Document:

a06410408.htm

Exhibit 4.08

ENTERGY LOUISIANA, LLC

(successor to Entergy Louisiana, Inc.)

TO

THE BANK OF NEW YORK MELLON

 

(formerly The Bank of New York)

 

 

(successor to Harris Trust Company of New York)

 

 

 

 

As Trustee under Entergy Louisiana, LLC’s Mortgage and Deed of Trust

 

 

dated as of April 1, 1944

 

 

 

________________

 

 

 

Sixty-eighth Supplemental Indenture

 

 

 

Providing among other things for

 

First Mortgage Bonds, 4.44% Series due January 15, 2026

 

(Seventy-third Series)

 

 

 

Dated as of September 1, 2010

 

 

SIXTY-EIGHTH SUPPLEMENTAL INDENTURE

 

 

Indenture, dated as of September 1, 2010, between ENTERGY LOUISIANA, LLC, a limited liability company of the State of Texas (hereinafter sometimes called the “Company”), successor to ENTERGY LOUISIANA, INC., a corporation of the State of Louisiana converted to a corporation of the State of Texas on December 31, 2005 (hereinafter sometimes called the “Louisiana Company”), which was the successor by merger to LOUISIANA POWER & LIGHT COMPANY, a corporation of the State of Florida (hereinafter sometimes called the “Florida Company”), whose post office address is 446 North Boulevard, Baton Rouge, Louisiana 70802, and THE BANK OF NEW YORK MELLON, a New York banking corporation (successor to HARRIS TRUST COMPANY OF NEW YORK) whose principal office is located at 101 Barclay Street, New York, New York 10286 (hereinafter sometimes called “Trustee”), as Trustee under the Mortgage and Deed of Trust, dated as of April 1, 1944 (hereinafter called the “Mortgage”), which Mortgage was executed and delivered by the Florida Company to secure the payment of bonds issued or to be issued under and in accordance with the provisions of the Mortgage, reference to which Mortgage is hereby made, this Indenture (hereinafter called the “Sixty-eighth Supplemental Indenture”) being supplemental thereto;

 

 

WHEREAS, the Mortgage was recorded in various Parishes in the State of Louisiana, which Parishes are the same Parishes in which this Sixty-eighth Supplemental Indenture is to be recorded; and

 

 

WHEREAS, by the Mortgage, the Florida Company covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Mortgage and to make subject to the lien of the Mortgage any property thereafter acquired and intended to be subject to the lien thereof; and

 

 

WHEREAS, the Florida Company executed and delivered the following supplemental indentures:

 

	
Designation

	
Dated as of

	
First Supplemental Indenture

	
March 1, 1948

	
Second Supplemental Indenture

	
November 1, 1950

	
Third Supplemental Indenture

	
September 1, 1953

	
Fourth Supplemental Indenture

	
October 1, 1954

	
Fifth Supplemental Indenture

	
January 1, 1957

	
Sixth Supplemental Indenture

	
April 1, 1960

	
Seventh Supplemental Indenture

	
June 1, 1964

	
Eighth Supplemental Indenture

	
March 1, 1966

	
Ninth Supplemental Indenture

	
February 1, 1967

	
Tenth Supplemental Indenture

	
September 1, 1967

	
Eleventh Supplemental Indenture

	
March 1, 1968

	
Twelfth Supplemental Indenture

	
June 1, 1969

	
Thirteenth Supplemental Indenture

	
December 1, 1969

	
Fourteenth Supplemental Indenture

	
November 1, 1970

	
Fifteenth Supplemental Indenture

	
April 1, 1971

	
Sixteenth Supplemental Indenture

	
January 1, 1972

	
Seventeenth Supplemental Indenture

	
November 1, 1972

	
Eighteenth Supplemental Indenture

	
June 1, 1973

	
Nineteenth Supplemental Indenture

	
March 1, 1974

	
Twentieth Supplemental Indenture

	
November 1, 1974

 

which supplemental indentures were recorded in various Parishes in the State of Louisiana; and

 

 

WHEREAS, the Florida Company was merged into the Louisiana Company on February 28, 1975, and the Louisiana Company thereupon executed and delivered a Twenty-first Supplemental Indenture, dated as of March 1, 1975, pursuant to which the Louisiana Company, among other things, assumed and agreed duly and punctually to pay the principal of and interest on the bonds at the time issued and outstanding under the Mortgage, as then supplemented, in accordance with the provisions of said bonds and of any appurtenant coupons and of the Mortgage as so supplemented, and duly and punctually to observe, perform and fulfill all of the covenants and conditions of the Mortgage, as so supplemented, to be kept or performed by the Florida Company, and said Twenty-first Supplemental Indenture was recorded in various Parishes in the State of Louisiana; and

 

 

WHEREAS, the Louisiana Company has succeeded to and has been substituted for the Florida Company under the Mortgage with the same effect as if it had been named as mortgagor corporation therein; and

 

 

WHEREAS, the Louisiana Company executed and delivered the following supplemental indentures:

 

	
Designation

	
Dated as of

	
Twenty-second Supplemental Indenture

	
September 1, 1975

	
Twenty-third Supplemental Indenture

	
December 1, 1976

	
Twenty-fourth Supplemental Indenture

	
January 1, 1978

	
Twenty-fifth Supplemental Indenture

	
July 1, 1978

	
Twenty-sixth Supplemental Indenture

	
May 1, 1979

	
Twenty-seventh Supplemental Indenture

	
November 1, 1979

	
Twenty-eighth Supplemental Indenture

	
December 1, 1980

	
Twenty-ninth Supplemental Indenture

	
April 1, 1981

	
Thirtieth Supplemental Indenture

	
December 1, 1981

	
Thirty-first Supplemental Indenture

	
March 1, 1983

	
Thirty-second Supplemental Indenture

	
September 1, 1983

	
Thirty-third Supplemental Indenture

	
August 1, 1984

	
Thirty-fourth Supplemental Indenture

	
November 1, 1984

	
Thirty-fifth Supplemental Indenture

	
December 1, 1984

	
Thirty-sixth Supplemental Indenture

	
December 1, 1985

	
Thirty-seventh Supplemental Indenture

	
April 1, 1986

	
Thirty-eighth Supplemental Indenture

	
November 1, 1986

	
Thirty-ninth Supplemental Indenture

	
May 1, 1988

	
Fortieth Supplemental Indenture

	
December 1, 1988

	
Forty-first Supplemental Indenture

	
April 1, 1990

	
Forty-second Supplemental Indenture

	
June 1, 1991

	
Forty-third Supplemental Indenture

	
April 1, 1992

	
Forty-fourth Supplemental Indenture

	
July 1, 1992

	
Forty-fifth Supplemental Indenture

	
December 1, 1992

	
Forty-sixth Supplemental Indenture

	
March 1, 1993

	
Forty-seventh Supplemental Indenture

	
May 1, 1993

	
Forty-eighth Supplemental Indenture

	
December 1, 1993

	
Forty-ninth Supplemental Indenture

	
July 1, 1994

	
Fiftieth Supplemental Indenture

	
September 1, 1994

	
Fifty-first Supplemental Indenture

	
March 1, 1996

	
Fifty-second Supplemental Indenture

	
March 1, 1998

	
Fifty-third Supplemental Indenture

	
March 1, 1999

	
Fifty-fourth Supplemental Indenture

	
June 1, 1999

	
Fifty-fifth Supplemental Indenture

	
May 15, 2000

	
Fifty-sixth Supplemental Indenture

	
March 1, 2002

	
Fifty-seventh Supplemental Indenture

	
March 1, 2004

	
Fifty-eighth Supplemental Indenture

	
October 1, 2004

	
Fifty-ninth Supplemental Indenture

	
October 15, 2004

	
Sixtieth Supplemental Indenture

	
May 1, 2005

	
Sixty-first Supplemental Indenture

	
August 1, 2005

	
Sixty-second Supplemental Indenture

	
October 1, 2005

	
Sixty-third Supplemental Indenture

	
December 15, 2005

 

which supplemental indentures were recorded in various Parishes in the State of Louisiana; and

 

 

WHEREAS, the Louisiana Company converted into a Texas limited liability company and, pursuant to a Plan of Merger by which the Company and Entergy Louisiana Properties, LLC were created (the “Merger Documents”), underwent a merger by division pursuant to which, among other things, all the Mortgaged and Pledged Property, subject to the Lien of the Mortgage, and all of the rights, obligations and duties of the Louisiana Company under the Mortgage, were allocated to the Company on December 31, 2005, and the Company thereupon executed and delivered a Sixty-fourth Supplemental Indenture, effective as of January 1, 2006, pursuant to which the Company, among other things, assumed and agreed duly and punctually to pay the principal of and interest on the bonds at the time issued and outstanding under the Mortgage, as then supplemented, in accordance with the provisions of said bonds and of any appurtenant coupons and of the Mortgage as so supplemented, and duly and punctually to observe, perform and fulfill all of the covenants and conditions of the Mortgage, as so supplemented, to be kept or performed by the Louisiana Company, and said Sixty-fourth Supplemental Indenture was recorded in various Parishes in the State of Louisiana; and

 

 

WHEREAS, effective July 1, 2008, The Bank of New York changed its name to The Bank of New York Mellon; and

 

 

WHEREAS, the Company executed and delivered the following supplemental indentures:

 

	
Designation

	
Dated as of

	
Sixty-fifth Supplemental Indenture

	
August 1, 2008

	
Sixty-sixth Supplemental Indenture

	
November 1, 2009

	
Sixty-seventh Supplemental Indenture

	
March 1, 2010

 

which supplemental indentures were recorded in various Parishes in the State of Louisiana and with the Secretary of State of Texas; and

 

 

WHEREAS, in addition to the property described in the Mortgage, as supplemented, the Company has acquired certain other property, rights and interests in property; and

 

 

WHEREAS, the Florida Company or the Louisiana Company has heretofore issued, in accordance with the provisions of the Mortgage, as supplemented, the following series of bonds:

 

	
Series

	
Principal

Amount

Issued

	
Principal

Amount

Outstanding

	
3% Series due 1974

	
$ 17,000,000

	
None

	
3 1/8% Series due 1978

	
10,000,000

	
None

	
3% Series due 1980

	
10,000,000

	
None

	
4% Series due 1983

	
12,000,000

	
None

	
3 1/8% Series due 1984

	
18,000,000

	
None

	
4 3/4% Series due 1987

	
20,000,000

	
None

	
5% Series due 1990

	
20,000,000

	
None

	
4 5/8% Series due 1994

	
25,000,000

	
None

	
5 3/4% Series due 1996

	
35,000,000

	
None

	
5 5/8% Series due 1997

	
16,000,000

	
None

	
6 1/2% Series due September 1, 1997

	
18,000,000

	
None

	
7 1/8% Series due 1998

	
35,000,000

	
None

	
9 3/8% Series due 1999

	
25,000,000

	
None

	
9 3/8% Series due 2000

	
20,000,000

	
None

	
7 7/8% Series due 2001

	
25,000,000

	
None

	
7 1/2% Series due 2002

	
25,000,000

	
None

	
7 1/2% Series due November 1, 2002

	
25,000,000

	
None

	
8% Series due 2003

	
45,000,000

	
None

	
8 3/4% Series due 2004

	
45,000,000

	
None

	
9 1/2% Series due November 1, 1981

	
50,000,000

	
None

	
9 3/8% Series due September 1, 1983

	
50,000,000

	
None

	
8 3/4% Series due December 1, 2006

	
40,000,000

	
None

	
9% Series due January 1, 1986

	
75,000,000

	
None

	
10% Series due July 1, 2008

	
60,000,000

	
None

	
10 7/8% Series due May 1, 1989

	
45,000,000

	
None

	
13 1/2% Series due November 1, 2009

	
55,000,000

	
None

	
15 3/4% Series due December 1, 1988

	
50,000,000

	
None

	
16% Series due April 1, 1991

	
75,000,000

	
None

	
16 1/4% Series due December 1, 1991

	
100,000,000

	
None

	
12% Series due March 1, 1993

	
100,000,000

	
None

	
13 1/4% Series due March 1, 2013

	
100,000,000

	
None

	
13% Series due September 1, 2013

	
50,000,000

	
None

	
16% Series due August 1, 1994

	
100,000,000

	
None

	
14 3/4% Series due November 1, 2014

	
55,000,000

	
None

	
15 1/4% Series due December 1, 2014

	
35,000,000

	
None

	
14% Series due December 1, 1992

	
60,000,000

	
None

	
14 1/4% Series due December 1, 1995

	
15,000,000

	
None

	
10 1/2% Series due April 1, 1993

	
200,000,000

	
None

	
10 3/8% Series due November 1, 2016

	
280,000,000

	
None

	
Series 1988A due September 30, 1988

	
13,334,000

	
None

	
Series 1988B due September 30, 1988

	
10,000,000

	
None

	
Series 1988C due September 30, 1988

	
6,667,000

	
None

	
10.36% Series due December 1, 1995

	
75,000,000

	
None

	
10 1/8% Series due April 1, 2020

	
100,000,000

	
None

	
Environmental Series A due June 1, 2021

	
52,500,000

	
None

	
Environmental Series B due April 1, 2022

	
20,940,000

	
None

	
7.74% Series due July 1, 2002

	
179,000,000

	
None

	
8 1/2% Series due July 1, 2022

	
90,000,000

	
None

	
Environmental Series C due December 1, 2022

	
25,120,000

	
None

	
6% Series due March 1, 2000

	
100,000,000

	
None

	
Environmental Series D due May 1, 2023

	
34,364,000

	
None

	
Environmental Series E due December 1,2023

	
25,991,667

	
None

	
Environmental Series F due July 1, 2024

	
21,335,000

	
None

	
Collateral Series 1994-A, due July 2, 2017

	
117,805,000

	
109,290,000*

	
Collateral Series 1994-B, due July 2, 2017

	
58,865,000

	
54,630,000*

	
Collateral Series 1994-C, due July 2, 2017

	
31,575,000

	
29,290,000*

	
8 3/4% Series due March 1, 2026

	
115,000,000

	
None

	
6 1/2% Series due March 1, 2008

	
115,000,000

	
None

	
5.80% Series due March 1, 2002

	
75,000,000

	
None

	
Environmental Series G due June 1, 2030

	
67,200,000

	
$67,200,000**

	
8 1/2% Series due June 1, 2003

	
150,000,000

	
None

	
7.60% Series due April 1, 2032

	
150,000,000

	
None

	
5.5% Series due April 1, 2019

	
100,000,000

	
100,000,000

	
6.4% Series due October 1, 2034

	
70,000,000

	
70,000,000

	
5.09% Series due November 1, 2014

	
115,000,000

	
115,000,000

	
4.67% Series due June 1, 2010

	
55,000,000

	
55,000,000

	
5.56% Series due September 1, 2015

	
100,000,000

	
100,000,000

	
6.3% Series due September 1, 2035

	
100,000,000

	
100,000,000

	
5.83% Series due November 1, 2010

	
150,000,000

	
150,000,000

	
6.50% Series due September 1, 2018

	
300,000,000

	
300,000,000

	
5.40% Series due November 1, 2024

	
$400,000,000

	
$400,000,000

	
6.0% Series due March 15, 2040

	
$150,000,000

	
$150,000,000

 

  
*  All of which provide equity support for the Owner-Participants in the Waterford 3 Sale-Leaseback transaction and bear no interest.

  
**All of which is currently held by the Trustee for the benefit of the Company as holder of the $60,000,000 in aggregate principal amount of Parish of St. Charles, State of Louisiana Pollution Control Revenue Refunding Bonds (Entergy Louisiana, Inc. Project) Series 1999-B for which they provide support.

 

 

which bonds are also hereinafter sometimes called bonds of the First through Seventy-second Series, respectively; and

 

 

WHEREAS, Section 8 of the Mortgage provides that the form of each series of bonds (other than the First Series) issued thereunder and of the coupons to be attached to coupon bonds of such series shall be established by Resolution of the Board of Directors of the Company and that the form of such series, as established by said Board of Directors, shall specify the descriptive title of the bonds and various other terms thereof, and may also contain such provisions not inconsistent with the provisions of the Mortgage as the Board of Directors may, in its discretion, cause to be inserted therein expressing or referring to the terms and conditions upon which such bonds are to be issued and/or secured under the Mortgage; and

 

 

WHEREAS, Section 120 of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Mortgage, whether such power, privilege or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted or to additional restrictions if already restricted, and the Company may enter into any further covenants, limitations or restrictions for the benefit of any one or more series of bonds issued thereunder, or the Company may cure any ambiguity contained therein, or in any supplemental indenture, or may establish the terms and provisions of any series of bonds (other than the First Series) by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to record in all of the states in which any property at the time subject to the lien of the Mortgage shall be situated; and

 

 

WHEREAS, the Company now desires to create a new series of bonds and to add to its covenants and agreements contained in the Mortgage, as heretofore supplemented, certain other covenants and agreements to be observed by it and to alter and amend in certain respects the covenants and provisions contained in the Mortgage, as heretofore supplemented; and

 

 

WHEREAS, the execution and delivery by the Company of this Sixty-eighth Supplemental Indenture, and the terms of the bonds of the Seventy-third Series, hereinafter referred to, have been duly authorized by the Board of Directors of the Company by appropriate Resolutions of said Board of Directors;

 

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

 

That the Company, in consideration of the premises and of One Dollar to it duly paid by the Trustee at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in further evidence of assurance of the estate, title and rights of the Trustee and in order further to secure the payment both of the principal of and interest and premium, if any, on the bonds from time to time issued under the Mortgage, according to their tenor and effect and the performance of all the provisions of the Mortgage (including any instruments supplemental thereto and any modification made as in the Mortgage provided) and of said bonds, hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, hypothecates, affects, pledges, sets over and confirms (subject, however, to Excepted Encumbrances as defined in Section 6 of the Mortgage) unto The Bank of New York Mellon, as Trustee under the Mortgage, and to its successor or successors in said trust, and to said Trustee and its successors and assigns forever, (a) all of the Mortgaged and Pledged Property acquired by the Company from the Louisiana Company pursuant to the allocations in the Merger Documents, and improvements, extensions and additions thereto and renewals and replacements thereof, (b) the property made and used by the Company as the basis under any of the provisions of the Mortgage, as supplemented, for the authentication and delivery of additional bonds or the withdrawal of cash or the release of property or a credit under Section 39 of the Mortgage, and (c) such franchises, repairs and additional property as may be acquired, made or constructed by the Company (1) to maintain, renew and preserve the franchises covered by this Mortgage, as supplemented, or (2) to maintain the property mortgaged and intended to be mortgaged under the Mortgage, as supplemented, as an operating system or systems in good repair, working order and condition, or (3) in rebuilding or renewal of property, subject to the Lien of the Mortgage, as supplemented, damaged or destroyed, or (4) in replacement of or substitution for machinery, apparatus, equipment, frames, towers, poles, wire, pipe, tools, implements and furniture, subject to the Lien of the Mortgage, as supplemented, which shall have become old, inadequate, obsolete, worn out, unfit, unadapted, unserviceable, undesirable or unnecessary for use in the operation of the property mortgaged and intended to be mortgaged under the Mortgage, as supplemented.

 

 

TO HAVE AND TO HOLD ALL such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, hypothecated, affected, pledged, set over or confirmed by the Company as aforesaid, or intended so to be, unto The Bank of New York Mellon, as Trustee, and its successors and assigns forever.

 

 

IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, as supplemented, this Sixty-eighth Supplemental Indenture being supplemental thereto.

 

 

AND IT IS HEREBY COVENANTED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage, as supplemented, shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of the Company and the Trustee and the beneficiaries of the trust with respect to said property, and to the Trustee and its successors as Trustee of said property in the same manner and with the same effect as if said property had been owned by the Florida Company at the time of the execution of the Mortgage, and had been specifically and at length described in and conveyed to said Trustee by the Mortgage as a part of the property therein stated to be conveyed.

 

 

The Company further covenants and agrees to and with the Trustee and its successor or successors in said trust under the Mortgage as follows:

 

 

ARTICLE I

 

SEVENTY-THIRD SERIES BONDS

 

 

SECTION 1.    There shall be a series of bonds designated “4.44% Series due January 15, 2026” (herein sometimes called the “Seventy-third Series”), each of which shall also bear the descriptive title “First Mortgage Bond”, and the form thereof, which shall be established by Resolution of the Board of Directors of the Company, shall contain suitable provisions with respect to the matters hereinafter in this Section specified. Bonds of the Seventy-third Series (which shall be initially issued in the aggregate principal amount of $250,000,000) shall be dated as in Section 10 of the Mortgage provided, shall mature on January 15, 2026, shall be issued as fully registered bonds in any integral multiple or multiples of One Thousand Dollars, and shall bear interest at the rate of 4.44% per annum, the first interest payment to be made on January 15, 2011, for the period from September 24, 2010 to January 15, 2011 with subsequent interest payments payable semi-annually on January 15 and July 15 of each year (each an “Interest Payment Date”), the principal of and interest on each said bond to be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts.

 

 

Interest on the bonds of the Seventy-third Series will be computed on the basis of a 360-day year of twelve 30-day months. In any case where any Interest Payment Date, redemption date or maturity of any bond of the Seventy-third Series shall not be a Business Day, then payment of interest or principal and premium, if any, need not be made on such date, but may be made on the next succeeding Business Day, with the same force and effect, and in the same amount, as if made on the corresponding Interest Payment Date or redemption date, or at maturity, as the case may be, and, if such payment is made or duly provided for on such Business Day, no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, redemption date or maturity, as the case may be, to such Business Day. “Business Day” means any day, other than a Saturday or a Sunday, or a day on which banking institutions in The City of New York 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.

 

 

So long as all of the bonds of the Seventy-third Series are held by The Depository Trust Company or its nominee, or a successor thereof, the record date for the payment of interest on the bonds of the Seventy-third Series shall be the close of business on the Business Day immediately preceding the corresponding Interest Payment Date; provided, however, that the record date for the payment of interest which is paid after such Interest Payment Date, shall be the Business Day immediately preceding the date on which such interest is paid. Interest on the bonds of the Seventy-third Series shall be paid to the Person in whose name such bonds of the Seventy-third Series are registered at the close of business on the record date for the corresponding Interest Payment Date.

 

 

The Company reserves the right to establish, at any time, by Resolution of the Board of Directors of the Company, a form of coupon bond, and of appurtenant coupons, for the Seventy-third Series and to provide for exchangeability of such coupon bonds with the bonds of said Series issued hereunder in fully registered form and to make all appropriate provisions for such purpose.

 

(I) The bonds of the Seventy-third Series shall be redeemable at the option of the Company, in whole or in part, upon notice, as provided in Section 52 of the Mortgage, mailed not less than 30 days nor more than 60 days prior to the date fixed for redemption, at any time prior to October 15, 2025 (three months prior to the maturity date of the bonds of the Seventy-third Series), at a redemption price equal to the greater of (i) 100% of the principal amount of the bonds of the Seventy-third Series being redeemed and (ii) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal of and interest on the bonds of the Seventy-third Series being redeemed (excluding the portion of any such interest accrued to the redemption date), discounted (for purposes of determining such present values) to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 0.30%, plus accrued and unpaid interest thereon to the redemption date.

 

As used herein, the following defined terms shall have the respective meanings specified unless the context clearly requires otherwise:

 

The term “Adjusted Treasury Rate” shall mean, with respect to any redemption date:

 

(1)           the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the bonds of the Seventy-third Series, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or

 

(2)           if such release (or any successor release) is not published during the week preceding the calculation date for the Adjusted Treasury Rate or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using 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.

 

The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date.

 

The term “Comparable Treasury Issue” shall mean the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the bonds of the Seventy-third Series 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 bonds of the Seventy-third Series.

 

The term “Comparable Treasury Price” shall mean, with respect to any redemption date, (i) the average of five Reference Treasury Dealer Quotations for such redemption date after excluding the highest and lowest such Reference Treasury Dealer Quotations or (ii) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

The term “Independent Investment Banker” shall mean one of the Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time, or, if any of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.

 

The term “Reference Treasury Dealer” shall mean (i) Barclays Capital Inc. and Mizuho Securities USA Inc. and their respective successors; provided, however, that if any of the foregoing shall cease to be a Primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by the Independent Investment Banker after consultation with the Company.

 

The term “Reference Treasury Dealer Quotations” shall mean, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m. on the third Business Day preceding such redemption date.

 

 

The bonds of the Seventy-third Series shall also be redeemable at the option of the Company, in whole or in part, upon notice, as provided in Section 52 of the Mortgage, mailed not less than 30 days nor more than 60 days prior to the date fixed for redemption, at any time on or after October 15, 2025, at a redemption price equal to 100% of the principal amount of the bonds of the Seventy-third Series to be redeemed plus accrued interest thereon to the redemption date.

 

 

 (II) At the option of the registered owner, any bonds of the Seventy-third Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, shall be exchangeable for a like aggregate principal amount of bonds of the Seventy-third Series of other authorized denominations.

 

 

Bonds of the Seventy-third Series shall be transferable, upon the surrender thereof for cancellation, together with a written instrument of transfer in form approved by the registrar duly executed by the registered owner or by his duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York.

 

 

Upon any exchange or transfer of bonds of the Seventy-third Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge, as provided in Section 12 of the Mortgage, but the Company hereby waives any right to make a charge in addition thereto for any exchange or transfer of bonds of said Series.

 

 

ARTICLE II

 

MISCELLANEOUS PROVISIONS

 

 

SECTION 1.  The holders of the bonds of the Seventy-third Series shall be deemed to have consented and agreed that the Company may, but shall not be obligated to, fix a record date for the purpose of determining the holders of the bonds of the Seventy-third Series entitled to consent to any amendment or supplement to the Mortgage or the waiver of any provision thereof or any act to be performed thereunder. If a record date is fixed, those persons who were holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date.

 

 

SECTION 2. Subject to any amendments provided for in this Sixty-eighth Supplemental Indenture, the terms defined in the Mortgage, as heretofore supplemented, shall, for all purposes of this Sixty-eighth Supplemental Indenture, have the meanings specified in the Mortgage, as heretofore supplemented.

 

 

SECTION 3.  So long as any bonds of the Seventy-third Series shall remain Outstanding, in each Net Earning Certificate made pursuant to Section 7 of the Mortgage there shall be included in operating expenses for the twelve (12) months period with respect to which such certificate is made an amount, if any (not otherwise included), equal to the provisions for amortization of any amounts included in utility plant acquisition adjustment accounts for such period.

 

 

SECTION 4. So long as any bonds of the Seventy-third Series shall remain Outstanding, subdivision (2) of Section 7(A) of the Mortgage is hereby amended by adding thereto the following words “provided, further, that the amount so included in such operating expenses in lieu of the amounts actually appropriated out of income for retirement of the Mortgaged and Pledged Property used primarily and principally in the electric, gas, steam and/or hot water utility business and the Company’s automotive equipment used in the operation of such property shall not be less than the amounts so actually appropriated out of income”.

 

 

SECTION 5.  The Trustee hereby accepts the trusts herein declared, provided, created or supplemented and agrees to perform the same upon the terms and conditions herein and in the Mortgage, as heretofore amended, set forth and upon the following terms and conditions:

 

 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Sixty-eighth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In general, each and every term and condition contained in Article XVII of the Mortgage, as heretofore amended, shall apply to and form part of this Sixty-eighth Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this Sixty-eighth Supplemental Indenture.

 

 

SECTION 6.  Whenever in this Sixty-eighth Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles XVI and XVII of the Mortgage, as heretofore amended, be deemed to include the successors and assigns of such party, and all covenants and agreements in this Sixty-eighth Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee, shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not.

 

 

SECTION 7.  Nothing in this Sixty-eighth Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or give to, any person, firm or corporation, other than the parties hereto and the holders of the bonds and coupons Outstanding under the Mortgage, any right, remedy or claim under or by reason of this Sixty-eighth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Sixty-eighth Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the bonds and coupons Outstanding under the Mortgage.

 

 

SECTION 8.  It is the intention and it is hereby agreed that, so far as concerns that portion of the Mortgaged and Pledged Property situated within the State of Louisiana, the general language of conveyance contained in this Sixty-eighth Supplemental Indenture is intended and shall be construed as words of hypothecation and not of conveyance, and that, so far as the said Louisiana property is concerned, this Sixty-eighth Supplemental Indenture shall be considered as an act of mortgage and pledge under the laws of the State of Louisiana, and the Trustee herein named is named as mortgagee and pledgee in trust for the benefit of itself and of all present and future holders of bonds and coupons issued and to be issued under the Mortgage, and is irrevocably appointed special agent and representative of the holders of the bonds and coupons issued and to be issued under the Mortgage and vested with full power in their behalf to effect and enforce the mortgage and pledge hereby constituted for their benefit, or otherwise to act as herein provided for.

 

 

SECTION 9.   This Sixty-eighth Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

 

 

 

 

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IN WITNESS WHEREOF, ENTERGY LOUISIANA, LLC has caused its company name to be hereunto affixed, and this instrument to be signed and sealed by its President or one of its Vice Presidents, and its company seal to be attested by its Secretary or one of its Assistant Secretaries, for and in its behalf, and THE BANK OF NEW YORK MELLON, in token of its acceptance of the trust hereby created, has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents or Assistant Vice Presidents and its corporate seal to be attested by one of its Vice Presidents, Assistant Vice Presidents or Assistant Treasurers, all as of the day and year first above written.

 

ENTERGY LOUISIANA, LLC

 

By:/s/ Steve McNeal

Name:           Steven C. McNeal

Title:           Vice President and Treasurer

 

 

 

Attest:

By:/s/ Dawn A. Abuso

Name: Dawn A. Abuso

Title:   Assistant Secretary

Executed, sealed and delivered by

ENTERGY LOUISIANA, LLC

in the presence of:

/s/ Christina M. Edwards

Name: Christina M. Edwards

 

 

 

/s/ Shannon K. Ryerson

Name: Shannon K. Ryerson

 

THE BANK OF NEW YORK MELLON

As Successor Trustee

 

By: /s/ Scott I. Klein

Name:  Scott I. Klein\

Title:           Vice President

 

 

 

 

Attest:

By: /s/ Kimberly Agard

Name:  Kimberly Agard

Title:  Vice President

Executed, sealed and delivered by

THE BANK OF NEW YORK MELLON

in the presence of:

 

Francine Kincaid                                           

Name:  Francine Kincaid

 

 

Beata Harvin                                           

Name:  Beata Harvin

 

 

STATE OF LOUISIANA

                                                    } ss.:

PARISH OF ORLEANS

 

 

On this 22nd day of September, 2010, before me appeared STEVEN C. MCNEAL, to me personally known, who, being by me duly sworn, did say that he is Vice President and Treasurer of ENTERGY LOUISIANA, LLC, and that the seal affixed to the above instrument is the seal of said entity and that said instrument was signed and sealed in behalf of said entity by authority of its Board of Directors, and said STEVEN C. MCNEAL, acknowledged said instrument to be the free act and deed of said entity.

 

 

On the 22nd day of September, 2010 before me personally came STEVEN C. MCNEAL, to me known, who, being by me duly sworn, did depose and say that he resides at 7903 Winner’s Circle, Mandeville, Louisiana 70448; that he is Vice President and Treasurer of ENTERGY LOUISIANA, LLC, one of the entities described in and which executed the above instrument; that he knows the seal of said entity; that the seal affixed to said instrument is such seal, that it was so affixed by order of the Board of Directors of said entity, and that he signed his name thereto by like order.

 

 

/s/ Jennifer Favalora                                                      

Notary Public

Name: Jennifer B. Favalora

Notary ID Number: 57639

My commission expires: at my death

 

 

 

 

 

STATE OF NEW YORK

                                                            } ss.:

COUNTY OF NEW YORK

 

 

On this 22 day of September, 2010, before me appeared Scott I. Klein to me personally known, who, being by me duly sworn, did say that he is a Vice President of THE BANK OF NEW YORK MELLON, and that the seal affixed to the above instrument is the corporate seal of said entity and that said instrument was signed and sealed in behalf of said entity by authority of its Board of Directors, and said Vice President acknowledged said instrument to be the free act and deed of said entity.

 

 

On the 22 day of September, 2010, before me personally came Scott I. Klein, to me known, who, being by me duly sworn, did depose and say that he resides at 11120 73rd Avenue, Forest Hill, NY; that he is a Vice President of THE BANK OF NEW YORK MELLON, one of the entities described in and which executed the above instrument; that he knows the seal of said entity; that the seal affixed to said instrument is such seal, that it was so affixed by order of the Board of Directors of said entity, and that he signed his name thereto by like order.

 

 

/s/ Daniel C. Marcel                                                      

DANIEL C. MARCEL

Notary Public, State of New York

No. 01MA6220648

Qualified in Westchester County

Commission Expires April 19, 2014exhibit10f.htm

 

  

 

Exhibit 10(f)

AGREEMENT

 

 

This AGREEMENT made and entered into this 22nd day of July, 2010 by and between NAMI RESOURCES COMPANY, LLC (“NRC”), 104 Nami Plaza, Suite 1, London, Kentucky, 40741; DELTA NATURAL GAS COMPANY, INC. (“Delta”), 3617 Lexington Road, Winchester, Kentucky, 40391; MIKE NAMI (“Nami”), 104 Nami Plaza, Suite 1, London, Kentucky, 40741; and VINLAND ENERGY, LLC (“Vinland”), 104 Nami Plaza, Suite 1, London, Kentucky, 40741.

 

Whereas, NRC and Delta have entered Agreements dated August 24, 2004 and March 10, 2005 relating to the transportation of gas (the “Transportation Agreements”); and

 

Whereas, Nami and Vinland are affiliates of NRC and benefit from certain rights of NRC under the Transportation Agreements; and

 

Whereas NRC, Delta, Nami and Vinland wish to modify the Transportation Agreements in accordance with the terms of this Agreement.

 

NOW THEREFORE, NRC, Delta, Nami and Vinland hereby agree as follows:

 

1.           Amendment of 2004 Agreement.    The parties hereby agree to modify and amend that Agreement between Delta and NRC dated August 24, 2004 (the “2004 Agreement”) as follows:

 

(a)           Paragraph 4 of the 2004 Agreement is hereby deleted in its entirety and is replaced by the following paragraph:

 

        4)            In consideration for Delta agreeing to construct and operate the East-West Line Phase One, NRC agrees to deliver to Delta through the pipeline for transportation, (i) commencing on the first anniversary date of the first flow of gas through the East-West Line Phase One (the “Flow Anniversary”) and continuing until March 31, 2010 (the “750 Period”), a daily average of not less than 750 Mcf of gas per day , and (ii) commencing on April 1, 2010 and continuing until the expiration of the fourteenth (14th) year following the Flow Anniversary (the “500 Period”), a daily average of not less than 500 Mcf of gas per day.  In the event NRC fails to deliver a daily average of 750 Mcf during the 750 Period, NRC shall pay Delta’s applicable Off-System Transportation Rate then in effect for the difference between 273,750 Mcf (750 times 365 days) and the actual volumes delivered by NRC.  In the event NRC fails to deliver a daily average of 500 Mcf during the 500 Period, NRC shall pay Delta’s applicable Off-System Transportation Rate then in effect for the difference between 182,500 Mcf (500 times 365 days) and the actual volumes delivered by NRC.  All volumes delivered by NRC for transportation hereunder and the volumes used to calculate any annual minimum bills, if applicable, shall be cumulative.  NRC’s obligation to transport the annual minimum volume shall cease and this Agreement shall terminate at the earlier of (1) the date on which a total cumulative transportation volume of 2,737,500 Mcf is attained, or (2) the expiration of fourteen (14) years from and after the Flow Anniversary.

 

2.           Amendment of 2005 Agreement.     The parties hereby agree to modify and amend that Agreement between Delta and NRC dated March 10, 2005 (the “2005 Agreement”) as follows:

 

(a)           Paragraph 4 of the 2005 Agreement is hereby deleted in its entirety and is replaced by the following paragraph:

 

        4)           In consideration for Delta agreeing to construct and operate the pipeline described herein, NRC agrees to deliver to Delta through the pipeline for transportation (i) commencing on the date of Delta's completion of the pipeline (the “Completion Date”) and continuing until March 31, 2010 (the “3000 Period”), a daily average volume of "incremental gas" of not less than 3000 Dth of gas per day, and (ii) commencing on April 1, 2010 and continuing until the expiration of the twenty first (21st) year following the Completion Date (the “2000 Period”), a daily average volume of "incremental gas" of not less than 2000 Dth of gas per day.  "Incremental gas" is defined as additional volumes of gas from the aforementioned production areas delivered by NRC in excess of the daily volumes flowing or capable of flowing (in those instances where a station may not have been running on the specified date) to Delta from these production areas as of March 1, 2005. The first 750 Mcf of gas, or after April 1, 2010 500 Mcf of gas, from the Lewis Heirs Lease plus any additional volumes applied to NRC's minimum daily average requirement under the Agreement dated August 24, 2004 by and between NRC and Delta are expressly excluded from "incremental gas" volumes under this Agreement. In the event Delta does not receive from NRC a daily average of 3000 Dth of incremental gas during each annual period of the 3000 Period, at the end of each such annual period NRC shall pay Delta's applicable Off-System Transportation Rate then in effect for the difference between 1,095,000 Dth (3000 per day times 365 days) and the actual lesser volumes of incremental gas received by Delta from NRC during such annual period for transportation through the pipeline.  In the event Delta does not receive from NRC a daily average of 2000 Dth of incremental gas during each annual period of the 2000 Period, at the end of each such annual period NRC shall pay Delta's applicable Off-System Transportation Rate then in effect for the difference between 730,000 Dth (2000 per day times 365 days) and the actual lesser volumes of incremental gas received by Delta from NRC during such annual period for transportation through the pipeline.  All volumes received from NRC for transportation hereunder and the volumes used to calculate any annual minimum bills, if applicable, shall be cumulative.  NRC's obligation to transport the annual minimum volume shall cease and this Agreement shall terminate at the earlier of (i) the date on which a total cumulative, transportation volume on behalf of NRC of 16,425,000 Dth is attained, or (ii) the expiration of twenty one (21) years from and after the Completion Date.

 

(b)    The first sentence of Paragraph 7 of the 2005 Agreement is hereby deleted in its entirety.

 

3.           No Other Changes.     All other terms and conditions of the Transportation Agreements remain unchanged and in full force and effect.

 

4.           Transportation of Other Gas.    Vinland, NRC and Nami further agree to have Delta transport any and all of their natural gas production through Delta’s system during the remaining term of the Transportation Agreements, including any and all natural gas production of Vanguard Natural Resources, LLC delivered by Vinland, NRC or Nami.

 

IN WITNESS WHEREOF, the parties have executed this Agreement this 22nd day of July, 2010.

 

NAMI RESOURCES COMPANY, LLC                                                                                               DELTA NATURAL GAS COMPANY, INC.

 

BY: _________________________                                                                                                BY: ___________________________

 

ITS: _________________________                                                                                                ITS: __________________________

 

 

MIKE NAMI                                                                                               VINLAND ENERGY, LLC

 

_____________________________                                                                                                BY: ___________________________

 

                                                                                                                                                                      ITS: ___________________________

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