1
PAGE 1
EXHIBIT A-7
CONECTIV SYSTEM
INTRASYSTEM MONEY POOL ADVANCES
Wilmington, Delaware
--------------------
FOR VALUE RECEIVED, the undersigned, __________________________________,
a __________________ corporation, (the "Company"), hereby unconditionally
promises to pay on demand or in any event by _______________ to the order of
Support Conectiv, Inc.("Support Conectiv"), in its capacity as Agent of the
Conectiv System Intrasystem Money Pool (the "Money Pool") and for the benefit of
the Money Pool depositors, at the Office of Support Conectiv located at 000 Xxxx
Xxxxxx, Xxxxxxxxxx, Xxxxxxxx 00000, in lawful money of the United States of
America and in immediately available funds, the principal amount of the
aggregate unpaid principal amount of all Loans (that are posted on the schedule
annexed hereto and made a part hereof) made by the Money Pool to the undersigned
pursuant to the financing authorization approved by the U.S. Securities and
Exchange Commission.
The undersigned further agrees to pay interest in like money at such
office on the unpaid principal amount hereof from time to time from the date
hereof at the rate per annum equal to the Money Pool's monthly borrowing rate.
This rate is calculated by dividing the Money Pool's net monthly interest
expense (interest expense less interest income) by the Money Pool's average net
daily borrowing/investment position during the month. In the event that there
are no external borrowings or investments, the borrowing rate will be the prior
month's Federal Funds rate as published in the Federal Reserve Statistical
Release, Publication H.15 (519). Interest shall be payable monthly in arrears
and upon payment (including prepayment) in full of the unpaid principal amount
hereof. If applicable, a default rate equal to 2% per annum above the
pre-default rate on the unpaid principal amount will be assessed if any
interest or principal payment becomes past due.
This Note shall be governed by, and construed and interpreted in
accordance with, the Laws of the State of Delaware without regard to conflicts
of laws principles, except as preempted by Federal law.
IN WITNESS WHEREOF ______________________________, pursuant to due
authorization, has caused this Note to be executed in its name and on its behalf
by its duly authorized officers, all as of the date noted above.
_________________________________________
Company
By:______________________________________
Title:___________________________________
