY
By_________________________________
President
(SEAL)
Attest:____________________________
Secretary
11
(Form of Reverse of Bond)
PECO ENERGY COMPANY
First and Refunding Mortgage Bond,
% Series Due 20 , Due
(CONTINUED)
This bond is one of a duly authorized issue of bonds of the Company,
unlimited as to amount except as provided in the Mortgage hereinafter mentioned
or in any indenture supplemental thereto, and is one of a series of said bonds
known as First and Refunding Mortgage Bonds, % Series due 20 . This bond and all
other bonds of said issue are issued and to be issued under and pursuant to and
are all secured equally and ratably by an indenture of mortgage and deed of
trust dated May 1, 1923, duly executed and delivered by The Counties Gas and
Electric Company (to which the Company is successor) to Fidelity Trust Company,
as Trustee (to which Wachovia Bank, National Association, a national banking
association organized and existing under the laws of the United States of
America, is successor Trustee), as amended, modified or supplemented by certain
supplemental indentures from the Company or its predecessors to said successor
Trustee or its predecessors, said mortgage, as so amended, modified or
supplemented being herein called the Mortgage. Reference is hereby made to the
Mortgage for a statement of the property mortgaged and pledged, the nature and
extent of the security, the rights of the holders of said bonds and of the
Trustee in respect of such security, the rights, duties and immunities of the
Trustee, and the terms and conditions upon which said bonds are and are to be
secured, and the circumstances under which additional bonds may be issued.
As provided in the Mortgage, the bonds secured thereby may be for
various principal sums and are issuable in series, which series may mature at
different times, may bear interest at different rates, and may otherwise vary.
The bonds of this series mature on , and are issuable only in registered form
without coupons in any denomination authorized by the Company.
Any bond or bonds of this series may be exchanged for another bond or
bonds of this series in a like aggregate principal amount in authorized
denominations, upon presentation at the office of the Trustee in the City of
Philadelphia, Pennsylvania, or, at the option of the holder, at the office or
agency of the Company in the Borough of Manhattan, The City of New York, all
subject to the terms of the Mortgage but without any charge other than a sum
sufficient to reimburse the Company for any stamp tax or other governmental
charge incident to the exchange.
(In the event the bonds of this series are not redeemable, the
following paragraph shall be included.)
The bonds of this series are not redeemable.
(Or, in the event the bonds of this series are redeemable only at the
option of the Company, the following paragraphs should be included instead.)
12
The bonds of this series are redeemable at the option of the Company,
as a whole or in part, at any time upon notice sent by the Company through the
mail, postage prepaid, at least thirty (30) days and not more than forty-five
(45) days prior to the date fixed for redemption, to the registered holder of
each bond to be redeemed, addressed to such holder at his address appearing upon
the registration books, at the applicable redemption price (expressed as a
percentage of the principal amount) set forth below, together with accrued
interest to the date fixed for redemption:
(Or, in the event the bonds of this series are redeemable both
pursuant to the sinking fund herein provided and also at the option of the
Company, the following paragraphs should be included instead.)
As more fully provided in the Mortgage, the Company has covenanted that
as and for a sinking fund for the bonds of this series, it will deposit with the
Trustee, on or before of each year, commencing in 20 , cash sufficient to
redeem, on the next , $ principal amount of the bonds of this series at
the principal amount thereof, together with accrued interest to the date fixed
for redemption. The Company also has the non-cumulative option to increase the
amount of such sinking fund payment for any such year (and the principal amount
of such bonds so as to be redeemed) by an additional sum not exceeding $ .
The bonds of this series are redeemable at the option of the Company,
as a whole or in part, at any time upon notice sent by the Company through the
mail, postage prepaid, at least thirty (30) days and not more than forty-five
(45) days prior to the date fixed for redemption, to the registered holder of
each bond to be redeemed, addressed to such holder at his address appearing upon
the registration books (a) in part, pursuant to the sinking fund provided for
the bonds of this series, on of each of the years 20 through , both
inclusive, at the principal amount thereof, together with accrued interest to
the date fixed for redemption, and (b) at the option of the Company on and after
, 20 , as a whole or in part at any time at the applicable optional redemption
price (expressed as a percentage of the principal amount of each bond to be
redeemed) set forth below, together with accrued interest on such principal
amount to the date fixed for redemption:
all as more particularly set forth in the Mortgage.
The principal of this bond may be declared or may become due on the
conditions, in the manner and with the effect provided in the Mortgage upon the
happening of an event of default as in the Mortgage provided.
This bond is transferable by the registered holder hereof in person or
by attorney, duly authorized in writing, at the office of the Trustee in the
City of Philadelphia, Pennsylvania, or, at the option of the holder, at the
office or agency of the Company in the Borough of Manhattan, The City of New
York, in books of the Company to be kept for that purpose, upon surrender and
cancellation hereof, and upon any such transfer, a new registered bond or bonds,
without coupons, of this series and for the same aggregate principal amount,
will be issued to the
13
transferee in exchange herefor, all subject to the terms of the Mortgage but
without payment of any charge other than a sum sufficient to reimburse the
Company for any stamp tax or other governmental charge incident to the transfer.
The Company, the Trustee, and any paying agent may deem and treat the person in
whose name this bond is registered as the absolute owner hereof for the purpose
of receiving payment of or on account of the principal and interest due hereon
and for all other purposes, and neither the Company nor the Trustee nor any
paying agent shall be affected by any notice to the contrary.
No recourse shall be had for the payment of the principal of or
interest on this bond to any incorporator or any past, present or future
stockholder, officer or director of the Company or of any predecessor or
successor corporation, either directly or indirectly, by virtue of any statute
or by enforcement of any assessment or otherwise, and any and all liability of
the said incorporators, stockholders, officers or directors of the Company or of
any predecessor or successor corporation in respect to this bond is hereby
expressly waived and released by every holder hereof, except to the extent that
such liability may not be waived or released under the provisions of the
Securities Act of 1933 or of the rules and regulations of the Securities and
Exchange Commission thereunder.
(End of Form of Reverse of Bond)
14
and
WHEREAS, on the face of each of the bonds of the New Series, there is
to be endorsed a certificate of the Trustee in substantially the following form,
to wit:
(Form of Trustee's Certificate)
This bond is one of the bonds, of the series designated therein,
provided for in the within-mentioned Mortgage and in the Supplemental
Indenture dated as of .
WACHOVIA BANK, NATIONAL
ASSOCIATION
By_________________________
Authorized Officer
and
WHEREAS, all acts and things necessary to make the bonds of the New
Series, when duly executed by the Company and authenticated by the Trustee as
provided in the Mortgage and indentures supplemental thereto, and issued by the
Company, the valid, binding and legal obligations of the Company, and this
Supplemental Indenture a valid and enforceable supplement to the Mortgage, have
been done, performed and fulfilled and the execution and delivery hereof have
been in all respects duly and lawfully authorized.
NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:
That in order to secure the payment of the principal of and interest on
all bonds issued and to be issued under the Mortgage and/or under any indenture
supplemental thereto, according to their tenor and effect, and according to the
terms of the Mortgage and of any indenture supplemental thereto, and to secure
the performance of the covenants and obligations in the bonds and in the
Mortgage and any indenture supplemental thereto respectively contained, and for
the proper assuring, conveying, and confirming unto the Trustee, its successors
in trust and its and their assigns forever, upon the trusts and for the purposes
expressed in the Mortgage and in any indentures supplemental thereto, all and
singular the estates, property and franchises of the Company thereby mortgaged
or intended so to be, the Company, for and in consideration of the premises and
of the sum of One Dollar ($1.00) in hand paid by the Trustee to the Company upon
the execution and delivery of this Supplemental Indenture, receipt whereof is
hereby acknowledged, and of other good and valuable consideration, has granted,
bargained, sold, conveyed, released, confirmed, pledged, assigned, transferred
and set over and by these presents does grant, bargain, sell, convey, release,
confirm, pledge, assign, transfer, and set over to Wachovia Bank, National
Association, as Trustee, and to its successors in trust and its and their
15
assigns forever, all the following described property, real, personal and mixed
of the Company, viz.:
(If additional property is to be added to the Mortgage, include the
following paragraph.)
The real property set forth in Schedule A, attached hereto and hereby
made a part hereof, with any improvements thereon erected now owned by the
Company but not specifically described in the Mortgage or in any indenture
supplemental thereto heretofore executed, in the places set forth in Schedule A.
(If additional property is not to be added to the Mortgage, include the
following paragraph.)
All of the real property with any improvements thereon erected as may
be owned by the Company and described in the Mortgage or in any indenture
supplemental thereto as may heretofore have been executed, delivered and
recorded, but excluding therefrom all real property heretofore released from the
lien of the Mortgage. It is hereby stated that the Company has not acquired
title to nor become the owner of any new or additional real property since the
execution, delivery and recording of the Supplemental Indenture also
dated as of . The purpose of restating such prior conveyances as
security is to confirm that the obligations of the Company as provided in this
Supplemental Indenture are included within the lien and security of the
Mortgage, and that public record be made of such purpose and fact by the
recording of this Supplemental Indenture.
Together with all gas works, electric works, plants, buildings,
structures, improvements and machinery located upon such real estate or any
portion thereof, and all rights, privileges and easements of every kind and
nature appurtenant thereto, and all and singular the tenements, hereditaments
and appurtenances belonging to the real estate or any part thereof hereinbefore
described or referred to or intended so to be, or in any way appertaining
thereto, and the reversions, remainders, rents, issues and profits thereof; also
all the estate, right, title, interest, property, possession, claim and demand
whatsoever, as well in law as in equity, of the Company, of, in and to the same
and any and every part thereof, with the appurtenances.
Also all the Company's electric transmission and distribution lines and
systems, substations, transforming stations, structures, machinery, apparatus,
appliances, devices and appurtenances.
Also all the Company's gas transmission and distribution mains, pipes,
pipe lines and systems, storage facilities, structures, machinery, apparatus,
appliances, devices and appurtenances.
Also all plants, systems, works, improvements, buildings, structures,
fixtures, appliances, engines, furnaces, boilers, machinery, retorts, tanks,
condensers, pumps, gas tanks, holders, reservoirs, expansion tanks, gas mains
and pipes, tunnels, service pipe, pipe lines, fittings, gates, valves,
connections, gas and electric meters, generators, dynamos, fans, supplies, tools
and implements, tracks, sidings, motor and other vehicles, all electric light
lines, electric power lines, transmission lines, distribution lines, conduits,
cables, stations, substations, and distributing systems, motors, conductors,
converters, switchboards, shafting, belting, wires, mains, feeders,
16
poles, towers, mast arms, brackets, pipes, lamps, insulators, house wiring
connections and all instruments, appliances, apparatus, fixtures, fittings and
equipment and all stores, repair parts, materials and supplies of every nature
and kind whatsoever now or hereafter owned by the Company in connection with or
appurtenant to its plants and systems for production, purchase, storage,
transmission, distribution, utilization and sale of gas and its by-products and
residual products, and/or for the generation, production, purchase, storage,
transmission, distribution, utilization and sale of electricity, or in
connection with such business.
Also all the goodwill of the business of the Company, and all rights,
claims, contracts, leases, patents, patent rights, and agreements, all accounts
receivable, accounts, claims, demands, choses in action, books of account, cash
assets, franchises, ordinances, rights, powers, easements, water rights,
riparian rights, licenses, privileges, immunities, concessions and consents now
or hereafter owned by the Company in connection with or appurtenant to its said
business.
Also all the right, title and interest of the Company in and to all
contracts for the purchase, sale or supply of gas, and its by-products and
residual products of electricity and electrical energy, now or hereafter entered
into by the Company with the right on the part of the Trustee, upon the
happening of an event of default as defined in the Mortgage as supplemented by
any supplemental indenture, to require a specific assignment of any and all such
contracts, whenever it shall request the Company to make the same.
Also all rents, tolls, earnings, profits, revenues, dividends and
income arising or to arise from any property now owned, leased, operated or
controlled or hereafter acquired, leased, operated or controlled by the Company
and subject to the lien of the Mortgage and indentures supplemental thereto.
Also all the estate, right, title and interest of the Company, as
lessee, in and to any and all demised premises under any and all agreements of
lease now or at any time hereafter in force, insofar as the same may now or
hereafter be assignable by the Company.
Also all other property, real, personal and mixed not hereinbefore
specified or referred to, of every kind and nature whatsoever, now owned, or
which may hereafter be owned by the Company (except shares of stock, bonds or
other securities not now or hereafter specifically pledged under the Mortgage
and indentures supplemental thereto or required to be pledged thereunder by the
provisions of the Mortgage or any indenture supplemental thereto), together with
all and singular the tenements, hereditaments and appurtenances thereunto
belonging or in any way appertaining and the reversions, remainder or
remainders, rents, issues and profits thereof; and also all the estate, right,
title, interest, property, claim and demand whatsoever as well in law as in
equity of the Company of, in and to the same and every part and parcel thereof.
It is the intention and it is hereby agreed that all property and the
earnings and income thereof acquired by the Company after the date hereof shall
be as fully embraced within the provisions hereof and subject to the lien hereby
created for securing the payment of all bonds, together with the interest
thereon, as if the property were now owned by the Company and were specifically
described herein and conveyed hereby, provided nevertheless, that no shares of
stock, bonds or other securities now or hereafter owned by the Company, shall be
subject to the lien of the Mortgage and indentures supplemental thereto unless
now or hereafter specifically
17
pledged or required to be pledged thereunder by the provisions of the Mortgage
or any indenture supplemental thereto.
TO HAVE AND TO HOLD, all and singular the property, rights, privileges
and franchises hereby conveyed, transferred or pledged or intended so to be,
including after-acquired property, together with all and singular the
reversions, remainders, rents, revenues, income, issues and profits, privileges
and appurtenances, now or hereafter belonging or in any way appertaining
thereto, unto the Trustee and its successors in the trust hereby created, and
its and their assigns forever;
IN TRUST NEVERTHELESS, for the equal and pro rata benefit and security
of each and every person or corporation who may be or become the holders of
bonds secured by the Mortgage and indentures supplemental thereto, without
preference, priority or distinction (except as provided in Section 1 of Article
VIII of the Mortgage) as to lien or otherwise of any bond of any series over or
from any other bond, so that (except as aforesaid) each and every of the bonds
issued or to be issued, of whatsoever series, shall have the same right, lien,
privilege under the Mortgage and indentures supplemental thereto and shall be
equally secured thereby and hereby, with the same effect as if the bonds had all
been made, issued and negotiated simultaneously on the date of the Mortgage.
AND THIS SUPPLEMENTAL INDENTURE FURTHER WITNESSETH:
It is hereby covenanted that all bonds secured by the Mortgage and
indentures supplemental thereto with the coupons appertaining thereto, are
issued to and accepted by each and every holder thereof, and that the property
aforesaid and all other property subject to the lien of the Mortgage and
indentures supplemental thereto is held by or hereby conveyed to the Trustee,
under and subject to the trusts, conditions and limitations set forth in the
Mortgage and indentures supplemental thereto and upon and subject to the further
trusts, conditions and limitations hereinafter set forth, as follows, to wit:
ARTICLE I
AMENDMENTS OF MORTGAGE
Article II of the Ninth Supplemental Indenture to the Mortgage, as
heretofore amended, is hereby further amended as follows:
By adding to paragraph (d) of Section 5 and to the first clause of
Section 9, the following:
"__% Series due 20__"
ARTICLE II.
BONDS OF THE NEW SERIES
Section 1. The bonds of the New Series shall be designated as
hereinabove specified for such designation in the recital immediately preceding
the form of bonds of the New Series,
18
subject however, to the provisions of Section 2 of Article I of the Mortgage, as
amended, and are issuable only as registered bonds without coupons,
substantially in the form hereinbefore recited; and the issue thereof shall be
limited to $ principal amount.
The bonds of the New Series shall bear interest from the date thereof
and shall be dated as of the interest payment date to which interest was paid
next preceding the date of issue unless (a) such date of issue is an interest
payment date to which interest was paid, in which event such bonds shall be
dated as of such interest payment date, or (b) issued prior to the occurrence of
the first interest payment date on which interest is to be paid, in which event
such bonds shall be dated . The bonds of the New Series shall mature on
.
The bonds of the New Series shall bear interest (computed on the basis
of a 360-day year of twelve 30-day months) at the rate provided in the form of
bond hereinbefore recited, payable on and in each year
commencing on until the Company's obligation with respect to the payment
of principal thereof shall have been discharged. Both principal and interest on
bonds of the New Series shall be payable at the office or agency of the Company
in the City of Philadelphia, Pennsylvania, or, at the option of the holder, at
the office or agency of the Company in the Borough of Manhattan, The City of New
York, and shall be payable in such coin or currency of the United States of
America as at the time of payment shall constitute legal tender for the payment
of public and private debts.
The bonds of the New Series shall be in any denomination authorized by
the Company.
Any bond or bonds of the New Series shall be exchangeable for another
bond or bonds of the New Series in a like aggregate principal amount. Any such
exchange may be made upon presentation at the office of the Trustee in the City
of Philadelphia, Pennsylvania, or, at the option of the holder, at the office or
agency of the Company in the Borough of Manhattan, The City of New York, without
any charge other than a sum sufficient to reimburse the Company for any stamp
tax or other governmental charge incident to the exchange.
(The following Sections 2 and 3 shall apply if the bonds of the New
Series are to be issued in book-entry only form.)
Section 2. (a) Initially, the bonds of the New Series shall be issued
pursuant to a book-entry system administered by the Depository Trust Company (or
its successor, referred to herein as the "Depository") as a global security with
no physical distribution of bond certificates to be made except as provided in
this Section 2. Any provisions of the Mortgage or the bonds of the New Series
requiring physical delivery of bonds shall, with respect to any bonds of the New
Series held under the book-entry system, be deemed to be satisfied by a notation
on the bond registration books maintained by the Trustee that such bonds are
subject to the book-entry system.
(b) So long as the book-entry system is being used, one bond of the New
Series in the aggregate principal amount of the bonds of the New Series and
registered in the name of the Depository's nominee (the "Nominee") will be
issued and required to be deposited with the Depository and held in its custody.
The book-entry system will be maintained by the Depository and its participants
and indirect participants and will evidence beneficial ownership of the bonds
19
of the New Series, with transfers of ownership effected on the records of the
Depository, the participants and the indirect participants pursuant to rules and
procedures established by the Depository, the participants and the indirect
participants. The principal of and any premium on each bond of the New Series
shall be payable to the Nominee or any other person appearing on the
registration books as the registered holder of such bond or its registered
assigns or legal representative at the office of the office or agency of the
Company in the City of Philadelphia, Pennsylvania or the Borough of Manhattan,
The City of New York. So long as the book-entry system is in effect, the
Depository will be recognized as the holder of the bonds of the New Series for
all purposes. Transfers of principal, interest and any premium payments or
notices to participants and indirect participants will be the responsibility of
the Depository, and transfers of principal, interest and any premium payments or
notices to beneficial owners will be the responsibility of participants and
indirect participants. No other party will be responsible or liable for such
transfers of payments or notices or for maintaining, supervising or reviewing
such records maintained by the Depository, the participants or the indirect
participants. While the Nominee or the Depository, as the case may be, is the
registered owner of the bonds of the New Series, notwithstanding any other
provisions set forth herein, payments of principal of, redemption premium, if
any, and interest on the bonds of the New Series shall be made to the Nominee or
the Depository, as the case may be, by wire transfer in immediately available
funds to the account of such holder. Without notice to or consent of the
beneficial owners, the Trustee with the consent of the Company and the
Depository may agree in writing to make payments of principal, redemption price
and interest in a manner different from that set forth herein. In such event,
the Trustee shall make payment with respect to the bonds of the New Series in
such manner as if set forth herein.
(c) The Company may at any time elect (i) to provide for the
replacement of any Depository as the depository for the bonds of the New Series
with another qualified depository, or (ii) to discontinue the maintenance of the
bonds of the New Series under book-entry system. In such event, the Trustee
shall give 30 days prior notice of such election to the Depository (or such
fewer number of days acceptable to such Depository).
(d) Upon the discontinuance of the maintenance of the bonds of the New
Series under a book-entry system, the Company will cause the bonds to be issued
directly to the beneficial owners of the bonds of the New Series, or their
designees, as further described below. In such event, the Trustee shall make
provisions to notify participants and beneficial owners of the bonds of the New
Series, by mailing an appropriate notice to the Depository, that bonds of the
New Series will be directly issued to beneficial owners of the bonds as of a
date set forth in such notice (or such fewer number of days acceptable to such
Depository).
(e) In the event that bonds of the New Series are to be issued to
beneficial owners of the bonds, or their designees, the Company shall promptly
have bonds of the New Series prepared in certificated form registered in the
names of the beneficial owners of such bonds shown on the records of the
participants provided to the Trustee, as of the date set forth in the notice
above. Bonds issued to beneficial owners, or their designees shall be
substantially in the form set forth in this Supplemental Indenture, but will not
include the provision related to global securities.
20
(f) If the Depository is replaced as the depository for the bonds of
the New Series with another qualified depository, the Company will issue a
replacement global security substantially in the form set forth in this
Supplemental Indenture.
(g) The Company and the Trustee shall have no liability for the
failure of any Depository to perform its obligations to any participant, any
indirect participant or any beneficial owner of any bonds of the New Series, and
the Company and the Trustee shall not be liable for the failure of any
participant, indirect participant or other nominee of any beneficial owner or
any bonds of the New Series to perform any obligation that such participant,
indirect participant or other nominee may incur to any beneficial owner of the
bonds of the New Series.
(h) Notwithstanding any other provision of the Mortgage, on or prior
to the date of issuance of the bonds of the New Series the Trustee shall have
executed and delivered to the initial Depository a Letter of Representations
governing various matters relating to the Depository and its activities
pertaining to the bonds of the New Series. The terms and provisions of such
Letter of Representations are incorporated herein by reference and, in the event
there shall exist any inconsistency between the substantive provisions of the
said Letter of Representations and any provisions of the Mortgage, then, for as
long as the initial Depository shall serve as depository with respect to the
bonds of the New Series, the terms of the Letter of Representations shall
govern.
(i) The Company and the Trustee may rely conclusively upon (i) a
certificate of the Depository as to the identity of a participant in the
book-entry system; (ii) a certificate of any participant as to the identity of
any indirect participant and (iii) a certificate of any participant or any
indirect participant as to the identity of, and the respective principal amount
of bonds of the New Series owned by, beneficial owners.
Section 3. So long as the bonds of the New Series are held by The
Depository Trust Company, such bonds of the New Series shall bear the following
legend:
UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY BOND ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.
Section 4. So long as any of the bonds of the New Series remain
outstanding, the Company shall keep at its office or agency in the Borough of
Manhattan, The City of New York, as well as at the office of the Trustee in the
City of Philadelphia, Pennsylvania, books for the registry and transfer of
outstanding bonds of the New Series, in accordance with the terms and provisions
of the bonds of the New Series and the provisions of Section 8 of Article I of
said Mortgage.
21
Section 5. So long as any bonds of the New Series remain outstanding, the
Company shall maintain an office or agency in the City of Philadelphia,
Pennsylvania, and an office or agency in the Borough of Manhattan, The City of
New York, for the payment upon proper demand of the principal of, the interest
on, or the redemption price of the outstanding bonds of the New Series, and will
from time to time give notice to the Trustee of the location of such office or
agency. In case the Company shall fail to maintain for such purpose an office or
agency in the City of Philadelphia or shall fail to give such notice of the
location thereof, then notices, presentations and demands in respect of the
bonds of the New Series may be given or made to or upon the Trustee at its
office in the City of Philadelphia and the principal of, the interest on, and
the redemption price of said bonds in such event be payable at said office of
the Trustee. All bonds of the New Series when paid shall forthwith be cancelled.
Section 6. The Company may fix a date, not more than fourteen calendar days
prior to any interest payment date, as a record date for determining the
registered holder of each bond of the New Series entitled to such interest
payment, in which case only the registered holder of such bond on such record
date shall be entitled to receive such payment, notwithstanding any transfer of
such bond upon the registration books subsequent to such record date.
Section 7. The bonds of the New Series shall be issued under and subject to
all of the terms and provisions of the Mortgage, of the indentures supplemental
thereto referred to in the recitals hereof and of this Supplemental Indenture
which may be applicable to such bonds or applicable to all bonds issued under
the Mortgage and indentures supplemental thereto.
ARTICLE III.
ISSUE AND AUTHENTICATION OF
BONDS OF THE NEW SERIES
In addition to any bonds of any series which may from time to time be
executed by the Company and authenticated and delivered by the Trustee upon
compliance with the provisions of the Mortgage and/or of any indenture
supplemental thereto, bonds of the New Series of an aggregate principal amount
not exceeding $ shall forthwith be executed by the Company and delivered to
the Trustee, and the Trustee shall thereupon, whether or not this Supplemental
Indenture shall have been recorded, authenticate and deliver said bonds to or
upon the written order of the President, a Vice President, or the Treasurer of
the Company, under the terms and provisions of paragraph of Section 3 of
Article II of the Mortgage, as amended.
(In the event the bonds of this series are not redeemable, the following
Article IV shall be included.)
ARTICLE IV.
REDEMPTION OF BONDS OF THE
NEW SERIES
Section 1. The bonds of the New Series shall not be redeemable.
22
(Or, in the event the bonds of this series are redeemable only at the
option of the Company, the following paragraphs should be included instead.)
ARTICLE IV.
REDEMPTION OF BONDS OF THE
NEW SERIES
Section 1. The bonds of the New Series shall be redeemable, at the option
of the Company, as a whole or in part, at any time upon notice sent by the
Company through the mail, postage prepaid, at least thirty (30) days and not
more than forty-five (45) days prior to the date fixed for redemption, to the
registered holder of each bond to be redeemed in whole or in part, addressed to
such holder at his address appearing upon the registration books, at the
applicable redemption price (expressed as a percentage of the principal amount)
specified in the form of bonds of said series set forth in the recitals of this
Supplemental Indenture, together with accrued interest to the date fixed for
redemption.
Section 2. In case the Company shall desire to exercise such right to
redeem and pay off all or any part of such bonds of the New Series as
hereinbefore provided it shall comply with all the terms and provisions of
Article III of the Mortgage, as amended, applicable thereto, and such redemption
shall be made under and subject to the terms and provisions of Article III and
in the manner and with the effect therein provided, but at the time or times and
upon mailing of notice, all as hereinbefore set forth in Section 1 of this
Article. No publication of notice of any redemption of any bonds of the New
Series shall be required.
(In the event that bonds of this series are redeemable both pursuant to
the sinking fund herein provided and also at the option of the Company, the
following Articles IV and V shall be included instead.)
ARTICLE IV.
SINKING FUND FOR THE BONDS OF THE
NEW SERIES
The Company covenants that so long as any of the bonds of the New Series
shall be outstanding it will, on or before of each of the years 20 to ,
both inclusive, pay or cause to be paid to the Trustee, as and for a sinking
fund, the sum in cash of $ . The Company also has the non-cumulative
option to increase the amount of such sinking fund payment for any such year
(and the principal amount of such bonds so to be redeemed) by an additional sum
not exceeding $ , in cash. Each such payment is hereinafter called a
"sinking fund payment." On or before of each of the years 20 to ,
both inclusive, the Company shall deliver to the Trustee a certificate of its
Treasurer or one of its Vice Presidents (1) setting forth the amount of the
sinking fund payment required to be made on or before the next succeeding ,
(2) stating the principal amount of the bonds of the New Series due to be called
for redemption on the next succeeding by application of such sinking fund
payment, and (3) irrevocably directing the Trustee to give notice of redemption
pursuant to the provisions of Article V hereof and to apply such sinking fund
payment to such
23
redemption. Neither the Company's failure to deliver such certificate nor the
Trustee's failure to give such notice of redemption shall affect the Company's
obligation to make any sinking fund payment, and no such notice of a sinking
fund redemption shall be conditioned upon receipt of the redemption monies by
the Trustee before the date fixed for redemption.
ARTICLE V
REDEMPTION OF BONDS OF THE
NEW SERIES
Section 1. The bonds of the New Series shall not be redeemable in whole or
in part except as set forth in this Article V and in Article IV hereof. The
bonds of the New Series shall be redeemable at the option of the Company, or and
after , as a whole or in part at any time upon notice sent by the Company
through the mail, postage prepaid, at least thirty (30) days and not more than
forty-five (45) days prior to the date fixed for redemption, to the registered
holder of each bond to be redeemed in whole or in part, addressed to such holder
at his address appearing upon the registration books, at the applicable optional
redemption price (expressed as a percentage of the principal amount of each bond
to be redeemed) specified in the form of bonds of said series set forth in the
recitals of this Supplemental Indenture; and shall also be subject to
redemption, in part, pursuant to the sinking fund provided for in Article IV of
this Supplemental Indenture, on of each of the years to ,
both inclusive, at 100% of the principal amount, together, in each case, with
accrued interest to the date fixed for redemption.
Section 2. In the case of each partial redemption of the bonds of the New
Series, including any partial redemption provided for in Article IV of this
Supplemental Indenture, the Trustee shall draw by lot, in any manner by it
deemed proper, an amount of bonds of the New Series equal to the aggregate
principal amount to be redeemed; provided, that the principal amount to be
redeemed with respect to bonds of the New Series at the time outstanding held by
each registered holder shall not exceed that proportion of the unpaid principal
amount of such bonds held by such holder as the aggregate principal amount to be
redeemed with respect to all bonds of the New Series bears to the aggregate
unpaid principal amount of all such bonds. No publication of notice of any
redemption of bonds of the New Series shall be required. All redemptions shall
be made under and subject to the terms and provisions of Article III of the
Mortgage, as amended, and in the manner and with the effect therein provided,
but at the time or times and at the respective redemption rates and upon mailing
of notice, all as hereinbefore set forth in Section 1 of this Article and in
Article IV hereof.
Section 3. In the case of each redemption of bonds of the New Series
pursuant to the provisions of this Article V and Article IV hereof, there shall
become due and payable on the date fixed for redemption the principal amount of
each such bond to be redeemed (including the full amount of any applicable
optional redemption price), together with accrued interest to such date. The
Company covenants that it will deposit or cause to be deposited with the
Trustee, not later than the opening of business on the dates fixed for
redemption, a sum in cash sufficient for the purposes of such redemption
(including the payment of any such optional redemption proceeds and such
interest), and, upon such receipt, the Trustee shall be deemed to have been
24
irrevocably directed to apply such cash toward the redemption of such bonds. So
long as any bonds of the New Series remain outstanding, no redemption of bonds
of the New Series pursuant to this Article V shall reduce the amount of the
sinking fund payment required to be made by Article IV hereof or the principal
amount of the bonds of the New Series to be redeemed on any sinking fund
redemption date.
Section 4. The Company will not, and will not permit any affiliate of the
Company to, directly or indirectly purchase or otherwise acquire any outstanding
bond of the New Series or any portion thereof other than by redemption as set
forth in this Article V and Article IV hereof.
ARTICLE [V.] [VI.]
CERTAIN EVENTS OF DEFAULT; REMEDIES
Section 1. So long as any bonds of the New Series remain outstanding, in
case one or more of the following events shall happen, such events shall, in
addition to the events of default heretofore enumerated in paragraphs (a)
throughout (d) of Section 2 of Article VIII of the Mortgage, constitute an
"event of default" under the Mortgage, as fully as if such events were
enumerated therein:
(e) default shall be made in the due and punctual payment of the
principal (including the full amount of any applicable optional redemption
price) of any bond or bonds of the New Series whether at the maturity of
said bonds, or at a date fixed for redemption of said bonds, or any of
them, or by declaration as authorized by the Mortgage;
(In the event that bonds of this series are redeemable pursuant to the
sinking fund, the following paragraph (f) shall also be included.)
(f) default shall be made by the Company in any sinking fund payment
under this Supplemental Indenture in respect to the bonds of the New
Series, as and when the same become due and payable, and any such default
shall continue for the period of one (1) day.
Section 2. So long as any bonds of the New Series remain outstanding,
Section 10 of Article VIII of the Mortgage, as heretofore amended, is hereby
further amended by inserting in the first paragraph of such Section 10,
immediately after the words "as herein provided," at the end of clause (2)
thereof, the following:
"or (3) in case default shall be made in any payment of any interest on any
bond or bonds secured by this indenture or in the payment of the principal
(including any applicable optional redemption price) of any bond or bonds
secured by this indenture, where such default is not of the character referred
to in clause (1) or (2) of this Section 10 but constitutes an event of default
within the meaning of Section 2 of this Article VIII."
25
ARTICLE [VI.] [VII.]
CONCERNING THE TRUSTEE
The Trustee hereby accepts the trust herein declared and provided and
agrees to perform the same upon the terms and conditions set forth in the
Mortgage, as amended and supplemented, and upon the following terms and
conditions:
The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity of this Supplemental Indenture or the due execution
hereof by the Company or for or in respect of the recitals contained herein, all
of which recitals are made by the Company solely.
ARTICLE [VII.] [VIII.]
MISCELLANEOUS
Section 1. Unless otherwise clearly required by the context, the term
"Trustee," or any other equivalent term used in this Supplemental Indenture,
shall be held and construed to mean the trustee under the Mortgage for the time
being whether the original or a successor trustee.
Section 2. The headings of the Articles of this Supplemental Indenture are
inserted for convenience of reference only and are not to be taken to be any
part of this Supplemental Indenture or to control or affect the meaning of the
same.
Section 3. Nothing expressed or mentioned in or to be implied from this
Supplemental Indenture or in or from the bonds of the New Series is intended, or
shall be construed, to give any person or corporation, other than the parties
hereto and their respective successors, and the holders of bonds secured by the
Mortgage and the indentures supplemental thereto, any legal or equitable right,
remedy or claim under or in respect of such bonds or the Mortgage or any
indenture supplemental thereto, or any covenant, condition or provision therein
or in this Supplemental Indenture contained. All the covenants, conditions and
provisions thereof and hereof are for the sole and exclusive benefit of the
parties hereto and their successors and of the holders of bonds secured by the
Mortgage and indentures supplemental thereto.
Section 4. This Supplemental Indenture may be executed in several
counterparts, each of which shall be an original and all collectively but one
instrument.
Section 5. This Supplemental Indenture is dated and shall be effective as
of , but was actually executed and delivered on .
[Remainder of this page intentionally left blank]
26
IN WITNESS WHEREOF, the parties of the first and second parts hereto have
caused their corporate seals to be hereunto affixed and the President or a Vice
President of the party of the first part and the President or a Vice President
of the party of the second part, under and by the authority vested in them, have
hereto affixed their signatures and their Secretaries or Assistant Secretaries
have duly attested the execution hereof the day of , .
PECO ENERGY COMPANY
By______________________________________
Vice President
[SEAL]
Attest__________________________________
Assistant Secretary
WACHOVIA BANK, NATIONAL ASSOCIATION
By______________________________________
Vice President
[SEAL]
Attest__________________________________
Assistant Secretary
27
COMMONWEALTH OF PENNSYLVANIA
ss.
COUNTY OF PHILADELPHIA
BE IT REMEMBERED, that on the ___ day of , , before me,
a Notary Public in and for said County and Commonwealth, residing in
Philadelphia, personally came , who being duly sworn
according to law deposes and says that he was personally present and did see the
common or corporate seal of the above named PECO Energy Company affixed to the
foregoing Supplemental Indenture, that the seal so affixed is the common or
corporate seal of the said PECO Energy Company, and was so affixed by the
authority of the said corporation as the act and deed thereof; that the above
named is a Vice President of the said corporation, and did sign the
said Supplemental Indenture as such in the presence of this deponent that this
deponent is Assistant Secretary of the said corporation; and the name of the
deponent, above signed in attestation of the due execution of the said
Supplemental Indenture, is in this deponent's own proper handwriting.
Sworn to and subscribed before me the day and year aforesaid.
___________________________________
Notarial Seal
___________________________
Notary Public, City of Philadelphia,
Philadelphia County
My Commission Expires ______, ____
[SEAL]
28
COMMONWEALTH OF PENNSYLVANIA
ss.
COUNTY OF PHILADELPHIA
BE IT REMEMBERED, that on the day of , , before me, the
subscriber, a Notary Public in and for said County and Commonwealth, residing in
Philadelphia, personally came , who being duly sworn
according to law deposes and says that he was personally present and did see the
common or corporate seal of the above named Wachovia Bank, National Association,
affixed to the foregoing Supplemental Indenture, that the seal so affixed is the
common or corporate seal of the said Wachovia Bank, National Association, and
was so affixed by the authority of the said corporation as the act and deed
thereof, that the above named is a Vice President of the said
corporation, and did sign the said Supplemental Indenture as such in the
presence of this deponent; that this deponent is an Assistant Secretary of the
said corporation; and that the name of this deponent, above signed in
attestation of the due execution of the said Supplemental Indenture, is in this
deponent's own proper handwriting.
Sworn to and subscribed before me the day and year aforesaid.
I hereby certify that I am not an officer of director of said Wachovia
Bank, National Association.
____________________________________
Notarial Seal
_____________, Notary Public
City of Philadelphia, Philadelphia County
My Commission Expires ______, ____
[SEAL]
29
CERTIFICATE OF RESIDENCE
Wachovia Bank, National Association, Mortgagee and Trustee within named,
hereby certifies that its precise residence in the City of Philadelphia is N.E.
Cor. Broad and Walnut Streets in the City of Philadelphia, Pennsylvania.
WACHOVIA BANK, NATIONAL ASSOCIATION
By_______________________________
Vice President
30
SCHEDULE A
(To be included if additional property is to be added to the Mortgage.)
1
