Document:

Exhibit 4.2

 

 

 

 

GEORGIA POWER COMPANY

 

TO

 

THE BANK OF NEW YORK, TRUSTEE.

 

 

 

THIRTY-FOURTH SUPPLEMENTAL INDENTURE

 

DATED AS OF MARCH 17, 2008

 

 

 

 

 

SERIES 2008A FLOATING RATE SENIOR NOTES

 

DUE MARCH 17, 2010

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS1

 

PAGE

 

 

	
            ARTICLE 1

 	
            2

	
             

Series 2008A Notes                                           
 	
             

2
 
	
            SECTION 101.       Establishment         
 	
            2
 
	
            SECTION 102.       Definitions
 	
            2
 
	
            SECTION 103.       Payment of Principal and Interest
 	
            4
 
	
            SECTION 104.       Determination of Interest
 	
            5
 
	
            SECTION 105.       Denominations
 	
            5
 
	
            SECTION 106.       Global Securities
 	
            5
 
	
            SECTION 107.       Transfer
 	
            6
 
	
            ARTICLE 2
 	
            7
 
	
            Miscellaneous Provisions
 	
            7
 
	
            SECTION 201.       Recitals by Company
 	
            7
 
	
            SECTION 202.       Ratification and Incorporation of Original Indenture
 	
            7
 
	
            SECTION 203.       Executed in Counterparts
 	
            7
 

 

	
            EXHIBIT A
 	
            Form of Series 2008A Note
 

 

	
            EXHIBIT B
 	
            Certificate of Authentication
 

 

 

_________________________

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

 

 

 

THIS THIRTY-FOURTH SUPPLEMENTAL INDENTURE is made as of the 17th day of March, 2008, by and between GEORGIA POWER COMPANY, a Georgia corporation, 241 Ralph McGill Boulevard, N.E., Atlanta, Georgia 30308-3374 (the “Company”), and THE BANK OF NEW YORK, a New York banking corporation, 101 Barclay Street, Floor 8W, New York, New York  10286 (the “Trustee”).

 

W I T N E S S E T H:

 

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

 

WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as heretofore supplemented and as further supplemented by this Thirty-Fourth Supplemental Indenture, is herein called the “Indenture”

 

WHEREAS, under the Original Indenture, a new series of Senior Notes may at any time be established by the Board of Directors of the Company in accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee;

 

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

 

WHEREAS, additional Senior Notes of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and

 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Thirty-Fourth Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed.

 

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

 

 

 

 

 

ARTICLE 1

 

Series 2008A Notes

 

SECTION 101. Establishment.  There is hereby established a new series of Senior Notes to be issued under the Indenture, to be designated as the Company’s Series 2008A Floating Rate Senior Notes due March 17, 2010 (the “Series 2008A Notes”).

 

There are to be authenticated and delivered $250,000,000 principal amount of Series 2008A Notes, and such principal amount of the Series 2008A Notes may be increased from time to time pursuant to Section 301 of the Original Indenture.  All Series 2008A Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional Series 2008A Notes.  Any such additional Series 2008A Notes will have the same interest rate, maturity and other terms as those initially issued.  No Series 2008A Notes shall be authenticated and delivered in excess of the principal amount as so increased except as provided by Sections 203, 303, 304 or 907 of the Original Indenture.  The Series 2008A Notes shall be issued in definitive fully registered form.

 

The Series 2008A Notes shall be issued in the form of one or more Global Securities in substantially the form set out in Exhibit A hereto.  The Depositary with respect to the Series 2008A Notes shall be The Depository Trust Company.

 

The form of the Trustee’s Certificate of Authentication for the Series 2008A Notes shall be in substantially the form set forth in Exhibit B hereto.

 

Each Series 2008A Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for.

 

The Series 2008A Notes will not be redeemable at the option of the Company prior to the Stated Maturity and will not have a sinking fund.

 

SECTION 102.  Definitions.  The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.

 

“Calculation Agent” means The Bank of New York, or its successor appointed by the Company, acting as calculation agent. 

 

“Interest Determination Date” means the second London Business Day immediately preceding the first day of the relevant Interest Period. 

 

“Interest Payment Dates” means the 17th day of March, June, September and December, commencing June 17, 2008; provided, however, in the event that any Interest Payment Date (other 

 

 

 

 

than the Interest Payment Date that is the Stated Maturity) would otherwise be a day that is not a Business Day, the Interest Payment Date will be the next succeeding Business Day.

 

“Interest Period” means the period commencing on an Interest Payment Date (or, with respect to the initial Interest Period only, commencing on the Original Issue Date) and ending on the day before the next succeeding Interest Payment Date. 

 

“LIBOR” means, with respect to any Interest Period, the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a three-month period commencing on the first day of that Interest Period and ending on the next Interest Payment Date that appears on Reuters LIBOR01 Page as of 11:00 a.m. (London time) on the Interest Determination Date for that Interest Period.  If such rate does not appear on the Reuters LIBOR01 Page as of 11:00 a.m. (London time) on the Interest Determination Date for that Interest Period, LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for the Interest Period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market (which may include affiliates of one or more of the underwriters of the Series 2008A
Notes) selected by the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., London time on the Interest Determination Date for that Interest Period.  The Calculation Agent will request the principal London office of each such bank to provide a quotation of its rate.  If at least two such quotations are provided, LIBOR with respect to that Interest Period will be the arithmetic mean of such quotations.  If fewer that two quotations are provided, LIBOR with respect to that Interest Period will be the arithmetic mean of the rates quoted by three major banks in New York City (which may include affiliates of one or more of the underwriters of the Series 2008A Notes) selected by the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., New York City time, on the first day of that Interest Period for loans in U.S. dollars to leading European banks for that Interest Period and in a principal amount of not less than $1,000,000.
However, if fewer than three banks selected by the Calculation Agent to provide quotations are quoting as described above, LIBOR for that Interest Period will be the same as LIBOR as determined for the previous Interest Period.  

 

“London Business Day” means a day that is a Business Day and a day on which dealings in deposits in U. S. dollars are transacted, or with respect to any future date are expected to be transacted, in the London interbank market. 

 

	
            “Original Issue Date” means March 17, 2008.
 

 

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

 

 “Reuters LIBOR01 Page” means the display so designated on the Reuters 3000 Xtra (or such other page as may replace that page or that service, or such other service as may be nominated as the information vendor, for the purpose of displaying rates or prices comparable to the London Interbank Offered rate for U.S. dollar deposits).  

 

 

 

 

 

 

“Stated Maturity” means March 17, 2010; provided that if the Stated Maturity is not a Business Day, the principal and interest due on that date will be payable on the next succeeding Business Day, and no interest shall accrue for the intervening period.

 

SECTION 103.  Payment of Principal and Interest.  The principal of the Series 2008A Notes shall be due at Stated Maturity.  The unpaid principal amount of the Series 2008A Notes shall bear interest at the rates set quarterly pursuant to Section 104 hereof until paid or duly provided for.  Interest shall be paid quarterly in arrears on each Interest Payment Date to the Person in whose name the Series 2008A Notes are registered on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity of principal as provided herein will be paid to the Person to whom principal is payable.  Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to
the Person or Persons in whose name the Series 2008A Notes are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Series 2008A Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Series 2008A Notes shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture.

 

Payments of interest on the Series 2008A Notes will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the Series 2008A Notes shall be computed and paid on the basis of the actual number of days elapsed over a 360-day year.  

 

Payment of the principal and interest due at the Stated Maturity of the Series 2008A Notes shall be made upon surrender of the Series 2008A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2008A Notes shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to
the date for payment by the Person entitled thereto.

 

SECTION 104.  Determination of Interest.  The Series 2008A Notes will bear interest for each Interest Period at a per annum rate determined by the Calculation Agent, subject to the maximum interest rate permitted by New York or other applicable state law, as such law may be modified by United States law of general application.  The interest rate applicable during each Interest Period will be equal to LIBOR on the Interest Determination Date for such Interest Period plus 0.55%.  Promptly upon such determination, the Calculation Agent will notify the Company and the Trustee, if the Trustee is not then serving as the Calculation Agent, of the interest rate for the new Interest Period.  The interest rate determined by the Calculation Agent, 

 

 

 

 

absent manifest error, shall be binding and conclusive upon the beneficial owners and Holders of the Series 2008A Notes, the Company and the Trustee. 

 

Upon the request of a Holder of the Series 2008A Notes, the Calculation Agent will provide to such Holder the interest rate in effect on the date of such request and, if determined, the interest rate for the next Interest Period. 

 

SECTION 105.  Denominations.  The Series 2008A Notes may be issued in the denominations of $1,000, or any integral multiple thereof.

 

SECTION 106.  Global Securities.  The Series 2008A Notes will be issued in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, Series 2008A Notes represented by one or more Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series 2008A Notes in definitive form.  The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee.

 

Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a Series 2008A Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee.  The rights of Holders of such Global Security shall be exercised only through the Depositary.

 

Subject to the procedures of the Depositary, a Global Security shall be exchangeable for Series 2008A Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company, or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company, in each case within 90 days after the Company receives such notice or becomes aware of such cessation, (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable, or (iii) there shall
have occurred an Event of Default with respect to the Series 2008A Notes.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series 2008A Notes registered in such names as the Depositary shall direct.

 

SECTION 107  Transfer.  No service charge will be made for any transfer or exchange of Series 2008A Notes, but payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

 

 

 

 

 

 

 

ARTICLE 2

 

Miscellaneous Provisions

 

SECTION 201.  Recitals by Company.  The recitals in this Thirty-Fourth Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of Series 2008A Notes and of this Thirty-Fourth Supplemental Indenture as fully and with like effect as if set forth herein in full.

 

SECTION 202.  Ratification and Incorporation of Original Indenture.  As heretofore supplemented and as supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture as heretofore supplemented and as supplemented by this Thirty-Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

 

SECTION 203.  Executed in Counterparts.  This Thirty-Fourth Supplemental Indenture may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.

 

 

 

 

 

 

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

 

	
            ATTEST:

 

 

 

By:        /s/Daniel Lowery

Daniel Lowery

Corporate
Secretary

 
 	
            GEORGIA POWER COMPANY

 

 

 

By:      /s/Cliff S. Thrasher

Cliff S. Thrasher

Executive Vice President, Chief Financial

Officer and Treasurer

 
 
	
             

 

ATTEST:

 

 

 

By:        /s/Francine Kincaid

Francine Kincaid

Vice President
 	
             

 

THE BANK OF NEW YORK, as Trustee

 

 

 

By:      /s/L.
O’Brien

L. O’Brien

Vice President
 

 

 

 

 

 

 

EXHIBIT A

 

FORM OF SERIES 2008A NOTE

 

 

 

 

 

 

	
            NO. __
 	
            CUSIP NO. 373334JJ1
 

 

 

GEORGIA POWER COMPANY

SERIES 2008A FLOATING RATE SENIOR NOTE

DUE MARCH 17, 2010

 

 

	
            Principal Amount:
 	
            $_____________
 
	
            Regular Record Date:
 	
            15th calendar day prior to Interest Payment Date, whether or not a Business Day
 
	
            Original Issue Date:
 	
            March 17, 2008
 
	
            Stated Maturity:
 	
            March 17, 2010; provided that if the Stated Maturity is not a Business Day, the principal and interest due on that date will be payable on the next succeeding Business Day, and no interest shall accrue for the intervening period.
 
	
            Interest Payment Dates:
 	
            17th day of March, June, September and December; provided, however, in the event that any Interest Payment Date (other than the Interest Payment Date that is the Stated Maturity) would otherwise be a day that is not a Business Day, the Interest Payment Date will be the next succeeding Business Day
 
	
            Interest Rate:
 	
            LIBOR plus 0.55% per annum, as set on each Interest Determination Date
 
	
            Interest Determination Dates:
 	
            2nd London Business Day immediately preceding the first day of the relevant Interest Period
 
	
            Authorized Denomination:
 	
            $1,000, or any integral multiple thereof
 

 

 

Georgia Power Company, a Georgia corporation (the “Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to _______________________________________________, or registered assigns, the principal sum of _________ DOLLARS ($__________) on the Stated Maturity shown above, and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on each Interest Payment Date as specified above, commencing on June 17, 2008, and on the Stated Maturity at the rates per annum determined in accordance with the provisions specified below until the principal hereof is paid or made available for payment and at such rates on any overdue principal and on any overdue installment
of interest.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment 

 

 

 

Date that is the Stated Maturity) will, as provided in such Indenture, be paid to the Person in whose name this Note (the “Note”) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at Stated Maturity will be paid to the Person to whom principal is payable.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes of this series shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 

The Series 2008A Notes (as defined on the reverse hereof) will bear interest for each Interest Period at a per annum rate determined by the Calculation Agent, subject to the maximum interest rate permitted by New York or other applicable state law, as such law may be modified by United States law of general application.  The interest rate applicable during each Interest Period will be equal to LIBOR on the Interest Determination Date for such Interest Period plus 0.55%.  Promptly upon such determination, the Calculation Agent will notify the Company and the Trustee, if the Trustee is not then serving as the Calculation Agent, of the interest rate for the new Interest Period.  The interest rate determined by the Calculation Agent, absent manifest error, shall be binding and conclusive upon the beneficial owners and Holders of the Series 2008A Notes, the Company and the Trustee. 

 

“Calculation Agent” means The Bank of New York, or its successor appointed by the Company, acting as calculation agent. 

 

“Interest Determination Date” means the second London Business Day immediately preceding the first day of the relevant Interest Period. 

 

“Interest Period” means the period commencing on an Interest Payment Date (or, with respect to the initial Interest Period only, commencing on the Original Issue Date) and ending on the day before the next succeeding Interest Payment Date. 

 

“LIBOR” means, with respect to any Interest Period, the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a three-month period commencing on the first day of that Interest Period and ending on the next Interest Payment Date that appears on Reuters LIBOR01 Page as of 11:00 a.m. (London time) on the Interest Determination Date for that Interest Period.  If such rate does not appear on the Reuters LIBOR01 Page as of 11:00 a.m. (London time) on the Interest Determination Date for that Interest Period, LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for the Interest Period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market (which may include affiliates of one or more of the underwriters of the Series 2008A
Notes) selected by the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., London 

 

 

 

time on the Interest Determination Date for that Interest Period.  The Calculation Agent will request the principal London office of each such bank to provide a quotation of its rate.  If at least two such quotations are provided, LIBOR with respect to that Interest Period will be the arithmetic mean of such quotations.  If fewer that two quotations are provided, LIBOR with respect to that Interest Period will be the arithmetic mean of the rates quoted by three major banks in New York City (which may include affiliates of one or more of the underwriters of the Series 2008A Notes) selected by the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., New York City time, on the first day of that Interest Period for loans in U.S. dollars to leading European banks for that Interest Period and in a principal amount of not less than $1,000,000.  However, if fewer than three banks
selected by the Calculation Agent to provide quotations are quoting as described above, LIBOR for that Interest Period will be the same as LIBOR as determined for the previous Interest Period.  

 

“London Business Day” means a day that is a Business Day and a day on which dealings in deposits in U. S. dollars are transacted, or with respect to any future date are expected to be transacted, in the London interbank market. 

 

“Reuters LIBOR01 Page” means the display so designated on the Reuters 3000 Xtra (or such other page as may replace that page or that service, or such other service as may be nominated as the information vendor, for the purpose of displaying rates or prices comparable to the London Interbank Offered rate for U.S. dollar deposits).  

 

Payments of interest on this Note will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Note shall be computed and paid on the basis of the actual number of days elapsed over a 360-day year.  A “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banking institutions in New York City are authorized or required by law or executive order to remain closed or a day on which the Corporate Trust Office of the Trustee is closed for business.

 

Payment of the principal of and interest due at the Stated Maturity of the Series 2008A Notes shall be made upon surrender of the Series 2008A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2008A Notes shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date
for payment by the Person entitled thereto.

 

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

 

 

 

 

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

 

 

 

 

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

 

Dated:

 

 

	
            GEORGIA POWER COMPANY
 

 

 

By:               

	
            Name:
 
	
            Title:
 	
             

 

Attest:

 

 

Name:

Title:

 

 

{Seal of GEORGIA POWER COMPANY appears here}

 

 

 

 

 

 

 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	
            THE BANK OF NEW YORK,
 
	
            as Trustee
 	
             

 

 

By:               

	
            Authorized Signatory
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Reverse Side of Note)

 

This Note is one of a duly authorized issue of Senior Notes of the Company (the “Notes”), issued and issuable in one or more series under a Senior Note Indenture, dated as of January 1, 1998, as supplemented (the “Indenture”), between the Company and The Bank of New York (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes issued thereunder and of the terms upon which said Notes are, and are to be, authenticated and delivered.  This Note is one of the series designated on the face hereof as Series
2008A Floating Rate Senior Notes due March 17, 2010 (the “Series 2008A Notes”) which is unlimited in aggregate principal amount.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.

 

	
            The Series 2008A Notes will not have a sinking fund.
 

 

The Series 2008A Notes will not be redeemable at the option of the Company prior to the Stated Maturity.

 

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

 

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

 

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

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of 

 

 

 

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

 

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

 

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

 

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

 

 

 

 

 

 

ABBREVIATIONS

 

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

 

	
            TEN COM-
 	
            as tenants in
 	
            UNIF GIFT MIN ACT- _______ Custodian ________
 	
             

	
             
	
            common
 	
            (Cust)
 	
            (Minor)
 
	
            TEN ENT-
 	
            as tenants by the
 	
             

	
             
	
            entireties
 	
            under Uniform Gifts to
 	
             

	
            JT TEN-
 	
            as joint tenants
 	
            Minors Act
 	
             

	
             
	
            with right of
 	
             

	
             
	
            survivorship and
 	
            ________________________
 	
             

	
             
	
            not as tenants
 	
            (State)
 	
             

	
             
	
            in common
 	
             

															

 

 

Additional abbreviations may also be used

though not on the above list.

 

 

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

 

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

 

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

 

 

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

 

 

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

 

Dated:        

 

 

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

 

 

 

 

EXHIBIT B

 

CERTIFICATE OF AUTHENTICATION

 

 

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

 

	
            THE BANK OF NEW YORK,
 
	
            as Trustee
 	
             

 

 

By:               

	
            Authorized Signatory
 

 

 

 

B-1ex10-1.htm

    Exhibit 10.1

    
      
        

      

    SECOND
AMENDMENT

     

    TO

     

    MASTER
CRUDE OIL PURCHASE AND SALE CONTRACT

     

    Dated
Effective as of March 12, 2008

     

    among

     

    

    UTEXAM
LIMITED,

    AS
SELLER,

     

    

     

    AND

     

    

     

    FRONTIER
OIL AND REFINING COMPANY,

    AS
PURCHASER,

     

    

     

    FRONTIER
OIL CORPORATION,

    AS
GUARANTOR

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECOND
AMENDMENT TO MASTER CRUDE OIL PURCHASE AND SALE CONTRACT

     

    THIS SECOND
AMENDMENT TO MASTER CRUDE OIL PURCHASE AND SALE CONTRACT (this “Second Amendment”)
dated effective as of March 12, 2008, is among Utexam Limited, a company
incorporated under the laws of the Republic of Ireland (the “Seller”), Frontier
Oil and Refining Company, a Delaware corporation (the “Purchaser”), and
Frontier Oil Corporation, a Wyoming corporation (the “Guarantor”).

     

    R E C I T A L
S

     

    A.           The
Seller, the Purchaser and the Guarantor are parties to that certain Master Crude
Oil Purchase and Sale Contract dated as of March 10, 2006, as amended by the
First Amendment to Master Crude Oil Purchase and Sale Contract, dated April 1,
2006 (as amended, the “Agreement”) pursuant
to which the Seller has agreed to sell and the Purchaser has agreed to buy, in
each case, subject to the terms and conditions set forth therein, certain
quantities of Crude Oil.

     

    B.           The
Seller, the Purchaser and the Guarantor have agreed to amend certain provisions
of the Agreement.

     

    C.           NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

     

    Section
1.    Defined
Terms.  Each capitalized term used herein but not otherwise
defined herein has the meaning given such term in the
Agreement.  Unless otherwise indicated, all section references in this
Second Amendment refer to sections of the Agreement.

     

    Section
2.    Amendments to
Agreement.

     

    2.1  
 Section
1.01.  The following definitions are hereby amended in their
entirety or added in the appropriate alphabetical order in Section
1.01:

     

    “Factor” shall mean
with respect to the calculation of the amount of each Acquisition Cost and each
Swap Settlement, as the case may be, the product of (a) the sum of 1.50% plus
LIBOR for the period corresponding to any Days Outstanding calculation, times
(b) the number of Days Outstanding divided by 360.

     

    “Payment Date” shall
mean the 20th day of each month following a Delivery Month, or if such day is
not a Business Day, the next succeeding Business Day, provided that payments
with respect to Short Haul Barrels will be paid on the 20th day of
the second month following a Delivery Month if the Injection Month and the
Delivery Month are the same calendar months, otherwise shall mean the 20th day of
each month following a Delivery Month, or if such day is not a Business Day, the
next succeeding Business Day.

     

    “Short Haul Barrels”
means those Barrels of Crude Oil delivered via the Short Haul
Pipeline.

    

    “Short Haul Pipeline”
means the Express System, including the Express pipeline and Platte pipeline,
operated by Express Pipeline Ltd, Express Pipeline LLC, and Platte
Pipeline.  The system originates in the in the vicinity of Hardisty,
Alberta which Express Pipeline collectively calls its pipeline interconnections
and operational tankage the Express Hardisty Terminal.

    

    2.2  
 Recitals.  The
first “WHEREAS” clause on page 1 of the Agreement is hereby amended and restated
as follows:

     

    “WHEREAS,
Seller desires to sell, and Purchaser desires to purchase, upon the terms and
conditions set forth in this Agreement, certain quantities of crude
oil;

     

    2.3  
 Section
2.01(b)(i).  Section 2.01(b)(i)(D) is hereby amended by
deleting the following parenthetical:

     

    “(which
shall not exceed 35,000 Barrels per day)”

    

    2.4  
 Section
2.01(b).  Section 2.01(b) is hereby amended by adding the
following sentence at the end of such section:

     

    “The
requirements above in subsections (iv) and (v) relating to Swaps shall not apply
to the Short Haul Barrels; provided that if (A) any Batch of Short Haul Barrels
are delayed such that delivery of any such Batch occurs later than the
originally scheduled Off-take Month and (B) no Swap has been entered into for
the originally scheduled Off-take Month, then Seller may, after notification to
Purchaser, on the 5th
Business Day after the end of the originally scheduled Off-take Month, proceed
to execute one or more Swaps in respect of such Batch in an amount equal to 100%
of the quantity set forth in the applicable Deal Sheet.  The resulting
gain or loss from these Swaps will be invoiced to the Purchaser consistent with
other Swap activity in this agreement.”

    

    2.5  
 Section
2.03.  Section 2.03(a) is hereby amended by adding the
following sentence at the end of such subsection:

     

    “Without
limiting the foregoing, and to the extent the Delivery Location for a
Transaction is on the Short Haul Pipeline, Purchaser shall assign to Seller, and
Seller shall assume and accept, Purchaser’s rights in the Crude Oil
transportation tariff applicable to the Short Haul Pipeline, such rights
currently derived from Tariff No. 80 and FERC 118 on file with the National
Energy Board and Federal Energy Regulatory Commission respectively and FERC 134
on file with the Federal Energy Regulatory Commission, each supplemented and/or
amended from time to time.  Purchaser’s assignment and Seller’s
assumption of the foregoing rights shall be limited to the Batches involved in a
Transaction and shall be evidenced by certificates acceptable as to form and
substance by each of Express Pipeline Ltd, Express Pipeline LLC, Platte
Pipeline, Seller and Purchaser.”

    

    2.6  
 Amendment to Exhibit
C.  Exhibit C is hereby amended and restated as set forth on
the Exhibit C attached to this Second Amendment.

     

    2.7    Amendment to Exhibit
D.  Exhibit D is hereby amended and restated as set forth on
the Exhibit D attached to this Second Amendment.

    

    Section
3.  Miscellaneous.

     

    3.1  
 Confirmation.  The
provisions of the Agreement, as amended by this Second Amendment, shall remain
in full force and effect following the effectiveness of this Second
Amendment.

     

    3.2  
 Ratification and
Affirmation; Representations and Warranties.  Each party hereby
(a) acknowledges the terms of this Second Amendment; and (b) ratifies and
affirms its obligations under, and acknowledges, renews and extends its
continued liability under, each Transaction Document to which it is a party and
agrees that each Transaction Document to which it is a party remains in full
force and effect, except as expressly amended hereby, notwithstanding the
amendments contained herein.

     

    3.3  
 Transaction
Document.  This Second Amendment is a “Transaction Document” as
defined and described in the Agreement and all of the terms and provisions of
the Agreement relating to Transaction Documents shall apply hereto.

     

    3.4  
 Counterparts.  This
Second Amendment may be executed by one or more of the parties hereto in any
number of separate counterparts, and all of such counterparts taken together
shall be deemed to constitute one and the same instrument.  Delivery
of this Second Amendment by facsimile transmission shall be effective as
delivery of a manually executed counterpart hereof.

     

    3.5  
 No Oral
Agreement.  This Second Amendment, the Agreement and the other
Transaction Documents executed in connection herewith and therewith represent
the final agreement between the parties and may not be contradicted by evidence
of prior, contemporaneous, or unwritten oral agreements of the
parties.  There are no subsequent oral agreements between the
parties.

     

    3.6  
 GOVERNING
LAW.  THIS SECOND AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND APPLICABLE FEDERAL LAWS
OF THE UNITED STATES OF AMERICA.

     

    3.7  
 CREDIT
FACILITY.  Pursuant to Section 4.02 of the Agreement, Purchaser
hereby consents to the amendment of the Credit Facility in the form of amendment
attached hereto as Exhibit F.

     

    [Signature Pages
Follow]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly
executed as of the date first written above.

     

    UTEXAM
LIMITED

     

    By:      /s/ Thomas
Woulfe                                                          

    Name:
Thomas Woulfe

    Title:   
Director

     

    By:      /s/ Clive W.
Christie                                                          

    Name: Clive
W. Christie 

    Title:   Director

    

    

    FRONTIER
OIL AND REFINING COMPANY,

    as
Purchaser

     

    By:  /s/ Michael
C.
Jennings                                                            

    Michael
C. Jennings

    Executive
Vice President – Chief Financial

    Officer

     

    

    FRONTIER
OIL CORPORATION, as Guarantor

     

    By:   /s/ Doug S. Aron

            
Doug S.
Aron

    
              
Vice President – Corporate Finance

    

     

    BNP PARIBAS

     

    By:      /s/ Deirdre
Geoghegan                                                                     

    Name:
Deirdre Geoghegan

    Title:  
Authorised Signatory

     

    By:      /s/ Davina
Saint                                                                     

    Name:
Davina Saint  

    Title:  
Authorised Signatory

    

     

    
      	
               
      

            	
              UNION
      BANK OF CALIFORNIA, N.A., as Syndication Agent and a
  Lender

            

    

     

     

    By:      /s/ Randall L.
Osterberg     

    Name:
Randall L. Osterberg

    Title:  
Senior Vice President

     

    
      	
               
      

            	
              BAYERISCHE
      HYPO- UND VEREINSBANK AG, NEW YORK BRANCH, as a
  Lender

            

    

     

    By:      /s/ Yoram
Dankner                                                                     

    Name:
Yoram Dankner

    Title:  
Managing Director

     

    By:      /s/ Miriam
Trautmann                                                                     

    Name:
Miriam Trautmann

    Title:  
Director

    

    
      	
               
      

            	
              ALLIED
      IRISH BANKS, p.l.c.

            

    

     

    By:      /s/ Robert F.
Moyle                                                                     

    Name:
Robert F. Moyle

    Title:  
Senior Vice President

     

    By:      /s/ Aidan
Lanigan                                                                     

    Name:
Aidan Lanigan

    Title:  
Vice President

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
C

     

    List of
Approved Pipelines, Injection Points and Delivery Locations

     

    
      	
              1.  

            	
              Approved
      Pipelines:

            

    

     

    The
Enbridge Pipelines

     

    The Short
Haul Pipeline

     

    
      	
              2.  

            	
              Approved Injection
      Points:

            

    

     

    
      	
              a.  

            	
              Any
      tank farm connected to any Enbridge Pipeline or Short Haul
      Pipeline

            

    

     

    
      	
              b.  

            	
              Any
      feeder or gathering line connected to any Enbridge Pipeline or Short Haul
      Pipeline

            

    

     

    
      	
              3.  

            	
              Approved Delivery
      Locations:

            

    

     

    
      	
              a.  

            	
              Any
      point on any Enbridge Pipeline or Short Haul Pipeline (within the United
      States)

            

    

     

    
      	
              b.  

            	
              Any
      tank farm connected to any Enbridge Pipeline or Short Haul Pipeline
      (within the United States)

            

    

     

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
D

     

    List of
Approved Suppliers

     

    BP
Canada

    Canadian
Natural Resources

    Canadian
Oil Sands Limited

    Conoco
Phillips

    Encana

    Exxon
Mobil

    Flint
Hill Resources Canada, LP

    Frontier
Oil and Refining Company

    Mercuria
Energy Canada Inc.

    Morgan
Stanley Capital Group, Inc.

    Nexen
Marketing

    Petro-Canada

    Plains
Marketing Canada, L.P.

    Seminole
Canada Energy Company

    Shell
Canada

    Suncor
Energy

    Trafigura
Canada General Partnership

    Tidal
Energy Marketing

    Marathon
Oil Sands

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