Document:

Ex 4-2 Gulf 2013A 8-K

Exhibit 4.2

GULF POWER COMPANY

TO

THE BANK OF NEW YORK MELLON,
TRUSTEE

TWENTIETH SUPPLEMENTAL INDENTURE

DATED AS OF JUNE 18, 2013

SERIES 2013A 5.00% SENIOR NOTES

DUE JUNE 15, 2043

TABLE OF CONTENTS1 

    
	
		
	 
	PAGE

	ARTICLE 1
	1

	Series 2013A 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

EXHIBIT A    Form of Series 2013A Note

EXHIBIT B    Certificate of Authentication

    1This 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

THIS TWENTIETH SUPPLEMENTAL INDENTURE is made as of the 18th day of June, 2013 by and between GULF POWER COMPANY, a Florida corporation, One Energy Place, Pensacola, Florida 32520-0001 (the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, 101 Barclay Street, Floor 8W, New York, New York  10286 (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 Mellon (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 Twentieth Supplemental Indenture, is herein called the “Indenture”;
WHEREAS, under the Original Indenture, a new series of 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;
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 Twentieth 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 2013A 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 2013A 5.00% Senior Notes due June 15, 2043 (the “Series 2013A Notes”).

There are to be authenticated and delivered $90,000,000 principal amount of Series 2013A Notes, and such principal amount of the Series 2013A Notes may be increased from time to time pursuant to Section 301 of the Original Indenture.  All Series 2013A 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 2013A Notes.  Any such additional Series 2013A Notes will have the same interest rate, maturity and other terms as those initially issued (except for the public offering price and issue date and the initial interest accrual date and initial Interest Payment Date (as defined below), if applicable).  No Series 2013A Notes shall be authenticated and delivered in excess of the principal amount as so increased except as provided by Sections 203, 303, 304, 907 or 1107 of the Original Indenture.  The Series 2013A Notes shall be issued in fully registered form.
The Series 2013A 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 2013A Notes shall be The Depository Trust Company.
The form of the Trustee's Certificate of Authentication for the Series 2013A Notes shall be in substantially the form set forth in Exhibit B hereto.
Each Series 2013A 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.
The Series 2013A Notes will not have a sinking fund.
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 2013A 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 2013A 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.
“Interest Payment Dates” means June 15 and December 15 of each year, commencing December 15, 2013.
“Original Issue Date” means June 18, 2013.

“Redemption Price” has the meaning given in Section 107 hereof.
“Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.
“Reference Treasury Dealer Quotation” means, with respect to a 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 15th calendar day preceding such Interest Payment Date (whether or not a Business Day).
“Stated Maturity” means June 15, 2043.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual 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 2013A Notes shall be due at Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the Series 2013A Notes shall bear interest at the rate of 5.00% per annum until paid or duly provided for.  Interest shall be paid semiannually in arrears on each Interest Payment Date to the Person in whose name the Series 2013A Notes are registered at the close of business 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 2013A 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 2013A 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 2013A 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 2013A Notes will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the Series 2013A 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 2013A Notes 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.

Payment of the principal and interest due at the Stated Maturity or earlier redemption of the Series 2013A Notes shall be made upon surrender of the Series 2013A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2013A 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, 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 2013A Notes may be issued in denominations of $1,000, or any integral multiple thereof.
SECTION 105.  Global Securities.  The Series 2013A 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 2013A Notes represented by one or more Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series 2013A 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 2013A 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 2013A 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 2013A Notes.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series 2013A Notes registered in such names as the Depositary shall direct.
Neither the Company, the Trustee nor any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

SECTION 106.  Transfer.  No service charge will be made for any transfer or exchange of Series 2013A 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, register the transfer of or exchange any Series 2013A 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 2013A Notes to be called for redemption, and ending at the close of business on the day of the mailing, or (b) to register the transfer of or exchange any Series 2013A Notes theretofore selected for redemption in whole or in part, except the unredeemed portion of any Series 2013A Notes redeemed in part.
SECTION 107.  Redemption at the Company's Option.  The Series 2013A 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, at redemption prices equal to the greater of (1) 100% of the principal amount of the Series 2013A Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2013A Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 25 basis points (each, a “Redemption Price”), plus, in each case, accrued interest thereon to the Redemption Date.
In the event of redemption of the Series 2013A Notes in part only, a new Series 2013A Note or Notes for the unredeemed portion will be issued in the name or names of the Holders thereof upon the surrender thereof.
Notice of 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.  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.
Any redemption of less than all of the Series 2013A 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 Twentieth 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 2013A Notes and of this Twentieth Supplemental Indenture as fully and with like effect as if set forth herein in full.

SECTION 202.  Ratification and Incorporation of Original Indenture.  As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture as supplemented by this Twentieth Supplemental Indenture shall be read, taken and construed as one and the same instrument.
SECTION 203.  Executed in Counterparts.  This Twentieth 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.

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:

By:    /s/Susan D. Ritenour
Susan D. Ritenour
Secretary and Treasurer
	GULF POWER COMPANY

By:   /s/Richard S. Teel
Richard S. Teel
Vice President and Chief Financial Officer

	 
	 

	ATTEST:

By:    /s/Laurence J. O'Brien
Laurence J. O'Brien 
Vice President
	THE BANK OF NEW YORK MELLON, as Trustee

By:   /s/Francine J. Kincaid
Francine J. Kincaid
Vice President

EXHIBIT A

FORM OF SERIES 2013A NOTE

	
			
	NO. ____
	 
	CUSIP NO. 402479CD9

    

GULF POWER COMPANY
SERIES 2013A 5.00% SENIOR NOTE
DUE JUNE 15, 2043
	
		
	Principal Amount:
	$_____________

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

	Original Issue Date:
	June 18, 2013

	Stated Maturity:
	June 15, 2043

	Interest Payment Dates:
	June 15 and December 15

	Interest Rate:
	5.00% 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 shown above (or upon earlier redemption), 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, semiannually in arrears on each Interest Payment Date as specified above, commencing December 15, 2013, 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 at such rate 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 the 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 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 2013A Notes shall be made upon surrender of the Series 2013A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2013A 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.

A-2

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}

A-3

CERTIFICATE OF AUTHENTICATION

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

	
		
	 
	THE BANK OF NEW YORK MELLON,
as Trustee

By:___________________________________
              Authorized Signatory

A-4

(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 Mellon (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 2013A 5.00% Senior Notes due June 15, 2043 (the “Series 2013A 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 2013A 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 at redemption prices equal to the greater of (i) 100% of the principal amount of the Series 2013A Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2013A Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 25 basis points (each, a “Redemption Price”), plus, in each case, accrued interest thereon to the Redemption Date.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual 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 2013A 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 2013A 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.
“Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.

A-5

“Reference Treasury Dealer Quotation” means, with respect to a 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 Series 2013A 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 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.

A-6

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.

A-7

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
common
	UNIF GIFT MIN ACT- _______ Custodian ________
(Cust)(Minor)

	TEN ENT-
	as tenants by the
 entireties
	 
	 

	JT TEN-
	as joint tenants
	 
	under Uniform Gifts to

	 
	with right of
	 
	Minors Act

	 
	survivorship and
	 
	 

	 
	not as tenants
	 
	________________________

	 
	in common
	 
	(State)

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)

__________________________________________________________________________________________________
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
__________________________________________________________________________________________________

__________________________________________________________________________________________________
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.

A-8

EXHIBIT B

CERTIFICATE OF AUTHENTICATION

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

	
		
	 
	THE BANK OF NEW YORK MELLON,
as Trustee

By:_______________________________________
             Authorized SignatoryEx 4-7 Gulf 2013A 8-K

Exhibit 4.7
ARTICLES OF AMENDMENT
TO
ARTICLES OF INCORPORATION
OF
GULF POWER COMPANY
The undersigned does hereby certify, on behalf of Gulf Power Company (the “Corporation”), that pursuant to the authority contained in the Corporation's amended and restated Articles of Incorporation, as amended (the “Articles”), and in accordance with Section 607.0602 of the Florida Business Corporation Act (the “Act”), the Board of Directors of the Corporation duly adopted and approved on April 26, 2013 resolutions providing for the creation of a series of preference stock to be designated as “Series 2013A 5.60% Preference Stock, Non-Cumulative, Par Value $100 Per Share” and pursuant to Section 607.0602 of the Act and pursuant to the Articles, there being no stockholder action required, the Articles are hereby amended by adding the following section immediately after the section of the Articles entitled “Preference Stock - Provision for Division Into and Issue in Series of Preference Stock and Grant of Authority to Board of Directors” which shall create such Series 2013A 5.60% Preference Stock, Non-Cumulative, Par Value $100 Per Share, having the preferences, limitations and relative rights as follows:
“SERIES 2013A 5.60% PREFERENCE STOCK,
NON-CUMULATIVE, PAR VALUE $100 PER SHARE
There shall be a series of preference stock of the Corporation to consist initially of 500,000 shares with a par value of $100 per share, designated as “Series 2013A 5.60% Preference Stock, Non-Cumulative, Par Value $100 Per Share” (the “Series 2013A 5.60% Preference Stock”).  The preferences, limitations and relative rights of the shares of the Series 2013A 5.60% Preference Stock in those respects in which the shares thereof may vary from the shares of any other series of preference stock of the Corporation shall be as follows:
(a)    Dividends.  Out of any assets of the Corporation available for dividends, the holders of the Series 2013A 5.60% Preference Stock shall be entitled to receive, from and after the date the Series 2013A 5.60% Preference Stock is issued, but only when, as and if declared by the Board of Directors of the Corporation, dividends at a rate of 5.60% per annum of the $100 par value of such shares.  Such holders shall be entitled to dividends at said rate so fixed, and no more.  Dividends declared shall be payable quarterly on January 1, April 1, July 1 and October 1 in each year (each, a “Dividend Payment Date”), commencing on July 1, 2013, to stockholders of record on a date not more than 30 days prior to such Dividend Payment Date, as may be determined by the Board of Directors of the Corporation.  If a Dividend Payment Date is not a business day, the related dividend (if declared) will be paid on the next succeeding business day with the same force and effect as though paid on the Dividend Payment Date, without any increase to account for the period from such Dividend Payment Date through the date of actual payment.  Dividends payable on the Series 2013A 5.60% Preference Stock for the initial dividend period and any period less than a full dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months and the actual number of days elapsed in such period.  Dividends on the Series 2013A 5.60% Preference Stock shall be non-cumulative and, accordingly, if the Board of Directors of the Corporation does not declare a dividend or 

declares less than a full dividend on the Series 2013A 5.60% Preference Stock for a quarterly dividend period, holders of the Series 2013A 5.60% Preference Stock will have no right to receive a dividend or the full dividend, as the case may be, for that period, and the Corporation will have no obligation to pay a dividend for that period, whether or not the Corporation pays dividends in full or has sufficient funds to pay dividends in the future.
(b)    Redemption.
(i)    Subject to the notice provisions set forth in subparagraph (ii) below and subject to any further limitations which may be imposed by the Articles or by law, the Corporation may redeem the Series 2013A 5.60% Preference Stock, in whole or in part, at any time or from time to time, out of funds legally available therefor, at a redemption price equal to:
(a)    if the date on which the shares of the Series 2013A 5.60% Preference Stock are to be redeemed (the “Redemption Date”) is prior to July 1, 2018 (the “Initial Redemption Date”), the greater of (1) $100 per share of the Series 2013A 5.60% Preference Stock to be redeemed or (2) the sum of the present values of the liquidation amount and the remaining scheduled dividend payments on the shares of the Series 2013A 5.60% Preference Stock to be redeemed to the Initial Redemption Date (for purposes of this calculation, the $100 per share liquidation amount of the Series 2013A 5.60% Preference Stock is deemed payable on the Initial Redemption Date and the remaining scheduled dividend payments are those dividend payments payable on or before the Initial Redemption Date (presuming full dividends are declared for each Dividend Payment Date for the period from the Dividend Payment Date immediately preceding the Redemption Date to the Initial Redemption Date) (excluding any accrued and unpaid dividends (whether or not declared) to the Redemption Date)) discounted (for purposes of determining present value) to the Redemption Date on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield (as defined below) plus 35 basis points; or
(b)    if the Redemption Date is on or after the Initial Redemption Date, $100 per share of the Series 2013A 5.60% Preference Stock to be redeemed,
plus, in each case, an amount equal to the amount of the accrued and unpaid dividends (whether or not declared) from the Dividend Payment Date immediately preceding the Redemption Date to but excluding the Redemption Date, but without accumulation of unpaid dividends on the Series 2013A 5.60% Preference Stock for prior dividend periods.  If less than all of the outstanding shares of the Series 2013A 5.60% Preference Stock are to be redeemed, the Corporation will select the shares to be redeemed from the outstanding shares not previously called for redemption by lot or pro rata (or nearly as possible) or by any other method that the Board of Directors of the Corporation in its sole discretion deems equitable.
The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below.

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A “business day” means a day other than (i) a Saturday or Sunday or (ii) a day on which banks in New York, New York are authorized or obligated by law or executive order to remain closed.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining time period of the Series 2013A 5.60% Preference Stock to the Initial Redemption Date that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate securities with a term to maturity comparable to such time period.
“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 Corporation 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 Corporation.
“Reference Treasury Dealer” means a primary United States Government securities dealer in New York City appointed by the Corporation.
“Reference Treasury Dealer Quotation” means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Corporation, 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 Corporation by such Reference Treasury Dealer at 5:00 p.m. on the third business day in New York City preceding such Redemption Date).
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the quarterly 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.
(ii)    In the event the Corporation shall determine to redeem any or all of the Series 2013A 5.60% Preference Stock as aforesaid, the Corporation will give notice of any such redemption to holders of record of the Series 2013A 5.60% Preference Stock not more than 60 nor less than 30 days prior to the Redemption Date.  Failure to give notice to any holder of record of the Series 2013A 5.60% Preference Stock shall not affect the validity of the proceedings for the redemption of shares of any other holder of record of the Series 2013A 5.60% Preference Stock being redeemed.
(iii)    Notice having been given as herein provided, on and after the Redemption Date, dividends on the Series 2013A 5.60% Preference Stock called for redemption shall cease to accrue and such Series 2013A 5.60% Preference Stock called for redemption will no longer be deemed outstanding, and all rights of the holders thereof, other than the right to receive the redemption price as herein provided, will cease.

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(iv)    Holders of the Series 2013A 5.60% Preference Stock will have no right to require redemption of any shares of the Series 2013A 5.60% Preference Stock.
(v)    Any shares of the Series 2013A 5.60% Preference Stock that are redeemed or retired shall thereafter have the status of authorized but unissued shares of preference stock of the Corporation undesignated as to series, and may thereafter be reissued by the Board of Directors of the Corporation in the same manner as any other authorized and unissued shares of preference stock.
(vi)    If the Corporation shall deposit prior to any Redemption Date, with any bank or trust company having a capital, surplus and undivided profits aggregating at least fifty million dollars ($50,000,000), as a trust fund, a fund sufficient to redeem the shares called for redemption, with irrevocable instructions and authority to such bank or trust company to pay on the Redemption Date or such earlier date as the Board of Directors of the Corporation may determine, to the respective holders of such shares, the redemption price thereof, then from the date of such deposit (although prior to the Redemption Date) such shares so called shall be deemed to be redeemed and dividends thereon shall cease to accrue after said Redemption Date and such deposit shall be deemed to constitute full payment of said shares to the holders thereof and thereafter said shares shall no longer be deemed to be outstanding, and the holders thereof shall cease to be stockholders with respect to such shares and shall have no rights with respect thereto except only the right to receive from said bank or trust company payment of the redemption price of such shares without interest.
(vii)     In case the holder of any such Series 2013A 5.60% Preference Stock shall not, within six years after said deposit, claim the amount deposited as above stated for the redemption thereof, the bank or trust company shall upon demand pay over to the Corporation such amounts so deposited and the bank or trust company shall thereupon be relieved from all responsibility to the holder thereof.  No interest on such deposit shall be payable to any such holder.
(viii)    Nothing contained in this paragraph (b) shall limit any legal right of the Corporation to purchase or otherwise acquire any shares of the Series 2013A 5.60% Preference Stock. 
(c)    Voluntary or Involuntary Liquidation.  In the event of any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, before any distribution shall be made to the holders of the common stock or any other class of stock over which the Series 2013A 5.60% Preference Stock has preference as to the payment of dividends or assets, but subject to the prior rights and preferences of the holders of preferred stock and Class A preferred stock, the holders of the Series 2013A 5.60% Preference Stock, without any preference over the holders of any other series of preference stock, shall be entitled to receive $100 per share, plus accrued and unpaid dividends (whether or not declared) for the then current quarterly dividend period, accrued to but excluding the date of such liquidation payment, but without accumulation of unpaid dividends on the Series 2013A 5.60% Preference Stock for any prior dividend periods.

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(d)    Conversion or Exchange of the Series 2013A 5.60% Preference Stock.  The shares of the Series 2013A 5.60% Preference Stock shall not be, by their terms, convertible or exchangeable.
(e)    Sinking Fund.  The shares of the Series 2013A 5.60% Preference Stock shall not be, by their terms, entitled to the benefit of any sinking fund or purchase fund.”

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IN WITNESS WHEREOF, the undersigned officer of the Corporation has executed the foregoing Articles of Amendment to the Corporation's amended and restated Articles of Incorporation as of the 17th day of June, 2013.

GULF POWER COMPANY

/s/Richard S. Teel
Richard S. Teel
Vice President and Chief Financial Officer
  

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