Document:

Unassociated Document

Exhibit 10.4

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is made and entered into as of March 23, 2011 by and between Kensington Leasing, Ltd., a Nevada corporation (“Kensington”), and Angelique de Maison (“Purchaser”).  Kensington and Purchaser shall be individually referred to herein as a “Party” and collectively as the “Parties.”

 

NOW, THEREFORE, in consideration of the premises, and of the promises, covenants and conditions contained herein, the Parties intending to be legally bound, hereby agree as follows:

 

ARTICLE 1

 

PURCHASE OF SHARES

 

1.1 Purchase and Sale.

 

(a) On the terms and subject to the conditions set forth in this Agreement, Kensington hereby agrees to issue and sell to Purchaser, and Purchaser hereby agrees to purchase from Kensington, shares of common stock (“Common Stock”) of Kensington (the “Kensington Shares”) at the applicable Per Share Purchase Price (defined below) as follows (each of the following, an “Installment”):

 

(i) Concurrent with the execution and delivery of this Agreement, Kensington shall issue and sell to Purchaser, and Purchaser shall purchase from Kensington, 300,000 Kensington Shares (the “First Installment”).

 

(ii) Upon closing of the transactions contemplated by that certain Exchange Agreement (the “Closing”), dated the date hereof, by and among Kensington, Wikifamilies SA (“Wikifamilies”), and certain other signatories thereto (the “Exchange Agreement”), Kensington shall issue and sell to Purchaser, and Purchaser shall purchase from Kensington, 600,000 Kensington Shares (the “Second Installment”).

 

(iii) If on or prior to the 15th day following the end of each month in the Call Period, Kensington sends to Purchaser a written notice (the “Call Notice”) requesting that Purchaser purchase an amount of shares of Common Stock, Purchaser shall purchase such amount of Common Stock, up to an aggregate purchase price of $100,000 (i.e. there shall be no obligation to pay more than $100,000 to purchase shares in any calendar month), within five business days of the date of the Call Notice.  The “Call Period” is the period commencing on the first day of the calendar month following the Closing and ending on the last day of the 18th calendar month thereafter.  Each purchase pursuant to a Call Notice is herein referred to as a “Monthly Installment.”

 

(b) Except as provided in Section 1.1(c) and Section 1.1(d), the purchase price per share for the Kensington Shares purchased pursuant to Section 1.1(a) shall be $0.25 per share of Common Stock.

 

 

  

1

  

Exhibit 10.4

 

 

(c) If the Pre-Tax Profit Target is not met as of the last day of any calendar quarter during the Call Period, the Per Share Purchase Price for each Monthly Installment shall be $0.20 per share of Common Stock, subject to adjustments pursuant to Section 1.1(d).  In such event: (i) all future purchases in the Monthly Installments shall be at a Per Share Purchase Price of $0.20 per share, and (ii) the Per Share Purchase Price for all prior Installments shall be retroactively adjusted to $0.20 per share.  Such adjustment shall be effected by issuing to Purchaser, no later than the last business day of the month immediately following the last day of the calendar quarter in which the Pre-Tax Profit Target was not met, for no additional consideration, such additional number of Kensington Shares as necessary such that in effect, the Per Share Purchase Price for all Kensington Shares purchased pursuant to this Agreement equals $.20.

 

(d) If on or prior to the purchase of shares of Common Stock under Section 1.1(a) of this Agreement (i) Kensington shall subdivide its capital stock (by any stock split, stock dividend or otherwise), (ii) Kensington shall combine the outstanding shares of its capital stock, or (iii) there shall be any capital reorganization or reclassification of Kensington’s capital stock (other than a change in par value, or from par value to no par value, or from no par value to par value), the Per Share Purchase Price then in effect shall be correspondingly adjusted for all future issuances of Common Stock under this Agreement, and Kensington shall notify Purchaser of such adjustment.  Corresponding adjustments shall also be made in the event of any retrospective adjustments to Per Share Purchase Price pursuant to Section 1.1(c).

 

(e) The “Pre-Tax Profit Target” shall be considered met as of the last day of a calendar quarter if (i) the pre-tax income or loss, as applicable, of Wikifamilies for such calendar quarter shall not be less than the pre-tax income or greater than the pre-tax loss, as applicable, for such quarter as set forth on the Approved Budget; and (ii) the cumulative pre-tax income or loss, as applicable, of Wikifamilies for the period commencing on the first applicable date of the Approved Budget and ending the last day of such calendar quarter shall not be less than the cumulative pre-tax income or greater than the pre-tax loss, as applicable, for such period as set forth on the Approved Budget.

 

(f) The “Approved Budget” shall mean the budget of Wikifamilies for the period beginning March 1, 2011 and continuing for the remainder of the Call Period, as approved in writing by Purchaser and Kensington on the date hereof, or as modified by mutual agreement of the Parties, which modification shall require the consent of Wikifamilies if such modification is prior to the Closing.

 

(g) Each Call Notice shall include an unaudited income statement of Wikifamilies, prepared in accordance with generally accepted accounting principles, applied consistently with Kensington’s past practices, for the applicable periods to determine whether the Pre-Tax Profit Target has been met.  If no Call Notice is provided in the month immediately following the end of a calendar quarter, the foregoing information shall be separately provided to Purchaser within 30 days of the end of the calendar quarter.  In the event that Wikifamilies is merged into Kensington or into any subsidiary of Kensington at any time prior to the last calendar quarter within the Call Period, Kensington shall account for Wikifamilies as a separate profit and accounting unit in order to permit calculations set forth herein.  Purchaser will have the right to inspect the books and records of Wikifamilies and, if applicable, Kensington, for purposes of reviewing the calculations set forth herein, provided that Purchaser shall maintain the confidentiality of all confidential information about Purchaser or Kensington that she acquires in connection with her investigation.

 

 

  

2

  

Exhibit 10.4

 

1.2 Purchaser’s Conditions to Purchase Shares.  It shall be a condition to the obligation of Purchaser to purchase shares in any Installment that:

 

(a) all representations and warranties of Kensington made in this Agreement shall be true and correct on and as of the date of such closing with the same force and effect as if made on and as of that date and Kensington shall have performed or complied in all material respects with all agreements required by this Agreement to be performed or complied with by Kensington prior to or at the closing of such Installment;

 

(b) immediately prior to the closing of such Installment, Kensington shall be solvent, and the value of its assets, at a fair valuation, is greater than all of its debts;

 

(c) Kensington and Wikifamilies shall be in substantially the same line of business as it is on the date of the Closing, and the Board of Directors of neither Kensington nor Wikifamilies shall have taken any definitive actions with respect to changing such line of business;

 

(d) there shall not have been any material breach of any of the representations, warranties or covenants of the Exchange Agreement as in effect on the date hereof, or any instrument or agreement delivered in connection therewith, by Wikifamilies or the Wikifamilies Shareholders (defined below); and

 

(e) neither Kensington nor Wikifamilies shall have become subject to any material contingent liability.

 

1.3 Termination.  This Agreement may be terminated by Purchaser with respect to any Installments that have yet to be completed, at any time prior to the date such Installment becomes due, upon the occurrence of one or more of the following:

 

(a) if the Closing shall not have occurred by May 31, 2011;

 

(b) if Purchaser has been involuntarily removed as Chairman of the Board of Directors or as a member of the Board of Directors of Kensington (other than for cause as defined by applicable law), or the Board of Directors has nominated a slate of directors for election by the stockholders and Purchaser is not included in such nominations;

 

(c) if there has been a Change in Control;

 

(d) if as of the last day of any quarter during the Call Period either: (i) the cumulative pre-tax profit or loss, as applicable, of Wikifamilies for the period commencing on March 1, 2011 and ending on the last day of the applicable calendar quarter is more than $250,000 lower than the pre-tax income or loss, as applicable for such period as set forth the Approved Budget.

 

  

3

  

Exhibit 10.4

(e) if Kensington or Wikifamilies has become subject to proceedings under any bankruptcy or insolvency law or other law for the reorganization, arrangement, composition or similar relief or aid of debtors or creditors;

 

(f) any of the conditions to Purchaser’s obligation to purchase shares, as set forth in Section 1.2, shall not be satisfied in connection with any Installment; or

 

(g) Kensington or Wikifamilies shall become subject to any material contingent liability.

 

In the event of termination of this Agreement by either Kensington or Purchaser, as provided herein, this Agreement shall forthwith become void and have no effect, without any liability or obligation on the part of Kensington or Purchaser; provided that such termination shall not relieve any party hereto for any breach prior to such termination by a Party hereto of any of its representations or warranties or any of its covenants or agreements set forth in this Agreement.

 

1.4 Change in Control.  “Change in Control” shall mean:

 

(a) the consummation of any event which results in any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) or group, becoming the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of Kensington representing 50% or more of the total voting power represented by Kensington’s then outstanding voting securities (other than a “person” that is the beneficial owner of 50% or more of the voting securities of Kensington outstanding immediately prior thereto); or

 

(b) the approval by the Board of Directors or the stockholders of Kensington of a merger or consolidation of Kensington with any other corporation or entity, other than a merger or consolidation that would result in the voting securities of Kensington outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent corporation of the surviving entity) more than 50% of the total voting power of the the surviving entity or the parent of the surviving entity, as applicable, outstanding immediately after such merger or consolidation; or

 

(c) the approval by the Board of Directors or the stockholders of Kensington of a plan of complete liquidation of Kensington or Wikifamilies;

 

(d) the approval by the Board of Directors or the stockholders of Kensington of the sale or disposition by Kensington of all or substantially all of Kensington’s assets to a person or entity other than an entity controlled by Kensington;

 

(e) the approval by the Board of Directors or the stockholders of Kensington of any transaction which results in a person other than Kensington becoming the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of any securities of Wikifamilies;

 

 

  

4

  

Exhibit 10.4

(f) the approval by the Board of Directors or the stockholders of Kensington of the sale or disposition by Wikifamilies of all or substantially all of Wikifamilies’s assets to a person or entity other than an entity controlled by Kensington or Wikifamilies; or

 

(g) the shareholders of Wikifamilies immediately prior to the transactions contemplated by the Exchange Agreement (the “Wikifamilies Shareholders”) transferring or disposing of 50% or more of the Common Stock that they acquired pursuant to the Exchange Agreement.

 

1.5 Use of Proceeds.  Unless Purchaser consents otherwise, none of the proceeds from the issuance of Kensington Shares pursuant to the Agreement shall be used to pay dividends or distributions to the stockholders of Kensington or for the acquisition of any business or entity.

 

ARTICLE 2

 

REPRESENTATIONS AND WARRANTIES

 

2.1 Representations by Purchaser.  Purchaser hereby represents, warrants, covenants and acknowledges that:

 

(a) Purchaser has the authority to enter into this Agreement and when this Agreement is executed and delivered, it shall constitute a legal, valid and binding obligation, enforceable against Purchaser in accordance with its terms.

 

(b) The execution and delivery of this Agreement and the performance of the obligations imposed hereunder will not conflict with, or result in a breach by Purchaser of any material agreement or instrument to which she is a party, or by which she or any of her properties or assets are bound, or result in a violation of any order, decree, or judgment of any court or governmental agency having jurisdiction over she or her properties, will not conflict with, constitute a default under, or result in the breach of, any contract, agreement, or other instrument to which she is a party or is otherwise bound and no consent, authorization or order of, or filing or registration with, any court, governmental, or regulatory authority is required in connection with the execution and delivery of this Agreement and any related agreements or the performance by her of her obligations hereunder.

 

(c) Purchaser understands and acknowledges that (i) the Kensington Shares being offered and sold to her hereunder are being offered and sold without registration under the Securities Act of 1933, as amended (the “Securities Act), in a private placement that is exempt from the registration provisions of the Securities Act under Section 4(2) of the Securities Act and Regulation D; (ii) Purchaser is an “accredited investor” within the meaning of Regulation D under the Securities Act and (iii) the availability of such exemption depends in part on, and that Kensington will rely upon the accuracy and truthfulness of, the foregoing representations and Purchaser hereby consents to such reliance.

 

(d) Purchaser is acquiring the Kensington Shares for her own account for investment purposes only and not with a view to or for distributing or reselling such Kensington Shares, or any part thereof or interest therein, without prejudice, however, to such Purchaser’s right, subject to the provisions of this Agreement, at all times to sell or otherwise dispose of all or any part of such Kensington Shares in compliance with applicable securities laws.

 

 

  

5

  

Exhibit 10.4

(e) Purchaser, either alone or together with her representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of an investment in the Kensington Shares, and has so evaluated the merits and risks of such investment; Purchaser understands that an investment in the Kensington Shares involves a “high degree” of risk.

 

(f) Purchaser is able to bear the economic risk of an investment in the Kensington Shares and, at the present time, is able to afford a complete loss of such investment.

 

(g) Purchaser acknowledges that she has been afforded (i) the opportunity to ask such questions as she has deemed necessary of, and to receive answers from, representatives of Kensington concerning the terms and conditions of the Kensington Shares and the merits and risks of investing in the Kensington Shares; (ii) access to information about Kensington and Kensington’s financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate her investment in the Kensington Shares; and (iii) the opportunity to obtain such additional information which Kensington possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment and to verify the accuracy and completeness of the information that she has received about Kensington.

 

(h) Purchaser acknowledges that all of the certificates for the Kensington Shares will bear legends restricting their transfer, sale, conveyance or hypothecation, unless such Kensington Shares are either registered under the provisions of the Securities Act and under applicable state securities laws or such registration is not required as a result of applicable exemptions therefrom.

 

(i) Purchaser acknowledges and agrees that Kensington may place stop transfer orders with its transfer agent with respect to the Kensington Shares.

 

2.2 Representations by Kensington.  Kensington hereby represents, warrants, covenants and acknowledges that as of the date hereof:

 

(a) Kensington is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada and has the legal capacity and all necessary corporate authority to carry on its business, to own its properties and assets, and to enter into and perform this Agreement and to consummate the transactions contemplated hereby.

 

(b) This Agreement has been duly authorized, executed and delivered by Kensington and constitutes a legal, valid and binding obligation of Kensington, enforceable against Kensington in accordance with its terms.

 

(c) The execution and delivery of this Agreement and the performance of the obligations imposed hereunder will not conflict with, or result in a breach by Kensington of, any of the terms or provisions of, or constitute a default under the certificate of incorporation or bylaws of Kensington, or any material agreement or instrument to which Kensington is a party, or by which it or any of its properties or assets are bound, or result in a violation of any order, decree, or judgment of any court or governmental agency having jurisdiction over Kensington or Kensington’s properties, will not conflict with, constitute a default under, or result in the breach of, any contract, agreement, or other instrument to which Kensington is a party or is otherwise bound and no consent, authorization or order of, or filing or registration with, any court, governmental, or regulatory authority is required in connection with the execution and delivery of this Agreement and any related agreements or the performance by Kensington of its obligations hereunder.

 

 

  

6

  

Exhibit 10.4

 

(d) The Kensington Shares will, when issued in accordance with this agreement, be duly authorized, validly issued, fully paid, and non-assessable.

 

ARTICLE 3

 

NOTICES

 

All notices, demands or other communications given hereunder shall be in writing and shall be deemed to have been duly given when sent if sent by fax or e-mail, or the date received if sent by overnight courier, and if mailed shall be deemed to have been given on the first business day after mailing by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	
To Purchaser:

	
Angelique de Maison

1005 S. Center Street

Redlands, CA 92373

 

	
To Kensington:

	
Kensington Leasing, Ltd.

1005 S. Center Street

Redlands, CA 92373

Attn: Trisha Malone, CFO

Telephone: (619) 717-8047

Facsimile: (619) 568-3148

Email: trish@usdenergy.com

ARTICLE 4

 

MISCELLANEOUS

 

4.1 Additional Undertakings.  Each of the Parties agrees to take such actions as are reasonably necessary to carry out the intentions of the Parties under this Agreement, including but not limited to the prompt execution and delivery of any documents reasonably necessary to carry out and perform the terms or intention of this Agreement.

 

4.2 Costs and Expenses.  All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such costs or expenses, unless otherwise agreed.

 

4.3 Governing Law; Venue; Choice of Language.  This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, USA, without regard to conflicts of laws of principles, and each Party hereby agrees that all performances due and transactions undertaken pursuant to this Agreement shall be deemed to be due or have occurred in California, and the exclusive venue and place of jurisdiction for any litigation arising from or related to this Agreement shall be the state or federal courts located in Orange County, State of California, USA.

 

 

  

7

  

Exhibit 10.4

 

4.4 Headings.  The headings used in this Agreement are for convenience only, do not form a part of this Agreement, and shall not affect in any way the meaning or interpretation of this Agreement.

 

4.5 Counterparts.  This Agreement may be executed in one or more counterparts which when taken together shall constitute one agreement. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “pdf” signature page were an original thereof.

 

4.6 Enforcement of Agreement.  This Agreement is intended for the benefit of the Parties hereto and is not for the benefit of, nor may any provisions hereof be enforced by any other person, firm or entity.

 

4.7 Modification and Amendments.  This Agreement may be amended, modified and supplemented in writing only by the mutual consent of the Parties hereto.

 

4.8 Successors and Assigns.  This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns, but neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the Parties hereto without the prior written consent of the other parties, and any attempts to do so without the consent of the other Parties shall be void and of no effect.

 

4.9 Attorneys Fees and Costs.  In the event any Party breaches the terms of this Agreement, the non-breaching Parties shall be entitled to the recovery of their reasonable attorney’s fees and other professional costs and fees incurred in enforcing their rights hereunder.

 

4.10 Entire Agreement.  This writing constitutes the entire agreement and understanding between the Parties hereto with respect to the subject matter contained herein. No Party is relying on any representation or statement not contained in this writing.  This Agreement supersedes and cancels any prior agreements relating to the subject matter contained herein.

 

4.11 Severability.  Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be or become prohibited or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement.

 

(signature page follows)

 

  

8

  

Exhibit 10.4

IN WITNESS WHEREOF, the Parties hereto have executed and delivered this Agreement as of the date first written above.

	
KENSINGTON LEASING, LTD.

 

	  
	
By: /s/ Trisha Malone

	  
	 
Name: Trisha Malone

Title: Chief Financial Officer

	  
	  	  
	
PURCHASER:

	  
	
 

/s/ Angelique de Maison                                                     

Angelique de Maison

	  

 

  

9x4-2.htm

Exhibit 4.2

GEORGIA POWER COMPANY

 

TO

 

THE BANK OF NEW YORK MELLON,

TRUSTEE

 

 

 

 

 

 

FORTY-FIFTH SUPPLEMENTAL INDENTURE

 

DATED AS OF APRIL 19, 2011

 

 

 

 

 

 

 

 

 

SERIES 2011B 3.00% SENIOR NOTES

 

DUE APRIL 15, 2016

 

 

  

  

  

TABLE OF CONTENTS1

PAGE

 

	
  ARTICLE 1 

	
 

	 1

 

 

	
 Series 2011B Senior Notes

	
 

	 1

 

	
  

	
SECTION 101.  Establishment

	 1

	
  

	
SECTION 102.  Definitions

	 2

	
  

	
SECTION 103.  Payment of Principal and Interest

	 3

	
  

	
SECTION 104.  Denominations

	 4

	
  

	
SECTION 105.  Global Securities

	 4

	
  

	
SECTION 106.  Transfer

	 4

	
  

	
SECTION 107.  Redemption at the Company’s Option

	 5

 

	
  ARTICLE 2

	 	
5

 

	
  

	
Miscellaneous Provisions

	 5

	
  

	
SECTION 201.  Recitals by Company

	 5

	
  

	
SECTION 202.  Ratification and Incorporation of Original Indenture

	 5

	
  

	
SECTION 203.  Executed in Counterparts

	 6

 

EXHIBIT A                      Form of Series 2011B Note

 

EXHIBIT B                      Certificate of Authentication

 

 

  

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

 

 

i

  

  

  

 

 

 

THIS FORTY-FIFTH SUPPLEMENTAL INDENTURE is made as of the 19th day of April, 2011, 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 MELLON, 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 Mellon (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 Forty-Fifth 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 Forty-Fifth 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 2011B Senior 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 2011B 3.00% Senior Notes due April 15, 2016 (the “Series 2011B Notes”).

 

 

 

 

  

  

  

 

There are to be authenticated and delivered $250,000,000 principal amount of Series 2011B Notes, and such principal amount of the Series 2011B Notes may be increased from time to time pursuant to Section 301 of the Original Indenture.  All Series 2011B 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 2011B Notes.  Any such additional Series 2011B Notes will have the same interest rate, maturity and other terms as those initially issued.  No Series 2011B Notes shall be authenticated and delivered in excess of the principal amount as so increased except as provided by Sections 203, 303, 304, 907 or 1107 of the Original Indenture.  The Series 2011B Notes shall be issued in fully registered form.

The Series 2011B 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 2011B Notes shall be The Depository Trust Company.

The form of the Trustee’s Certificate of Authentication for the Series 2011B Notes shall be in substantially the form set forth in Exhibit B hereto.

Each Series 2011B 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 2011B Notes 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.

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2011B Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Series 2011B Notes.

“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.

“Interest Payment Dates” means April 15 and October 15 of each year, commencing October 15, 2011.

 

 

2

  

  

  

 

 

“Original Issue Date” means April 19, 2011.

“Reference Treasury Dealer” means a primary United States Government securities dealer in the United States appointed by the Company.

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

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

“Stated Maturity” means April 15, 2016.

“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

SECTION 103.  Payment of Principal and Interest.  The principal of the Series 2011B Notes shall be due at Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the Series 2011B Notes shall bear interest at the rate of 3.00% per annum until paid or duly provided for.  Interest shall be paid semiannually in arrears on each Interest Payment Date to the Person in whose name the Series 2011B Notes are registered at the close of business on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity of principal or on a Redemption Date 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 2011B 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 2011B 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 2011B 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 2011B Notes will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the Series 2011B Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on the Series 2011B Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.

 

3

  

  

  

 

Payment of the principal and interest due at the Stated Maturity or earlier redemption of the Series 2011B Notes shall be made upon surrender of the Series 2011B Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2011B 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.  Denominations.  The Series 2011B Notes may be issued in denominations of $1,000, or any integral multiple thereof.

SECTION 105.  Global Securities.  The Series 2011B 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 2011B Notes represented by one or more Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series 2011B 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 2011B 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 2011B 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 2011B Notes.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series 2011B Notes registered in such names as the Depositary shall direct.

SECTION 106.  Transfer.  No service charge will be made for any transfer or exchange of Series 2011B 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.

 

 

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The Company shall not be required (a) to issue, transfer or exchange any Series 2011B Notes during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a notice pursuant to Section 1104 of the Original Indenture identifying the serial numbers of the Series 2011B Notes to be called for redemption, and ending at the close of business on the day of the mailing, or (b) transfer or exchange any Series 2011B Notes theretofore selected for redemption in whole or in part, except the unredeemed portion of any Series 2011B Notes redeemed in part.

SECTION 107.  Redemption at the Company’s Option. The Series 2011B Notes will be subject to redemption at the option of the Company, in whole or in part, at any time and from time to time, upon not less than 30 nor more than 60 days’ notice, at redemption prices equal to the greater of (1) 100% of the principal amount of the Series 2011B Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Series 2011B Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 15 basis points (each, a “Redemption Price”), plus, in each case, accrued interest thereon to the Redemption Date.

In the event of redemption of the Series 2011B Notes in part only, a new Series 2011B Note or Notes for the unredeemed portion will be issued in the name or names of the Holders thereof upon the surrender thereof.

Notice of redemption shall be given as provided in Section 1104 of the Original Indenture except that any notice of redemption shall not specify the Redemption Price but only the manner of calculation thereof.  The Trustee shall not be responsible for the calculation of the Redemption Price.  The Company shall calculate the Redemption Price and promptly notify the Trustee thereof.

Any redemption of less than all of the Series 2011B Notes shall, with respect to the principal thereof, be divisible by $1,000.

ARTICLE 2

Miscellaneous Provisions

SECTION 201.  Recitals by Company.  The recitals in this Forty-Fifth 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 2011B Notes and of this Forty-Fifth Supplemental Indenture as fully and with like effect as if set forth herein in full.

 

 

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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 Forty-Fifth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

SECTION 203.  Executed in Counterparts.  This Forty-Fifth 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.

 

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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/Melissa K. Caen                                                   

Melissa K. Caen

Assistant Secretary

 

 

 

 

 

	
GEORGIA POWER COMPANY

 

 

By:        /s/Ronnie R. Labrato                                                        

Ronnie R. Labrato

Executive Vice President,

Chief Financial Officer and Treasurer

 

 

 

 

	
ATTEST:

 

 

By:           /s/Timothy W. Casey                                           

Timothy W. Casey

Senior Associate

 

	
THE BANK OF NEW YORK MELLON, as Trustee

 

 

By:        /s/Laurence J. O'Brien                                                        

Laurence J. O’Brien

Vice President

 

  

  

  

EXHIBIT A

FORM OF SERIES 2011B NOTE

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	 NO. ___	  CUSIP NO. 373334JV4

 

GEORGIA POWER COMPANY

SERIES 2011B 3.00% SENIOR NOTE

DUE APRIL 15, 2016

	
Principal Amount:

	
$__________________

	
Regular Record Date:

	
15th calendar day prior to Interest Payment Date (whether or not a Business Day)

	
Original Issue Date:

	
April 19, 2011

	
Stated Maturity:

	
April 15, 2016

	
Interest Payment Dates:

	
April 15 and October 15

	
Interest Rate:

	
3.00% per annum

	
Authorized Denominations:

	
$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 (or upon earlier redemption), 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, semiannually in arrears on each Interest Payment Date as specified above, commencing on October 15, 2011, and on the Stated Maturity (or upon earlier redemption) at the rate per annum shown above until the principal hereof is paid or made available for payment and at such rate 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 or on a Redemption Date) 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 the Stated Maturity or on any Redemption Date 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 

 

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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.

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 a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.  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 or earlier redemption of the Series 2011B Notes shall be made upon surrender of the Series 2011B Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2011B 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.

 

 

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

Dated:

	  	
GEORGIA POWER COMPANY

 

 

 

By:                                                                         

Title:

 

Attest:

___________________________________

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 MELLON,

as Trustee

 

 

By:                                                                 

Authorized Signatory

 

 

 

 

 

 

 

 

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(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 Mellon (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 2011B 3.00% Senior Notes due April 15, 2016 (the “Series 2011B 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 2011B Notes will be subject to redemption at the option of the Company in whole or in part, at any time and from time to time, upon not less than 30 nor more than 60 days’ notice at redemption prices equal to the greater of (i) 100% of the principal amount of the Series 2011B Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Series 2011B Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 15 basis points (each, a “Redemption Price”), plus, in each case, accrued interest thereon to the Redemption Date.

“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2011B Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Series 2011B Notes.

“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.

 

 

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“Reference Treasury Dealer” means a primary United States Government securities dealer in the United States appointed by the Company.

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

The Trustee shall not be responsible for the calculation of the Redemption Price.  The Company shall calculate the Redemption Price and promptly notify the Trustee thereof.

In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof.

 

 

The Series 2011B Notes will not have a sinking fund.

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 rate, 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 

 

 

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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.

 

 

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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

common

	
UNIF GIFT MIN ACT- _______ Custodian ________

                                          (Cust)                             (Minor)

	
TEN ENT-              as tenants by the

entireties

	  
	
JT TEN-                  as joint tenants

with right of

survivorship and

not as tenants

in common

 

	
under Uniform Gifts to

Minors Act

 

________________________

(State)

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.

 

 

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EXHIBIT B

CERTIFICATE OF AUTHENTICATION

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

	  	
THE BANK OF NEW YORK MELLON,

as Trustee

 

 

By:                                                                           

Authorized Signatory

 

 

 

B-1

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