Document:

exv4w6

 

Exhibit 4.6

Form of Supplemental Indenture

 

PPL ENERGY SUPPLY, LLC,

Issuer

TO

JPMORGAN CHASE BANK, N.A.

(formerly known as The Chase Manhattan Bank),

Trustee

 

Supplemental Indenture No. __

Dated as of July ___, 2006

Supplemental to the Indenture

dated as of October 1, 2001

Establishing a series of Securities designated

Senior Notes, % Series due 2046

limited in aggregate principal amount to $

 

 

 

          SUPPLEMENTAL INDENTURE NO. ___, dated as of July ___, 2006 between PPL ENERGY SUPPLY, LLC, a
limited liability company duly organized and existing under the laws of the State of Delaware
(herein called the “Company”), and JPMORGAN CHASE BANK, N.A., a national banking association
(formerly known as The Chase Manhattan Bank), as Trustee (herein called the “Trustee”), under the
Indenture dated as of October 1, 2001 (hereinafter called the “Original Indenture”), this
Supplemental Indenture No. ___being supplemental thereto. The Original Indenture and any and all
indentures and instruments supplemental thereto are hereinafter sometimes collectively called the
“Indenture.”

Recitals of the Company

          The Original Indenture was authorized, executed and delivered by the Company to provide for
the issuance by the Company from time to time of its Securities (such term and all other
capitalized terms used herein without definition having the meanings assigned to them in the
Original Indenture), to be issued in one or more series as contemplated therein.

          As contemplated by Sections 301 and 1201(f) of the Original Indenture, the Company wishes to
establish a series of Securities to be designated “Senior Notes, % Series due 2046” to be
limited in aggregate principal amount (except as contemplated in Section 301(b) and the last
paragraph of Section 301 of the Original Indenture) to $        such series of Securities to be
hereinafter sometimes called “Series No. 6.”

          The Company has duly authorized the execution and delivery of this Supplemental Indenture No.
___to establish the Securities of Series No. ___and has duly authorized the issuance of such
Securities. All acts necessary to make this Supplemental Indenture No. ___a valid agreement of the
Company and to make the Securities of Series No. 6 valid obligations of the Company have been
performed.

          NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE NO. ___WITNESSETH:

          For and in consideration of the premises and of the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities of Series No. 6, as follows:

ARTICLE ONE

Sixth Series of Securities

          Section 1. There is hereby created a series of Securities designated “Senior Notes, %
Series due 2046” and limited in aggregate principal amount (except as contemplated in Section
301(b) and the last paragraph of Section 301 of the Original
Indenture) to $      . The
form and terms of the Securities of Series No. 6 shall be established in an Officer’s Certificate
of the Company, as contemplated by Section 301 of the Original Indenture.

          Section 2. The Company hereby agrees that, if the Company shall make any deposit of money
and/or Eligible Obligations with respect to any Securities of Series No. 6, or
any portion of the principal amount thereof, as contemplated by Section 701 of the Indenture,
the Company shall not deliver an Officer’s Certificate described in clause (z) in the first
paragraph

 

 

of said Section 701 unless the Company shall also deliver to the Trustee, together with
such Officer’s Certificate, either:

     (A) an instrument wherein the Company, notwithstanding the satisfaction and discharge
of its indebtedness in respect of such Securities, shall assume the obligation (which shall
be absolute and unconditional) to irrevocably deposit with the Trustee or Paying Agent such
additional sums of money, if any, or additional Eligible Obligations (meeting the
requirements of Section 701), if any, or any combination thereof, at such time or times, as
shall be necessary, together with the money and/or Eligible Obligations theretofore so
deposited, to pay when due the principal of and premium, if any, and interest due and to
become due on such Securities or portions thereof, all in accordance with and subject to the
provisions of said Section 701; provided, however, that such instrument may
state that the obligation of the Company to make additional deposits as aforesaid shall
arise only upon the delivery to the Company by the Trustee of a notice asserting the
deficiency and showing the calculation thereof and shall continue only until the Company
shall have delivered to the Trustee an opinion of an independent public accountant of
nationally recognized standing to the effect that no such deficiency exists and showing the
calculation of the sufficiency of the deposits then held by the Trustee; or

     (B) an Opinion of Counsel to the effect that the Holders of such Securities, or
portions of the principal amount thereof, will not recognize income, gain or loss for United
States federal income tax purposes as a result of the satisfaction and discharge of the
Company’s indebtedness in respect thereof and will be subject to United States federal
income tax on the same amounts, at the same times and in the same manner as if such
satisfaction and discharge had not been effected.

          Section 3. The Company agrees that for so long as any Securities of Series No. 6 shall remain
Outstanding, without consent of the Holders of a majority in principal amount of the Outstanding
Securities of such series, the Company shall not create, incur or assume any Lien (other than
Permitted Liens) upon any property of the Company, whether now owned or hereafter acquired, in
order to secure any Debt of the Company. The foregoing agreement shall not restrict the ability of
Subsidiaries or Affiliates of the Company to create, incur or assume any Lien upon their properties
or assets.

          Section 4. The provisions of Section 3 above shall not prohibit the creation, issuance,
incurrence or assumption of any Lien if either

     (A) the Company shall make effective provision whereby all Securities of Series No. 6
then Outstanding shall be secured equally and ratably with all other Debt then outstanding
under such Lien; or

     (B) the Company shall deliver to the Trustee bonds, notes or other evidences of
indebtedness secured by the Lien which secures such Debt (hereinafter called “Secured
Obligations”) (I) in an aggregate principal amount equal to the aggregate principal
amount of the Securities of Series No. 6 then Outstanding, (II) maturing (or being subject

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to mandatory redemption) on such dates and in such principal amounts that, at each Stated
Maturity of the Outstanding Securities of Series No. 6, there shall mature (or be redeemed)
Secured Obligations equal in principal amount to such Securities then to mature and (III)
containing, in addition to any mandatory redemption provisions applicable to all Secured
Obligations outstanding under such Lien and any mandatory redemption provisions contained
therein pursuant to clause (II) above, mandatory redemption provisions correlative to the
provisions, if any, for the mandatory redemption (pursuant to a sinking fund or otherwise)
of the Securities of Series No. 6 or for the redemption thereof at the option of the Holder,
as well as a provision for mandatory redemption upon an acceleration of the maturity of all
Outstanding Securities of Series No. 6 following an Event of Default (such mandatory
redemption to be rescinded upon the rescission of such acceleration); it being expressly
understood that such Secured Obligations (X) may, but need not, bear interest, (Y) may, but
need not, contain provisions for the redemption thereof at the option of the issuer, any
such redemption to be made at a redemption price or prices not less than the principal
amount thereof and (Z) shall be held by the Trustee for the benefit of the Holders of all
Securities of Series No. 6 from time to time Outstanding subject to such terms and
conditions relating to surrender to the Company, transfer restrictions, voting, application
of payments of principal and interest and other matters as shall be set forth in an
indenture supplemental hereto specifically providing for the delivery to the Trustee of such
Secured Obligations.

          Section 5. If the Company shall elect either of the alternatives described in Section 4 above,
the Company shall deliver to the Trustee:

     (A) an indenture supplemental to the Original Indenture (I) together with any
appropriate inter-creditor arrangements, whereby such Securities of Series No. 6 then
Outstanding shall be secured by the Lien referred to in Section 4 above equally and ratably
with all other indebtedness secured by such Lien or (II) providing for the delivery to the
Trustee of Secured Obligations; and

     (B) an Officer’s Certificate (I) stating that, to the knowledge of the signer, (1) no
Event of Default has occurred and is continuing and (2) no event has occurred and is
continuing which entitles the secured party under such Lien to accelerate the maturity of
the indebtedness outstanding thereunder and (II) stating the aggregate principal amount of
indebtedness issuable, and then proposed to be issued, under and secured by such Lien; and

     (C) an Opinion of Counsel (I) if the Securities of Series No. 6 then Outstanding are to
be secured by such Lien, to the effect that all such Securities then Outstanding are
entitled to the benefit of such Lien equally and ratably with all other indebtedness
outstanding under such Lien or (II) if Secured Obligations are to be delivered to the
Trustee, to the effect that such Secured Obligations have been duly
issued under such Lien and constitute valid obligations, entitled to the benefit of
such Lien equally and ratably with all other indebtedness then outstanding under such Lien.

4

 

          Section 6. The Company agrees that for so long as any Securities of Series No. 6 shall remain
Outstanding, and except for the sale of the properties and assets of the Company substantially as
an entirety pursuant to Article Eleven of the Original Indenture, and other than assets required to
be sold to conform with governmental requirements, the Company shall not, and shall not permit any
of its Subsidiaries to, consummate any Asset Sale, if the aggregate net book value of all such
Asset Sales consummated during the four calendar quarters immediately preceding any date of
determination would exceed 15% of the consolidated assets of the Company and its consolidated
Subsidiaries as of the beginning of the Company’s most recently ended full fiscal quarter;
provided, however, that any such Asset Sale will be disregarded for purposes of the
15% limitation specified above (i) if any such Asset Sale is in the ordinary course of business,
(ii) to the extent that such assets are worn out or are no longer useful or necessary in connection
with the operation of the business of the Company or its Subsidiaries, (iii) to the extent such
assets are being transferred to a wholly-owned Subsidiary of the Company, (iv) to the extent any
such assets subject to any such Asset Sale involve transfers of assets of or equity interests in
connection with (a) the formation of any joint venture between the Company or any of its
Subsidiaries and any other entity, or (b) any project development and acquisition activities, and
(v) if the proceeds thereof (a) are, within 12 months of such Asset Sale, invested or reinvested by
the Company or any Subsidiary in a Permitted Business, (b) are used by the Company or a Subsidiary
to repay Debt of the Company or such Subsidiary, or (c) are retained by the Company or its
Subsidiaries. Additionally, if prior to any Asset Sale that otherwise would cause the 15%
limitation to be exceeded, Moody’s and S&P confirm the then current long term debt rating of such
Securities of Series No. 6 after giving effect to such Asset Sale, such Asset Sale shall also be
disregarded for purposes of the foregoing limitations.

          Section 7. So long as any Securities of Series No. 6 shall remain Outstanding, the following
event shall be an Event of Default with respect to the Securities of Series No. 6: the occurrence
of a matured event of default, as defined in any instrument of the Company under which there may
be issued or evidenced any Debt of the Company, that has resulted in the acceleration of such Debt
in excess of $25,000,000, or any default in payment of Debt in excess of $25,000,000 at final
maturity, after the expiration of any applicable grace or cure periods; provided,
however, that the waiver or cure of any such default under any such instrument or Debt
shall constitute a waiver and cure of the corresponding Event of Default under the Indenture and
the rescission and annulment of the consequences thereof shall constitute a rescission and
annulment of the corresponding consequences under the Indenture.

          Section 8. So long as any Securities of Series No. 6 shall remain Outstanding, for purposes of
Section 1101(a) of the Indenture, “corporation” shall be deemed to refer to a corporation or
limited liability company. For all other purposes, the definition of “corporation” in Section 101
of the Original Indenture shall govern.

          Section 9. For the purposes of this Article One, except as otherwise expressly provided or
unless the context otherwise requires:

5

 

     (A) “Asset Sale” shall mean any sale of any assets of the Company or its Subsidiaries
including by way of the sale by the Company or any of its Subsidiaries of equity interests
in such Subsidiaries.

     (B) “Debt”, with respect to any Person, means (A) indebtedness of such Person for
borrowed money evidenced by a bond, debenture, note or other similar written instrument or
agreement by which such Person is obligated to repay such borrowed money and (B) any
guaranty by such Person of any such indebtedness of another Person. “Debt” does not
include, among other things, (W) indebtedness of such Person under any installment sale or
conditional sale agreement or any other agreement relating to indebtedness for the deferred
purchase price of property or services, (X) any trade obligations (including obligations
under agreements relating to the purchase and sale of any commodity, including power
purchase or sale agreements, and any commodity hedges or derivatives regardless or whether
such transaction is a “financial” or physical transaction) or other obligations of such
Person in the ordinary course of business, (Y) obligations of such Person under any lease
agreement (including any lease intended as security), whether or not such obligations are
required to be capitalized on the balance sheet of such Person under generally accepted
accounting principles, or (Z) liabilities secured by any Lien on any property owned by such
Person if and to the extent that such Person has not assumed or otherwise become liable for
the payment thereof.

     (C) “Lien” means any lien, mortgage, deed of trust, pledge or security interest, in
each case, intended to secure the repayment of Debt, except for any Permitted Lien.

     (D) “Material Subsidiary” means PPL Global, LLC, a Delaware limited liability company,
PPL EnergyPlus, LLC, a Delaware limited liability company, or PPL Generation, LLC, a
Delaware limited liability company.

     (E) “Moody’s” means Moody’s Investors Service, Inc. and its successors and assigns, or
absent a successor, or if such entity ceases to rate the Securities of Series No. 6, such
other nationally recognized statistical rating organization as the Company may designate by
notice to the Trustee.

     (F) “Permitted Business” means a business that is the same or similar to the business
of the Company or any Subsidiary as of the date that Securities of Series No. 6 are first
authenticated hereunder, or any business reasonably related thereto.

     (G) “Permitted Liens” means

     (i)
any Liens existing at July [     ], 2006;

     (ii) any vendors’ Liens, purchase money Liens and other Liens on property at
the time of acquisition thereof by the Company and Liens to secure or provide for
the construction or improvement of property provided that no such Lien shall extend
to or cover any other property of the Company;

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     (iii) any Liens on cash or securities (other than limited liability company
interests issued by any Material Subsidiary), including any cash or securities on
hand or in banks or other financial institutions, deposit accounts and interests in
general or limited partnerships;

     (iv) any Liens on the equity interest of any Subsidiary that is not a Material
Subsidiary;

     (v) any Liens on property or shares of capital stock, or arising out of any
Debt of any corporation existing at the time the corporation becomes or is merged or
consolidated into the Company;

     (vi) any Liens in connection with the issuance of tax-exempt industrial
development or pollution control bonds or other similar bonds issued pursuant to
Section 103(b) of the Internal Revenue Code of 1986, as amended (or any successor
provision), to finance all or any part of the purchase price of or the cost of
constructing, equipping or improving property, provided that such Liens are limited
to the property acquired or constructed or improved and to substantially unimproved
real property on which such construction or improvement is located;
provided, further, that the Company may further secure all or any
part of such purchase price or the cost of construction or improvement by an
interest on additional property of the Company only to the extent necessary for the
construction, maintenance and operation of, and access to, such property so acquired
or constructed or such improvement;

     (vii) any Liens on contracts, leases and other agreements of whatsoever kind
and nature; any Liens on contract rights, bills, notes and other instruments; any
Liens on revenues, income and earnings, accounts, accounts receivable and unbilled
revenues, claims, credits, demands and judgments; any Liens on governmental and
other licenses, permits, franchises, consents and allowances; and any Liens on
patents, patent licenses and other patent rights, patent applications, trade names,
trademarks, copyrights, claims, credits, choses in action and other intangible
property and general intangibles including, but not limited to, computer software;

     (viii) any Liens securing Debt which matures less than one year from the date
of issuance or incurrence thereof and is not extendible at the option of the issuer,
and any refundings, refinancings and/or replacements of any such Debt by or with
similar secured Debt;

     (ix) any Liens on automobiles, buses, trucks and other similar vehicles and
movable equipment; vessels, boats, barges and other marine equipment; airplanes,
helicopters, aircraft engines and other flight equipment; parts, accessories and
supplies used in connection with any of the foregoing;

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     (x) any Liens on furniture and furnishings, and computers, data processing,
data storage, data transmission, telecommunications and other equipment and
facilities, equipment and apparatus, which, in any case, are used primarily for
administrative or clerical purposes;

     (xi) any Liens on property which is the subject of a lease agreement
designating the Company as lessee and all right, title and interest of the Company
in and to such property and in, to and under such lease agreement, whether or not
such lease agreement is intended as security;

     (xii) other Liens securing Debt the principal amount of which does not exceed
10% of the total assets of the Company and its consolidated Subsidiaries as shown on
the Company’s most recent audited consolidated balance sheet; and

     (xiii) any Liens granted in connection with extending, renewing, replacing or
refinancing, in whole or in part, the Debt secured by liens described in the
foregoing clauses (i) through (xii), to the extent of such Debt so extended,
renewed, replaced or refinanced.

     (H) “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and its successors and assigns, or absent a successor, or if such entity
ceases to rate the Securities of Series No. 6, such other nationally recognized statistical
rating organization as the Company may designate by notice to the Trustee.

     (I) “Subsidiary” means any corporation a majority of the outstanding Voting Stock of
which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries
of the Company.

     (J) “Voting Stock” means stock (or other interests) of a corporation having voting
power for the election of directors, managers or trustees thereof, whether at all times or
only so long as no senior class of stock has such voting power by reason of any contingency.

ARTICLE TWO

Miscellaneous Provisions

          Section 1. This Supplemental Indenture No. ___is a supplement to the Original Indenture. As
supplemented by this Supplemental Indenture No. ___, the Indenture is in all respects ratified,
approved and confirmed, and the Original Indenture and this Supplemental Indenture No. ___shall
together constitute one and the same instrument.

          Section 2. The recitals contained in this Supplemental Indenture No. ___shall be taken as the
statements of the Company and the Trustee assumes no responsibility for their

8

 

correctness and makes no representations as to the validity or sufficiency of this
Supplemental Indenture No. ___.

          Section 3. This instrument may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but
one and the same instrument.

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          IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture No. ___to be
duly executed, and their respective seals to be hereunto affixed and attested, all as of the day
and year first written above.

	 	 	 	 	 
	 	PPL ENERGY SUPPLY, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	James E. Abel 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

	 	 	 
	[SEAL]
	 	 
	 
	 	 
	ATTEST:
	 	 
	 
	 	 
	 

	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

  as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 
	[SEAL]
	 	 
	 
	 	 
	ATTEST:
	 	 
	 
	 	 
	 

	 	 

10exv4w7

 

Exhibit 4.7

OFFICER’S CERTIFICATE

(Under Section 301 of the Indenture of

PPL Energy Supply, LLC)

          The undersigned James E. Abel, Vice President and Treasurer of PPL ENERGY SUPPLY, LLC (the
“Company”), in accordance with Section 301 of the Indenture, dated as of October 1, 2001, as
heretofore supplemented (the “Indenture”, capitalized terms used herein and not defined herein
having the meanings specified in the Indenture), of the Company to JPMorgan Chase Bank, N.A.
(formerly known as The Chase Manhattan Bank), as Trustee (the “Trustee”), does hereby establish for
the series of Securities established in Supplemental Indenture No. ___, dated as of July ___, 2006
(the “Supplemental Indenture”), the following terms and characteristics (the lettered clauses set
forth below corresponding to the lettered clauses of Section 301 of the Indenture):

     (a) the title of the Securities of such series shall be “Senior Notes, %
Series due 2046” (the “Notes”);

     (b) the aggregate principal amount of Notes which may be authenticated and
delivered under the Indenture shall be limited to $           , except as
contemplated in Section 301(b) and the last paragraph of Section 301 of the
Indenture;

     (c) interest on the Notes shall be payable as provided in the form of Note
attached hereto and hereby authorized and approved;

     (d) the date or dates on which the principal of the Notes shall be payable
shall be as provided in the form of Note attached hereto and hereby authorized and
approved; the Company shall not have the right to extend the Maturity of the Notes,
as contemplated by Section 301(d) of the Indenture;

     (e) the Notes shall bear interest as provided in the form of Note attached
hereto and hereby authorized and approved, and the Interest Payment Dates and
Regular Record Dates shall be such dates as are specified in such form; the Company
shall not have the right to extend any interest payment periods for the Notes, as
contemplated by Sections 301(e) and 312 of the Indenture;

 

 

     (f) the Corporate Trust Office of the Trustee in New York, New York shall be
the office or agency of the Company at which the principal of and any premium and
interest, on the Notes shall be payable, at which registration of transfer and
exchange of Notes may be effected and at which notices and demands to or upon the
Company in respect of the Notes and the Indenture may be served; provided,
however, that the Company reserves the right to change, by one or more
Officer’s Certificates supplemental to this Officer’s Certificate, any such office
or agency; and provided, further, that the Company reserves the
right to designate, by one or more Officer’s Certificates supplemental to this
Officer’s Certificate, its principal office in Allentown, Pennsylvania, as any such
office or agency; the Trustee shall be the Security Registrar and Paying Agent for
the Notes; provided, that the Company reserves the right, by one or more
Officer’s Certificates supplemental to this Officer’s Certificate, to designate a
different Security Registrar or a different or an additional Paying Agent (which in
each case, may be the Company or any Affiliate of the Company) and to remove any
Security Registrar or Paying Agent;

     (g) the Notes shall be redeemable, in whole or in part, at the option of the
Company as and to the extent provided in the form of Note attached hereto and hereby
authorized and approved;

     (h) [not applicable];

     (i) the Notes shall be issued in denominations of $25 or any amount in excess
thereof that is an integral multiple of $25, unless otherwise authorized by the
Company;

     (j) [not applicable];

     (k) [not applicable];

     (l) [not applicable];

     (m) [not applicable];

     (n) [not applicable];

     (o) reference is hereby made to the provisions of Supplemental Indenture No. ___
for an Event of Default in addition to those specified in Section 801 of the
Indenture, and for certain covenants of the Company for the benefit of the Holders
of the Notes;

     (p) [not applicable];

     (q) the only obligations or instruments which shall be considered Eligible
Obligations in respect of the Notes shall be Government Obligations; and the
provisions of Section 701 of the Indenture and Section 2 of Article One of the
Supplemental Indenture shall apply to the Notes;

2

 

     (r) the Notes may be issued in global form (the “Global Notes”) and the
depository for the Global Notes shall initially be The Depository Trust Company
(“DTC”); provided, that the Company reserves the right to provide for
another depository, registered as a clearing agency under the Exchange Act, to act
as depository for the Global Notes (DTC and any such successor depository, the
“Depositary”); beneficial interests in Notes issued in global form may not be
exchanged in whole or in part for individual certificated Notes in definitive form,
and no transfer of a Global Note in whole or in part may be registered in the name
of any Person other than the Depositary or its nominee except that if the Depositary
(A) has notified the Company that it is unwilling or unable to continue as
depository for the Global Notes or (B) has ceased to be a clearing agency registered
under the Exchange Act and, in either case, a successor depository is not appointed
by the Company within 90 days after such notice or cessation, the Company will
execute, and the Trustee, upon receipt of a Company Order for the authentication and
delivery of definitive Notes, will authenticate and deliver Notes in definitive
certificated form in an aggregate principal amount equal to the principal amount of
the Global Note representing such Notes in exchange for such Global Note, such
definitive Notes to be registered in the names provided by the Depositary; each
Global Note (i) shall represent and shall be denominated in an amount equal to the
aggregate principal amount of the outstanding Notes to be represented by such Global
Note, (ii) shall be registered in the name of the Depositary or its nominee, (iii)
shall be delivered by the Trustee to the Depositary, its nominee, any custodian for
the Depositary or otherwise pursuant to the Depositary’s instruction and (iv) shall
bear a legend restricting the transfer of such Global Note to any person other than
the Depositary or its nominee; none of the Company, the Trustee, any Paying Agent or
any Authenticating Agent will have any responsibility or liability for any aspect of
the records relating to, or payments made on account of, beneficial ownership
interests in a Global Note or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests;

     (s) [not applicable];

     (t) reference is made to clause (r) above; no service charge shall be made for
the registration of transfer or exchange of Notes; provided, however, that the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with the exchange or transfer;

     (u) [not applicable]; and

     (v) except as otherwise determined by the proper officers of the Company and
communicated to the Trustee in a Company Order or as established in one or more
Officers’ Certificates supplemental to this Officers’ Certificate, the Notes shall
be substantially in the form of Note attached hereto, which form is hereby
authorized and approved, and shall have such further terms as are set forth in such
form.

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          IN WITNESS WHEREOF, I have hereunto signed my name this      th day of July, 2006.

	 	 	 	 	 
	 

	 	PPL ENERGY SUPPLY, LLC	 	 
	 
	 	 	 	 
	 

	 	 

Name: James E. Abel
	 	 
	 

	 	Title: Vice President and Treasurer	 	 

4

 

EXHIBIT A  

FORM OF NOTE

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”) TO THE ISSUER 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 IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

PPL ENERGY SUPPLY, LLC

Senior Note, [     ]% Series due 2046

	 	 	 
	Original Issue Date:

	 	July [     ], 2006
	 
	 	 
	Stated Maturity:

	 	July 15, 2046
	 
	 	 
	Interest Rate:

	 	[     ]%
	 
	 	 
	Interest Payment Dates:

	 	January 15, April 15, July 15 and October 15
	 
	 	 
	First Interest Payment Date:

	 	October 15, 2006
	 
	 	 
	Regular Record Dates:

	 	March 31, June 30, September 30 and December
31

This Security is not a Discount Security within

the meaning of the within-mentioned Indenture

 

	 	 	 
	Principal Amount

	 	No.
	$

	 	CUSIP

     PPL ENERGY SUPPLY, LLC, a limited liability company duly organized and existing under the laws
of the State of Delaware (herein called the “Company,” which term includes any successor under the
Indenture referred to below), for value received, hereby promises to pay           to           , or
registered assigns, the principal sum of                     ($          ) on the
Stated Maturity specified 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, quarterly in arrears on the Interest Payment Dates specified above in each year,
commencing October 15, 2006 and at Maturity, at the Interest Rate per annum specified above, until
the principal hereof is paid or duly provided for. The interest so payable, and paid or duly
provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date specified above (whether or not
a Business Day) next preceding such Interest Payment Date. Notwithstanding the foregoing, interest
payable at Maturity shall be paid to the Person to whom principal shall be paid. Except as
otherwise provided in

 

 

said Indenture, any such interest not so paid or duly provided for shall
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 Security (or one or more Predecessor Securities) 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 of which shall be given to Holders of Securities 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 on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. Interest on this Security shall be computed on the basis of a 360-day
year consisting of twelve 30-day months, and with respect to any period less than a full calendar
month, on the basis of actual days elapsed during such period.

     Payment of the principal of and premium, if any, on this Security and interest hereon due at
Maturity shall be made upon presentation of this Security at the corporate trust office of JPMorgan
Chase Bank, N.A. in New York, New York or at such other office or agency as may be designated for
such purpose by the Company from time to time. Payment of interest, if any, on this Security
(other than interest due at Maturity) shall be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register, except that (a) if such
Person shall be a securities depositary, such payment may be made by such other means in lieu of
check as shall be agreed upon by the Company, the Trustee or other Paying Agent and such Person and
(b) if such Person is a Holder of $10,000,000 or more in aggregate principal amount of Securities
of this series such payment may be in immediately available funds by wire transfer to such account
as may have been designated in writing by the Person entitled thereto as set forth herein in time
for the Paying Agent to make such payments in accordance with its normal procedures. Any such
designation for wire transfer purposes shall be made by filing the appropriate information with the
Trustee at its Corporate Trust Office in The City of New York not less than fifteen calendar days
prior to the applicable payment date and, unless revoked by written notice to the Trustee received
on or prior to the Regular Record Date immediately preceding the applicable Interest Payment Date,
shall remain in effect with respect to any further interest payments (other than interest payments
due at Maturity) with respect to this Security payable to such Holder. Payment of the principal of
and premium, if any, and interest, if any, on this Security, as aforesaid, shall be made in such
coin or currency of the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts.

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and issuable in one or more series under an Indenture, dated as of
October 1, 2001 (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 Securities, being herein called the “Indenture”), between the Company and JPMorgan Chase
Bank, N.A. (formerly known as The Chase Manhattan Bank), as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the respective
rights, limitations of rights, duties and immunities of the Company, the Trustee and the Holders of
the Securities thereunder and of the terms and conditions upon which the Securities are, and are to
be, authenticated and delivered. The acceptance of this Security shall be deemed to constitute the
consent and agreement by the Holder hereof to all of the terms and provisions of the Indenture.
This Security is one of the series designated above.

     If any Interest Payment Date, any Redemption Date or the Stated Maturity shall not be a
Business Day (as hereinafter defined), payment of the amounts due on this Security on such date may
be made on the next succeeding Business Day, and, if such payment is made or duly provided for on
such next
succeeding Business Day, no interest shall accrue on such amounts for the period from and
after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to such
Business Day.

2

 

     This Security shall not be subject to redemption prior to July 15, 2011. On and after July
15, 2011, the Company may, at its option, redeem this Security, in whole at any time or in part
from time to time, at a Redemption Price equal to 100% of the principal amount of this Security to
be so redeemed, together with any accrued and unpaid interest to the Redemption Date.

     Notice of redemption (other than at the option of the Holder) shall be given by mail to
Holders of Securities, 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 applicable Paying Agent or Agents of money sufficient to pay the principal
of and premium, if any, and interest, if any, on this Security 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 this Security.

     In the event of redemption of this Security in part only, a new Security or Securities 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.

     If an Event of Default with respect to the Securities of this series shall occur and be
continuing, the principal of this Security 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 Trustee to enter into
one or more supplemental indentures for the purpose of adding any provisions to, or changing in any
manner or eliminating any of the provisions of, the Indenture with the consent of the Holders of
not less than a majority in aggregate principal amount of the Securities of all series then
Outstanding under the Indenture, considered as one class; provided, however, that
if there shall be Securities of more than one series Outstanding under the Indenture and if a
proposed supplemental indenture shall directly affect the rights of the Holders of Securities of
one or more, but less than all, of such series, then the consent only of the Holders of a majority
in aggregate principal amount of the Outstanding Securities of all series so directly affected,
considered as one class, shall be required; and provided, further, that if the
Securities of any series shall have been issued in more than one Tranche and if the proposed
supplemental indenture shall directly affect the rights of the Holders of Securities of one or
more, but less than all, of such Tranches, then the consent only of the Holders of a majority in
aggregate principal amount of the Outstanding Securities of all Tranches so directly affected,
considered as one class, shall be required; and provided, further, that the
Indenture permits the Trustee to enter into one or more supplemental indentures for limited
purposes without the consent of any Holders of Securities. The Indenture also contains provisions
permitting the Holders of a majority in principal amount of the Securities then Outstanding, on
behalf of the Holders of all Securities, 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 Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

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

3

 

     As provided in the Indenture and subject to certain limitations therein and herein set forth,
this Security or any portion of the principal amount hereof will be deemed to have been paid for
all purposes of the Indenture and to be no longer Outstanding thereunder, and, at the election of
the Company, the Company’s entire indebtedness in respect thereof will be satisfied and discharged,
if there has been irrevocably deposited with the Trustee or any Paying Agent (other than the
Company), in trust, money in an amount which will be sufficient and/or Eligible Obligations, the
principal of and interest on which when due, without any regard to reinvestment thereof, will
provide moneys which, together with moneys so deposited, will be sufficient to pay when due the
principal of and premium, if any, and interest, if any, on this Security when due.

     The Indenture contains terms, provisions and conditions relating to the consolidation or
merger of the Company with or into, and the conveyance or other transfer, or lease, of assets to,
another Person, to the assumption by such other Person, in certain circumstances, of all of the
obligations of the Company under the Indenture and on the Securities and to the release and
discharge of the Company in certain circumstances, from such obligations.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office of JPMorgan Chase Bank, N.A. in New York, New York or
such other office or agency as may be designated by the Company from time to time, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series of authorized denominations and of like
tenor and aggregate principal amount, will be issued to the designated transferee or transferees.

     The Securities of this series are issuable only as registered Securities, without coupons, and
in denominations of $25 and integral multiples thereof. As provided in the Indenture and subject
to certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities 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 Security or Securities to be exchanged at the office of JPMorgan Chase Bank, N.A. in New
York, New York or such other office or agency as may be designated by the Company from time to
time.

     The Company shall not be required to execute and the Security Registrar shall not be required
to register the transfer of or exchange of (a) Securities of this series during a period of 15 days
immediately preceding the date notice is given identifying the serial numbers of the Securities of
this series called for redemption or (b) any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part.

     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 Security 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
Security is registered as the absolute owner hereof for all purposes (subject to Sections 305 and
307 of the Indenture), whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     The Indenture and the Securities shall be governed by and construed in accordance with the
laws of the State of New York (including, without limitation, Section 5-1401 of the New York
General

4

 

Obligations Law or any successor to such statute), except to the extent that the Trust
Indenture Act shall be applicable.

     As used herein, “Business Day” means any day, other than a Saturday or Sunday, that is not a
day on which banking institutions or trust companies are generally authorized or required by law,
regulation or executive order to close in The City of New York or other city in which is located
any Paying Agent for the Securities of this series. All other terms used in this Security which
are defined in the Indenture shall have the meanings assigned to them in the Indenture.

     As provided in the Indenture, no recourse shall be had for the payment of the principal of or
premium, if any, or interest on any Securities or any part thereof, or for any claim based thereon
or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any
obligation, covenant or agreement under the Indenture, against, and no personal liability
whatsoever shall attach to, or be incurred by, any member, officer, director or manager, as such,
past, present or future of the Company or of any predecessor or successor of the Company (either
directly or through the Company or a predecessor or successor of the Company), whether by virtue of
any constitutional provision, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly agreed and understood that the Indenture and this Security
are solely obligations of the Company and that any such personal liability is hereby expressly
waived and released as a condition of, and as part of the consideration for, the execution of the
Indenture and the issuance of this Security.

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

5

 

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

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	PPL ENERGY SUPPLY, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	[SEAL]	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Attested:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	Assistant Secretary	 	 	 	 	 	 	 	 

CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:	 	 	 	 	 	JPMORGAN CHASE BANK, N.A.,	 	 
	 

	 	 

	 	 	 	  as Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Authorized Officer	 	 

6

 

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

 

[please insert social security or other identifying number of assignee]

 

[please print or typewrite name and address of assignee]

 

the within Security of PPL ENERGY SUPPLY, LLC and does hereby irrevocably constitute and
appoint                                         , Attorney, to transfer said Security on
the books of the within-mentioned 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 Security in every particular without alteration or enlargement or any change whatsoever.

7

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