Document:

ex10-1.htm

 

Exhibit 10.1

WAIVER TO CREDIT AGREEMENT 

WAIVER, dated as of September 30, 2009 (this “Waiver”), to the Credit Agreement dated as of March 13, 2009 (as modified by that certain Resignation, Waiver, Consent and Appointment Agreement dated as of March 31, 2009, the “Credit
Agreement”) among American Apparel, Inc., a corporation organized under the laws of the State of Delaware (the “Borrower”), the Facility Guarantors from time to time party thereto, Wilmington Trust FSB, in its capacity as Administrative Agent and in its capacity as Collateral Agent thereunder, and the Lenders from time to time party thereto.

W I T N E S S E T H:

WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made, certain loans and other extensions of credit to the Borrower;

WHEREAS, the Borrower has requested that certain provisions of the Credit Agreement be waived as set forth in this Waiver; and

WHEREAS, the Lenders are willing to agree to such waiver on the terms and subject to the conditions set forth in this Waiver;

 

NOW THEREFORE, in consideration of the premises and mutual covenants contained in this Waiver, the undersigned hereby agree as follows:

 

I.      Defined Terms; Interpretation; Etc.  Capitalized terms used but not defined in this Waiver shall have the meanings given
to them in the Credit Agreement.

 

II.     Waiver of Applicability of Section 6.11 of the Credit Agreement.  The Required Lenders hereby agree that the applicability
of the provisions of Section 6.11 for the period of four consecutive Fiscal Quarters ending September 30, 2009 shall be waived for the period from September 30, 2009 to and including November 14, 2009.

 

III.       Conditions Precedent to the Effectiveness of this Waiver.

 

(a) This Waiver shall become effective as of, and with effect from, the date (the “Effective Date”) on which the Borrower and the Required Lenders shall have duly executed and delivered to the Administrative Agent this Waiver.

 

(b) All corporate and other proceedings required in connection with this Waiver, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Waiver, shall be satisfactory in all respects to the Required Lenders, which satisfaction shall be evidenced by the execution and delivery by
the Required Lenders of this Waiver.

 

(c) Each of the representations and warranties contained in Section IV (Representations and Warranties) of this Waiver shall be true and correct.

 

(d) After giving effect to this Waiver, no Default or Event of Default shall have occurred and be continuing as of the date hereof.

 

(e) No litigation shall have been commenced against any Loan Party or any of its Subsidiaries, either on the date hereof or the Effective Date, seeking to restrain or enjoin (whether temporarily,

 

  

  

  

preliminarily or permanently) the performance of any action by any Loan Party required or contemplated by this Waiver, the Credit Agreement or any Loan Document. 

 

IV.    Representations and Warranties.  On and as of the date hereof and as of the Effective Date, the Borrower hereby represents and warrants
to the Administrative Agent, the Collateral Agent and the Lenders as follows:

 

(a) this Waiver has been duly authorized, executed and delivered by the Borrower and each Facility Guarantor and constitutes a legal, valid and binding obligation of the Borrower and each Facility Guarantor, enforceable against the Borrower and each Facility Guarantor in accordance with its terms and the Credit Agreement and constitutes
the legal, valid and binding obligation of the Borrower and each Facility Guarantor, enforceable against the Borrower and each Facility Guarantor in accordance with its terms;

 

(b) each of the representations and warranties contained in Article III (Representations and Warranties) of the Credit Agreement, the other Loan Documents or otherwise made in writing in connection therewith are true and correct in all material respects on and as of the date hereof and the Effective Date, in each case as if made on
and as of such date except to the extent that such representations and warranties specifically relate to a specific date, in which case such representations and warranties shall be true and correct in all material respects as of such specific date;

 

(c) after giving effect to this Waiver, no Default or Event of Default has occurred and is continuing; and

 

(d) no litigation has been commenced against any Loan Party or any of its Subsidiaries seeking to restrain or enjoin (whether temporarily, preliminarily or permanently) the performance of any action by any Loan Party required or contemplated by this Waiver, the Credit Agreement or any Loan Document.

 

V.     No Other Amendments or Waivers; Confirmation.  Except as expressly set forth herein, this Waiver shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Agents, the Borrower or any other Loan Party under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing
herein shall be deemed to entitle the Borrower to any future consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  This Waiver shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein. After the Effective Date, any reference in any Loan Document to the Credit
Agreement shall mean the Credit Agreement as modified hereby.  This Waiver is a Loan Document.

 

VI.    Consent of Facility Guarantors. Each Facility Guarantor hereby consents to this Waiver and agrees that the terms hereof shall not affect
in any way its obligations and liabilities under the Loan Documents (as expressly modified hereby), all of which obligations and liabilities shall remain in full force and effect and each of which is hereby reaffirmed (as expressly modified hereby).

 

  

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VII.   Expenses.  The Borrower agrees to reimburse the Administrative Agent and the Lenders for their respective reasonable out-of-pocket
expenses incurred in connection with this Waiver  (including the reasonable fees, disbursements and other charges of Simpson Thacher & Bartlett LLP).

 

VIII.    Governing Law.  THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

IX.    Counterparts.  This Waiver may be executed by one or more of the parties hereto on any number of separate counterparts, and
all of said counterparts taken together shall be deemed to constitute one and the same instrument.  This Waiver may be delivered by facsimile or other electronic transmission of the relevant signature pages hereof.

 

X.     Headings.  The Section headings used herein are for convenience of reference only, are not part of this Agreement and are not
to affect the construction of, or to be taken into consideration in interpreting, this Waiver.

 

XI.    Notices.  All communications and notices hereunder shall be given as provided in the Credit Agreement or, as the case may be,
the Facility Guaranty.

 

XII.     Severability. The fact that any term or provision of this Waiver is held invalid, illegal or unenforceable as to any person in any
situation in any jurisdiction shall not affect the validity, enforceability or legality of the remaining terms or provisions hereof or the validity, enforceability or legality of such offending term or provision in any other situation, or jurisdiction or as applied to any person.

 

XIII.  Successors. The terms of this Waiver shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors
and assigns.

 

XIV.  Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS WAIVER OR ANY
OTHER LOAN DOCUMENT.

 

XV.   Submission to Jurisdiction. Each Loan Party agrees that any suit for the enforcement of this Waiver may be brought in the federal or state courts
of the State of New York as the Lenders may elect in their sole discretion and consents to the non-exclusive jurisdiction of such courts. Each party to this Waiver hereby waives any objection which it may now or hereafter have to the venue of any such suit or any such court or that such suit is brought in an inconvenient forum and agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law.  Nothing in this Waiver shall affect any right that any Credit Party may otherwise have to bring any action or proceeding relating to this Waiver against a Loan Party or its properties in the courts of any jurisdiction.

 

[Remainder of Page Intentionally Left Blank]

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

	  	
AMERICAN APPAREL, INC.,

	  	
as Borrower

	  	  
	  	  
	  	
By:
	
/s/ Adrian Kowalewski

	  	
Name:
	
Adrian Kowalewski

	  	
Title:
	
Chief Financial Officer

 

 

 

[Signature Page to Waiver]

  

  

  

	  	
AMERICAN APPAREL (USA), LLC, as 

	  	
Facility Guarantor

	  	  
	  	  
	  	
By:
	
/s/ Adrian Kowalewski

	  	
Name:
	
Adrian Kowalewski

	  	
Title:
	
Chief Financial Officer

 

 

 

[Signature Page to Waiver]

  

  

  

	  	
FRESH AIR FREIGHT, INC., as Facility 

	  	
Guarantor

	  	  
	  	  
	  	
By:
	
/s/ Adrian Kowalewski

	  	
Name:
	
Adrian Kowalewski

	  	
Title:
	
Chief Financial Officer

 

 

 

[Signature Page to Waiver]

  

  

  

	  	
AMERICAN APPAREL, LLC, as Facility 

	  	
Guarantor

	  	  
	  	  
	  	
By:
	
/s/ Adrian Kowalewski

	  	
Name:
	
Adrian Kowalewski

	  	
Title:
	
Chief Financial Officer

 

 

 

[Signature Page to Waiver]

  

  

  

	  	
KCL KNITTING, LLC, as Facility Guarantor

	  	 
	  	  
	  	
By:
	
/s/ Adrian Kowalewski

	  	
Name:
	
Adrian Kowalewski

	  	
Title:
	
Chief Financial Officer

 

 

 

[Signature Page to Waiver]

  

  

  

	  	
AMERICAN APPAREL RETAIL, INC., as 

	  	
Facility Guarantor

	  	  
	  	  
	  	
By:
	
/s/ Adrian Kowalewski

	  	
Name:
	
Adrian Kowalewski

	  	
Title:
	
Chief Financial Officer

 

 

 

[Signature Page to Waiver]

  

  

  

	  	
AMERICAN APPAREL DYEING &

	 	FINISHING, INC., as Facility Guarantor 
	  	  
	  	  
	  	
By:
	
/s/ Adrian Kowalewski

	  	
Name:
	
Adrian Kowalewski

	  	
Title:
	
Chief Financial Officer

 

 

 

[Signature Page to Waiver]

  

  

  

	  	
WILMINGTON TRUST FSB, as 

	 	Administrative Agent and Collateral Agent
	  	  
	  	  
	  	
By:
	
/s/ Jane Schweiger

	  	
Name:
	
Jane Schweiger

	  	
Title:
	
Vice President

 

 

 

[Signature Page to Waiver]

  

  

  

	  	
LION CAPITAL (AMERICAS) INC., as Lender

	  	  
	  	  
	  	
By:
	
/s/ Janet M. Dunlop

	  	
Name:
	
Janet M. Dunlop

	  	
Title:
	
Director

 

 

 

[Signature Page to Waiver]

  

  

  

	  	
LION/HOLLYWOOD L.L.C., as Lender

	  	  
	  	  
	  	
By:
	
/s/ /s/ Jeff Chang

	  	
Name:
	
/s/ Jeff Chang

	  	
Title:
	
Vice President

 

 

 

 

[Signature Page to Waiver]exhibit4_1.htm

EXHIBIT 4.1

 

 

 

September 30, 2009

 

The Bank of New York Mellon

101 Barclay Street, Floor 8W

New York, New York 10286

 

 

Re: Company Order

 

Ladies and Gentlemen:

Pursuant to Section 2.05(c) of the Indenture dated as of April 1, 1999, as amended (the “Senior Note Indenture”) between Pennsylvania Electric Company (the “Company”) and United
States Trust Company of New York, under which The Bank of New York Mellon is the successor trustee (the “Senior Note Trustee”), we deliver to you herewith an Officers’ Certificate, Opinions of Counsel of Akin Gump Straus Hauer & Feld LLP, New York, New York and Wendy E. Stark, Associate General Counsel of FirstEnergy Corp., and Board Resolutions (as those terms are defined in the Senior Note Indenture).

 

You are hereby requested to authenticate, in the manner provided in the Senior Note Indenture, $250,000,000 aggregate principal amount of the Company’s 5.20% Senior Notes due 2020 (the “2020 Notes”) and $250,000,000 aggregate principal amount of the Company’s
6.15% Senior Notes due 2038 (the “2038 Notes”) (collectively, the “Notes”), as concurrently herewith delivered to you, duly executed by duly authorized officers of the Company, as provided in the Senior Note Indenture.

 

	
              The designation of the 2020 Notes shall be “5.20% Senior Notes due 2020”;

 

	
              The designation of the 2038 Notes shall be “6.15% Senior Notes due 2038”;

 

	
              The Original Issue Date for the Notes shall be September 30, 2009;

 

	
              The Stated Maturity of the 2020 Notes shall be April 1, 2020;

 

	
              The Stated Maturity of the 2038 Notes shall be October 1, 2038;

 

	
              The 2020 Notes shall bear interest at the rate of FIVE AND TWENTY HUNDREDTHS          

     per centum (5.20%) per annum;

 

	
              The 2038 Notes shall bear interest at the rate of SIX AND FIFTEEN HUNDREDTHS per centum (6.15%) per annum; and

 

	
              The Interest Payment Dates for the Notes shall be April 1 and October 1 of each year, 

     commencing April 1, 2010.

 

 

 

 

 

 

 

 

 

Each of the Notes will be issued in the form of a Global Note to The Depository Trust Company, or its nominee, as depositary therefor, in the forms attached hereto as Exhibit A and Exhibit B.  Set forth within
each form of the Global Note are the terms regarding the optional redemption of the Notes.  You are hereby further requested to make available for delivery such Notes, as so authenticated, to the Company.

 

 

  

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Very truly yours,

 

PENNSYLVANIA ELECTRIC COMPANY

 

 

By:  /s/ Randy Scilla               

                                                                                                      
 Name:  Randy Scilla

                                                                                                                     
Title:  Assistant Treasurer     

 

Receipt of the aforementioned items is

hereby acknowledged.

THE BANK OF NEW YORK MELLON,

as Trustee

By: /s/ Carlos Luciano_________________

Name: Carlos Luciano

Title: Vice President

Signature Page to Company Order

  

  

  

 

 

Exhibit A

 

[FORM OF GLOBAL NOTE OF THE 2020 NOTES]

 

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE TO BE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY AMOUNT PAYABLE  THEREUNDER IS MADE PAYABLE TO CEDE & CO. OR SUCH OTHER NAME), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.  UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATED NOTES REGISTERED IN THE NAMES OF THE VARIOUS BENEFICIAL HOLDERS
HEREOF AS THEN CERTIFIED TO THE COMPANY AND THE TRUSTEE BY THE DEPOSITARY OR A SUCCESSOR DEPOSITARY, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO ITS NOMINEE OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  THIS NOTE MAY BE EXCHANGED FOR CERTIFICATED NOTES REGISTERED IN THE NAMES OF THE VARIOUS BENEFICIAL OWNERS HEREOF ONLY
IF (A) THE DEPOSITARY (I) HAS NOTIFIED THE COMPANY THAT IT IS UNWILLING OR UNABLE TO CONTINUE AS DEPOSITARY OR (II) HAS CEASED TO BE A CLEARING AGENCY REGISTERED UNDER THE EXCHANGE ACT, AND, IN EITHER CASE, A SUCCESSOR DEPOSITARY IS NOT APPOINTED BY THE COMPANY WITHIN 90 DAYS, OR (B) THE COMPANY ELECTS TO ISSUE CERTIFICATED NOTES TO BENEFICIAL OWNERS (AS CERTIFIED TO THE COMPANY AND THE TRUSTEE BY THE DEPOSITARY OR A SUCCESSOR DEPOSITARY) OF ALL NOTES OF THE SERIES DESIGNATED BELOW.

 

PENNSYLVANIA ELECTRIC COMPANY

5.20% SENIOR NOTE DUE 2020

 

ORIGINAL ISSUE DATE:  September 30, 2009

 

INTEREST RATE:  5.20%

 

MATURITY DATE:  April 1, 2020

 

INTEREST PAYMENT DATES:  Each April 1 and October 1, commencing April 1, 2010

 

PRINCIPAL AMOUNT:  $250,000,000                                                     NUMBER:  1                                

                                                                                                          
CUSIP:  708696 BW8

 

 

 

 

 

 

 

 

 

 

PENNSYLVANIA ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania (the “Company”), for value received hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000) on the Maturity Date set forth above, and to pay interest thereon from the Original Issue Date specified above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on the April 1 and October 1 in each year, commencing April 1, 2010, at the per annum Interest Rate set forth above, until the principal hereof is paid or duly provided for.  Interest on this
Note will accrue from and including the immediately preceding Interest Payment Date in respect of which interest has been paid or made available for payment (or from and including the Original Issue Date if no interest has been paid or made available for payment) to, but excluding, the applicable Interest Payment Date or Maturity, as the case may be.  No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Note is paid on the Maturity Date.  The interest
so payable and punctually paid or duly provided for on any such Interest Payment Date will, as provided in the Indenture (as defined below), be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding the applicable Interest Payment Date, so long as this Note is held in book-entry only form.  Otherwise, the Regular Record Date shall be the March 15 or September 15, as the case
may be, next preceding such Interest Payment Date (whether or not a Business Day); provided, that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person
to whom principal shall be paid.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee (defined below), notice whereof shall be given to Holders of Notes of this Series not more than
fifteen days or fewer than ten days prior to such Special Record Date.

 

This Global Note is a global security in respect of a duly authorized issue of 5.20% Senior Notes due 2020 (the “Notes of this Series”, which term includes any Global Notes representing such Notes) of the Company
issued and issuable in one or more series under an Indenture, dated as of April 1, 1999 (such Indenture as originally executed and delivered and as supplemented or amended from time to time thereafter, together with any constituent instruments establishing the terms of particular Notes, being herein called the “Indenture”), between the Company and United States Trust Company of New York, under which The Bank of New York Mellon
is successor trustee (herein called the “Trustee”, which term includes any successor Trustee under the Indenture) and indentures supplemental thereto.  Under the Indenture, one or more series of notes may be issued and, as used herein, the term “Notes” refers to the Notes of this Series and any other outstanding series of Notes.  Reference
is hereby made to the Indenture for a more complete statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms and conditions upon which the Notes are, and are to be, authenticated and delivered.  The acceptance of this Note shall be deemed to constitute the consent and agreement by the Holder 

 

 

 

 

2

 

 

 

hereof to all of the terms and provisions of the Indenture.  This Global Note has been issued in respect of the series designated on the first page hereof.

 

Each Note of this Series shall be dated and issued as of the date of its authentication by the Trustee and shall bear an Original Issue Date.  Each Note or Global Note issued upon transfer, exchange or substitution of such Note or Global Note shall bear the Original Issue Date of such transferred,
exchanged or substituted Note or Global Note, as the case may be.

 

Notes of this Series are redeemable, as a whole or in part, at the Company’s option, at any time, at a redemption price equal to the greater of:

 

	
·  
	
100% of the principal amount of the Notes of this Series being redeemed, or

 

	
·  
	
as determined by the Independent Investment Banker (as defined below), the sum of the present values of the Remaining Scheduled Payments (as defined below), discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 25 basis points,

 

plus, in each case, accrued and unpaid interest on such Notes to the date of redemption.

 

“Adjusted Treasury Rate” means, with respect to any redemption date:

 

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

 

	
·  
	
if the release (or any successor release) is not published during the week preceding the calculation date or does not contain these yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for the redemption date.  The Adjusted Treasury Rate will be calculated on the third Business Day preceding the redemption date.

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of this Series to be redeemed
that would be utilized, at the time of selection and in 

 

 

 

 

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accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes of this Series to be redeemed (“Remaining Life”).

 

“Comparable Treasury Price” means (1) the average of three Reference Treasury Dealer Quotations for the redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the
Independent Investment Banker obtains fewer than three Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury Dealer” means:

 

	
·  
	
each of Banc of America Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC, and their respective successors; provided, however, that if any of the foregoing cease to be a primary U.S. Government securities dealer in the United States (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and

 

	
·  
	
any other Primary Treasury Dealer selected by the Independent Investment Banker after consultation with the Company.

 

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

 

“Remaining Scheduled Payments” means, with respect to the Notes of this Series to be redeemed, the remaining scheduled payments of principal of and interest on such Notes that would be due after the related redemption
date but for such redemption.  If such redemption date is not an Interest Payment Date with respect to such Notes, the amount of the next succeeding scheduled interest payment on such Notes will be reduced by the amount of interest accrued on such Notes to such redemption date.

 

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes of this Series or any portion of the Notes of this Series called for redemption (unless the Company defaults in the payment of the redemption price and accrued
interest).  On or before the redemption date, the Company will deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest on the Notes of this Series to be redeemed on such date.  If less than all the Notes of this Series are to be redeemed, the Notes of this Series to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate.

 

 

 

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Notice of redemption shall be given by mail to Holders of Notes of this Series, not less than 30 days nor more than 60 days prior to the date fixed for redemption, all as provided in the Indenture.  As provided in the Indenture, notice of redemption at the election of the Company as aforesaid
may state that such redemption shall be conditional upon the receipt by the Trustee of money sufficient to pay the principal of and premium, if any, and interest, if any, on Notes of this Series on or prior to the date fixed for such redemption; a notice of redemption so conditioned shall be of no force or effect if such money is not so received and, in such event, the Company shall not be required to redeem such Notes.

 

In the event of redemption of Notes of this Series in part only, a new Note or Notes of this Series, of like tenor, representing the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 

Interest payments for this Global Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  If any Interest Payment Date or date on which the principal of this Global Note is required to be paid is not a Business Day, then payment of principal, premium or interest
need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which the principal of this Global Note is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Note is required to be paid.

 

The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all obligations in respect of the Notes of this Series (except for certain obligations including obligations to register the transfer exchange of Notes, replace stolen, lost
or mutilated Notes, maintain paying agencies and hold monies for payment in trust, all set forth in the Indenture) if the Company deposits with the Trustee cash, U.S. Government Obligations which through the payment of interest thereof and principal thereof in accordance with their terms will provide cash, or a combination of cash and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Notes of this Series on
the dates such payments are due in accordance with the terms of such Notes.

 

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

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Noteholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than
a majority in principal amount of the outstanding Notes of this Series.  Any such consent or waiver by the Holder of this Global Note shall be conclusive and binding upon such Holder and upon all future Holders of this Global Note and of any Note  of this Series issued upon the registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon the Note.

 

 

 

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As set forth in and subject to the provisions of the Indenture, no Holder of any Notes will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default
with respect to such Notes, the Holders of not less than a majority in principal amount of the outstanding Notes affected by such Event of Default shall have made written request and offered reasonable indemnity to the Trustee to institute such proceeding as Trustee and the Trustee shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest
on Notes of this Series on or after the respective due dates expressed here.

 

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

 

The Notes of this Series are issuable only as registered Notes, without coupons, and in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this Series are exchangeable
for a like aggregate principal amount of Notes of the same series and tranche, of any authorized denominations, as requested by the Holder surrendering the same, and of like tenor upon surrender of the Note or Notes to be exchanged at the Corporate Trust Office of the Trustee in New York, New York, or such other office or agency as may be designated by the Company from time to time.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

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

 

The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.

 

As used herein, “Business Day” shall mean each day that is not a day on which banking institutions or trust companies in the Borough of Manhattan, the City and State of New York, Cleveland, Ohio or in the city
where the Corporate Trust Office of the Trustee is located, are obligated or authorized by law or executive order to close.

 

Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent by manual or facsimile signature of an authorized officer, this Global Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

 

6

 

 

 

All terms used in this Global Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise indicated herein.

 

 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

 

PENNSYLVANIA ELECTRIC COMPANY

 

 

Dated:  ___________, 20__                                                                                        
By: _________________________                                                                  

                                                        
Name:

                                                        
Title:

                                                         Attest: _______________________                                                                 

                                                         Name:

                                                         Title:

TRUSTEE’S CERTIFICATE

OF AUTHENTICATION

 

This Note is one of the Notes of the series

herein designated, described or provided for

in the within-mentioned Indenture.

 

THE BANK OF NEW YORK MELLON,

as Trustee

 

 

By:___________________________                                                      

Name:

Title:

  

7

  

 

 

Exhibit B

 

 

[FORM OF GLOBAL NOTE OF THE 2038 NOTES]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE TO BE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY AMOUNT PAYABLE  THEREUNDER IS MADE PAYABLE TO CEDE & CO. OR SUCH OTHER NAME), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.  UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATED NOTES REGISTERED IN THE NAMES OF THE VARIOUS BENEFICIAL HOLDERS
HEREOF AS THEN CERTIFIED TO THE COMPANY AND THE TRUSTEE BY THE DEPOSITARY OR A SUCCESSOR DEPOSITARY, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO ITS NOMINEE OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  THIS NOTE MAY BE EXCHANGED FOR CERTIFICATED NOTES REGISTERED IN THE NAMES OF THE VARIOUS BENEFICIAL OWNERS HEREOF ONLY
IF (A) THE DEPOSITARY (I) HAS NOTIFIED THE COMPANY THAT IT IS UNWILLING OR UNABLE TO CONTINUE AS DEPOSITARY OR (II) HAS CEASED TO BE A CLEARING AGENCY REGISTERED UNDER THE EXCHANGE ACT, AND, IN EITHER CASE, A SUCCESSOR DEPOSITARY IS NOT APPOINTED BY THE COMPANY WITHIN 90 DAYS, OR (B) THE COMPANY ELECTS TO ISSUE CERTIFICATED NOTES TO BENEFICIAL OWNERS (AS CERTIFIED TO THE COMPANY AND THE TRUSTEE BY THE DEPOSITARY OR A SUCCESSOR DEPOSITARY) OF ALL NOTES OF THE SERIES DESIGNATED BELOW.

 

PENNSYLVANIA ELECTRIC COMPANY

6.15% SENIOR NOTE DUE 2038

 

ORIGINAL ISSUE DATE:  September 30, 2009

 

INTEREST RATE:  6.15%

 

MATURITY DATE:  October 1, 2038

 

INTEREST PAYMENT DATES:  Each April 1 and October 1, commencing April 1, 2010

 

PRINCIPAL AMOUNT:  $250,000,000                                                     
NUMBER:  1  

                                                                             
                              CUSIP:  708696 BVO

 

 

 

 

 

 

 

 

 

PENNSYLVANIA ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania (the “Company”), for value received hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000) on the Maturity Date set forth above, and to pay interest thereon from the Original Issue Date specified above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on the April 1 and October 1 in each year, commencing April 1, 2010, at the per annum Interest Rate set forth above, until the principal hereof is paid or duly provided for.  Interest on this
Note will accrue from and including the immediately preceding Interest Payment Date in respect of which interest has been paid or made available for payment (or from and including the Original Issue Date if no interest has been paid or made available for payment) to, but excluding, the applicable Interest Payment Date or Maturity, as the case may be.  No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Note is paid on the Maturity Date.  The interest
so payable and punctually paid or duly provided for on any such Interest Payment Date will, as provided in the Indenture (as defined below), be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding the applicable Interest Payment Date, as long as this Note is held in book-entry only form.  Otherwise, the Regular Record Date shall be the March 15 or September 15, as the case
may be, next preceding such Interest Payment Date (whether or not a Business Day); provided, that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person
to whom principal shall be paid.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee (defined below), notice whereof shall be given to Holders of Notes of this Series not more than
fifteen days or fewer than ten days prior to such Special Record Date.

 

This Global Note is a global security in respect of a duly authorized issue of 6.15% Senior Notes due 2038 (the “Notes of this Series”, which term includes any Global Notes representing such Notes) of the Company
issued and issuable in one or more series under an Indenture, dated as of April 1, 1999 (such Indenture as originally executed and delivered and as supplemented or amended from time to time thereafter, together with any constituent instruments establishing the terms of particular Notes, being herein called the “Indenture”), between the Company and United States Trust Company of New York, under which The Bank of New York Mellon
is successor trustee (herein called the “Trustee”, which term includes any successor Trustee under the Indenture) and indentures supplemental thereto.  Under the Indenture, one or more series of notes may be issued and, as used herein, the term “Notes” refers to the Notes of this Series and any other outstanding series of Notes.  Reference
is hereby made to the Indenture for a more complete statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms and conditions upon which the Notes are, and are to be, authenticated and delivered.  The acceptance of this Note shall be deemed to constitute the consent and agreement by the Holder 

 

 

 

 

 

 

 

hereof to all of the terms and provisions of the Indenture.  This Global Note has been issued in respect of the series designated on the first page hereof.

 

Each Note of this Series shall be dated and issued as of the date of its authentication by the Trustee and shall bear an Original Issue Date.  Each Note or Global Note issued upon transfer, exchange or substitution of such Note or Global Note shall bear the Original Issue Date of such transferred,
exchanged or substituted Note or Global Note, as the case may be.

 

Notes of this Series are redeemable, as a whole or in part, at the Company’s option, at any time, at a redemption price equal to the greater of:

 

	
·  
	
100% of the principal amount of the Notes of this Series being redeemed, or

 

	
·  
	
as determined by the Independent Investment Banker (as defined below), the sum of the present values of the Remaining Scheduled Payments (as defined below), discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 30 basis points,

 

plus, in each case, accrued and unpaid interest on such Notes to the date of redemption.

 

“Adjusted Treasury Rate” means, with respect to any redemption date:

 

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

 

	
·  
	
if the release (or any successor release) is not published during the week preceding the calculation date or does not contain these yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for the redemption date.  The Adjusted Treasury Rate will be calculated on the third Business Day preceding the redemption date.

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of this Series to be redeemed
that would be utilized, at the time of selection and in 

 

 

 

 

 

 

 

 

accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes of this Series to be redeemed (“Remaining Life”).

 

“Comparable Treasury Price” means (1) the average of three Reference Treasury Dealer Quotations for the redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the
Independent Investment Banker obtains fewer than three Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury Dealer” means:

 

	
·  
	
each of Banc of America Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC, and their respective successors; provided, however, that if any of the foregoing cease to be a primary U.S. Government securities dealer in the United States (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and

 

	
·  
	
any other Primary Treasury Dealer selected by the Independent Investment Banker after consultation with the Company.

 

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

 

“Remaining Scheduled Payments” means, with respect to the Notes of this Series to be redeemed, the remaining scheduled payments of principal of and interest on such Notes that would be due after the related redemption
date but for such redemption.  If such redemption date is not an Interest Payment Date with respect to such Notes, the amount of the next succeeding scheduled interest payment on such Notes will be reduced by the amount of interest accrued on such Notes to such redemption date.

 

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes of this Series or any portion of the Notes of this Series called for redemption (unless the Company defaults in the payment of the redemption price and accrued
interest).  On or before the redemption date, the Company will deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest on the Notes of this Series to be redeemed on such date.  If less than all the Notes of this Series are to be redeemed, the Notes of this Series to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate.

 

 

 

 

 

 

 

Notice of redemption shall be given by mail to Holders of Notes of this Series, not less than 30 days nor more than 60 days prior to the date fixed for redemption, all as provided in the Indenture.  As provided in the Indenture, notice of redemption at the election of the Company as aforesaid
may state that such redemption shall be conditional upon the receipt by the Trustee of money sufficient to pay the principal of and premium, if any, and interest, if any, on Notes of this Series on or prior to the date fixed for such redemption; a notice of redemption so conditioned shall be of no force or effect if such money is not so received and, in such event, the Company shall not be required to redeem such Notes.

 

In the event of redemption of Notes of this Series in part only, a new Note or Notes of this Series, of like tenor, representing the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 

Interest payments for this Global Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  If any Interest Payment Date or date on which the principal of this Global Note is required to be paid is not a Business Day, then payment of principal, premium or interest
need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which the principal of this Global Note is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Note is required to be paid.

 

The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all obligations in respect of the Notes of this Series (except for certain obligations including obligations to register the transfer exchange of Notes, replace stolen, lost
or mutilated Notes, maintain paying agencies and hold monies for payment in trust, all set forth in the Indenture) if the Company deposits with the Trustee cash, U.S. Government Obligations which through the payment of interest thereof and principal thereof in accordance with their terms will provide cash, or a combination of cash and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Notes of this Series on
the dates such payments are due in accordance with the terms of such Notes.

 

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

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Noteholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than
a majority in principal amount of the outstanding Notes of this Series.  Any such consent or waiver by the Holder of this Global Note shall be conclusive and binding upon such Holder and upon all future Holders of this Global Note and of any Note  of this Series issued upon the registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon the Note.

 

 

 

 

 

 

 

As set forth in and subject to the provisions of the Indenture, no Holder of any Notes will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default
with respect to such Notes, the Holders of not less than a majority in principal amount of the outstanding Notes affected by such Event of Default shall have made written request and offered reasonable indemnity to the Trustee to institute such proceeding as Trustee and the Trustee shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest
on Notes of this Series on or after the respective due dates expressed here.

 

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

 

The Notes of this Series are issuable only as registered Notes, without coupons, and in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this Series are exchangeable
for a like aggregate principal amount of Notes of the same series and tranche, of any authorized denominations, as requested by the Holder surrendering the same, and of like tenor upon surrender of the Note or Notes to be exchanged at the Corporate Trust Office of the Trustee in New York, New York, or such other office or agency as may be designated by the Company from time to time.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

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

 

The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.

 

As used herein, “Business Day” shall mean each day that is not a day on which banking institutions or trust companies in the Borough of Manhattan, the City and State of New York, Cleveland, Ohio or in the city
where the Corporate Trust Office of the Trustee is located, are obligated or authorized by law or executive order to close.

 

Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent by manual or facsimile signature of an authorized officer, this Global Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

 

 

 

 

 

All terms used in this Global Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise indicated herein.

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

 

PENNSYLVANIA ELECTRIC COMPANY

 

 

Dated:  ______________, 20__                                                                                  
By: __________________________                                                                 

                                                        Name:
Randy Scilla

                                                       
Title: Assistant Treasurer

                                                         Attest:_______________________                                                                  

                                                         Name:

                                                         Title:

TRUSTEE’S CERTIFICATE

OF AUTHENTICATION

 

This Note is one of the Notes of the series

herein designated, described or provided for

in the within-mentioned Indenture.

 

THE BANK OF NEW YORK MELLON,

as Trustee

 

 

By:____________________________                                                     

Name:

Title:

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