Document:

Exhibit 4(c)

    
      
        

      

    

    Exhibit
      4(c)

    

    

    Instruction
      No. 1

    

    

    Columbus
      Southern Power Company

    Unsecured
      Medium Term Notes, Series B

    (Fixed
      Rate)

    

    Instructions

    

    

    
      	
              To:

            	 	
              Bankers
                Trust Company, as Trustee

            
	 	 	 
	
              Trade
                date:

            	 	
              June
                23, 1998

            
	 	 	 
	
              Principal
                Amount:

            	 	
              $60,000,000

            
	 	 	 
	
              Maturity
                Date:

            	 	
              06-26-2008

            
	 	 	 
	
              Interest
                Rate:

            	 	
              6.55%

            
	 	 	 
	
              Redemption
                Provisions:

            	 	 
	
              Redeemable:

            	 	
              Yes
                X
                 No
                __

            
	
              In
                Whole:

            	 	
              Yes
                X
                 No
                __

            
	
              In
                Part:

            	 	
              Yes
                X
                 No
                __

            

    

    

    The
      Notes
      are subject to redemption at any time, on not less than 30 but not more than
      60
      days' notice by mail prior to the redemption date, either as a whole or in
      part
      at the option of the Company at a redemption price equal to the greater of
      (i)
      100% of the principal amount of the Notes then outstanding and (ii) the sum
      of
      the present values of the remaining scheduled payments of principal and interest
      thereon discounted to the redemption date on a semi-annual basis (assuming
      a
      360-day year consisting of twelve 30-day months) at the Treasury Rate (as
      defined below) plus 15 basis points, plus, in each case, accrued interest
      thereon to the date of redemption.

    

    "Treasury
      Rate" means, with respect to any redemption date, the rate per annum equal
      to
      the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
      assuming a price for the Comparable Treasury Issue (expressed as a percentage
      of
      its principal amount) equal to the Comparable Treasury Price for such redemption
      date.

    

    "Comparable
      Treasury Issue" means the United States Treasury security selected by an
      Independent Investment Banker as having a maturity comparable to the remaining
      term of the Notes that would be utilized, at the time of selection and in
      accordance with customary financial practice, in pricing new issues of corporate
      debt securities of comparable maturity to the remaining term of the
      Notes.

    

    "Comparable
      Treasury Price" means, with respect to any redemption date, (i) the average
      of
      the bid and asked prices for the Comparable Treasury Issue (expressed in each
      case as a percentage of its principal amount) on the third Business Day
      preceding such redemption date, as set forth in the daily statistical release
      (or any successor release) published by the Federal Reserve Bank of New York
      and
      designated "Composite 3:30 p.m. Quotations for U.S. Government Securities"
      or
      (ii) if such release (or any successor release) is not published or does not
      contain such prices on such third Business Day, the Reference Treasury Dealer
      Quotation for such redemption date.

    

    "Independent
      Investment Banker" means one of the Reference Treasury Dealers appointed by
      the
      Company and reasonably acceptable to the Trustee.

    

    "Reference
      Treasury Dealer" means a primary U.S. Government Securities Dealer in New York
      City selected by the Company and reasonably acceptable to the
      Trustee.

    

    "Reference
      Treasury Dealer Quotations" means, with respect to the Reference Treasury Dealer
      and any redemption date, the average, as determined by the Trustee, of the
      bid
      and asked prices for the Comparable Treasury Issue (expressed in each case
      as a
      percentage of its principal amount) quoted in writing to the Trustee by such
      Reference Treasury Dealer at or before 5:00 p.m., New York City time, on the
      third Business Day preceding such redemption date.

    

    
      	
              Original
                Issue Date:

            	
              June
                26, 1998

            
	 	 
	
              Public
                Offering Price:

            	
              100%

            
	 	 
	
              Presenting
                Agent's Commission:

            	
              0.625%

            
	 	 
	
              Net
                Proceeds to Company:

            	
              99.375%

            
	 	 
	
              CUSIP
                No.:

            	
              19957
                R AC7

            
	 	 
	
              Account
                number of participant account maintained by DTC on behalf of Presenting
                Agent:

            	 
	
              Merrill
                Lynch

            	
              #5132

            
	
              Morgan
                Stanley

            	
              #0050

            
	 	 
	
              Account
                number of participant account maintained by DTC on behalf of
                Trustee:

            	 
	
              Bankers
                Trust Company

            	
              #2808

            
	 	 
	
              Each
                Presenting Agent's name and proportionate amount of Global
                Note:

            	 
	
              Merrill
                Lynch

            	
              50%

            
	
              Morgan
                Stanley

            	
              50%

            
	 	 
	
              Name
                in which the Notes are to be registered (Registered
                Owner):

            	
              Cede
                & Co.

            
	 	 
	
              Address
                and taxpayer identification number of Registered Owner and

              address
                for payment:

            	
              The
                Depository Trust Company

              55
                Water Street

              New
                York, NY 10041

              #13-2555119

            
	 	 
	
              Yield
                of U.S. Treasury securities of comparable maturity maturing at
                05-15-2008:

            	
              5.45%

            
	 	 
	
              Discount
                Security:

            	
              Yes___ No
                X

            
	 	 
	
              Yield
                to Maturity:

            	
              6.64%

            
	 	 
	
              Initial
                Accrual Period:

            	
              06-26-98
                - 08-31-98

            
	 	 
	
              Account
                of Company into which net proceeds are to be deposited:

            	
              Citibank,
                ABA# 021-000-089, Account #0002-6657

            
	 	 
	
              Any
                Other Book-Entry Note represented by Global Security (to the extent
                known):

            	 
	 	 

    

    

    

    
      	 	 	
              COLUMBUS
                SOUTHERN POWER COMPANY

            
	 	 	 
	 	
              By:

            	
              /s/
                Henry W. Fayne

            
	 	 	
              Vice
                PresidentExhibit 4(d) - CSPCo First Supplemental Indenture, 11/25/03, Series E

    
      
        

      

    

    Exhibit
      4(d)

    

    COLUMBUS
      SOUTHERN POWER COMPANY

    

    TO

    

    DEUTSCHE
      BANK TRUST COMPANY AMERICAS

    AS
      TRUSTEE

    

    

    

    FIRST
      SUPPLEMENTAL INDENTURE

    DATED
      NOVEMBER 25, 2003

    

    

    $150,000,000

    

    4.40%
      SENIOR NOTES, SERIES E, DUE 2010

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

    

    THIS
      FIRST SUPPLEMENTAL INDENTURE is made the 25th
      day of
      November, 2003, between COLUMBUS SOUTHERN POWER COMPANY, a corporation duly
      organized and existing under the laws of the state of Ohio (herein called the
      “Company”), having its principal office at 1 Riverside Plaza, Columbus, Ohio
      43215 and Deutsche Bank Trust Company Americas (formerly Bankers Trust Company),
      a national banking association, duly organized and existing under the laws
      of
      the United States, having its principal corporate trust office at 60 Wall
      Street, New York, New York 10005, as Trustee (herein called the
“Trustee”).

    

    W
      I T
      N E S S E T H:

    

    WHEREAS,
      the Company has heretofore entered into an Indenture, dated as of September
      1,
      1997 (the “Original Indenture”), with the Trustee; and

    

    WHEREAS,
      the Original Indenture is incorporated herein by this reference and the Original
      Indenture, as supplemented by this First Supplemental Indenture, is herein
      called the “Indenture”; and

    

    WHEREAS,
      under the Original Indenture, a new series of unsecured notes (the “Senior
      Notes”) may at any time be established by the Board of Directors of the Company
      in accordance with the provisions of the Original Indenture and the terms of
      such series may be described by a supplemental indenture executed by the Company
      and the Trustee; and

    

    WHEREAS,
      the Company proposes to create under the Indenture a series of Senior Notes
      to
      be designated the “4.40% Senior Notes, Series E, due 2010” (the “Series E
      Notes”), the form and substance of the Series E Notes and the terms, provisions
      and conditions thereof to be set forth as provided in the Original Indenture
      and
      this First Supplemental Indenture; and

    

    WHEREAS,
      additional Senior Notes of other Series hereafter established, except as may
      be
      limited in the Original Indenture as at the time supplemented and modified,
      may
      be issued from time to time pursuant to the Original Indenture as at the time
      supplemented and modified; and

    

    WHEREAS,
      all conditions necessary to authorize the execution and delivery of this First
      Supplemental Indenture and to make it a valid and binding obligation of the
      Company have been done or performed;

    

    NOW,
      THEREFORE, in consideration of the agreements and obligations set forth herein
      and for other good and valuable consideration, the sufficiency of which is
      hereby acknowledged, the parties hereto hereby agree as follows:

    
 

    

    ARTICLE
      I

    Additional
      Definitions

    

    SECTION
      1.01.    Definitions

    

    The
      following defined terms used herein shall, unless the context otherwise
      requires, have the meanings specified below. Capitalized terms used herein
      for
      which no definition is provided herein shall have the meanings set forth in
      the
      Original Indenture.

    

    “Company”
      means Columbus Southern Power Company, an Ohio corporation and also includes
      the
      Columbus Southern Power Company’s successors and permitted assigns.

    

    “Closing
      Date” shall mean November 25, 2003, the initial date of delivery of the Series E
      Notes from the Company to the Underwriters.

    

    “Legal
      Separation” shall mean the transfer of the Company’s Transmission and
      Distribution Business to Columbus Southern Wires.

    

    “Columbus
      Southern Wires” shall mean Columbus Southern Wires LLC, a to-be-formed Ohio
      company and the affiliate company to which the Company may transfer its
      Transmission and Distribution Business.

    

    “Columbus
      Southern Wires Exchange Offer” shall mean the offer by Columbus Southern Wires,
      upon Legal Separation, to the holders of Series E Notes to exchange all of
      the
      Series E Notes held by each such holder for a like amount of Columbus Southern
      Wires Notes.

    

    “Columbus
      Southern Wires Notes” shall mean notes of Columbus Southern Wires which are
      identical in all material respects to the Series E Notes and are registered
      under the Securities Act.

    

    “Columbus
      Southern Wires Registration” shall mean a registration under the Securities Act
      effected pursuant to Section 2.08 hereof..

    

    “Columbus
      Southern Wires Registration Statement” shall mean an exchange offer registration
      statement on Form S-4 (or, if applicable, on another appropriate form) of
      Columbus Southern Wires as provided in the section entitled ‘Legal Separation’
      hereof and all amendments and supplements to such registration statement, in
      each case including the Prospectus contained therein, all exhibits thereto
      and
      all documents incorporated by reference therein.

    

    “Transmission
      and Distribution Business” means the electricity transmission and distribution
      assets of the Company.

    
 

    

    ARTICLE
      II

    Series
      E Notes

    

    SECTION
      2.01.  Establishment

    

    The
      Series E Notes shall be designated as the Company’s “4.40% Senior Notes, Series
      E, due 2010”.

    

    SECTION
      2.02.  Aggregate Principal Amount

    

    The
      Trustee shall authenticate and deliver Series E Notes for original issue on
      the
      Original Issue Date in the aggregate principal amount of $150,000,000 upon
      a
      Company Order for authentication and delivery thereof and satisfaction of
      Section 2.01 of the Original Indenture. The aggregate principal amount of the
      Series E Notes shall be initially limited to $150,000,000 and shall not be
      subject to Periodic Offerings pursuant to Article Two of the Original Indenture.
      All Series E Notes need not be issued at the same time and such series may
      be
      reopened at any time, without the consent of any Holder, for issuances of
      additional Series E Notes. Any such additional Series E Notes will have the
      same
      interest rate, maturity and other terms as those initially issued. The Series
      E
      Notes shall be issued in definitive fully registered form.

    

    SECTION
      2.03.  Maturity and Interest

     

         
      (i)     The
      Series E Notes shall mature on, and the date on which the principal of the
      Series E Notes shall be payable (unless earlier redeemed shall
      be December 1, 2010;

     

               
      (ii)  The
      interest rate at which the Series E Notes shall bear interest shall be 4.40%
      per
      annum; provided, however, that a special interest premium shall
      accrue  on the Series
      E Notes under certain circumstances as provided in clause (iii) below; interest
      shall accrue from the date of authentication of the Series E Notes; the Interest
      Payment Dates on which such interest will be payable shall be June 1 and
      December 1, and the Regular Record Date for the determination of holders to
      whom
      interest is payable on any such Interest Payment Date shall be the May 15 or
      November 15 preceding the relevant Interest Payment Date; provided that the
      first Interest Payment Date shall be June 1, 2004 and interest payable on the
      Stated Maturity or any redemption date shall be paid to the Person to whom
      principal shall be paid; each payment of interest shall include interest accrued
      through the day before the Interest Payment Date;

     

               (iii)  Special
      interest premium shall accrue on the Series E Notes over and above the interest
      rate set forth herein in accordance with Section 2.08 hereof. 

     

    SECTION
      2.04.  Optional Redemption

    

    The
      Series E Notes shall be redeemable at the option of the Company, in whole or
      in
      part at any time, upon not less than thirty but not more than sixty days’ prior
      notice given by mail to the registered owners of the Series E Notes at a
      redemption price equal to the greater of (i) 100% of the principal amount of
      the
      Series E Notes being redeemed and (ii) the sum of the present values of the
      remaining scheduled payments of principal and interest on the Series E Notes
      being redeemed (excluding the portion of any such interest accrued to the date
      of redemption) discounted (for purposes of determining present value) to the
      redemption date on a semi-annual basis (assuming a 360-day year consisting
      of
      twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis
      points, plus, in each case, accrued interest thereon to the date of
      redemption.

    

    “Treasury
      Rate” means, with respect to any redemption date, the rate per annum equal to
      the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
      assuming a price for the Comparable Treasury Issue (expressed as a percentage
      of
      its principal amount) equal to the Comparable Treasury Price for such redemption
      date.

    

    “Comparable
      Treasury Issue” means the United States Treasury security selected by an
      Independent Investment Banker as having a maturity comparable to the remaining
      term of the Series E Notes that would be utilized, at the time of selection
      and
      in accordance with customary financial practice, in pricing new issues of
      corporate debt securities of comparable maturity to the remaining term of the
      Series E Notes.

    

    “Comparable
      Treasury Price” means, with respect to any redemption date, (i) the average of
      the bid and asked prices for the Comparable Treasury Issue (expressed in each
      case as a percentage of its principal amount) on the third Business Day
      preceding such redemption date, as set forth in the daily statistical release
      (or any successor release) published by the Federal Reserve Bank of New York
      and
      designated “Composite 3:30 p.m. Quotations for U. S. Government Securities” or
      (ii) if such release (or any successor release) is not published or does not
      contain such prices on such third Business Day, the Reference Treasury Dealer
      Quotation for such redemption date.

    

    “Independent
      Investment Banker” means one of the Reference Treasury Dealers appointed by the
      Company and reasonably acceptable to the Trustee.

    

    “Reference
      Treasury Dealer” means a primary U.S. government securities dealer selected by
      the Company and reasonably acceptable to the Trustee.

    

    “Reference
      Treasury Dealer Quotation” means, with respect to the Reference Treasury Dealer
      and any redemption date, the average, as determined by the Trustee, of the
      bid
      and asked prices for the Comparable Treasury Issue (expressed in each case
      as a
      percentage of its principal amount) quoted in writing to the Trustee by such
      Reference Treasury Dealer at or before 5:00 p.m., New York City time, on the
      third Business Day preceding such redemption date.

    

    SECTION
      2.05.  Limitation on Secured Debt

    

    So
      long
      as any of the Series E Notes are outstanding, the Company will not create or
      suffer to be created or to exist any additional mortgage, pledge, security
      interest, or other lien (collectively “Liens”) on any utility properties or
      tangible assets now owned or hereafter acquired to secure any indebtedness
      for
      borrowed money (“Secured Debt”), without providing that such Series E Notes will
      be similarly secured. Further, this restriction on Secured Debt does not apply
      to the Company’s existing first mortgage bonds that have previously been issued
      under its mortgage indenture or any indenture supplemental thereto; provided
      that this restriction will apply to future issuances thereunder (other than
      issuances of refunding first mortgage bonds). In addition, this restriction
      does
      not prevent the creation or existence of:

    

    (i) Liens
      on
      property existing at the time of acquisition or construction of such property
      (or created within one year after completion of such acquisition or
      construction), whether by purchase, merger, construction or otherwise, or to
      secure the payment of all or any part of the purchase price or construction
      cost
      thereof, including the extension of any Liens to repairs, renewals,
      replacements, substitutions, betterments, additions, extensions and improvements
      then or thereafter made on the property subject thereto;

    

    (ii) Financing
      of the Company’s accounts receivable for electric service;

     

    (iii)  Any
      extensions, renewals or replacements (or successive extensions, renewals or
      replacements), in whole or in part, of Liens permitted by the foregoing clauses;
      and

     

    (iv) The
      pledge of any bonds or other securities at any time issued under any of the
      Secured Debt permitted by the above clauses.

    

    In
      addition to the permitted issuances above, Secured Debt not otherwise so
      permitted may be issued in an amount that does not exceed 15% of Net Tangible
      Assets as defined below.

    

    “Net
      Tangible Assets” means the total of all assets (including revaluations thereof
      as a result of commercial appraisals, price level restatement or otherwise)
      appearing on the Company’s balance sheet, net of applicable reserves and
      deductions, but excluding goodwill, trade names, trademarks, patents,
      unamortized debt discount and all other like intangible assets (which term
      shall
      not be construed to include such revaluations), less the aggregate of the
      Company’s current liabilities appearing on such balance sheet.

    

    This
      restriction also will not apply to or prevent the creation or existence of
      leases (operating or capital) made, or existing on property acquired, in the
      ordinary course of business.

    

    SECTION
      2.06.  Global Securities and Certificated
      Securities

    

    The
      Series E Notes shall be issued in the form of a Global Note in definitive,
      fully
      registered form. The Depositary for the Global Note shall be The Depository
      Trust Company. The procedures with respect to transfer and exchange of Global
      Notes shall be as set forth in the form of Note attached hereto.

    

    SECTION
      2.07.  Form of Securities

    

    The
      Global Note shall be substantially in the form attached as Exhibit A
      hereto.

    

    SECTION
      2.08.  Exchange
      of Senior Notes upon Legal Separation

    

    If
      Legal
      Separation occurs, Columbus Southern Wires will be obligated to file the
      Columbus Southern Wires Registration Statement and to effect the Columbus
      Southern Wires Exchange Offer, offering each holder of the Series E Notes the
      election to (i) retain its Series E Notes or (ii) exchange its Series E Notes
      for Columbus Southern Wires Notes.

    

    If
      a
      holder of a Series E Note fails to elect to retain such note, unless otherwise
      required by law, such Holder will be deemed to have exercised his option to
      exchange such note for a Columbus Southern Wires Note.

    

    In
      the
      case of a Columbus Southern Wires Exchange Offer as set forth above, Columbus
      Southern Wires will be subject, notwithstanding any other provision hereof,
      with
      respect to timing, to the requirement that it consummate the Columbus Southern
      Wires Exchange Offer within 150 days from the date of Legal Separation. If
      Columbus Southern Wires fails to consummate the Columbus Southern Wires Exchange
      Offer within such 150 days, special interest premium will accrue on the Senior
      Notes at the rate of 0.50% per annum until the Columbus Southern Wires Exchange
      Offer is consummated. 

    

    The
      transfer of all or substantially all of the Company’s Transmission and
      Distribution Business shall not constitute a Default or an Event of Default
      with
      respect to the Series E Notes nor, for purposes of the Series E Notes, shall
      it
      be deemed a sale or transfer of all or substantially all of the Company’s assets
      for purposes of the Indenture. Additionally, such transfer shall not alter
      the
      terms of the Series E Notes, and the Series E Notes shall continue to be
      governed by the Indenture.

    

    SECTION
      2.09.  Consolidation,
      Merger or Sale

    

    Subject
      to Sections 2.08 and 3.04, the Company, or the successor to the Series E Notes,
      as the case may be, may merge or consolidate with any corporation or sell
      substantially all of its assets as an entirety as long as the successor or
      purchaser expressly assumes the payment of principal, and premium, if any,
      and
      interest on the Series E Notes or the Columbus Southern Wires Notes, as the
      case
      may be.

     

    
       

    

     

    ARTICLE
      III

    Miscellaneous
      Provisions

    

    SECTION
      3.01.  Recitals by Company

    

    The
      recitals in this First Supplemental Indenture are made by the Company only
      and
      not by the Trustee, and all of the provisions contained in the Original
      Indenture in respect of the rights, privileges, immunities, powers and duties
      of
      the Trustee shall be applicable in respect of Series E Notes and of this First
      Supplemental Indenture as fully and with like effect as if set forth herein
      in
      full.

    

    SECTION
      3.02.  Ratification and Incorporation of Original
      Indenture

    

    As
      supplemented hereby, the Original Indenture is in all respects ratified and
      confirmed, and the Original Indenture and this First Supplemental Indenture
      shall be read, taken and construed as one and the same instrument.

    

    SECTION
      3.03.  Executed in Counterparts

    

    This
      First Supplemental Indenture may be simultaneously executed in several
      counterparts, each of which shall be deemed to be an original, and such
      counterparts shall together constitute but one and the same
      instrument.

    

    SECTION
      3.04.  Applicability of Section 4.05 and Article Ten of Original
      Indenture

    

    (a)  As
      long
      as the Series E Notes are outstanding, Section 4.05 and Article Ten of the
      Original Indenture shall be applicable thereto; provided, however, that the
      transfer of all or substantially all of the Company’s Transmission and
      Distribution Business (whether or not the Transmission and Distribution Business
      constitutes “substantially all” of the Company’s total assets) to Columbus
      Southern Wires shall not be subject to Section 4.05 and Article Ten of the
      Original Indenture. Furthermore, any transfer of any portion of the Company’s
      assets will not be subject to Section 4.05 or Article Ten of the Original
      Indenture if the Company retains all or substantially all of its Transmission
      and Distribution Business.

     

    

    (b)  To
      the
      extent the Transmission and Distribution Business is transferred to Columbus
      Southern Wires, holders of Series E Notes shall be given the option to either
      (i) retain their Series E Notes or (ii) exchange their Series E Notes for
      Columbus Southern Wires Notes pursuant to the Columbus Southern Wires Exchange
      Offer. If any holder fails to elect to retain its Series E Notes, unless
      otherwise required by law, such holder will be deemed to have exercised its
      option to exchange its Series E Notes for Columbus Southern Wires Notes.

     

     

    

    IN
      WITNESS WHEREOF, each party hereto has caused this instrument to be signed
      in
      its name and behalf by its duly authorized signatories, all as of the day and
      year first above written.

    COLUMBUS
      SOUTHERN POWER COMPANY

    

    

    By_/s/
      A. A. Pena_____

    Vice
      President

    Attest:

    

    

    By_/s/
      Thomas G. Berkemeyer

    Assistant
      Secretary

                                                               
      DEUTSCHE
      BANK TRUST COMPANY AMERICAS,

    as
      Trustee

    

    

      
      By_/s/ Susan Johnson__

         
      Vice President

    Attest:

    By_/s/
      Tracy Martone__

    Authorized
      Signer

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