Document:

CMALT 2006-A6 FORM OF MORTGAGE LOAN PURCHASE AGREEMENT

     

     

    EXHIBIT
      10.1

     

    

      FORM
        OF MORTGAGE LOAN PURCHASE AGREEMENT

      

      This
        Mortgage Loan Purchase Agreement (the "Agreement") dated as of November 1,
        2006
        is between CitiMortgage, Inc. ("CMI" or the "Seller") and Citicorp Mortgage
        Securities, Inc., a Delaware corporation ("CMSI"). The Seller agrees to sell,
        and CMSI agrees to purchase, the mortgage loans originated or acquired by
        CMI as
        described and set forth in the Mortgage Loan Schedule attached as exhibit
        B (the
        "mortgage loans") to the Pooling and Servicing Agreement dated as of November
        1,
        2006 (the "Pooling Agreement"), between CMSI, CMI, U.S. Bank National
        Association, a national banking association, in its individual capacity and
        as
        Trustee (the "Trustee"), and Citibank, N.A., in its individual capacity and
        as
        Paying Agent, Certificate Registrar and Authentication Agent, relating to
        the
        issuance of CMALT (CitiMortgage Alternative Loan Trust), Series 2006-A6 REMIC
        Pass-Through Certificates class A, class B and residual certificates. Terms
        used
        without definition herein shall have the respective meanings assigned to
        them in
        the Pooling Agreement or, if not defined therein, in the Underwriting Agreement
        dated October 19, 2006 (the "Underwriting Agreement"), among CMSI, Citigroup
        Inc. and Greenwich Capital Markets, Inc. (the "Underwriter").

      

      Purchase
        Price.
        The
        purchase price (the "Purchase Price") for the mortgage loans shall consist
        of
        (a) cash in the amount of [___________]% of the aggregate scheduled principal
        balance thereof as of the cut-off date, plus accrued interest thereon at
        the
        rate of 6.00% per annum on the mortgage loans in pool I and 5.50% per annum
        on
        the mortgage loans in pool II, from and including the cut-off date to but
        excluding the closing date, (b) the class IA-IO and IIA-IO certificates,
        (c) the
        class LR certificates and (d) the class PR certificates. Such cash shall
        be
        payable by CMSI to the Seller on the closing date in same-day funds, and
        the
        Seller will receive on the closing date: (a) the class IA-IO and IIA-IO
        certificates and (b) the class LR and class PR certificates evidencing the
        residual interests in the lower-tier REMIC and the pooling REMIC, respectively.
        If CMSI for any reason shall repay to the Underwriter any portion of the
        price
        paid to CMSI by the Underwriter pursuant to the Underwriting Agreement, the
        Seller shall simultaneously and in the same manner repay to CMSI a proportionate
        amount of the Purchase Price as such repayment to the Underwriter.

      

      Upon
        payment of the Purchase Price, the Seller shall transfer, assign, set over
        and
        otherwise convey to CMSI without recourse all of the Seller's right, title
        and
        interest in and to the mortgage loans, including all interest and principal
        received or receivable by the Seller on or with respect to the mortgage loans
        (other than payments of principal and interest due and payable on the mortgage
        loans on or before the cut-off date and prepayments of principal on the mortgage
        loans received or posted prior to the close of business on the cut-off date),
        together with all of the Seller's right, title and interest in and to the
        proceeds of any related title, hazard or other insurance policies and Primary
        Mortgage Insurance Certificates. The Seller agrees to deliver to CMSI all
        documents, instruments and agreements required to be delivered by CMSI to
        the
        Trustee under the Pooling Agreement and such other documents, instruments
        and
        agreements as CMSI shall reasonably request. CMSI hereby directs the Seller
        to
        execute and deliver to the Trustee assignments of the Mortgages to the Trustee
        (and endorsements of any Mortgage Notes relating thereto) in recordable form.
        Such assignments and endorsements shall not affect the rights of the parties
        hereto or to the Pooling Agreement.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      1. Representations.
        The
        Seller hereby represents and warrants to CMSI (i) that CMSI's representations
        and warranties pursuant to the Pooling Agreement to the Trustee with respect
        to
        the mortgage loans are true and correct and (ii) that the Seller has not
        dealt
        with any broker, investment banker, agent or other person (other than CMSI
        and
        the Underwriter) who may be entitled to any commission or compensation in
        connection with the sale of the related mortgage loans. The Seller hereby
        agrees
        to cure any breach of such representations and warranties in accordance with
        the
        terms of the Pooling Agreement.

      

      2. Underwriting.
        The
        Seller hereby agrees to furnish any and all information, documents,
        certificates, letters or opinions reasonably requested by CMSI in order to
        perform any of its obligations or satisfy any of the conditions on its part
        to
        be performed or satisfied at or prior to the closing date.

      

      3. Costs.
        CMSI
        shall pay all expenses incidental to the performance of its obligations under
        the Underwriting Agreement, including without limitation (i) any recording
        fees
        or fees for title policy endorsements and continuations, (ii) the expenses
        of
        preparing, printing and reproducing the Registration Statement, the Prospectus,
        the Underwriting Agreement, the Pooling Agreement and the certificates and
        (iii)
        the cost of delivering the certificates to the offices of The Depository
        Trust
        Company or the Underwriter, as the case may be.

      

      4. Indemnification.
        The
        Seller hereby agrees to indemnify, defend and hold harmless CMSI against
        any and
        all losses, claims, damages or liabilities (i) resulting from the Seller's
        failure to perform any of its obligations hereunder, (ii) resulting from
        the
        inaccuracy of the Seller's representations and warranties herein or of CMSI's
        representations and warranties in the Pooling Agreement or (iii) insofar
        as such
        losses, claims, damages or liabilities (or actions or demands for reimbursement
        or contribution in respect thereof) arise out of or are based upon information
        relating to the Seller or the mortgage loans pursuant to the Underwriting
        Agreement.

      

      5. Purchase
        and Sale; Security Interest.
        The
        parties hereto intend the conveyance by the Seller to CMSI of all of its
        right,
        title and interest in and to the mortgage loans pursuant to this Agreement
        to
        constitute a purchase and sale and not a loan. Notwithstanding the foregoing,
        to
        the extent that such conveyance is held not to constitute a sale under
        applicable law, it is intended that this Agreement shall constitute a security
        agreement under applicable law and that the Seller shall be deemed to have
        granted to CMSI a first priority security interest in all of the Seller's
        right,
        title and interest in and to the mortgage loans.

      

      6. Notices.
        All
        demands, notices and communications hereunder shall be in writing, shall
        be
        effective only upon receipt and shall, if sent to CMSI be addressed to it
        at
        1000 Technology Drive, O’Fallon, Missouri 63368, Attn: Daniel P. Hoffman or if
        sent to Seller be addressed to it at 1000 Technology Drive, O’Fallon, Missouri
        63368, Attn: General Counsel.

      

      7. Trustee
        Beneficiary.
        The
        representations and agreements made by the Seller in this Agreement are made
        for
        the benefit of, and may be enforced by, the Trustee, and the holders of
        certificates to the same extent that the Trustee and the holders of
        certificates, respectively, have rights against CMSI under the Pooling Agreement
        in respect of representations and agreements made by CMSI
        therein.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      8. Cross-Receipt.
        The
        Seller, by executing this Agreement below, hereby acknowledges receipt of
        the
        Purchase Price from CMSI. CMSI, by executing this Agreement below, hereby
        acknowledges receipt of the Mortgage Loans from the Seller.

      

      9. Miscellaneous.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York. Neither this Agreement nor any term hereof may be changed,
        waived, discharged or terminated except by a writing signed by the party
        against
        whom enforcement of such change, waiver, discharge or termination is sought.
        This Agreement may not be changed in any manner which would have a material
        adverse affect on holders of any class of certificates without the prior
        written
        consent of the Trustee. The Trustee shall be protected in consenting to any
        such
        change to the same extent provided in section 10 of the Pooling Agreement.
        This
        Agreement may be signed in any number of counterparts, each of which shall
        be
        deemed an original, which taken together shall constitute one and the same
        instrument. This Agreement shall bind and inure to the benefit of and be
        enforceable by CMSI and the Seller and their respective successors and assigns;
        provided,
        however,
        that
        this Agreement cannot be assigned by either party without the consent of
        the
        other party hereto, and any assignment hereof without such consent shall
        be
        void.

      

      

      
        
           

        

        
          3

          
            

          

        

        
           

          
          

        

      

      IN
        WITNESS WHEREOF, CMSI and the Seller have caused this Agreement to be duly
        executed by their respective officers as of the day and year first above
        written.

      

      

      CITIMORTGAGE,
        INC.

      

      

      

      By:_______________________     

      Jeffrey
        K. Sarni

      Vice
        President

      

      

      

      CITICORP
        MORTGAGE SECURITIES, INC.

      

      

      

      By:________________________     

      Daniel
        P.
        Hoffman

      President

       

       

       

       

      
 

      
        
           

        

        
          4Exhibit 4.2

                               GULF POWER COMPANY

                                       TO

                              THE BANK OF NEW YORK
                                     TRUSTEE

                        THIRTEENTH SUPPLEMENTAL INDENTURE

                          DATED AS OF DECEMBER 6, 2006

                          SERIES M 5.300% SENIOR NOTES

                              DUE DECEMBER 1, 2016

<PAGE>

                              TABLE OF CONTENTS(1)

                                                                   PAGE

ARTICLE 1............................................................1

    Series M Senior Notes............................................1
    SECTION 101.  Establishment......................................1
    SECTION 102.  Definitions........................................2
    SECTION 103.  Payment of Principal and Interest..................3
    SECTION 104.  Denominations......................................4
    SECTION 105.  Global Securities..................................4
    SECTION 106.  Transfer...........................................4
    SECTION 107.  Redemption at the Company's Option.................5

ARTICLE 2............................................................5

    Miscellaneous Provisions.........................................5
    SECTION 201.  Recitals by Company................................5
    SECTION 202.  Ratification and Incorporation of Original
                  Indenture..........................................5
    SECTION 203.  Executed in Counterparts...........................6

    (1)This Table of Contents does not constitute part of the Indenture or
     have any bearing upon the interpretation of any of its terms and
     provisions.

                                       i
<PAGE>

         THIS THIRTEENTH SUPPLEMENTAL INDENTURE is made as of the 6th
day of December, 2006 by and between GULF POWER COMPANY, a Florida corporation,
One Energy Place, Pensacola, Florida 32520-0786 (the "Company"), and THE BANK OF
NEW YORK, a banking corporation organized under the laws of the State of New
York, 4 New York Plaza, New York, New York 10004 (the "Trustee").

                              W I T N E S S E T H:

         WHEREAS,  the Company has heretofore  entered into a Senior Note
Indenture,  dated as of January 1, 1998 (the  "Original  Indenture"),  with The
Bank of New York (as  successor to JPMorgan  Chase Bank, N.A. (formerly known
as The Chase Manhattan Bank)), as Trustee, as heretofore supplemented;

        WHEREAS,  the  Original  Indenture  is  incorporated  herein by this
reference  and the Original  Indenture,   as  heretofore   supplemented  and
as  further  supplemented  by  this  Thirteenth Supplemental Indenture, is
herein called the "Indenture";

         WHEREAS,  under the Original Indenture,  a new series of Senior Notes
may at any time be established pursuant to a supplemental indenture executed by
the Company and the Trustee;

         WHEREAS,  the  Company  proposes  to create  under the  Indenture a
new series of Senior Notes;

         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 Indenture as at the time supplemented and modified; and

         WHEREAS, all conditions necessary to authorize the execution
and delivery of this Thirteenth 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 1

                              Series M Senior Notes

         SECTION 101. Establishment. There is hereby established a new series of
Senior Notes to be issued under the Indenture, to be designated as the Company's
Series M 5.300% Senior Notes due December 1, 2016 (the "Series M Notes").

         There are to be authenticated and delivered $110,000,000 principal
amount of Series M Notes, and such principal amount of the Series M Notes may be
increased from time to time pursuant to Section 301 of the Original Indenture.
<PAGE>

All Series M Notes need not be issued at the same time and such series may be
reopened at any time, without the consent of the Holders thereof, for issuance
of additional Series M Notes. Any such additional Series M Notes will have the
same interest rate, maturity and other terms as those initially issued. No
Series M Notes shall be authenticated and delivered except as provided by
Sections 203, 303, 304, 907 and 1107 of the Original Indenture. The Series M
Notes shall be issued in definitive fully registered form.

         The Series M Notes shall be issued in the form of one or more Global
Securities in substantially the form set out in Exhibit A hereto. The Depositary
with respect to the Series M Notes shall be The Depository Trust Company.

         The form of the Trustee's Certificate of Authentication for the Series
M Notes shall be in substantially the form set forth in Exhibit B hereto.

         Each Series M Note shall be dated the date of authentication thereof
and shall bear interest from the date of original issuance thereof or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for.

         SECTION 102. 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.

         "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 M Notes to be redeemed 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 M Notes.

         "Comparable Treasury Price" means, with respect to any Redemption Date,
(i) the average of the Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (ii) if the Company obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

         "Independent Investment Banker" means an independent investment banking
institution of national standing appointed by the Company and reasonably
acceptable to the Trustee.

         "Interest Payment Dates" means June 1 and December 1 of each year,
commencing June 1, 2007.

         "Original Issue Date" means December 6, 2006.

         "Redemption Price" has the meaning given to it in Section 107 hereof.

         "Reference Treasury Dealer" means a primary United States Government
securities dealer in New York City appointed by the Company and reasonably
acceptable to the Trustee.

                                       2
<PAGE>

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

         "Regular Record Date" means, with respect to each Interest Payment
Date, the close of business on the 15th calendar day preceding such Interest
Payment Date (whether or not a Business Day).

         "Stated Maturity" means December 1, 2016.

         "Treasury Yield" 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.

         SECTION 103. Payment of Principal and Interest. The principal of the
Series M Notes shall be due at Stated Maturity (unless earlier redeemed). The
unpaid principal amount of the Series M Notes shall bear interest at the rate of
5.300% per annum until paid or duly provided for. Interest shall be paid
semi-annually in arrears on each Interest Payment Date to the Person in whose
name the Series M Notes are registered on the Regular Record Date for such
Interest Payment Date, provided that interest payable at the Stated Maturity or
on a Redemption Date as provided herein will be paid to the Person to whom
principal is payable. Any such interest that is not so punctually paid or duly
provided for will forthwith cease to be payable to the Holders on such Regular
Record Date and may either be paid to the Person or Persons in whose name the
Series M Notes are registered at the close of business on a Special Record Date
for the payment of such defaulted interest to be fixed by the Trustee, notice
whereof shall be given to Holders of the Series M Notes not less than ten (10)
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange,
if any, on which the Series M Notes shall be listed, and upon such notice as may
be required by any such exchange, all as more fully provided in the Original
Indenture.

         Payments of interest on the Series M Notes will include interest
accrued to but excluding the respective Interest Payment Dates. Interest
payments for the Series M Notes shall be computed and paid on the basis of a
360-day year of twelve 30-day months. In the event that any date on which
interest is payable on the Series M Notes is not a Business Day, then a payment
of the interest payable on such date will be made on the next succeeding day
that is a Business Day (and without any interest or other payment in respect of
any such delay), with the same force and effect as if made on the date the
payment was originally payable.

         Payment of the principal and interest due at the Stated Maturity or
earlier redemption of the Series M Notes shall be made upon surrender of the
Series M Notes at the Corporate Trust Office of the Trustee. The principal of
and interest on the Series M Notes shall be paid in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts. Payments of interest (including interest on any
Interest Payment Date) will be made, subject to such surrender where applicable,

                                       3
<PAGE>

at the option of the Company, (i) by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or (ii)
by wire transfer or other electronic transfer at such place and to such account
at a banking institution in the United States as may be designated in writing to
the Trustee at least sixteen (16) days prior to the date for payment by the
Person entitled thereto.

         SECTION 104. Denominations. The Series M Notes may be issued in the
denominations of $1,000, or any integral multiple thereof.

         SECTION 105. Global Securities. The Series M Notes will be issued in
the form of one or more Global Securities registered in the name of the
Depositary (which shall be The Depository Trust Company) or its nominee. Except
under the limited circumstances described below, Series M Notes represented by
one or more Global Securities will not be exchangeable for, and will not
otherwise be issuable as, Series M Notes in definitive form. The Global
Securities described above may not be transferred except by the Depositary to a
nominee of the Depositary or by a nominee of the Depositary to the Depositary or
another nominee of the Depositary or to a successor Depositary or its nominee.

         Owners of beneficial interests in such a Global Security will not be
considered the Holders thereof for any purpose under the Indenture, and no
Global Security representing a Series M Note shall be exchangeable, except for
another Global Security of like denomination and tenor to be registered in the
name of the Depositary or its nominee or to a successor Depositary or its
nominee. The rights of Holders of such Global Security shall be exercised only
through the Depositary.

         Subject to the procedures of the Depositary, a Global Security shall be
exchangeable for Series M Notes registered in the names of persons other than
the Depositary or its nominee only if (i) the Depositary notifies the Company
that it is unwilling or unable to continue as a Depositary for such Global
Security and no successor Depositary shall have been appointed by the Company,
or if at any time the Depositary ceases to be a clearing agency registered under
the Securities Exchange Act of 1934, as amended, at a time when the Depositary
is required to be so registered to act as such Depositary and no successor
Depositary shall have been appointed by the Company, in each case within 90 days
after the Company receives such notice or becomes aware of such cessation, (ii)
the Company in its sole discretion determines that such Global Security shall be
so exchangeable, or (iii) there shall have occurred an Event of Default with
respect to the Series M Notes. Any Global Security that is exchangeable pursuant
to the preceding sentence shall be exchangeable for Series M Notes registered in
such names as the Depositary shall direct.

         SECTION 106. Transfer. No service charge will be made for any transfer
or exchange of Series M Notes, but payment will be required of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
therewith. The Company shall not be required (a) to issue, transfer or exchange
any Series M Notes during a period beginning at the opening of business fifteen
(15) days before the day of the mailing of a notice pursuant to Section 1104 of
the Original Indenture identifying the serial numbers of the Series M Notes to
be called for redemption, and ending at the close of business on the day of the
mailing, or (b) to transfer or exchange any Series M Notes theretofore selected
for redemption in whole or in part, except the unredeemed portion of any Series
M Note redeemed in part.

                                       4
<PAGE>

         SECTION 107. Redemption at the Company's Option. The Series M Notes
will be subject to redemption at the option of the Company in whole or in part
at any time and from time to time upon not less than 30 nor more than 60 days'
notice. The Company shall have the right to redeem the Series M Notes in whole
or in part at a redemption price (the "Redemption Price") equal to the greater
of:

                  (i) 100% of the principal amount of the Series M Notes to be
         redeemed; or

                  (ii) the sum of the present values of the remaining scheduled
         payments of principal and interest on the Series M Notes being redeemed
         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 a discount rate equal to the
         Treasury Yield plus 15 basis points;

plus, in each case, accrued and unpaid interest thereon to the date of
redemption.

         The Trustee shall not be responsible for the calculation of the
Redemption Price. The Company shall calculate the Redemption Price and promptly
notify the Trustee thereof.

         In the event of redemption of the Series M Notes in part only, a new
Series M Note or Notes for the unredeemed portion will be issued in the name or
names of the Holders thereof upon the surrender thereof.

         The Series M Notes will not have a sinking fund.

         Notice of the foregoing redemption shall be given as provided in
Section 1104 of the Original Indenture, except that any such notice of
redemption shall not specify the Redemption Price but only the manner of
calculation thereof.

         Any redemption of less than all of the Series M Notes shall, with
respect to the principal thereof, be divisible by $1,000.

                                    ARTICLE 2

                            Miscellaneous Provisions

         SECTION 201. Recitals by Company. The recitals in this Thirteenth
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 M Notes and of this Thirteenth Supplemental
Indenture as fully and with like effect as if set forth herein in full.

         SECTION 202. Ratification and Incorporation of Original Indenture. As
heretofore supplemented and as supplemented hereby, the Original Indenture is in
all respects ratified and confirmed, and the Original Indenture as heretofore
supplemented and as supplemented by this Thirteenth Supplemental Indenture shall

                                       5

<PAGE>

be read, taken and construed as one and the same instrument.

         SECTION 203. Executed in Counterparts. This Thirteenth 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.

                                       6
<PAGE>

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

ATTEST:                                   GULF POWER COMPANY

By:      /s/ Susan D. Ritenour             By:      /s/ Ronnie R. Labrato
         -------------------------                  ------------------------
         Susan D. Ritenour                          Ronnie R. Labrato
         Secretary and Treasurer                    Vice President and
                                                    Chief Financial Officer

ATTEST:                                   THE BANK OF NEW YORK, as Trustee

By:      /s/ Francine Kincaid              By:      /s/ Carol Ng
         -------------------------                  -------------------------
         Francine Kincaid                           Carol Ng
         Vice President                             Vice President

<PAGE>

                                    EXHIBIT A

                              FORM OF SERIES M NOTE

                                       8
<PAGE>

1726359_2.DOC

NO. ____                                                 CUSIP NO. 402479BX6

                               GULF POWER COMPANY
                           SERIES M 5.300% SENIOR NOTE
                              DUE DECEMBER 1, 2016

       Principal Amount:                      $_____________

       Regular Record Date:                   15th  calendar  day  prior to the
                                              applicable  Interest  Payment
                                              Date (whether or not a Business
                                              Day)

       Original Issue Date:                   December 6, 2006

       Stated Maturity:                       December 1, 2016

       Interest Payment Dates:                June 1 and December 1

       Interest Rate:                         5.300% per annum

       Authorized Denominations:              $1,000 or any integral multiple
                                              thereof

         Gulf Power Company, a Florida corporation (the "Company," which term
includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to
_____________________, or registered assigns, the principal sum of
___________________________DOLLARS ($___________) on the Stated Maturity (or
upon earlier redemption) shown above, and to pay interest thereon from the
Original Issue Date shown above, or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually in arrears
on each Interest Payment Date as specified above, commencing June 1, 2007, and
on the Stated Maturity (or upon earlier redemption) at the rate per annum shown
above until the principal hereof is paid or made available for payment and on
any overdue principal and on any overdue installment of interest. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment
Date (other than an Interest Payment Date that is the Stated Maturity or on a
Redemption Date) will, as provided in such Indenture, be paid to the Person in
whose name this Note (the "Note") is registered at the close of business on the
Regular Record Date as specified above next preceding such Interest Payment
Date, provided that any interest payable at Stated Maturity or on any Redemption
Date will be paid to the Person to whom principal is payable. Except as
otherwise provided in the Indenture, any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Note
is registered at the close of business on a Special Record Date for the payment
of such defaulted interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes of this series not less than 10 days prior to such

<PAGE>

Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange, if any, on which
the Notes of this series shall be listed, and upon such notice as may be
required by any such exchange, all as more fully provided in the Indenture.

         Payments of interest on this Note will include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for this Note
shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on this Note is
not a Business Day, then payment of the interest payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay), with the same force and effect
as if made on the date the payment was originally payable. A "Business Day"
shall mean any day other than a Saturday or a Sunday or a day on which banking
institutions in New York City are authorized or required by law or executive
order to remain closed or a day on which the Corporate Trust Office of the
Trustee is closed for business.

         Payment of the principal of and interest due at the Stated Maturity or
earlier redemption of the Series M Notes shall be made upon surrender of the
Series M Notes at the Corporate Trust Office of the Trustee. The principal of
and interest on the Series M Notes shall be paid in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts. Payment of interest (including interest on an
Interest Payment Date) will be made, subject to such surrender where applicable,
at the option of the Company, (i) by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or (ii)
by wire transfer or other electronic transfer at such place and to such account
at a banking institution in the United States as may be designated in writing to
the Trustee at least 16 days prior to the date for payment by the Person
entitled thereto.

         REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

         Unless the certificate of authentication hereon has been executed by
the Trustee by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                       2
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:

                GULF POWER COMPANY

                By:
                   --------------------------------------------
                Title:

Attest:

Title:

                                {Seal of GULF POWER COMPANY appears here}

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Senior Notes referred to in the within-mentioned
Indenture.

                  THE BANK OF NEW YORK,
                  as Trustee

                  By:
                     -----------------------------------------
                           Authorized Signatory

<PAGE>

                             (Reverse Side of Note)

         This Note is one of a duly authorized issue of Senior Notes of the
Company (the "Notes"), issued and issuable in one or more series under a Senior
Note Indenture, dated as of January 1, 1998, as supplemented (the "Indenture"),
between the Company and The Bank of New York (as successor to JPMorgan Chase
Bank, N.A. (formerly known as The Chase Manhattan Bank)), as Trustee (the
"Trustee," which term includes any successor trustee under the Indenture), to
which Indenture and all indentures incidental thereto reference is hereby made
for a statement of the respective rights, limitation of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Notes
issued thereunder and of the terms upon which said Notes are, and are to be,
authenticated and delivered. This Note is one of the series designated on the
face hereof as Series M 5.300% Senior Notes due December 1, 2016 (the "Series M
Notes") which is unlimited in aggregate principal amount. Capitalized terms used
herein for which no definition is provided herein shall have the meanings set
forth in the Indenture.

         The Series M Notes will be subject to redemption at the option of the
Company in whole or in part at any time and from time to time upon not less than
30 nor more than 60 days' notice. The Company shall have the right to redeem the
Series M Notes in whole or in part at a redemption price (the "Redemption
Price") equal to the greater of:

                  (i) 100% of the principal amount of the Series M Notes to be
         redeemed; or

                  (ii) the sum of the present values of the remaining scheduled
         payments of principal and interest on the Series M Notes being redeemed
         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 a discount rate equal to the
         Treasury Yield plus 15 basis points;

plus, in each case, accrued and unpaid interest thereon to the date of
redemption.

         "Treasury Yield" 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 M Notes to be redeemed 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 M Notes.

                                       5
<PAGE>

         "Comparable Treasury Price" means, with respect to any Redemption Date,
(i) the average of the Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (ii) if the Company obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

         "Independent Investment Banker" means an independent investment banking
institution of national standing appointed by the Company and reasonably
acceptable to the Trustee.

         "Reference Treasury Dealer" means a primary United States Government
securities dealer in New York City appointed by the Company and reasonably
acceptable to the Trustee.

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

         The Trustee shall not be responsible for the calculation of the
Redemption Price. The Company shall calculate the Redemption Price and promptly
notify the Trustee thereof.

         In the event of redemption of this Note in part only, a new Note or
Notes of this series for the unredeemed portion hereof will be issued in the
name of the Holder hereof upon the surrender hereof. The Notes will not have a
sinking fund.

         If an Event of Default with respect to the Notes of this series shall
occur and be continuing, the principal of the Notes of this series may be
declared due and payable in the manner, with the effect and subject to the
conditions provided in the Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes of each series to be affected
under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of not less than a majority in principal amount of the Notes at
the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Notes of each series at the time Outstanding, on behalf of the Holders of
all Notes of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Security Register,
upon surrender of this Note for registration of transfer at the office or agency
of the Company for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security

                                       6
<PAGE>

Registrar and duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of this series, of
authorized denominations and of like tenor and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. No service
charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

         Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

         The Notes of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Notes of this series are exchangeable for a like aggregate principal amount of
Notes of this series of a different authorized denomination, as requested by the
Holder surrendering the same upon surrender of the Note or Notes to be exchanged
at the office or agency of the Company.

         This Note shall be governed by, and construed in accordance with, the
internal laws of the State of New York.

                                       7

<PAGE>

                                 ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM- as tenants in           UNIF GIFT MIN ACT- _______ Custodian ________
         common                                    (Cust)             (Minor)
TEN ENT- as tenants by the
         entireties                        under Uniform Gifts to
JT TEN-  as joint tenants                           Minors Act
         with right of
         survivorship and                  ________________________
         not as tenants                         (State)
         in common

                    Additional abbreviations may also be used
                          though not on the above list.

         FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

------------------------------------------------------------------------------
(please insert Social Security or other identifying number of assignee)

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PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF
ASSIGNEE

------------------------------------------------------------------------------

------------------------------------------------------------------------------

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing
------------------------------------------------------------------------------

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agent to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:
       --------------------                 -----------------------------------

NOTICE: The signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular without
alteration or enlargement, or any change whatever.

                                       8

<PAGE>

                                    EXHIBIT B

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Senior Notes referred to in the within-mentioned
Indenture.

                                 THE BANK OF NEW YORK,
                                 as Trustee

                                 By:
                                    ----------------------------------
                                          Authorized Signatory

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