Document:

20200930 EX 4_38

		
			Execution Version
		

		
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			CHUGACH ELECTRIC ASSOCIATION, INC.
		

		
			$800,000,000
		

		
			$275,000,000 2.38 % FIRST MORTGAGE BONDS, 2020 SERIES A, TRANCHE A
DUE OCTOBER 30, 2039

$525,000,000 2.91% FIRST MORTGAGE BONDS, 2020 SERIES A, TRANCHE B
DUE OCTOBER 30, 2050
		

		
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			BOND PURCHASE AGREEMENT
		

		
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			DATED OCTOBER 26, 2020
		

		
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			bond purchase agreement 4845-4143-1469 v13.docx

		

		

			4312641

		

 

		

			 

		

		TABLE OF CONTENTS
		

			
					
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						SECTION

					
					
						HEADING

					
					
						PAGE

				
	
					
						SECTION 1.

					
					
						AUTHORIZATION OF 2020 SERIES A BONDS

					1 
				
	
					
						SECTION 2.

					
					
						SALE AND PURCHASE OF 2020 SERIES A BONDS

					2 
				
	
					
						SECTION 3.

					
					
						CLOSING

					2 
				
	
					
						SECTION 4.

					
					
						CONDITIONS TO CLOSING

					3 
				
	
					
						Section 4.1.

					
					
						Representations and Warranties

					3 
				
	
					
						Section 4.2.

					
					
						Performance; No Default

					3 
				
	
					
						Section 4.3.

					
					
						Compliance Certificates

					3 
				
	
					
						Section 4.4.

					
					
						Opinions of Counsel

					3 
				
	
					
						Section 4.5.

					
					
						Purchase Permitted by Applicable Law

					4 
				
	
					
						Section 4.6.

					
					
						Sale of Other Bonds

					4 
				
	
					
						Section 4.7.

					
					
						Payment of Special Counsel Fees

					4 
				
	
					
						Section 4.8.

					
					
						Private Placement Number

					4 
				
	
					
						Section 4.9.

					
					
						Changes in Corporate Structure

					4 
				
	
					
						Section 4.10.

					
					
						Funding Instructions

					4 
				
	
					
						Section 4.11.

					
					
						Recording and Filing of the Supplemental Indentures

					5 
				
	
					
						Section 4.12.

					
					
						Proceedings and Documents

					5 
				
	
					
						Section 4.13.

					
					
						Documents Required by Indenture; Basis for Authentication

					5 
				
	
					
						Section 4.14.

					
					
						Regulatory Approval

					5 
				
	
					
						Section 4.15.

					
					
						Consents Under Existing Debt Agreements

					6 
				
	
					
						Section 4.16.

					
					
						Acceptance of Appointment to Receive Service of Process

					6 
				
	
					
						SECTION 5..

					
					
						REPRESENTATIONS AND WARRANTIES OF THE COMPANY

					6 
				
	
					
						Section 5.1.

					
					
						Organization; Power and Authority

					6 
				
	
					
						Section 5.2.

					
					
						Authorization

					6 
				
	
					
						Section 5.3.

					
					
						Disclosure

					6 
				
	
					
						Section 5.4.

					
					
						Organization and Ownership of Shares of Subsidiaries

					7 
				
	
					
						Section 5.5.

					
					
						Financial Statements; Material Liabilities

					7 
				
	
					
						Section 5.6.

					
					
						Compliance with Laws, Other Instruments

					7 
				
	
					
						Section 5.7.

					
					
						Governmental Authorizations

					7 
				
	
					
						Section 5.8.

					
					
						Litigation; Observance of Statutes and Orders

					7 
				
	
					
						Section 5.9.

					
					
						Taxes

					8 
				
	
					
						Section 5.10.

					
					
						Title to Property; Leases

					8 
				
	
					
						Section 5.11.

					
					
						Licenses, Permits, Etc

					8 
				
	
					
						Section 5.12.

					
					
						Compliance with ERISA

					8 
				
	
					
						Section 5.13.

					
					
						Private Offering by the Company

					9 
				
	
					
						Section 5.14.

					
					
						Use of Proceeds; Margin Regulations

					9 
				
	
					
						Section 5.15.

					
					
						Existing Indebtedness

					10 
				
	
					
						Section 5.16.

					
					
						Foreign Assets Control Regulations

					10 
				

		
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						Section 5.17.

					
					
						Status under Certain Statutes

					11 
				
	
					
						Section 5.18.

					
					
						Lien of Indenture

					11 
				
	
					
						Section 5.19.

					
					
						Filings

					12 
				
	
					
						SECTION 6.

					
					
						REPRESENTATIONS OF THE PURCHASERS

					12 
				
	
					
						Section 6.1.

					
					
						Purchase for Investment

					12 
				
	
					
						Section 6.2.

					
					
						Source of Funds

					13 
				
	
					
						SECTION 7.

					
					
						INFORMATION AS TO COMPANY

					14 
				
	
					
						Section 7.1.

					
					
						Financial and Business Information

					14 
				
	
					
						Section 7.2.

					
					
						Officer’s Certificate

					17 
				
	
					
						Section 7.3.

					
					
						Visitation

					18 
				
	
					
						SECTION 8.

					
					
						AFFIRMATIVE COVENANTS

					18 
				
	
					
						Section 8.1.

					
					
						Compliance with Law

					18 
				
	
					
						Section 8.2.

					
					
						Insurance

					19 
				
	
					
						Section 8.3.

					
					
						Maintenance of Properties

					19 
				
	
					
						Section 8.4.

					
					
						Payment of Taxes

					19 
				
	
					
						Section 8.5.

					
					
						Corporate Existence

					19 
				
	
					
						Section 8.6.

					
					
						Books and Records

					19 
				
	
					
						SECTION 9.

					
					
						NEGATIVE COVENANTS

					20 
				
	
					
						Section 9.1.

					
					
						Transactions with Affiliates

					20 
				
	
					
						Section 9.2.

					
					
						Line of Business

					20 
				
	
					
						Section 9.3.

					
					
						Terrorism Sanctions Regulations

					20 
				
	
					
						SECTION 10.

					
					
						REGISTRATION; EXCHANGE; SUBSTITUTION OF 2020 SERIES A BONDS

					20 
				
	
					
						SECTION 11.

					
					
						PAYMENTS ON 2020 SERIES A BONDS

					20 
				
	
					
						SECTION 12.

					
					
						EXPENSES

					21 
				
	
					
						Section 12.1.

					
					
						Transaction Expenses

					21 
				
	
					
						Section 12.2.

					
					
						Survival

					21 
				
	
					
						SECTION 13.

					
					
						SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT

					21 
				
	
					
						SECTION 14.

					
					
						AMENDMENT AND WAIVER

					22 
				
	
					
						Section 14.1.

					
					
						Requirements

					22 
				
	
					
						Section 14.2.

					
					
						Solicitation of Holders of 2020 Series A Bonds

					22 
				
	
					
						Section 14.3.

					
					
						Binding Effect

					23 
				
	
					
						Section 14.4.

					
					
						2020 Series A Bonds Held by Company

					23 
				
	
					
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						SECTION 15.

					
					
						NOTICES

					24 
				

		 

		

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						SECTION 16.

					
					
						INDEMNIFICATION

					24 
				
	
					
						SECTION 17.

					
					
						REPRODUCTION OF DOCUMENTS

					24 
				
	
					
						SECTION 18.

					
					
						CONFIDENTIAL INFORMATION

					25 
				
	
					
						SECTION 19.

					
					
						SUBSTITUTION OF PURCHASER

					26 
				
	
					
						SECTION 20.

					
					
						MISCELLANEOUS

					26 
				
	
					
						Section 20.1.

					
					
						Successors and Assigns

					26 
				
	
					
						Section 20.2.

					
					
						Payments Due on Non‐Business Days

					26 
				
	
					
						Section 20.3.

					
					
						Accounting Terms

					27 
				
	
					
						Section 20.4.

					
					
						Severability

					27 
				
	
					
						Section 20.5.

					
					
						Construction

					27 
				
	
					
						Section 20.6.

					
					
						Counterparts

					28 
				
	
					
						Section 20.7.

					
					
						Governing Law

					28 
				
	
					
						Section 20.8.

					
					
						Jurisdiction and Process; Waiver of Jury Trial

					28 
				
	
					
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						SCHEDULE A

					
					
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						Information Relating to Purchasers

				
	
					
						SCHEDULE  B

					
					
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						Defined Terms

				
	
					
						SCHEDULE 4.11

					
					
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						Collateral Filings

				
	
					
						SCHEDULE 5.3

					
					
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						Disclosure Documents

				
	
					
						SCHEDULE 5.5

					
					
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						Financial Statements

				
	
					
						SCHEDULE 5.7

					
					
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						Governmental Authorizations

				
	
					
						SCHEDULE 5.15(a)

					
					
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						Existing Indebtedness

				
	
					
						SCHEDULE 5.15(b)

					
					
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						Restrictions on Indebtedness

				
	
					
						SCHEDULE 5.18(d)

					
					
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						Excludable Property

				
	
					
						EXHIBIT A

					
					
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						Eighth Supplemental Indenture

				
	
					
						EXHIBIT 4.4(a)(i)

					
					
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						Form of Opinion of the General Counsel of the Company

				
	
					
						EXHIBIT 4.4(a)(ii)

					
					
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						Form of Opinion of Alaska Counsel to the Company

				
	
					
						EXHIBIT 4.4(a)(iii)

					
					
						—

					
					
						Form of Opinion of Special Counsel to the Company

				
	
					
						EXHIBIT 4.4(b)

					
					
						—

					
					
						Form of Opinion of Special Counsel to the Purchasers

				
	
					
						EXHIBIT 14.2

					
					
						—

					
					
						Form of U.S. Tax Compliance Certificate

				

		
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		CHUGACH ELECTRIC ASSOCIATION, INC.
5601 ELECTRON DRIVE
		

		
			ANCHORAGE, ALASKA 99518

$800, 000,000
		

		
			
$275,000,000 2.38% FIRST MORTGAGE BONDS, 2020 SERIES A, TRANCHE A
DUE OCTOBER 30, 2039

$525,000,000 2.91% FIRST MORTGAGE BONDS, 2020 SERIES A, TRANCHE B
DUE OCTOBER 30, 2050
		

		
			OCTOBER 26, 2020
		

		
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			TO EACH OF THE PURCHASERS LISTED IN
		

		
			SCHEDULE A HERETO:
		

		
			Ladies and Gentlemen:
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC., an Alaska electric cooperative (the “Company”), agrees with each of the purchasers whose names appear at the end hereof (each, a “Purchaser” and, collectively, the “Purchasers”) as follows:
		

		
			SECTION 1.AUTHORIZATION OF 2020 SERIES A BONDS.
		

		
			The Company will authorize the issue and sale of (i) $275,000,000 aggregate principal amount of its 2.38%  First Mortgage Bonds, 2020 Series A, Tranche A due October 30, 2039 (the “Tranche A Bonds”) and (ii) $525,000,000 aggregate principal amount of its 2.91%  First Mortgage Bonds, 2020 Series A, Tranche B due October 30, 2050 (the “Tranche B Bonds,” and together with the Tranche A Bonds, the “2020 Series A Bonds”).  The 2020 Series A Bonds will be issued under and secured by the Second Amended and Restated Indenture of Trust dated as of January 20, 2011 (the “Second Amended and Restated Indenture of Trust”), between the Company and U.S. Bank National Association, as Trustee (the “Trustee”), as previously amended and supplemented by the First Supplemental Indenture dated as of January 20, 2011 (the “First Supplemental Indenture”), the Second Supplemental Indenture dated as of September 30, 2011 (the “Second Supplemental Indenture”), the Third Supplemental Indenture dated as of January 5, 2012 (the “Third Supplemental Indenture”), the Fourth Supplemental Indenture dated as of February 3, 2015 (the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture dated as of June 30, 2016 (the “Fifth Supplemental Indenture”), the Sixth Supplemental Indenture dated as of March 17, 2017 (the “Sixth Supplemental Indenture”) and the Seventh Supplement Indenture dated as of May 15, 2019 (the “Seventh Supplemental Indenture”), which Second Amended and Restated Indenture of Trust, as so previously amended and supplemented, shall be further amended and supplemented by an Eighth Supplemental Indenture that will be substantially in the form attached hereto as Exhibit A, with such changes therein, if any, as shall be approved by the Purchasers and the Company (the “Eighth Supplemental Indenture”).  The 
		

		 

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		Second Amended and Restated Indenture of Trust, as previously amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental and as further amended and supplemented from time to time, including by the Eighth Supplemental Indenture, is hereinafter referred to as the “Indenture.”
		

		
			Certain capitalized and other terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement.  Terms used herein but not defined herein shall have the meanings set forth in the Indenture.
		

		
			SECTION 2.SALE AND PURCHASE OF 2020 SERIES A BONDS.
		

		
			Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, 2020 Series A Bonds of the tranche and in the principal amount specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof.  The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non performance of any obligation by any other Purchaser hereunder.
		

		
			SECTION 3.CLOSING.
		

		
			The sale and purchase of the 2020 Series A Bonds to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe, Chicago, IL, at 10:00 a.m., Chicago time, at a closing (the “Closing”) on October 26, 2020,  or on such other Business Day thereafter on or prior to October 30, 2020 as may be agreed upon by the Company and the Purchasers.  At the Closing the Company will deliver to Chapman and Cutler LLP the 2020 Series A Bonds to be purchased by such Purchaser in the form of a single 2020 Series A Bond of each tranche of the 2020 Series A Bonds being purchased by such Purchaser (or such greater number of 2020 Series A Bonds of the appropriate maturity in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Trustee or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Trustee to be held as 2020 Deposited Cash and Trust Funds under the Indenture to U.S. Bank National Association, ABA# #091‐000‐022, Credit: U.S. Bank Corporate Trust/AC #180121167365, Reference: Purchaser Name/Chugach Electric.  If at the Closing the Company shall fail to tender such 2020 Series A Bonds to Chapman and Cutler LLP to hold for the Purchasers as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.  The Company’s obligation to issue and sell to each Purchaser the Bonds to be sold to such Purchaser is subject to fulfillment, at Closing, of the condition set forth in Section 4.6.
		

		

		

		 

		

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						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		SECTION 4.CONDITIONS TO CLOSING.
		

		
			Each Purchaser’s obligation to purchase and pay for the 2020 Series A Bonds to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions:
		

		
			Section 4.1.Representations and Warranties.  The representations and warranties of the Company in the Financing Agreements shall be correct when made and at the time of the Closing.
		

		
			Section 4.2.Performance; No Default.  The Company shall have performed and complied with all agreements and conditions contained in the Financing Agreements required to be performed or complied with by it prior to or at the Closing and after giving effect to the issue and sale of the 2020 Series A Bonds (and the application of the proceeds thereof as contemplated by Section 5.14) no Default or Event of Default shall have occurred and be continuing.
		

		
			Section 4.3.Compliance Certificates.
		

		
			(a)Officer’s Certificates.  The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying (i) that the conditions specified in Section 4 of this Agreement have been fulfilled, (ii) an attached true, complete and correct copy of the Indenture, and (iii) attached true, complete and correct copies of all certificates and opinions delivered to the Trustee under the Indenture in connection with the issuance of the 2020 Series A Bonds under the Indenture.
		

		
			(b)Secretary’s Certificate.  The Company shall have delivered to such Purchaser a certificate of its Secretary, Assistant Secretary, or other officer authorized by the Company to make such certification, dated the date of Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Financing Agreements.
		

		
			(c)Secretary’s Certificate of the Trustee.  The Trustee shall have delivered to such Purchaser a certificate of a corporate trust officer, dated the date of the Closing, certifying as to the resolutions attached thereto and the authorization, execution and delivery of the Indenture and Bonds.
		

		
			Section 4.4.Opinions of Counsel.  Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from (i) the General Counsel of the Company, (ii) Stinson LLP,  Alaska counsel for the Company, and (iii) Orrick, Herrington & Sutcliffe LLP, special counsel to the Company, covering the matters set forth in Exhibits 4.4(a)(i),  4.4(a)(ii) and 4.4(a)(iii), respectively, and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby authorizes its counsel to deliver such opinion to the Purchasers) and (b) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Exhibit 4.4(b) and 
		

		 

		

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						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		covering such other matters incident to such transactions as such Purchaser may reasonably request.
		

		
			Section 4.5.Purchase Permitted by Applicable Law.  On the date of the Closing such Purchaser’s purchase of 2020 Series A Bonds shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof.  If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.
		

		
			Section 4.6.Sale of Other Bonds.  Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the 2020 Series A Bonds to be purchased by it at the Closing as specified in Schedule A.    
		

		
			Section 4.7.Payment of Special Counsel Fees.  Without limiting the provisions of Section 12.1, the Company shall have paid on or before the Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4(b) to the extent reflected in a statement of such counsel rendered to the Company at least three Business Days prior to the Closing.
		

		
			Section 4.8.Private Placement Number.  A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each tranche of the 2020 Series A Bonds.
		

		
			Section 4.9.Changes in Corporate Structure.  The Company shall not have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.
		

		
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			Section 4.10.Funding Instructions.  At least five (5) Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by an authorized representative of the Trustee on letterhead of the Trustee confirming the information specified in Section 3 including (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number and (c) the account name and number into which the purchase price for the relevant tranche of 2020 Series A Bonds is to be deposited.  Each Purchaser has the right, but not the obligation, upon written notice (which may be by email) to the Trustee, to elect to deliver a micro deposit (less than $51.00) to the account identified in the written instructions no later than two (2)  Business Days prior to Closing.  If a Purchaser delivers a micro deposit, an authorized representative of the Trustee must verbally verify the receipt and amount of the micro deposit to such Purchaser on a telephone call initiated by such Purchaser prior to Closing.  The Trustee 
		

		 

		

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						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		shall not be obligated to return the amount of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser’s purchase price of the 2020 Series A Bonds.
		

		
			 Section 4.11.Recording and Filing of the Supplemental Indentures.   The Company shall have caused (a) the Eighth Supplemental Indenture to have been recorded or filed at or prior to the Closing in such manner and in all places in which recording is necessary to preserve and protect the lien of the Indenture upon any of the properties of the Company specifically described therein as subject to the lien of the Indenture, and which are described in Schedule 4.11, (b) all financing statements under the UCC, if any, with respect to the personal property described in the granting clauses of the Indenture to have been filed in all places necessary to perfect and protect the security interest granted by the Indenture to the extent such security can be perfected by the filing of appropriate financing statements, and which are described in Schedule 4.11 (all such recordations and filings as provided in clauses (a) and (b) of this Section 4.11 being referred to as the “Collateral Filings”)  and (c) all taxes, fees and other charges payable in connection with the execution, delivery and filing of the Eighth Supplemental Indenture to have been paid in full.
		

		
			Section 4.12.Proceedings and Documents.  All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request.
		

		
			Section 4.13.Documents Required by Indenture; Basis for Authentication.  The Company shall have furnished to the Trustee the resolutions, certificates, instruments, opinions and cash, if any, required to be delivered prior to or upon the issuance of the Bonds pursuant to the provisions of the Indenture.  The Company shall have requested the Trustee to, and the Trustee shall have, authenticated the Bonds pursuant to Article 5 of the Indenture.  The Company shall have complied with all other conditions with respect to the issuance and authentication of the Bonds imposed by the Indenture.
		

		
			Section 4.14.Regulatory Approval.  Prior to the Closing, such Purchaser and its special counsel shall have received evidence, including, without limitation, an opinion of counsel, in form and substance satisfactory to such Purchaser and its special counsel, demonstrating that all approvals and authorizations of (a) the Federal Energy Regulatory Commission under the Federal Power Act and (b) the Regulatory Commission of Alaska under the laws of the State of Alaska which are required to be obtained in connection with the issuance of the Bonds, and the execution and delivery by the Company of, and the performance by the Company of its obligations under, the Financing Agreements and the Acquisition have been duly obtained, validly issued and are in full force and effect and final, and all periods for appeal and rehearing by third parties have expired and all conditions contained in such approvals and authorizations which are to be fulfilled on or prior to the issuance of the Bonds have been fulfilled.
		

		

		

		 

		

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						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Section 4.15.Consents Under Existing Debt Agreements.  The Company shall have obtained all consents required under its existing debt agreements in connection with the Company’s incurrence of the Indebtedness under the Financing Agreements and the Acquisition.
		

		
			Section 4.16.Acceptance of Appointment to Receive Service of Process.    Such Purchaser shall have received evidence of the acceptance by C T Corporation System of the appointment and designation provided for by Section 20.8(b) (and the payment of all fees in respect thereof for the period from the date of the Closing to a date not earlier than the third anniversary date of the Closing).
		

		
			SECTION 5.REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
		

		
			The Company represents and warrants to each Purchaser that:
		

		
			Section 5.1.Organization; Power and Authority.  The Company is an electric cooperative duly organized, validly existing and in good standing under the laws of the State of Alaska.  The Company has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver the Financing Agreements and to perform the provisions hereof and thereof.
		

		
			Section 5.2.Authorization.  The Financing Agreements and the Asset Purchase and Sale Agreement dated as of December 28, 2018 between the Company and the Municipality of Anchorage, Alaska, in respect of the Acquisition (as amended from time to time, the “Acquisition Agreement” have been duly authorized by all necessary corporate action on the part of the Company, and the Financing Agreements and the Acquisition Agreement constitute, and upon execution and delivery thereof the 2020 Series A Bonds will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with their terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
		

		
			Section 5.3.Disclosure.   This Agreement and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (this Agreement and such documents, certificates or other writings and such financial statements delivered to each Purchaser prior to September 22, 2020 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made;  provided that, (a) with respect to financial estimates, projected financial information, forecasts and other forward‐looking information, the Company represents and warrants only that such information, when taken as a whole, was prepared in good faith based upon assumptions believed by the Company to be reasonable at the time of preparation and at the time such was made available to Purchasers; it being understood that (i) such projections are not to be viewed as facts, (ii) such 
		

		 

		

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		projections are subject to significant uncertainties and contingencies, many of which are beyond the Company’s control, (iii) no assurance can be given that any particular projections will be realized and (iv) actual results during the period or periods covered by any such projections may differ significantly from the projected results and such differences may be material and (b) no representation or warranty is made with respect to information of a general economic or general industry nature.  Except as disclosed in the Disclosure Documents, since December 31, 2019, there has been no change in the financial condition, operations, business, or properties of the Company except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect.
		

		
			Section 5.4.No Subsidiaries.  The Company has no Subsidiaries.
		

		
			Section 5.5.Financial Statements; Material Liabilities.  The Company has delivered to each Purchaser copies of the financial statements of the Company listed on Schedule 5.5.  All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the financial position of the Company as of the respective dates specified in such Schedule and the results of its operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year‐end adjustments).  The Company does not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.
		

		
			Section 5.6.Compliance with Laws, Other Instruments.  The execution, delivery and performance by the Company of the Financing Agreements will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien, other than the Lien created under the Indenture, in respect of any property of the Company under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by‐laws, or any other Material agreement or instrument to which the Company is bound or by which the Company or any of its properties may be bound or affected, (b) conflict with or result in a breach of, in any material respect, any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company.
		

		
			Section 5.7.Governmental Authorizations.  No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of the Financing Agreements other than the Collateral Filings contemplated by Section 4.11 and such other consents, notices, actions or filings as may be required to be obtained, given, or accomplished after the date hereof.
		

		
			Section 5.8.Litigation; Observance of Statutes and Orders.  (a) There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any property of the Company in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
		

		

		

		 

		

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		(b)The Company is not in default under any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or in violation of any applicable law, ordinance, rule or regulation (including without limitation Environmental Laws or the USA Patriot Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
		

		
			Section 5.9.Taxes.  The Company has filed all Material income tax returns that are required to have been filed in any jurisdiction, and has paid all Material taxes shown to be due and payable on such returns and all other taxes and assessments payable by it, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not individually or in the aggregate Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company has established adequate reserves in accordance with GAAP.  The federal income tax liabilities of the Company have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2016.
		

		
			Section 5.10.Title to Property; Leases.  The Company has good and sufficient title to its Material properties, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens (other than the Lien created by the Indenture) prohibited by this Agreement or the Indenture.  All Material leases are valid and subsisting and are in full force and effect in all material respects.
		

		
			Section 5.11.Licenses, Permits, Etc.  The Company owns or possesses all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect.
		

		
			Section 5.12.Compliance with ERISA.  (a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to “employee benefit plans” (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that would, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens 
		

		 

		

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		as would not be reasonably be expected individually or in the aggregate to have a Material Adverse Effect.
		

		
			(b)The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities by more than $7,000,000 in the case of any single Plan and by more than $7,000,000 in the aggregate for all Plans.  The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA.
		

		
			(c)The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material.
		

		
			(d)The expected postretirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715‐60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company is not Material.
		

		
			(e)The execution and delivery of this Agreement and the issuance and sale of the 2020 Series A Bonds hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)‐(D) of the Code.  The representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds to be used to pay the purchase price of the 2020 Series A Bonds to be purchased by such Purchaser.
		

		
			(f)The Company and its Subsidiaries do not have any Non‐U.S. Plans.
		

		
			Section 5.13.Private Offering by the Company.  Neither the Company nor anyone acting on its behalf has offered the 2020 Series A Bonds or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchasers and fifty (50) other Institutional Investors, each of which has been offered the 2020 Series A Bonds at a private sale for investment.  Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the 2020 Series A Bonds to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction.
		

		
			Section 5.14.Use of Proceeds; Margin Regulations.  The Company will direct the Trustee to hold the proceeds of the sale of the 2020 Series A Bonds as Deposited Cash and Trust Monies under the Indenture and to apply such proceeds in accordance with the Eighth Supplemental Indenture.    No part of the proceeds from the sale of the 2020 Series A Bonds 
		

		 

		

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		hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220).  Margin stock does not constitute more than 0.5% of the value of the assets of the Company and the Company does not have any present intention that margin stock will constitute more than 0.5% of the value of such assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.
		

		
			Section 5.15.Existing Indebtedness.  (a) Except as described therein or the financial statements listed on Schedule 5.5, Schedule 5.15(a) sets forth a complete and correct list of all outstanding Indebtedness of the Company with a principal amount outstanding in excess of $1,000,000 as of June 30, 2020 (including, except with respect to trade payables incurred in the ordinary course of business and not exceeding $5,000,000 in the aggregate, a description of the obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of such Indebtedness of the Company.  The Company is not in default and no waiver of default is currently in effect in the payment of any principal or interest on any such Indebtedness of the Company and no event or condition exists with respect to any such Indebtedness of the Company the outstanding principal amount of which exceeds $5,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.
		

		
			(b)Other than the Financing Agreements, the Company is not a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except as specifically indicated in Schedule 5.15(b).
		

		
			Section 5.16.Foreign Assets Control Regulations.  (a) Neither the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European Union.
		

		
			(b)Neither the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti‐Money Laundering Laws or Anti‐Corruption Laws or (ii) to the Company’s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti‐Money Laundering Laws or Anti‐Corruption Laws.
		

		

		

		 

		

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			(c)No part of the proceeds from the sale of the 2020 Series A Bonds hereunder:
		

		
			(i)constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws;
		

		
			(ii)will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti‐Money Laundering Laws; or
		

		
			(iii)will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti‐Corruption Laws.
		

		
			(d)The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to seek to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti‐Money Laundering Laws and Anti‐Corruption Laws. 
		

		
			Section 5.17.Status under Certain Statutes.  The Company is not subject to regulation (a) under the Investment Company Act of 1940, as amended, (b) under the Public Utility Holding Company Act of 2005, as amended, (c) under the ICC Termination Act of 1995, as amended, or (d) as a “public utility” under the Federal Power Act, as amended.
		

		
			Section 5.18.Lien of Indenture.  (a) The Indenture constitutes a valid first priority Lien upon all of the properties and assets of the Company specifically or generally described or referred to in the Indenture as being subject to the Lien thereof, subject only to the exceptions referred to or permitted in the Indenture, and creates a first priority Lien upon all properties and assets acquired by the Company after the date hereof which are required to be subjected to the Lien of the Indenture, when acquired by the Company, subject only to the exceptions referred to or permitted in the Indenture and subject, further, as to real property, to the recordation of a supplement to the Indenture describing such after‐acquired property (provided no intervening Liens shall have been filed or recorded against such property prior to the filing or recording of such supplement).  The descriptions of all such properties and assets contained in the granting clauses of, and exhibits to, the Indenture are correct and adequate for the purposes of the Indenture.
		

		
			(b)Contemporaneously with, or prior to, the Closing, (i) the Eighth Supplemental Indenture will be duly executed and delivered and will be duly filed or recorded as a supplemental indenture of mortgage of real estate, and any required filings with respect to personal property and fixtures subject to the Lien of the Indenture will be duly made in each place in which such recording or filing is required to protect, preserve and perfect the Lien of the 
		
		
 

		

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		Indenture, and (ii) all taxes and recording and filing fees required to be paid with respect to the execution and delivery of the Eighth Supplemental Indenture, the filing of financing statements related thereto, if any, and similar documents and the issuance of the 2020 Series A Bonds thereunder will be paid by the Company.

		
		
			(c)At all times prior to and after the recording of the Eighth Supplemental Indenture as provided in Section 5.18(b), the 2020 Series A Bonds, when executed by the Company, authenticated and delivered by the Trustee and issued by the Company to the Purchasers will be the legal, valid and binding obligations of the Company enforceable in accordance with their terms and the terms of the Indenture and entitled to the benefits of and secured by the Lien of the Indenture equally and ratably with all other Outstanding Secured Obligations.
		

		
			(d)As of the date hereof, the Company has no “Excludable Property” as defined in the Indenture, other than the property listed in Schedule 5.18(d).
		

		
			Section 5.19.Filings.  No action, including any filings, registration or notice, is necessary in Alaska, or any other jurisdictions to ensure the legality, validity, enforceability, priority or perfection of the Financing Agreements except for the Collateral Filings set forth in Schedule 4.11, which will be filed or recorded on or prior to the date of Closing.  No other action, including any filing, registration or notice, is necessary in Alaska, or any other jurisdiction to establish or protect for the benefit of the Trustee and the holders of 2020 Series A Bonds, the security interest and Liens purported to be created under the Indenture and the other Financing Agreements, except in each case for the Collateral Filings and the filing of continuation statements with respect to any Collateral Filing at the time and in the manner provided under applicable law.
		

		
			SECTION 6.REPRESENTATIONS OF THE PURCHASERS.
		

		
			Section 6.1.Purchase for Investment.  Each Purchaser severally represents that it is an institutional “accredited investor” within the meaning of Rule 501 of the Securities Act and is purchasing the 2020 Series A Bonds for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control.  Each Purchaser understands that the 2020 Series A Bonds have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the 2020 Series A Bonds.
		

		

		

		 

		

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			Section 6.2.Source of Funds.  Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the 2020 Series A Bonds to be purchased by such Purchaser hereunder:
		

		
			(a)    the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95‐60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the National Association of Insurance Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95‐60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or
		

		
			(b)    the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or
		

		
			(c)    the Source is either (i) an “insurance company pooled separate account,” (within the meaning of PTE 90‐1) or (ii) a “bank collective investment fund” (within the meaning of the PTE 91‐38) and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or
		

		
			(d)    the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84‐14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans 
		

		 

		

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		established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 5% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d);or
		

		
			(e)    the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96‐23 (the “INHAM Exemption”)) managed by an “in‐house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 5% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or
		

		
			(f)    the Source is a governmental plan; or
		

		
			(g)    the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or
		

		
			(h)    the Source does not include “assets” of any employee benefit plan, other than a plan exempt from the coverage of ERISA.
		

		
			As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA.
		

		
			SECTION 7.INFORMATION AS TO COMPANY.
		

		
			Section 7.1.Financial and Business Information.  The Company shall deliver to each holder of 2020 Series A Bonds that is an Institutional Investor:
		

		
			(a)Quarterly Statements — within 60 days (or such shorter period as is 15 days greater than the period applicable to the filing of the Company’s Quarterly Report on Form 10‐Q (the “Form 10‐Q”) with the SEC regardless of whether the Company is subject to the filing requirements thereof) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of,
		

		
			(i)a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and
		

		
			(ii)consolidated statements of income and changes in cash flows of the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,
		

		

		

		 

		

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		setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year‐end adjustments;
		

		
			(b)Annual Statements — within 105 days (or such shorter period as is 15 days greater than the period applicable to the filing of the Company’s Annual Report on Form 10 K (the “Form 10 K”) with the SEC regardless of whether the Company is subject to the filing requirements thereof) after the end of each fiscal year of the Company, duplicate copies of,
		

		
			(i)a consolidated balance sheet of the Company and its Subsidiaries, as at the end of such year, and
		

		
			(ii)consolidated statements of income, changes in patronage capital and membership fees and cash flows of the Company and its Subsidiaries for such year,
		

		
			setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified above of the Company’s Annual Report on Form 10‐K for such fiscal year (together with the Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a‐3 under the Exchange Act) prepared in accordance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(b), and provided, further, that the Company shall be deemed to have made such delivery of such Form 10‐K if it shall have timely made Electronic Delivery thereof;
		

		
			(c)SEC and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report, notice or proxy statement sent by the Company or any Subsidiary to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally, and (ii) each regular or periodic report, each registration statement that shall have become effective (without exhibits except as expressly requested by such holder), and each final prospectus and all amendments thereto filed by the Company with the SEC or any Subsidiary;
		

		

		

		 

		

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		(d)Notice of Default or Event of Default — promptly, and in any event within five Business Days after a Responsible Officer becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;
		

		
			(e)ERISA Matters — promptly, and in any event within five Business Days after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto:
		

		
			(i)with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or
		

		
			(ii)the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or
		

		
			(iii)any event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; or
		

		
			(iv)receipt of notice of the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non‐U.S. Plans;
		

		
			(f)Supplemental Indentures — promptly, and in any event not less than five Business Days after the execution and delivery thereof, a copy of any indenture supplemental to the Indenture that the Company from time to time may hereafter execute and deliver which amends the Indenture in any respect;
		

		
			(g)Notices from Governmental Authority — promptly, and in any event within 30 days after receipt thereof, copies of any notice to the Company or any Subsidiary from any Federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect;
		

		

		

		 

		

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		(h)Certain Notices Under the Indenture — true, correct and complete copies of any notices required to be delivered by the Company to such holder pursuant to the terms and provisions of the Indenture; and
		

		
			(i)Requested Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company or any of its Subsidiaries (including, but without limitation, actual copies of the Company’s Form 10‐Q and Form 10‐K, if any) or relating to the ability of the Company to perform its obligations under any Financing Agreement as from time to time may be reasonably requested by such holder of 2020 Series A Bonds after a Default that is continuing.
		

		
			All information required to be delivered by the Company pursuant to Section 7.1(a)‐(c) shall be deemed to have been furnished if the Company shall have timely made the same available on the its website at www.chugachelectric.com and, substantially concurrently therewith (except in the case of the delivery of forms 10‐K and 10‐Q and any financial statements or other information contained therein, as to which no separate notification shall be necessary if such information has been posted on the Company’s website within the deadlines specified in Section 7.1(a) and Section 7.1(b)), shall have notified each holder of 2020 Series A Bonds that such information has been posted on its website and such information is fully accessible (such availability and notice thereof being referred to as “Electronic Delivery”), provided, that if any holder of 2020 Series A Bonds is unable to access the Company’s website or download and print the posted information the Company agrees to provide such holder with paper or electronic copies of such information required to be furnished pursuant to Section 7.1(a)‐(c) promptly following notice (and thereafter so long as such notice remains in effect) from such holder.
		

		
			Section 7.2.Officer’s Certificate.   Each set of financial statements delivered to a holder of 2020 Series A Bonds pursuant to Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth (which, in the case of Electronic Delivery of any such financial statements, shall be by separate concurrent delivery of such certificate to each holder of 2020 Series A Bonds):
		

		
			(a)Covenant Compliance — (i) the information (including detailed calculations) required in order to establish whether the Company was in compliance with the requirements of Sections 14.14 and 14.15 of the Indenture during the annual period covered by the statements then being furnished and (ii) to the extent the Company issued Additional Obligations (as defined in the Indenture) under the Indenture during the period covered by the statements being furnished, any calculations that the Company provided to the Trustee (as defined in the Indenture) to show compliance with the Indenture in connection with the issuance of the Additional Obligations (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence); and
		

		
			(b)Event of Default — a statement that such Senior Financial Officer has reviewed the relevant terms hereof and of the Indenture and has made, or caused to be 
		

		 

		

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		made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto.
		

		
			Section 7.3.Visitation.  The Company shall permit the representatives of each holder of 2020 Series A Bonds that is an Institutional Investor:
		

		
			(a)No Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the Company’s officers, and, with the consent of the Company (which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing (but no Investor shall have the right to make such a request more frequently than once in any 12‐month period); and
		

		
			(b)Default — if a Default or Event of Default then exists, at the expense of the Company to visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their books of account and other relevant records, reports and documents, to make copies or extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and its Subsidiaries if a Default or Event of Default then exists), all at such times and as often as may be reasonably requested in writing.
		

		
			SECTION 8.AFFIRMATIVE COVENANTS.
		

		
			The Company covenants that so long as any of the 2020 Series A Bonds are outstanding:
		

		
			Section 8.1.Compliance with Law.  Without limiting Section 9.2, the Company will and will cause each of its Subsidiaries to comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, the USA PATRIOT Act and Environmental Laws and the other laws and regulations that are referenced in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non‐compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
		

		

		

		 

		

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		Section 8.2.Insurance.  The Company will and will cause each of its Subsidiaries to maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co‐insurance and self‐insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated.
		

		
			Section 8.3.Maintenance of Properties.  The Company will and will cause each of its Subsidiaries to maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear or immaterial casualties or condemnations), so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
		

		
			Section 8.4.Payment of Taxes.  The Company will and will cause each of its Subsidiaries to file all income tax or similar tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies payable by any of them, to the extent the same have become due and payable and before they have become delinquent, provided that neither the Company nor any Subsidiary need pay any such tax, assessment, charge or levy if (a) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (b) the nonpayment of all such taxes, assessments, charges and levies in the aggregate would not reasonably be expected to have a Material Adverse Effect.
		

		
			Section 8.5.Corporate Existence.  The Company will at all times preserve and keep in full force and effect its corporate existence.  The Company will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries (unless merged into the Company or a wholly owned Subsidiary) and all rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect.
		

		
			Section 8.6.Books and Records.  The Company will, and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be.
		

		

		

		 

		

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		SECTION 9.NEGATIVE COVENANTS.
		

		
			The Company covenants that so long as any of the 2020 Series A Bonds are outstanding:
		

		
			Section 9.1.Transactions with Affiliates.  The Company will not and will not permit any Subsidiary to enter into directly or indirectly any Material transaction or Material group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary), except pursuant to the reasonable requirements of the Company’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable arm’s‐length transaction with a Person not an Affiliate.
		

		
			Section 9.2.Line of Business.  The Company will not and will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement.
		

		
			Section 9.3.Terrorism Sanctions Regulations.    The Company will not, and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the 2020 Series A Bonds) with any Person if such investment, dealing or transaction (i) would cause any holder or any affiliate of such holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws.
		

		
			SECTION 10.REGISTRATION; EXCHANGE; SUBSTITUTION OF 2020 SERIES A BONDS.
		

		
			The registration, exchange, replacement and transfer of the 2020 Series A Bonds, if any, shall be subject to the terms and provisions of the Indenture.
		

		
			SECTION 11.PAYMENTS ON 2020 SERIES A BONDS.
		

		
			The 2020 Series A Bonds shall be subject to optional and mandatory redemption as provided the Eighth Supplemental Indenture.  So long as any Purchaser or its nominee shall be the holder of any 2020 Series A Bond, and notwithstanding anything contained in the Indenture or in such 2020 Series A Bond to the contrary, the Company will pay all sums becoming due on such 2020 Series A Bond for principal, make‐whole amount or premium, if any, and interest by the method and at the address specified for such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such 2020 Series A Bond or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or 
		

		 

		

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		redemption in full of any 2020 Series A Bond, such Purchaser shall surrender such 2020 Series A Bond for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to the Indenture.  Prior to any sale or other disposition of any 2020 Series A Bond held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such 2020 Series A Bond to the Company in exchange for a new 2020 Series A Bond or 2020 Series A Bonds of the same maturity pursuant to Section 3.7 of the Indenture.  The Company will afford the benefits of this Section 11 to any Institutional Investor that is the direct or indirect transferee of any 2020 Series A Bond purchased by a Purchaser under this Agreement and that has made the same agreement relating to such 2020 Series A Bond as the Purchasers have made in this Section 11.    
		

		
			SECTION 12.EXPENSES.
		

		
			Section 12.1.Transaction Expenses.  Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a 2020 Series A Bond in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of any Financing Agreement (whether or not such amendment, waiver or consent becomes effective), including, without limitation:  (a) the reasonable costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under any Financing Agreement or in responding to any subpoena or other legal process or informal investigative demand issued in connection with any Financing Agreement, or by reason of being a holder of any 2020 Series A Bond, (b) the reasonable costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work‐out or restructuring of the transactions contemplated  by any Financing Agreement and (c) the costs and expenses incurred in connection with the initial filing of any Financing Agreement and all related documents and financial information with the SVO, provided that such costs and expenses under this clause (c) shall not exceed $3,000 per tranche.  The Company will pay, and will save each Purchaser and each other holder of a 2020 Series A Bond harmless from, all claims in respect of any fees, costs or expenses if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the 2020 Series A Bonds).
		

		
			Section 12.2.Survival.  The obligations of the Company under this Section 12 will survive the payment or transfer of any 2020 Series A Bond, the enforcement, amendment or waiver of any provision of any Financing Agreement, and the termination of any Financing Agreement.
		

		
			SECTION 13.SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.
		

		
			All representations and warranties contained herein shall survive the execution and delivery of the Financing Agreements, the purchase or transfer by any Purchaser of any 
		

		 

		

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		2020 Series A Bond or portion thereof or interest therein and the payment of any 2020 Series A Bond, and may be relied upon by any subsequent holder of a 2020 Series A Bond, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a 2020 Series A Bond.  All statements contained in any certificate or other instrument required to be delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement.  Subject to the preceding sentence, the Financing Agreements embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.
		

		
			SECTION 14.AMENDMENT AND WAIVER.
		

		
			Section 14.1.Requirements.  This Agreement and the Bonds may be amended, and the observance of any term hereof or of the Bonds may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 19 hereof or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no such amendment or waiver may, without the written consent of the holder of each 2020 Series A Bond at the time outstanding affected thereby, (i) change the percentage of the principal amount of the 2020 Series A Bonds the holders of which are required to consent to any such amendment or waiver or (ii) amend any of Sections 14 or 18.
		

		
			Section 14.2.Solicitation of Holders of 2020 Series A Bonds.
		

		
			(a)Solicitation.  The Company will provide each holder of the 2020 Series A Bonds (irrespective of the amount of 2020 Series A Bonds then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the 2020 Series A Bonds or Eighth Supplemental Indenture.  The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 14 or Section 1.4 of the Indenture to each holder of outstanding 2020 Series A Bonds promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of 2020 Series A Bonds.
		

		
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			(b)Payment.  The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of 2020 Series A Bonds as consideration for or as an inducement to the entering into by any holder of 2020 Series A Bonds of any waiver or amendment of any of the terms and provisions hereof or of the Indenture unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of 2020 Series A Bonds then outstanding even if such holder did not consent to such waiver or amendment.  Except as otherwise required by applicable law, the Company agrees that it will not withhold from any applicable payment to be made to a holder of a 2020 Series A Bond that is not a United States 
		

		 

		

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		Person any tax levied by the United States so long as such holder shall have delivered to the Company (in such number of copies as shall be requested) on or about the date on which such holder becomes a holder under this Agreement (and from time to time thereafter upon the reasonable request of the Company), two original executed copies of IRS Form W-8BEN, IRS Form W-8-ECI or IRS Form W-8BEN-E , as applicable, as well as the applicable “U.S. Tax Compliance Certificate” substantially in the form attached as Exhibit 14.2, in both cases correctly completed and executed and validly claiming a complete exemption from U.S. federal withholding tax with respect to such payment. Each holder agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Company in writing of its legal inability to do so.
		

		
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			(c)Consent in Contemplation of Transfer.  Any consent made pursuant to this Section 14.2 by the holder of any 2020 Series A Bond that has transferred or has agreed to transfer such 2020 Series A Bond to the (i) Company, (ii) any Subsidiary or any other Affiliate or (iii) or (iii) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company and/or any of its Affiliates, in each case in connection with such consent,  such transfer shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of 2020 Series A Bonds that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such transferring holder.
		

		
			Section 14.3.Binding Effect.  Any amendment or waiver applicable to this Agreement or the Eighth Supplemental Indenture consented to as provided in this Section 14 applies equally to all holders of 2020 Series A Bonds and is binding upon them and upon each future holder of any 2020 Series A Bond and upon the Company without regard to whether such 2020 Series A Bond has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Company and the holder of any 2020 Series A Bond nor any delay in exercising any rights hereunder or under any 2020 Series A Bond shall operate as a waiver of any rights of any holder of such 2020 Series A Bond.  As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.
		

		
			Section 14.4.2020 Series A Bonds Held by Company.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of 2020 Series A Bonds then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the Indenture or the 2020 Series A Bonds, or have directed the taking of any action provided herein or in the 2020 Series A Bonds to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of 2020 Series A Bonds then outstanding, 2020 Series A Bonds directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.
		

		

		

		 

		

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		SECTION 15.NOTICES.
		

		
			All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid).  Any such notice must be sent:
		

		
			(i)if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing,
		

		
			(ii)if to any other holder of any 2020 Series A Bond, to such holder at such address as such other holder shall have specified to the Company in writing,
		

		
			(iii)if to the Company, to the Company at its address set forth at the beginning hereof to the attention of Chief Financial Officer, or at such other address as the Company shall have specified to the holder of each 2020 Series A Bond in writing, or
		

		
			(iv)if to the Trustee, to the Trustee at the address specified in the Indenture or at such other address as the Trustee shall have specified to the holder of each Bond in writing.
		

		
			Notices under this Section 15 will be deemed given only when actually received.
		

		
			SECTION 16.INDEMNIFICATION.
		

		
			The Company hereby agrees to indemnify and hold the Purchasers harmless from, against and in respect of any and all loss, liability and expense (including reasonable attorneys’ fees) arising from any misrepresentation or nonfulfillment of any undertaking on the part of the Company under this Agreement.  The indemnification obligations of the Company under this Section 16 shall survive the execution and delivery of this Agreement, the delivery of the 2020 Series A Bonds to the Purchasers and the consummation of the transactions contemplated herein.
		

		
			SECTION 17.REPRODUCTION OF DOCUMENTS.
		

		
			This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the 2020 Series A Bonds themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced.  The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was 
		

		 

		

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		made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  This Section 17 shall not prohibit the Company or any other holder of 2020 Series A Bonds from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.
		

		
			SECTION 18.CONFIDENTIAL INFORMATION.
		

		
			For the purposes of this Section 18, “Confidential Information” means information delivered to any Purchaser by or on behalf of the Company in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Company, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available.  Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with the procedures adopted by such Purchaser in good faith to protect its own confidential information and confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its affiliates and its and their respective directors, trustees, officers, employees (legal and contractual), agents, and attorneys (collectively, the “Related Persons”) (to the extent such disclosure reasonably relates to the administration of the investment represented by its 2020 Series A Bonds), (ii) its auditors, financial advisors, investment advisers and other professional advisors and in the case of any Purchaser or holder that is a Related Fund, to its investors and partners and their Related Person, in each case under this clause (ii), who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 18, (iii) any other holder of any 2020 Series A Bond, (iv) any Institutional Investor to which it sells or offers to sell such 2020 Series A Bond or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 18), (v) any Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 18), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party (provided that such litigation is related to such Purchaser’s investment in the Bonds) or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s 2020 Series A Bonds and this Agreement.  Each holder of a 2020 Series A Bond, by its acceptance of a 2020 Series A Bond, 
		

		 

		

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		will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 14 as though it were a party to this Agreement.  On reasonable request by the Company in connection with the delivery to any holder of a 2020 Series A Bond of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section 18.
		

		
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			In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a 2020 Series A Bond is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 18, this Section 18 shall not be amended thereby and, as between such Purchaser or such holder and the Company, the provisions of this Section 18 shall, subject to compliance with applicable law, supersede any such other confidentiality undertaking.
		

		
			SECTION 19.SUBSTITUTION OF PURCHASER.
		

		
			Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the 2020 Series A Bonds that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6.  Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 19), shall be deemed to refer to such Affiliate in lieu of such original Purchaser.  In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the 2020 Series A Bonds then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser”  in this Agreement (other than in this Section 19), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the 2020 Series A Bonds under this Agreement.
		

		
			SECTION 20.MISCELLANEOUS.
		

		
			Section 20.1.Successors and Assigns.  All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a 2020 Series A Bond) whether so expressed or not.
		

		
			Section 20.2.Payments Due on Non‐Business Days.  Anything in this Agreement or the Bonds to the contrary notwithstanding, any payment of principal of or Make‐Whole Amount or interest on any Bond that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any 
		

		 

		

			-26-

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		Bond is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.
		

		
			Section 20.3.Accounting Terms.  All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP.  Except as otherwise specifically provided herein, (a) all computations made pursuant to this Agreement shall be made using numbers prepared in accordance with GAAP, and (b) all financial statements shall be prepared in accordance with GAAP.
		

		
			For purposes of determining compliance with the financial covenants contained in the Financing Agreements, any election by the Company to measure an item of Indebtedness using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825‐10‐25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made.
		

		
			Section 20.4.Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.
		

		
			Section 20.5.Construction.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.  Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.
		

		
			Defined terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes of the 2020 Series A Bonds, shall also include any such bonds issued in substitution therefor pursuant to the Financing Agreements, (b) subject to Section 20.1, any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any 
		

		 

		

			-27-

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.
		

		
			For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.
		

		
			Section 20.6.Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.
		

		
			Section 20.7.Governing Law.  This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice‐of‐law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.
		

		
			Section 20.8.Jurisdiction and Process; Waiver of Jury Trial.  (a) The Company irrevocably submits to the non‐exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement, the Financing Agreements or the 2020 Series A Bonds.  To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
		

		
			(b)The Company agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in Section 20.8 brought in any such court shall be conclusive and binding upon it subject to rights of appeal or rehearing, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. The Company hereby irrevocably appoints C T Corporation System, with offices as of the date of this Agreement at 28 Liberty Street, New York, New York 10005, as its authorized agent for service of process in relation to any action, suit or proceeding of the nature referred to in Section 20.8(a).  The Company consents to process being served by or on behalf of any holder of a 2020 Series A Bond with respect to any such any action, suit or proceeding by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested to C T Corporation System at the address noted above.  The Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.  Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.  The Company further agrees that any failure of C T Corporation System to give notice to the Company of any such service 
		

		 

		

			-28-

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		shall not impair or affect the validity of such service of any judgment rendered in any such action, suit or proceeding.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
		

		
			(c)Nothing in this Section 20.8 shall affect the right of any holder of a 2020 Series A Bond to serve process in any manner permitted by law, or limit any right that the holders of any of the 2020 Series A Bonds may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.
		

		
			(d)THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE 2020 SERIES A BONDS OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.
		

		
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			﻿
		

		
			*    *    *    *    *
		

		

		

		 

		

			-29-

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company.
		

		
			﻿
		

		
			Very truly yours,
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

					
					
						 

				
	
					
						﻿

					
					
						By

					
					
						/s/ Sherri L. Highers

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Sherri L. Highers

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Its:

					
					
						Executive Vice President

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						Finance and Administration

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						and Chief Financial Officer

					
					
						 

				

		
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			-30-

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		﻿
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

					
					
						 

				
	
					
						﻿

					
					
						By

					
					
						/s/ Paula Z. Kramp

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						PAULA Z. KRAMP

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Its:

					
					
						ASSISTANT SECRETARY TREASURER

					
					
						 

				

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			﻿
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						COBANK, ACB

					
					
						 

				
	
					
						﻿

					
					
						By

					
					
						/s/ Jared Greene

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Jared Greene

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Assistant Corporate Secretary

					
					
						 

				

		
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			﻿
		

		
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			﻿
		

		
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						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			﻿
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						AMERICAN GENERAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA

					
					
						 

				
	
					
						﻿

					
					
						THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

					
					
						 

				
	
					
						﻿

					
					
						THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By AIG Asset Management (U.S.), LLC, as Investment Adviser

					
					
						 

				
	
					
						﻿

					
					
						By

					
					
						/s/ John H. Pollock

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						John H. Pollock

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Managing Director

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						METROPOLITAN TOWER LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By MetLife Investment Management, LLC, Its Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						METLIFE INSURANCE K.K.

					
					
						 

				
	
					
						﻿

					
					
						By MetLife Investment Management, LLC, its investment manager

					
					
						 

				
	
					
						﻿

					
					
						AMERICAN FIDELITY ASSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By MetLife Investment Management, LLC, Its Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						BRIGHTHOUSE LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By MetLife Investment Management, LLC, Its Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						NEW YORK MARINE AND GENERAL INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By MetLife Investment Management, LLC, Its Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						By

					
					
						/s/ John Willis

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						John Willis

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

					
					
						 

				

		
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			﻿
		

		
			﻿
		

		
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						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			﻿
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By: Barings LLC as Investment Adviser

					
					
						 

				
	
					
						﻿

					
					
						By

					
					
						/s/ Elisabeth A. Perenick

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Elisabeth A. Perenick

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Managing Director

					
					
						 

				

		
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			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			﻿
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

					
					
						 

				
	
					
						﻿

					
					
						SECURITY LIFE OF DENVER INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						RELIASTAR LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:  Voya Investment Management LLC, as Agent

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Fitzhugh L. Wickham III

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Fitzhugh L. Wickham III

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

					
					
						 

				
	
					
						﻿

					
					
						AMERICAN FIDELITY ASSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						COMPSOURCE MUTUAL INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						ALLIANCE UNITED INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						BRIGHTHOUSE LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						BRIGHTHOUSE REINSURANCE COMPANY OF DELAWARE

					
					
						 

				
	
					
						﻿

					
					
						EVEREST REINSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						KANSAS CITY LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						NEW YORK MARINE AND GENERAL INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:  Voya Investment Management Co. LLC, as Agent

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Fitzhugh L. Wickham III

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Fitzhugh L. Wickham III

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						VOYA PRIVATE CREDIT TRUST FUND

					
					
						 

				
	
					
						﻿

					
					
						VOYA PRIVATE CREDIT TRUST FUND-SIG CLASS

					
					
						 

				
	
					
						﻿

					
					
						By:  Voya Investment Trust Co., as Agent

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Fitzhugh L. Wickham III

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Fitzhugh L. Wickham III

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
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						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			﻿
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

					
					
						 

				
	
					
						﻿

					
					
						By:  Nuveen Alternatives Advisors LLC, its investment manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Jeffrey Hughes

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Jeffrey Hughes

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Director

					
					
						 

				

		
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						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			﻿
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						ATHENE ANNUITY AND LIFE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Insurance Solutions Group LP, its investment adviser

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Capital Management, L.P., its sub adviser

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Capital Management GP, LLC, its General Partner

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Joseph D. Glatt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Insurance Solutions Group LP, its investment adviser

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Capital Management, L.P., its sub adviser

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Capital Management GP, LLC, its General Partner

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Joseph D. Glatt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						JACKSON NATIONAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Insurance Solutions Group LP, its investment adviser

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Capital Management, L.P., its sub adviser

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Capital Management GP, LLC, its General Partner

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Joseph D. Glatt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
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			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			﻿
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Insurance Solutions Group LP, its investment adviser

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Capital Management, L.P., its sub adviser

					
					
						 

				
	
					
						﻿

					
					
						By:  Apollo Capital Management GP, LLC, its General Partner

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Joseph D. Glatt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Joseph D. Glatt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
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						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						LEGAL AND GENERAL ASSURANCE SOCIETY LIMITED

					
					
						 

				
	
					
						﻿

					
					
						By:  Legal & General Investment Management America, Inc., its Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Edward Wood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Edward Wood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Head of Private Credit Investment, North America

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						BANNER LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:  Legal & General Investment Management America, Inc., its Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Edward Wood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Edward Wood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Head of Private Credit Investment, North America

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:  AEGON USA Investment Management, LLC, its investment manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Bill Henricksen

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Bill Henricksen

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						TRANSAMERICA LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:  AEGON USA Investment Management, LLC, its investment manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Bill Henricksen

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Bill Henricksen

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						TRANSAMERICA LIFE (BERMUDA) LTD

					
					
						 

				
	
					
						﻿

					
					
						By:  AEGON USA Investment Management, LLC, its investment manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Bill Henricksen

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Bill Henricksen

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						HSBC LIFE (INTERNATIONAL) LIMITED

					
					
						 

				
	
					
						﻿

					
					
						SIGNED, SEALED AND DELIVERED for and on behalf of HSBC LIFE (INTERNATIONAL) LIMITED

					
					
						 

				
	
					
						﻿

					
					
						By:  HSBC Global Asset Management (UK) Limited, as its duly appointed attorney

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Glenn Fox

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						its duly authorized signatory

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Glenn Fox

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Head of Infrastructure Debt Investments

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						HANG SENG INSURANCE COMPANY LIMITED

					
					
						 

				
	
					
						﻿

					
					
						SIGNED, SEALED AND DELIVERED for and on behalf of HANG SENG INSURANCE COMPANY LIMITED

					
					
						 

				
	
					
						﻿

					
					
						By:  HSBC Global Asset Management (UK) Limited, as its duly appointed attorney

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Glenn Fox

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						its duly authorized signatory

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Glenn Fox

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Head of Infrastructure Debt Investments

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.)

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Mariana Primera

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Mariana Primera

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Director

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			
		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						MANULIFE LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Masahiro Onizuka

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Masahiro Onizuka

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Portfolio Manager, Investments

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						MANULIFE (SINGAPORE)  PTE. LTD.

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Tatsuya Oshiro

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Tatsuya Oshiro

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Co-Head of Investments

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						Manulife General Account Investments

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						(Singapore) Pte. Ltd.

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						as investment manager of

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						Manulife (Singapore) Pte.Ltd.

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						MANULIFE (INTERNATIONAL) LIMITED

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Elton Shum

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Elton Shum

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Managing Director, Portfolio

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						Management, Asia, General Account

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

					
					
						Investments

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THRIVENT FINANCIAL FOR LUTHERANS

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ William J. Hochmuth

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						William J. Hochmuth

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Managing Director

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						NEW YORK LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Corporate Vice President

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

					
					
						 

				
	
					
						﻿

					
					
						By: NYL Investors LLC, its Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Director

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 30C)

					
					
						 

				
	
					
						﻿

					
					
						By: NYL Investors LLC, its Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Director

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 30D)

					
					
						 

				
	
					
						﻿

					
					
						By: NYL Investors LLC, its Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Director

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THE BANK OF NEW YORK MELLON, A BANKING CORPORATION ORGANIZED UNDER THE LAWS OF NEW YORK, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE UNDER THAT CERTAIN TRUST AGREEMENT DATED AS OF JULY 1ST, 2015 BETWEEN NEW YORK LIFE INSURANCE COMPANY, AS GRANTOR, JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), AS BENEFICIARY, JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK, AS BENEFICIARY, AND THE BANK OF NEW YORK MELLON, AS TRUSTEE

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						New York Life Insurance Company, its attorney-in-fact

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Kimberly T. Stepancic

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Corporate Vice President

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			﻿
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						Northwestern Mutual Investment Management Company, LLC,  its Investment Adviser

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Bradley T. Kunath

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Bradley T. Kunath

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Managing Director

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY for its Group Annuity Separate Account

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Bradley T. Kunath

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Bradley T. Kunath

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Its Authorized Representative

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						PRINCIPAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						Principal Global Investors, LLC

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						a Delaware limited liability company,

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						its authorized signatory

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Karl Goodman

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Karl Goodman

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Counsel

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Wei-erh Chen

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Wei-erh Chen

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Counsel

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						UNUM LIFE INSURANCE COMPANY OF AMERICA

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						Provident Investment Management, LLC

					
					
						 

				
	
					
						﻿

					
					
						Its:

					
					
						Agent

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Ben Vance

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Ben Vance

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President, Senior Managing Director

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Ward Argust

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Ward Argust

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Assistant Vice President, Investments

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THE CANADA LIFE ASSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ David Ayers

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						David Ayers

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Sr. Managing Director, Bond Investments

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Robert Barnes

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Robert Barnes

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Vice President, Bond Investments

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						EQUITABLE FINANCIAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Amy Judd

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Amy Judd

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Investment Officer

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSEY

					
					
						 

				
	
					
						﻿

					
					
						BY:

					
					
						ALLIANCEBERNSTEIN, LP, ITS INVESTMENT ADVISOR

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Amy Judd

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Amy Judd

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Investment Officer

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						STATE FARM LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Jeffrey Atwood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Jeffrey Atwood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Investment Professional

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Rebekah L. Holt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Rebekah L. Holt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Investment Professional

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						STATE FARM LIFE AND ACCIDENT ASSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Jeffrey Atwood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Jeffrey Atwood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Investment Professional

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Rebekah L. Holt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Rebekah L. Holt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Investment Professional

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						STATE FARM INSURANCE COMPANIES EMPLOYEE RETIREMENT TRUST

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Jeffrey Atwood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Jeffrey Atwood

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Investment Professional

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Rebekah L. Holt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Rebekah L. Holt

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Investment Professional

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Karl Spaeth

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Karl Spaeth

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Vice President

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Karl Spaeth

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Karl Spaeth

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Vice President

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						PACIFIC LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Jason T. Todd

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Jason T. Todd

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Assistant Vice President

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Adam Gossett

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Adam Gossett

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Director

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Adam Gossett

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Adam Gossett

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Director

					
					
						 

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Adam Gossett

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Adam Gossett

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Director

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						UNITED OF OMAHA LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Justin P. Kavan

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Justin P. Kavan

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Senior Vice President

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						PROTECTIVE LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Diane S. Griswold

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Diane S. Griswold

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						VP, Investments

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THE STATE LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						American United Life Insurance Company

					
					
						 

				
	
					
						﻿

					
					
						Its:

					
					
						Agent

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ David M. Weisenburger

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						David M. Weisenburger

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						VP, Fixed Income Securities

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						AMERITAS LIFE INSURANCE CORP.

					
					
						 

				
	
					
						﻿

					
					
						AMERITAS LIFE INSURANCE CORP. OF NEW YORK

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						Ameritas Investment Partners Inc., as Agent

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Tina Udell

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Tina Udell

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President & Managing Director

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						AMERICAN EXCESS INSURANCE EXCHANGE RISK RETENTION GROUP

					
					
						 

				
	
					
						﻿

					
					
						THE AMERICAN HOME LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						GOODVILLE MUTUAL CASUALTY COMPANY

					
					
						 

				
	
					
						﻿

					
					
						GUARANTEE TRUST LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						ICI MUTUAL INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						PENNSYLVANIA PROFESSIONAL LIABILITY JOINT UNDERWRITING ASSOCIATION

					
					
						 

				
	
					
						﻿

					
					
						PROTECTIVE LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						Asset Allocation and Management LLC

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ John Schaefer

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						John Schaefer

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Chairman and CEO

					
					
						 

				

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						SYMETRA LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Yvonne Guajardo

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Yvonne Guajardo

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						SUNRISE CAPTIVE RE, LLC

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Brenda Kalb

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Brenda Kalb

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Vice President

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						STANDARD INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Chris Beaulieu

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Chris Beaulieu

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						VP, Individual Annuities & Investments

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						COUNTRY MUTUAL INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ John A. Jacobs

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						John A. Jacobs

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Director – Fixed Income

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						NASSAU LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						Nassau Asset Management LLC,

					
					
						 

				
	
					
						﻿

					
					
						Its:

					
					
						Investment Manager

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ David E. Czerniecki

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						David E. Czerniecki

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Chief Investment Officer

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						AMERICAN FAMILY LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ David L. Voge

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						David L. Voge

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Director Private Markets

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						BENEFICIAL LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ J. David Pearce

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						J. David Pearce

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Sr. VP, General Counsel & Corp Sec.

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ T. Kirby Brown

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						T. Kirby Brown

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						CMFG LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						MEMBERS Capital Advisors, Inc.,

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						acting as Investment Advisor

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Allen R. Cantrell

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Allen R. Cantrell

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Managing Director, Investments

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						THE EQUITABLE LIFE INSURANCE COMPANY OF CANADA

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Darrin Webley

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Darrin Webley

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Director, Private Placements

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Karl Brecht

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Karl Brecht

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						AVP, Alternate Investments

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						FEDERATED MUTUAL INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Bret Mottl

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Bret Mottl

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Sr. PM

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ David Divine

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						David Divine

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Director – Securities Management

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			 

		

		

			 

		

 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						CHUGACH ELECTRIC ASSOCIATION, INC.

					

					

						 

					

					

						Bond Purchase Agreement

				

		

			 

		

		
		

		
			Accepted as of the date first written above.
		

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						FARM BUREAU LIFE INSURANCE COMPANY

					
					
						 

				
	
					
						﻿

					
					
						By:

					
					
						/s/ Herman L. Riva

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Name:

					
					
						Herman L. Riva

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Title:

					
					
						Securities Vice President

					
					
						 

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		 

		

			 

		

		

			 

		

 

		

			 

		

			
					
						﻿

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						National Rural Utilities Cooperative Finance Corporation

					
						20701 Cooperative Way

					
						Dulles, Virginia 20166

					
					
						A

					
						B

					
						B

					
					
						$15,000,000

					
						$45,000,000

					
						$10,000,000

				

		
			﻿
		

		
			Payments
		

		
			All payments on or in respect of the Tranche A Bonds to be by bank wire transfer of Federal or other immediately available funds identifying each payment as “Chugach Electric Association, Inc., First Mortgage Bonds, Series 2020A, Tranche A due October 30, 2039, PPN 171265 C@8, principal, premium or interest” to:
		

		
			﻿
		

		
			JP Morgan Chase
		

		
			ABA# 021-000-021
		

		
			Account # / Account Name: 5297214 / NRUCFC
		

		
			Reference:  Chugach Electric Association, Inc., First Mortgage Bonds, Series 2020A, Tranche A due October 30, 2039
		

		
			﻿
		

		
			All payments on or in respect of the Tranche B Bonds to be by bank wire transfer of Federal or other immediately available funds identifying each payment as “Chugach Electric Association, Inc., First Mortgage Bonds, Series 2020A, Tranche B due October 30, 2050, PPN 171265 C#6, principal, premium or interest” to:
		

		
			﻿
		

		
			JP Morgan Chase
		

		
			ABA# 021-000-021
		

		
			Account # / Account Name: 599626279 / CFC FMP001
		

		
			Reference:  Chugach Electric Association, Inc., First Mortgage Bonds, Series 2020A, Tranche B due October 30, 2050
		

		
			﻿
		

		
			In each case with sufficient information to identify the source and application of such funds, including the due date and application (as among principal, premium or interest) of the payment being made.
		

		
			﻿
		

		
			Notices
		

		
			All notices of payments and written confirmations of such wire transfers:
		

		
			﻿
		

		
			National Rural Utilities Cooperative Finance Corporation
		

		
			20701 Cooperative Way
		

		
			Dulles, Virginia 20166
		

		
			Attn: Paula Kramp
		

		
			Phone: 703-467-2733
		

		
			and
		

		
			﻿
		

		
			Attn: Kirstie Balducci
		

		
			Phone: 703-467-1615
		

		
			Email: Kirstie.Balducci@nrucfc.coop
		

		
			﻿
		

		

		

		 

		

			 

		

 

		

			 

		

		E-mail address for Electronic Delivery:  AdvanceRequest@nrucfc.coop and loanservicing@nrucfc.coop
		

		
			﻿
		

		
			Legal Notices to be addressed:
		

		
			﻿
		

		
			National Rural Utilities Cooperative Finance Corporation
		

		
			20701 Cooperative Way
		

		
			Dulles, Virginia 20166
		

		
			Attn: General Counsel
		

		
			Fax:  866-230-5635
		

		
			﻿
		

		
			All other communications:
		

		
			﻿
		

		
			National Rural Utilities Cooperative Finance Corporation
		

		
			20701 Cooperative Way
		

		
			Dulles, Virginia 20166
		

		
			Attn: Paula Kramp
		

		
			Phone: 703-467-2733
		

		
			Email: Paula.Kramp@nrucfc.coop
		

		
			﻿
		

		
			and
		

		
			﻿
		

		
			Attn: Kirstie Balducci
		

		
			Phone: 703-467-1615
		

		
			Email: Kirstie.Balducci@nrucfc.coop
		

		
			﻿
		

		
			Name of Nominee in which bonds are to be issued:  None
		

		
			﻿
		

		
			Taxpayer I.D. Number:  52-0891669
		

		
			﻿
		

		
			Tax Jurisdiction:  United States of America
		

		
			﻿
		

		
			Original Bonds to be delivered to:
		

		
			﻿
		

		
			National Rural Utilities Cooperative Finance Corporation
		

		
			20701 Cooperative Way
		

		
			Dulles, Virginia 20166
		

		
			Attn: James Jablonski
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-2-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						CoBank, ACB

					
					
						A

					
						B

					
					
						$25,000,000

					
						$45,000,000

				

		
			﻿
		

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		

		

		 

		

			-3-

		

 

		

			 

		

		
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
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			﻿
		

		
			﻿
		

		
			﻿
		

		
			
		

		
			﻿
		

		
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			﻿
		

		
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			﻿
		

		
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			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-4-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						AMERICAN GENERAL LIFE INSURANCE COMPANY

					
					
						A

					
					
						$14,365,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds, to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA # 021-000-018  
		

		
			Account Name:  BNYM Income
		

		
			Account Number:  GLA111566 
		

		
			For Further Credit to:  AMERICAN GENERAL LIFE INS. CO. Physical; Account No. 886623
		

		
			Reference:  PPN 171265 C@8 and Prin.: $          ; Int.: $______
		

		
			﻿
		

		
			 (2)Payment notices, audit confirmations and related note correspondence to:
		

		
			﻿
		

		
			American General Life Insurance Company (886623)
		

		
			c/o AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  PCG Investment Portfolio Support
		

		
			Email:  PPGIPS@aig.com
		

		
			﻿
		

		
			(3)Duplicate payment notices (only) to:  
		

		
			﻿
		

		
			American General Life Insurance Company (886623)
		

		
			c/o The Bank of New York Mellon
		

		
			Attn:  P & I Department
		

		
			Fax:  (718) 315-3076
		

		
			﻿
		

		
			(4)*Compliance reporting information (financial docs, officer’s certificates, etc.) to:
		

		
			﻿
		

		
			AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  Private Placements Compliance
		

		
			Email:  complianceprivateplacements@aig.com
		

		
			﻿
		

		
			*Note:  Only two (2) complete sets of compliance information are required for all companies for which 
		

		
			              AIG Asset Management Group serves as investment adviser.
		

		
			﻿
		

		
			(5)Note to be issued in the nominee name of:  HARE & CO., LLC (Tax ID #:  13-6062916)
		

		
			﻿
		

		
			(6)Tax I.D. Number for American General Life Insurance Company:  25-0598210
		

		
			﻿
		

		
			(7)Physical Delivery Instructions:
		

		
			﻿
		

		
			DTCC
		

		
			570 Washington Blvd. 
		

		
			Jersey City, NJ 07310
		

		
			Attn: BNY Mellon / Branch Deposit Department – 5th Floor
		

		
			Contact:  Andre Granville; Phone:  (315) 414-3068
		

		
			Account Name:  AMERICAN GENERAL LIFE INSURANCE COMPANY
		

		
			Account Number:  886623
		

		

		

		 

		

			-5-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						AMERICAN GENERAL LIFE INSURANCE COMPANY

					
					
						A

					
					
						$2,635,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds, to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA # 021-000-018  
		

		
			Account Name:  BNYM Income
		

		
			Account Number:  GLA111566 
		

		
			For Further Credit to:  AMERICAN GENERAL LIFE INS. CO. SAMRE; Account No. 990986
		

		
			Reference:  PPN 171265 C@8 and Prin.: $          ; Int.: $______
		

		
			﻿
		

		
			 (2)Payment notices, audit confirmations and related note correspondence to:
		

		
			﻿
		

		
			American General Life Insurance Company SAMRE (990986)
		

		
			c/o AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  PCG Investment Portfolio Support
		

		
			Email:  PPGIPS@aig.com
		

		
			﻿
		

		
			(3)Duplicate payment notices (only) to:  
		

		
			﻿
		

		
			American General Life Insurance Company SAMRE (990986)
		

		
			c/o The Bank of New York Mellon
		

		
			Attn:  P & I Department
		

		
			Fax:  (718) 315-3076
		

		
			﻿
		

		
			(4)*Compliance reporting information (financial docs, officer’s certificates, etc.) to:
		

		
			﻿
		

		
			AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  Private Placements Compliance
		

		
			Email:  complianceprivateplacements@aig.com
		

		
			﻿
		

		
			*Note:  Only two (2) complete sets of compliance information are required for all companies for which 
		

		
			            AIG Asset Management Group serves as investment adviser.
		

		
			﻿
		

		
			(5)Note to be issued in the nominee name of:  HARE & CO., LLC (Tax ID #:  13-6062916)
		

		
			﻿
		

		
			(6)Tax I.D. Number for American General Life Insurance Company:  25-0598210
		

		
			﻿
		

		
			(7)Physical Delivery Instructions:
		

		
			﻿
		

		
			DTCC
		

		
			570 Washington Blvd. 
		

		
			Jersey City, NJ 07310
		

		
			Attn: BNY Mellon / Branch Deposit Department – 5th Floor
		

		
			Contact:  Andre Granville; Phone:  (315) 414-3068
		

		
			Account Name:  AMERICAN GENERAL LIFE INSURANCE COMPANY SAMRE
		

		
			Account Number:  990986
		

		

		

		 

		

			-6-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						AMERICAN GENERAL LIFE INSURANCE COMPANY

					
					
						B

					
					
						$20,000,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds, to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA # 021-000-018  
		

		
			Account Name:  BNYM Income
		

		
			Account Number:  GLA111566 
		

		
			For Further Credit to:  AGL TERMINAL FUNDING 1B COMMINGLED; Account No. 778237
		

		
			Reference:  PPN 171265 C#6 and Prin.: $          ; Int.: $______
		

		
			﻿
		

		
			 (2)Payment notices, audit confirmations and related note correspondence to:
		

		
			﻿
		

		
			AGL Terminal Funding 1B Commingled (778237) 
		

		
			c/o AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04 
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  PCG Investment Portfolio Support
		

		
			Email:  PPGIPS@aig.com
		

		
			﻿
		

		
			(3)Duplicate payment notices (only) to:
		

		
			﻿
		

		
			AGL Terminal Funding 1B Commingled (778237) 
		

		
			c/o The Bank of New York Mellon
		

		
			Attn:  P & I Department
		

		
			Fax:  (718) 315-3076
		

		
			﻿
		

		
			 (4)*Compliance reporting information (financial docs, officer’s certificates, etc.) to:
		

		
			﻿
		

		
			AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  Private Placements Compliance
		

		
			Email:  complianceprivateplacements@aig.com
		

		
			﻿
		

		
			*Note:  Only two (2) complete sets of compliance information are required for all companies for which
		

		
			              AIG Asset Management Group serves as investment adviser.
		

		
			﻿
		

		
			(5)Note to be issued in the nominee name of:  HARE & CO., LLC (Tax ID #:  13-6062916)
		

		
			﻿
		

		
			(6)Tax ID Number for American General Life Insurance Company:  25-0598210
		

		
			﻿
		

		
			(7)Physical Delivery Instructions:
		

		
			﻿
		

		
			DTCC
		

		
			570 Washington Blvd. 
		

		
			Jersey City, NJ 07310
		

		
			Attn: BNY Mellon / Branch Deposit Department – 5th Floor
		

		
			Contact:  Andre Granville; Phone:  (315) 414-3068
		

		
			Account Name:  AGL TERMINAL FUNDING 1B COMMINGLED
		

		
			Account Number:  778237
		

		

		

		 

		

			-7-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

					
					
						B

					
					
						$10,000,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds, to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA # 021-000-018
		

		
			Account Name:  BNYM Income
		

		
			Account Number:  GLA111566 
		

		
			For Further Credit to:  VARIABLE ANNUITY LIFE INSURANCE CO.; Account No.  260735
		

		
			Reference:  PPN 171265 C#6 and Prin.: $          ; Int.: $______
		

		
			﻿
		

		
			(2)Payment notices, audit confirmations and related note correspondence to:
		

		
			﻿
		

		
			The Variable Annuity Life Insurance Company (260735)
		

		
			c/o AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04 
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  PCG Investment Portfolio Support
		

		
			Email:  PPGIPS@aig.com
		

		
			﻿
		

		
			 (3)Duplicate payment notices (only) to:  
		

		
			﻿
		

		
			The Variable Annuity Life Insurance Company (260735)
		

		
			c/o The Bank of New York Mellon
		

		
			Attn:  P & I Department
		

		
			Fax:  (718) 315-3076
		

		
			﻿
		

		
			(4)*Compliance reporting information (financial docs, officer’s certificates, etc.) to:
		

		
			﻿
		

		
			AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  Private Placements Compliance
		

		
			Email:  complianceprivateplacements@aig.com
		

		
			﻿
		

		
			*Note:Only two (2) complete sets of compliance information are required for all companies for which
		

		
			               AIG Asset Management Group serves as investment adviser.
		

		
			﻿
		

		
			(5)Note to be issued in the nominee name of:  HARE & CO., LLC (Tax ID #:  13-6062916)
		

		
			﻿
		

		
			(6)Tax ID Number for The Variable Annuity Life Insurance Company:  74-1625348
		

		

		

		 

		

			-8-

		

 

		

			 

		

		
		

		
			(7)Physical Delivery Instructions:
		

		
			﻿
		

		
			DTCC
		

		
			570 Washington Blvd. 
		

		
			Jersey City, NJ 07310
		

		
			Attn: BNY Mellon / Branch Deposit Department – 5th Floor
		

		
			Contact:  Andre Granville; Phone:  (315) 414-3068
		

		
			Account Name:  THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
		

		
			Account Number:  260735
		

		

		

		 

		

			-9-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						AMERICAN GENERAL LIFE INSURANCE COMPANY

					
					
						B

					
					
						$6,335,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds, to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA # 021-000-018  
		

		
			Account Name:  BNYM Income
		

		
			Account Number:  GLA111566 
		

		
			For Further Credit to:  AMERICAN GENERAL LIFE INS. CO. Physical; Account No. 886623
		

		
			Reference:  PPN 171265 C#6 and Prin.: $          ; Int.: $______
		

		
			﻿
		

		
			 (2)Payment notices, audit confirmations and related note correspondence to:
		

		
			﻿
		

		
			American General Life Insurance Company (886623)
		

		
			c/o AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  PCG Investment Portfolio Support
		

		
			Email:  PPGIPS@aig.com
		

		
			﻿
		

		
			(3)Duplicate payment notices (only) to:  
		

		
			﻿
		

		
			American General Life Insurance Company (886623)
		

		
			c/o The Bank of New York Mellon
		

		
			Attn:  P & I Department
		

		
			Fax:  (718) 315-3076
		

		
			﻿
		

		
			(4)*Compliance reporting information (financial docs, officer’s certificates, etc.) to:
		

		
			﻿
		

		
			AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  Private Placements Compliance
		

		
			Email:  complianceprivateplacements@aig.com
		

		
			﻿
		

		
			*Note:  Only two (2) complete sets of compliance information are required for all companies for which 
		

		
			              AIG Asset Management Group serves as investment adviser.
		

		
			﻿
		

		
			(5)Note to be issued in the nominee name of:  HARE & CO., LLC (Tax ID #:  13-6062916)
		

		
			﻿
		

		
			(6)Tax I.D. Number for American General Life Insurance Company:  25-0598210
		

		
			﻿
		

		
			(7)Physical Delivery Instructions:
		

		
			﻿
		

		
			DTCC
		

		
			570 Washington Blvd. 
		

		
			Jersey City, NJ 07310
		

		
			Attn: BNY Mellon / Branch Deposit Department – 5th Floor
		

		
			Contact:  Andre Granville; Phone:  (315) 414-3068
		

		
			Account Name:  AMERICAN GENERAL LIFE INSURANCE COMPANY
		

		
			Account Number:  886623
		

		 

		

			-10-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						AMERICAN GENERAL LIFE INSURANCE COMPANY

					
					
						B

					
					
						$2,665,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds, to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA # 021-000-018  
		

		
			Account Name:  BNYM Income
		

		
			Account Number:  GLA111566 
		

		
			For Further Credit to:  AMERICAN GENERAL LIFE INS. CO. SAMRE; Account No. 990986
		

		
			Reference:  PPN 171265 C#6 and Prin.: $          ; Int.: $______
		

		
			﻿
		

		
			 (2)Payment notices, audit confirmations and related note correspondence to:
		

		
			﻿
		

		
			American General Life Insurance Company SAMRE (990986)
		

		
			c/o AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  PCG Investment Portfolio Support
		

		
			Email:  PPGIPS@aig.com
		

		
			﻿
		

		
			(3)Duplicate payment notices (only) to:  
		

		
			﻿
		

		
			American General Life Insurance Company SAMRE (990986)
		

		
			c/o The Bank of New York Mellon
		

		
			Attn:  P & I Department
		

		
			Fax:  (718) 315-3076
		

		
			﻿
		

		
			(4)*Compliance reporting information (financial docs, officer’s certificates, etc.) to:
		

		
			﻿
		

		
			AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  Private Placements Compliance
		

		
			Email:  complianceprivateplacements@aig.com
		

		
			﻿
		

		
			*Note:  Only two (2) complete sets of compliance information are required for all companies for which 
		

		
			            AIG Asset Management Group serves as investment adviser.
		

		
			﻿
		

		
			(5)Note to be issued in the nominee name of:  HARE & CO., LLC (Tax ID #:  13-6062916)
		

		
			﻿
		

		
			(6)Tax I.D. Number for American General Life Insurance Company:  25-0598210
		

		
			﻿
		

		
			(7)Physical Delivery Instructions:
		

		
			﻿
		

		
			DTCC
		

		
			570 Washington Blvd. 
		

		
			Jersey City, NJ 07310
		

		
			Attn: BNY Mellon / Branch Deposit Department – 5th Floor
		

		
			Contact:  Andre Granville; Phone:  (315) 414-3068
		

		
			Account Name:  AMERICAN GENERAL LIFE INSURANCE COMPANY SAMRE
		

		
			Account Number:  990986
		

		 

		

			-11-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA

					
					
						B

					
					
						$2,000,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds, to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA # 021-000-018  
		

		
			Account Name:  BNYM Income
		

		
			Account Number:  GLA111566 
		

		
			For Further Credit to:  NATIONAL UNION FIRE INSURANCE CO. SAMRE; Account No:  990992
		

		
			Reference:  PPN 171265 C#6 and Prin.: $          ; Int.: $______
		

		
			﻿
		

		
			(2)Payment notices, audit confirmations and related note correspondence to:
		

		
			﻿
		

		
			National Union Fire Insurance Co. of Pittsburgh, PA SAMRE (990992)
		

		
			c/o AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas   77019-2155
		

		
			Attn:  PCG Investment Portfolio Support
		

		
			Email:  PPGIPS@aig.com
		

		
			 
		

		
			﻿
		

		
			(3)Duplicate payment notices (only) to:  
		

		
			﻿
		

		
			National Union Fire Insurance Co. of Pittsburgh, PA SAMRE (990992)
		

		
			c/o The Bank of New York Mellon
		

		
			Attn:  P & I Department
		

		
			Fax:  (718) 315-3076
		

		
			 
		

		
			(4)*Compliance reporting information (financial docs, officer’s certificates, etc.) to:
		

		
			﻿
		

		
			AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  Private Placements Compliance
		

		
			Email: complianceprivateplacements@aig.com
		

		
			﻿
		

		
			*Note:  Only two (2) complete sets of compliance information are required for all companies for  
		

		
			             which AIG Asset Management Group serves as investment adviser.
		

		
			﻿
		

		
			(5)Note to be issued in the nominee name of:  HARE & CO., LLC (Tax ID #:  13-6062916)
		

		
			﻿
		

		
			(6)Tax I.D. Number for National Union Fire Insurance Company of Pittsburgh, PA:  25-0687550
		

		
			﻿
		

		

		

		 

		

			-12-

		

 

		

			 

		

		
		

		
			(7)Physical Delivery Instructions:
		

		
			﻿
		

		
			DTCC
		

		
			570 Washington Blvd. 
		

		
			Jersey City, NJ 07310
		

		
			Attn: BNY Mellon / Branch Deposit Department – 5th Floor
		

		
			Contact:  Andre Granville; Phone:  (315) 414-3068
		

		
			Account Name:  NATIONAL UNION FIRE INSURANCE CO. OF PITTSBURGH, PA SAMRE
		

		
			Account Number:  990992
		

		

		

		 

		

			-13-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

					
					
						B

					
					
						$2,000,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds, with sufficient information (including PPN #, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds, to:
		

		
			﻿
		

		
			JPMorgan Chase Bank, N.A.
		

		
			ABA # 021-000-021
		

		
			Account Name:  AIG PHYSICAL WIRE ACCOUNT
		

		
			Account Number:  780153941
		

		
			For Further Credit to:  THE U.S. LIFE INSURANCE CO. SAMRE; P 40696
		

		
			Reference:  PPN 171265 C#6 and Prin.: $          ; Int.: $______
		

		
			 
		

		
			(2)Payment notices, audit confirmations and related note correspondence to:
		

		
			﻿
		

		
			The United States Life Insurance Company in the City of New York SAMRE (P 40696)
		

		
			c/o AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  PCG Investment Portfolio Support
		

		
			Email:  PPGIPS@aig.com
		

		
			﻿
		

		
			(3)Duplicate payment notices (only) to:
		

		
			﻿
		

		
			The United States Life Insurance Co. in the City of New York SAMRE (P 40696)
		

		
			c/o JPMorgan Client Services
		

		
			Email:  physical.abs.income@jpmorgan.com
		

		
			﻿
		

		
			(4)*Compliance reporting information (financial docs, officer’s certificates, etc.) to:
		

		
			﻿
		

		
			AIG Asset Management 
		

		
			2929 Allen Parkway, A36-04
		

		
			Houston, Texas  77019-2155
		

		
			Attn:  Private Placements Compliance
		

		
			Email:  complianceprivateplacements@aig.com
		

		
			﻿
		

		
			*Note:  Only two (2) complete sets of compliance information are required for all companies for which 
		

		
			                           AIG Asset Management Group serves as investment adviser.
		

		
			﻿
		

		
			(5)Note to be issued in the nominee name of:  CUDD & CO. LLC (Tax ID #:  13-6022143)
		

		
			﻿
		

		
			(6)Tax ID Number for The United States Life Insurance Company in the City of New York:  13-5459480
		

		
			﻿
		

		

		

		 

		

			-14-

		

 

		

			 

		

		
		

		
			(7)Physical Delivery Instructions:
		

		
			﻿
		

		
			JPMorgan Chase Bank, N.A.
		

		
			4 Chase Metrotech Center
		

		
			Brooklyn, New York 11245-0001
		

		
			Attn:  Physical Receive Department – 3rd Floor (for overnight mail) OR
		

		
			         Physical Receive Dept. – 1st Floor, Window 5 (for messenger, use Willoughby Entrance)         
		

		
			Contact:  Aubrey M. Reuben; Phone:  (718) 242-0269 
		

		
			Account Name:  The United States Life Insurance Company SAMRE
		

		
			Account Number:  P 40696
		

		

		

		 

		

			-15-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						METLIFE INSURANCE K.K.

					
						1-3, Kioicho, Chiyoda-ku

					
						Tokyo, 102-8525 JAPAN

					
					
						A

					
						B

					
					
						$16,900,000

					
						$21,000,000

				

		
			 (all portfolio codes)
		

		
			(Securities to be registered in the name of MetLife Insurance K.K.)
		

		
			﻿
		

		
			(1)  All scheduled payments of principal and interest by wire transfer of immediately available funds to:
		

		
			Beneficiary Bank:The HongKong and Shanghai Banking Corporation Ltd
		

		
			Beneficiary Bank BIC:HSBCHKHHGCC
		

		
			Beneficiary Account No.:741-243737-201
		

		
			Beneficiary Name:MetLife Insurance K.K.
		

		
			Intermediary Bank:HSBC BANK USA NA
		

		
			Intermediary Bank BIC:MRMDUS33
		

		
			Intermediary Fedwire/CHIPS: Fedwire No.: 021001088 CHIPS No:0108
		

		
			Ref:PPN 171265 C@8 - CHUGACH ELECTRIC ASSOCIATION INC - 2.380% due 30-OCT-2039
		

		
			Ref:PPN 171265 C#6 - CHUGACH ELECTRIC ASSOCIATION INC - 2.910% due 30-OCT-2050
		

		
			﻿
		

		
			with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise.  For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.
		

		
			﻿
		

		
			(2)   All notices and communications:
		

		
			﻿
		

		
			MetLife Asset Management Corp. (Japan)
		

		
			Administration Department
		

		
			Tokyo Garden Terrace Kioicho Kioi Tower 25F
		

		
			1-3, Kioicho, Chiyoda-ku, Tokyo 102-8525 Japan
		

		
			Attention: Administration Dept. Manager
		

		
			Email:  saura@metlife.co.jp 
		

		
			﻿
		

		
			With a copy to:
		

		
			﻿
		

			
					
						MetLife Insurance K.K.

					
						c/o MetLife Investment Management, LLC

					
						Investments, Private Placements

					
						One MetLife Way

					
						Whippany, NJ 07981

					
						Attention:  Rachel Hudson - Associate Director, Private Placements; Gregory Scanlon - Analyst 

					
						Email:  PPUCompliance@metlife.com;  rachel.hudson1@metlife.com;  gregory.scanlon@metlife.com;  OpsPvtPlacements@metlife.com

				

		
			﻿
		

		
			With another copy OTHER than with respect to deliveries of financial statements to:
		

		
			﻿
		

		
			MetLife Insurance K.K., c/o MetLife Investment Management, LLC, Investments Law
		

		
			One MetLife Way, Whippany, New Jersey 07981
		

		
			Attention: Chief Counsel-Investments Law (PRIV)
		

		
			Email:  sec_invest_law@metlife.com
		

		
			﻿
		

		

		

		 

		

			-16-

		

 

		

			 

		

		
		

		
			(3)  Original notes delivered to:
		

		
			﻿
		

		
			MetLife Insurance K.K., 
		

		
			/o MetLife Investment Management, LLC, Investments Law
		

		
			One MetLife Way
		

		
			Whippany, New Jersey 07981
		

		
			Attention:  Chiraag Kumar - Senior Counsel, Fixed Income & Alternatives
		

		
			﻿
		

		
			(4)  Taxpayer I.D. Number: 98-1037269 (USA) and 00661996 (Japan)
		

		
			(5)  Tax Jurisdiction: Japan
		

		
			(6)  UK Passport Treaty Number (if applicable): 43/M/359828/DTTP
		

		
			﻿
		

			
					
						Audit Requests:  Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to:  Metropolitan Life Insurance Company, Attn:  Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

				

		
			﻿
		

			
	
			
				

		

		 

		

			-17-

		

 

		

			 

		

			

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						BRIGHTHOUSE LIFE INSURANCE COMPANY

					
						11225 North community House Road

					
						Charlotte, NC 28277

					
					
						A

					
					
						$13,100,000

				

			
	
			
				
			  [Portfolio 7PE, 7PF, 7PG, 7PH, 7PI, 7PJ, 7PL, 7PM]

		
			(Securities to be registered in the name of Brighthouse Life Insurance Company)
		

		
			﻿
		

			
	
			
				 (1)
			

			
	
			
			All scheduled payments of principal and interest by wire transfer of immediately available funds to:

		
			﻿
		

		
			Bank Name:JPMorgan Chase Bank
		

		
			ABA Routing #:021-000-021
		

		
			Account No.:910-2-587434
		

		
			Account Name:Brighthouse Life Insurance Company
		

		
			Ref:PPN 171265 C@8 - CHUGACH ELECTRIC ASSOCIATION INC - 2.380% due 30-OCT-2039
		

		
			﻿
		

		
			with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise.
		

		
			For all payments other than scheduled payments of principal and interest, the Company shall seek instructions
		

		
			from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.
		

		
			﻿
		

			
	
			
				 (2)
			

			
	
			
			All notices and communications:

		
			Brighthouse Life Insurance Company
		

		
			c/o MetLife Investment Management, LLC, Investments – Private Placements
		

		
			One MetLife Way
		

		
			Whippany, New Jersey 07981
		

		
			Attention:  Rachel Hudson - Associate Director, Private Placements; Gregory Scanlon - Analyst 
		

		
			Email:  PPUCompliance@metlife.com; rachel.hudson1@metlife.com; gregory.scanlon@metlife.com;  
		

		
			With a copy OTHER than with respect to deliveries of financial statements to:
		

		
			﻿
		

		
			Brighthouse Life Insurance Company
		

		
			c/o MetLife Investment Management, LLC, Investments Law
		

		
			One MetLife Way
		

		
			Whippany, New Jersey 07981
		

		
			Attention: Chief Counsel-Investments Law (PRIV)
		

		
			Email:  sec_invest_law@metlife.com
		

		
			﻿
		

			
	
			
				 (3)
			

			
	
			
			Original notes delivered to:

		
			JP Morgan Chase Bank NA
		

		
			4 Chase Metrotech Center, 3rd Floor
		

		
			Brooklyn, NY   11245-0001
		

		
			Attention:  Physical Receive Department
		

		
			Ref: G 05314
		

		
			﻿
		

		
			With COPIES OF THE NOTES emailed to ckumar19@metlife.com
		

		
			﻿
		

			
	
			
				 (4)
			

			
	
			
			Taxpayer I.D. Number: 06-0566090

			
	
			
				 (5)
			

			
	
			
			Tax Jurisdiction:United States

			
	
			
				 (6)
			

			
	
			
			Tax Classification: C Corporation

			
	
			
				 (7)
			

			
	
			
			UK Passport Treaty Number (if applicable): 13/B/61653/DTTP

		

		

		 

		

			-18-

		

 

		

			 

		

		
		

			
					
						﻿

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						METROPOLITAN TOWER LIFE INSURANCE COMPANY

					
						200 Park Avenue

					
						New York, New York    10166

					
					
						B

					
					
						$4,200,000

				

		
			﻿
		

		
			 (G.A.---portfolio S07,S11,S12,T39,TBB,TBE,TTA,635,646)
		

		
			(Securities to be registered in the name of Metropolitan Tower Life Insurance Company)
		

		
			﻿
		

		
			(1)   All scheduled payments of principal and interest by wire transfer of immediately available funds to:
		

		
			Bank Name:JPMorgan Chase Bank
		

		
			ABA Routing #:021-000-021
		

		
			Account No.:323-8-90946
		

		
			Account Name:Metropolitan Tower Life Insurance Company
		

		
			Ref:PPN 171265 C#6 - CHUGACH ELECTRIC ASSOCIATION INC - 2.910% due 30-OCT-2050
		

		
			﻿
		

		
			with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise.
		

		
			For all payments other than scheduled payments of principal and interest, the Company shall seek instructions
		

		
			from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.
		

		
			﻿
		

		
			(2)   All notices and communications:
		

			
					
						Metropolitan Tower Life Insurance Company

					
						c/o MetLife Investment Management, LLC

					
						Investments, Private Placements

					
						One MetLife Way

					
						Whippany, NJ 07981

					
						Attention:  Rachel Hudson - Associate Director, Private Placements; Gregory Scanlon - Analyst 

					
						Email:  PPUCompliance@metlife.com;  rachel.hudson1@metlife.com;  gregory.scanlon@metlife.com;  OpsPvtPlacements@metlife.com

				

		
			﻿
		

		
			With a copy OTHER than with respect to deliveries of financial statements to:
		

		
			﻿
		

		
			Metropolitan Tower Life Insurance Company
		

		
			c/o MetLife Investment Management, LLC, Investments Law
		

		
			One MetLife Way
		

		
			Whippany, New Jersey 07981
		

		
			Attention: Chief Counsel-Investments Law (PRIV)
		

		
			Email:  sec_invest_law@metlife.com
		

		
			﻿
		

		
			(3)   Original notes delivered to:
		

		
			Metropolitan Tower Life Insurance Company
		

		
			c/o MetLife Investment Management, LLC, Investments Law
		

		
			One MetLife Way
		

		
			Whippany, New Jersey 07981
		

		
			Attention:  Chiraag Kumar - Senior Counsel, Fixed Income & Alternatives
		

		
			﻿
		

		
			(4)  Taxpayer I.D. Number: 13-3114906
		

		
			(5)  Tax Jurisdiction: United States/Delaware
		

		
			(6)  UK Passport Treaty Number (if applicable): 13/M/298329/DTTP
		

		
			﻿
		

			
					
						﻿

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						Audit Requests:  Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to:  Metropolitan Life Insurance Company, Attn:  Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

				

		 

		

			-19-

		

 

		

			 

		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						New York Marine and General Insurance Company

					
						412 Mt. Kemble Ave. Suite 300C

					
						Morristown, NJ 07960

					
					
						B

					
					
						$1,600,000

				

		
			﻿
		

			
	
			
				
			(portfolio NYM for USD)

		
			(Securities to be registered in the name of New York Marine and General Insurance Company)
		

		
			﻿
		

			
	
			
				 (1)
			

			
	
			
			All scheduled payments of principal and interest by wire transfer of immediately available funds to:

		
			﻿
		

		
			Bank Name: JPMorgan Chase
		

		
			ABA Number: 021000021
		

		
			Account No.:  900-9-000168
		

		
			Account Name: New York Marine and General Insurance Company
		

		
			FFC: P10163
		

		
			Ref: PPN 171265 C#6 - CHUGACH ELECTRIC ASSOCIATION INC - 2.910% due 30-OCT-2050
		

		
			﻿
		

		
			with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise.
		

		
			For all payments other than scheduled payments of principal and interest, the Company shall seek instructions
		

		
			from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.
		

		
			
		

			
	
			
				 (2)
			

			
	
			
			All notices and communications:

		
			﻿
		

		
			New York Marine and General Insurance Company 
		

		
			c/o MetLife Investment Management, LLC
		

		
			Investments, Private Placements
		

		
			One MetLife Way
		

		
			Whippany, NJ 07981
		

		
			Attention:  Rachel Hudson - Associate Director, Private Placements; Gregory Scanlon - Analyst 
		

		
			Email:  PPUCompliance@metlife.com;  rachel.hudson1@metlife.com;  gregory.scanlon@metlife.com
		

		
			﻿
		

		
			With copies OTHER than with respect to deliveries of financial statements to:
		

		
			﻿
		

		
			ProSight Specialty Management Company, Inc. 
		

		
			412 Mt. Kemble Ave. Suite 300C
		

		
			Morristown, NJ 07960
		

		
			Attention: Controller
		

		
			jjeffreys@prosightspecialty.com
		

		
			﻿
		

		
			ProSight Specialty Management Company, Inc. 
		

		
			412 Mt. Kemble Ave. Suite 300C
		

		
			Morristown, NJ 07960
		

		
			Attention: Chief Legal Officer
		

		
			fpapalia@prosightspecialty.com
		

		
			﻿
		

			
	
			
				 (3)
			

			
	
			
			Original notes delivered to:

		
			﻿
		

			
					
						JP Morgan Chase Bank NA

				
	
					
						4 Chase Metrotech Center 

				
	
					
						3rd Floor

				
	
					
						Brooklyn NY 11245-0001

				

		 

		

			-20-

		

 

		

			 

		

			
					
						Attention: Physical Receive Department

					
						Reference Account: P10163

				

		
			With COPIES OF THE NOTES emailed to ckumar19@metlife.com
		

		
			﻿
		

			
	
			
				 (4)
			

			
	
			
			Taxpayer I.D. Number: 13-2703894

			
	
			
				 (5)
			

			
	
			
			UK Passport Treaty Number (if applicable):

		
			﻿
		

		

		

		 

		

			-21-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						American Fidelity Assurance Company

					
						9000 Cameron Parkway

					
						Oklahoma City, OK 73114

					
					
						B

					
					
						$3,200,000

				

			
	
			
				
			(portfolio AFC for USD)

		
			(Securities to be registered in the name of American Fidelity Assurance Company)    
		

		
			﻿
		

			
	
			
				 (6)
			

			
	
			
			All scheduled payments of principal and interest by wire transfer of immediately available funds to:

		
			﻿
		

		
			Bank Name: First Fidelity Bank
		

		
			ABA Number:103002691
		

		
			Account No.: 2000528686
		

		
			Account Name:InvesTrust
		

		
			FFC: American Fidelity Assurance Co
		

		
			Ref: PPN 171265 C#6 - CHUGACH ELECTRIC ASSOCIATION INC - 2.910% due 30-OCT-2050
		

		
			﻿
		

		
			with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise.
		

		
			For all payments other than scheduled payments of principal and interest, the Company shall seek instructions
		

		
			from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.
		

		
			
		

			
	
			
				 (7)
			

			
	
			
			All notices and communications:

		
			﻿
		

		
			American Fidelity Assurance Company
		

		
			c/o MetLife Investment Management, LLC
		

		
			Investments, Private Placements
		

		
			One MetLife Way
		

		
			Whippany, NJ 07981
		

		
			Attention:  Rachel Hudson - Associate Director, Private Placements; Gregory Scanlon - Analyst 
		

		
			Emails:  PPUCompliance@metlife.com;  rachel.hudson1@metlife.com;  gregory.scanlon@metlife.com
		

		
			﻿
		

		
			With a copy OTHER than with respect to deliveries of financial statements to:
		

		
			﻿
		

		
			InvesTrust 
		

		
			Attn:  Debbie Sinard
		

		
			5100 N. Classen, Suite 620
		

		
			Oklahoma City, OK 73118
		

		
			﻿
		

			
	
			
				 (8)
			

			
	
			
			Original notes delivered to:

		
			﻿
		

		
			InvesTrust 
		

		
			Attn:  Debbie Sinard
		

		
			5100 N. Classen, Suite 620
		

		
			Oklahoma City, OK 73118
		

		
			﻿
		

		
			With COPIES OF THE NOTES emailed to ckumar19@metlife.com
		

		
			﻿
		

			
	
			
				 (9)
			

			
	
			
			Taxpayer I.D. Number: 73-0714500

		
			﻿
		

			
	
			
				 (10)
			

			
	
			
			UK Passport Treaty Number (if applicable): 13/A/351507/DTTP

		
			﻿
		

		

		

		 

		

			-22-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

					
						c/o Barings LLC

					
						300 South Tryon Street – Suite 2500

					
						Charlotte, NC  28202

					
					
						B

					
					
						$55,000,000

				

		
			﻿
		

		
			Payments
		

		
			All payments on account of the Note shall be made by crediting in the form of bank wire transfer of Federal or other immediately available funds, (identifying each payment as “2.91% First Mortgage Bonds, 2020 Series A, Tranche B due October 30, 2050, PPN 171265 C#6, interest and principal”, to:
		

		
			﻿
		

		
			MassMutual 
		

			
	
			
				
			Citibank

		
			New York, New York
		

		
			ABA # 021000089
		

		
			Acct #30510685
		

		
			RE:  Description of security, cusip, principal and interest split
		

		
			﻿
		

		
			With advice of payment to the Treasury Operations Securities Management Department at Massachusetts Mutual Life Insurance Company at mmincometeam@massmutual.com or (413) 226-4295 (facsimile).
		

		
			﻿
		

		
			Registration of Securities
		

		
			All securities should be registered to Massachusetts Mutual Life Insurance Company and sent via overnight mail to:  
		

		
			
		

		
			Massachusetts Mutual Life Insurance Company
		

		
			1295 State Street, MIP: E415
		

		
			Springfield, MA 01111
		

		
			Attention:  Janelle Tarantino, Treasury Operations Securities Management
		

		
			Telephone: 413-744-1885
		

		
			E-mail: Jtarantino@massmutual.com
		

		
			﻿
		

		
			With a copy to:
		

		
			﻿Michelle.kearney@barings.com
		

		
			﻿Diane.murphy@barings.com
		

		
			﻿Ty.McBride@barings.com
		

		
			﻿Amy.Callow@barings.com
		

		
			﻿
		

			
					
						Notices

					
						 

					
						Send Communications and Notices (including electronic delivery of financials) to

					
						Massachusetts Mutual Life Insurance Company

					
						c/o Barings LLC

					
						300 South Tryon Street – Suite 2500

					
						Charlotte, NC  28202

					
						 

					
						With notification to:

					
						privateplacements@barings.com

					
						pdgportfolioadmin@barings.com

					
						Nicole.Campellone@barings.com

					
						 

					
					
						Send Notices on Payments to

					
						Massachusetts Mutual Life Insurance Company

					
						Treasury Operations Securities Management

					
						1295 State Street

					
						Springfield, MA 01111

					
						Attn: Janelle Tarantino

					
						 

					
						With a copy to:

					
						Massachusetts Mutual Life Insurance Company

					
						c/o Barings LLC

					
						300 South Tryon Street – Suite 2500

					
						Charlotte, NC  28202

					
						 

					
						Tax Identification No.   04-1590850 

					
						DTTP No.:  13/M/63867/DTTP

				

		

		

		 

		

			-23-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						BRIGHTHOUSE LIFE INSURANCE COMPANY

					
					
						A

					
					
						$10,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			JP Morgan Chase
		

		
			ABA#:  021000021
		

		
			Account No.  9009000127
		

		
			Account Name:  BLIC B7R1 PP2
		

		
			Reference: FFC G 22921 and PPN 171265 C@8
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			BNYM Mellon Asset Servicing
		

		
			11486 Corporate Blvd., Suite 200
		

		
			Orlando, FL 32817-8371
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMPCOperations@voya.com
		

		
			﻿
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 06-0566090
		

		
			﻿
		

		

		

		 

		

			-24-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						BRIGHTHOUSE REINSURANCE COMPANY OF DELAWARE

					
					
						A

					
					
						$3,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			JP Morgan Chase
		

		
			ABA#:  021000021
		

		
			Account No.  9009000127
		

		
			Account Name:  BRCD BBR4 PP2
		

		
			Reference: FFC G 22956 and PPN 171265 C@8
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			BNYM Mellon Asset Servicing
		

		
			11486 Corporate Blvd., Suite 200
		

		
			Orlando, FL 32817-8371
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMPCOperations@voya.com
		

		
			﻿
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 81-4750360
		

		
			﻿
		

		

		

		 

		

			-25-

		

 

		

			 

		

		
		

			
					
						﻿

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

					
					
						A

					
					
						$3,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA#:  021000018 or via SWIFT IRVTUS3NAMS
		

		
			Account No.: 9512398400
		

		
			FBO:  Cigna Stable Value
		

		
			Reference:  PPN 171265 C@8
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			BNYM Mellon Asset Servicing
		

		
			11486 Corporate Blvd., Suite 200
		

		
			Orlando, FL 32817-8371
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMPCOperations@voya.com
		

		
			﻿
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 71-0294708
		

		
			﻿
		

		

		

		 

		

			-26-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						VOYA INVESTMENT TRUST CO., AS AGENT FOR THE VOYA PRIVATE CREDIT TRUST FUND-SIG CLASS

					
					
						A

					
					
						$2,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA#:  021000018 or via SWIFT IRVTUS3NAMS
		

		
			Account No.: 3908658400
		

		
			Account Name: VOYA PRIVATE CREDIT TRUST FUND-SIG CLASS
		

		
			Reference:  PPN 171265 C@8
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			BNYM Mellon Asset Servicing
		

		
			11486 Corporate Blvd., Suite 200
		

		
			Orlando, FL 32817-8371
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMPCOperations@voya.com
		

		
			﻿
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 06-1440627
		

		
			﻿
		

		

		

		 

		

			-27-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						VOYA INVESTMENT TRUST CO., AS AGENT FOR THE VOYA PRIVATE CREDIT TRUST FUND

					
					
						A

					
					
						$2,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA#:  021000018 or via SWIFT IRVTUS3NAMS
		

		
			Account No.: 3909618400
		

		
			Account Name: VOYA PRIVATE CREDIT TRUST FUND
		

		
			Reference:  PPN 171265 C@8
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			BNYM Mellon Asset Servicing
		

		
			11486 Corporate Blvd., Suite 200
		

		
			Orlando, FL 32817-8371
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMPCOperations@voya.com
		

		
			﻿
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 06-1440627
		

		
			﻿
		

		

		

		 

		

			-28-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						ALLIANCE UNITED INSURANCE COMPANY

					
					
						A

					
					
						$1,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			The Northern Trust Company
		

		
			Attn: Master Trust Cash Processing
		

		
			ABA Number:  071000152
		

		
			DDA Number:  518 604 1000
		

		
			Account Name: Alliance United - Voya
		

		
			Account Number: 44-91352
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			Kemper Corporate Services
		

		
			Alliance United Insurance Company
		

		
			200 East Randolph Street
		

		
			Suite 3300
		

		
			Chicago, Illinois 60601
		

		
			Attn:  Investment Accounting
		

		
			Email:  investmentaccounting@kemper.com
		

		
			    and:  investops@kemper.com
		

		
			    and:  VoyaIMPCOperations@voya.com
		

		
			﻿
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Email:  Private.Placements@voya.com 
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.:  77-0475915
		

		
			﻿
		

		
			(5)Notes should be in the name of Ell & Co.
		

		
			﻿
		

		

		

		 

		

			-29-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						NEW YORK MARINE AND GENERAL INSURANCE COMPANY

					
					
						A

					
					
						$1,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			JP Morgan Chase
		

		
			ABA#: 021000021
		

		
			Account Number:  9009000127
		

		
			Account Name:  New York Marine and General Insurance Company
		

		
			Reference:  FFC G 28108 and PPN 171265 C@8
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			
		

		
			BNYM Mellon Asset Servicing
		

		
			11486 Corporate Blvd., Suite 200
		

		
			Orlando, FL 32817-8371
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMPCOperations@voya.com
		

		
			﻿
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com 
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			 (4)Tax Identification No.:  13-2703894
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-30-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

					
					
						B

					
					
						$5,800,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			For scheduled principal and interest payments:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA#:  021000018 or via SWIFT IRVTUS3NAMS
		

		
			 BNF:  GLA111566
		

		
			Attention:  Income Collection Department
		

		
			For further credit to: VRIAC/Acct. 216101
		

		
			Reference:   PPN 171265 C#6
		

		
			﻿
		

		
			For all payments other than scheduled principal and interest:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA#:  021000018 or via SWIFT IRVTUS3NAMS
		

		
			Account No.:  2161018400
		

		
			Account Name:  VRIAC
		

		
			Reference:  PPN 171265 C#6
		

		
			 
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			Voya Investment Management LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMCashOperations@voya.com
		

		
			    and:    VoyaIMPCFAnalyticsSolutionsGroup@voya.com
		

		
			 
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 71-0294708
		

		

		

		 

		

			-31-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						SECURITY LIFE OF DENVER INSURANCE COMPANY

					
					
						B

					
					
						$4,600,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			For scheduled principal and interest payments:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA#:  021000018 or via SWIFT IRVTUS3NAMS
		

		
			 BNF:  GLA111566
		

		
			Attention:  Income Collection Department
		

		
			For further credit to: SLD / Acct. 178157
		

		
			Reference:   PPN 171265 C#6
		

		
			﻿
		

		
			For all payments other than scheduled principal and interest:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA#:  021000018 or via SWIFT IRVTUS3NAMS
		

		
			Account No.:  1781578400
		

		
			Account Name:  SLD
		

		
			Reference:  PPN 171265 C#6
		

		
			 
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			Voya Investment Management LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMCashOperations@voya.com
		

		
			    and:    VoyaIMPCFAnalyticsSolutionsGroup@voya.com
		

		
			 
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 84-0499703
		

		

		

		 

		

			-32-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						RELIASTAR LIFE INSURANCE COMPANY

					
					
						B

					
					
						$3,600,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			For scheduled principal and interest payments:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA#:  021000018 or via SWIFT IRVTUS3NAMS
		

		
			 BNF:  GLA111566
		

		
			Attention:  Income Collection Department
		

		
			For further credit to: RLIC/Acct. 187035
		

		
			Reference:   PPN 171265 C#6
		

		
			﻿
		

		
			For all payments other than scheduled principal and interest:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA#:  021000018 or via SWIFT IRVTUS3NAMS
		

		
			Account No.:  1870358400
		

		
			Account Name:  RLIC
		

		
			Reference:  PPN 171265 C#6
		

		
			 
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			Voya Investment Management LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMCashOperations@voya.com
		

		
			    and:    VoyaIMPCFAnalyticsSolutionsGroup@voya.com
		

		
			 
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 41-0451140
		

		

		

		 

		

			-33-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						AMERICAN FIDELITY ASSURANCE COMPANY

					
					
						B

					
					
						$3,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			First Fidelity Bank N.A.
		

		
			ABA#:  103002691
		

		
			Account No:  2000528686 
		

		
			Account Name:  InvesTrust
		

		
			Reference:  Trust Operations and PPN 171265 C#6
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			American Fidelity Assurance Company
		

		
			5100 North Classen Boulevard
		

		
			Suite 630
		

		
			Oklahoma City, OK 73118
		

		
			Attn:  Doug Floyd
		

		
			Email:  CEIM-Operations@americanfidelity.com
		

		
			          and:  trustops@investrust.com
		

		
			          and:  VoyaIMPCOperations@voya.com
		

		
			 
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 73-0714500
		

		
			﻿
		

		

		

		 

		

			-34-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						EVEREST REINSURANCE COMPANY

					
					
						B

					
					
						$3,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			Hare & Co.
		

		
			c/o The Bank of New York Mellon
		

		
			ABA#:  021000018
		

		
			BNF: GLA111566
		

		
			For further credit to:  Everest Reinsurance Company – Voya CLO / A/C 6998108400
		

		
			Reference:  PPN 171265 C#6
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			BNYM Mellon Asset Servicing
		

		
			11486 Corporate Blvd., Suite 200
		

		
			Orlando, FL 32817-8371
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMPCOperations@voya.com
		

		
			 
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com 
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.:  22-2005057
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-35-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						COMPSOURCE MUTUAL INSURANCE COMPANY

					
					
						B

					
					
						$1,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			Northern Trust Bank
		

		
			ABA#:  071000152
		

		
			Account Number:  5186041000
		

		
			For further credit to/Reference: 44-72575
		

		
			Account Name: CompSource Mutual Insurance Company
		

		
			Reference:  PPN 171265 C#6
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			﻿
		

		
			BNYM Mellon Asset Servicing
		

		
			11486 Corporate Blvd., Suite 200
		

		
			Orlando, FL 32817-8371
		

		
			Attn:  Operations/Settlements
		

		
			Email:  VoyaIMPCOperations@voya.com
		

		
			﻿
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.: 30-0641266
		

		
			﻿
		

		

		

		 

		

			-36-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						KANSAS CITY LIFE INSURANCE COMPANY

					
					
						A

					
						B

					
					
						$1,000,000

					
						$1,000,000

				

		
			﻿
		

		
			(1)All payments on account of Notes held by such purchaser should be made by wire
		

		
			transfer of immediately available funds for credit to:
		

		
			﻿
		

		
			For all payments of scheduled principal and interest:
		

		
			﻿
		

		
			UMB Bank
		

		
			ABA#:  101000695
		

		
			Account Number:  9870161974
		

		
			Account Name:  UMB Income Operating AC
		

		
			Reference:  AC 114199.1 and PPN 171265 C@8 (Tranche A due 2039); 
		

		
			Reference:  AC 114199.1 and PPN 171265 C#6 (Tranche B due 2050)
		

		
			﻿
		

		
			For all payments other than scheduled principal and interest:
		

		
			﻿
		

		
			UMB Bank
		

		
			ABA#:  101000695 
		

		
			Account Number:  9800006823
		

		
			Account Name:  UMB Trust
		

		
			Reference:  AC 144199.1 and PPN 171265 C@8 (Tranche A due 2039); [insert CUSIP]
		

		
			﻿
		

		
			Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.
		

		
			﻿
		

		
			(2)Address for all notices relating to payments:
		

		
			
		

		
			Kansas City Life Insurance Company
		

		
			3520 Broadway Blvd
		

		
			Kansas City, MO 64111
		

		
			Attn:  KCL Settlements Group
		

		
			Email:  KCLsettlements@kclife.com
		

		
			    and:  VoyaIMPCOperations@voya.com
		

		
			﻿
		

		
			(3)Address for all other communications and notices:
		

		
			﻿
		

		
			Voya Investment Management Co. LLC
		

		
			5780 Powers Ferry Road NW, Suite 300
		

		
			Atlanta, GA  30327-4347
		

		
			Attn:  Private Placements
		

		
			Fax:  (770) 690-5342
		

		
			Email:  Private.Placements@voya.com 
		

		
			    and:  Olamide.Bello@voya.com
		

		
			﻿
		

		
			(4)Tax Identification No.:  44-0308260
		

		

		

		 

		

			-37-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						TEACHERS INSURANCE AND ANNUITY

					
						ASSOCIATION OF AMERICA

					
						730 Third Avenue

					
						New York, New York 10017

					
					
						B

					
					
						$40,000,000

				

		
			Payments
		

		
			﻿
		

		
			All payments on or in respect of the Notes shall be made in immediately available funds on the due date by electronic funds transfer, through the Automated Clearing House System, to the account provided by separate cover to the Issuer.  
		

		
			﻿
		

		
			Payment Notices
		

		
			﻿
		

		
			All notices with respect to payments and prepayments of the Notes shall be sent to:
		

		
			﻿
		

		
			JPMorgan Chase Bank, N.A.
		

		
			P.O. Box 35308
		

		
			Newark, New Jersey 07101
		

		
			﻿
		

		
			Contemporaneous written confirmation of any electronic funds transfer shall be sent to the above addresses setting forth (1) the full name, private placement number, interest rate and maturity date of the Notes, (2) allocation of payment between principal, interest, Make-Whole Amount, other premium or any special payment and (3) the name and address of the bank from which such electronic funds transfer was sent.
		

		
			﻿
		

		
			Notices and Communications
		

		
			﻿
		

		
			All notices and communications, including notices with respect to payments and prepayments, shall be delivered or mailed to:
		

		
			﻿
		

		
			Teachers Insurance and Annuity Association of America
		

		
			c/o Nuveen Alternatives Advisors LLC
		

		
			8500 Andrew Carnegie Blvd 
		

		
			Charlotte, NC  28262
		

		
			Attention: Private Placements
		

		
			E-mail:NuveenPrivatePlacements@nuveen.com    
		

		
			Telephone:(704)-988-3431 (Name: Joseph R. Cantey)
		

		
			(212) 916-4000 (General Number)
		

		
			Facsimile:(704) 988-4916
		

		
			﻿
		

		

		

		 

		

			-38-

		

 

		

			 

		

		
		

		
			With a copy to:
		

		
			﻿
		

		
			Nuveen Alternatives Advisors LLC
		

		
			8500 Andrew Carnegie Boulevard
		

		
			Charlotte, North Carolina 28262-8500
		

		
			Attention: Legal Dept.
		

		
			Attention:Parrish McCormack, Counsel
		

		
			E-mail:parrish.mccormack@nuveen.com
		

		
			Telephone:(704) 988-7906
		

		
			(212) 916-4000 (General Number)
		

		
			﻿
		

		
			Taxpayer Identification Number:  13-1624203
		

		
			﻿
		

		
			Physical Delivery of Notes:
		

		
			﻿
		

		
			Address provided under separate cover to the Issuer.
		

		
			﻿
		

		

		

		 

		

			-39-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						ATHENE ANNUITY AND LIFE COMPANY

					
					
						A

					
						B

					
					
						$3,000,000

					
						$5,500,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						ATHENE ANNUITY AND LIFE COMPANY

				
	
					
						Name in which to register Note(s)

					
					
						GERLACH & CO F/B/O ATHENE ANNUITY AND LIFE COMPANY

				
	
					
						Payment on Account of Note

					
						 

					
						     Method

					
						 

					
						     Wiring Instructions

					
					
						 

					
						 

					
						Federal Funds Wire Transfer

					
						 

					
						Citibank NA

					
						ABA number:  021000089

					
						FFC Account #:  21445000

					
						Account Name:  Athene Annuity and Life Co – Annuity

					
						Citi’s SWIFT address: CITIUS33

					
						 

					
						Reference:  Please reference the Name of Company, Description of Security, PPN, Due Date and Application (as among principal, make-whole and interest) of the payment being made.

					
						 

				
	
					
						Address for all Notices, including Financials, Compliance and Requests

					
					
						PREFERRED REMITTANCE:  privateplacements@apollo.com

					
						 

					
						Athene Annuity and Life Company

					
						c/o Apollo Global Management Inc.

					
						Attn: Private Fixed Income

					
						7700 Mills Civic Parkway

					
						West Des Moines, IA  50266

					
						 

				
	
					
						Instructions for Delivery of Notes

					
					
						Citibank NA

					
						Attn: Keith Whyte

					
						399 Park Ave

					
						Level B Vault

					
						New York, NY  10022

					
						A/C Number:  214450

					
						 

				
	
					
						Tax Identification Number

					
					
						42-0175020 (Athene Annuity and Life Company)

					
						13-6021155 (Gerlach & Co.)

					
						 

				

		
			﻿
		

		

		

		 

		

			-40-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

					
					
						A

					
					
						$4,000,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Name in which to register Note(s)

					
					
						GERLACH & CO F/B/O ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Payment on Account of Note

					
						 

					
						     Method

					
						 

					
						     Wiring Instructions

					
					
						 

					
						 

					
						Federal Funds Wire Transfer

					
						 

					
						Citibank NA

					
						ABA number:  021000089

					
						FFC Account #:  21446200

					
						Account Name:  AADE - MOD - FABN - AAM

					
						Citi’s SWIFT address: CITIUS33

					
						 

					
						Reference:  Please reference the Name of Company, Description of Security, PPN, Due Date and Application (as among principal, make-whole and interest) of the payment being made.

					
						 

				
	
					
						Address for all Notices, including Financials, Compliance and Requests

					
					
						PREFERRED REMITTANCE:  privateplacements@apollo.com

					
						 

					
						Athene Annuity & Life Assurance Company

					
						c/o Apollo Global Management Inc.

					
						Attn: Private Fixed Income

					
						7700 Mills Civic Parkway

					
						West Des Moines, IA  50266

					
						 

				
	
					
						Instructions for Delivery of Notes

					
					
						Citibank NA

					
						Attn: Keith Whyte

					
						399 Park Ave

					
						Level B Vault

					
						New York, NY  10022

					
						A/C Number:  214462

					
						 

				
	
					
						Tax Identification Number

					
					
						44-0188050 (Athene Annuity & Life Assurance Company)

					
						13-6021155 (Gerlach & Co.)

					
						 

				

		
			﻿
		

		

		

		 

		

			-41-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

					
					
						A

					
						B

					
					
						$1,500,000

					
						$5,000,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

				
	
					
						Name in which to register Note(s)

					
					
						GERLACH & CO F/B/O MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

				
	
					
						Payment on Account of Note

					
						 

					
						     Method

					
						 

					
						     Wiring Instructions

					
					
						 

					
						 

					
						Federal Funds Wire Transfer

					
						 

					
						Citibank NA

					
						ABA number:  021000089

					
						Concentration A/C#: 31203636

					
						FFC Account #:  255780

					
						Account Name:  STABLE VOYAGE MODCO-AAM  

					
						Citi’s SWIFT address: CITIUS33

					
						 

					
						Reference:  Please reference the Name of Company, Description of Security, PPN, Due Date and Application (as among principal, make-whole and interest) of the payment being made.

					
						 

				
	
					
						Address for all Notices, including Financials, Compliance and Requests

					
					
						PREFERRED REMITTANCE:  privateplacements@apollo.com

					
						 

					
						Massachusetts Mutual Life Insurance Company

					
						c/o Apollo Global Management Inc.

					
						Attn: Private Fixed Income

					
						7700 Mills Civic Parkway

					
						West Des Moines, IA  50266

					
						 

				
	
					
						Instructions for Delivery of Notes

					
					
						Citibank NA

					
						Attn: Keith Whyte

					
						399 Park Ave

					
						Level B Vault

					
						New York, NY  10022

					
						A/C Number:  255780

					
						 

				
	
					
						Tax Identification Number

					
					
						04-1590850 (Massachusetts Mutual Life Insurance Company)

					
						13-6021155 (Gerlach & Co.)

					
						 

				

		

		

		 

		

			-42-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

					
					
						A

					
						B

					
					
						$1,000,000

					
						$2,000,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Name in which to register Note(s)

					
					
						GERLACH & CO F/B/O ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Payment on Account of Note

					
						 

					
						     Method

					
						 

					
						     Wiring Instructions

					
					
						 

					
						 

					
						Federal Funds Wire Transfer

					
						 

					
						Citibank NA

					
						ABA number:  021000089

					
						FFC Account #:  25037900

					
						Account Name:  AADE BLIC MODCO AAM 

					
						Citi’s SWIFT address: CITIUS33

					
						 

					
						Reference:  Please reference the Name of Company, Description of Security, PPN, Due Date and Application (as among principal, make-whole and interest) of the payment being made.

					
						 

				
	
					
						Address for all Notices, including Financials, Compliance and Requests

					
					
						PREFERRED REMITTANCE:  privateplacements@apollo.com

					
						 

					
						Athene Annuity & Life Assurance Company

					
						c/o Apollo Global Management Inc.

					
						Attn: Private Fixed Income

					
						7700 Mills Civic Parkway

					
						West Des Moines, IA  50266

					
						 

				
	
					
						Instructions for Delivery of Notes

					
					
						Citibank NA

					
						Attn: Keith Whyte

					
						399 Park Ave

					
						Level B Vault

					
						New York, NY  10022

					
						A/C Number:  250379

					
						 

				
	
					
						Tax Identification Number

					
					
						44-0188050 (Athene Annuity & Life Assurance Company)

					
						13-6021155 (Gerlach & Co.)

					
						 

				

		
			﻿
		

		

		

		 

		

			-43-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						JACKSON NATIONAL LIFE INSURANCE COMPANY

					
					
						A

					
						B

					
					
						$2,500,000

					
						$3,500,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						JACKSON NATIONAL LIFE INSURANCE COMPANY

				
	
					
						Name in which to register Note(s)

					
					
						HARE & CO., LLC F/B/O JACKSON NATIONAL LIFE INSURANCE COMPANY

				
	
					
						Payment on Account of Note

					
						 

					
						     Method

					
						 

					
						     Wiring Instructions

					
					
						 

					
						 

					
						Federal Funds Wire Transfer

					
						 

					
						The Bank of New York Mellon

					
						ABA number:  021000018

					
						Account #:  4586308400

					
						Account Name:  JNL TRANSACTION ACCOUNT 1

					
						SWIFT address:  IRVTUS3N

					
						 

					
						Reference:  Please reference the Name of Company, Description of Security, PPN, Due Date and Application (as among principal, make-whole and interest) of the payment being made.

					
						 

				
	
					
						Address for all Notices, including Financials, Compliance and Requests

					
					
						PREFERRED REMITTANCE:  privateplacements@apollo.com

					
						 

					
						Jackson National Life Insurance Company

					
						c/o Apollo Global Management Inc.

					
						Attn: Private Fixed Income

					
						7700 Mills Civic Parkway

					
						West Des Moines, IA  50266

					
						 

				
	
					
						Instructions for Delivery of Notes

					
					
						The Depository Trust Company (DTC)

					
						570 Washington Blvd - 5th Floor

					
						Jersey City, NJ 07310 

					
						Attn:  BNY Mellon / Branch Deposit Department

					
						Account Number: 458630

					
						 

				
	
					
						Tax Identification Number

					
					
						38-1659835 (Jackson National Life Insurance Company)

					
						13-6062916 (Hare & Co., LLC)

					
						 

				

		
			﻿
		

		

		

		 

		

			-44-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

					
					
						B

					
					
						$2,000,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Name in which to register Note(s)

					
					
						GERLACH & CO F/B/O ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Payment on Account of Note

					
						 

					
						     Method

					
						 

					
						     Wiring Instructions

					
					
						 

					
						 

					
						Federal Funds Wire Transfer

					
						 

					
						Citibank NA

					
						ABA number:  021000089

					
						FFC Account #:  25038300

					
						Account Name:  AADE BLIC NON-MODCO AAM 

					
						Citi’s SWIFT address: CITIUS33

					
						 

					
						Reference:  Please reference the Name of Company, Description of Security, PPN, Due Date and Application (as among principal, make-whole and interest) of the payment being made.

					
						 

				
	
					
						Address for all Notices, including Financials, Compliance and Requests

					
					
						PREFERRED REMITTANCE:  privateplacements@apollo.com

					
						 

					
						Athene Annuity & Life Assurance Company

					
						c/o Apollo Global Management Inc.

					
						Attn: Private Fixed Income

					
						7700 Mills Civic Parkway

					
						West Des Moines, IA  50266

					
						 

				
	
					
						Instructions for Delivery of Notes

					
					
						Citibank NA

					
						Attn: Keith Whyte

					
						399 Park Ave

					
						Level B Vault

					
						New York, NY  10022

					
						A/C Number:  250383

					
						 

				
	
					
						Tax Identification Number

					
					
						44-0188050 (Athene Annuity & Life Assurance Company)

					
						13-6021155 (Gerlach & Co.)

					
						 

				

		
			﻿
		

		

		

		 

		

			-45-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

					
					
						B

					
					
						$1,000,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Name in which to register Note(s)

					
					
						GERLACH & CO F/B/O ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Payment on Account of Note

					
						 

					
						     Method

					
						 

					
						     Wiring Instructions

					
					
						 

					
						 

					
						Federal Funds Wire Transfer

					
						 

					
						Citibank NA

					
						ABA number:  021000089

					
						FFC Account #:  24032600

					
						Account Name:  AADE LINCOLN FINANCIAL RETAINED AAM

					
						Citi’s SWIFT address: CITIUS33

					
						 

					
						Reference:  Please reference the Name of Company, Description of Security, PPN, Due Date and Application (as among principal, make-whole and interest) of the payment being made.

					
						 

				
	
					
						Address for all Notices, including Financials, Compliance and Requests

					
					
						PREFERRED REMITTANCE:  privateplacements@apollo.com

					
						 

					
						Athene Annuity & Life Assurance Company

					
						c/o Apollo Global Management Inc.

					
						Attn: Private Fixed Income

					
						7700 Mills Civic Parkway

					
						West Des Moines, IA  50266

					
						 

				
	
					
						Instructions for Delivery of Notes

					
					
						Citibank NA

					
						Attn: Keith Whyte

					
						399 Park Ave

					
						Level B Vault

					
						New York, NY  10022

					
						A/C Number:  240326

					
						 

				
	
					
						Tax Identification Number

					
					
						44-0188050 (Athene Annuity & Life Assurance Company)

					
						13-6021155 (Gerlach & Co.)

					
						 

				

		
			﻿
		

		

		

		 

		

			-46-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

					
					
						B

					
					
						$1,000,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Name in which to register Note(s)

					
					
						GERLACH & CO F/B/O ATHENE ANNUITY & LIFE ASSURANCE COMPANY

				
	
					
						Payment on Account of Note

					
						 

					
						     Method

					
						 

					
						     Wiring Instructions

					
					
						 

					
						 

					
						Federal Funds Wire Transfer

					
						 

					
						Citibank NA

					
						ABA number:  021000089

					
						FFC Account #:  23974500

					
						Account Name:  AADE VIAC RR GMIB COIN AAM

					
						Citi’s SWIFT address: CITIUS33

					
						 

					
						Reference:  Please reference the Name of Company, Description of Security, PPN, Due Date and Application (as among principal, make-whole and interest) of the payment being made.

					
						 

				
	
					
						Address for all Notices, including Financials, Compliance and Requests

					
					
						PREFERRED REMITTANCE:  privateplacements@apollo.com

					
						 

					
						Athene Annuity & Life Assurance Company

					
						c/o Apollo Global Management Inc.

					
						Attn: Private Fixed Income

					
						7700 Mills Civic Parkway

					
						West Des Moines, IA  50266

					
						 

				
	
					
						Instructions for Delivery of Notes

					
					
						Citibank NA

					
						Attn: Keith Whyte

					
						399 Park Ave

					
						Level B Vault

					
						New York, NY  10022

					
						A/C Number:  239745

					
						 

				
	
					
						Tax Identification Number

					
					
						44-0188050 (Athene Annuity & Life Assurance Company)

					
						13-6021155 (Gerlach & Co.)

					
						 

				

		
			﻿
		

		

		

		 

		

			-47-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Legal and General Assurance Society Limited

					
						c/o Legal & General Investment Management America, Inc.

					
						71 South Wacker Drive, Suite 800

					
						Chicago, Il 60606

					
						Attn: Private Credit

					
					
						A

					
					
						$22,000,000

				

		
			﻿
		

		
			Securities to be registered in the name of:  Legal and General Assurance Society Limited
		

		
			﻿
		

			
	
			
				 (1)
			

			
	
			
			Payments of principal and interest by Federal Funds Wire Transfer of immediately available funds to:

		
			CITIBANK NA
		

		
			ABA#: 021000089
		

		
			FFC Bank: CITIBANK NA, LONDON (BIC CITIGB2L)
		

		
			FFC Account No: 18694028
		

		
			FFC Account Name: LGAS UNIT PY MA US PC DISC(1978)
		

		
			Reference: PPN 171265 C@8 and identify if paydown or interest
		

		
			﻿
		

		
			Payments of principal and interest by SWIFT Wire Transfer of immediately available funds to:
		

		
			USD Correspondent Bank: CITIBANK N.A., NEW YORK 
		

		
			BIC: CITIUS33 
		

		
			ABA#: 021000089
		

		
			Beneficiary Bank: CITIBANK NA, LONDON 
		

		
			Secondary BIC: CITIGB2L
		

		
			Beneficiary Account Name: LGAS UNIT PY MA US PC DISC(1978) 
		

		
			Beneficiary Account #: 18694028
		

		
			Reference: [Insert PPN# and identify if paydown or interest]
		

		
			﻿
		

			
	
			
				 (2)
			

			
	
			
			All notices of payments and written confirmations of such wire transfers:

		
			Legal and General Investment Management America, Inc.
		

		
			71 South Wacker Drive, Suite 800
		

		
			Chicago, IL 60606
		

		
			Attn: Investment Operations
		

		
			Email: LGIMAPCOperations@lgima.com AND LGIMPrivateCreditIGUS@lgim.com
		

		
			﻿
		

			
	
			
				 (3)
			

			
	
			
			E-mail address for Electronic Delivery:

		
			Email address: LGIMPrivateCreditIGUS@lgim.com
		

		
			﻿
		

		 

		

			-48-

		

 

		

			 

		

			
	
			
				 (4)
			

			
	
			
			All other communications:

		
			Legal and General Investment Management America, Inc.
		

		
			71 South Wacker Drive, Suite 800
		

		
			Chicago, IL 60606
		

		
			Attn: Private Credit Team
		

		
			Tel: 1-312-964-3059 / 1-312-585-0385
		

		
			Email: LGIMPrivateCreditIGUS@lgim.com
		

		
			﻿
		

			
	
			
				 (5)
			

			
	
			
			Original bonds delivered to:

			
					
						﻿

					
						 

					
						 

					
						 

					
						 

					
						 

					
						 

				
	
					
						﻿

					
						Citibank NA

					
						399 Park Avenue

					
						Level “B”       

					
						New York, NY 10022

					
						Attn: Keith Whyte (212) 559-1207

					
						Reference Account #: 239165

				
	
					
						﻿

			
				 (6)
			

		Tax Identification No.:       98-0069969
				

		
			﻿
		

		

		

		 

		

			-49-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Banner Life Insurance Company 

					
						c/o Legal & General Investment Management America, Inc.

					
						71 South Wacker Drive, Suite 800

					
						Chicago, Il 60606

					
						Attn: Private Credit

					
					
						B

					
						B

					
					
						$5,000,000

					
						$5,000,000

				

		
			﻿
		

		
			Securities to be registered in the name of:  BANNER LIFE INSURANCE COMPANY
		

		
			﻿
		

		
			(1)Payments of principal and interest by wire transfer of immediately available funds to:
		

		
			Bank: US Bank, N.A.
		

		
			ABA#: 091000022
		

		
			A/C Name: USB Trust Income & Dividend
		

		
			A/C#: 180183083765
		

		
			FFC Account Name: BANNER PRIVATE CREDIT – U.S. DIRECT ANNUITY GENERAL ACCOUNT
		

		
			FFC Account #: 8028492078
		

		
			Reference: PPN 171265 C#6 and identify if paydown or interest]
		

		
			﻿
		

		
			(2)All notices of payments and written confirmations of such wire transfers:
		

		
			Legal and General Investment Management America, Inc.
		

		
			71 South Wacker Drive, Suite 800
		

		
			Chicago, IL 60606
		

		
			Attn: Investment Operations
		

		
			Email: LGIMAPCOperations@lgima.com AND LGIMPrivateCreditIGUS@lgim.com
		

		
			﻿
		

		
			(3)E-mail address for Electronic Delivery:
		

		
			Email address: LGIMPrivateCreditIGUS@lgim.com
		

		
			﻿
		

		
			(4)All other communications:
		

		
			Legal and General Investment Management America, Inc.
		

		
			71 South Wacker Drive, Suite 800
		

		
			Chicago, IL 60606
		

		
			Attn: Private Credit Team
		

		
			Tel: 1-312-964-3059 / 1-312-585-0385
		

		
			Email: LGIMPrivateCreditIGUS@lgim.com
		

		
			﻿
		

		
			(5)Original bonds delivered to:
		

		
			﻿
		

		
			U.S. Bank Trust Services
		

		
			1555 N. River Center Drive, Suite 302
		

		
			Milwaukee, Wisconsin  53212
		

		
			Attention:  Securities Processing
		

		
			﻿
		

		
			(6)Tax Identification No.:       52-1236145
		

		

		

		 

		

			-50-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						TRANSAMERICA LIFE INSURANCE COMPANY

					
					
						B

					
					
						$10,000,000

				

		
			﻿
		

		
			PAYMENT AND NOTICE INFORMATION
		

		
			Schedule A
		

		
			chugach electric association inc 2.91% 10/30/2050
		

		
			PPN 171265 C#6
		

		
			﻿
		

			
					
						TRANSAMERICA LIFE INSURANCE COMPANY

					
					
						ORIGINAL FACE

				
	
					
						Tax ID #39-0989781

					$10,000,000.00 
				

		
			﻿
		

		
			ORIGINAL NOTE
		

		
			A signed copy of the Note MUST be sent to InvSettlements@aegonusa.com 
		

		
			﻿
		

		
			The Settlements Team will then provide Delivery Instructions to you via fax or email, which will contain the Custody Vault address where the original certificate needs to be sent.  
		

		
			﻿
		

		
			PAYMENTS
		

		
			Wire of payment due
		

		
			All payments on account of the TRANSAMERICA LIFE INSURANCE COMPANY shall be made by wire transfer to:
		

		
			﻿
		

		
			J.P. Morgan Chase Bank, N.A.
		

		
			4 Chase Metrotech Center
		

		
			Brooklyn, New York 11245-0001
		

		
			ABA 021000021
		

		
			DDA: 9009000200
		

		
			FFC Acct# P46363
		

		
			Account Name:  TLIC FMDL 07
		

		
			REFERENCE:  CUSIP/PPN, PRINCIPAL & INTEREST ALLOCATION
		

		
			﻿
		

		
			Payment notice
		

		
			All notices/confirmation of payment information should INCLUDE CUSIP/PPN in the Subject line and be sent to:
		

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						AEGON USA Investment Management, LLC

					
					
						AEGON USA Investment Management, LLC

				
	
					
						Attn: AAM GA Portfolio Accounting MS 3G-CR

					
					
						Attn: Private Placements MS 3C-CR

				
	
					
						6300 C Street SW

					
					
						6300 C Street SW

				
	
					
						Cedar Rapids, IA 52499

					
					
						Cedar Rapids, IA 52499

				
	
					
						Email: AAMValueHub@aegonusa.com 

					
					
						Email: privateplacements@aegonusa.com

				

		
			﻿
		

		
			FINANCIALS, LEGAL, PRE-PAYMENT AND OTHER NOTIFICATIONS
		

		
			﻿
		

		
			Routine Correspondence, Legal Closing Documents and reporting:
		

		
			AEGON USA Investment Management, LLC   
		

		
			Attn:  Director of Private Placements MS 3C-CR
		

		
			6300 C Street SW
		

		
			Cedar Rapids, IA 52499
		

		
			T (319) 355-2429
		

		
			﻿privateplacements@aegonusa.com
		

		
			﻿
		

		

		

		 

		

			-51-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						TRANSAMERICA LIFE INSURANCE COMPANY

					
					
						B

					
					
						$7,000,000

				

		
			﻿
		

		
			PAYMENT AND NOTICE INFORMATION
		

		
			Schedule A
		

		
			chugach electric association inc 2.91% 10/30/2050
		

		
			PPN 171265 C#6
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						TRANSAMERICA LIFE INSURANCE COMPANY

					
					
						ORIGINAL FACE

				
	
					
						Tax ID #39-0989781

					$7,000,000.00 
				

		
			﻿
		

		
			ORIGINAL NOTE
		

		
			A signed copy of the Note MUST be sent to InvSettlements@aegonusa.com 
		

		
			﻿
		

		
			The Settlements Team will then provide Delivery Instructions to you via fax or email, which will contain the Custody Vault address where the original certificate needs to be sent.  
		

		
			﻿
		

		
			PAYMENTS
		

		
			Wire of payment due
		

		
			All payments on account of the TRANSAMERICA LIFE INSURANCE COMPANY shall be made by wire transfer to:
		

		
			﻿
		

		
			J.P. Morgan Chase Bank, N.A.
		

		
			4 Chase Metrotech Center
		

		
			Brooklyn, New York 11245-0001
		

		
			ABA 021000021
		

		
			DDA: 9009000200
		

		
			FFC Acct# P46314
		

		
			Account Name:  TLIC LTR0 07
		

		
			REFERENCE:  CUSIP/PPN, PRINCIPAL & INTEREST ALLOCATION
		

		
			﻿
		

		
			Payment notice
		

		
			All notices/confirmation of payment information should INCLUDE CUSIP/PPN in the Subject line and be sent to:
		

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						AEGON USA Investment Management, LLC

					
					
						AEGON USA Investment Management, LLC

				
	
					
						Attn: AAM GA Portfolio Accounting MS 3G-CR

					
					
						Attn: Private Placements MS 3C-CR

				
	
					
						6300 C Street SW

					
					
						6300 C Street SW

				
	
					
						Cedar Rapids, IA 52499

					
					
						Cedar Rapids, IA 52499

				
	
					
						Email: AAMValueHub@aegonusa.com 

					
					
						Email: privateplacements@aegonusa.com

				

		
			﻿
		

		
			FINANCIALS, LEGAL, PRE-PAYMENT AND OTHER NOTIFICATIONS
		

		
			﻿
		

		
			Routine Correspondence, Legal Closing Documents and reporting:
		

		
			AEGON USA Investment Management, LLC   
		

		
			Attn:  Director of Private Placements MS 3C-CR
		

		
			6300 C Street SW
		

		
			Cedar Rapids, IA 52499
		

		
			T (319) 355-2429
		

		
			privateplacements@aegonusa.com 
		

		
			﻿
		

		

		

		 

		

			-52-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

					
					
						B

					
					
						$5,000,000

				

		
			﻿
		

		
			PAYMENT AND NOTICE INFORMATION
		

		
			Schedule A
		

		
			chugach electric association inc 2.91% 10/30/2050
		

		
			ppn
		

		
			﻿
		

			
					
						TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

					
					
						ORIGINAL FACE

				
	
					
						Tax ID #36-6071399

					$5,000,000.00 
				

		
			﻿
		

		
			ORIGINAL NOTE
		

		
			A signed copy of the Note MUST be sent to InvSettlements@aegonusa.com 
		

		
			﻿
		

		
			The Settlements Team will then provide Delivery Instructions to you via fax or email, which will contain the Custody Vault address where the original certificate needs to be sent.  
		

		
			﻿
		

		
			PAYMENTS
		

		
			Wire of payment due
		

		
			All payments on account of the TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY shall be made by wire transfer to:
		

		
			﻿
		

		
			J.P. Morgan Chase Bank, N.A.
		

		
			4 Chase Metrotech Center
		

		
			Brooklyn, New York 11245-0001
		

		
			ABA 021000021
		

		
			DDA: 9009000200
		

		
			FFC Acct# P46317
		

		
			Account Name: TFLIC FMD1 10
		

		
			Ref:  CUSIP/PPN
		

		
			﻿
		

		
			Payment notice
		

		
			All notices/confirmation of payment information should INCLUDE CUSIP/PPN in the Subject line and be sent to:
		

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						AEGON USA Investment Management, LLC

					
					
						AEGON USA Investment Management, LLC

				
	
					
						Attn: AAM GA Portfolio Accounting MS 3G-CR

					
					
						Attn: Private Placements MS 3C-CR

				
	
					
						6300 C Street SW

					
					
						6300 C Street SW

				
	
					
						Cedar Rapids, IA 52499

					
					
						Cedar Rapids, IA 52499

				
	
					
						Email: AAMValueHub@aegonusa.com 

					
					
						Email: privateplacements@aegonusa.com

				

		
			﻿
		

		
			FINANCIALS, LEGAL, PRE-PAYMENT AND OTHER NOTIFICATIONS
		

		
			﻿
		

		
			Routine Correspondence, Legal Closing Documents and reporting:
		

		
			AEGON USA Investment Management, LLC   
		

		
			Attn:  Director of Private Placements MS 3C-CR
		

		
			6300 C Street SW
		

		
			Cedar Rapids, IA 52499
		

		
			T (319) 355-2429
		

		
			       privateplacements@aegonusa.com 
		

		

		

		 

		

			-53-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						TRANSAMERICA LIFE (BERMUDA) LTD

					
					
						B

					
					
						$4,000,000

				

		
			﻿
		

		
			PAYMENT AND NOTICE INFORMATION
		

		
			Schedule A
		

		
			chugach electric association inc 2.91% 10/30/2050
		

		
			PPN 171265 C#6
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						TRANSAMERICA LIFE (BERMUDA) LTD

					
					
						ORIGINAL FACE

				
	
					
						Tax ID #98-0481010

					$4,000,000.00 
				

		
			﻿
		

		
			ORIGINAL NOTE
		

		
			A signed copy of the Note MUST be sent to InvSettlements@aegonusa.com 
		

		
			﻿
		

		
			The Settlements Team will then provide Delivery Instructions to you via fax or email, which will contain the Custody Vault address where the original certificate needs to be sent.  
		

		
			﻿
		

		
			PAYMENTS
		

		
			Wire of payment due
		

		
			All payments on account of the TRANSAMERICA LIFE (BERMUIDA) LTD shall be made by wire transfer to:
		

		
			﻿
		

		
			Citibank, N.A.
		

		
			111 Wall Street
		

		
			New York, NY  10043
		

		
			ABA #021000089
		

		
			DDA #36218394
		

		
			Custody Account No. 6011415042 
		

		
			FFC TLB TLBH 1B
		

		
			REFERENCE:  CUSIP/PPN, PRINCIPAL & INTEREST ALLOCATION
		

		
			﻿
		

		
			Payment notice
		

		
			All notices/confirmation of payment information should INCLUDE CUSIP/PPN in the Subject line and be sent to:
		

		
			﻿
		

		
			
		

			
					
						﻿

					
					
						 

				
	
					
						AEGON USA Investment Management, LLC

					
					
						AEGON USA Investment Management, LLC

				
	
					
						Attn: AAM GA Portfolio Accounting MS 3G-CR

					
					
						Attn: Private Placements MS 3C-CR

				
	
					
						6300 C Street SW

					
					
						6300 C Street SW

				
	
					
						Cedar Rapids, IA 52499

					
					
						Cedar Rapids, IA 52499

				
	
					
						Email: AAMValueHub@aegonusa.com 

					
					
						Email: privateplacements@aegonusa.com

				

		
			﻿
		

		
			FINANCIALS, LEGAL, PRE-PAYMENT AND OTHER NOTIFICATIONS
		

		
			﻿
		

		
			Routine Correspondence, Legal Closing Documents and reporting:
		

		
			AEGON USA Investment Management, LLC   
		

		
			Attn:  Director of Private Placements MS 3C-CR
		

		
			6300 C Street SW
		

		
			Cedar Rapids, IA 52499
		

		
			T (319) 355-2429
		

		
			       privateplacements@aegonusa.com 
		

		
			﻿
		

		

		

		 

		

			-54-

		

 

		

			 

		

		
		

		
			Tax Filings – Please use the below address on any Tax documents, but continue to mail Tax Correspondence to above address.
		

		
			﻿
		

		
			Transamerica Life International (Bermuda) LTD     Milner Place, Top Floor, 32 Victoria Street, Hamilton HM12,   Bermuda
		

		

		

		 

		

			-55-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						HSBC LIFE (INTERNATIONAL) LIMITED

					
						18/F HSBC CENTRE TOWER 1

					
						1 SHAM MONG ROAD

					
						KOWLOON

					
						HONG KONG

					
					
						A

					
					
						$8,540,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			Intermediate Bank Name: HSBC BANK USA NA
		

		
			Intermediary Bank Swift Code: MRMDUS33
		

		
			Intermediary Account Number: 000044415
		

		
			ABA#: 021001088 CHIPS NO: 0108
		

		
			﻿
		

		
			Beneficiary Inst Bank Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD
		

		
			FFC Account Name: INHK-L&A FUND-INFRA DEBT
		

		
			Final Beneficiary A/C#: 741-019764-201
		

		
			Beneficiary SWIFT: HSBCHKHHGCC
		

		
			﻿
		

		
			With sufficient information to identify the source and application of such funds.
		

		
			﻿
		

		
			(2)Notices and Audit Requests:
		

		
			﻿
		

		
			All notices of payments and written confirmations of such wire transfers shall be sent to:
		

		
			﻿
		

		
			Name: Zin LEE/Nick BROWN
		

		
			Company: HSBC Global Asset Management (UK) Limited
		

		
			Title: Infrastructure Debt Operations
		

		
			Address:  Floor 24, 8 Canada Square, London, E14 5HQ
		

		
			Telephone: +44 (0)7384 790685 / +44 (0)7384 795073
		

		
			Fax: N/A
		

		
			﻿
		

		
			(3)Physical Delivery of Notes:
		

		
			﻿
		

		
			Notes shall be sent via overnight mail to: 
		

		
			﻿
		

		
			Hemant CHANDRASEKARAN/ Jin WEI
		

		
			HSBC LIFE (INTERNATIONAL) LIMITED
		

		
			18/F HSBC Centre Tower 1, 1 Sham Mong Road, Kowloon, Hong Kong
		

		
			Tel. +852 39416482
		

		
			﻿
		

		

		

		 

		

			-56-

		

 

		

			 

		

		
		

		
			An electronic copy of the Notes shall be sent by email to: 
		

		
			﻿
		

		
			﻿zin.lee@hsbc.com
		

		
			﻿nick.brown@hsbc.com
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿LPA_Income_BG@ntrs.com
		

		
			﻿
		

		
			All other communications shall be sent to: 
		

		
			﻿
		

		
			Head of Infrastructure Debt Investments
		

		
			HSBC Global Asset Management (UK) Limited
		

		
			Floor 24
		

		
			8 Canada Square
		

		
			London
		

		
			E14 5HQ
		

		
			United Kingdom
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿
		

		
			(4)U.S. Tax Identification Number:  98-0214709
		

		
			﻿
		

		
			(5)Nominee:  NA
		

		

		

		 

		

			-57-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						HSBC LIFE (INTERNATIONAL) LIMITED

					
						18/F HSBC CENTRE TOWER 1

					
						1 SHAM MONG ROAD

					
						KOWLOON

					
						HONG KONG

					
					
						A

					
					
						$2,460,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			Intermediate Bank Name: HSBC BANK USA NA
		

		
			Intermediary Bank Swift Code: MRMDUS33
		

		
			Intermediary Account Number: 000044415
		

		
			ABA#: 021001088 CHIPS NO: 0108
		

		
			﻿
		

		
			Beneficiary Inst Bank Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD
		

		
			FFC Account Name: INHK IGIP INFRA DEBT
		

		
			Final Beneficiary A/C#: 741-143796-201
		

		
			Beneficiary SWIFT: HSBCHKHHGCC

		

		
			With sufficient information to identify the source and application of such funds.
		

		
			﻿
		

		
			(2)Notices and Audit Requests:
		

		
			﻿
		

		
			All notices of payments and written confirmations of such wire transfers shall be sent to:
		

		
			﻿
		

		
			Name:Zin LEE/Nick BROWN
		

		
			Company:HSBC Global Asset Management (UK) Limited
		

		
			Title:Infrastructure Debt Operations
		

		
			Address:Floor 24, 8 Canada Square, London, E14 5HQ
		

		
			Telephone: +44 (0)7384 790685 / +44 (0)7384 795073
		

		
			Fax: N/A
		

		
			﻿
		

		
			(3)Physical Delivery of Notes:
		

		
			﻿
		

		
			Notes shall be sent via overnight mail to: 
		

		
			﻿
		

		
			Hemant CHANDRASEKARAN/ Jin WEI
		

		
			HSBC LIFE (INTERNATIONAL) LIMITED
		

		
			18/F HSBC Centre Tower 1, 1 Sham Mong Road, Kowloon, Hong Kong
		

		
			Tel. +852 39416482
		

		
			﻿
		

		

		

		 

		

			-58-

		

 

		

			 

		

		
		

		
			An electronic copy of the Notes shall be sent by email to: 
		

		
			﻿
		

		
			﻿zin.lee@hsbc.com
		

		
			﻿nick.brown@hsbc.com
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿LPA_Income_BG@ntrs.com
		

		
			
		

		
			All other communications shall be sent to: 
		

		
			﻿
		

		
			Head of Infrastructure Debt Investments
		

		
			HSBC Global Asset Management (UK) Limited
		

		
			Floor 24
		

		
			8 Canada Square
		

		
			London
		

		
			E14 5HQ
		

		
			United Kingdom
infradebt.surveillance@hsbc.com
		

		
			﻿
		

		
			﻿
		

		
			(4)U.S. Tax Identification Number:  98-0214709
		

		
			﻿
		

		
			(5)Nominee:  NA
		

		
			﻿
		

		

		

		 

		

			-59-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						HSBC LIFE (INTERNATIONAL) LIMITED

					
						18/F HSBC CENTRE TOWER 1

					
						1 SHAM MONG ROAD

					
						KOWLOON

					
						HONG KONG

					
					
						B

					
					
						$7,420,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			Intermediate Bank Name: HSBC BANK USA NA
		

		
			Intermediary Bank Swift Code: MRMDUS33
		

		
			Intermediary Account Number: 000044415
		

		
			ABA#: 021001088 CHIPS NO: 0108
		

		
			﻿
		

		
			Beneficiary Inst Bank Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD
		

		
			FFC Account Name: INHK PAR WHOLE OF LIFE FUND-INFR DEBT
		

		
			Final Beneficiary A/C#: 741-143291-201
		

		
			Beneficiary SWIFT: HSBCHKHHGCC

		

		
			﻿
		

		
			With sufficient information to identify the source and application of such funds.
		

		
			﻿
		

		
			(2)Notices and Audit Requests:
		

		
			﻿
		

		
			All notices of payments and written confirmations of such wire transfers shall be sent to:
		

		
			﻿
		

		
			Name: Zin LEE/Nick BROWN
		

		
			Company: HSBC Global Asset Management (UK) Limited
		

		
			Title: Infrastructure Debt Operations
		

		
			Address:  Floor 24, 8 Canada Square, London, E14 5HQ
		

		
			Telephone: +44 (0)7384 790685 / +44 (0)7384 795073
		

		
			Fax: N/A
		

		
			﻿
		

		
			(3)Physical Delivery of Notes:
		

		
			﻿
		

		
			Notes shall be sent via overnight mail to: 
		

		
			﻿
		

		
			Hemant CHANDRASEKARAN/ Jin WEI
		

		
			HSBC LIFE (INTERNATIONAL) LIMITED
		

		
			18/F HSBC Centre Tower 1, 1 Sham Mong Road, Kowloon, Hong Kong
		

		
			Tel. +852 39416482
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-60-

		

 

		

			 

		

		
		

		
			An electronic copy of the Notes shall be sent by email to: 
		

		
			﻿
		

		
			﻿zin.lee@hsbc.com
		

		
			﻿nick.brown@hsbc.com
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿LPA_Income_BG@ntrs.com
		

		
			
		

		
			All other communications shall be sent to: 
		

		
			﻿
		

		
			Head of Infrastructure Debt Investments
		

		
			HSBC Global Asset Management (UK) Limited
		

		
			Floor 24
		

		
			8 Canada Square
		

		
			London
		

		
			E14 5HQ
		

		
			United Kingdom
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿
		

		
			﻿
		

		
			(4)U.S. Tax Identification Number:  98-0214709
		

		
			﻿
		

		
			(5)Nominee:  NA
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-61-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						HSBC LIFE (INTERNATIONAL) LIMITED

					
						18/F HSBC CENTRE TOWER 1

					
						1 SHAM MONG ROAD

					
						KOWLOON

					
						HONG KONG

					
					
						B

					
					
						$4,980,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			Intermediate Bank Name: HSBC BANK USA NA
		

		
			Intermediary Bank Swift Code: MRMDUS33
		

		
			Intermediary Account Number: 000044415
		

		
			ABA#: 021001088 CHIPS NO: 0108
		

		
			﻿
		

		
			Beneficiary Inst Bank Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD
		

		
			FFC Account Name: INHK - JADE INFRA DEBT
		

		
			Final Beneficiary A/C#: 741-143820-201
		

		
			Beneficiary SWIFT: HSBCHKHHGCC

		

		
			﻿
		

		
			With sufficient information to identify the source and application of such funds.
		

		
			﻿
		

		
			(2)Notices and Audit Requests:
		

		
			﻿
		

		
			All notices of payments and written confirmations of such wire transfers shall be sent to:
		

		
			﻿
		

		
			Name: Zin LEE/Nick BROWN
		

		
			Company: HSBC Global Asset Management (UK) Limited
		

		
			Title: Infrastructure Debt Operations
		

		
			Address:  Floor 24, 8 Canada Square, London, E14 5HQ
		

		
			Telephone: +44 (0)7384 790685 / +44 (0)7384 795073
		

		
			Fax: N/A
		

		
			﻿
		

		
			(3)Physical Delivery of Notes:
		

		
			﻿
		

		
			Notes shall be sent via overnight mail to: 
		

		
			﻿
		

		
			Hemant CHANDRASEKARAN/ Jin WEI
		

		
			HSBC LIFE (INTERNATIONAL) LIMITED
		

		
			18/F HSBC Centre Tower 1, 1 Sham Mong Road, Kowloon, Hong Kong
		

		
			Tel. +852 39416482
		

		
			﻿
		

		

		

		 

		

			-62-

		

 

		

			 

		

		
		

		
			An electronic copy of the Notes shall be sent by email to: 
		

		
			﻿
		

		
			﻿zin.lee@hsbc.com
		

		
			﻿nick.brown@hsbc.com
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿LPA_Income_BG@ntrs.com
		

		
			
		

		
			All other communications shall be sent to: 
		

		
			﻿
		

		
			Head of Infrastructure Debt Investments
		

		
			HSBC Global Asset Management (UK) Limited
		

		
			Floor 24
		

		
			8 Canada Square
		

		
			London
		

		
			E14 5HQ
		

		
			United Kingdom
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿
		

		
			﻿
		

		
			(4)U.S. Tax Identification Number:  98-0214709
		

		
			﻿
		

		
			(5)Nominee:  NA
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-63-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						HSBC LIFE (INTERNATIONAL) LIMITED

					
						18/F HSBC CENTRE TOWER 1

					
						1 SHAM MONG ROAD

					
						KOWLOON

					
						HONG KONG

					
					
						B

					
					
						$1,670,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			Intermediate Bank Name: HSBC BANK USA NA
		

		
			Intermediary Bank Swift Code: MRMDUS33
		

		
			Intermediary Account Number: 000044415
		

		
			ABA#: 021001088 CHIPS NO: 0108
		

		
			﻿
		

		
			Beneficiary Inst Bank Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD
		

		
			FFC Account Name: INHK - WGIP INFRA DEBT
		

		
			Final Beneficiary A/C#: 741-145296-201
		

		
			Beneficiary SWIFT: HSBCHKHHGCC

		

		
			With sufficient information to identify the source and application of such funds.
		

		
			﻿
		

		
			(2)Notices and Audit Requests:
		

		
			﻿
		

		
			All notices of payments and written confirmations of such wire transfers shall be sent to:
		

		
			﻿
		

		
			Name: Zin LEE/Nick BROWN
		

		
			Company: HSBC Global Asset Management (UK) Limited
		

		
			Title: Infrastructure Debt Operations
		

		
			Address:  Floor 24, 8 Canada Square, London, E14 5HQ
		

		
			Telephone: +44 (0)7384 790685 / +44 (0)7384 795073
		

		
			Fax: N/A
		

		
			﻿
		

		
			(3)Physical Delivery of Notes:
		

		
			﻿
		

		
			Notes shall be sent via overnight mail to: 
		

		
			﻿
		

		
			Hemant CHANDRASEKARAN/ Jin WEI
		

		
			HSBC LIFE (INTERNATIONAL) LIMITED
		

		
			18/F HSBC Centre Tower 1, 1 Sham Mong Road, Kowloon, Hong Kong
		

		
			Tel. +852 39416482
		

		
			﻿
		

		

		

		 

		

			-64-

		

 

		

			 

		

		
		

		
			An electronic copy of the Notes shall be sent by email to: 
		

		
			﻿
		

		
			﻿zin.lee@hsbc.com
		

		
			﻿nick.brown@hsbc.com
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿LPA_Income_BG@ntrs.com
		

		
			﻿
		

		
			All other communications shall be sent to: 
		

		
			﻿
		

		
			Head of Infrastructure Debt Investments
		

		
			HSBC Global Asset Management (UK) Limited
		

		
			Floor 24
		

		
			8 Canada Square
		

		
			London
		

		
			E14 5HQ
		

		
			United Kingdom
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿
		

		
			﻿
		

		
			(4)U.S. Tax Identification Number:  98-0214709
		

		
			﻿
		

		
			(5)Nominee:  NA
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-65-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						HANG SENG INSURANCE COMPANY LIMITED

					
						83 DES VOEUX ROAD CENTRAL

					
						HONG KONG

					
					
						B

					
					
						$930,000

				

		
			﻿
		

		
			(1)All payments to be by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			Intermediate Bank Name: HSBC BANK USA NA
		

		
			Intermediary Bank Swift Code: MRMDUS33
		

		
			Intermediary Account Number: 000044415
		

		
			ABA#: 021001088 CHIPS NO: 0108
		

		
			﻿
		

		
			Beneficiary Inst Bank Name: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD
		

		
			FFC Account Name: HSIC EMBRACELIFE FUND-INFRAD
		

		
			Final Beneficiary A/C#: 741-240725-201
		

		
			Beneficiary SWIFT: HSBCHKHHGCC

		

		
			With sufficient information to identify the source and application of such funds.
		

		
			﻿
		

		
			(2)Notices and Audit Requests:
		

		
			﻿
		

		
			All notices of payments and written confirmations of such wire transfers shall be sent to:
		

		
			﻿
		

		
			Name: Zin LEE/Nick BROWN
		

		
			Company: HSBC Global Asset Management (UK) Limited
		

		
			Title: Infrastructure Debt Operations
		

		
			Address:  Floor 24, 8 Canada Square, London, E14 5HQ
		

		
			Telephone: +44 (0)7384 790685 / +44 (0)7384 795073
		

		
			Fax: N/A
		

		
			﻿
		

		
			(3)Physical Delivery of Notes:
		

		
			﻿
		

		
			Notes shall be sent via overnight mail to: 
		

		
			﻿
		

		
			Vivian MAK / Ally CHOI
		

		
			HANG SENG INSURANCE COMPANY LIMITED
		

		
			30/F, Hang Seng 113
		

		
			113 Argyle Street, Mong Kok, Hong Kong
		

		
			Tel. +852 3662 5856 / +852 3662 5267
		

		
			(Please phone upon arrival)
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-66-

		

 

		

			 

		

		
		

		
			An electronic copy of the Notes shall be sent by email to: 
		

		
			﻿
		

		
			﻿zin.lee@hsbc.com
		

		
			﻿nick.brown@hsbc.com
		

		
			﻿infradebt.surveillance@hsbc.com
		

		
			﻿LPA_Income_BG@ntrs.com
		

		
			
		

		
			All other communications shall be sent to: 
		

		
			﻿
		

		
			Head of Infrastructure Debt Investments
		

		
			HSBC Global Asset Management (UK) Limited
		

		
			Floor 24
		

		
			8 Canada Square
		

		
			London
		

		
			E14 5HQ
		

		
			United Kingdom
     infradebt.surveillance@hsbc.com
		

		
			﻿
		

		
			﻿
		

		
			(4)U.S. Tax Identification Number:  08/01816462
		

		
			﻿
		

		
			(5)Nominee:  NA
		

		
			﻿
		

		

		

		 

		

			-67-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.)

					
					
						A

					
					
						$6,000,000

				

		
			 
		

		
			 Principal amount to be purchased: $6,000,000.00
		

		
			 
		

		
			PAYMENTS: 
		

		
			 
		

		
			All payments to be by bank wire transfer of immediately available funds to: 
		

		
			 
		

		
			Bank Name:The Bank of New York Mellon 
		

		
			ABA Number:021 000 018 
		

		
			DDA Number:8901323349 
		

		
			Account Name:F008 US PP Collector JHUSA 
		

		
			Account Number:8440548400 
		

		
			BIC:IRVTUS3NIBK 
		

		
			On Order of: Chugach Electric Association, Inc., PPN 171265 C@8 and P&I Breakdown 
		

		
			Full name, interest rate and maturity date of Notes or other obligations 
		

		
			  
		

		
			NOTICES AND AUDIT REQUESTS: 
		

		
			 
		

		
			All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to: 
		

		
			 
		

		
			John Hancock Financial Services 
		

		
			197 Clarendon Street 
		

		
			Boston, MA 02116 
		

		
			Attention:  Investment Administration 
		

		
			Email:  InvestmentAdministration@jhancock.com 
		

		
			 
		

		
			 
		

		
			All notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to: 
		

		
			 
		

		
			John Hancock Financial Services 
		

		
			197 Clarendon Street 
		

		
			Boston, MA  02116 
		

		
			Attention:  Bond and Corporate Finance, C-2 
		

		
			Email Address:  powerteam@jhancock.com 
		

		
			 
		

		
			All other notices shall be sent to: 
		

		
			 
		

		
			John Hancock Financial Services          and            John Hancock Financial Services 
		

		
			197 Clarendon Street                                               197 Clarendon Street 
		

		
			Boston, MA  02116                                                   Boston, MA  02116 
		

		
			Attention:  Investment Law, C-3                               Attention:  Bond and Corporate Finance, C-2     
		

		
			   Email Address: powerteam@jhancock.com 
		

		
			 
		

		
			TAX IDENTIFICATION NUMBER:  01-0233346 
		

		
			 
		

		
			REGISTERED NAME OF SECURITIES:  John Hancock Life Insurance Company (U.S.A.) 
		

		
			﻿
		

		

		

		 

		

			-68-

		

 

		

			 

		

		
		

		
			DELIVERY OF SECURITIES 
		

		
			 
		

		
			All securities are to be sent for receipt the day after the closing as set forth below: 
		

		
			 
		

		
			Securities issued to: 
		

		
			JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) 
		

		
			 
		

		
			Should be delivered to: 
		

		
			 
		

		
			John Hancock Financial Services 
		

		
			197 Clarendon Street, C-3 
		

		
			Boston, MA  02116 
		

		
			Attention:  Ashley Elizabeth Hamilton 
		

		
			﻿
		

		

		

		 

		

			-69-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.)

					
					
						B

					
					
						$6,000,000

				

		
			 
		

		
			 Principal amount to be purchased: $6,000,000.00
		

		
			 
		

		
			PAYMENTS: 
		

		
			 
		

		
			All payments to be by bank wire transfer of immediately available funds to: 
		

		
			 
		

		
			Bank Name:The Bank of New York Mellon 
		

		
			ABA Number:021 000 018 
		

		
			DDA Number:8901323349 
		

		
			Account Name:F008 US PP Collector JHUSA 
		

		
			Account Number:8440548400 
		

		
			BIC:IRVTUS3NIBK 
		

		
			On Order of: Chugach Electric Association, Inc. PPN 171265 C#6  and P&I Breakdown 
		

		
			Full name, interest rate and maturity date of Notes or other obligations 
		

		
			 
		

		
			 
		

		
			NOTICES AND AUDIT REQUESTS: 
		

		
			 
		

		
			All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to: 
		

		
			 
		

		
			John Hancock Financial Services 
		

		
			197 Clarendon Street 
		

		
			Boston, MA 02116 
		

		
			Attention:  Investment Administration 
		

		
			Email:  InvestmentAdministration@jhancock.com 
		

		
			  
		

		
			All notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to: 
		

		
			 
		

		
			John Hancock Financial Services 
		

		
			197 Clarendon Street 
		

		
			Boston, MA  02116 
		

		
			Attention:  Bond and Corporate Finance, C-2 
		

		
			Email Address:  powerteam@jhancock.com 
		

		
			﻿
		

		
			All other notices shall be sent to: 
		

		
			 
		

		
			John Hancock Financial Services          and            John Hancock Financial Services 
		

		
			197 Clarendon Street                                               197 Clarendon Street 
		

		
			Boston, MA  02116                                                   Boston, MA  02116 
		

		
			Attention:  Investment Law, C-3                               Attention:  Bond and Corporate Finance, C-2     
		

		
			   Email Address: powerteam@jhancock.com 
		

		
			 
		

		
			TAX IDENTIFICATION NUMBER:  01-0233346 
		

		
			 
		

		
			REGISTERED NAME OF SECURITIES:  John Hancock Life Insurance Company (U.S.A.) 
		

		
			﻿
		

		

		

		 

		

			-70-

		

 

		

			 

		

		
		

		
			DELIVERY OF SECURITIES 
		

		
			 
		

		
			All securities are to be sent for receipt the day after the closing as set forth below: 
		

		
			  
		

		
			Securities issued to: 
		

		
			JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) 
		

		
			 
		

		
			Should be delivered to: 
		

		
			 
		

		
			John Hancock Financial Services 
		

		
			197 Clarendon Street, C-3 
		

		
			Boston, MA  02116 
		

		
			Attention:  Ashley Elizabeth Hamilton 
		

		

		

		 

		

			-71-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						MANULIFE LIFE INSURANCE COMPANY

					
						Marunouchi Trust Tower North 15F

					
						1-8-1 Marunouchi, Chiyoda-ku, Tokyo,

					
						Japan 100-0005

					
					
						B

					
					
						$2,500,000

				

		
			﻿
		

		
			Principal amount to be purchased: $2,500,000.00
		

		
			﻿
		

			
	
			
				 (1)
			

			
	
			
			PAYMENTS:

		
			﻿
		

		
			All payments to be by bank wire transfer of immediately available funds to:
		

		
			USD
		

			
					
						﻿

				
	
					
						﻿

				
	
					
						Bank Name: 

					
					
						The Bank of New York Mellon, New York (BIC: IRVTUS3N)

				
	
					
						ABA:

					
					
						021-000-018

				
	
					
						Beneficiary Bank BIC:

					
					
						IRVTUS3NIBK

				
	
					
						Beneficiary Bank A/C #:

					
					
						8901323349

				
	
					
						Ultimate Beneficiary A/C #:

					
					
						2491478400

				
	
					
						Ultimate Beneficiary Name:

					
					
						J108 MLJ COLLECTOR AC US PRIVATE

				
	
					
						﻿

				

		
			﻿
		

			
	
			
				 (2)
			

			
	
			
			NOTICES AND AUDIT REQUESTS:

		
			﻿
		

		
			All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and maturity shall be sent to:
		

		
			﻿
		

		
			Manulife Life Insurance Company
		

		
			Marunouchi Trust Tower North 15F
		

		
			1-8-1 Marunouchi, Chiyoda-ku, Tokyo,
		

		
			Japan 100-0005
		

		
			Attention:Head of Investments
		

		
			Telephone:81-3-6267-1800
		

		
			Fax:81-3-6267-1799
		

		
			Email:MLJIO_Settlement_Team@manulife.com
		

		
			﻿
		

		
			and
		

		
			﻿
		

		
			Manulife Financial
		

		
			200 Bloor Street East, NT2-D70
		

		
			Toronto, Ontario, Canada M4W 1E5
		

		
			Attention:Asia-Canadian Private Placement Team
		

		
			Email:Asia-Canadian_PP@manulife.com
		

		
			﻿
		

		
			All notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to:
		

		
			﻿
		

		
			Manulife Life Insurance Company
		

		
			Marunouchi Trust Tower North 15F
		

		
			1-8-1 Marunouchi, Chiyoda-ku, Tokyo
		

		
			Japan 100-0005
		

		
			Attention:Head of Investments
		

		
			Telephone:81-3-6267-1800
		

		
			Fax:81-3-6267-1799
		

		

		

		 

		

			-72-

		

 

		

			 

		

		
		

		
			Email:MLJIO_Settlement_Team@manulife.com,  
		

		
			Asia-Canadian_PP@manulife.com
		

		
			﻿
		

		
			and
		

		
			Manulife Asset Management (Asia)
		

		
			16/F, Lee Garden One, 33 Hysan Avenue
		

		
			Causeway Bay, Hong Kong
		

		
			Attention:Calvin Yip, General Account Investments 
		

		
			Helen Lo, General Account Investments
		

		
			Justin Yeung, General Account Investments
		

		
			Jonathan Luk, General Account Investments
		

		
			Email:corporate_finance_asia@manulife.com
		

		
			Fax number:852-2295-1771
		

		
			
		

		
			and
		

		
			John Hancock Financial Services
		

		
			197 Clarendon Street, C-2
		

		
			Boston, MA 02116
		

		
			Attention:Bond and Corporate Finance
		

		
			Team Email:powerteam@jhancock.com 
		

		
			﻿
		

		
			All other notices shall be sent to:
		

		
			﻿
		

		
			Manulife Life Insurance Company
		

		
			Marunouchi Trust Tower North 15F
		

		
			1-8-1 Marunouchi,  Chiyoda-ku, Tokyo,
		

		
			Japan 100-0005
		

		
			Attention: Head of Investments
		

		
			Telephone: 81-3-6267-1800
		

		
			Fax: 81-3-6267-1799
		

		
			Email:  MLJIO_Settlement_Team@manulife.com
		

		
			﻿
		

		
			For electronic notices, please email to corporate_finance_asia@manulife.com and Asia_GA_Legal@manulife.com.
		

		
			﻿
		

		
			﻿
		

			
	
			
				 (3)
			

			
	
			
			TAX IDENTIFICATION NUMBER: 98-0427213

		
			﻿
		

			
	
			
				 (4)
			

			
	
			
			REGISTERED NAME OF SECURITIES: Manulife Life Insurance Company

		
			﻿
		

			
	
			
				 (5)
			

			
	
			
			DOCUMENTATION DELIVERY REQUIREMENTS

		
			﻿
		

		
			Original securities should be sent the day after closing to:
		

		
			﻿
		

		
			CIBC Mellon Global Securities Services
		

		
			1 York Street, Suite 900, Vault Operations
		

		
			Toronto, Ontario 
		

		
			M5J 0B6
		

		
			Canada
		

		
			Attention: Michael Ishisbashi (Tel: 416-643-3240)
		

		
			Reference:  Manulife Life Insurance Company - Account # 249147 / J108
		

		
			﻿
		

		
			Also please forward a copy of the note(s) to Asia-Canadian_PP@manulife.com mailbox so we can instruct CIBC to deposit the Note(s).
		

		

		

		 

		

			-73-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						MANULIFE (INTERNATIONAL) LIMITED

					
						22/F, Manulife Financial Centre, 

					
						223-231 Wai Yip Street, Kwun Tong, 

					
						Kowloon, 

					
						Hong Kong

					
					
						B

					
					
						$3,000,000

				

		
			﻿
		

		
			Principal amount to be purchased: $3,000,000.00
		

		
			﻿
		

			
	
			
				 (1)
			

			
	
			
			PAYMENTS:

		
			﻿
		

		
			All payments to be by bank wire transfer of immediately available funds to:
		

		
			
		

		
			﻿
		

			
	
			
				 (2)
			

			
	
			
			NOTICES AND AUDIT REQUESTS:

		
			﻿
		

		
			All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to:
		

		
			﻿
		

		
			Manulife Financial
		

		
			200 Bloor Street East, NT2-D70
		

		
			Toronto, Ontario, Canada M4W 1E5
		

		
			Attention:  Asia-Canadian Private Placement Team
		

		
			Email:  Asia-Canadian_PP@manulife.com
		

		
			﻿
		

		
			All notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to:
		

		
			﻿
		

		
			Manulife Asset Management (Asia)
		

		
			16/F, Lee Garden One, 33 Hysan Avenue
		

		
			Causeway Bay, Hong Kong
		

		
			Attention:       Calvin Yip, General Account Investments 
		

		
			Helen Lo, General Account Investments
		

		
			Justin Yeung, General Account Investments
		

		
			Jonathan Luk, General Account Investments
		

		
			Fax:  852-2295-1771
		

		
			Email:  corporate_finance_asia@manulife.com
		

		
			and
		

		

		

		 

		

			-74-

		

 

		

			 

		

		John Hancock Financial Services
		

		
			197 Clarendon Street, C-2
		

		
			Boston, MA 02116
		

		
			Attention:  Bond and Corporate Finance
		

		
			Team Email:   powerteam@jhancock.com 
		

		
			﻿
		

		
			All other notices shall be sent to:
		

		
			﻿
		

		
			Manulife Asset Management (Asia)
		

		
			16/F, Lee Garden One, 33 Hysan Avenue
		

		
			Causeway Bay, Hong Kong
		

		
			Attention: Asia Legal Counsel
		

		
			Email:Asia_GA_Legal@manulife.com
		

		
			﻿
		

		
			For electronic notices, please email to corporate_finance_asia@manulife.com and Asia_GA_Legal@manulife.com.
		

		
			﻿
		

			
	
			
				 (3)
			

			
	
			
			TAX IDENTIFICATION NUMBER: 09760645

		
			﻿
		

			
	
			
				 (4)
			

			
	
			
			REGISTERED NAME OF SECURITIES: Manulife (International) Limited

		
			﻿
		

			
	
			
				 (5)
			

			
	
			
			DOCUMENTATION DELIVERY REQUIREMENTS

		
			﻿
		

		
			Original securities should be sent the day after closing to:
		

		
			﻿
		

		
			CIBC Mellon Global Securities Services
		

		
			1 York Street, Suite 900, Vault Operations
		

		
			Toronto, Ontario 
		

		
			M5J 0B6
		

		
			Canada
		

		
			Attention: Michael Ishisbashi (Tel: 416-643-3240)
		

		
			Reference:  Manulife (International) Limited - Account # 844159  / 28AA
		

		
			﻿
		

		
			Also please forward a copy of the note(s) to Asia-Canadian_PP@manulife.com mailbox so we can instruct CIBC to deposit the Note(s).
		

		
			﻿
		

		

		

		 

		

			-75-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						MANULIFE (SINGAPORE) PTE. LTD.

					
						8 Cross Street

					
						#15-01 Manulife Tower 

					
						Singapore 048424

					
					
						B

					
					
						$2,500,000

				

		
			﻿
		

		
			Principal amount to be purchased: $2,500,000.00
		

		
			﻿
		

			
	
			
				 (1)
			

			
	
			
			PAYMENTS:

		
			﻿
		

		
			All payments to be by bank wire transfer of immediately available funds to:
		

		
			﻿
		

			
	
			
				 (2)
			

			
	
			
			NOTICES AND AUDIT REQUESTS:

		
			﻿
		

		
			All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to:
		

		
			﻿
		

		
			Manulife Financial
		

		
			200 Bloor Street East, NT2-D70
		

		
			Toronto, Ontario, Canada  M4W 1E5
		

		
			Attention:  Asia-Canadian Private Placement Team
		

		
			Email:  Asia-Canadian_PP@manulife.com
		

		
			﻿
		

		
			All notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to:
		

		
			﻿
		

		
			﻿
		

		
			Manulife Asset Management (Asia)
		

		
			16/F, Lee Garden One, 33 Hysan Avenue
		

		
			Causeway Bay, Hong Kong
		

		
			Attention:       Calvin Yip, General Account Investments 
		

		
			Helen Lo, General Account Investments
		

		
			Justin Yeung, General Account Investments
		

		
			Jonathan Luk, General Account Investments
		

		

		

		 

		

			-76-

		

 

		

			 

		

		Email:   corporate_finance_asia@manulife.com
		

		
			Fax number: 852-2295-1771
		

		
			﻿
		

		
			and
		

		
			﻿
		

		
			Manulife (Singapore) Pte. Ltd.
		

		
			8 Cross Street
		

		
			#16-02 Manulife Tower 
		

		
			Singapore 048424
		

		
			Attention: Rachel Wong and Tenkai Taguchi (Investments)
		

		
			Email:sgp_investment@manulife.comand Portfolio_Management_Asia@manulife.com
		

		
			﻿
		

		
			and
		

		
			﻿
		

		
			John Hancock Financial Services
		

		
			197 Clarendon Street, C-2
		

		
			Boston, MA 02116
		

		
			Attention: Bond and Corporate Finance
		

		
			Team Email: powerteam@jhancock.com 
		

		
			﻿
		

		
			All other notices shall be sent to:
		

		
			﻿
		

		
			Manulife Asset Management (Asia)
		

		
			16/F, Lee Garden One, 33 Hysan Avenue
		

		
			Causeway Bay, Hong Kong
		

		
			Attention: Asia Legal Counsel
		

		
			Email:Asia_GA_Legal@manulife.com
		

		
			﻿
		

		
			For electronic notices, please email to corporate_finance_asia@manulife.com and Asia_GA_Legal@manulife.com.
		

		
			﻿
		

			
	
			
				 (3)
			

			
	
			
			TAX IDENTIFICATION NUMBER: 198002116D

		
			﻿
		

			
	
			
				 (4)
			

			
	
			
			REGISTERED NAME OF SECURITIES: Manulife (Singapore) Pte. Ltd.

		
			﻿
		

			
	
			
				 (5)
			

			
	
			
			DOCUMENTATION DELIVERY REQUIREMENTS

		
			﻿
		

		
			Original securities should be sent the day after closing to:
		

		
			﻿
		

		
			CIBC Mellon Global Securities Services
		

		
			1 York Street, Suite 900, Vault Operations
		

		
			Toronto, Ontario 
		

		
			M5J 0B6
		

		
			Canada
		

		
			Attention: Michael Ishisbashi (Tel: 416-643-3240)
		

		
			Reference: Manulife (Singapore) Pte. Ltd. - Account # 844175 / 14AA
		

		
			﻿
		

		
			Also please forward a copy of the note(s) to Asia-Canadian_PP@manulife.com mailbox so we can instruct CIBC to deposit the Note(s).
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-77-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						MANUFACTURERS LIFE REINSURANCE LIMITED

					
						The Goddard Building, Haggatt Hall

					
						St. Michael, BB 11059

					
						Barbados

					
					
						B

					
					
						$3,000,000

				

		
			﻿
		

		
			Principal amount to be purchased: $3,000,000.00
		

		
			﻿
		

			
	
			
				 (1)
			

			
	
			
			PAYMENTS:

		
			﻿
		

		
			All payments to be by bank wire transfer of immediately available funds to:
		

		
			
		

		
			﻿
		

			
	
			
				 (2)
			

			
	
			
			NOTICES AND AUDIT REQUESTS:

		
			﻿
		

		
			All notices with respect to payments, prepayments (scheduled and unscheduled, whether partial or in full) and audit requests shall be sent to:
		

		
			﻿
		

		
			Manulife Financial
		

		
			200 Bloor Street East, NT2-D70
		

		
			Toronto, Ontario, Canada  M4W 1E5
		

		
			Attention:  Asia-Canadian Private Placement Team
		

		
			Email:  Asia-Canadian_PP@manulife.com
		

		
			﻿
		

		
			All notices and communication with respect to compliance reporting, financial statements and related certifications shall be sent to:
		

		
			﻿
		

		
			Manulife Asset Management (Asia)
		

		
			16/F, Lee Garden One, 33 Hysan Avenue
		

		
			Causeway Bay, Hong Kong
		

		
			Attention:Calvin Yip, General Account Investments 
		

		
			Helen Lo, General Account Investments
		

		
			Justin Yeung, General Account Investments
		

		
			Jonathan Luk, General Account Investments
		

		
			Email: corporate_finance_asia@manulife.com
		

		
			Fax number: 852-2295-1771
		

		
			﻿
		

		
			and
		

		

		

		 

		

			-78-

		

 

		

			 

		

		
		

		
			John Hancock Financial Services
		

		
			197 Clarendon Street, C-2
		

		
			Boston, MA 02116
		

		
			Attention: Bond and Corporate Finance
		

		
			Team Email: powerteam@jhancock.com 
		

		
			﻿
		

		
			All other notices shall be sent to:
		

		
			﻿
		

		
			Manulife Asset Management (Asia)
		

		
			16/F, Lee Garden One, 33 Hysan Avenue
		

		
			Causeway Bay, Hong Kong
		

		
			Attention: Asia Legal Counsel
		

		
			Email:Asia_GA_Legal@manulife.com
		

		
			﻿
		

		
			For electronic notices, please email to corporate_finance_asia@manulife.com and Asia_GA_Legal@manulife.com.
		

		
			﻿
		

			
	
			
				 (3)
			

			
	
			
			TAX IDENTIFICATION NUMBER: 1000007310686

		
			﻿
		

			
	
			
				 (4)
			

			
	
			
			REGISTERED NAME OF SECURITIES: Manufacturers Life Reinsurance Limited

		
			﻿
		

			
	
			
				 (5)
			

			
	
			
			DOCUMENTATION DELIVERY REQUIREMENTS

		
			﻿
		

		
			Original securities should be sent the day after closing to:
		

		
			﻿
		

		
			CIBC Mellon Global Securities Services
		

		
			1 York Street, Suite 900, Vault Operations
		

		
			Toronto, Ontario 
		

		
			M5J 0B6
		

		
			Canada
		

		
			Attention: Michael Ishisbashi (Tel: 416-643-3240)
		

		
			Reference: Manufactures Life Reinsurance Limited - Account # 844180 / 49AA
		

		
			﻿
		

		
			Also please forward a copy of the note(s) to Asia-Canadian_PP@manulife.com mailbox so we can instruct CIBC to deposit the Note(s).
		

		
			﻿
		

		

		

		 

		

			-79-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						THRIVENT FINANCIAL FOR LUTHERANS

					
					
						A

					
						B

					
					
						$7,000,000

					
						$16,000,000

				

		
			﻿
		

		
			Payments to:
		

		
			﻿
		

		
			ABA # 011000028
		

		
			State Street Bank & Trust Co.
		

		
			DDA # A/C – 6813-049-1
		

		
			Fund Number: NCE1
		

		
			Fund Name: Thrivent Financial for Lutherans
		

		
			﻿
		

		
			All payments must include the following information:
		

		
			﻿
		

		
			Security Description
		

		
			Private Placement Number
		

		
			Reference Purpose of Payment
		

		
			Interest and/or Principal Breakdown
		

		
			﻿
		

		
			Notices of payments and written confirmation of such wire transfers to:
		

		
			﻿
		

		
			Investment Division-Private Placements
		

		
			Attn: William J. Hochmuth
		

		
			Thrivent Financial for Lutherans
		

		
			901 Marquette Avenue, Suite 2500
		

		
			Minneapolis, MN 55402
		

		
			Fax: (612) 844-4027
		

		
			Email: privateinvestments@thrivent.com
		

		
			﻿
		

		
			With a copy to:
		

		
			﻿
		

		
			Attn: Jeremy Anderson or Harmon Bergenheier
		

		
			Thrivent Financial for Lutherans
		

		
			901 Marquette Avenue, Suite 2500
		

		
			Minneapolis, MN 55402
		

		
			Email: boxprivateplacement@thrivent.com
		

		
			
		

		
			All other communications to:
		

		
			﻿
		

		
			Thrivent Financial for Lutherans
		

		
			Attn:  Investment Division-Private Placements
		

		
			901 Marquette Avenue, Suite 2500
		

		
			Minneapolis, MN 55402
		

		
			Fax:  (612) 844-4027
		

		
			Email: privateinvestments@thrivent.com
		

		
			
		

		
			Issue Notes in name of:
		

		
			﻿
		

		
			Thrivent Financial for Lutherans
		

		
			﻿
		

		
			Taxpayer ID Number(s):
		

		
			﻿
		

		
			39-0123480
		

		

		

		 

		

			-80-

		

 

		

			 

		

		﻿
		

		
			Private Placement Notes sent to:
		

		
			﻿
		

		
			DTCC
		

		
			Newport Office Center
		

		
			570 Washington Blvd
		

		
			Jersey City, NJ 07310
		

		
			Attn: 5th floor / NY Window / Robert Mendez
		

		
			Ref: State Street Account 
		

		
			Fund Name:  Thrivent Financial for Lutherans 
		

		
			Fund Number:  NCE1
		

		
			 
		

		
			     With a .pdf copy to:
		

		
			﻿
		

		
			Lisa Corbin boxprivateplacementlegal@thrivent.com 
		

		

		

		 

		

			-81-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						New York Life Insurance Company

					
					
						A

					
						B

					
					
						$5,900,000

					
						$10,000,000

				

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		
			Also, with respect to any notices delivered electronically under clause 2 in the attached, please also send a copy to:  kimberly_stepancic@nylinvestors.com and jessica_maizel@nylinvestors.com.  
		

		

		

		 

		

			-82-

		

 

		

			 

		

		
		

		
			
		

		

		

		 

		

			-83-

		

 

		

			 

		

		
		

		
			
		

		

		

		 

		

			-84-

		

 

		

			 

		

		
		

		
			﻿
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						New York Life Insurance and Annuity Corporation

					
					
						A

					
						B

					
					
						$2,400,000

					
						$2,500,000

				

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		
			Also, with respect to any notices delivered electronically under clause 2 in the attached, please also send a copy to:  kimberly_stepancic@nylinvestors.com and jessica_maizel@nylinvestors.com.  
		

		
			﻿
		

		

		

		 

		

			-85-

		

 

		

			 

		

		
		

		
			
		

		
			﻿
		

		

		

		 

		

			-86-

		

 

		

			 

		

		
		

		
			
		

		
			﻿
		

		

		

		 

		

			-87-

		

 

		

			 

		

		
		

		
			﻿
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI30C)

					
					
						A

					
						B

					
					
						$500,000

					
						$500,000

				

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		
			Also, with respect to any notices delivered electronically under clause 2 in the attached, please also send a copy to:  kimberly_stepancic@nylinvestors.com and jessica_maizel@nylinvestors.com.  
		

		

		

		 

		

			-88-

		

 

		

			 

		

		
		

		
			
		

		

		

		 

		

			-89-

		

 

		

			 

		

		
		

		
			
		

		

		

		 

		

			-90-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI30D)

					
					
						A

					
					
						$100,000

				

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		
			Also, with respect to any notices delivered electronically under clause 2 in the attached, please also send a copy to:  kimberly_stepancic@nylinvestors.com and jessica_maizel@nylinvestors.com.  
		

		

		

		 

		

			-91-

		

 

		

			 

		

		
		

		
			
		

		
			﻿
		

		

		

		 

		

			-92-

		

 

		

			 

		

		
		

		
			
		

		
			﻿
		

		

		

		 

		

			-93-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						The Bank of New York Mellon, a banking corporation organized under the laws of New York, not in its individual capacity but solely as Trustee under that certain Trust Agreement dated as of July 1st, 2015 between New York Life Insurance Company, as Grantor, John Hancock Life Insurance Company (U.S.A.), as Beneficiary, John Hancock Life Insurance Company of New York, as Beneficiary, and The Bank of New York Mellon, as Trustee

					
						 

					
						Hare & Co., LLC (as nominee for the NYL- JH Trust)

					
					
						A

					
					
						$100,000

				

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		
			Also, with respect to any notices delivered electronically under clause 2 in the attached, please also send a copy to:  kimberly_stepancic@nylinvestors.com and jessica_maizel@nylinvestors.com.  
		

		
			﻿
		

		

		

		 

		

			-94-

		

 

		

			 

		

		
		

		
			
		

		

		

		 

		

			-95-

		

 

		

			 

		

		
		

		
			
		

		

		

		 

		

			-96-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						The Northwestern Mutual Life Insurance Company

					
					
						A

					
					
						$20,790,000

				

		
			﻿
		

			
					
						﻿

					
					
						Initial Aggregate Amount of Bonds

				
	

			
				 I.
			

		The Northwestern Mutual Life Insurance Company 
					
					
						$20,790,000

				
	

			
				 II.
			

		All payments on account of Bonds held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made.
					
						 

					
						US Bank, NA

					
						777 East Wisconsin Avenue

					
						Milwaukee, WI 53202

					
						ABA:  075 000 022

					
						Account Number:   ********4583

					
						Account Name:  *************(Contact Purchaser to obtain)

					
						 

					
						To obtain full acct name and number, contact our Treasury & Investment Operations Department, 

					
						E-mail:  payments@northwesternmutual.com

					
						 

					
					
						 

				
	

			
				 III.
			

		All notices with respect to confirmation of payments on account of the Bonds shall be delivered or mailed to:
					
						 

					
						The Northwestern Mutual Life Insurance Company

					
						720 East Wisconsin Avenue

					
						Milwaukee, WI 53202

					
						Attention: Investment Operations

					
						E-mail: payments@northwesternmutual.com

					
						Phone: (414) 665-1679

					
						 

					
					
						 

				
	

			
				 IV.
			

		All other communications shall be delivered or mailed to:
					
						 

					
						The Northwestern Mutual Life Insurance Company

					
						720 East Wisconsin Avenue

					
						Milwaukee, WI 53202

					
						Attention: Securities Department

					
						E-mail: privateinvest@northwesternmutual.com

					
						 

					
					
						 

				
	

			
				 V.
			

		Address for delivery of Bonds and Closing Documents:
					
						 

					
						The Northwestern Mutual Life Insurance Company

					
						720 East Wisconsin Avenue

					
						Milwaukee, WI 53202

					
						Attention:  Christine L. Rittberg

					
						 

					
					
						 

				

		

		

		 

		

			-97-

		

 

		

			 

		

		﻿
		

			

			
				 VI.
			

		If posted to IntraLinks or another document repository/hosted website to:
					
						 

					
						Email: preautodownload@northwesternmutual.com

					
						 

					
					
						 

				
	

			
				 VII.
			

		Tax Identification No.: 39-0509570
					
					
						 

				

		
			﻿
		

		

		

		 

		

			-98-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						The Northwestern Mutual Life Insurance Company for its Group Annuity Separate Account

					
					
						A

					
					
						$210,000

				

		
			﻿
		

			
					
						﻿

					
					
						Initial Aggregate Amount of Bonds

				
	
					
						I.The Northwestern Mutual Life Insurance Company for its Group Annuity Separate Account

					
					
						$210,000

				
	
					
						II.All payments on account of Bonds held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made.

					
						 

					
						US Bank, NA

					
						777 East Wisconsin Avenue

					
						Milwaukee, WI 53202

					
						ABA:  075 000 022

					
						Account Number:   ********4708

					
						Account Name: *************(Contact Purchaser to obtain)

					
						 

					
						To obtain full acct name and number, contact our Treasury & Investment Operations Department,  

					
						E-mail: payments@northwesternmutual.com

					
						 

					
					
						 

				
	
					
						III.All notices with respect to confirmation of payments on account of the Bonds shall be delivered or mailed to:

					
						 

					
						The Northwestern Mutual Life Insurance Company

					
						for its Group Annuity Separate Account

					
						720 East Wisconsin Avenue

					
						Milwaukee, WI 53202

					
						Attention: Investment Operations

					
						E-mail: payments@northwesternmutual.com

					
						Phone: (414) 665-1679

					
						 

					
					
						 

				

		 

		

			-99-

		

 

		

			 

		

			
					
						IV.All other communications shall be delivered or mailed to:

					
						 

					
						The Northwestern Mutual Life Insurance Company

					
						for its Group Annuity Separate Account

					
						720 East Wisconsin Avenue

					
						Milwaukee, WI 53202

					
						Attention: Securities Department

					
						E-mail: privateinvest@northwesternmutual.com

					
						 

					
					
						 

				
	
					
						V.Address for delivery of Bonds:

					
						 

					
						The Northwestern Mutual Life Insurance Company

					
						for its Group Annuity Separate Account 

					
						720 East Wisconsin Avenue

					
						Milwaukee, WI 53202

					
						Attention:  Christine L. Rittberg

					
					
						 

				
	
					
						VI.If posted to IntraLinks or another document repository/hosted website to:

					
						 

					
						Email: preautodownload@northwesternmutual.com

					
					
						 

				
	
					
						VII.Tax Identification No.: 39-0509570

					
					
						 

				

		
			﻿
		

		

		

		 

		

			-100-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						PRINCIPAL LIFE INSURANCE COMPANY

					
					
						A

					
						B

					
					
						$7,250,000

					
						$12,000,000

				

		
			﻿
		

		
			NOTES ARE TO BE REGISTERED IN THE NAME OF:    
		

		
			PRINCIPAL LIFE INSURANCE COMPANY
		

		
			﻿
		

		
			2.38% Note due 2039: Purchaser will require a Note in the amount of $7,250,000.00.
		

		
			﻿
		

		
			2.91% Note due 2050: Purchaser will require a Note in the amount of $12,000,000.00.
		

		
			﻿
		

		
			﻿
		

		
			All payments on account of the Notes to be made by 12:00 noon (New York City time) by wire transfer of immediately available funds to:
		

		
			
		

		
			Citibank, N.A.
		

		
			New York, NY 10022
		

		
			ABA No.:  021000089
		

		
			For credit to Principal Life Insurance Company
		

		
			Account No.:  36274409
		

		
			FFC: 20804600
		

		
			Attn:  PPN 171265 C@8 – 2.38% Tranche A Chugach Electric Association, Inc. due 2039
		

		
			Attn:  PPN 171265 C#6 – 2.91% Tranche B Chugach Electric Association, Inc. due 2050
		

		
			﻿
		

		
			With sufficient information (including Cusip number, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds.
		

		
			﻿
		

		
			All Notices to:
		

		
			﻿
		

		
			Principal Global Investors, LLC 
		

		
			ATTN:  Fixed Income Private Placements 
		

		
			711 High Street
		

		
			Des Moines, IA 50392-0800
		

		
			﻿
		

		
			and via Email:  Privateplacements2@exchange.principal.com
		

		
			﻿
		

		
			With a copy of any notices related to scheduled payments, prepayments, rate reset notices to:
		

		
			﻿
		

		
			Principal Global Investors, LLC
		

		
			Attn:  Investment Accounting Fixed Income Securities 
		

		
			711 High Street
		

		
			Des Moines, Iowa 50392-0960
		

		
			﻿
		

		
			Tax Identification No.:  42-0127290
		

		
			﻿
		

		

		

		 

		

			-101-

		

 

		

			 

		

		﻿
		

		
			Upon closing, deliver original Notes to:
		

		
			﻿
		

		
			Citibank NA
		

		
			399 Park Avenue
		

		
			Level C Vault
		

		
			New York, NY 10022
		

		
			Attn:  Keith Whyte
		

		
			212-559-1207
		

		
			PPN 171265 C@8 – 2.38% Tranche A Chugach Electric Association, Inc. 
		

		
			PPN 171265 C#6 – 2.91% Tranche B Chugach Electric Association, Inc. 
		

		
			﻿
		

		
			**  PLEASE MAKE SURE CUSIP NUMBER AND FFC: 20804600 IS ON THE COVER PACKAGE OR CITIBANK WILL RETURN THE PACKAGE
		

		
			﻿
		

		
			With a pdf copy to: 
		

		
			﻿
		

		
			Sally D. Sorensen [sorensen.sally.d@principal.com]
		

		
			Laura Dunsbergen [dunsbergen.laura@principal.com]
		

		
			﻿
		

		

		

		 

		

			-102-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						PRINCIPAL LIFE INSURANCE COMPANY

					
					
						A

					
					
						$750,000

				

		
			﻿
		

		
			NOTES ARE TO BE REGISTERED IN THE NAME OF:    
		

		
			PRINCIPAL LIFE INSURANCE COMPANY 
		

		
			﻿
		

		
			2.38% Note Due 2039: Purchaser will require one Note in the amount of $750,000.00.
		

		
			﻿
		

		
			All payments on account of the Notes to be made by 12:00 noon (New York City time) by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			Citibank, N.A.
		

		
			New York, NY 
		

		
			ABA No.:  021000089
		

		
			For credit to Principal Life Insurance Company
		

		
			Account No.:  36274409
		

		
			FFC: 20389800
		

		
			Attn:  PPN 171265 C@8 – 2.38% Tranche A Chugach Electric Association, Inc. due 2039
		

		
			﻿
		

		
			﻿
		

		
			With sufficient information (including Cusip number, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds.
		

		
			﻿
		

		
			All Notices to:
		

		
			﻿
		

		
			Principal Global Investors, LLC 
		

		
			ATTN:  Fixed Income Private Placements 
		

		
			711 High Street
		

		
			Des Moines, IA 50392-0800
		

		
			﻿
		

		
			and via Email:  Privateplacements2@exchange.principal.com
		

		
			﻿
		

		
			With a copy of any notices related to scheduled payments, prepayments, rate reset notices to:
		

		
			﻿
		

		
			Principal Global Investors, LLC
		

		
			Attn:  Investment Accounting Fixed Income Securities 
		

		
			711 High Street
		

		
			Des Moines, Iowa 50392-0960
		

		
			﻿
		

		
			﻿
		

		
			Tax Identification No.:  42-0127290
		

		
			﻿
		

		

		

		 

		

			-103-

		

 

		

			 

		

		
		

		
			Upon closing, deliver original Notes to:
		

		
			﻿
		

		
			Citibank NA
		

		
			399 Park Avenue
		

		
			Level C Vault
		

		
			New York, NY 10022
		

		
			Attn:  Keith Whyte
		

		
			212-559-1207
		

		
			PPN 171265 C@8 –  Chugach Electric Association, Inc.
		

		
			﻿
		

		
			**  PLEASE MAKE SURE CUSIP NUMBER AND FFC 20389800 ARE ON THE COVER PACKAGE OR CITIBANK WILL RETURN THE PACKAGE
		

		
			﻿
		

		
			With a pdf copy to: 
		

		
			﻿
		

		
			Sally D. Sorensen [sorensen.sally.d@principal.com]
		

		
			Laura Dunsbergen [dunsbergen.laura@principal.com]
		

		

		

		 

		

			-104-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						PRINCIPAL LIFE INSURANCE COMPANY

					
					
						B

					
					
						$1,000,000

				

		
			﻿
		

		
			NOTES ARE TO BE REGISTERED IN THE NAME OF:    
		

		
			PRINCIPAL LIFE INSURANCE COMPANY
		

		
			﻿
		

		
			﻿
		

		
			2.91% Note due 2050: Purchaser will require a Note in the amount of $1,000,000.00.
		

		
			﻿
		

		
			All payments on account of the Notes to be made by 12:00 noon (New York City time) by wire transfer of immediately available funds to:
		

		
			
		

		
			Citibank, N.A.
		

		
			New York, NY 10022
		

		
			ABA No.:  021000089
		

		
			For credit to Principal Life Insurance Company
		

		
			Account No.:  36274409
		

		
			FFC: 23664700
		

		
			Attn:  PPN 171265 C#6 – 2.91% Tranche B Chugach Electric Association, Inc. due 2050
		

		
			﻿
		

		
			With sufficient information (including Cusip number, interest rate, maturity date, interest amount, principal amount and premium amount, if applicable) to identify the source and application of such funds.
		

		
			﻿
		

		
			All Notices to:
		

		
			﻿
		

		
			Principal Global Investors, LLC 
		

		
			ATTN:  Fixed Income Private Placements 
		

		
			711 High Street
		

		
			Des Moines, IA 50392-0800
		

		
			﻿
		

		
			and via Email:  Privateplacements2@exchange.principal.com
		

		
			﻿
		

		
			With a copy of any notices related to scheduled payments, prepayments, rate reset notices to:
		

		
			﻿
		

		
			Principal Global Investors, LLC
		

		
			Attn:  Investment Accounting Fixed Income Securities 
		

		
			711 High Street
		

		
			Des Moines, Iowa 50392-0960
		

		
			﻿
		

		
			﻿
		

		
			Tax Identification No.:  42-0127290
		

		
			 
		

		

		

		 

		

			-105-

		

 

		

			 

		

		
		

		
			Upon closing, deliver original Notes to:
		

		
			﻿
		

		
			Citibank NA
		

		
			399 Park Avenue
		

		
			Level C Vault
		

		
			New York, NY 10022
		

		
			Attn:  Keith Whyte
		

		
			212-559-1207
		

		
			PPN 171265 C#6 –  Chugach Electric Association, Inc.
		

		
			﻿
		

		
			﻿
		

		
			**  PLEASE MAKE SURE CUSIP NUMBER AND FFC: 23664700 IS ON THE COVER PACKAGE OR CITIBANK WILL RETURN THE PACKAGE
		

		
			﻿
		

		
			With a pdf copy to: 
		

		
			﻿
		

		
			Sally D. Sorensen [sorensen.sally.d@principal.com]
		

		
			Laura Dunsbergen [dunsbergen.laura@principal.com]
		

		
			﻿
		

		

		

		 

		

			-106-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						UNUM LIFE INSURANCE COMPANY

					
						OF AMERICA (Note to be registered in

					
						the name of “CUDD & CO. LLC”)

					
					
						B

					
					
						$19,000,000

				

		
			﻿
		

		
			(1)Address all notices regarding payments
		

		
			and all other communications to:
		

		
			﻿
		

		
			Provident Investment Management, LLC
		

		
			Private Placements
		

		
			One Fountain Square
		

		
			Chattanooga, Tennessee  37402
		

		
			Telephone:(423) 294-1172
		

		
			Fax: (423) 209-3781
		

		
			E-mail:fnewtonjr@unum.com and a copy to
		

		
			PrivateCompliance@unum.com
		

		
			﻿
		

		
			﻿
		

		
			(2)All payments on account of the
		

		
			Note shall be made by wire
		

		
			transfer of immediately available
		

		
			funds to:
		

		
			﻿
		

		
			CUDD & CO. LLC
		

		
			c/o JPMorgan Chase Bank
		

		
			New York, NY
		

		
			ABA No. 021000021
		

		
			SSG Private Income Processing
		

		
			A/C #9009002859
		

		
			Custodial Account No. G09624
		

		
			﻿
		

		
			Please reference:Chugach Electric Association, Inc.
		

		
			PPN 171265 C#6
		

		
			Coupon = 2.91%
		

		
			Maturity = October 30, 2050
		

		
			Principal=$_____________
		

		
			Interest=$_____________
		

		
			﻿
		

		
			﻿
		

		
			(3)Tax Identification Number:  13-6022143 (CUDD & CO. LLC)
		

		
			﻿
		

		

		

		 

		

			-107-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY

					
					
						A

					
					
						$9,000,000

				

		
			﻿
		

		
			Name of Purchaser
		

		
			﻿
		

		
			Great-West Life & Annuity Insurance Company
		

		
			﻿
		

		
			US TIN:  84-0467907
		

		
			﻿
		

		
			UK DTTP No.:  13/G/63192/DTTP  
		

		
			﻿
		

		
			﻿
		

		
			SECURITIES SHALL BE REGISTERED UNDER THE FOLLOWING NAME:
		

		
			﻿
		

		
			Great-West Life & Annuity Insurance Company
		

			
	
			
				
			Payment Instructions – All payments shall be made by wire transfer as follows:

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA No.:  021-000-018
		

		
			BNF:  GLA111566
		

		
			Account No.:  6409358400
		

		
			Account Name:  Great-West Life & Annuity Insurance Company
		

		
			Attn:  Income Collection Department
		

		
			Reference:  Security Description and PPN 171265 C@8
		

		
			﻿
		

		
			Notices And Communications
		

		
			﻿
		

		
			Great-West Life & Annuity Insurance Company
		

		
			8525 East Orchard Road, 1T3
		

		
			Greenwood Village, CO 80111
		

		
			Attn:  Investments Division
		

		
			Email:  bond_compliance@greatwest.com
		

		
			(Email is preferred method)
		

			
	
			
				
			﻿

		
			﻿
		

			
	
			
				
			Physical Delivery of Securities

		
			﻿
		

		
			The Depository Trust Company
		

		
			570 Washington Boulevard, 5th Floor
		

		
			Jersey City, NJ 07310
		

		
			Attn:  BNY Mellon/Branch Deposit Department 
		

		
			Reference:  Great-West Life & Annuity Insurance Company / Acct No. 640935
		

		
			﻿
		

		
			﻿
		

		 

		

			-108-

		

 

		

			 

		

			
					
						﻿

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						THE CANADA LIFE ASSURANCE COMPANY

					
					
						A

					
					
						$9,000,000

				

		
			﻿
		

		
			Name of Purchaser
		

		
			﻿
		

		
			The Canada Life Assurance Company
		

		
			﻿
		

		
			US TIN:  98-1527257
		

		
			﻿
		

		
			﻿
		

		
			SECURITIES SHALL BE REGISTERED UNDER THE FOLLOWING NAME:
		

		
			﻿
		

		
			The Canada Life Assurance Company
		

		
			﻿
		

			
	
			
				
			﻿

			
	
			
				
			Payment Instructions (USD) – All payments shall be made by wire transfer as follows:

		
			﻿
		

		
			Corresponding Bank:    Wells Fargo Bank, NA
		

		
			SWIFT Code:  PNBPUS3NNYC
		

		
			ABA No.:  026005092
		

		
			   
		

		
			Beneficiary’s Bank:  Bank of Montreal
		

		
			335 Main Street
		

		
			Winnipeg, Manitoba, Canada R3C 1C2
		

		
			SWIFT Code:  BOFMCAM2
		

		
			﻿
		

		
			Beneficiary:  The Canada Life Assurance Company
		

		
			100 Osborne Street North
		

		
			Winnipeg, Manitoba, Canada R3C 1V3
		

		
			Acct No.: 05794600025
		

		
			(Beneficiary address must be referenced)
		

		
			﻿
		

		
			Reference:    Security Description and PPN 171265 C@8
		

		
			﻿
		

		
			﻿
		

		
			Notices And Communications
		

		
			﻿
		

		
			The Canada Life Assurance Company
		

		
			100 Osborne Street North
		

		
			Winnipeg, Manitoba  
		

		
			CANADA  R3C 1V3
		

		
			Attn:  Investment Operations – 3C
		

		
			Email:  GATradingMailboxM@canadalife.com
		

		
			﻿
		

		
			cc:  Great-West Life & Annuity Insurance Company
		

		
			8525 East Orchard Road, 1T3
		

		

		

		 

		

			-109-

		

 

		

			 

		

		Greenwood Village, CO 80111
		

		
			Attn:  Investments Division
		

		
			       Email:  bond_compliance@greatwest.com
		

		
			﻿
		

			
	
			
				
			Physical Delivery of Securities 

		
			﻿
		

		
			The Canada Life Assurance Company
		

		
			100 Osborne Street North
		

		
			Winnipeg, Manitoba  
		

		
			CANADA  R3C 1V3
		

		
			Attn:  Investment Operations – 3C
		

		
			﻿
		

		

		

		 

		

			-110-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Equitable Financial Life Insurance Company

					
					
						A

					
					
						$8,000,000

				

		
			﻿
		

		
			Chugach Electric Association Inc 2.38% Note due October 30, 2039 Face Amount: $8,000,000
		

		
			﻿
		

		
			PAYMENT AND COMMUNICATION INFORMATION
		

		
			﻿
		

		
			Account (s):Equitable Financial Life Insurance Company
		

		
			IRS Employer Identification Number:13-557-0651
		

		
			﻿
		

		
			Private Placement notes issued in the name of Equitable Financial Life Insurance Company
		

		
			﻿
		

		
			Bond Delivery Instructions:
		

		
			Equitable Financial Life Insurance Company 8501 IBM Dr.
		

		
			Suite 150, ME.431
		

		
			Charlotte, North Carolina 28262 Attention: Deirdra Hunter
		

		
			Telephone Number: 980-308-8522
		

		
			﻿
		

		
			Manner of Payments and Notices:
		

		
			﻿
		

		
			All payments shall be made by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			JP Morgan Chase
		

		
			Account (s): Equitable Financial Life Insurance Company 4 Chase Metrotech Center
		

		
			Brooklyn, New York 11245 ABA No.: 021-000021
		

		
			Bank Account: 615-9-83589 Custody Account: G27664
		

		
			﻿
		

		
			Each such wire shall show the name of the Company, the Private Placement Number, the due date of the payment being made and, if such payment is a final payment.
		

		
			﻿
		

		
			Notices of Payments and Written Confirmations:
		

		
			﻿
		

		
			All notices of payments and written confirmations of wire transfers should be sent to:
		

		
			﻿
		

		
			Equitable Financial Life Insurance Company C/O AllianceBernstein LP
		

		
			1345 Avenue of the Americas 37th Floor
		

		
			New York, New York 10105
		

		
			Attention: Angel Salazar / Shiean Mercado Telephone: 212-969-2491 / 212-823-3228
		

		
			Email: angel.salazar@alliancebernstein.com shiean.mercado@alliancebernstein.com
		

		
			﻿
		

		

		

		 

		

			-111-

		

 

		

			 

		

		
		

		
			Address for all other communications:
		

		
			﻿
		

		
			Equitable Financial Life Insurance Company c/o AllianceBernstein LP
		

		
			1345 Avenue of the Americas 38th Floor
		

		
			New York, NY 10105 Attention: Richard Federico Telephone #: 212- 969-2349
		

		
			Email: richard.federico@alliancebernstein.com
		

		
			Group Email: ABPPCompliance@alliancebernstein.com
		

		
			﻿
		

		

		

		 

		

			-112-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Equitable Financial Life Insurance Company

					
					
						B

					
					
						$7,000,000

				

		
			﻿
		

		
			Chugach Electric Association Inc 2.91% Note due October 30, 2050 Face Amount: $7,000,000
		

		
			﻿
		

		
			PAYMENT AND COMMUNICATION INFORMATION
		

		
			﻿
		

		
			Account (s):Equitable Financial Life Insurance Company
		

		
			IRS Employer Identification Number:13-557-0651
		

		
			﻿
		

		
			Private Placement notes issued in the name of Equitable Financial Life Insurance Company
		

		
			﻿
		

		
			 Bond Delivery Instructions:
		

		
			Equitable Financial Life Insurance Company 8501 IBM Dr.
		

		
			Suite 150, ME.431
		

		
			Charlotte, North Carolina 28262 Attention: Deirdra Hunter
		

		
			Telephone Number: 980-308-8522
		

		
			﻿
		

		
			Manner of Payments and Notices:
		

		
			﻿
		

		
			All payments shall be made by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			JP Morgan Chase
		

		
			Account (s): Equitable Financial Life Insurance Company 4 Chase Metrotech Center
		

		
			Brooklyn, New York 11245 ABA No.: 021-000021
		

		
			Bank Account: 037-2-413336 Custody Account: G04657
		

		
			﻿
		

		
			Each such wire shall show the name of the Company, the Private Placement Number, the due date of the payment being made and, if such payment is a final payment.
		

		
			﻿
		

		
			Notices of Payments and Written Confirmations:
		

		
			﻿
		

		
			All notices of payments and written confirmations of wire transfers should be sent to:
		

		
			﻿
		

		
			Equitable Financial Life Insurance Company C/O AllianceBernstein LP
		

		
			1345 Avenue of the Americas 37th Floor
		

		
			New York, New York 10105
		

		
			Attention: Angel Salazar / Shiean Mercado Telephone: 212-969-2491 / 212-823-3228
		

		
			Email: angel.salazar@alliancebernstein.com shiean.mercado@alliancebernstein.com
		

		
			﻿
		

		

		

		 

		

			-113-

		

 

		

			 

		

		
		

		
			Address for all other communications:
		

		
			﻿
		

		
			Equitable Financial Life Insurance Company c/o AllianceBernstein LP
		

		
			1345 Avenue of the Americas 38th Floor
		

		
			New York, NY 10105 Attention: Richard Federico Telephone #: 212- 969-2349
		

		
			Email: richard.federico@alliancebernstein.com
		

		
			Group Email: ABPPCompliance@alliancebernstein.com
		

		

		

		 

		

			-114-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSEY

					
					
						B

					
					
						$1,000,000

				

		
			﻿
		

		
			Chugach Electric Association Inc 2.91% Note due October 30, 2050 Face Amount: $1,000,000
		

		
			﻿
		

		
			PAYMENT AND COMMUNICATION INFORMATION
		

		
			﻿
		

		
			Account (s): HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSEY
		

		
			IRS Employer Identification Number: 22-0999690
		

		
			﻿
		

		
			Private Placement notes issued in the name of Cudd & Co, LLC:
		

		
			﻿
		

		
			Delivery Instructions
		

		
			AllianceBernstein LP
		

		
			1345 Avenue of the Americas 37th Floor
		

		
			New York, New York 10105 Attention: Angel Salazar
		

		
			Telephone Number: 212-969-2491
		

		
			﻿
		

		
			Manner of Payments and Notices:
		

		
			﻿
		

		
			All payments shall be made by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			JP Morgan / Chase ABA No.: 021-000021
		

		
			For Credit to the Private Income Processing Group Account Number: 900-9000-200
		

		
			Account: Horizon Blue Cross and Blue Shield of New Jersey-P60748 Ref: Description of security, CUSIP, Principal and Interest split
		

		
			﻿
		

		
			Each such wire shall show the name of the Company, the Private Placement Number, the due date of the payment being made and, if such payment is a final payment.
		

		
			﻿
		

		
			Notices of Payments and Written Confirmations:
		

		
			﻿
		

		
			All notices of payments and written confirmations of wire transfers should be sent to:
		

		
			﻿
		

		
			JP Morgan Chase Manhattan Bank 14201 N. Dallas Parkway
		

		
			13th Floor
		

		
			Dallas, Texas 75254-2917
		

		
			Fax: 469-477-1904
		

		
			﻿
		

		

		

		 

		

			-115-

		

 

		

			 

		

		
		

		
			Second Copy of Payments and Written Confirmations:
		

		
			﻿
		

		
			Horizon Blue Cross and Blue Shield of New Jersey c/o AllianceBernstein LP
		

		
			1345 Avenue of the Americas 37th Floor
		

		
			New York, NY 10105
		

		
			Attention: Angel Salazar / Shiean Mercado Telephone #: 212 -969-2491 / 212-823-3228
		

		
			Email: angel.salazar@alliancebernstein.com shiean.mercado@alliancebernstein.com
		

		
			﻿
		

		
			Third Copy of Payments and Written Confirmations:
		

		
			﻿
		

		
			Horizon Blue Cross and Blue Shield of New Jersey Three Penn Plaza
		

		
			PP-15K
		

		
			Newark, NJ 07105-2200
		

		
			Attention: Susan McCarthy-Manager Cash & Investments Telephone: 973-466-8568 / 973-466-4375
		

		
			Fax:973-466-8461
		

		
			﻿
		

		
			Address for all other Communications:
		

		
			﻿
		

		
			Horizon Blue Cross and Blue Shield of New Jersey c/o AllianceBernstein LP
		

		
			1345 Avenue of the Americas 38th Floor
		

		
			New York, NY 10105 Attention: Richard Federico Telephone #: 212- 969-2349
		

		
			Email: richard.federico@alliancebernstein.com
		

		
			Group Email: ABPPCompliance@alliancebernstein.com
		

		
			﻿
		

		

		

		 

		

			-116-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						STATE FARM LIFE INSURANCE COMPANY

					
					
						A

					
					
						$14,500,000

				

		
			STATE FARM LIFE INSURANCE COMPANY
		

		
			TAX ID #37-0533090
		

		
			Participation/Series:$14,500,000/2.38% Amortizing First Mortgage Bonds due October 30, 2039
		

		
			﻿
		

		
			Wire Transfer Instructions:
		

		
			All payments on account of Notes held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, including issuer, CUSIP number, interest rate, maturity date, and whether payment is interest, principal, or premium. 
		

		
			﻿
		

		
			Please contact our Investment Department to securely obtain wire transfer instructions for State Farm Life Insurance Company.
		

		
			﻿
		

		
			E-mail: privateplacements@statefarm.com
		

		
			Phone: (309) 766-2386 
		

		
			﻿
		

		
			Send notices, financial statements, officer’s certificates and other correspondence to:
		

		
			State Farm Life Insurance Company
		

		
			Investment Dept. E-8
		

		
			One State Farm Plaza
		

		
			Bloomington, IL   61710
		

		
			If by E-Mail:privateplacements@statefarm.com
		

		
			﻿
		

		
			Send confirms to:
		

		
			State Farm Life Insurance Company
		

		
			Investment Accounting Dept. D-3
		

		
			One State Farm Plaza
		

		
			Bloomington, IL   61710
		

		
			﻿
		

		
			Send the original security (via registered mail) to:
		

		
			JPMorgan Chase Bank, N.A.
4 Chase Metrotech Center
3rd Floor
Brooklyn, New York 11245-0001
Attention:  Physical Receive Department
		

		
			Account: G06893
		

		
			﻿
		

		
			Send an additional copy of the original security plus an original set of closing documents and one conformed copy of the Note Purchase Agreement to:
		

		
			State Farm Insurance Companies
		

		
			One State Farm Plaza
		

		
			Bloomington, Illinois 61710
		

		
			Attn:   Corporate Law-Investments, A-3
		

		
			Christiane M. Stoffer, Associate General Counsel   
		

		 

		

			-117-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						STATE FARM INSURANCE COMPANIES EMPLOYEE RETIREMENT TRUST

					
					
						A

					
					
						$1,000,000

				

		
			STATE FARM INSURANCE COMPANIES EMPLOYEE RETIREMENT TRUST
		

		
			TAX ID #36-6042145
		

		
			Participation/Series:$1,000,000/2.38% Amortizing First Mortgage Bonds due October 30, 2039
		

		
			﻿
		

		
			Wire Transfer Instructions:
		

		
			All payments on account of Notes held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, including issuer, CUSIP number, interest rate, maturity date, and whether payment is interest, principal, or premium. 
		

		
			﻿
		

		
			Please contact our Investment Department to securely obtain wire transfer instructions for State Farm Insurance Companies Employee Retirement Trust.
		

		
			﻿
		

		
			E-mail: privateplacements@statefarm.com
		

		
			Phone: (309) 766-2386 
		

		
			﻿
		

		
			Send notices, financial statements, officer’s certificates and other correspondence to:
		

		
			State Farm Insurance Companies Employee Retirement Trust
		

		
			Investment Dept. E-8
		

		
			One State Farm Plaza
		

		
			Bloomington, IL   61710
		

		
			If by E-Mail:privateplacements@statefarm.com
		

		
			﻿
		

		
			Send confirms to:
		

		
			State Farm Insurance Companies Employee Retirement Trust
		

		
			Investment Accounting Dept. D-3
		

		
			One State Farm Plaza
		

		
			Bloomington, IL   61710
		

		
			﻿
		

		
			Send the original security (via registered mail) to:
		

		
			JPMorgan Chase Bank, N.A.
4 Chase Metrotech Center
3rd Floor
Brooklyn, New York 11245-0001
Attention:  Physical Receive Department
		

		
			Account: G07251
		

		
			﻿
		

		
			Send an additional copy of the original security plus an original set of closing documents and one conformed copy of the Note Purchase Agreement to:
		

		
			State Farm Insurance Companies
		

		
			One State Farm Plaza
		

		
			Bloomington, Illinois 61710
		

		
			Attn: Corporate Law-Investments, A-3
		

		
			         Christiane M. Stoffer, Associate General Counsel
		

		

		

		 

		

			-118-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						STATE FARM LIFE AND ACCIDENT ASSURANCE COMPANY

					
					
						A

					
					
						$500,000

				

		
			STATE FARM LIFE AND ACCIDENT ASSURANCE COMPANY
		

		
			TAX ID #37-0805091
		

		
			Participation/Series:$500,000/2.38% Amortizing First Mortgage Bonds due October 30, 2039
		

		
			﻿
		

		
			Wire Transfer Instructions:
		

		
			All payments on account of Notes held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, including issuer, CUSIP number, interest rate, maturity date, and whether payment is interest, principal, or premium. 
		

		
			﻿
		

		
			Please contact our Investment Department to securely obtain wire transfer instructions for State Farm Life and Accident Assurance Company.
		

		
			﻿
		

		
			E-mail: privateplacements@statefarm.com
		

		
			Phone: (309) 766-2386 
		

		
			﻿
		

		
			Send notices, financial statements, officer’s certificates and other correspondence to:
		

		
			State Farm Life and Accident Assurance Company
		

		
			Investment Dept. E-8
		

		
			One State Farm Plaza
		

		
			Bloomington, IL   61710
		

		
			If by E-Mail:privateplacements@statefarm.com
		

		
			﻿
		

		
			Send confirms to:
		

		
			State Farm Life and Accident Assurance Company
		

		
			Investment Accounting Dept. D-3
		

		
			One State Farm Plaza
		

		
			Bloomington, IL   61710
		

		
			﻿
		

		
			Send the original security (via registered mail) to:
		

		
			JPMorgan Chase Bank, N.A.
4 Chase Metrotech Center
3rd Floor
Brooklyn, New York 11245-0001
Attention:  Physical Receive Department
		

		
			Account: G06895
		

		
			﻿
		

		
			Send an additional copy of the original security plus an original set of closing documents and one conformed copy of the Note Purchase Agreement to:
		

		
			State Farm Insurance Companies
		

		
			One State Farm Plaza
		

		
			Bloomington, Illinois 61710
		

		
			Attn: Corporate Law-Investments, A-3
		

		
			Christiane M. Stoffer, Associate General Counsel 
		

		

		

		 

		

			-119-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

					
					
						A

					
					
						$5,000,000

				

		
			﻿
		

		
			﻿
		

		
			REGISTER SECURITIES IN THE NAME OF:  THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		

		
			﻿
		

		
			(Note:  a separate security will be needed for each breakdown listed below)
		

		
			Tax ID for The Lincoln National Life Insurance Company:  35-0472300
		

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

		
			﻿
		

		
			SECURITY:   Chugach Electric Association, 2.38% First Mortgage Bond due 10/30/2039
		

		
			 
		

		
			NOTE
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						AMOUNT

					
					
						LINCOLN ACCOUNT NAME

					
					
						BANK CUSTODY ACCT #

				
	
					
						5,000,000

					
					
						The Lincoln National Life Insurance Co (SA0102)

					
					
						385634

				

		
			﻿
		

		
			﻿
		

		
			PRINCIPAL & INTEREST PAYMENTS:    
		

		
			  The Bank of New York Mellon
		

			
					
						﻿

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						  (via Fed Wire)

					
					
						One Wall Street, New York, NY  10286

				
	
					
						﻿

					
					
						ABA #:  021000018

				
	
					
						﻿

					
					
						BENEFICIARY/Account #:  GLA 111566

				
	
					
						﻿

					
					
						Acct Name:  The Bank of New York Mellon Private Placement Income Collection

				
	
					
						﻿

					
					
						Bank to Bank Information Ref:

					
					
						insert Custody Account# listed above;  

				
	
					
						﻿

					
					
						 

					
					
						PPN #/Sec Desc/ P&I Details 

				
	
					
						﻿

					
					
						Reference Registered Holder:

					
					
						The Lincoln National Life Insurance Company

				

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						INVESTMENT ADVISER ADDRESS 

					
					
						TREASURY OPERATIONS 

					
					
						BANK ADDRESS

				
	
					
						--ALL COMMUNICATIONS:

					
					
						 --NOTICE OF PAYMENT ONLY:

					
					
						--NOTICE OF PAYMENT:

				
	
					
						Macquarie Investment Management Advisers

					
					
						Lincoln Financial Group

					
					
						The Bank of New York Mellon

				
	
					
						100 Independence Mall West

					
					
						1300 South Clinton St

					
					
						PO Box 392003

				
	
					
						610 Market Street – 9th floor

					
					
						Fort Wayne, IN 46802  

					
					
						Pittsburgh, PA 15251-9003

				
	
					
						Philadelphia, PA 19106

					
					
						Attn:  Inv Acctg-Treasury Operations

					
					
						Attn:  Private Placement P & I Dept

				
	
					
						Attn:  Fixed Income Private Placements

					
					
						Email:  securities_data_rese@lfg.com

					
					
						Ref:  Registered Holder/Sec Desc/PPN#

				
	
					
						Email: privateplacements@macquarie.com

					
					
						 

					
					
						Email:  ppservicing@bnymellon.com

				

		
			﻿
		

		
			FORWARD SECURITIES TO:      The Depository Trust Company
		

		
			(via Express Delivery)                      570 Washington Blvd – 5th Floor
		

		
			Jersey City, New Jersey 07310
		

		
			ATTENTION:  BNY MELLON/BRANCH DEPOSIT DEPARTMENT
		

		
			(in cover letter reference note amt, acct name, and bank custody account #)
		

		
			﻿
		

		
			Copy of transmittal to:                      Shelise.Case@LFG.com
		

		
			Copy of notes to:                              Shelise.Case@LFG.com
		

		

		

		 

		

			-120-

		

 

		

			 

		

		﻿
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

					
					
						B

					
						B

					
					
						$5,000,000

					
						$2,000,000

				

		
			﻿
		

		
			REGISTER SECURITIES IN THE NAME OF:  THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		

		
			﻿
		

		
			(Note:  a separate security will be needed for each breakdown listed below)
		

		
			Tax ID for The Lincoln National Life Insurance Company:  35-0472300
		

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

		
			﻿
		

		
			SECURITY:   Chugach Electric Association, 2.91% First Mortgage Bond due 10/30/2050
		

		
			﻿
		

		
			NOTE
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						AMOUNT

					
					
						LINCOLN ACCOUNT NAME

					
					
						BANK CUSTODY ACCT #

				
	
					
						5,000,000

					
					
						The Lincoln National Life Insurance Co (Seg 46)

					
					
						215726

				
	
					
						2,000,000

					
					
						The Lincoln National Life Insurance Co (Seg 16)

					
					
						216625

				

		
			﻿
		

		
			PRINCIPAL & INTEREST PAYMENTS:    
		

		
			  The Bank of New York Mellon
		

			
					
						    

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						  (via Fed Wire)

					
					
						One Wall Street, New York, NY  10286

				
	
					
						﻿

					
					
						ABA #:  021000018

				
	
					
						﻿

					
					
						BENEFICIARY/Account #:  GLA 111566

				
	
					
						﻿

					
					
						Acct Name:  The Bank of New York Mellon Private Placement Income Collection

				
	
					
						﻿

					
					
						Bank to Bank Information Ref:

					
					
						insert Custody Account# listed above;  

				
	
					
						﻿

					
					
						 

					
					
						PPN #/Sec Desc/ P&I Details 

				
	
					
						﻿

					
					
						Reference Registered Holder:

					
					
						The Lincoln National Life Insurance Company

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						INVESTMENT ADVISER ADDRESS 

					
					
						TREASURY OPERATIONS 

					
					
						BANK ADDRESS

				
	
					
						--ALL COMMUNICATIONS:

					
					
						 --NOTICE OF PAYMENT ONLY:

					
					
						--NOTICE OF PAYMENT:

				
	
					
						Macquarie Investment Management Advisers

					
					
						Lincoln Financial Group

					
					
						The Bank of New York Mellon

				
	
					
						100 Independence Mall West

					
					
						1300 South Clinton St

					
					
						PO Box 392003

				
	
					
						610 Market Street – 9th floor

					
					
						Fort Wayne, IN 46802  

					
					
						Pittsburgh, PA 15251-9003

				
	
					
						Philadelphia, PA 19106

					
					
						Attn:  Inv Acctg-Treasury Operations

					
					
						Attn:  Private Placement P & I Dept

				
	
					
						Attn:  Fixed Income Private Placements

					
					
						Email:  securities_data_rese@lfg.com

					
					
						Ref:  Registered Holder/Sec Desc/PPN#

				
	
					
						Email: privateplacements@macquarie.com

					
					
						 

					
					
						Email:  ppservicing@bnymellon.com

				

		
			﻿
		

		
			﻿
		

		
			FORWARD SECURITIES TO:      The Depository Trust Company
		

		
			(via Express Delivery)                      570 Washington Blvd – 5th Floor
		

		
			Jersey City, New Jersey 07310
		

		
			ATTENTION:  BNY MELLON/BRANCH DEPOSIT DEPARTMENT
		

		
			(in cover letter reference note amt, acct name, and bank custody account #)
		

		
			﻿
		

		
			Copy of transmittal to:Shelise.Case@LFG.com
		

		
			Copy of notes to:Shelise.Case@LFG.com
		

		

		

		 

		

			-121-

		

 

		

			 

		

		
		

		
			﻿
		

		
			﻿
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK

					
					
						B

					
					
						$3,000,000

				

		
			﻿
		

		
			REGISTER SECURITY IN THE NAME OF:   LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK
		

		
			(Note:  a separate security will be needed for each breakdown listed below)
		

		
			﻿
		

		
			SECURITY:  Chugach Electric Association Inc, 2.91% First Mortgage Bond due 10/30/2050
		

		
			﻿
		

		
			NOTE AMOUNTACCOUNT NAMECUSTODY ACCT #
		

		
			3,000,000Lincoln Life & Annuity Co of New York (Seg 11)2624503
		

		
			﻿
		

		
			TAX ID for LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK:  22-0832760
		

		
			﻿
		

		
			PRINCIPAL & INTEREST PAYMENTS:NORTHERN CHGO/Trust
		

		
			(via Fed Wire)                                                801 South Canal St., Chicago, IL  60607
		

		
			ABA #:  071000152
		

		
			Credit A/C #:  5186041000
		

		
			Acct Name:  Northern Trust Income Dept
		

		
			For Further Credit:  Lincoln Life & Annuity Company of New York   
		

		
			Further Credit Custody A/C #: (insert Custody Account # listed above)
		

		
			REF:  PPN # / SECURITY DESC/ PAYMENT REASON
		

		
			﻿
		

		
			INVESTMENT ADVISER ADDRESS
		

		
			FOR ALL COMMUNICATIONS:                 Macquarie Investment Management Advisers
		

		
			100 Independence Mall West
		

		
			610 Market Street – 9th floor
		

		
			Philadelphia, PA  19106
		

		
			Attn:  Fixed Income Private Placements
		

		
			Email:  privateplacements@macquarie.com
		

		
			INVESTMENT ACCOUNTING ADDRESS 
		

		
			FOR NOTICE OF PAYMENT ONLY:         Lincoln Financial Group
		

		
			1300 South Clinton Street 
		

		
			Fort Wayne, IN  46802
		

		
			Attn:  Inv Accounting – Treasury Operations
		

		
			Email:  securities_data_rese@lfg.com
		

		
			BANK ADDRESS 
		

		
			FOR NOTICE OF PAYMENT ONLY:        The Northern Trust Company
		

		
			801 South Canal Street
		

		
			Income Collections C-3N
		

		
			Attention:  Oscell Owens / Julie Motley
		

		
			Chicago, IL  60607
		

		
			Fax:  312-849-8494; Group Email:  icphys@ntrs.com
		

		
			REFERENCE:  ACCOUNT NAME AND PPN/CUSIP #
		

		
			﻿
		

		
			FORWARD SECURITIES TO:                    The Northern Trust Company
		

		
			   (via express delivery)                                  Attn:  Trade Securities Processing
		

		
			333 South Wabash Avenue, 32nd floor
		

		
			Chicago, IL 60604
		

		
			 (IN COVER LETTER REF ACCT NAME & BANK CUSTODY ACCT #)
		

		
			Copy of transmittal to:Shelise.Case@LFG.com
		

		
			Copy of note to:Shelise.Case@LFG.com
		

		

		

		 

		

			-122-

		

 

		

			 

		

		﻿
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Pacific Life Insurance Company

					
						 

					
						 

					
						Nominee:  Mac & Co., as nominee for Pacific Life Insurance Company

					
					
						A

					
						B

					
					
						$5,000,000

					
						$6,000,000

				

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		

		

		 

		

			-123-

		

 

		

			 

		

		
		

		
			﻿
		

		
			
		

		

		

		 

		

			-124-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						The Guardian Life Insurance Company of America

					
					
						B

					
					
						$6,000,000

				

		
			PRIVATE PLACEMENT
		

		
			THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
		

		
			(PRIF-W)
		

		
			﻿
		

		
			Amount: $6,000,000
		

		
			﻿
		

		
			Notes to be registered in the name of:
		

		
			﻿
		

		
			The Guardian Life Insurance Company of America
		

		
			TAX ID NO. 13-5123390
		

		
			﻿
		

		
			And deliver to:
		

		
			﻿
		

		
			JP Morgan Chase Bank, N.A.
		

		
			4 Chase Metrotech Center – 3rd Floor
		

		
			Brooklyn, NY 11245-0001
		

		
			﻿
		

		
			Reference A/C #G05978, Guardian Life (PRIF-W)
		

		
			﻿
		

		
			Payment by wire to:
		

		
			﻿
		

		
			JP Morgan Chase
		

		
			FED ABA #021000021
		

		
			Chase/NYC/CTR/BNF
		

		
			A/C 900-9-000200
		

		
			Reference A/C #G05978, Guardian Life (PRIF-W), PPN 171265 C#6, Chugach Electric Association, Inc.
		

		
			﻿
		

		
			Address for all communications and notices:
		

		
			﻿
		

		
			The Guardian Life Insurance Company of America
		

		
			10 Hudson Yards
		

		
			New York, NY 10001
		

		
			Attn:  Adam Gossett
		

		
			Investment Department
		

		
			FAX #  (212) 919-2658
		

		
			Email address:  adam_gossett@glic.com
		

		
			With a copy to GuardianUSPP@glic.com
		

		
			﻿
		

		

		

		 

		

			-125-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Berkshire Life Insurance Company of America

					
					
						B

					
					
						$2,000,000

				

			
	
			
				
			BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA

		
			﻿
		

		
			Amount: $2,000,000
		

		
			﻿
		

		
			Notes to be registered in the name of:
		

		
			﻿
		

		
			Berkshire Life Insurance Company of America
		

		
			TAX ID NO. 75-1277524
		

		
			﻿
		

		
			And deliver to:
		

		
			﻿
		

		
			JP Morgan Chase Bank, N.A.
		

		
			4 Chase Metrotech Center – 3rd Floor
		

		
			Brooklyn, NY 11245-0001
		

		
			﻿
		

		
			Reference A/C #G07064, Berkshire Life Insurance 
		

		
			 
		

		
			Payment by wire to:
		

		
			﻿
		

		
			JP Morgan Chase 
		

		
			FED ABA #021000021
		

		
			Chase/NYC/CTR/BNF
		

		
			A/C 900-9-000200
		

		
			Reference A/C #G07064, Berkshire Life, PPN 171265 C#6, Chugach Electric Association, Inc.
		

		
			﻿
		

		
			Address for all communications and notices:
		

		
			﻿
		

		
			Berkshire Life Insurance Company of America 
		

		
			c/o The Guardian Life Insurance Company of America
		

		
			10 Hudson Yards
		

		
			New York, NY 10001
		

		
			Attn:  Adam Gossett 
		

		
			Investment Department
		

		
			FAX #  (212) 919-2658
		

		
			Email:  adam_gossett@glic.com
		

		
			With a copy to GuardianUSPP@glic.com
		

		
			﻿
		

		

		

		 

		

			-126-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						The Guardian Insurance & Annuity Company, Inc.

					
					
						B

					
					
						$2,000,000

				

		
			THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC
		

		
			GIAC-Life Annuity/GIAC-100 / SPIA
		

		
			Amount: $2,000,000
		

		
			﻿
		

		
			Notes to be registered in the name of:
		

		
			﻿
		

		
			The Guardian Insurance & Annuity Company, Inc.
		

		
			TAX ID NO. 13-2656036
		

		
			﻿
		

		
			And deliver to:
		

		
			﻿
		

		
			JP Morgan Chase Bank, N.A.
		

		
			4 Chase Metrotech Center – 3rd Floor
		

		
			Brooklyn, NY 11245-0001
		

		
			﻿
		

		
			Reference A/C # G01713, GIAC Fixed Payout
		

		
			﻿
		

		
			Payment by wire to:
		

		
			﻿
		

		
			JP Morgan Chase
		

		
			FED ABA #021000021
		

		
			Chase/NYC/CTR/BNF
		

		
			A/C 900-9-000200
		

		
			Reference A/C # G01713, GIAC Fixed Payout, PPN 171265 C#6, Chugach Electric Association, Inc.
		

		
			﻿
		

		
			Address for all communications and notices:
		

		
			﻿
		

		
			The Guardian Insurance & Annuity Company, Inc.
		

		
			c/o The Guardian Life Insurance Company of America
		

		
			10 Hudson Yards
		

		
			New York, NY 10001
		

		
			Attn:  Adam Gossett
		

		
			Investment Department
		

		
			FAX #  (212) 919-2658
		

		
			Email: adam_gossett@glic.com
		

		
			With a copy to GuardianUSPP@glic.com
		

		
			﻿
		

		

		

		 

		

			-127-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						UNITED OF OMAHA LIFE INSURANCE COMPANY

					
					
						B

					
					
						$6,000,000

				

		
			﻿
		

		
			1.Notes to be registered in the name of 
		

		
			UNITED OF OMAHA LIFE INSURANCE COMPANY
		

		
			﻿
		

		
			2.Tax I.D. # is 47-0322111
		

		
			﻿
		

		
			3.All principal and interest payments on the Notes shall be made by wire transfer of 
		

		
			immediately available funds to:
		

		
			﻿
		

		
			JPMorgan Chase Bank
		

		
			ABA #021000021
		

		
			Private Income Processing
		

		
			 
		

		
			For credit to:
		

		
			United of Omaha Life Insurance Company
		

		
			Account # 900-9000200
		

		
			a/c:  G07097
		

		
			Cusip/ PPN 171265 C#6
		

		
			Interest Amount:
		

		
			Principal Amount:
		

		
			﻿
		

		
			4.Address for delivery of bonds:
		

		
			
		

		
			JPMorgan Chase Bank
		

		
			4 Chase Metrotech Center, 3rd Floor
		

		
			Brooklyn, NY 11245-0001
		

		
			Attention:    Physical Receive Department
		

		
			Account# G07097
		

		
			﻿
		

		
			**It is imperative that the custody account be included on the delivery letter.  Without
		

		
			 this information, the security will be returned to the sender.
		

		
			﻿
		

		
			5.Address for all notices in respect of payment of Principal and Interest, Corporate Actions, and Reorganization Notifications:
		

		
			﻿
		

		
			JPMorgan Chase Bank
		

		
			4 Chase Metrotech Center, 16th Floor
		

		
			Brooklyn, NY 11245-0001
		

		
			Attn:  Income Processing 
		

		
			a/c:  G07097
		

		
			﻿
		

		
			6. Address for all other communications (i.e.: Quarterly/Annual reports, Tax filings, Modifications,             Waivers regarding the indenture):
		

		
			﻿
		

		
			4 - Investment Management
		

		
			United of Omaha Life Insurance Company
		

		
			3300 Mutual of Omaha Plaza
		

		
			Omaha,  NE  68175-1011
		

		
			Email Address for Electronic Document Transmission: privateplacements@mutualofomaha.com
		

		

		

		 

		

			-128-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						UNITED OF OMAHA LIFE INSURANCE COMPANY

					
					
						B

					
					
						$2,000,000

				

		
			﻿
		

		
			1.Notes to be registered in the name of 
		

		
			UNITED OF OMAHA LIFE INSURANCE COMPANY
		

		
			﻿
		

		
			2.Tax I.D. # is 47-0322111.
		

		
			﻿
		

		
			3.All principal and interest payments on the Notes shall be made by wire transfer of 
		

		
			immediately available funds to:
		

		
			﻿
		

		
			JPMorgan Chase Bank
		

		
			ABA #021000021
		

		
			Private Income Processing
		

		
			﻿
		

		
			For credit to:
		

		
			United of Omaha Funds Withheld Account
		

		
			Account # 900-9000200
		

		
			a/c:  G20071
		

		
			Cusip/ PPN 171265 C#6
		

		
			Interest Amount:
		

		
			Principal Amount:
		

		
			﻿
		

		
			4.Address for delivery of bonds:
		

		
			
		

		
			JPMorgan Chase Bank
		

		
			4 Chase Metrotech Center, 3rd Floor
		

		
			Brooklyn, NY  11245-0001
		

		
			Attention:  Physical Receive Department 
		

		
			Account # G20071
		

		
			﻿
		

		
			**It is imperative that the custody account be included on the delivery letter.  Without
		

		
			this information, the security will be returned to the sender.
		

		
			﻿
		

		
			5.Address for all notices in respect of payment of Principal and Interest, Corporate Actions,  and Reorganization Notifications:
		

		
			﻿
		

		
			JPMorgan Chase Bank
		

		
			4 Chase Metrotech Center, 16th Floor
		

		
			Brooklyn, NY 11245-0001
		

		
			Attn:  Income Processing 
		

		
			a/c:  G20071
		

		
			﻿
		

		
			6. Address for all other communications (i.e.: Quarterly/Annual reports, Tax filings, Modifications, Waivers regarding the indenture):
		

		
			﻿
		

		
			4 - Investment Management
		

		
			United of Omaha Life Insurance Company (Funds Withheld Account)
		

		
			3300 Mutual of Omaha Plaza
		

		
			Omaha,  NE  68175-1011
		

		
			Email Address for Electronic Document Transmission: privateplacements@mutualofomaha.com
		

		
			﻿
		

		

		

		 

		

			-129-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Protective Life Insurance Company (PLI)

					
					
						B

					
					
						$8,000,000

				

		
			﻿
		

		
			﻿
		

			
					
						Name and Address of Purchaser:

					
						Protective Life Insurance Company (PLI)

					
						Attn: Investment Department – Private Placements Desk

					
						2801 Hwy. 280 South

					
						Birmingham, AL  35223

					
						 

					
					
						PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED FOR: PLI #294412

					
						HELD IN NAME:

					
						Hare & Co., LLC 

					
						 

					
						$8,000,000.00– CHUGACH ELECTRIC 2.91% 10/30/2050

					
						 

					
						Physical Delivery Instructions:

					
						The Depository Trust Company

					
						570 Washington Blvd - 5th floor

					
						Jersey City, NJ  07310

					
						Attn:  BNY Mellon/Branch Deposit Department

					
						 

					
						Custody Acct:      294412

					
						Customer Name:  Protective Life Insurance Company

				
	
					
						All payments by wire transfer of immediately available funds to:

					
						THE BANK OF NEW YORK

					
						ABA #: 021 000 018

					
						Acct. #: GLA 111566

					
						ATTN: PP P & I Department 

					
						PPN 171265 C#6

					
						CUST. NAME: Protective Life Insurance Company

					
						Pay date/Breakdown: 

					
						 

					
						with sufficient information to identify the source and application of such funds.

				
	
					
						All notices of payments and written confirmations of such wire transfers:

					
						ppns@protective.com

					
						 

					
						Protective Life Insurance Co. (PLI)

					
						Investment Department-Middle Office

					
						2801 Hwy. 280 South

					
						Birmingham, AL 35223

					
						 

				
	
					
						All notices of financial and compliance reporting:  

					
						ppns@protective.com

					
						Protective Life Insurance Company (PLI)

					
						Investment Department – Private Placements Desk

					
						2801 Hwy. 280 South

					
						Birmingham, AL 35223

					
						 

				
	
					
						Tax Identification Number:  

					
						(PLI) # 63-0169720

				

		
			﻿
		

		

		

		 

		

			-130-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						The State Life Insurance Company

					
					
						B

					
					
						$1,000,000

				

		
			﻿
		

		
			Purchaser:The State Life Insurance Company
		

		
			﻿
		

		
			Issuer:Chugach Electric Association, Inc.
		

		
			﻿
		

		
			Issuing:Senior Note(s) due 2050
		

		
			﻿
		

		
			Closing:10/26/2020
		

		
			﻿
		

		
			Issue:2.91%
		

		
			﻿
		

		
			Amount:Note 1 $1,000,000.00
		

		
			﻿
		

		
			Note:For clarification, the purchaser of these notes is “The State Life Insurance Company”.  The bank information shown below is for a special bank account (The State Life Insurance Company Finance Reinsurance) owned by the State Life Insurance Company.  As a result, there could be more than one purchase for The State Life Insurance Company in any one private placement transaction with different wiring instructions.
		

		
			﻿
		

		
			The original note(s) should be sent to:
		

		
			﻿
		

		
			The Depository Trust Company
		

		
			Attn:  BNY Mellon/Branch Deposit Dept.
		

		
			Acct # 211624 State Life, c/o AUL
		

		
			570 Washington Blvd. – 5th Floor
		

		
			Jersey City, NJ  07310
		

		
			﻿
		

		
			Please send all POST-CLOSING documentation to:
		

		
			﻿
		

		
			American United Life Insurance Company
		

		
			Attn:  Mike Bullock, Securities Department
		

		
			One American Square, Suite 1017
		

		
			Post Office Box 368
		

		
			Indianapolis, IN 46206
		

		
			mike.bullock@oneamerica.com
		

		
			﻿
		

		
			Payment:Chugach Electric Association, Inc. shall make payment of principal and interest on the note(s) in immediately available funds by wire transfer to the following bank account:
		

		
			﻿
		

		
			The Bank of New York Mellon
		

		
			ABA #:  021000018
		

		
			Credit Account:  GLA111566
		

		
			Account Name: The State Life Insurance Company Finance Reinsurance
		

		
			Account #:  211624
		

		
			Re: “Accompanying Information” below
		

		
			P & I Breakdown:  (Insert);  Re:  PPN 171265 C#6
		

		
			﻿
		

		
			Payments should contain sufficient information to identify the breakdown of principal and interest and should identify the full description of the note(s) and the payment date.
		

		
			﻿
		

		
			The United States Tax I.D. Number of The State Life Insurance Company is 35-0684263.
		

		 

		

			-131-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						The State Life Insurance Company

					
					
						B

					
					
						$6,000,000

				

		
			﻿
		

		
			Purchaser:The State Life Insurance Company
		

		
			﻿
		

		
			Issuer:Chugach Electric Association, Inc.
		

		
			﻿
		

		
			Issuing:Senior Note(s) due 2050
		

		
			﻿
		

		
			Closing:10/26/2020
		

		
			﻿
		

		
			Issue:2.91%
		

		
			﻿
		

		
			Amount:Note 2 $6,000,000.00
		

		
			﻿
		

		
			Note:For clarification, the purchaser of these notes is “The State Life Insurance Company”.  The bank information shown below is for a special bank account (The State Life Insurance Company Finance Reinsurance) owned by the State Life Insurance Company.  As a result, there could be more than one purchase for The State Life Insurance Company in any one private placement transaction with different wiring instructions.
		

		
			﻿
		

		
			The original note(s) should be sent to:
		

		
			﻿
		

		
			The Depository Trust Company
		

		
			Attn:  BNY Mellon/Branch Deposit Dept.
		

		
			Acct # 343761 State Life, c/o AUL
		

		
			570 Washington Blvd. – 5th Floor
		

		
			Jersey City, NJ  07310
		

		
			﻿
		

		
			Please send all POST-CLOSING documentation to:
		

		
			﻿
		

		
			American United Life Insurance Company
		

		
			Attn:  Mike Bullock, Securities Department
		

		
			One American Square, Suite 1017
		

		
			Post Office Box 368
		

		
			Indianapolis, IN 46206
		

		
			mike.bullock@oneamerica.com
		

		
			﻿
		

		
			Payment:Chugach Electric Association, Inc. shall make payment of principal and interest on the note(s) in immediately available funds by wire transfer to the following bank account:
		

		
			﻿
		

		
			Bank of New York
		

		
			ABA #:  021000018
		

		
			Credit Account:  GLA111566
		

		
			Account Name: The State Life Insurance Company
		

		
			Account #:  343761
		

		
			P & I Breakdown:  (Insert);  Re:  PPN 171265 C#6
		

		
			﻿
		

		
			Payments should contain sufficient information to identify the breakdown of principal and interest and should identify the full description of the note(s) and the payment date.
		

		
			﻿
		

		
			The United States Tax I.D. Number of The State Life Insurance Company is 35-0684263.
		

		 

		

			-132-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Ameritas Life Insurance Corp.

					
					
						B

					
					
						$5,400,000

				

		
			﻿
		

		
			Name and Address of PurchaserTax ID Number
		

		
			Ameritas Life Insurance Corp.13-6022143 (CUDD & CO. LLC)
		

		
			Ameritas Investment Partners, Inc.
		

		
			5945 R Street    
		

		
			Lincoln, NE 68505
		

		
			﻿
		

			
	
			
				 1)
			

			
	
			
			All payments by wire transfer of immediately available funds to:

		
			﻿
		

		
			JPMorgan Chase Bank
		

		
			ABA #021-000-021
		

		
			DDA Clearing Account:  9009002859
		

		
			Further Credit - Custody Fund P72220 for Ameritas Life Insurance Corp.
		

		
			Reference: CUSIP;  Issue name and source/application of funds (P&I, etc.) 
		

		
			﻿
		

			
	
			
				 2)
			

			
	
			
			All notices of payments and written confirmations of such wire transfers sent to:

		
			﻿
		

		
			Ameritas Life Insurance Corp.
		

		
			5945 R Street
		

		
			Lincoln, NE  68505
		

		
			ATTN:  Investment Accounting
		

		
			Fax#: (402) 467-6970
		

		
			IASecurities@ameritas.com 
		

		
			﻿
		

			
	
			
				 3)
			

			
	
			
			All other communications sent to:

		
			﻿
		

		
			Ameritas Life Insurance Corp.
		

		
			Ameritas Investment Partners, Inc.
		

		
			ATTN:  Private Placements
		

		
			5945 R Street
		

		
			Lincoln, NE 68505
		

		
			﻿
		

		
			Contacts:   Joe Mick
		

		
			Tel:  402-467-7471
		

		
			Fax:  402-467-6970
		

		
			Email:  Joe.Mick@Ameritas.com
		

		
			﻿privateplacements@ameritas.com
		

		
			﻿
		

			
	
			
				 4)
			

			
	
			
			Delivery of certificates by registered mail to:

		
			﻿
		

		
			JPMorgan Chase Bank, N.A.
		

		
			4 Chase Metrotech Center, 3rd Floor
		

		
			Brooklyn, NY  11245-0001
		

		
			ATTN:  Physical Receive Department
		

		
			REF:  Account P72220
		

		
			REF:  Ameritas Life Insurance Corp.
		

		
			﻿
		

		
			To be registered in the nominee of CUDD & CO. LLC for the benefit of Ameritas Life Insurance Corp. (Nominee Tax ID 13-6022143)
		

		
			AND
		

		
			Copy of Certificates sent to Joe Mick, Ameritas Investment Partners, Inc., per above
		

		

		

		 

		

			-133-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Ameritas Life Insurance Corp. of New York

					
					
						B

					
					
						$600,000

				

		
			﻿
		

		
			Name and Address of PurchaserTax ID Number
		

		
			Ameritas Life Insurance Corp. of New York 13-6022143 (CUDD & CO. LLC)
		

		
			Ameritas Investment Partners, Inc.
		

		
			5945 R Street
		

		
			Lincoln, NE 68505
		

		
			﻿
		

		
			1)All payments by wire transfer of immediately available funds to:
		

		
			JPMorgan Chase Bank
		

		
			ABA #021-000-021
		

		
			DDA Clearing Account:  9009002859
		

		
			Further Credit - Custody Fund P72225 for Ameritas Life Insurance
		

		
			Corp. of New York
		

		
			Reference: CUSIP;  Issue name and source/application of funds (P&I, etc.) 
		

		
			﻿
		

		
			2)All notices of payments and written confirmations of such wire transfers to:
		

		
			Ameritas Life Insurance Corp.
		

		
			5945 R Street
		

		
			Lincoln, NE  68505
		

		
			ATTN:  Investment Accounting
		

		
			Fax#: (402) 467-6970
		

		
			IASecurities@ameritas.com 
		

		
			﻿
		

		
			3)All other communications sent to:
		

		
			Ameritas Life Insurance Corp. of New York
		

		
			Ameritas Investment Partners, Inc.
		

		
			ATTN:  Private Placements
		

		
			5945 R Street
		

		
			Lincoln, NE 68505
		

		
			﻿
		

		
			Contacts:Joe Mick
		

		
			Tel:  402-467-7471
		

		
			Fax: 402-467-6970
		

		
			Email:  Joe.Mick@Ameritas.com
		

		
			                                                    privateplacements@ameritas.com
		

		
			﻿
		

		
			4)Delivery of certificates by registered mail:
		

		
			JPMorgan Chase Bank
		

		
			4 Chase Metrotech Center, 3rd Floor
		

		
			Brooklyn, NY  11245-0001
		

		
			ATTN:  Physical Receive Department
		

		
			REF:  Account P72225
		

		
			REF:  Ameritas Life Insurance Corp. of New York
		

		
			﻿
		

		
			To be registered in the nominee of CUDD & CO. LLC for the benefit of Ameritas Life Insurance Corp. of New York (Nominee Tax ID 13-6022143)
		

		
			AND
		

		
			Copy of Certificates sent to Joe Mick, Ameritas Investment Partners, Inc., per above
		

		

		

		 

		

			-134-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Guarantee Trust Life Insurance Company

					
					
						A

					
					
						$1,300,000

				

		
			﻿
		

		
			Schedule A – Chugach Electric Association, Inc., Series 2020 A,  Tranche A
		

		
			        Coupon: 2.38%; Maturity: 10/30/39; Issue Date:  10/26/2020   PPN 171265 C@8
		

		
			﻿
		

		
			Account Name/ Purchaser:                                Guarantee Trust Life Insurance Company
		

		
			A/C # 230038316085
		

		
			Purchase amount:  $1,300,000
		

		
			
		

		
			Registration and Tax ID#:Link & Co.
		

		
			c/o Fifth Third Bank 
		

		
			5050 Kingsley Drive
		

		
			Cincinnati, OH  45263
		

		
			Tax ID # 31-6024208
		

		
			 
		

		
			Physical delivery:                                                 Fifth Third Bank
		

		
			5001 Kinsley Drive
		

		
			MD 1MOB2J
		

		
			Cincinnati, OH  45227
		

		
			Attn:  Sarah Kubala
		

		
			﻿
		

		
			Wire Instructions for Principal/Interest/:        ABA #042000314
		

		
			Fifth Third Bank
		

		
			A/C #71575856
		

		
			FFC:  # 230038316085 – Guarantee Trust Life 
		

		
			Insurance Company
		

		
			Reference name of asset,  cusip and P&I breakdown
		

		
			﻿
		

		
			Notices regarding payments                               Guarantee Trust Life Insurance Company
		

		
			  for client records:                                              1275 Milwaukee Avenue
		

		
			Glenview, IL  60025
		

		
			Barb Taub
		

		
			﻿btaub@gtlic.com
		

		
			﻿
		

		
			Notices regarding payments
		

		
			 for bank records:                                                Fifth Third Bank
		

		
			Trust Income, Maildrop 1MOB2G
		

		
			5001 Kingsley Drive
		

		
			Cincinnati, OH  45227
		

		
			﻿ITMutualFunds/DepositoryIncome.Bancorp@53.com
		

		
			﻿
		

		
			Notices regarding payments
		

		
			 for AAM records :                                              AAM Company
		

		
			30 West Monroe Street-3rd Floor
		

		
			Chicago, IL 60603-2405
		

		
			Attn:  Private Placement Department and/or
		

		
			﻿privateplacements@aamcompany.com
		

		

		

		 

		

			-135-

		

 

		

			 

		

		
		

		
			﻿
		

		
			Account manager setting up trade and wiring funds:
		

		
			﻿Sarah.Kubala@53.com
		

		
			﻿Kathryn.Jennings@53.com
		

		
			Michael. Pavlick@53.com
		

		
			513-351-0406
		

		
			Cell:  517-285-9490
		

		
			﻿
		

		

		

		 

		

			-136-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						ICI Mutual Insurance Company

					
					
						A

					
					
						$1,200,000

				

		
			﻿
		

		
			Schedule A – Chugach Electric Association, Inc., Series 2020 A,  Tranche A
		

		
			        Coupon: 2.38%; Maturity: 10/30/39; Issue Date:  10/26/2020   PPN 171265 C@8
		

		
			﻿
		

		
			Account Name/Purchaser:                                               ICI Mutual Insurance Company    
		

		
			A/C #289559   
		

		
			Amount:  1,200,000
		

		
			﻿
		

		
			Registration and Tax ID#:                                               Hare & Co., LLC
		

		
			Tax ID:13-6062916
		

		
			﻿
		

		
			Physical Delivery for Private Placement:                      The Depository Trust Company
		

		
			570 Washington Blvd. – 5TH Floor
		

		
			***Transmittal Letter must accompany the                 Jersey City, NJ  07310
		

		
			certificate to complete the delivery.                        Attn:  BNY Mellon/Branch Deposit Department
		

		
			For account #289559
		

		
			﻿
		

		
			Wire instructions forPrincipal and Interest                   Bank of  New York Mellon
		

		
			 and/or Dividend Payments:                                           ABA #021000018
		

		
			BNF:  GLA 111566
		

		
			For account #289559
		

		
			ATTN:  Bond Principal/Interest Department
		

		
			Reference cusip, name of security/P&I breakdown
		

		
			500 Grant Street Room 151-1145
		

		
			Pittsburg, PA 15258
		

		
			
		

		
			Notices regarding payment for Client records:             ICI Mutual Insurance Company
		

		
			1401 H Street NW – Suite 1000
		

		
			Washington, DC 20005
		

		
			Charles Preseau
		

		
			﻿Preseau@icimutual.com
		

		
			
		

		
			Notices regarding payment for Bank records:              Bank of  New York Mellon
		

		
			500 Grant Street – Room 151-1145
		

		
			Pittsburg, PA  15258
		

		
			Attn:  Income Collection Department
		

		
			FAO:  ICI Mutual Insurance Company
		

		
			For account #289559
		

		
			﻿ppservicing@bnymellon.com
		

		
			﻿
		

		
			Notices regarding payment for AAM records                  AAM Company
		

		
			30 W. Monroe
		

		
			3rd Floor
		

		
			Chicago, IL  60603
		

		
			Attn:  Private Placement Department
		

		
			﻿privateplacements@aamcompany.com
		

		

		

		 

		

			-137-

		

 

		

			 

		

		
		

		
			﻿
		

		
			This account is maintained by 2 custodians:  Peoples and BONY
		

		
			The account manager setting up trade and requesting BONY wire the funds is Morgan Powers.  Morgan.Powers@peoples.com;  Jami.Bisson@people.com;
		

		
			﻿CorpTrust@peoples.com
		

		
			802-660-1380
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-138-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Protective Life Insurance Company

					
					
						A

					
					
						$1,000,000

				

		
			﻿
		

		
			Schedule A – Chugach Electric Association, Inc., Series 2020 A,  Tranche A
		

		
			        Coupon: 2.38%; Maturity: 10/30/39; Issue Date:  10/26/2020   PPN 171265 C@8
		

		
			        
		

		
			﻿
		

		
			Account Name/Purchaser:                                              Protective Life Insurance Company    
		

		
			A/C #247595   (PLI1WU)
		

		
			Amount Purchased:  $1,000,000
		

		
			﻿
		

		
			Registration and Tax ID#:                                               Hare & Co., LLC
		

		
			Tax ID:13-6062916
		

		
			﻿
		

		
			Physical Delivery for Private Placement:                       The Depository Trust Company
		

		
			570 Washington Blvd. – 5TH Floor
		

		
			***Transmittal Letter must accompany the                 Jersey City, NJ  07310
		

		
			certificate to complete the delivery.                        Attn:  BNY Mellon/Branch Deposit Department
		

		
			For account #247595
		

		
			﻿
		

		
			Wire instructions forPrincipal and Interest                   Bank of  New York Mellon
		

		
			 and/or Dividend Payments:                                           ABA #021000018
		

		
			BNF:  GLA 111566
		

		
			For account #247595
		

		
			ATTN:  Bond Principal/Interest Department
		

		
			Reference cusip, name of security/P&I breakdown
		

		
			500 Grant Street Room 151-2700
		

		
			Pittsburg, PA 15258
		

		
			
		

		
			Notices regarding payment for Client records:             Protective Life Insurance Company
		

		
			2801 US-280
		

		
			Birmingham, AL  35223
		

		
			Adam Adrian, VP
		

		
			﻿Adam.Adrian@protective.com
		

		
			
		

		
			Notices regarding payment for Bank records:Bank of  New York Mellon
		

		
			500 Grant Street – Room 151-2700
		

		
			Pittsburg, PA  15258
		

		
			Attn:  Income Collection Department
		

		
			FAO:  Protective Life Insurance Company
		

		
			For account #247595
		

		
			﻿ppservicing@bnymellon.com
		

		
			﻿
		

		
			Notices regarding payment for AAM recordsAAM Company
		

		
			30 W. Monroe- 3rd Floor
		

		
			Chicago, IL  60603
		

		
			Attn:  Private Placement Department
		

		
			﻿privateplacements@aamcompany.com
		

		

		

		 

		

			-139-

		

 

		

			 

		

		
		

		
			Submit Schedule A and trade ticket to:
		

		
			﻿CCSTeamone@bnymellon.com
		

		
			315-414-5959
		

		
			﻿
		

		
			Client will instruct the bank to wire funds....not AAM..
		

		
			Send LOI to portfolio manager; pm will send to client to sign and then they will forward to the  bank.    
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-140-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Pennsylvania Professional Liability Joint Underwriting Association

					
					
						A

					
					
						$750,000

				

		
			﻿
		

		
			Schedule A – Chugach Electric Association, Inc., Series 2020 A, Tranche A
		

		
			        Coupon: 2.38%’  Maturity: 10/30/39; Issue Date:  10/26/2020   PPN 171265 C@8
		

		
			﻿
		

		
			Account Name/ Purchaser:Pennsylvania Professional Liability Joint Underwriting Association
		

		
			A/C # 1395003625
		

		
			Purchase amount:  $750,000
		

		
			﻿
		

		
			Registration and Tax ID#:                                              Band & Co.
		

		
			Tax ID # 39-6039160
		

		
			
		

		
			Physical Delivery for Private Placement:U.S. Bank
		

		
			Attn:  Daniel Harding
		

		
			1555 N. RiverCenter Drive
		

		
			Suite 302
		

		
			Securities Processing, MK-WI-S302
		

		
			Milwaukee, WI  53212    
		

		
			For a/c 1395003625     
		

		
			﻿
		

		
			Wire instructions forPrincipal and InterestU.S. Bank  N.A.
		

		
			 and/or Dividend Payments:60 Livingston Ave Saint Paul MN 55107-2292
		

		
			ABA #091000022
		

		
			Account Name:  ITC SOUTH & EAST DEPOSITORY
		

		
			1555 RiverCenter Drive – Suite 300
		

		
			Milwaukee,  WI   53212
		

		
			Account  #173103781832
		

		
			FFC:  Account name: :  Pennsylvania Professional
		

		
			Liability Joint Underwriting Association
		

		
			FFC Account #: 1395003625
		

		
			Reference cusip and name of security/P&I
		

		
			Breakdown
		

		
			
		

		
			Notices regarding payment for Client records:Pennsylvania Professional Liability Joint UA
		

		
			Hickory Pointe #125 – Hickory Road
		

		
			Plymouth Meeting, PA  19462
		

		
			Susan Sersha, President
		

		
			﻿Susan@pajua.com
		

		
			﻿
		

		
			Notices regarding payment for Bank records:U.S Bank 
		

		
			50 South 16th Street – 20th Floor
		

		
			Philadelphia, PA  19102
		

		
			Robert Ruby 
		

		
			﻿Robert.Ruby@usbank.com
		

		
			
		

		

		

		 

		

			-141-

		

 

		

			 

		

		﻿
		

		
			Notices regarding payment for AAM recordsAAM Company
		

		
			30 W. Monroe – 3rd floor
		

		
			Chicago, IL  60603
		

		
			Attn:  Private Placement Department and/or
		

		
			﻿privateplacements@aamcompany.com
		

		
			﻿
		

		
			Account Manager: Sets up the trade and wire:
		

		
			﻿Robert.Ruby@usbank.com
		

		
			215-761-9436
		

		

		

		 

		

			-142-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						The American Home Life Insurance Company

					
					
						A

					
					
						$650,000

				

		
			﻿
		

		
			Schedule A – Chugach Electric Association, Inc., Series 2020 A,  Tranche A
		

		
			        Coupon: 2.38%; Maturity: 10/30/39; Issue Date:  10/26/2020   PPN 171265 C@8
		

		
			﻿
		

		
			Account Name/Purchaser:The American Home Life Insurance Company 
		

		
			A/C # 1085017804
		

		
			Amount Purchased: $650,000
		

		
			    
		

		
			Registration and Tax ID#:CALHOUN & CO c/o Comerica
		

		
			Tax ID #38-6055051
		

		
			﻿
		

		
			Physical Delivery for Private Placement:Comerica Bank
		

		
			411 W. Lafayette Blvd
		

		
			Detroit, MI 48226
		

		
			Mail Code:  3464
		

		
			Attn:  Will Rawls- Institutional Trust
		

		
			313-222-0017
		

		
			        
		

		
			Wire instructions for Principal and InterestComerica Bank/Fiduciary Services
		

		
			 and/or Dividend Payments: and Operations
		

		
			ABA # 111000753
		

		
			BNF:  The American Home Life Ins. Co.
		

		
			Ref:  1085017804
		

		
			BBI:  Income Unit 313-222-4893
		

		
			A/C # 2158598530
		

		
			Reference cusip, name of security, P&I 
		

		
			
		

		
			Notices regarding payment for Client records:The American Home Life Insurance Company
		

		
			400 S. Kansas Avenue –P.O. Box 1497
		

		
			Topeka, KS  66603
		

		
			Adam Heiman, CFO
		

		
			﻿Aheiman@amhomelife.com
		

		
			﻿
		

		
			Notices regarding payment for Bank records:Comerica Bank
		

		
			411 W. Lafayette Blvd
		

		
			Detroit, MI  48226
		

		
			Mail Code: 3454
		

		
			Attn:  Income Unit
		

		
			﻿IncomeUnitMail@comerica.com
		

		
			﻿
		

		
			Notices regarding payment for AAM recordsAAM Company
		

		
			30 W. Monroe – 3rd floor
		

		
			Chicago, IL  60603
		

		
			Attn:  Private Placement Department and/or
		

		
			﻿privateplacements@aamcompany.com
		

		

		

		 

		

			-143-

		

 

		

			 

		

		﻿
		

		
			﻿
		

		
			Account Manager setting up the trade and wire:  
		

		
			William Rawls
		

		
			﻿WLRawls@comerica.com
		

		
			313-222-0017
		

		
			﻿
		

		

		

		 

		

			-144-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Goodville Mutual Casualty Company

					
					
						A

					
					
						$600,000

				

		
			﻿
		

		
			Schedule A – Chugach Electric Association, Inc., Series 2020 A,  Tranche A
		

		
			        Coupon: 2.38%; Maturity: 10/30/39; Issue Date:  10/26/2020   PPN 171265 C@8
		

		
			﻿
		

		
			Account Name/Purchaser:Goodville Mutual Casualty Company
		

		
			A/C #17702900Purchase amount: 600,000
		

		
			﻿
		

		
			Registration and Tax ID#:Wells Fargo FBO Goodville Mutual Casualty Company
		

		
			Tax ID #94-1347393
		

		
			﻿
		

		
			Physical Delivery for Private Placement:DTCC New York Window
		

		
			Newport Office Center
		

		
			570 Washington Blvd -5th floor
		

		
			Jersey City NJ  07310
		

		
			Attn:  Wells Fargo Bank, Pt #2027
		

		
			Credit Wells Fargo account #17702900
		

		
			For account:  Goodville Mutual Casualty Co.      
		

		
			        
		

		
			Wire instructions forPrincipal and InterestWells Fargo Bank N.A..
		

		
			 and/or Dividend Payments:ABA #121000248
		

		
			Beneficiary Account #0000840245
		

		
			Beneficiary Account name:  Trust Wire Clearing
		

		
			OBI: FFC: #17702900;  GoodvilleMutual Reference cusip and name of security/P&I 
		

		
			breakdown
		

		
			﻿
		

		
			Notices regarding payment for Client records:Goodville Mutual Casualty Company
		

		
			625 West Main Street
		

		
			New Holland, PA 17557
		

		
			﻿Phil.Shirk@goodville.com
		

		
			﻿
		

		
			Notices regarding payment for Bank records:Wells Fargo
		

		
			550 South 4th Street
		

		
			Minneapolis, MN  55415
		

		
			﻿IMRTeamBlue@wellsfargo.com
		

		
			
		

		
			﻿
		

		
			Notices regarding payment for AAM recordsAAM Company
		

		
			30 W. Monroe – 3rd floor
		

		
			Chicago, IL  60603
		

		
			Attn:  Private Placement Department and/or
		

		
			﻿privateplacements@aamcompany.com
		

		

		

		 

		

			-145-

		

 

		

			 

		

		
		

		
			Contact setting up trade and wire:
		

		
			﻿IMRTeamBlue@wellsfargo.com
		

		
			Zachary Stockdale-Green:  612-478-3590
		

		
			Chuy Moua – 612-667-1902
		

		
			﻿
		

		

		

		 

		

			-146-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						American Excess Insurance Exchange Risk Retention Group

					
					
						A

					
					
						$500,000

				

		
			﻿
		

		
			Schedule A – Chugach Electric Association, Inc., Series 2020 A,  Tranche A
		

		
			        Coupon: 2.38%; Maturity: 10/30/39; Issue Date:  10/26/2020   PPN 171265 C@8
		

		
			﻿
		

		
			Account Name/Purchaser:American Excess Insurance Exchange,
		

		
			Risk Retention Group 
		

		
			A/C # 1085003454
		

		
			Amount Purchased: 
		

		
			﻿
		

		
			Registration and Tax ID#:CALHOUN & CO c/o Comerica
		

		
			Tax ID #38-6055051
		

		
			﻿
		

		
			Physical Delivery for Private Placement:Comerica Bank
		

		
			411 W. Lafayette Blvd
		

		
			Detroit, MI 48226
		

		
			Mail Code:  3462
		

		
			Attn:  Attn:  Dale McCann
		

		
			313-222-4638
		

		
			        
		

		
			Wire instructions for Principal and InterestComerica Bank/Fiduciary Services
		

		
			 and/or Dividend Payments:and Operations
		

		
			ABA # 111000753
		

		
			BNF:  American Excess Insurance Exchange,
		

		
			Risk Retention Group.
		

		
			Ref:  1085003454
		

		
			BBI:  Income Unit 313-222-4893
		

		
			A/C # 2158598530
		

		
			Reference cusip, name of security, P&I 
		

		
			﻿
		

		
			Notices regarding payment for Client records:American Excess Insurance Exchange,
		

		
			Risk Retention Group
		

		
			12707 High Bluff Drive, Suite 140
		

		
			San Diego, California, 92130
		

		
			Attn:  George Brooker
		

		
			﻿George_Brooker@PremierInc.com
		

		
			﻿
		

		
			Notices regarding payment for Bank records:Comerica Bank
		

		
			411 W. Lafayette Blvd
		

		
			Detroit, MI  48226
		

		
			Mail Code: 3454
		

		
			Attn:  Income Unit
		

		
			﻿IncomeUnitMail@comerica.com
		

		
			﻿
		

		

		

		 

		

			-147-

		

 

		

			 

		

		﻿
		

		
			Notices regarding payment for AAM recordsAAM Company
		

		
			30 W. Monroe – 3rd floor
		

		
			Chicago, IL  60603
		

		
			Attn:  Private Placement Department and/or
		

		
			﻿privateplacements@aamcompany.com
		

		
			﻿
		

		
			Account Manager setting up the trade and wire:  
		

		
			Dale McCann
		

		
			﻿Djmccann@comerica.com
		

		
			313-222-4638
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-148-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Symetra Life Insurance Company

					
						777 108th Avenue NE, Suite 1200

					
						Bellevue, WA 98004-5135

					
					
						A

					
					
						$3,000,000

				

		
			﻿
		

		
			(Securities to be registered in the name of CUDD and CO. LLC)  
		

		
			﻿
		

		
			(1)All payments on or in respect of the Notes shall be made by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			Bank: JPMORGAN CHASE BANK, NEW YORK
		

		
			SWIFT BIC: CHASUS33
		

		
			ABA: 021000021
		

		
			Account: 9009000200
		

		
			FFC Account Number: G 27515
		

		
			FFC Account Name: Symetra Life Insurance Company
		

		
			﻿
		

		
			Each such wire transfer shall make reference to Chugach Electric Association, Inc. 2.38% due 10/30/2039 with sufficient information (including Issuer, the Private Placement Number, interest rate, maturity, and whether payment is of principal, interest or otherwise) to identify the source and application of such funds.
		

		
			﻿
		

		
			For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.
		

		
			﻿
		

		
			(2)All notices of payments and written confirmations of such wire transfers delivered ELECTRONICALLY to:
		

		
			﻿
		

		
			Email: privateplacement@symetra.com and InvestmentOperationsMailbox@symetra.com  
		

		
			﻿
		

		
			Any such notices required to be sent by hard-copy delivered to:  
		

		
			﻿
		

		
			Symetra Investment Management Company 
		

		
			308 Farmington Avenue, 3rd Floor
		

		
			Farmington, CT 06032
		

		
			Attention: Nate Zaientz       
		

		
			﻿
		

		
			(3)All other notices and communications delivered to: 
		

		
			﻿
		

		
			Symetra Investment Management Company 
		

		
			308 Farmington Avenue, 3rd Floor
		

		
			Farmington, CT 06032
		

		
			Attention: Managing Director, Private Placements
		

		
			Email: privateplacement@symetra.com
		

		
			﻿
		

		

		

		 

		

			-149-

		

 

		

			 

		

		with an ELECTRONIC COPY to:
		

		
			﻿
		

		
			Email: SIMlaw@symetra.com
		

		
			﻿
		

		
			(4)Original notes delivered to:
		

		
			﻿
		

		
			JPMORGAN CHASE BANK NA
		

		
			Attn: CHERYL BROWN
		

		
			4 CHASE METROTECH CENTER
		

		
			3RD FLOOR – PHYSICAL RECEIVE DEPT
		

		
			BROOKLYN, NY 11245-0001
		

		
			Reference Accounts: G 27515
		

		
			﻿
		

		
			(5)Taxpayer I.D. Number: 91-0742147 
		

		
			﻿
		

		

		

		 

		

			-150-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Symetra Life Insurance Company

					
						777 108th Avenue NE, Suite 1200

					
						Bellevue, WA 98004-5135

					
					
						A

					
					
						$3,000,000

				

		
			﻿
		

		
			(Securities to be registered in the name of CUDD and CO. LLC)  
		

		
			﻿
		

		
			(1)All payments on or in respect of the Notes shall be made by wire transfer of immediately available funds to:
		

		
			﻿
		

		
			Bank: JPMORGAN CHASE BANK, NEW YORK
		

		
			SWIFT BIC: CHASUS33
		

		
			ABA: 021000021
		

		
			Account: 9009000200
		

		
			FFC Account Number: G 27501
		

		
			FFC Account Name: Symetra Life Insurance Company
		

		
			﻿
		

		
			Each such wire transfer shall make reference to Chugach Electric Association, Inc. 2.38% due 10/30/2039 with sufficient information (including Issuer, the Private Placement Number, interest rate, maturity, and whether payment is of principal, interest or otherwise) to identify the source and application of such funds.
		

		
			﻿
		

		
			For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.
		

		
			﻿
		

		
			(2)All notices of payments and written confirmations of such wire transfers delivered ELECTRONICALLY to:
		

		
			﻿
		

		
			Email: privateplacement@symetra.com and InvestmentOperationsMailbox@symetra.com
		

		
			﻿
		

		
			Any such notices required to be sent by hard-copy delivered to:  
		

		
			﻿
		

		
			Symetra Investment Management Company 
		

		
			308 Farmington Avenue, 3rd Floor
		

		
			Farmington, CT 06032
		

		
			Attention: Nate Zaientz       
		

		
			﻿
		

		
			(3)All other notices and communications delivered to: 
		

		
			﻿
		

		
			Symetra Investment Management Company 
		

		
			308 Farmington Avenue, 3rd Floor
		

		
			Farmington, CT 06032
		

		
			Attention: Managing Director, Private Placements
		

		
			Email: privateplacement@symetra.com
		

		
			﻿
		

		

		

		 

		

			-151-

		

 

		

			 

		

		with an ELECTRONIC COPY to:
		

		
			﻿
		

		
			Email: SIMlaw@symetra.com
		

		
			﻿
		

		
			(4)Original notes delivered to:
		

		
			﻿
		

		
			JPMORGAN CHASE BANK NA
		

		
			Attn: CHERYL BROWN
		

		
			4 CHASE METROTECH CENTER
		

		
			3RD FLOOR – PHYSICAL RECEIVE DEPT
		

		
			BROOKLYN, NY 11245-0001
		

		
			Reference Accounts: G 27501
		

		
			﻿
		

		
			(5)Taxpayer I.D. Number: 91-0742147 
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		

		

		 

		

			-152-

		

 

		

			 

		

		
		

			
					
						 

					
						Name and Address of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						SUNRISE CAPTIVE RE, LLC

					
						One Financial Way Cincinnati, OH 45242

					
						Attention: Investment Department

					
					
						B

					
					
						$5,000,000

				

		
			﻿
		

		
			Address for payments on account of the Notes:
		

		
			﻿
		

		
			By bank wire transfer of Federal or 
other immediately available funds 
(identifying each payment as to issuer,
		

		
			security (including interest rate and maturity date), and principal or interest) to:
		

		
			﻿
		

		
			U.S. Bank N.A.
		

		
			5th & Walnut Streets
		

		
			Cincinnati, OH 45202
		

		
			﻿
		

		
			ABA #042-000013
		

		
			﻿
		

		
			SWIFT Code/BIC:USBKUS44IMT
		

		
			﻿
		

		
			For credit to Sunrise Captive Re LLC’s 
Account No. 130-125-617-568
		

		
			﻿
		

		
			All notices and communications, including notices with respect to payments and written confirmation of each such payment, to be addressed:
		

		
			﻿
		

		
			SUNRISE CAPTIVE RE, LLC
		

		
			One Financial Way 
		

		
			Cincinnati, OH 45242
		

		
			Attention: Investment Department 
		

		
			With a copy to:
		

		
			﻿privateplacements@ohionational.com
		

		
			﻿
		

		
			Tax identification No.: 83-2532656
		

		
			﻿
		

		
			Fax number: 513-794-4506
		

		
			﻿
		

		
			Original notes to be delivered to:
		

		
			SUNRISE CAPTIVE RE, LLC
		

		
			One Financial Way
		

		
			Cincinnati, OH 45242
		

		
			Attention: Investment Department
		

		 

		

			-153-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Standard Insurance Company

					
					
						A

					
					
						$1,000,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						Standard Insurance Company

				
	
					
						Name in which to register Note(s)

					
					
						HARE & Co., LLC

				
	
					
						Note Registration Number(s); Principal Amount(s)

					
					
						 

					
						RE-$ 1,000,000.00

				
	
					
						Payment on account of Note(s)

					
					
						 

				
	
					
						Method

					
					
						Federal Funds Wire Transfer

				
	
					
						Account information

					
					
						Bank of New York

					
						ABA Number: 021000018 GLA111566

					
						Account number: 3430878400

					
						Account name: Standard Insurance Company

				
	
					
						﻿

					
					
						Ref:(see “Accompanying Information” below)

				
	
					
						Accompanying information

					
					
						Name of Company: Chugach Electric Association, Inc.

					
						Description of Security: 
2.38% Amortizing First Mortgage Bonds due October 30, 2039

					
						PPN:[]

					
						Due date and application (as among principal, interest and Make-Whole Amount) of the payment being made

				
	
					
						Address / Fax # for notices related to payments

					
					
						Standard Insurance Company c/o Bank of New York Mellon

					
						Attention: CCSTeam9 – Client Service

					
						Insurance Custody

					
						P & I Department

					
						P.O. Box 19266

					
						Newark, NJ 07195

					
						Tel: (315) 414-3324

					
						Email: ccsteam9@bnymellon.com

					
						Fax: 1-844-803-7567

					
						 

					
						with a copy to:

					
						 

					
						Standard Insurance Company

					
						1100 SW Sixth Avenue, P14B

					
						Portland, OR 97204

					
						Telephone (971) 321-8439

					
						Attn:Kathy Wolf (IMGOPS@standard.com)

					
						Fax:(971) 321-5890

				
	
					
						Address / Fax # for all other notices

					
					
						Standard Insurance Company 1100 SW Sixth Avenue, P14B Portland, OR 97204

					
						Telephone (971) 321-0994

					
						Attn:Ben Werner (IMGPMS@standard.com)

					
						Fax:(971) 321-8560

				

		
			﻿
		

		

		

		 

		

			-154-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Standard Insurance Company

					
					
						B

					
					
						$3,000,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						Standard Insurance Company

				
	
					
						Name in which to register Note(s)

					
					
						HARE & Co., LLC

				
	
					
						Note Registration Number(s); Principal Amount(s)

					
					
						 

					
						RE-$ 3,000,000.00

				
	
					
						Payment on account of Note(s)

					
					
						 

				
	
					
						Method

					
					
						Federal Funds Wire Transfer

				
	
					
						Account information

					
					
						Bank of New York

					
						ABA Number: 021000018 GLA111566

					
						Account number: 3430878400

					
						Account name: Standard Insurance Company

				
	
					
						﻿

					
					
						Ref:(see “Accompanying Information” below)

				
	
					
						Accompanying information

					
					
						Name of Company: Chugach Electric Association, Inc.

					
						Description of Security
2.91% Amortizing First Mortgage Bonds due October 30, 2050

					
						PPN:[]

					
						Due date and application (as among principal, interest and Make-Whole Amount) of the payment being made

				
	
					
						Address / Fax # for notices related to payments

					
					
						Standard Insurance Company c/o Bank of New York Mellon

					
						Attention: CCSTeam9 – Client Service

					
						Insurance Custody

					
						P & I Department

					
						P.O. Box 19266

					
						Newark, NJ 07195

					
						Tel: (315) 414-3324

					
						Email: ccsteam9@bnymellon.com

					
						Fax: 1-844-803-7567

					
						 

					
						with a copy to:

					
						 

					
						Standard Insurance Company

					
						1100 SW Sixth Avenue, P14B

					
						Portland, OR 97204

					
						Telephone (971) 321-8439

					
						Attn:Kathy Wolf (IMGOPS@standard.com)

					
						Fax:(971) 321-5890

				
	
					
						Address / Fax # for all other notices

					
					
						Standard Insurance Company 1100 SW Sixth Avenue, P14B Portland, OR 97204

					
						Telephone (971) 321-0994

					
						Attn:Ben Werner (IMGPMS@standard.com)

					
						Fax:(971) 321-8560

				

		

		

		 

		

			-155-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						COUNTRY MUTUAL INSURANCE COMPANY

					
					
						A

					
						B

					
					
						$1,000,000

					
						$2,000,000

				

		
			﻿
		

			
					
						Purchaser Name

					
					
						COUNTRY MUTUAL INSURANCE COMPANY

				
	
					
						Name in Which Note is Registered

					
					
						COUNTRY MUTUAL INSURANCE COMPANY

				
	
					
						Payment on Account of Note

					
						Method

					
						 

					
						Account Information

					
					
						 

					
						 

					
						Federal Funds Wire Transfer

					
						 

					
						Northern Trust  Chgo/Trust

					
						ABA Number 071000152

					
						Wire Account Number 5186041000

					
						SWIFT BIC:  CNORUS44

					
						For Further Credit to: 26-02698

					
						Account Name:  Country Mutual Insurance Company

					
						 

				
	
					
						Accompanying Information

					
					
						Name of Company:

					
						Description of

					
						Security:

					
						PPN:

					
						Due date and application (as among principal, premium and interest) of the payment being made:

				
	
					
						Address/Fax for Notices Related to Payments

					
					
						Country Mutual Insurance Company

					
						Attention:  Investment Accounting 

					
						1705 N Towanda Avenue 

					
						Bloomington, IL  61702

					
						Tel:  (309) 821-6348

					
						Fax:  (309) 821-2800

				
	
					
						Address/Fax for All Other Notices

					
					
						Country Mutual Insurance Company

					
						Attention:  Investments 

					
						1705 N Towanda Avenue

					
						Bloomington, IL  61702

					
						Tel:  (309) 821-6260

					
						Fax:  (309) 821-6301

					
						PrivatePlacements@countryfinancial.com

					
						 

				
	
					
						Instructions re: Delivery of Notes

					
					
						The Northern Trust Company

					
						ATTN: Trade Securities Processing

					
						333 South Wabash Ave, 32nd Floor

					
						Attn: 26-02698/Country Mutual Insurance Company

					
						Chicago, IL 60604

					
						Include Acct # and Name in cover letter as well.

				
	
					
						Tax Identification Number

					
					
						37-0807507

				

		

		

		 

		

			-156-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Nassau Life Insurance Company

					
					
						B

					
					
						$3,000,000

				

		
			﻿
		

		
			Registered Name:CUDD & CO. LLC for benefit of Nassau Life Insurance Company
		

		
			Tax ID:13-6022143
		

		
			Nominee Name:CUDD & CO. LLC
		

		
			Tax ID:13-6022143
		

		
			Purchaser Name:Nassau Life Insurance Company
		

		
			Tax ID:06-0493340
		

		
			﻿
		

			
					
						Investment ManagerPrimary Contact To Be Copied On All Notices

				
	
					
						Nassau Asset Management LLC 1 American Row - H12

					
						Hartford, CT 06102

					
					
						Business Contact:Ed Ohannessian

					
						Email:eohannessian@nsre.com

					
						Voice:(860) 403-5705

				

		
			﻿
		

			
					
						All Payments On Account Of The Note Shall Be Made By Wire Transfer Of Immediately Available Funds To:

				
	
					
						Registered Name:

					
					
						CUDD & CO. LLC for benefit of Nassau Life Insurance Company

				
	
					
						Nominee Name:

					
					
						CUDD & CO

				
	
					
						Purchaser Name:

					
					
						Nassau Life Insurance Company

				
	
					
						Bank Name:

					
					
						J.P. Morgan Chase Bank

				
	
					
						City & State:

					
					
						New York, NY

				
	
					
						ABA:

					
					
						021000021

				
	
					
						Account Name:

					
					
						BOND INTEREST WIRE

				
	
					
						Account Number:

					
					
						9009002859

				
	
					
						Reference:

					
					
						Nassau Life Insurance Company | CHUGACH ELECTRIC ASSOCIATION INC 2.91 10-2050 | Prin = ?? | Int = ??

				
	
					
						For Further Credit:

					
					
						G05123 | 3,000,000 | 171265C#6

				

		
			﻿
		

			
					
						Address Original Physical Notes To:

				
	
					
						J.P. Morgan Chase Bank

					
					
						Attention:

					
					
						Physical Receive Dept. NY1-CO57

				
	
					
						Physical Processing - CUDD & CO. LLC Nominee

					
					
						Name:

					
					
						Cheryl Brown & Charles Bisang

				
	
					
						Care Of Nassau Life Insurance Company

					
					
						Voice:

					
					
						(718) 242-0264 | 718-242-0301

				
	
					
						4 Chase Metrotech Center - 3rd Floor

					
					
						Email:

					
					
						Cheryl.Brown@jpmorgan.com

				
	
					
						Brooklyn, New York 11245-0001

					
					
						 

					
					
						 

				

		
			﻿
		

			
					
						Address All Notices Regarding Payments And All Other Communications To:

				
	
					
						J.P. Morgan Chase Bank

					
						Physical Processing - CUDD & CO. LLC Nominee Care Of Nassau Life Insurance Company

					
						P.O. Box 35308

					
						Newark, NJ 07101-8006

					
					
						Attention:Income Processing

					
						Remittance Breakdowns: physical.abs.income@jpmorgan.com

					
						 

					
						Please indicate CUSIP or PPN, G Account Number, Nominee Name, Registered Name, Principal Amount, Interest Amount, Issuer Name, Maturity

				

		
			﻿
		

			
					
						Send Copies of All Notices Regarding Payments And All Other Communications To:

				
	
					
						Nassau Asset Management LLC

					
					
						Attention:

					
					
						Tiffany Lobo / Middle Office

				
	
					
						Physical Processing - CUDD & CO. LLC Nominee

					
					
						Voice:

					
					
						(860) 403-3288

				
	
					
						Care Of Nassau Life Insurance Company

					
					
						Operations Notices:

					
					
						OperationsNotices@nsre.com

				
	
					
						1 American Row - H12

					
					
						Legal Notices:

					
					
						LegalNotices@nsre.com

				
	
					
						Hartford, CT 06102

					
					
						 

					
					
						 

				

		
			﻿
		

		

		

		 

		

			-157-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						American Family Life Insurance Company

					
						 

					
						 

					
						Nominee:  Ell & CO as nominee for American Family Life Insurance Company

					
					
						B

					
					
						$2,000,000

				

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		

		

		 

		

			-158-

		

 

		

			 

		

		
		

		
			
		

		

		

		 

		

			-159-

		

 

		

			 

		

		
		

		
			
		

		

		

		 

		

			-160-

		

 

		

			 

		

		
		

			
					
						﻿

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranch of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Deseret Trust Company as Nominee for Beneficial Life Insurance Company

					
						60 East South Temple, Suite 800 

					
						Salt Lake City, UT 84111-1036

					
					
						B

					
					
						$2,000,000

				

		
			﻿
		

		
			﻿
		

			
					
						(1)

					
					
						All payments by wire transfer of immediately available funds to:

Zions First National Bank

					
						ABA# 124-000-054

					
						Account # / Account Name 002-20390-9

					
						Reference: Beneficial Life Insurance Company  

					
						with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise.

					
					
						 

				
	
					
						(2)

					
					
						All notices of payments and written confirmations of such wire transfers:

					
						Beneficial Life Insurance Company

					
						ATTN: Brent Fry

					
						55 North 300 West, Suite 800

					
						Salt Lake City, UT 84101

					
						Phone: 801-323-4220

					
					
						 

					
						 

					
						Deseret Trust Company

					
						ATTN: Custody/Treasury Services

					
						60 East South Temple Suite 800

					
						Salt Lake City, UT 84111-1036

				
	
					
						(3)

					
					
						E-mail address for Electronic Delivery:

					
						Brent.Fry@benfinancial.com, cashier@deserettrust.com

					
					
						 

				
	
					
						(4)

					
					
						All other communications:

					
						Brent.Fry@benfinancial.com, cashier@deserettrust.com

					
					
						 

				
	
					
						(5)

					
					
						U.S. Tax Identification Number: 87-0115120

					
					
						 

				

		
			﻿
		

		

		

		 

		

			-161-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranch of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						CMFG Life Insurance Company

					
					
						A

					
						B

					
					
						$1,000,000

					
						$1,000,000

				

		
			﻿
		

		
			PURCHASER ALLOCATION:
		

		
			﻿
		

		
			CMFG Life Insurance Company (nominee name TURNKEYS & CO)
		

		
			﻿
		

		
			NOTE DELIVERY INSTRUCTIONS:
		

		
			All Securities Being Purchased Should Be Registered In (See Nominee Name) and Notes Delivered To: 
		

		
			DTCC
		

		
			Newport Office Center 
		

		
			570 Washington Blvd 
		

		
			Jersey City, NJ 07310
		

		
			5th floor / NY Window / Robert Mendez 
		

		
			FBO: State Street Bank & Trust for ZT1E
		

		
			﻿
		

		
			WIRING INSTRUCTIONS: 
		

		
			ABA:  011000028
		

		
			Bank: State Street Bank
		

		
			Account Name: CMFG Life Insurance Company
		

		
			DDA #: 1662-544-4
		

		
			REFERENCE FUND:ZT1E
		

		
			Nominee Name: TURNKEYS & CO
		

		
			CMFG Life Insurance Company TAX ID#: 39-0230590
		

		
			TURNKEYS & CO TAX ID#: 03-0400481
		

		
			﻿
		

		
			All notices of payments, wires, audit confirmations, compliance and Financials shall be EMAILED to: 
		

		
			﻿
		

		
			EMAIL:DS-PrivatePlacements@cunamutual.com  
		

		
			﻿
		

		
			All Legal communication shall be EMAILED to:
		

		
			﻿
		

		
			EMAIL:DS-PrivatePlacements@cunamutual.com
		

		
			EMAIL:mcalegal@cunamutual.com
		

		
			﻿
		

		

		

		 

		

			-162-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						The Equitable Life Insurance Company of Canada

					
						One Westmount Road North

					
						Waterloo, Ontario N2J 4C5

					
						Attn:  PPL Notify

					
						Email:  PPL_Notify@equitable.ca

					
					
						B

					
					
						$2,000,000

				

		
			﻿
		

		
			Payments
		

		
			All payments on or in respect of the Secured Notes shall be made in immediately available funds on the due date by electronic funds transfer, through the Automated Clearing House System, to:
		

		
			﻿
		

		
			Royal Bank of Canada
		

		
			Waterloo Main Branch
		

		
			70-74 King St S
		

		
			Waterloo, Ontario N2J 1N8
		

		
			Identifying each payment as “Chugach principal, premium or interest”
		

		
			﻿
		

		
			Swift Code: ROYCCAT2
		

		
			For Credit to: The Equitable Life Insurance Company of Canada
		

		
			Bank#: 0003
		

		
			Transit#: 07682
		

		
			Bank Account#: 400-244-0
		

		
			﻿
		

		
			Intermediary Bank: JP Morgan Chase
		

		
			Swift Code:  CHASUS33
		

		
			ABA#: 02100021
		

		
			﻿
		

		
			Notices
		

		
			All notices with respect to payments and prepayments of the Secured Notes shall be sent to:
		

		
			﻿
		

		
			The Equitable Life Insurance Company of Canada
		

		
			One Westmount Road North
		

		
			Waterloo, Ontario N2J 4C7
		

		
			Attn: PPL Notify
		

		
			Email:  PPL_Notify@equitable.ca
		

		
			Fax: 519-883-7402
		

		
			﻿
		

		
			With copies to:
		

		
			The Equitable Life Insurance Company of Canada
		

		
			One Westmount Road North
		

		
			Waterloo, Ontario N2J 4C7, Canada
		

		
			Attn: Manager Investment Operations – Kim Moore
		

		
			Telephone: 519-904-8359
		

		
			Email address: kmoore@equitable.ca;  invoperations@equitable.ca;  bstein@equitable.ca
		

		

		

		 

		

			-163-

		

 

		

			 

		

		
		

		
			﻿
		

		
			Physical Delivery of the Secured Bonds:
		

		
			﻿
		

		
			The Equitable Life Insurance Company of Canada
		

		
			One Westmount Road North
		

		
			Waterloo, Ontario N2J 4C7
		

		
			Attn: Darrin Webley
		

		
			Telephone : 519.904.8365
		

		
			Email:  dwebley@equitable.ca
		

		
			Fax: 519-883-7402
		

		
			﻿
		

		
			Name of Nominee in which Bonds are to be issued: None
		

		
			﻿
		

		
			Taxpayer I.D. Number: 98-1062007
		

		
			﻿
		

		

		

		 

		

			-164-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Federated Mutual Insurance Company

					
					
						A

					
					
						$2,000,000

				

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		

		

		 

		

			-165-

		

 

		

			 

		

		
		

		
			
		

		
			﻿
		

		

		

		 

		

			-166-

		

 

		

			 

		

		
		

			
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Southern Farm Bureau Life Insurance Company

					
					
						B

					
					
						$2,000,000

				

			
					
						﻿

					
					
						 

				
	
					
						Purchaser:

					
					
						Southern Farm Bureau Life Insurance Company

				
	
					
						Tax ID No.:

					
					
						64-0283583

				
	
					
						Nominee:

					
					
						Ell & Co

					
						c/o Northern Trust Company

					
						PO Box 92395

					
						Chicago, IL 60675

					
						Tax ID#: 36-6412623

				
	
					
						Name in which Note is to be drafted:

					
					
						Ell & Co, F/B/O Southern Farm Bureau Life Insurance Company

				
	
					
						Payment Information:

					
					
						All payments should be made by wire transfer of immediately available funds to:

					
						 

					
						The Northern Trust Company

					
						Chicago, IL 60607

					
						ABA No.: 071 000 152

					
						SWIFT/BIC: CNORUS44

					
						Acct. Name: Trust Services

					
						Acct. No.: 518 604 1000

					
						Reference:   Attn: Income Collection, Acct# 44-72417; SFBLIC – FIXED INCOME; Chugach Electric Association, Inc., First Mortgage Bonds, Series 2020A, Tranche B due October 30, 2050, PPN 171265 C#6; [Note Number], **

					
						 

					
						**with sufficient information to identify the source and application of such funds, including the interest amount, principal amount, premium amount, etc.

				
	
					
						Address for notices related to scheduled payments:

					
					
						The Northern Trust Company

					
						Attn: Income Collections

					
						801 S Canal St

					
						Chicago, IL 60607

					
						ICPHYS@ntrs.com

					
						 

					
						With a copy to: Inv_Acctg-pp@sfbli.com 

				
	
					
						Address for audit confirmation requests:

					
					
						By electronic delivery to:

					
						ICPHYS@ntrs.com

				
	
					
						Address for all other communications, including waivers, amendments, consents and financial information:

					
					
						By electronic delivery to: 

					
						Attn: Securities Management

					
						PrivatePlacements@sfbli.com

				
	
					
						Address for physical delivery of Notes:

					
					
						The Northern Trust Company

					
						Trade Securities Processing 32nd floor

					
						333 S Wabash Ave

					
						Chicago, Illinois 60604

					
						 

					
						With an electronic copy of the transmittal to: PrivatePlacements@sfbli.com

				
	
					
						Investment Contact Persons:

					
					
						David DivineZach FarmerBrad Blakney

					
						DirectorDirectorAnalyst

					
						(601) 981-5332 x1010(601) 981-5332 x1486(601) 981-5332 x1073

				

		

		

		 

		

			-167-

		

 

		

			 

		

		﻿
		

			
					
						﻿

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
						Name of Purchaser

					
						 

					
					
						Tranche of Bonds

					
					
						Principal Amount of Bonds to be Purchased

				
	
					
						Farm Bureau Life Insurance Company

					
						 

					
						 

					
						Nominee:  Gerlach & Co. F/B/O Farm Bureau Life Insurance Company

					
					
						B

					
					
						$1,000,000

				

		
			﻿
		

		
			See instructions on following page.
		

		
			﻿
		

		

		

		 

		

			-168-

		

 

		

			 

		

		
		

		
			
		

		
			﻿
		

		
			 
		

		

		

		 

		

			-169-

		

 

		

			 

		

		Schedule B

Defined Terms
		

		
			As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:
		

		
			“2020 Series A Bonds” is defined in Section 1.
		

		
			“Acquisition” has the meaning set forth in the Eighth Supplemental Indenture. 
		

		
			“Acquisition Agreement” has the meaning set forth in Section 5.2 of this Agreement. 
		

		
			“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person.  As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company.
		

		
			“Agreement” means this Bond Purchase Agreement, dated as of October 26, 2020, by and among the Company and the Purchasers.
		

		
			“Anti‐Corruption Laws” means any law or regulation in a U.S. or any non‐U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.
		

		
			“Anti‐Money Laundering Laws” means any law or regulation in a U.S. or any non‐U.S. jurisdiction regarding money laundering, drug trafficking, terrorist‐related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.
		

		
			“Blocked Person” means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b).
		

		
			“Business Day” means for the purposes of any provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed.
		

		

		

		 

		

			Schedule B

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		“Capital Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP.
		

		
			“Closing” is defined in Section 3.
		

		
			“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.
		

		
			“Collateral Filings” is defined in Section 4.11.
		

		
			“Company” means Chugach Electric Association, Inc., an electric cooperative existing under the laws of the State of Alaska, or any successor that becomes such in the manner prescribed in Article 12 of the Indenture.
		

		
			“Confidential Information” is defined in Section 18.
		

		
			“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling” shall have meanings correlative to the foregoing. 
		

		
			“Controlled Entity” means (a) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates and (b) if the Company has a parent company, such parent company and its Controlled Affiliates.
		

		
			“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.
		

		
			“Eighth Supplemental Indenture” is defined in Section 1.
		

		
			“Electronic Delivery” is defined in Section 7.1(a).
		

		
			“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but not limited to those related to Hazardous Materials.
		

		
			“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
		

		
			“ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code.
		

		

		

		 

		

			B-2

		

 

		

			 

		

		“Event of Default” is defined in the Indenture.
		

		
			“Exchange Act” means the Securities Exchange Act of 1934, as amended.
		

		
			“Fifth Supplemental Indenture” is defined in Section 1.
		

		
			“Financing Agreements” means this Agreement, the Indenture (including, without limitation, the First Supplemental Indenture, the Second Supplemental Indenture,  the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, Sixth Supplemental Indenture, the Seventh Supplemental Indenture and the Eighth Supplemental Indenture) and the 2020 Series A Bonds.
		

		
			“First Supplemental Indenture” is defined in Section 1.
		

		
			“Form 10‐K” is defined in Section 7.1(b).
		

		
			“Form 10‐Q” is defined in Section 7.1(a).
		

		
			“Fourth Supplemental Indenture” is defined in Section 1.
		

		
			“GAAP” means generally accepted accounting principles as in effect from time to time in the United States of America.
		

		
			“Governmental Authority” means
		

		
			(a)the government of
		

		
			(i)the United States of America or any State or other political subdivision thereof, or
		

		
			(ii)any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or
		

		
			(b)any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.
		

		
			“Governmental Official” means any governmental official or employee, employee of any government‐owned or government‐controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity.
		

		
			“Guaranty” means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of 
		

		 

		

			B-3

		

 

		

			 

		

		any other Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person:
		

		
			(a)to purchase such indebtedness or obligation or any property constituting security therefor;
		

		
			(b)to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation;
		

		
			(c)to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or
		

		
			(d)otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof.
		

		
			In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor.
		

		
			“Hazardous Material” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.
		

		
			“holder” means, with respect to any 2020 Series A Bond, the Person in whose name such 2020 Series A Bond is registered in the register maintained by the Trustee.
		

		
			“Indebtedness” with respect to any Person means, at any time, without duplication,
		

		
			(a)its liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable Preferred Stock;
		

		
			(b)its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property);
		

		
			(c)(i) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and (ii) all liabilities which would appear on its balance sheet 
		

		 

		

			B-4

		

 

		

			 

		

		in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as Capital Leases;
		

		
			(d)all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed or otherwise become liable for such liabilities);
		

		
			(e)all its liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money);
		

		
			(f)any Guaranty of such Person with respect to liabilities of a type described in any of clauses (a) through (e) above.
		

		
			“Indenture” is defined in Section 1.
		

		
			“INHAM Exemption” is defined in Section 6.2(e).
		

		
			“Institutional Investor” means (a) any Purchaser of a 2020 Series A Bond, (b) any holder of a 2020 Series A Bond holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount of the 2020 Series A Bonds then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any 2020 Series A Bond.
		

		
			“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements).
		

		
			“Make‐Whole Amount” is defined in the Eighth Supplemental Indenture.
		

		
			“Material” means material in relation to the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole.
		

		
			“Material Adverse Effect” means:
		

		
			(a)when used in Sections 4, 5 and 7, a material adverse effect on (i) the business, operations, affairs, financial condition, assets or properties of the Company, (ii) the ability of the Company to perform its obligations under this Agreement, the 2020 Series A Bonds or the Indenture or (iii) the validity or enforceability of this Agreement, the 2020 Series A Bonds or the Indenture; and
		

		

		

		 

		

			B-5

		

 

		

			 

		

		(b)when used in Section 8, a material adverse effect on (i) the ability of the Company to perform its obligations under this Agreement, the 2020 Series A Bonds or the Indenture or (ii) the validity or enforceability of this Agreement, the 2020 Series A Bonds or the Indenture.
		

		
			“Member” means each holder of a membership or other equity interest in the Company.
		

		
			“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).
		

		
			“NAIC” means the National Association of Insurance Commissioners or any successor thereto.
		

		
			“Non‐U.S. Plan” means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code
		

		
			“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
		

		
			“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing.  A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.
		

		
			“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate.
		

		
			“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.
		

		
			“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority.
		

		
			“Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability.
		

		
			“Preferred Stock” means any class of capital stock of a Person that is preferred over any other class of capital stock (or similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person.
		

		

		

		 

		

			B-6

		

 

		

			 

		

		“property” or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.
		

		
			“PTE” is defined in Section 6.2(a).
		

		
			“Purchaser” is defined in the first paragraph of this Agreement.
		

		
			“QPAM Exemption” is defined in Section 6.2(d).
		

		
			“Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act.
		

		
			“Related Fund” means, with respect to any holder of any 2020 Series A Bond , any fund or entity that (i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor.
		

		
			“Required Holders” means, at any time, the holders of more than 50% in principal amount of the 2020 Series A Bonds at the time outstanding (exclusive of 2020 Series A Bonds then owned by the Company or any of its Affiliates).
		

		
			“Responsible Officer” means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.
		

		
			“SEC” means the Securities and Exchange Commission of the United States, or any successor thereto.
		

		
			“Second Amended and Restated Indenture of Trust” is defined in Section 1.
		

		
			“Second Supplemental Indenture” is defined in Section 1.
		

		
			“Securities” or “Security” shall have the meaning specified in Section 2(1) of the Securities Act.
		

		
			“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
		

		
			“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.
		

		
			“Seventh Supplemental Indenture” is defined in Section 1.
		

		
			“Sixth Supplemental Indenture” is defined in Section 1.
		

		
			“Source” is defined in Section 6.2.
		

		

		

		 

		

			B-7

		

 

		

			 

		

		“State Sanctions List” means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws.
		

		
			“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).  Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.
		

		
			“SVO” means the Securities Valuation Office of the NAIC or any successor to such Office.
		

		
			“Synthetic Lease” means, at any time, any lease (including leases that may be terminated by the lessee at any time) of any property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for United States federal income tax purposes, other than any such lease under which such Person is the lessor.
		

		
			“Third Supplemental Indenture” is defined in Section 1.
		

		
			“Trustee” means U.S. Bank National Association, as trustee under the Indenture, and its successors and assigns that becomes such in the manner prescribed in Article X of the Indenture.
		

		
			“UCC” means, the Uniform Commercial Code as enacted and in effect from time to time in the state whose laws are treated as applying to the Trust Estate.
		

		
			“United States Person” has the meaning set forth in Section 7701(a)(30) of the Code.
		

		
			“USA PATRIOT Act” means United States Public Law 107‐56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time to time in effect.
		

		
			“U.S. Economic Sanctions Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.
		

		

		

		 

		

			B-8

		

 

		

			 

		

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			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			B-9

		

 

		

			 

		

		Schedule 4.11
		

		
			
Collateral Filings
		

		
			1.Alaska Recording District:  301 Anchorage
		

		
			2.Alaska Recording District:  302 Kenai
		

		
			3.Alaska Recording District:  311 Palmer
		

		
			4.Alaska Recording District:  314 Seward
		

		
			﻿
		

		
			 
		

		

		

		 

		

			Schedule 4.11

		

		

			(to the Bond Purchase Agreement)

		

		

			 

		

 

		

			 

		

		Schedule 5.3
		

		
			
Disclosure Documents
		

			
	
			
				 1.
			

			
	
			
			Annual Report on Form 10‐K for the fiscal year ended December 31, 2019.

			
	
			
				 2.
			

			
	
			
			Quarterly Report on Form 10‐Q for the fiscal quarter ended March 31, 2020.

			
	
			
				 3.
			

			
	
			
			Quarterly Report on Form 10‐Q for the fiscal quarter ended June 30, 2020.

			
	
			
				 4.
			

			
	
			
			Investor Presentation dated September  9, 2020.

		
			﻿
		

		
			 
		

		

		

		 

		

			Schedule 5.3

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Schedule 5.5

Financial Statements
		

			
	
			
				 1.
			

			
	
			
			Financial statements accompanying Form 10‐K of the Company filed with the SEC for the fiscal year ended December 31, 2019.

			
	
			
				 2.
			

			
	
			
			Financial statements accompanying Form 10‐Q of the Company filed with the SEC for the fiscal quarter ended March 31, 2020.

			
	
			
				 3.
			

			
	
			
			Financial statements accompanying Form 10‐Q of the Company filed with the SEC for the fiscal quarter ended June 30, 2020.

		
			 
		

		

		

		 

		

			Schedule 5.5

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Schedule 5.7
		

		
			
Government Authorizations
		

		
			None.
		

		
			﻿
		

		
			 
		

		

		

		 

		

			Schedule 5.7

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Schedule 5.15(a)

		

		
			Existing Indebtedness
		

		
			The following sets forth a list of all outstanding Indebtedness of the Company with a principal amount outstanding in excess of $1,000,000 as of June 30, 2020.
		

		
			﻿
		

			
					
						﻿

					
					
						Balance

					
					
						Limit

				
	
					
						2011 Series A Bonds

					$178,999,997 
					$178,999,997 
				
	
					
						2012 Series A Bonds

					$162,000,000 
					$162,000,000 
				
	
					
						2016 CoBank Note

					$32,376,000 
					$32,376,000 
				
	
					
						2017 Series A Bonds

					$34,000,000 
					$34,000,000 
				
	
					
						2019 Series A Bonds

					$75,000,000 
					$75,000,000 
				
	
					
						Commercial Paper

					$41,000,000 
					$300,000,000 
				
	
					
						National Rural Utilities Cooperative Finance Corporation Line of Credit Agreement

					$0 
					$50,000,000 
				

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			Schedule 5.15(a)

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Schedule 5.15(b)

Restrictions on Indebtedness
		

		
			1.Second Amended and Restated Indenture of Trust, dated as of January 20, 2011, between Chugach Electric Association, Inc. and U.S. Bank National Association, as Trustee, as amended and supplemented by that First Supplemental Indenture dated as of January 20, 2011, Second Supplemental Indenture dated as of September 30, 2011, Third Supplemental Indenture dated as of January 5, 2012, Fourth Supplemental Indenture dated as of February 3, 2015, Fifth Supplemental Indenture dated as of June 30, 2016, Sixth Supplemental Indenture dated as of March 17, 2017 and Seventh Supplemental Indenture dated as of May 15, 2019.
		

		
			2.Second Amended and Restated Master Loan Agreement, dated as of June 30, 2016, between Chugach Electric Association, Inc. and CoBank, ACB, as amended (the “CoBank Master Loan Agreement”).
		

		
			3.Credit Agreement, dated as of June 13, 2016, among Chugach Electric Association, Inc., and the lenders party thereto, and National Rural Utilities Cooperative Finance Corporation, as Administrative Agent, as amended (the “2016 Credit Agreement”).
		

		
			﻿
		

		
			 
		

		

		

		 

		

			Schedule 5.15(b)

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Schedule 5.18(d)
		

		
			
Excludable Property
		

		
			All right, title and interest of the Company in and to each of the following:
		

		
			1.Grant Agreement dated November 14, 2011, between the Company and the Alaska Energy Authority (as amended, modified, restated or supplemented from time to time);
		

		
			2.Power Purchase Agreement dated as of June 21, 2011, between the Company and Fire Island Wind, LLC, a Delaware limited liability company (“FIW”) (as amended, modified, restated or supplemented from time to time), and Consent and Agreement dated November 30, 2011, among the Company, FIW and CoBank, ACB, as administrative agent, relating thereto;
		

		
			3.Interconnection & Integration Agreement (I&I Agreement) dated as of September 13, 2011, between the Company and FIW (as amended, modified, restated or supplemented from time to time), and Consent and Agreement dated November 30, 2011, among the Company, FIW and CoBank, ACB, as administrative agent, relating thereto;
		

		
			4.Build Transfer Agreement (“BTA”) dated as of November 16, 2011 among the Company, FIW and Cook Inlet Transmission LLC, a Delaware limited liability company (“CIT”), relating to the design and construction of a new transmission line (the “New Transmission Line”), and Consent and Agreement dated November 30, 2011, among the Company, CIT and CoBank, ACB, as administrative agent, relating thereto;
		

		
			5.Agency Agreement, dated as of November 15, 2011, between the Company and CIT (as amended, modified, restated or supplemented from time to time), and Consent and Agreement dated November 30, 2011, among the Company, CIT and CoBank, ACB, as administrative agent, relating thereto;
		

		
			6.State of Alaska Department of Transportation and Public Facilities Ted Stevens Anchorage International Airport Land Use Permit ADA‐31773, dated November 18, 2011;
		

		
			7.Cable Crossing Agreement between the Company, ACS Cable Systems, Inc., a Delaware corporation, and CIT, dated October 27, 2011;
		

		
			8.Fire Island Transmission System (AIA‐FI Transmission System) including that certain 34.5 kV transmission system for interconnecting the Fire Island Wind Project with the Company’s Transmission System, which shall include the Mainland Transmission Line Section, the Fire Island Transmission Line Section, and the Submarine Transmission Line Section, running from the load side of the switchgear included in the 
		

		 

		

			Exhibit 5.18(d)

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Company’s Interconnection Facilities at the Point of Change of Ownership to the International Substation;
		

		
			9.The BTA facilities including (i) the Company’s Interconnection Facilities; (ii) the System Upgrades, which include the AIA‐FI Transmission System and the Company’s International Substation Upgrades; (iii) the Company’s Metering Equipment; (iv) System Protection Facilities on the high‐side of the Point of Change of Ownership; and (v) the Communications Equipment, unless title to such Communications Equipment is expressly to remain with FIW or CIT pursuant to the I&I Agreement.  The BTA facilities are generally depicted in Appendix A‐3 to the BTA;
		

		
			10.An undivided 30% interest (constituting the Company’s entire interest) in the following:  All rights and property interests included in the term “Property” as defined in that Purchase and Sale Agreement, effective January 1, 2016, between ConocoPhillips Alaska, Inc., as Assignor, and the Municipality of Anchorage d/b/a Municipal Light & Power and the Company, jointly and severally as Assignee, including but not limited to the oil, gas and mineral interests, royalty and net revenue interests identified therein, any rights to production relating thereto, all rights and interests in any unit areas in which such interests and production rights are included, oil and gas condensate wells relating thereto and related equipment; and
		

		
			11.All energy or other output of any of the foregoing property, and all property, rights, privileges and franchises of the Company of every kind and description, real, personal or mixed, tangible or intangible, whether now owned or hereafter acquired by the Company, wherever located, including goods (including equipment, materials and supplies), accounts and general intangibles, relating solely to the foregoing property or the energy or other output of such property.
		

		
			﻿
		

		
			 
		

		

		

		 

		

			5.18(d)-2

		

 

		

			 

		

		Exhibit A

Eighth Supplemental Indenture

		

		
			
See the Eighth Supplemental Indenture of Trust to the Second Amended and Restated Indenture of Trust, dated October 26, 2020, filed as Exhibit 4.37 to this Form 10-Q for the period ended September 30, 2020.
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			Exhibit A

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		﻿
		

		
			﻿
		

		
			﻿
		

		
			Exhibit 4.4(a)(i)
		

		
			
Form of Opinion of the General Counsel
		

		
			of the Company
		

		
			1.The Company is an electric cooperative validly existing under Alaska law.
		

		
			2.The Company has corporate power and authority to enter into, and to perform its obligations under, each of this Agreement, the Eighth Supplemental Indenture and the 2020 Series A Bonds (collectively, the “Opinion Documents”), and to own its properties and to carry on its business as, to our knowledge, it is now conducted.
		

		
			3.The Company has authorized, by all necessary corporate action on the part of the Company, the execution and delivery of each of the Opinion Documents.
		

		
			4.The Company has duly executed and delivered each of the Opinion Documents.
		

		
			5.Each of the Indenture and the 2020 Series A Bonds constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.
		

		
			6.The execution and delivery by the Company of, and the performance by the Company of the transactions effected by, each of the Opinion Documents do not (a) violate the Company’s Articles of Incorporation or Bylaws; or (b) to his knowledge, breach, or result in a default under, any existing obligation of the Company under any of the Second Amended and Restated Indenture of Trust, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture and the CoBank Second Amended and Restated Master Loan Agreement, as amended (each, a “Specified Agreement”).
		

		
			7.The execution and delivery by the Company of, and the performance of the transactions effected by, each of the Opinion Documents (including the issue and sale of the 2020 Series A Bonds) are not prohibited by, nor do they violate any applicable statutes or regulations of any Alaska governmental authority having jurisdiction over the Company or any of its properties, or any order of any governmental authority having jurisdiction over the Company of which he has knowledge.
		

		
			8.No consent, approval, authorization, order, license, filing, registration or qualification of or with any Alaskan governmental authority having jurisdiction over the Company or any of its properties is required for execution and delivery of the Opinion Documents and consummation by the Company of the transactions effected by the Opinion Documents, including the issuance and sale of the 2020 Series A Bonds pursuant to the Indenture.
		

			
	
			
			 	 1.
			

			
	
			
			 

		

		

		 

		

			Exhibit 4.4(a)(i)

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Exhibit 4.4(a)(ii)
		

		
			
Form of Opinion of Alaska Counsel
		

		
			to the Company
		

		
			1.The Indenture creates in the Trustee’s favor, as security for all obligations of the Company stated in the Indenture to be so secured, a valid lien on the real property described in Exhibit A of the opinion, and a security interest in fixtures included therein, to the extent that the Company has rights in the real property described in Exhibit A of the opinion.
		

		
			2.The Indenture creates in the lender’s favor, as security for all obligations of the Company under the Opinion Documents that are stated in the Indenture to be so secured, a security interest in the collateral described therein (except that described only by reference to “all the Company’s assets” or “all the Company’s personal property” or words of similar import) to the extent that (i) the Company has rights in or the power to transfer such collateral and (ii) creation of a security interest in such collateral is governed by Article 9 of the Uniform Commercial Code in effect in the State of Alaska as of the date hereof (the “Article 9 Collateral”).
		

		
			3.The Trustee has acquired, for the benefit of the Purchasers, a perfected security interest in that portion of the Article 9 Collateral in which a security interest can be perfected by filing a financing statement under the Uniform Commercial Code in effect in the State of Alaska as of the date hereof.
		

		
			﻿
		

		
			 
		

		

		

		 

		

			Exhibit 4.4(a)(ii)

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Exhibit 4.4(a)(iii)
		

		
			
Form of Opinion of Special Counsel
		

		
			to the Company
		

		
			1.The Agreement constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms.
		

		
			2.The issue and sale of the 2020 Series A Bonds and the performance by the Company of the Agreement and the Indenture and consummation of the transactions contemplated therein will not result in any violation of the provisions of any statute or any order, rule or regulation of any New York or federal governmental authority having jurisdiction over the Company or any of its properties.
		

		
			3.No consent, approval, authorization, order, license, filing, registration or qualification of or with any New York or federal governmental authority having jurisdiction over the Company or any of its properties is required for the issue and sale of the 2020 Series A Bonds or the consummation by the Company of the transactions contemplated by the Agreement or the Indenture.
		

		
			4.Neither the registration of the 2020 Series A Bonds under the Securities Act nor the qualification of the Indenture under the Trust Indenture Act of 1939, as amended, is required for the offer and sale of the 2020 Series A Bonds in the manner contemplated by the Agreement.
		

		
			5.None of the transactions contemplated by the Agreement will result in a violation of Regulation T, U or X of the Federal Reserve Board.
		

		
			6.The Company is not an “investment company,” or a company “controlled” by an “investment company,” under the Investment Company Act of 1940, as amended.
		

		
			7.The execution and delivery by the Company of the Agreement does not result in a breach or constitute a default under the 2016 Credit Agreement, as amended.
		

		
			﻿
		

		
			 
		

		

		

		 

		

			Exhibit 4.4(a)(iii)

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Exhibit 4.4(b)
		

		
			
Form of Opinion of Special Counsel
		

		
			to Purchasers
		

		
			
[To be provided on a case by case basis]
		

		
			﻿
		

		
			 
		

		

		

		 

		

			Exhibit 4.4(b)

		

		

			(to Bond Purchase Agreement)

		

 

		

			 

		

		Form of

U.S. Tax Compliance Certificate
		

		
			Reference is hereby made to the Bond Purchase Agreement dated as of October 26, 2020 (as amended, supplemented or otherwise modified from time to time, the “Bond Purchase Agreement”), among Chugach Electric Association, Inc.,  an Alaska electric cooperative and the Purchasers that are signatories thereto.
		

		
			Unless otherwise defined herein, capitalized terms defined in the Bond Purchase Agreement and used herein have the meanings given to them in the Bond Purchase Agreement.
		

		
			Pursuant to the provisions of Section 14.2(b) of the Bond Purchase Agreement, the undersigned hereby certifies that:
		

		
			(i)it is the sole record and beneficial owner of the 2020 Series A Bonds in respect of which it is providing this certificate;
		

		
			(ii)it is not a bank within the meaning of Section 881(c)(3)(A) of the Code;
		

		
			(iii)it is not a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code; and
		

		
			(iv)it is not a controlled foreign corporation related to the Issuer as described in Section 881(c)(3)(C) of the Code.
		

		
			The undersigned has furnished the Company with a certificate of its non‐U.S. Person status on IRS W‐8BEN‐E or IRS W-8-ECI.
		

		
			﻿
		

		
			[Purchaser]
		

		
			﻿
		

		
			﻿
		

		
			By:_______________________________________________________________________________________________________________ 
		

		
			_________________________________________________________________________________________________________Name:
		

		
			___________________________________________________________________________________________________________Title:
		

		
			Date: ________ __, [•]
		

		
			﻿
		

		 

		

			Exhibit 14.2

		

		

			(to Bond Purchase Agreement)20200930 EX 4_39

		
			THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-1ISSUANCE DATE:  October 26, 2020
		

		
			$15,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to National Rural Utilities Cooperative Finance Corporation, or registered assigns, the principal sum of Fifteen Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-2ISSUANCE DATE:  October 26, 2020
		

		
			$25,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to CoBank, ACB, or registered assigns, the principal sum of Twenty-Five Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-3ISSUANCE DATE:  October 26, 2020
		

		
			$14,365,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to HARE & CO., LLC, or registered assigns, the principal sum of Fourteen Million Three Hundred Sixty-Five Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-4ISSUANCE DATE:  October 26, 2020
		

		
			$2,635,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to HARE & CO., LLC, or registered assigns, the principal sum of Two Million Six Hundred Thirty-Five Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-5ISSUANCE DATE:  October 26, 2020
		

		
			$16,900,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to MetLife Insurance K.K., or registered assigns, the principal sum of Sixteen Million Nine Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-6ISSUANCE DATE:  October 26, 2020
		

		
			$13,100,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Brighthouse Life Insurance Company, or registered assigns, the principal sum of Thirteen Million One Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-7ISSUANCE DATE:  October 26, 2020
		

		
			$10,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Brighthouse Life Insurance Company, or registered assigns, the principal sum of Ten Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-8ISSUANCE DATE:  October 26, 2020
		

		
			$3,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Brighthouse Reinsurance Company of Delaware, or registered assigns, the principal sum of Three Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-9ISSUANCE DATE:  October 26, 2020
		

		
			$3,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Voya Retirement Insurance and Annuity Company, or registered assigns, the principal sum of Three Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-10ISSUANCE DATE:  October 26, 2020
		

		
			$2,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Voya Investment Trust Co., as agent for the Voya Private Credit Trust Fund-SIG Class, or registered assigns, the principal sum of Two Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-11ISSUANCE DATE:  October 26, 2020
		

		
			$2,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Voya Investment Trust Co., as agent for the Voya Private Credit Trust Fund, or registered assigns, the principal sum of Two Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-12ISSUANCE DATE:  October 26, 2020
		

		
			$1,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Ell & Co., or registered assigns, the principal sum of One Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-13ISSUANCE DATE:  October 26, 2020
		

		
			$1,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to New York Marine and General Insurance Company, or registered assigns, the principal sum of One Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-14ISSUANCE DATE:  October 26, 2020
		

		
			$1,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Kansas City Life Insurance Company, or registered assigns, the principal sum of One Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-15ISSUANCE DATE:  October 26, 2020
		

		
			$3,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to GERLACH & CO F/B/O Athene Annuity and Life Company, or registered assigns, the principal sum of Three Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-16ISSUANCE DATE:  October 26, 2020
		

		
			$4,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to GERLACH & CO F/B/O Athene Annuity & Life Assurance Company, or registered assigns, the principal sum of Four Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-17ISSUANCE DATE:  October 26, 2020
		

		
			$1,500,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to GERLACH & CO F/B/O Massachusetts Mutual Life Insurance Company, or registered assigns, the principal sum of One Million Five Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-18ISSUANCE DATE:  October 26, 2020
		

		
			$1,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to GERLACH & CO F/B/O Athene Annuity & Life Assurance Company, or registered assigns, the principal sum of One Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-19ISSUANCE DATE:  October 26, 2020
		

		
			$2,500,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to HARE & CO., LLC F/B/O Jackson National Life Insurance Company, or registered assigns, the principal sum of Two Million Five Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-20ISSUANCE DATE:  October 26, 2020
		

		
			$22,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Legal and General Assurance Society Limited, or registered assigns, the principal sum of Twenty-Two Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-21ISSUANCE DATE:  October 26, 2020
		

		
			$8,540,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to HSBC Life (International) Limited , or registered assigns, the principal sum of Eight Million Five Hundred Forty Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-22ISSUANCE DATE:  October 26, 2020
		

		
			$2,460,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to HSBC Life (International) Limited , or registered assigns, the principal sum of Two Million Four Hundred Sixty Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-23ISSUANCE DATE:  October 26, 2020
		

		
			$6,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to John Hancock Life Insurance Company (U.S.A.), or registered assigns, the principal sum of Six Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-24ISSUANCE DATE:  October 26, 2020
		

		
			$7,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Thrivent Financial for Lutherans, or registered assigns, the principal sum of Seven Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-25ISSUANCE DATE:  October 26, 2020
		

		
			$5,900,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to New York Life Insurance Company, or registered assigns, the principal sum of Five Million Nine Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-26ISSUANCE DATE:  October 26, 2020
		

		
			$2,400,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to New York Life Insurance and Annuity Corporation, or registered assigns, the principal sum of Two Million Four Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-27ISSUANCE DATE:  October 26, 2020
		

		
			$500,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI30C), or registered assigns, the principal sum of Five Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-28ISSUANCE DATE:  October 26, 2020
		

		
			$100,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI30D), or registered assigns, the principal sum of One Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-29ISSUANCE DATE:  October 26, 2020
		

		
			$100,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Hare & Co., LLC, or registered assigns, the principal sum of One Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-30ISSUANCE DATE:  October 26, 2020
		

		
			$20,790,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to The Northwestern Mutual Life Insurance Company, or registered assigns, the principal sum of Twenty Million Seven Hundred Ninety Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-31ISSUANCE DATE:  October 26, 2020
		

		
			$210,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to The Northwestern Mutual Life Insurance Company for its Group Annuity Separate Account, or registered assigns, the principal sum of Two Hundred Ten Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-32ISSUANCE DATE:  October 26, 2020
		

		
			$7,250,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Principal Life Insurance Company, or registered assigns, the principal sum of Seven Million Two Hundred Fifty Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-33ISSUANCE DATE:  October 26, 2020
		

		
			$750,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Principal Life Insurance Company, or registered assigns, the principal sum of Seven Hundred Fifty Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-34ISSUANCE DATE:  October 26, 2020
		

		
			$9,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Great-West Life & Annuity Insurance Company, or registered assigns, the principal sum of Nine Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-35ISSUANCE DATE:  October 26, 2020
		

		
			$9,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to The Canada Life Assurance Company, or registered assigns, the principal sum of Nine Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-36ISSUANCE DATE:  October 26, 2020
		

		
			$8,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Equitable Financial Life Insurance Company, or registered assigns, the principal sum of Eight Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-37ISSUANCE DATE:  October 26, 2020
		

		
			$14,500,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to State Farm Life Insurance Company, or registered assigns, the principal sum of Fourteen Million Five Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-38ISSUANCE DATE:  October 26, 2020
		

		
			$1,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to State Farm Insurance Companies Employee Retirement Trust, or registered assigns, the principal sum of One Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-39ISSUANCE DATE:  October 26, 2020
		

		
			$500,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to State Farm Life and Accident Assurance Company, or registered assigns, the principal sum of Five Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-40ISSUANCE DATE:  October 26, 2020
		

		
			$5,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to The Lincoln National Life Insurance Company, or registered assigns, the principal sum of Five Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-41ISSUANCE DATE:  October 26, 2020
		

		
			$5,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Mac & Co., as nominee for Pacific Life Insurance Company, or registered assigns, the principal sum of Five Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-42ISSUANCE DATE:  October 26, 2020
		

		
			$1,300,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Link & Co. , or registered assigns, the principal sum of One Million Three Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-43ISSUANCE DATE:  October 26, 2020
		

		
			$1,200,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Hare & Co., LLC , or registered assigns, the principal sum of One Million Two Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-44ISSUANCE DATE:  October 26, 2020
		

		
			$1,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Hare & Co., LLC , or registered assigns, the principal sum of One Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-45ISSUANCE DATE:  October 26, 2020
		

		
			$750,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Band & Co. , or registered assigns, the principal sum of Seven Hundred Fifty Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-46ISSUANCE DATE:  October 26, 2020
		

		
			$650,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to CALHOUN & CO c/o Comerica, or registered assigns, the principal sum of Six Hundred Fifty Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-47ISSUANCE DATE:  October 26, 2020
		

		
			$600,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Wells Fargo FBO Goodville Mutual Casualty Company, or registered assigns, the principal sum of Six Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						﻿

					
					
						 

				
	
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-48ISSUANCE DATE:  October 26, 2020
		

		
			$500,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to CALHOUN & CO c/o Comerica, or registered assigns, the principal sum of Five Hundred Thousand Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-49ISSUANCE DATE:  October 26, 2020
		

		
			$3,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to CUDD and CO. LLC, or registered assigns, the principal sum of Three Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-50ISSUANCE DATE:  October 26, 2020
		

		
			$3,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to CUDD and CO. LLC, or registered assigns, the principal sum of Three Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-51ISSUANCE DATE:  October 26, 2020
		

		
			$1,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to HARE & Co., LLC, or registered assigns, the principal sum of One Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-52ISSUANCE DATE:  October 26, 2020
		

		
			$1,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Country Mutual Insurance Company, or registered assigns, the principal sum of One Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-53ISSUANCE DATE:  October 26, 2020
		

		
			$1,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to TURNKEYS & CO, or registered assigns, the principal sum of One Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
						﻿

					
					
						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			﻿
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
						﻿

					
					
						Authorized Signatory

				

		
			﻿
		

		
			﻿
		

		
			Date of Authentication:  October 26, 2020
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		THIS 2020 Series A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED BY LAW.
		

		
			THE COMPANY IS PERSONALLY OBLIGATED AND FULLY LIABLE FOR THE AMOUNT DUE UNDER THIS 2020 Series A BOND AND, SUBJECT TO THE PROVISIONS OF THE INDENTURE, THE HOLDER HAS THE RIGHT TO SUE ON THIS BOND AND OBTAIN A PERSONAL JUDGMENT AGAINST THE COMPANY FOR SATISFACTION OF THE AMOUNT DUE HEREUNDER EITHER BEFORE OR AFTER A FORECLOSURE OF THE INDENTURE UNDER ALASKA STATUTES 09.45.170 - 09.45.220.
		

		
			﻿
		

		
			CHUGACH ELECTRIC ASSOCIATION, INC. 
		

		
			﻿
		

		
			First Mortgage Bonds,
2020 Series A, TRANCHE A, due October 30, 2039
		

		
			NO. RA-54ISSUANCE DATE:  October 26, 2020
		

		
			$2,000,000PPN: 171265C@8
		

		
			﻿
		

		
			FOR VALUE RECEIVED, the undersigned, CHUGACH ELECTRIC ASSOCIATION, INC. (herein called the “Company”), an electric cooperative organized and existing under the laws of the State of Alaska, hereby promises to pay to Federated Mutual Insurance Company, or registered assigns, the principal sum of Two Million Dollars (or so much thereof as shall not have been redeemed) on October 30, 2039, with interest computed on the basis of a 360‐day year of twelve 30‐day months (a) on the unpaid balance hereof at a rate of 2.38% per annum (plus, upon the occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semiannually on the 30th day of each April and October commencing on April 30, 2021, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue payment on redemption) of principal, any overdue payment of interest, any overdue payment of any Make-Whole Amount (as defined in the Eighth Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as defined in the Eighth Supplemental Indenture referred to below).
		

		
			“Interest Rate Adjustment Event” means the occurrence of any of the following:
		

		
			(a)the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase Agreement (as defined below); or
		

		

		

		 

		

			4821-9334-1391 v1.docx

		

		

			4312641

		

 

		(b)any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in the Indenture or the Bond Purchase Agreement (as defined below) or in any writing furnished in connection with the transactions contemplated by the Eighth Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond.
		

		
			Subject to Section 11 of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.
		

		
			This Bond is one of the 2020 Series A, Tranche A Bonds due October 30, 2039 (herein called the “Bonds”) issued pursuant to the Eighth Supplemental Indenture, dated as of October 26, 2020 (as from time to time amended, the “Eighth Supplemental Indenture”), between the Company and the Trustee named therein which supplements the Second Amended and Restated Indenture of Trust, dated as of January 20, 2011 (as amended and supplemented from time to time, the “Indenture”), and is entitled to the benefits thereof and the Bond Purchase Agreement, dated as of October 26, 2020, between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”).  Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Bond shall have the respective meanings ascribed to such terms in the Eighth Supplemental Indenture.
		

		
			This Bond shall be registered in the name of the Holder hereof.  This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon presentation at said office of this Bond with the written request of the registered owner hereof or its attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or its duly authorized attorney.
		

		
			The Bonds shall be issued as fully registered Bonds without coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a Bond.  The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with Section 3.7 of the Indenture.
		

		
			The Company will make the required sinking fund and mandatory redemptions of principal on this Bond on the dates and in the amount specified in the Eighth Supplemental Indenture.  This Bond is also subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Eighth Supplemental Indenture, but not otherwise.
		

		

		

		 

		

			-2-

		

 

		If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture.  In the event that the principal of this Bond shall have been declared or otherwise become due and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount.
		

		
			The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement.
		

		
			All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2020 Series A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.
		

		
			It is the intention of the Holder to comply with the usury laws of the State of Alaska and of the United States of America.  This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, redemption, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use, forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law.  If fulfillment of any provisions hereof, at the time of performance of such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law.  If any Holder receives as interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded.  To the extent not prohibited by applicable law, determination of the maximum rate allowed by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.  The terms of this paragraph shall control and supersede any other provisions of this Bond.
		

		
			This Bond shall be construed in accordance with and governed by the law of the State of Alaska.
		

		
			No covenant or agreement contained in this Bond, the Indenture or the Eighth Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, 
		

		 

		

			-3-

		

 

		agent or employee of the Company in his or her individual capacity, and no officer of the Company executing this Bond shall be liable personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond.
		

		
			This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon.
		

		
			 
		

		

		

		 

		

			-4-

		

 

		

			 

		

		IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly authorized officer of the Company.
		

			
					
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						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By:

					
					
						/s/ Sherri L. Highers

				
	
					
						Name:

					
					
						Sherri L. Highers

				
	
					
						Title:

					
					
						Executive Vice President,

				
	
					
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						Finance and Administration

				
	
					
						﻿

					
					
						and Chief Financial Officer

				

		
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			﻿
		

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

			
					
						as Trustee

					
					
						 

				
	
					
						U.S. BANK NATIONAL ASSOCIATION,

				
	
					
						as Trustee

				
	
					
						By:

					
					
						/s/ Thomas Zrust

				
	
					
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						Authorized Signatory

				

		
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			Date of Authentication:  October 26, 2020
		

		
			 
		

		
			﻿

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]