Document:

Unassociated Document

Exhibit 10.45.9

Loan No. ML0976T1B

SECOND AMENDED AND RESTATED SUPPLEMENT

THIS SECOND AMENDED AND RESTATED SUPPLEMENT (this “Second Supplement”) to the Amended and Restated Master Loan Agreement (the “MLA”), dated as of January 19, 2011, is entered into as of January 19, 2011, between CHUGACH ELECTRIC ASSOCIATION, INC., Anchorage, Alaska, an Alaska electric cooperative (the “Company”) and CoBANK, ACB, a federally chartered instrumentality of the United States (“CoBank”).

BACKGROUND

The Company and CoBank are parties to an Amended and Restated Promissory Note and Multiple Advance Term Loan Supplement No. 000976T1A, dated as of December 27, 2002, in the original principal amount of $45,445,116.00 (the “Existing Promissory Note and Supplement”).  Capitalized terms used and not otherwise defined in this Second Supplement shall have the meanings assigned to them in the MLA.  The Company and CoBank now desire to amend and restate the Existing Promissory Note and Supplement.  The execution of this Second Supplement shall not constitute a novation of the indebtedness outstanding under the Existing Promissory Note and Supplement.  For valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Company and CoBank hereby agree that the Existing Promissory Note and Supplement shall be amended and restated in its entirety to read as follows:

SECTION 1.           The Term Loan Commitment.  As of the date hereof, CoBank’s obligation to make advances under the Loan has expired and the unpaid principal balance of the Loan is $37,301,818.50.

SECTION 2.           Purpose.  INTENTIONALLY OMITTED.

SECTION 3.           Term.  INTENTIONALLY OMITTED.

SECTION 4.           Availability.  INTENTIONALLY OMITTED.

SECTION 5.           Interest.  The Company agrees to pay interest on the unpaid balance of the Loan in accordance with one or more of the following interest rate options, as selected by the Company:

(A)           Weekly Quoted Variable Rate.  At a rate per annum equal at all times to the rate of interest established by CoBank on the first Business Day of each week.  The rate established by CoBank may not exceed the CoBank Base Rate (as hereinafter defined) on that day plus 1/4 of 1% and shall be effective until the first Business Day of the next week.  Each change in the rate shall be applicable to all balances subject to this option and information about the then current rate shall be made available upon telephonic request.  For purposes hereof, the CoBank Base Rate shall mean the rate of interest established by CoBank from time to time as its CoBank Base Rate, which Rate is intended by CoBank to be a reference rate and not its lowest rate.  The CoBank Base Rate will change on the date established by CoBank as the effective date of any change therein.

  

  

  

Second Amended and Restated Supplement

ML0976T1B

CHUGACH ELECTRIC ASSOCIATION, INC.

Anchorage, Alaska

(B)           Quoted Rate Option.  At a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance.  Under this option, balances of $100,000.00 or more may be fixed for such periods, as may be agreeable to CoBank in its sole discretion in each instance.  Notwithstanding the foregoing, amounts subject to the Fixed Rate Option on the date hereof (a list of which is attached hereto as Exhibit A and hereby incorporated by reference) shall continue to be subject to such rates for the remaining fixed rate period(s) specified in Exhibit A, but shall otherwise be subject to the terms hereof.

The Company may, on any Business Day, elect to convert any portion of the Loans bearing interest at the Weekly Quoted Variable Rate to the Quoted Rate Option.  In addition, on the last day of each fixed rate period, the Company may, subject to the terms hereof, elect to fix the rate for an additional period or convert the balance to the Weekly Quoted Variable Rate Option.  In the absence of any such election, interest shall automatically accrue on such balance at (and the Company shall be deemed to have elected to convert such balance to) the Weekly Quoted Variable Rate Option.  All elections provided for herein shall be made telephonically or in writing and must be received by 12:00 noon Company’s local time on the applicable Business Day.  Until the principal is completely repaid, interest on the unpaid principal balance of the Loan shall be payable monthly in arrears by the 20th day of the following month.  Interest shall be calculated on the actual number of days the Loan is outstanding on the basis of a year consisting of 360 days.  In calculating interest, the date each installment of principal is paid shall, if received before 3:00 p.m. Mountain time, be excluded.

SECTION 6.           Fees.  INTENTIONALLY OMITTED.

SECTION 7.           Repayment of the Loan.  The Company promises to repay the unpaid principal balance of the Loan in accordance with the repayment schedule shown on Exhibit A.  If any installment due date is not a Business Day, then such installment shall be due and payable on the next Business Day.  In addition to the above, the Company promises to pay interest on the unpaid principal balance of the Loan at the times and in accordance with the provisions set forth above.

SECTION 8.           Prepayment.  Subject to the broken funding surcharge provision of the MLA, the Company may (identifying each tranche to be prepaid, and where more than one tranche is to be prepaid, the amount of prepayment with respect to each such tranche) prepay all or any portion of the Loan.  Unless otherwise agreed, all prepayments will be applied to principal installments on the Loan in the inverse order of their maturity.

SECTION 9.           Promissory Note.  The Company’s obligation to repay the Loan, together with interest thereon, is evidenced by that certain 2011 CoBank Note (ML0976-T1B), dated the date of its authentication, in the face principal amount of $37,301,818.50, by the Company in favor of CoBank (the “2011 CoBank Note”).

  

  

  

Second Amended and Restated Supplement

ML0976T1B

CHUGACH ELECTRIC ASSOCIATION, INC.

Anchorage, Alaska

SECTION 10.        Security.  The 2011 CoBank Note evidencing the Loan under this Second Supplement constitutes an “Additional Obligation” (as defined in the Existing Indenture).  Upon the effectiveness of the New Mortgage Indenture, the 2011 CoBank Note will be authenticated as a “Pre-Existing Obligation” (as defined in the New Mortgage Indenture) under the New Mortgage Indenture, and the Company’s obligations under the 2011 CoBank Note will be secured under the New Mortgage Indenture.

IN WITNESS WHEREOF, the parties have caused this Second Supplement to the MLA to be executed by their duly authorized officers as of the date first shown above.

	
CoBANK, ACB

	  	
CHUGACH ELECTRIC ASSOCIATION, INC.

	  	  	  	  	  
	
By:

	
/s/ C. Brock Taylor

	  	
By:

	
/s/ Michael R. Cunningham

	  	  	  	  	
Michael R. Cunningham

	
Title:

	
Vice President

	  	
Title:

	
Sr. Vice President and

	  	  	  	  	
Chief Financial Officer

  

  

  

Second Amended and Restated Supplement

ML0976T1B

CHUGACH ELECTRIC ASSOCIATION, INC.

Anchorage, Alaska

EXHIBIT A

REPAYMENT SCHEDULE

  

  

  

	  	
COBANK

	
P3A  Z$CL048

	  	
PRINICIPAL PAYMENT REPORT

	
Run Date:  1/14/11

	  	
As of Date: 1/14/11

	
Run Time: 12:26:00

	  	  	
Page:        1

Prepaid Prin...      .00

Total Payments Displayed....  16,914,427.00

	
Customer #

	 	
Customer Name

	 	
Obligation #

	 	
Due Date

	 	
Payment Amount

	 
	22020105	 	
CHUGACH ELECTRIC ASSOCIATION, INC.

	 	010554002	 	  	 	 	 
	 	 	  	 	 	 	 	
03/15/2011

	 	 	832,838.00	 
	 	 	  	 	 	 	 	
03/15/2012

	 	 	908,908.00	 
	 	 	  	 	 	 	 	
03/15/2013

	 	 	992,036.00	 
	 	 	  	 	 	 	 	
03/15/2014

	 	 	1,082,714.00	 
	 	 	  	 	 	 	 	
03/15/2015

	 	 	1,181,597.00	 
	 	 	  	 	 	 	 	
03/15/2016

	 	 	1,289,672.00	 
	 	 	  	 	 	 	 	
03/15/2017

	 	 	1,407,511.00	 
	 	 	  	 	 	 	 	
03/15/2018

	 	 	1,536,183.00	 
	 	 	  	 	 	 	 	
03/15/2019

	 	 	1,676,590.00	 
	 	 	  	 	 	 	 	
03/15/2020

	 	 	1,829,798.00	 
	 	 	  	 	 	 	 	
03/15/2021

	 	 	1,997,038.00	 
	 	 	  	 	 	 	 	
03/15/2022

	 	 	2,179,542.00	 

  

  

  

 

	  	
COBANK

	
P3A  Z$CL048

	  	
PRINICIPAL PAYMENT REPORT

	
Run Date:  1/14/11

	  	
As of Date: 1/14/11

	
Run Time: 12:25:48

	  	  	
Page:        1

Prepaid Prin...      .00

Total Payments Displayed....  18,487,863.00

	
Customer #

	 	
Customer Name

	 	
Obligation #

	 	
Due Date

	 	
Payment Amount

	 
	22020105	 	
CHUGACH ELECTRIC ASSOCIATION, INC.

	 	200000324	 	  	 	 	 
	 	 	 	  	 	 	 	 	
06/15/2011

	 	 	910,311.00	 
	 	 	 	  	 	 	 	 	
06/15/2012

	 	 	993,458.00	 
	 	 	 	  	 	 	 	 	
06/15/2013

	 	 	1,084,319.00	 
	 	 	 	  	 	 	 	 	
06/15/2014

	 	 	1,183,431.00	 
	 	 	 	  	 	 	 	 	
06/15/2015

	 	 	1,291,513.00	 
	 	 	 	  	 	 	 	 	
06/15/2016

	 	 	1,409,641.00	 
	 	 	 	  	 	 	 	 	
06/15/2017

	 	 	1,538,443.00	 
	 	 	 	  	 	 	 	 	
06/15/2018

	 	 	1,679,084.00	 
	 	 	 	  	 	 	 	 	
06/15/2019

	 	 	1,832,552.00	 
	 	 	 	  	 	 	 	 	
06/15/2020

	 	 	2,000,011.00	 
	 	 	 	  	 	 	 	 	
06/15/2021

	 	 	2,182,809.00	 
	 	 	 	  	 	 	 	 	
06/15/2022

	 	 	2,382,291.00	 

  

  

  

 

	  	
COBANK

	
P3A  Z$CL048

	  	
PRINICIPAL PAYMENT REPORT

	
Run Date:  1/14/11

	  	
As of Date: 1/14/11

	
Run Time: 12:26:11

	  	  	
Page:        1

Prepaid Prin...      .00

Total Payments Displayed....  1,899,528.50

	
Customer #

	 	
Customer Name

	 	
Obligation #

	 	
Due Date

	 	
Payment Amount

	 
	22020105	 	
CHUGACH ELECTRIC ASSOCIATION, INC.

	 	000239974	 	  	 	 	 
	 	 	 	  	 	 	 	 	
01/15/2011

	 	 	88,922.01	 
	 	 	 	  	 	 	 	 	
02/15/2011

	 	 	89,533.35	 
	 	 	 	  	 	 	 	 	
03/15/2011

	 	 	90,148.89	 
	 	 	 	  	 	 	 	 	
04/15/2011

	 	 	90,768.66	 
	 	 	 	  	 	 	 	 	
05/15/2011

	 	 	91,392.70	 
	 	 	 	  	 	 	 	 	
06/15/2011

	 	 	92,021.02	 
	 	 	 	  	 	 	 	 	
07/15/2011

	 	 	92,653.66	 
	 	 	 	  	 	 	 	 	
08/15/2011

	 	 	93,290.66	 
	 	 	 	  	 	 	 	 	
09/15/2011

	 	 	93,932.03	 
	 	 	 	  	 	 	 	 	
10/15/2011

	 	 	94,577.81	 
	 	 	 	  	 	 	 	 	
11/15/2011

	 	 	95,228.04	 
	 	 	 	  	 	 	 	 	
12/15/2011

	 	 	95,882.73	 
	 	 	 	  	 	 	 	 	
01/20/2012

	 	 	96,541.93	 
	 	 	 	  	 	 	 	 	
02/20/2012

	 	 	97,205.65	 
	 	 	 	  	 	 	 	 	
03/20/2012

	 	 	97,873.94	 
	 	 	 	  	 	 	 	 	
04/20/2012

	 	 	98,546.82	 
	 	 	 	  	 	 	 	 	
05/20/2012

	 	 	99,224.33	 
	 	 	 	  	 	 	 	 	
06/20/2012

	 	 	99,906.50	 
	 	 	 	  	 	 	 	 	
07/20/2012

	 	 	100,593.36	 
	 	 	 	  	 	 	 	 	
08/20/2012

	 	 	101,284.41Unassociated Document

Exhibit 10.45.10

Chugach Electric Association, Inc. (the “Company”) is personally obligated and fully liable for the amount due under this note and, subject to the provisions of the Indenture (as hereinafter defined), each Holder (as defined in the hereinafter described Indenture) has the right to sue on this note and obtain a personal judgment against the Company for satisfaction of the amount due under this note either before or after a foreclosure of the Indenture (as hereinafter defined) under Alaska Statutes 09.45.170-09.45.220.

Loan No. ML0976-T1B

2011 COBANK NOTE

CHUGACH ELECTRIC ASSOCIATION, INC.

	
$37,301,818.50

	
January 19, 2011

FOR VALUE RECEIVED, the undersigned promises to pay to COBANK, ACB  (the “Payee”), or its order, at the times and in the manner set forth in that certain Amended and Restated Master Loan Agreement, dated as of even date herewith, among the undersigned and Payee, as it may be amended, modified, supplemented, extended or restated from time to time (the “MLA”) and in that certain Second Amended and Restated Supplement, dated as of even date herewith, among the undersigned and Payee, as it may be amended, modified, supplemented, extended or restated from time to time (the “Second Supplement”), the principal sum of THIRTY SEVEN MILLION THREE HUNDRED ONE THOUSAND EIGHT HUNDRED EIGHTEEN AND 50/100 UNITED STATES DOLLARS ($37,301,818.50), together with interest on the unpaid principal balance hereof at the rate or rates set forth in the Second Supplement.

This note is given for the loan Payee has made to the undersigned pursuant to the MLA and the Second Supplement, all of the terms and provisions of which (including, without limitation, provisions regarding acceleration of the maturity hereof and application of default interest and of a surcharge to payments hereunder) are hereby incorporated by reference. Advances, accrued interest, and payments shall be posted by the Payee upon an appropriate accounting record, which record (and all computer printouts thereof) shall constitute prima facie evidence of the outstanding principal and interest on the loan. Any amount of principal hereof which is not paid when due, whether at stated maturity, by acceleration or otherwise, shall bear interest from the date when due until said principal amount is paid in full, payable on demand, at a rate per annum set forth in the MLA.

The makers or endorsers hereof hereby waive presentment for payment, demand, protest, and notice of dishonor and nonpayment of this note, and all defenses on the ground of delay or of any extension of time for the payment hereof which may be hereafter given by the holder or holders hereof to them or either of them or to anyone who has assumed the payment of this note, and it is specifically agreed that the obligations of said makers or endorsers shall not be in anywise affected or altered to the prejudice of the holder or holders hereof by reason of the assumption of payment of the same by any other person or entity.

  

 

  

2011 CoBank Note/Chugach Electric Association, Inc.

Loan No. ML00976-T1B

Should this note be placed in the hands of an attorney for collection or the services of any attorney become necessary in connection with enforcing its provisions, the undersigned agrees to pay attorneys’ fees, together with all costs and expenses incident thereto, to the extent allowed by law.  Except to the extent governed by applicable federal law, this note shall be governed by and construed in accordance with the laws of the State of Alaska, without reference to choice of law doctrine.  Whenever possible, each provision of this note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this note shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this note.  Whenever in this note reference is made to the Payee or the undersigned, such reference shall be deemed to include, as applicable, a reference to their respective successors and assigns.  The provisions of this note shall be binding upon and shall inure to the benefit of such successors and assigns.  The undersigned’s successors and assigns shall include, without limitation, a receiver, trustee or debtor in possession of or for the undersigned.

This note constitutes an “Additional Obligation” (as defined in that certain Amended and Restated Indenture of Trust, dated as of April 1, 2001, between the undersigned and U.S. Bank National Association, as Trustee, as supplemented, amended or restated (the “Indenture”)).

[Signature appears on following page.]

  

- 2 -

  

2011 CoBank Note/Chugach Electric Association, Inc.

Loan No. ML00976-T1B

IN WITNESS WHEREOF, the undersigned has caused this note to be executed and delivered by its duly authorized officer as of the date first written above.

	  	
CHUGACH ELECTRIC ASSOCIATION, INC.

	  	  	  
	  	
By:

	
/s/ Michael R. Cunningham

	  	
Name:

	
Michael R. Cunningham

	  	
Title:

	
Sr. Vice President and

	
 

	  	
Chief Financial Officer

	  	  	  
	
This is one of the Obligations of the series designated therein referred to in the within-mentioned Indenture.

	  	  	  
	
Date:  January 19, 2011

	
U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE

	  	  	  
	  	
By:

	
/s/ Thomas Zrust

	  	  	
Authorized Signatory

  

- 3 -

  

 

2011 CoBank Note/Chugach Electric Association, Inc.

Loan No. ML00976-T1B

 

FORM OF ALLONGE

 

The 2011 CoBank Note (Loan No. ML0976-T1B) to which this allonge is affixed, dated January 19, 2011, made by Chugach Electric Association, Inc. to the order of CoBank, ACB, in the original principal amount of $37,301,818.50, is one of the “Pre-Existing Obligations” referred to in the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011, between Chugach Electric Association, Inc. and U.S. Bank National Association, as Trustee, which supersedes in its entirety that certain Amended and Restated Indenture of Trust, dated as of April 1, 2001, between Chugach Electric Association, Inc. and U.S. Bank National Association, as Trustee, as supplemented.

	
Date:  January 20, 2011

	
U.S. BANK NATIONAL ASSOCIATION,

	  	
as Trustee

	  	  	  
	  	
By:

	
/s/ Thomas Zrust

	  	  	
Authorized Signatory

 

 

- 4 -

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