Document:

Exhibit 1.4

$250,000,000

Series 2007E 6.00% Senior Insured Monthly Notes 

due September 1, 2040

 

GEORGIA POWER COMPANY

 

UNDERWRITING AGREEMENT

 

August 24, 2007

 

Edward D. Jones & Co., L.P.

12555 Manchester Road

St. Louis, Missouri 63131

Ladies and Gentlemen:

Georgia Power Company, a Georgia corporation (the “Company”), confirms its agreement (the “Agreement”) with you (the “Underwriter”), with respect to the sale by the Company and the purchase by the Underwriter of $250,000,000 aggregate principal amount of the Series 2007E 6.00% Senior Insured Monthly Notes due September 1, 2040 (the “Senior Notes”).

The Company understands that the Underwriter proposes to make a public offering of the Senior Notes as soon as the Underwriter deems advisable after this Agreement has been executed and delivered.  The Senior Notes will be issued pursuant to an indenture, dated as of January 1, 1998 (the “Base Indenture”), by and between the Company and The Bank of New York (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as trustee (the “Trustee”), as heretofore supplemented and amended and as to be further supplemented and amended by a thirty-second supplemental indenture, dated as of August 30, 2007, to the Base Indenture relating to the Senior Notes (the “Supplemental Indenture” and, together with the Base Indenture and any other amendments or supplements thereto, the “Indenture”), between the Company and the Trustee.

SECTION 1.  REPRESENTATIONS AND WARRANTIES.  The Company represents and warrants to the Underwriter as follows:

(a)  A registration statement on Form S-3 (File No. 333-140954) in respect of the Senior Notes and certain other securities has been prepared and filed in accordance with the provisions of the Securities Act of 1933, as amended (the “1933 Act ”), with the Securities and Exchange Commission (the “Commission”); such registration statement and any post-effective amendment thereto, each in the form heretofore delivered or to be delivered to the Underwriter, became effective upon filing with the Commission in such form (except that copies of the registration statement and any post-effective amendment delivered to the Underwriter need not include exhibits but shall include all documents 

 

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incorporated by reference therein); and no stop order suspending the effectiveness of such registration statement has been issued and no  proceeding for that purpose or pursuant to Section 8A of the 1933 Act against the Company or related to the offering has been initiated or, to the best knowledge of the Company, threatened by the Commission (any preliminary prospectus, as supplemented by a preliminary prospectus supplement, included in such registration statement or filed with the Commission pursuant to Rule 424(a) of the rules and regulations of the Commission under the 1933 Act, being hereinafter called a “Preliminary Prospectus”); such registration statement as used with respect to the Senior Notes, including the information deemed a part thereof pursuant to Rule 430B(f)(1) under the 1933 Act on the date of such registration statement’s effectiveness for purposes of
Section 11 of the 1933 Act, as such Section applies to the Company and the Underwriter for the Senior Notes pursuant to Rule 430B(f)(2) under the 1933 Act (the “Effective Date”), including the exhibits thereto and all documents incorporated by reference therein pursuant to Item 12 of Form S-3 at the Effective Date, being hereinafter called the “Registration Statement” the base prospectus relating to the Senior Notes and certain other securities of the Company, in the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement relating to the Senior Notes, being hereinafter called the “Basic Prospectus” the Basic Prospectus as amended and supplemented by a preliminary prospectus supplement dated August 23, 2007 relating to the Senior Notes which has been filed with the Commission pursuant to Rule 424(b) under the 1933 Act, as it may be further amended and supplemented immediately prior to the Applicable Time
(as defined below) is hereinafter called the “Pricing Prospectus” the Basic Prospectus as amended or supplemented in final form, including by a prospectus supplement relating to the Senior Notes in the form in which it is filed with the Commission, pursuant to Rule 424(b) under the 1933 Act in accordance with Section 4(e) hereof is hereinafter called the “Final Supplemented Prospectus” any reference herein to any Preliminary Prospectus, the Basic Prospectus, the Pricing Prospectus or the Final Supplemented Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act, as of the date of such Preliminary Prospectus, Basic Prospectus, Pricing Prospectus or Final Supplemented Prospectus, as the case may be; any reference to any amendment or supplement to any Preliminary Prospectus, the Basic Prospectus, the Pricing Prospectus or the Final Supplemented Prospectus shall be deemed to
refer to and include any documents filed after the date of such Preliminary Prospectus, Basic Prospectus, Pricing Prospectus or Final Supplemented Prospectus, as the case may be, under the Securities Exchange Act of 1934, as amended (the “1934 Act”), and incorporated by reference in such Preliminary Prospectus, Basic Prospectus, Pricing Prospectus or Final Supplemented Prospectus, as the case may be; any reference to any amendment to the Registration Statement shall be deemed to refer to and include any annual report of the Company filed pursuant to Section 13(a) or 15(d) of the 1934 Act after the effective date of the Registration Statement that is incorporated by reference in the Registration Statement.

 

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For purposes of this Agreement, the “Applicable Time” is 10:01 a.m. (New York Time) on the date of this Agreement; the documents listed in Schedule II, taken together and attached hereto, are collectively referred to as the “Pricing Disclosure Package.”

 

(b)  The documents incorporated by reference in the Registration Statement or the Pricing Prospectus, when they were filed with the Commission, complied in all material respects with the applicable provisions of the 1934 Act and the rules and regulations of the Commission thereunder, and as of such time of filing, when read together with the Pricing Prospectus and any Permitted Free Writing Prospectus (as defined in Section 3(a) hereof), none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated by reference in the Final Supplemented Prospectus or any further amendment or supplement thereto, when such documents are filed with the
Commission, will comply in all material respects with the applicable provisions of the 1934 Act and the rules and regulations of the Commission thereunder and, when read together with the Final Supplemented Prospectus as it otherwise may be amended or supplemented, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the Company makes no warranty or representation to the Underwriter with respect to: (A) any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by the Underwriter expressly for use in the Pricing Prospectus, any Permitted Free Writing Prospectus and the Final Supplemented Prospectus; or (B) any information set forth in the Pricing Prospectus or the Final Supplemented Prospectus under the captions
“Description of the Series 2007E Senior Notes - Book-Entry-Only Issuance - The Depository Trust Company”, “The Policy and the Insurer” (except for the information under the caption “The Policy”), “Experts” or “Appendix A--Form of Policy”.

(c)  The Registration Statement and the Final Supplemented Prospectus comply, and any further amendments or supplements thereto, when any such amendments become effective or supplements are filed with the Commission, as the case may be, will comply, in all material respects with the applicable provisions of the 1933 Act, the 1934 Act, the 1939 Act (hereinafter defined) and the General Rules and Regulations of the Commission thereunder and the Registration Statement, the Pricing Disclosure Package and the Final Supplemented Prospectus do not and will not, (i) as of the Effective Date as to the Registration Statement and any amendment thereto, (ii) as of the Applicable Time as to the Pricing Disclosure Package and (iii) as of the date of the Final Supplemented Prospectus as to the Final Supplemented Prospectus or as of the date when any supplement is filed as to the Final Supplemented
Prospectus as further supplemented or as of the Closing Date as to the Final Supplemented Prospectus or the Final Supplemented Prospectus as it may be further supplemented as provided above, contain an untrue statement of a material fact or omit to state a material fact necessary in 

 

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order to make the statements therein not misleading in the case of the Registration Statement and any amendment thereto, and, in the light of the circumstances under which they were made, not misleading in the case of the Pricing Disclosure Package and the Final Supplemented Prospectus as further supplemented; except that the Company makes no warranties or representations with respect to (A) that part of the Registration Statement which shall constitute the Statements of Eligibility (Form T-1) under the Trust Indenture Act of 1939, as amended (the “1939 Act”), (B) any statements or omissions made in a Permitted Free Writing Prospectus, the Registration Statement, the Pricing Prospectus or the Final Supplemented Prospectus in reliance upon and in conformity with information furnished in writing to the Company by the Underwriter expressly for use therein; or (C) any information
set forth in the Pricing Prospectus or the Final Supplemented Prospectus under the captions “Description of the  Series 2007E Senior Notes - Book-Entry-Only Issuance - The Depository Trust Company”, “The Policy and the Insurer” (except for the information under the caption “The Policy”), “Experts” or “Appendix A--Form of Policy”.

(d)  Each Permitted Free Writing Prospectus listed on Schedule II hereto does not include anything that conflicts with the information contained in the Registration Statement, the Pricing Prospectus or the Final Supplemented Prospectus and each such Permitted Free Writing Prospectus, as supplemented by and taken together with the Pricing Disclosure Package as of the Applicable Time, did not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the Company makes no warranty or representation to the Underwriter with respect to any statement or omissions made in a Permitted Free Writing Prospectus in reliance upon and in conformity with information furnished in writing to the Company by the Underwriter expressly for use therein.

(e)  With respect to the Registration Statement, (i) the Registration Statement is an “automatic shelf registration statement” (as defined in Rule 405 under the 1933 Act), (ii) the Company has not received from the Commission any notice pursuant to Rule 401(g)(2) of the 1933 Act objecting to the use of the automatic shelf registration statement and (iii) the conditions for use of Form S-3, as set forth in the General Instructions thereof, have been satisfied.

(f)  (A) At the time of filing of the Registration Statement, (B) at the time of the most recent amendment to the Registration Statement for the purposes of complying with Section 10(a)(3) of the 1933 Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the 1934 Act or form of prospectus) and (C) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) under the 1933 Act) made any offer relating to the Senior Notes in reliance on the exemption of Rule 163 under the 1933 Act, the Company was a “well-known seasoned issuer” (as defined in Rule 405 under the 1933 Act).

 

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At the determination date for purposes of the Senior Notes within the meaning of Rule 164(h) under the 1933 Act, the Company was not an “ineligible issuer” as defined in Rule 405 under the 1933 Act. 

(g)  Since the respective dates as of which information is given in the Registration Statement and the Pricing Prospectus, except as otherwise stated therein, there has been no material adverse change in the business, properties or financial condition of the Company, whether or not arising in the ordinary course of business.

(h)  The Company is a corporation duly organized and existing under the laws of the State of Georgia and has due corporate authority to carry on the public utility business in which it is engaged and to own and operate the properties used by it in such business, to enter into and perform its obligations under this Agreement and the Indenture and to issue and sell the Senior Notes to the Underwriter.

(i)  This Agreement has been duly authorized, executed and delivered by the Company.

(j)  The Indenture has been duly authorized by the Company and, on the Closing Date (as hereinafter defined), will have been duly executed and delivered by the Company, and, assuming due authorization, execution and delivery of the Indenture by the Trustee, the Indenture will, on the Closing Date constitute a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except to the extent that enforcement thereof may be limited by (1) bankruptcy, insolvency, reorganization, receivership, liquidation, fraudulent conveyance, moratorium or other similar laws affecting creditors’ rights generally or (2) general principles of equity (regardless of whether enforcement is considered in a proceeding at law or in equity) (the “Enforceability Exceptions”); the Indenture will conform in all material respects to all statements relating
thereto contained in the Pricing Disclosure Package and the Final Supplemented Prospectus; and, on the Closing Date, the Indenture will have been duly qualified under the 1939 Act.

(k)  The issuance and delivery of the Senior Notes have been duly authorized by the Company and, on the Closing Date, the Senior Notes will have been duly executed by the Company and, when authenticated in the manner provided for in the Indenture and delivered against payment therefor as described in this Agreement, will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, except to the extent that enforcement thereof may be limited by the Enforceability Exceptions, will be in the form contemplated by, and entitled to the benefits of, the Indenture and will conform in all material respects to all statements relating thereto in the Pricing Disclosure Package and the Final Supplemented Prospectus.

(l)  The execution, delivery and performance by the Company of this Agreement, the Indenture and the Senior Notes and the consummation by the Company of the transactions contemplated herein and therein and compliance by the Company 

 

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with its obligations hereunder and thereunder shall have been duly authorized by all necessary corporate action on the part of the Company and do not and will not result in any violation of the charter or bylaws of the Company, and do not and will not conflict with, or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company under (A) any contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument to which the Company is a party or by which it may be bound or to which any of its properties may be subject (except for conflicts, breaches or defaults which would not, individually or in the aggregate, be materially adverse to the Company or materially adverse to the transactions contemplated by this Agreement), or
(B) any existing applicable law, rule, regulation, judgment, order or decree of any government, governmental instrumentality or court, domestic or foreign, or any regulatory body or administrative agency or other governmental body having jurisdiction over the Company, or any of its properties.

(m)  The Company has duly authorized all necessary action to be taken by it for the procurement of an irrevocable financial guaranty insurance policy (the “Insurance Policy”) issued by Ambac Assurance Corporation (the “Insurer”), insuring the payment of principal and interest on the Senior Notes, when due.

(n)  No authorization, approval, consent or order of any court or governmental authority or agency is necessary in connection with the issuance and sale by the Company of the Senior Notes or the transactions by the Company contemplated in this Agreement, except (A) such as may be required under the 1933 Act or the rules and regulations thereunder; (B) such as may be required under the Federal Power  Act; (C) the qualification of the Indenture under the 1939 Act; (D) the approval of the Georgia Public Service Commission (the “Georgia Commission”); and (E) such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or “blue sky” laws.

(o)  The financial statements incorporated by reference in the Registration Statement, the Pricing Prospectus and the Final Supplemented Prospectus, together with the related schedules and notes, present fairly, in all material respects, the financial position, results of operations and cash flows of the Company as of and for the dates indicated; said financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) applied on a consistent basis (except that the unaudited financial statements incorporated by reference in the Basic Prospectus, the Pricing Prospectus and the Final Supplemented Prospectus may be subject to normal year-end adjustments) throughout the periods involved and necessarily include amounts that are based on the best estimates and judgments of management.  The selected financial data and the
summary financial information included in the Pricing Prospectus and the Final Supplemented Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that of the audited and unaudited financial statements incorporated by reference in the Registration Statement.  

 

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SECTION 2.  SALE AND DELIVERY TO THE UNDERWRITER; CLOSING.

(a)  On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company agrees to sell to the Underwriter, and the Underwriter agrees to purchase from the Company, $250,000,000 aggregate principal amount of the Senior Notes at a price equal to 96.85% of the principal amount thereof.

(b)  Payment of the purchase price and delivery of certificates for the Senior Notes shall be made at the offices of Dewey Ballantine LLP, 1301 Avenue of the Americas, New York, New York, 10019 at 10:00 A.M., New York Time, on August 30, 2007 or such other time, place or date as shall be agreed upon by the Underwriter and the Company (such time and date of payment and delivery being herein called the “Closing Date”).  Payment shall be made to the Company by wire transfer in federal funds at the Closing Date against delivery of the Senior Notes to the Underwriter.  

The delivery of the Senior Notes shall be made in fully registered form, registered in the name of CEDE & CO., to the offices of The Depository Trust Company in New York, New York or its designee, and the Underwriter shall accept such delivery.

The certificate(s) for the Senior Notes will be made available for examination by the Underwriter not later than 12:00 Noon, New York time, on the last business day prior to the Closing Date.

SECTION 3.  FREE WRITING PROSPECTUSES.

(a)  The Company represents and agrees that, without the prior consent of the  Underwriter, it has not made and will not make any offer relating to the Senior Notes that would constitute a “free writing prospectus” as defined in Rule 405 under the 1933 Act, other than a Permitted Free Writing Prospectus; the Underwriter represents and agrees that, without the prior consent of the Company and the Underwriter, it has not made and will not make any offer relating to the Senior Notes that would constitute a “free writing prospectus” as defined in Rule 405 under the Act, other than a Permitted Free Writing Prospectus or a free writing prospectus that is not required to be filed by the Company pursuant to Rule 433 or one or more free writing prospectuses through customary Bloomberg distribution that do not contain substantive changes from or additions to the information
contained in Schedule I hereto; any such free writing prospectus (which shall include the pricing term sheet discussed in Section 3(b) hereof), the use of which has been consented to by the Company and the Underwriter, is listed on Schedule II and herein called a “Permitted Free Writing Prospectus.”

(b)  The Company agrees to prepare a pricing term sheet, substantially in the form of Schedule I hereto and approved by the Underwriter, and to file such pricing term sheet pursuant to Rule 433(d) under the 1933 Act within the time period prescribed by such Rule.

 

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(c)  The Company and the Underwriter have complied and will comply with the requirements of Rule 433 under the 1933 Act applicable to any free writing prospectus, including timely Commission filing where required and legending.

(d)  The Company agrees that if at any time following issuance of a Permitted Free Writing Prospectus any event occurred or occurs as a result of which such Permitted Free Writing Prospectus would conflict with the information in the Registration Statement, the Pricing Prospectus or the Final Supplemented Prospectus or include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances then prevailing, not misleading, the Company will give prompt notice thereof to the Underwriter and, if requested by the Underwriter, will prepare and furnish without charge to the Underwriter a free writing prospectus or other document, the use of which has been consented to by the Underwriter, which will correct such conflict, statement or omission; provided, however, that this representation and warranty shall
not apply to any statements or omissions in a Permitted Free Writing Prospectus made in reliance upon and in conformity with information furnished in writing to the Company by the Underwriter, expressly for use therein.

(e)  The Company agrees that if there occurs an event or development as a result of which the Pricing Disclosure Package would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances then prevailing, not misleading, the Company will notify the Underwriter so that any use of the Pricing Disclosure Package may cease until it is amended or supplemented.  

SECTION 4.  COVENANTS OF THE COMPANY.  The Company covenants with the Underwriter as follows:

(a)  The Company, on or prior to the Closing Date, will deliver to the Underwriter conformed copies of the Registration Statement as originally filed and of all amendments thereto, heretofore or hereafter made, including any post-effective amendment (in each case including all exhibits filed therewith, and including unsigned copies of each consent and certificate included therein or filed as an exhibit thereto, except exhibits incorporated by reference, unless specifically requested).  As soon as the Company is advised thereof, it will advise the Underwriter orally of the issuance of any stop order under the 1933 Act with respect to the Registration Statement, or the institution of any proceedings for that purpose or pursuant to Section 8A of the 1933 Act against the Company or related to the offering, of which the Company shall have received notice, and will use its best efforts to
prevent the issuance of any such stop order and to secure the prompt removal thereof, if issued.  The Company will deliver to the Underwriter sufficient conformed copies of the Registration Statement, the Basic Prospectus, the Pricing Prospectus and the Final Supplemented Prospectus and of all supplements and amendments thereto (in each case without exhibits) for distribution to the Underwriter and, from time to time, as many copies of the 

 

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Basic Prospectus, the Pricing Prospectus and the Final Supplemented Prospectus as the Underwriter  may reasonably request for the purposes contemplated by the 1933 Act or the 1934 Act.

(b)  The Company will furnish the Underwriter with written or electronic copies of each amendment and supplement to the Final Supplemented Prospectus relating to the offering of the Senior Notes in such quantities as the Underwriter may from time to time reasonably request.  If, during the period (not exceeding nine months) when the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act) shall be required by law in connection with the sale of any Senior Notes by the Underwriter, any event relating to or affecting the Company, or of which the Company shall be advised in writing by the Underwriter, shall occur, which in the opinion of the Company or of Underwriter’s counsel should be set forth in a supplement to or an amendment of the Final Supplemented Prospectus, as the case may be, in order to make the Final Supplemented Prospectus
not misleading in the light of the circumstances when it (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act) is delivered, or if for any other reason it shall be necessary during such period to amend or supplement the Final Supplemented Prospectus or to file under the 1934 Act any document incorporated by reference in the Final Supplemented Prospectus in order to comply with the 1933 Act or the 1934 Act, the Company forthwith will (i) notify the Underwriter to suspend solicitation of purchases of the Senior Notes and (ii) at its expense, make any such filing or prepare and furnish to the Underwriter a reasonable number of copies of a supplement or supplements or an amendment or amendments to the Final Supplemented Prospectus which will supplement or amend the Final Supplemented Prospectus so that, as supplemented or amended, it will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances when the Final Supplemented Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act) is delivered, not misleading or which will effect any other necessary compliance.  In case the Underwriter is required to deliver a prospectus in connection with the sale of any Senior Notes after the expiration of the period specified in the preceding sentence, the Company, upon the request of the Underwriter, will furnish to the Underwriter, at the expense of the Underwriter, a reasonable quantity of a supplemented or amended prospectus, or supplements or amendments to the Final Supplemented Prospectus, complying with Section 10(a) of the 1933 Act.  During the period specified in the second sentence of this subsection, the Company will continue to prepare and file with the Commission on a timely basis all documents or amendments required under the 1934 Act and the rules and regulations thereunder; provided, that
the Company shall not file such documents or amendments without also furnishing copies thereof prior to such filing to the Underwriter and Dewey Ballantine LLP.

(c)  The Company will endeavor, in cooperation with the Underwriter, to qualify the Senior Notes for offering and sale under the applicable securities laws of such states and the other jurisdictions of the United States as the Underwriter may 

 

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designate; provided, however, that the Company shall not be obligated to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or to file a consent to service of process or to file annual reports or to comply with any other requirements in connection with such qualification deemed by the Company to be unduly burdensome.

(d)  The Company will make generally available to its security holders as soon as practicable but not later than 45 days after the close of the period covered thereby, an earnings statement of the Company (in form complying with the provisions of Rule 158 of the rules and regulations under the 1933 Act) covering a twelve-month period beginning not later than the first day of the Company's fiscal quarter next following the “effective date” (as defined in Rule 158) of the Registration Statement.

(e)  As soon as practicable after the date of this Agreement, and in any event within the time prescribed by Rule 424 under the 1933 Act, the Company will file the Final Supplemented Prospectus, in a form approved by the Underwriter, such approval not to be unreasonably withheld, with the Commission and will advise the Underwriter of such filing and will confirm such advice in writing.  Furthermore, the Company will make any other required filings pursuant to Rule 433(d)(1) of the 1933 Act within the time required by such Rule.

(f)  During a period of 15 days from the date of this Agreement, the Company will not, without the Underwriter’s prior written consent, directly or indirectly, sell, offer to sell, grant any option for the sale of, or otherwise dispose of, any Senior Notes or any security convertible into or exchangeable into or exercisable for the Senior Notes or any debt securities substantially similar to the Senior Notes (except for the Senior Notes issued pursuant to this Agreement).  The Underwriter agrees that commercial paper or other debt securities with scheduled maturities of less than one year are not subject to this Section 4(f).

(g)  If at any time when Senior Notes remain unsold by the Underwriter, the Company receives from the Commission a notice pursuant to Rule 401(g)(2) of the 1933 Act or otherwise ceases to be eligible to use the automatic shelf registration statement form, the Company will (i) promptly notify the Underwriter, (ii) promptly file a new registration statement or post-effective amendment on the proper form relating to the Senior Notes, in a form satisfactory to the Underwriter, (iii) use its reasonable best efforts to cause such registration statement or post-effective amendment to be declared effective and (iv) promptly notify the Underwriter of such effectiveness.  The Company will take all other reasonable action necessary or appropriate to permit the public offering and sale of the Senior Notes to continue as contemplated in the registration statement that was the subject of the Rule
401(g)(2) notice or for which the Company has otherwise become ineligible.  References herein to the Registration Statement shall include such new registration statement or post-effective amendment, as the case may be.

 

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SECTION 5.  PAYMENT OF EXPENSES.  The Company will pay all expenses incidental to the performance of its obligations under this Agreement, including but not limited to, the expenses of (i) the printing and filing of the Registration Statement as originally filed and of each amendment thereto, (ii) the preparation, issuance and delivery of the certificate(s) for the Senior Notes, (iii) the fees and disbursements of the Company's counsel and accountants, (iv) the qualification of the Senior Notes under securities laws in accordance with the provisions of Section 4(c) hereof, including filing fees and the reasonable fees and disbursements of Dewey Ballantine LLP, counsel for the Underwriter, in connection therewith and in connection with the preparation of any blue sky survey (such fees and disbursements of counsel shall not exceed $3,500), (v) the printing and
delivery to the Underwriter of copies of the Registration Statement as originally filed and of each amendment thereto and of the Pricing Prospectus, any Permitted Free Writing Prospectus, the Final Supplemented Prospectus, and any amendments or supplements thereto, (vi) the printing and delivery to the Underwriter of copies of any blue sky survey, (vii) the fee of the National Association of Securities Dealers, Inc. in connection with its review of the offering contemplated by this Agreement, if applicable, (viii) the fees and expenses of the Trustee, including the fees and disbursements of counsel for the Trustee in connection with the Indenture and the Senior Notes, (ix) any fees payable in connection with the rating of the Senior Notes, (x) the premium payable to the Insurer in connection with the issuance of the Insurance Policy, (xi) the cost and charges of any transfer agent or registrar, and (xii) the cost of qualifying the Senior Notes with The Depository Trust
Company.

Except as otherwise provided in Section 10 hereof, the Underwriter shall pay all other expenses incurred by them in connection with their offering of the Senior Notes including fees and disbursements of their counsel, Dewey Ballantine LLP.

SECTION 6.  CONDITIONS OF UNDERWRITER’S OBLIGATIONS.  The obligations of the Underwriter to purchase and pay for the Senior Notes are subject to the following conditions:

(a)  No stop order suspending the effectiveness of the Registration Statement shall be in effect on the Closing Date and no proceedings for that purpose or pursuant to Section 8A of the 1933 Act against the Company or related to the offering shall be pending before, or to the knowledge of the Company threatened by, the Commission on such date.  If filing of the Pricing Prospectus or the Final Supplemented Prospectus, or any supplement thereto, is required pursuant to Rule 424, the Pricing Prospectus and the Final Supplemented Prospectus, and any such supplement, as applicable, shall have been filed in the manner and within the time period required by Rule 424.  The pricing term sheet contemplated by Section 3(b) hereto, and any other material required to be filed by the Company pursuant to Rule 433(d) under the 1933 Act, shall have been filed by the Company with the Commission within the
applicable time periods prescribed for such filings by Rule 433.

(b)  Any required orders of the Georgia Commission and the Commission permitting the transactions contemplated hereby substantially in accordance with 

 

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the terms and conditions hereof shall be in full force and effect and shall contain no provision unacceptable to the Underwriter or the Company (but all provisions of such order or orders heretofore entered, copies of which have heretofore been delivered to the Underwriter, are deemed acceptable to the Underwriter and the Company and all provisions of such order or orders hereafter entered shall be deemed acceptable to the Underwriter and the Company unless within 24 hours after receiving a copy of any such order any party to this Agreement shall give notice to the other parties to the effect that such order contains an unacceptable provision).

(c)  On the Closing Date the Underwriter shall have received:

(1)  The opinion, dated the Closing Date, of Troutman Sanders LLP, counsel for the Company, substantially in the form attached hereto as Schedule III.

(2)  The opinion, dated the Closing Date, of Emmet, Marvin & Martin, LLP, counsel to the Trustee, substantially in the form attached hereto as Schedule IV.

(3)  The opinion, dated the Closing Date, of Dewey Ballantine LLP, counsel for the Underwriter, substantially in the form attached hereto as Schedule V.

(4)  The opinion, dated the Closing Date, of counsel to the Insurer, substantially in the form attached hereto as Schedule VI.

(d)  At the Closing Date, there shall not have been, since the date hereof or since the respective dates as of which information is given in the Registration Statement and the Final Supplemented Prospectus, any material adverse change in the business, properties or financial condition of the Company, whether or not arising in the ordinary course of business, and the Underwriter shall have received a certificate of the President or any Vice President of the Company, and dated as of the Closing Date, to the effect that (i) there has been no such material adverse change, (ii) the representations and warranties in Section 1 hereof are true and correct with the same force and effect as though expressly made at and as of the Closing Date, (iii) the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied on or prior to the Closing Date and
(iv) no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose or pursuant to Section 8A of the 1933 Act against the Company or related to the offering  have been initiated or, to the knowledge of the Company, threatened by the Commission.

(e)  The Underwriter shall have received on the date hereof and shall receive on the Closing Date from Deloitte & Touche LLP, a letter or letters addressed to the Underwriter (which may refer to letters previously delivered to the Underwriter) 

 

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dated the respective dates of delivery thereof to the effect that:  (A) they are an independent registered public accounting firm with respect to the Company within the meaning of the 1933 Act and the rules and regulations under the 1933 Act; (B) in their opinion, the financial statements audited by them and incorporated by reference in the Registration Statement and the Pricing Prospectus or the Registration Statement, the Pricing Prospectus and the Final Supplemented Prospectus, as applicable, comply as to form in all material respects with the applicable accounting requirements of the 1934 Act and the rules and regulations under the 1934 Act; and (C) on the basis of certain limited procedures performed through a specified date not more than three business days prior to the date of such letter, namely (i) reading the minute books of the Company; (ii) performing the procedures specified
by the standards of the Public Company Accounting Oversight Board (United States) for a review of interim financial statement information as described in Statement on Auditing Standards No. 100, “Interim Financial Information”, on the unaudited financial statements, if any, of the Company incorporated by reference in the Registration Statement and the Pricing Prospectus or the Registration Statement, the Pricing Prospectus and the Final Supplemented Prospectus, as applicable, and on the latest available unaudited financial statements of the Company, if any, for any calendar quarter subsequent to the date of those incorporated by reference in the Registration Statement and the Pricing Prospectus or the Registration Statement, the Pricing Prospectus and the Final Supplemented Prospectus, as applicable; and (iii) making inquiries of certain officials of the Company who have responsibility for financial and accounting matters regarding such unaudited financial statements or any
specified unaudited amounts derived therefrom (it being understood that the foregoing procedures do not constitute an audit performed in accordance with generally accepted auditing standards and they would not necessarily reveal matters of significance with respect to the comments made in such letter, and accordingly that Deloitte & Touche LLP make no representations as to the sufficiency of such procedures for the Underwriter’s purposes), nothing came to their attention that caused them to believe that:  (1) any material modifications should be made to the unaudited condensed financial statements, if any, incorporated by reference in the Registration Statement and the Pricing Prospectus or the Registration Statement, the Pricing Prospectus and the Final Supplemented Prospectus, as applicable, for them to be in conformity with GAAP; (2) such unaudited condensed financial statements do not comply as to form in all material respects with the applicable accounting requirements
of the 1934 Act as it applies to Form 10-Q and the related published rules and regulations thereunder; (3) the unaudited amounts for Operating Revenues, Earnings Before Income Taxes and Net Income After Dividends on Preferred Stock and the unaudited Ratio of Earnings to Fixed Charges set forth in the Registration Statement and the Pricing Prospectus or the Registration Statement, the Pricing Prospectus and the Final Supplemented Prospectus, as applicable, do not agree with the amounts set forth in or derived from the unaudited financial statements for the same period included or incorporated by reference in the Registration Statement; (4) as of a specified date not more than three business days prior to the date of delivery of such letter, there 

 

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has been any change in the capital stock or long-term debt of the Company or any decrease in net assets as compared with amounts shown in the latest unaudited balance sheet incorporated by reference in the Registration Statement and the Pricing Prospectus or the Registration Statement, the Pricing Prospectus and the Final Supplemented Prospectus, as applicable, except in each case for changes or decreases which (i) the Registration Statement and the Pricing Prospectus or the Registration Statement, the Pricing Prospectus and the Final Supplemented Prospectus, as applicable, disclose have occurred or may occur, (ii) are occasioned by the declaration of dividends, (iii) are occasioned by draw-downs under existing pollution control financing arrangements, (iv) are occasioned by draw-downs and regularly scheduled payments of capitalized lease obligations, (v) are occasioned by the purchase
or redemption of bonds or stock to satisfy mandatory or optional redemption provisions relating thereto, (vi) are occasioned by the reclassification of current maturities of  long-term debt, or (vii) are disclosed in such letter; and (5) the unaudited amounts for Operating Revenues, Earnings Before Income Taxes and Net Income After Dividends on Preferred Stock and the unaudited Ratio of Earnings to Fixed Charges for any calendar quarter subsequent to those set forth in (3) above, which, if available, shall be set forth in such letter, do not agree with the amounts set forth in or derived from the unaudited financial statements for the same period or were not determined on a basis substantially consistent with that of the corresponding audited amounts or ratios included or incorporated by reference in the Registration Statement and the Pricing Prospectus or the Registration Statement, the Pricing Prospectus and the Final Supplemented Prospectus, as applicable.

(f)  On the Closing Date, counsel for the Underwriter shall have been furnished with such documents and opinions as it may reasonably require for the purpose of enabling it to pass upon the issuance and sale of the Senior Notes as herein contemplated and related proceedings, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Senior Notes as herein contemplated shall be satisfactory in form and substance to the Underwriter and Dewey Ballantine LLP, counsel for the Underwriter.

(g)  No amendment or supplement to the Registration Statement or the Final Supplemented Prospectus filed subsequent to the date of this Agreement (including any filing made by the Company pursuant to Section 13 or 14 of the 1934 Act) shall be unsatisfactory in form to Dewey Ballantine LLP or shall contain information (other than with respect to an amendment or supplement relating solely to the activity of the Underwriter) which, in the reasonable judgment of the Underwriter, shall materially impair the marketability of the Senior Notes.

(h)  On the Closing Date, the Underwriter shall have received evidence that the Insurance Policy has been issued by the Insurer and confirmation that the Senior 

 

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Notes have been rated at least Aaa by Moody’s Investors Service, Inc. and at least AAA by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

(i)  The Company shall have performed its obligations when and as provided under this Agreement.

If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Underwriter by notice to the Company at any time prior to the Closing Date, and such termination shall be without liability of any party to any other party except as provided in Sections 5, 8 and 10(b) hereof.

SECTION 7.  CONDITIONS OF THE OBLIGATIONS OF THE COMPANY.  The obligations of the Company shall be subject to the conditions set forth in the first sentence of Section 6(a) and in Section 6(b).  In case such conditions shall not have been fulfilled, this Agreement may be terminated by the Company by mailing or delivering written notice thereof to the Underwriter.  Any such termination shall be without liability of any party to any other party except as otherwise provided in Sections 5, 8 and 10(b) hereof.

SECTION 8.  INDEMNIFICATION.

The Company agrees to indemnify and hold harmless each of the Underwriter and each person, if any, who controls the Underwriter within the meaning of Section 15 of the 1933 Act or Section 20(a) of the 1934 Act, against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the 1933 Act, the 1934 Act or otherwise, and to reimburse any such  Underwriter and such controlling person or persons, if any, for any legal or other expenses incurred by them in connection with defending any actions, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, the Registration Statement, the Basic Prospectus, the Pricing Prospectus, any Permitted Free Writing Prospectus or the Final
Supplemented Prospectus or, if the Company shall furnish to the Underwriter any amendments or any supplements thereto, or shall make any filings pursuant to Section 13 or 14 of the 1934 Act which are incorporated therein by reference, in any Preliminary Prospectus, the Registration Statement, the Basic Prospectus, the  Pricing Prospectus, any Permitted Free Writing Prospectus, the Final Supplemented Prospectus as so amended or supplemented, or in any free writing prospectus used by the Company other than a Permitted Free Writing Prospectus, or arise out of or are based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any such untrue statement or alleged untrue statement or omission or alleged omission which was made in such Registration Statement, Preliminary Prospectus,
Basic Prospectus, Pricing Prospectus, Permitted Free Writing Prospectus or Final Supplemented Prospectus in reliance upon and in conformity with information furnished in writing to the Company by the Underwriter for use therein.  

 

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The Underwriter agrees, within ten days after the receipt by it of notice of the commencement of any action in respect of which indemnity may be sought by it, or by any person controlling it, from the Company on account of its agreement contained in this Section 8, to notify the Company in writing of the commencement thereof but the omission of the Underwriter so to notify the Company of any such action shall not release the Company from any liability which it may have to the Underwriter or to such controlling person otherwise than on account of the indemnity agreement contained in this Section 8.  In case any such action shall be brought against the Underwriter or any such person controlling the Underwriter and the Underwriter shall notify the Company of the commencement thereof as above provided, the Company shall be entitled to participate in (and, to the extent that it shall wish, including the
selection of counsel, to direct) the defense thereof, at its own expense.  In case the Company elects to direct such defense and select such counsel, the Underwriter or controlling person shall have the right to employ its own counsel, but, in any such case, the fees and expenses of such counsel shall be at the expense of the Underwriter or such controlling person unless the employment of such counsel has been authorized in writing by the Company in connection with defending such action.  No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability
arising out of such action or claim and (ii) does not include any statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any indemnified party.  In no event shall any indemnifying party have any liability or responsibility in respect of the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim effected without its prior written consent.

The Underwriter agrees to indemnify and hold harmless the Company, its directors and such of its officers who have signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20(a) of the 1934 Act to the same extent and upon the same terms as the indemnity agreement of the Company set forth in Section 8(a) hereof, but only with respect to alleged untrue statements or omissions made in the Registration Statement, the Preliminary Prospectus, the Basic Prospectus, the Pricing Prospectus, any Permitted Free Writing Prospectus or the Final Supplemented Prospectus, or such documents as amended or supplemented, in reliance upon and in conformity with information furnished in writing to the Company by the Underwriter for use therein.

 

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SECTION 9.  REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY.  All representations, warranties and agreements contained in this Agreement, or contained in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Underwriter or controlling person, or by, or on behalf of the Company and shall survive delivery of the Senior Notes to the Underwriter.

SECTION 10.  TERMINATION OF AGREEMENT.

(a)  The Underwriter may terminate this Agreement, by notice to the Company, at any time at or prior to the Closing Date if (i) trading in securities on the New York Stock Exchange shall have been generally suspended or there shall have been a material disruption in settlement in securities generally, (ii) minimum or maximum ranges for prices shall have been generally established on the New York Stock Exchange by the Commission or by the New York Stock Exchange, (iii) a general banking moratorium shall have been declared by federal or New York State authorities, or (iv) there shall have occurred any outbreak or escalation of major hostilities in which the United States is involved, any declaration of war by the United States Congress or any other substantial national or international calamity, crisis or emergency (including, without limitation, acts of terrorism) affecting the United
States, in any such case provided for in clauses (i) through (iv) with the result that, in the reasonable judgment of the Underwriter, the offering, sale or delivery of the Senior Notes on the terms and in the manner contemplated by this Agreement and the Final Supplemented Prospectus shall have been materially impaired.

(b)  If this Agreement shall be terminated by the Underwriter pursuant to subsection (a) above or because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement, then in any such case, the Company will reimburse the Underwriter for the reasonable fees and disbursements of Dewey Ballantine LLP and for the out of pocket expenses (in an amount not exceeding $10,000) reasonably incurred by the Underwriter in making preparations for the purchase, sale and delivery of the Senior Notes and, upon such reimbursement, the Company shall be absolved from any further liability hereunder, except as provided in Sections 5 and 8 hereof.

 

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SECTION 11.  NOTICES.  All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication.  Notices to the Underwriter shall be directed to the Underwriter at Edward D. Jones & Co., L.P., 12555 Manchester Road, St. Louis, Missouri 63131, Attention: Legal Department; notices to the Company shall be mailed to 241 Ralph McGill Boulevard, N.E., Atlanta, Georgia 30308-3374, Attention: Corporate Secretary, with a copy to Southern Company Services, Inc., 30 Ivan Allen Jr. Boulevard, N.W., Atlanta, Georgia 30308, Attention:  Earl C. Long.

SECTION 12.  PARTIES.  This Agreement shall inure to the benefit of and be binding upon the Underwriter, the Company and their respective successors.  Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriter and the Company and their respective successors and the controlling persons and officers and directors referred to in Section 8 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained.  This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriter and the Company and their respective successors, and said controlling persons and officers and directors and their heirs and legal representatives,
and for the benefit of no other person, firm or corporation.  No purchaser of Senior Notes from the Underwriter shall be deemed to be a successor by reason merely of such purchase.  The Company acknowledges and agrees that in connection with all aspects of each transaction contemplated by this Agreement, the Company and the Underwriter have arms-length business relationships that create no fiduciary duty on the part of any party and each expressly disclaims any fiduciary or financial advisory relationship.

SECTION 13.  GOVERNING LAW AND TIME.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in said State.  Except as otherwise set forth herein, specified times of day refer to New York City time.

SECTION 14.  COUNTERPARTS. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument.

 

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If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement between the Underwriter and the Company in accordance with its terms.

	
             
 	
            Very truly yours,
 
 GEORGIA POWER COMPANY
 
 
 
 By:  /s/Wayne Boston
 Title:  Assistant Secretary
 
	
            CONFIRMED AND ACCEPTED,
 as of the date first above written

 

 

EDWARD D. JONES & CO., L.P.

 

By:        /s/T. William Hizar, Jr.

Name: T. William Hizar, Jr.

Title: Principal

 
 	
             
 

 

 

 

 

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SCHEDULE I

 

PRICING TERM SHEET

 

(To Preliminary Prospectus Supplement dated August 23, 2007)

 

	
            Issuer:
 	
            Georgia Power C ompany
 
	
            Security:
 	
            Series 2007E 6.00% Senior Insured Monthly Notes due September 1, 2040
 
	
            Ratings*:
 	
            Aaa/AAA/AAA (Moody’s/Standard & Poor’s/Fitch)
 
	
            Size:
 	
            $250,000,000
 
	
            Estate feature:
 	
            Begins September 1, 2012; aggregate annual limitation of $5 million
 
	
            Coupon:
 	
            6.00%
 
	
            Proceeds to Issuer:
 	
            96.85% of principal amount ($968.50 per note)
 
	
            Expected Settlement Date:
 	
            August 30, 2007
 
	
            Underwriter:
 	
            Edward D. Jones & Co., L.P.
 

 

 

*  Note:  A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.  Alternatively, the issuer or the underwriter will arrange to send you the prospectus if you request it by calling Georgia Power Company collect at 1-404-506-0759 or Edward D. Jones & Co., L.P. at 1-800-441-2357.

 

 

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SCHEDULE II

 

PRICING DISCLOSURE PACKAGE

 

	
            1)
 	
            Prospectus dated February 28, 2007
 
	
            2)
 	
            Preliminary Prospectus Supplement dated August 23, 2007 (which shall be deemed to include documents incorporated by reference therein)
 
	
            3)
 	
            Permitted Free Writing Prospectuses
 
	
             
 	
            a)            Pricing Term Sheet attached as Schedule I hereto
 

 

 

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Schedule III

 

[Letterhead of TROUTMAN SANDERS LLP]

 

____, 2007

 

Edward D. Jones & Co., L.P.

12555 Manchester Road

St. Louis, Missouri 63131

 

GEORGIA POWER COMPANY

Series 2007E 6.00% Senior Insured Monthly Notes 

due September 1, 2040

 

Ladies and Gentlemen:

We have acted as counsel to Georgia Power Company (the “Company”) in connection with (i) the Company's issuance of $250,000,000 aggregate principal amount of its Series  2007E 6.00% Senior Insured Monthly Notes due  September 1, 2040 (the “Notes”) pursuant to a Senior Note Indenture dated as of January 1, 1998, by and between the Company and The Bank of New York (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as trustee (the “Trustee”), as heretofore supplemented and as further supplemented by the Thirty-Second Supplemental Indenture dated as of August 30, 2007 (collectively, the “Indenture”); and (ii) the purchase by the Underwriter (as defined herein) of the Notes pursuant to the terms of an Underwriting Agreement dated August 24, 2007 (the “Underwriting Agreement”), between the Company and you,
as the Underwriter (the “Underwriter”).  This opinion is being delivered to the Underwriter pursuant to Section 6(c)(1) thereof.

All capitalized terms not otherwise defined herein shall have the meanings set forth in the Underwriting Agreement.

In rendering the opinions expressed below, we have examined the registration statement on Form S-3 (File No. 333-140954) pertaining to the Notes and certain other securities filed by the Company under the Securities Act of 1933, as amended (the “Act”), as it became effective under the Act (the “Registration Statement”); the Company’s prospectus dated February 28, 2007 (the “Basic Prospectus”) as supplemented by a preliminary prospectus supplement dated August 23, 2007 (the “Pricing Prospectus”), filed by the Company pursuant to Rule 424(b) of the rules and regulations of the Securities and Exchange Commission (the “Commission”) under the Act which, pursuant to Form S-3, incorporates by reference the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2006, the Quarterly Reports on Form 10-Q of the Company
for the quarters ended March 31, 2007 and June 30, 2007 and the Current Reports on Form 8-K of the Company dated March 6, 2007, June 4, 

 

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2007, June 18, 2007, June 29, 2007, July 9, 2007, July 10, 2007 and August 23, 2007 (the “Pricing Exchange Act Documents”), and a prospectus supplement dated August 24, 2007 (together with the Basic Prospectus, the “Final Supplemented Prospectus”), filed by the Company pursuant to Rule 424(b) of the rules and regulations of the Commission under the Act, which, pursuant to Form S-3, incorporates by reference the Pricing Exchange Act Documents and the Current Reports on Form 8-K of the Company dated August 24, 2007 and August 24, 2007 (the “Exchange Act Documents”), each as filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and the Indenture.  We have also examined the free writing prospectus prepared by the Company and filed with the Commission on August 24, 2007 pursuant to Rule 433 of the Act (the “Permitted Free Writing
Prospectus”).  The documents listed in Schedule II to the Underwriting Agreement, taken together, are collectively referred to as the “Pricing Disclosure Package.”

In addition, we have examined, and have relied as to matters of fact upon, the documents delivered to you at the closing (except the certificate representing the Notes, of which we have examined a specimen), and we have made such other and further investigations as we deemed necessary to express the opinions hereinafter set forth.  In such examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such latter documents.

The Indenture and the Underwriting Agreement are herein referred to as the “Agreements.”

Based upon the foregoing, and subject to the qualifications and limitations stated herein, we are of the opinion, relying as to matters of New York law upon the opinion dated the date hereof rendered to you by Dewey Ballantine LLP, that:

1.      The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Georgia and has due corporate authority to carry on the public utility business in which it is engaged, to own and operate the properties used by it in such business and to enter into and perform its obligations under the Agreements and the Notes.

2.      The execution, delivery and performance by the Company of the Underwriting Agreement have been duly authorized by all necessary corporate action, and the Underwriting Agreement has been duly executed and delivered by the Company.

3.      All orders, consents or other authorizations or approvals of the Georgia Public Service Commission and the Commission legally required for the issuance and sale of the Notes have been obtained; such orders are sufficient for the issuance and the sale of the Notes; the issuance and the sale of the Notes conform in all material respects with the terms of such orders; and no other order, consent or other authorization or approval of any Georgia or United States governmental body (other than in connection or in compliance with the provisions of the securities or “blue sky” laws of 

 

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any jurisdiction, as to which we express no opinion) is legally required for the issuance and sale of the Notes in accordance with the terms of the Underwriting Agreement.

4.      The Indenture has been duly authorized, executed and delivered by the Company and, assuming the due authorization, execution and delivery thereof by the Trustee, constitutes a valid and legally binding instrument of the Company, enforceable against the Company in accordance with its terms, subject to the qualifications that the enforceability of the Company’s obligations under the Indenture may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and the Indenture conforms as to legal matters in all material respects to the description thereof in the Pricing Disclosure Package and the Final Supplemented Prospectus.

5.      The Notes have been duly authorized and executed by the Company and, when authenticated by the Trustee in the manner provided in the Indenture and delivered to and paid for by the Underwriter pursuant to the Underwriting Agreement, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to the qualifications that the enforceability of the Company’s obligations under the Notes may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and the Notes conform as to legal matters in all material respects to the description thereof in the Pricing Disclosure
Package and the Final Supplemented Prospectus.

6.      The Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended.

We have not independently verified the accuracy, completeness or fairness of the statements made or included in the Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus or the Exchange Act Documents and take no responsibility therefor, except as and to the extent set forth in paragraphs 4 and 5 above.  In the course of the preparation by the Company of the Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus and the Exchange Act Documents, we participated in conferences with certain officers and employees of the Company, with representatives of Deloitte & Touche LLP and with your counsel.  Based upon our examination of the Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus and the Exchange Act Documents, our investigations made in connection with the preparation of the
Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus and the Exchange Act Documents and our participation in the conferences referred to above, (i) we are of the opinion that the Registration Statement, on the Effective Date and the Final Supplemented Prospectus, as of August 24, 2007, complied as to form in all material respects with the relevant requirements of the Act and the applicable rules and regulations of the Commission thereunder and that the Exchange Act Documents, as of their respective dates of filing with the Commission, complied as to form in all material 

 

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respects with the relevant requirements of the Exchange Act and the applicable rules and regulations of the Commission thereunder, except that in each case we express no opinion as to the financial statements or other financial or statistical data contained or incorporated by reference in the Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus or the Exchange Act Documents, and (ii) nothing came to our attention which gives us reason to believe that the Registration Statement, on the Effective Date (including the Exchange Act Documents on file with the Commission as of such date), contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading, that the Pricing Disclosure Package, as of the Applicable Time, included an untrue statement of a material
fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, or that the Final Supplemented Prospectus (including the Exchange Act Documents) contained, as of its date, or contains, on the date hereof, any untrue statement therein of a material fact or omitted, as of its date, or omits, on the date hereof, to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that in each case we express no opinion or belief with respect to the financial statements or other financial or statistical data contained or incorporated by reference in the Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus or the Exchange Act Documents and with respect to information set forth in the Pricing Prospectus and the  Final Supplemented Prospectus under the captions
“Description of the Series 2007E Senior Notes - Book-Entry-Only Issuance - The Depository Trust Company” or “The Policy and the Insurer” (except for the information under the caption “The Policy”).

The attorneys in this firm that are rendering this opinion are members of the State Bar of Georgia and we do not express any opinion herein concerning any law other than the law of the State of Georgia, the federal law of the United States and, to the extent set forth herein, the law of the State of New York.

This opinion is rendered to you in connection with the above-described transaction.  This opinion may not be relied upon by you for any other purpose, or relied upon by or furnished to any other person without our prior written consent, except that Dewey Ballantine LLP may rely on this opinion in giving its opinion pursuant to the Underwriting Agreement insofar as such opinion relates to matters of Georgia law.

Yours very truly,

 

TROUTMAN SANDERS LLP

 

 

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Schedule IV

 

[Letterhead of Emmet, Marvin & Martin LLP]

 

____, 2007

 

 

Edward D. Jones & Co., L.P.

12555 Manchester Road

St. Louis, Missouri 63131

Georgia Power Company

241 Ralph McGill Boulevard, N.E.

Atlanta, Georgia 30308-3374

 

Georgia Power Company

Series 2007E 6.00% Senior Insured Monthly Notes due September 1, 2040

 

Ladies and Gentlemen:

 

We have acted as counsel for The Bank of New York (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)) (“BNY”), in connection with the issuance by Georgia Power Company (the “Company”) of $250,000,000 aggregate principal amount of Series 2007E 6.00% Senior Insured Monthly Notes due September 1, 2040 (the “Notes”).  The Notes are being issued under the Senior Note Indenture dated as of January 1, 1998 (the “Original Indenture”) between the Company and BNY, as trustee (in such capacity, the “Trustee”), as heretofore supplemented and as further supplemented by the Thirty-Second Supplemental Indenture dated as of August 30, 2007 (the “Supplemental Indenture and, together with the Original Indenture, the “Indenture”) between the Company and the Trustee.

For purposes of this opinion, we have reviewed the Indenture and such other documents, records and papers, and satisfied ourselves as to such other matters, as we have deemed necessary or appropriate for this opinion.  As to questions of fact material to this opinion, we have relied on certificates of BNY and of public officials.  In such review, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies or forms and the authenticity of the originals of such latter documents.  We have assumed that BNY has been duly incorporated and that the Indenture has been duly authorized, executed and 

 

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delivered by the Company and constitutes the valid and binding agreement of, and is enforceable in accordance with its terms against, the Company.

Based upon the foregoing and subject to the qualifications below, we are of the opinion that:

1) BNY is a banking corporation validly existing under the laws of the State of New York with corporate power and authority to enter into and perform its obligations under the Indenture.

 

2) The Supplemental Indenture has been duly authorized, executed and delivered by BNY and the Indenture constitutes a valid and binding agreement of BNY enforceable against BNY in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or at law) and by an implied covenant of reasonableness, good faith and fair dealing.

 

We are members of the Bar of the State of New York and, for purposes of this opinion, do not hold ourselves out as experts on the laws of any jurisdiction other than the State of New York.  The opinions expressed herein are limited to matters governed by the laws of the State of New York.

This opinion is solely for your benefit in connection with the issuance and sale by the Company of the Notes and may not be relied upon by you for any other purpose, or relied upon or furnished to any other person, without our prior written consent.

Very truly yours,

 

 

 

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Schedule V

 

 

[Letterhead of DEWEY BALLANTINE LLP]

____, 2007

 

Edward D. Jones & Co., L.P.

12555 Manchester Road

St. Louis, Missouri 63131

 

GEORGIA POWER COMPANY

Series 2007E 6.00% Senior Insured Monthly Notes 

due September 1, 2040

Ladies and Gentlemen:

 

We have represented the Underwriter (hereinafter defined) in connection with (i) the issuance and sale by Georgia Power Company (the “Company”) of $250,000,000 aggregate principal amount of its Series 2007E 6.00% Senior Insured Monthly Notes due September 1, 2040 (the “Notes”) pursuant to a Senior Note Indenture dated as of January 1, 1998, by and between the Company and The Bank of New York (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as trustee (the “Trustee”), as heretofore supplemented and as further supplemented by the Thirty-Second Supplemental Indenture, dated as of August 30, 2007 (collectively, the “Indenture”); and (ii) the purchase by the Underwriter of the Notes pursuant to the terms of an Underwriting Agreement dated August 24, 2007  (the “Underwriting Agreement”), between the
Company and you, as the Underwriter (the “Underwriter”).  This opinion is being delivered to the Underwriter pursuant to Section 6(c)(3) thereof.

All capitalized terms not otherwise defined herein shall have the meanings set forth in the Underwriting Agreement.

In rendering the opinions expressed below, we have examined the registration statement on Form S-3 (File No. 333-140954) pertaining to the Notes and certain other securities filed by the Company under the Securities Act of 1933, as amended (the “Act”), as it became effective under the Act (the “Registration Statement”); the Company’s prospectus dated February 28, 2007  (the “Basic Prospectus”) as supplemented by a preliminary prospectus supplement dated August 23, 2007 (the “Pricing Prospectus”), filed by the Company pursuant to Rule 424(b) of the rules and regulations of the Securities and Exchange Commission (the “Commission”) under the Act, which, pursuant to Form S-3, incorporates by reference the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2006, the Quarterly Reports on Form 10-Q of the Company
for the quarters ended March 31, 2007 and June 30, 2007 

 

28

NY1  1122455v7

 

 

and the Current Reports on Form 8-K of the Company dated March 6, 2007, June 4, 2007, June 18, 2007,  June 29, 2007, July 9, 2007 July 10, 2007 and August 23, 2007 (the “Pricing Exchange Act Documents”), and a prospectus supplement dated August 24, 2007 (together with the Basic Prospectus, the “Final Supplemented Prospectus”), filed by the Company pursuant to Rule 424(b) of the rules and regulations of the Commission under the Act, which, pursuant to Form S-3, incorporates by reference the Pricing Exchange Act Documents and the Current Reports on Form 8-K of the Company dated August 24, 2007 and August 24, 2007 (the “Exchange Act Documents”), each as filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and the Indenture.  We have also examined the free writing prospectus prepared by the Company and filed with the Commission on August 24,
2007 pursuant to Rule 433 of the Act (the “Permitted Free Writing Prospectus”).  The documents listed in Schedule II to the Underwriting Agreement, taken together, are collectively referred to as the “Pricing Disclosure Package.”

In addition, we have examined, and have relied as to matters of fact upon, the documents delivered to you at the closing (except the certificate representing the Notes, of which we have examined a specimen), and we have made such other and further investigations as we deemed necessary to express the opinions hereinafter set forth.  In such examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such latter documents.

The Indenture and the Underwriting Agreement are herein referred to as the “Agreements.”

Based upon the foregoing, and subject to the qualifications and limitations stated herein, we are of the opinion, relying as aforesaid and as to all matters covered hereby which are governed by or dependent upon the law of the State of Georgia upon the opinion of Troutman Sanders LLP dated the date hereof and addressed to you, that:

1.      The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Georgia and has due corporate authority to carry on the public utility business in which it is engaged, to own and operate the properties used by it in such business and to enter into and perform its obligations under the Agreements and the Notes.

2.      The execution, delivery and performance by the Company of the Underwriting Agreement have been duly authorized by all necessary corporate action, and the Underwriting Agreement has been duly executed and delivered by the Company.

3.      All orders, consents or other authorizations or approvals of the Georgia Public Service Commission and the Commission legally required for the issuance and sale of the Notes have been obtained; such orders are sufficient for the issuance and sale of the Notes; the issuance and sale of the Notes conform in all material respects with the terms of such orders; and no other order, consent or other authorization 

 

29

NY1  1122455v7

 

 

or approval of any Georgia or United States governmental body (other than in connection or in compliance with the provisions of the securities or “blue sky” laws of any jurisdiction, as to which we express no opinion) is legally required for the issuance and sale of the Notes in accordance with the terms of the Underwriting Agreement.

4.      The Indenture has been duly authorized, executed and delivered by the Company and, assuming the due authorization, execution and delivery thereof by the Trustee, constitutes a valid and legally binding instrument of the Company, enforceable against the Company in accordance with its terms, subject to the qualifications that the enforceability of the Company's obligations under the Indenture may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and the Indenture conforms as to legal matters in all material respects to the description thereof in the Pricing Disclosure Package and the Final Supplemented Prospectus.

5.      The Notes have been duly authorized and executed by the Company and, when authenticated by the Trustee in the manner provided in the Indenture and delivered to and paid for by the Underwriter pursuant to the Underwriting Agreement, will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms, subject to the qualifications that the enforceability of the Company's obligations under the Notes may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and the Notes conform as to legal matters in all material respects to the description thereof in the Pricing Disclosure Package and
the Final Supplemented Prospectus. 

6.      The Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended. 

We have not independently verified the accuracy, completeness or fairness of the statements made or included in the Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus or the Exchange Act Documents and take no responsibility therefor, except as and to the extent set forth in paragraphs 4 and 5 above.  In the course of the preparation by the Company of the Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus and the Exchange Act Documents, we participated in conferences with certain officers and employees of the Company, with representatives of Deloitte & Touche LLP and with counsel to the Company.  Based upon our examination of the Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus and the Exchange Act Documents, our investigations made in connection with the preparation of
the Registration Statement, the Pricing Disclosure Package and the Final Supplemented Prospectus and our participation in the conferences referred to above, (i) we are of the opinion that the Registration Statement, on the Effective Date and the Final Supplemented Prospectus, as of August 24, 2007, complied as to form in all material respects with the relevant requirements of the Act and the applicable rules and 

 

30

NY1  1122455v7

 

 

regulations of the Commission thereunder and that the Exchange Act Documents, as of their respective dates of filing with the Commission, complied as to form in all material respects with the relevant requirements of the Exchange Act and the applicable rules and regulations of the Commission thereunder, except that in each case we express no opinion as to the financial statements or other financial or statistical data contained or incorporated by reference in the Registration Statement, the Pricing Disclosure Package, the Final Supplemented Prospectus or the Exchange Act Documents, and (ii) nothing came to our attention which gives us reason to believe that the Registration Statement, on the Effective Date (including the Exchange Act Documents on file with the Commission as of such date), contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein
or necessary in order to make the statements therein not misleading, that the Pricing Disclosure Package, as of the Applicable Time, included an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, or that the Final Supplemented Prospectus (including the Exchange Act Documents) contained, as of its date, or contains, on the date hereof, any untrue statement of a material fact or omitted, as of its date, or omits, on the date hereof, to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that in each case we express no opinion or belief with respect to the financial statements or other financial or statistical data contained or incorporated by reference in the Registration Statement, the Pricing Disclosure Package, the Final Supplemented
Prospectus or the Exchange Act Documents and with respect to information set forth in the Pricing Prospectus and the Final Supplemented Prospectus under the caption “Description of the Series 2007E Senior Notes - Book-Entry-Only Issuance - The Depository Trust Company” or “The Policy and the Insurer” (except for the information under the caption “The Policy”).

We are members of the State Bar of New York and we do not express any opinion herein concerning any law other than the law of the State of New York and the federal law of the United States and, to the extent set forth herein, the law of the State of Georgia.

This opinion is rendered solely to you in connection with the above matter.  This opinion may not be relied upon by you for any other purpose or relied upon by or furnished to any other person without our prior written consent except that Troutman Sanders LLP may rely on this opinion in giving its opinions pursuant to Section 6 of the Underwriting Agreement and to Sections 102, 302 and 904 of the Indenture, insofar as such opinions relate to matters of New York law.

Very truly yours,

 

 

DEWEY BALLANTINE LLP

 

31

NY1  1122455v7

 

 

 

Schedule VI

 

[Letterhead of Ambac Assurance Corporation]

____, 2007

 

Edward D. Jones & Co., L.P.

12555 Manchester Road

St. Louis, Missouri 63131

Georgia Power Company

241 Ralph McGill Boulevard, N.E.

Atlanta, Georgia 30308-3374

 

The Bank of New York

101 Barclay Street, Floor 8W

New York, New York 10286

 

GEORGIA POWER COMPANY

Series 2007E 6.00% Senior Insured Monthly Notes 

due September 1, 2040

Ladies and Gentlemen:

 

This opinion has been requested of the undersigned, a Vice President and an Assistant General Counsel of Ambac Assurance Corporation, a Wisconsin stock insurance company (“Ambac Assurance”), in connection with the issuance by Ambac Assurance of a certain Financial Guaranty Insurance Policy, effective as of the date hereof (the “Policy”), insuring $250,000,000 in aggregate principal amount of the Georgia Power Company (the “Issuer”) Series 2007E 6.00% Senior Insured Monthly Notes due September 1, 2040 (the “Obligations”).

 

In connection with my opinion herein, I have examined the Policy, such statutes, documents and proceedings as I have considered necessary or appropriate under the circumstances to render the following opinion, including, without limiting the generality of the foregoing, certain statements contained in the Prospectus of Georgia Power Company dated February 28, 2007, as supplemented by a Preliminary Prospectus Supplement dated August 23, 2007 and Prospectus Supplement dated August 24, 2007 relating to the Obligations (the Preliminary Prospectus Supplement, the Prospectus Supplement and the Prospectus are referred to herein as, the “Prospectus Supplement”) under the headings “The Policy and the Insurer” and “Appendix A--Form of Policy”.

 

Based upon the foregoing and having regard to legal considerations I deem relevant, I am of the opinion that:

 

 

32

NY1  1122455v7

 

 

 

1. Ambac Assurance is a stock insurance corporation duly organized and validly existing under the laws of the State of Wisconsin and duly qualified to conduct an insurance business in the State of Georgia.

 

2. Ambac Assurance has full corporate power and authority to execute and deliver the Policy and the Policy has been duly authorized, executed and delivered by Ambac Assurance and constitutes a legal, valid and binding obligation of Ambac Assurance enforceable in accordance with its terms except to the extent that the enforceability (but not the validity) of such obligation may be limited by any applicable bankruptcy, insolvency, liquidation, rehabilitation or other similar law or enactment now or hereafter enacted affecting the enforcement of creditors’ rights.

 

3. The execution and delivery by Ambac Assurance of the Policy will not, and the consummation of the transactions contemplated thereby and the satisfaction of the terms thereof will not, conflict with or result in a breach of any of the terms, conditions or provisions of the Certificate of Authority, Articles of Incorporation or By-Laws of Ambac Assurance, or any restriction contained in any contract, agreement or instrument to which Ambac Assurance is party or by which it is bound or constitute a default under any of the foregoing.

 

4. Proceedings legally required for the issuance of the Policy have been taken by Ambac Assurance and licenses, orders, consents or other authorizations or approvals of any governmental boards or bodies legally required for the enforceability of the Policy have been obtained; any proceedings not taken and any licenses, authorizations or approvals not obtained are not material to the enforceability of the Policy.

 

5. The statements contained in the Prospectus Supplement under the heading “The Policy and the Insurer”, insofar as such statements constitute summaries of the matters referred to therein, accurately reflect and fairly present the information purported to be shown and, insofar as such statements describe Ambac Assurance, fairly and accurately describe Ambac Assurance.  The form of Policy contained in the Prospectus Supplement under the heading “Appendix A -- Form of Policy” is a true and complete copy of the form of Policy.

 

Very truly yours,

 

Vice President and Assistant General Counsel

 

 

 

33

NY1  1122455v7Exhibit 4.2

                              GEORGIA POWER COMPANY

                                       TO

                              THE BANK OF NEW YORK,
                                    TRUSTEE.

                      THIRTY-SECOND SUPPLEMENTAL INDENTURE

                           DATED AS OF AUGUST 30, 2007

                 SERIES 2007E 6.00% SENIOR INSURED MONTHLY NOTES

                              DUE SEPTEMBER 1, 2040

<PAGE>

                              TABLE OF CONTENTS(1)

                                                                          PAGE

ARTICLE 1...................................................................1

    Series 2007E 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..................................................5
    SECTION 107.  Redemption at the Company's Option........................5
    SECTION 108.  Redemption Upon Death of a Beneficial Owner...............5
    SECTION 109.  Mandatory Redemption......................................8

ARTICLE 2...................................................................9

    Special Insurance Provisions............................................9
    SECTION 201.  Supplemental Indentures...................................9
    SECTION 202.  Events of Default and Remedies............................9
    SECTION 203.  Insurance Policy Payment Procedures.......................9
    SECTION 204.  Application of Term "Outstanding" to Series 2007E Notes..11
    SECTION 205.  Insurer as Third Party Beneficiary.......................11
    SECTION 206.  Concerning the Special Insurance Provisions..............11
    SECTION 207.  Concerning the Policy....................................11

ARTICLE 3..................................................................11

    Miscellaneous Provisions...............................................11
    SECTION 301.  Recitals by Company......................................11
    SECTION 302.  Ratification and Incorporation of Original Indenture.....11
    SECTION 303.  Executed in Counterparts.................................11

EXHIBIT A      Form of Series 2007E Note

EXHIBIT B      Certificate of Authentication

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

                                       i

<PAGE>

     THIS THIRTY-SECOND SUPPLEMENTAL INDENTURE is made as of the 30th day of
August, 2007, by and between GEORGIA POWER COMPANY, a Georgia corporation, 241
Ralph McGill Boulevard, N.E., Atlanta, Georgia 30308-3374 (the "Company"), and
THE BANK OF NEW YORK, a New York banking corporation, 101 Barclay Street, 8W,
New York, New York 10286 (the "Trustee").

                              W I T N E S S E T H:

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

     WHEREAS, the Original Indenture is incorporated herein by this reference
and the Original Indenture, as heretofore supplemented and as further
supplemented by this Thirty-Second Supplemental Indenture, is herein called the
"Indenture";

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

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

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

     WHEREAS, all conditions necessary to authorize the execution and delivery
of this Thirty-Second 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 2007E 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 2007E 6.00% Senior Insured Monthly Notes due September 1, 2040 (the
"Series 2007E Notes").

<PAGE>

     There are to be authenticated and delivered $250,000,000 aggregate
principal amount of Series 2007E Notes, and such principal amount of the Series
2007E Notes may be increased from time to time pursuant to Section 301 of the
Original Indenture. All Series 2007E 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 2007E Notes. Any such additional Series 2007E
Notes will have the same interest rate, maturity and other terms, including the
benefit of the Policy (appropriately increased to cover the principal amount of
and interest due on the additional Series 2007E Notes), as those initially
issued. No Series 2007E 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 2007E Notes shall be
issued in definitive fully registered form.

     The Series 2007E 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 2007E Notes shall be The Depository Trust Company.

     The form of the Trustee's Certificate of Authentication for the Series
2007E Notes shall be in substantially the form set forth in Exhibit B hereto.

     Each Series 2007E 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.

     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.

     "Beneficial Owner" has the meaning set forth in Section 108 hereof.

     "Initial Period" has the meaning set forth in Section 108 hereof.

     "Insurance Agreement" means that certain Insurance Agreement, dated as of
August 30, 2007, by and between the Company and the Insurer.

     "Insurance Trustee" means The Bank of New York, New York, New
York, or any successor thereto, as the Insurance Trustee under the Policy.

     "Insurer" means Ambac Assurance Corporation, a Wisconsin-domiciled stock
insurance company.

     "Interest Payment Dates" means the first day of each month, commencing
October 1, 2007.

     "Mandatory Redemption Event" means the Company's failure to comply with (i)
Section 1.02 of the Insurance Agreement, the continuance of such failure for a
period in excess of 10 days after receipt by the Company of written notice
thereof from the Insurer and the receipt by the Trustee of notice thereof in
accordance with Section 109 hereof; or (ii) Section 3.01 or Section 3.02 of the
Insurance Agreement, the continuance of such failure for a period in excess of
30 days after receipt by the Company of written notice thereof from the Insurer

                                       2
<PAGE>

and the receipt by the Trustee of notice thereof in accordance with Section 109
hereof.

     "Original Issue Date" means August 30, 2007.

     "Participants" has the meaning set forth in Section 108 hereof.

     "Policy" means the financial guaranty insurance policy issued by the
Insurer with respect to payments due for principal of and interest on the Series
2007E Notes (including any additional Series 2007E Notes referred to in the
second paragraph of Section 101 hereof, subject to Section 207) as provided in
such policy.

     "Quarterly Redemption Date" means March 1, June 1, September 1 and December
1 of each year, beginning December 1, 2012.

     "Redemption Request" has the meaning set forth in Section 108 hereof.

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

     "Representatives" has the meaning set forth in Section 108 hereof.

     "Stated Maturity" means September 1, 2040.

     "Subsequent Period" has the meaning set forth in Section 108 hereof.

     SECTION 103. Payment of Principal and Interest. The principal of the Series
2007E Notes shall be due at Stated Maturity (unless earlier redeemed). The
unpaid principal amount of the Series 2007E Notes shall bear interest at the
rate of 6.00% per annum until paid or duly provided for. Interest shall be paid
monthly in arrears on each Interest Payment Date to the Person in whose name the
Series 2007E Notes are registered 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 2007E 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 2007E 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 2007E 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 2007E Notes will include interest
accrued to but excluding the respective Interest Payment Dates. Interest
payments for the Series 2007E 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

                                       3
<PAGE>

interest is payable on the Series 2007E Notes is not a Business Day, then a
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.

     Payment of the principal and interest due at the Stated Maturity or earlier
redemption of the Series 2007E Notes shall be made upon surrender of the Series
2007E Notes at the Corporate Trust Office of the Trustee. The principal of and
interest on the Series 2007E 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 2007E Notes may be issued in the
denominations of $1,000, or any integral multiple thereof.

     SECTION 105. Global Securities. The Series 2007E 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 2007E Notes represented
by one or more Global Securities will not be exchangeable for, and will not
otherwise be issuable as, Series 2007E 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 2007E 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, Global Security shall be
exchangeable for Series 2007E 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 2007E Notes. Any Global Security that is
exchangeable pursuant to the preceding sentence shall be exchangeable for Series
2007E Notes registered in such names as the Depositary shall direct.

                                       4
<PAGE>

     SECTION 106. Transfer. No service charge will be made for any transfer or
exchange of Series 2007E 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.

     The Company shall not be required (a) to issue, transfer or exchange any
Series 2007E Notes, except to the Insurer, 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 2007E Notes to be called for redemption, and ending at the
close of business on the day of the mailing, or (b) to issue, transfer or
exchange any Series 2007E Notes theretofore selected for redemption in whole or
in part, except the unredeemed portion of any Series 2007E Note redeemed in
part.

     SECTION 107. Redemption at the Company's Option. The Series 2007E Notes
shall be subject to redemption at the option of the Company, in whole or in
part, without premium or penalty, at any time or from time to time on or after
September 1, 2012, upon not less than 30 nor more than 60 days' notice, at a
Redemption Price equal to 100% of the principal amount to be redeemed plus any
accrued and unpaid interest thereon to the Redemption Date.

     In the event of redemption of the Series 2007E Notes in part only, a new
Series 2007E Note or Notes for the unredeemed portion will be issued in the name
or names of the Holders thereof upon the surrender thereof.

     The Series 2007E Notes will not have a sinking fund.

     Notice of redemption pursuant to this Section 107 shall be given as
provided in Section 1104 of the Original Indenture.

     Any redemption of less than all of the Series 2007E Notes shall, with
respect to the principal thereof, be divisible by $1,000.

     SECTION 108. Redemption Upon Death of a Beneficial Owner. Unless the Series
2007E Notes have been declared due and payable prior to the Stated Maturity by
reason of an Event of Default, or have been previously redeemed or otherwise
repaid, the Representative (as hereinafter defined) of a deceased Beneficial
Owner (as hereinafter defined) of the Series 2007E Notes has the right, on or
after September 1, 2012, to request redemption prior to the Stated Maturity of
all or part of his or her interest in such Series 2007E Notes, and the Company
will redeem the same subject to the limitations that the Company will not be
obligated to redeem, during the period from September 1, 2012 through and
including September 1, 2013 (the "Initial Period"), and, during any twelve-month
period that ends on and includes each September 1 thereafter (each such
twelve-month period being hereinafter referred to as a "Subsequent Period"), (i)
on behalf of a deceased Beneficial Owner any interest in the Series 2007E Notes
which exceeds $25,000 aggregate principal amount or (ii) interests in the Series
2007E Notes exceeding $5,000,000 in aggregate principal amount. A request for
redemption may be initiated by the Representative of a deceased Beneficial Owner
at any time, on or after September 1, 2012, and in any principal amount.

                                       5
<PAGE>

     The Company may, at its option, redeem interests of any deceased Beneficial
Owner in the Series 2007E Notes in the Initial Period or any Subsequent Period
in excess of the $25,000 limitation. Any such redemption by the Company, to the
extent that it exceeds the $25,000 limitation for any deceased Beneficial Owner,
shall not be included in the computation of the $5,000,000 aggregate limitation
for the Series 2007E Notes for such Initial Period and for such Subsequent
Period or for any succeeding Subsequent Period. The Company may, at its option,
redeem interests of deceased Beneficial Owners in the Series 2007E Notes in the
Initial Period or in any Subsequent Period in an aggregate principal amount
exceeding the $5,000,000 aggregate limitation. Any such redemption by the
Company, to the extent it exceeds the $5,000,000 aggregate limitation, shall not
reduce the $5,000,000 aggregate limitation for any succeeding Subsequent Period.
On any determination by the Company to redeem Series 2007E Notes in excess of
the $25,000 limitation or the $5,000,000 aggregate limitation, such Series 2007E
Notes shall be redeemed in the order of the receipt of Redemption Requests (as
hereinafter defined) by the Trustee.

     A request for redemption of an interest in the Series 2007E Notes may be
initiated by the personal representative or other person authorized to represent
the estate of the deceased Beneficial Owner or from a surviving joint tenant(s)
or tenant(s) by the entirety or the trustee of a trust (each, a
"Representative"). A Representative may initiate a request for redemption at any
time and in any principal amount, provided that the principal amount is in
integral multiples of $1,000. The Representative shall deliver its request to
the Participant (as hereinafter defined) through whom the deceased Beneficial
Owner owned such interest, in form satisfactory to the Participant, together
with evidence of the death of the Beneficial Owner, evidence of the authority of
the Representative satisfactory to the Participant, any waivers, notices or
certificates as may be required under applicable state or federal law and any
other evidence of the right to such redemption as the Participant requires.
Subject to the rules and arrangements applicable to the Depositary, the
Participant will then deliver to the Depositary a request for redemption
substantially in the form attached to the Series 2007E Notes as Annex A (a
"Redemption Request"). The Depositary will, upon receipt of a Redemption
Request, forward the same to the Trustee. The Trustee is required to maintain
records with respect to Redemption Requests received by it, including the date
of receipt, the name of the Participant filing the Redemption Request and the
status of each Redemption Request with respect to the $25,000 limitation and the
$5,000,000 aggregate limitation. The Trustee will promptly file with the Company
each Redemption Request it receives, together with the information regarding the
eligibility of the Redemption Request with respect to the $25,000 limitation and
the $5,000,000 aggregate limitation. The Company, the Depositary and the Trustee
may conclusively assume, without independent investigation, that the statements
contained in each Redemption Request are true and correct and shall have no
responsibility (a) for reviewing any documents submitted to the Participant by
the Representative or (b) for determining whether the applicable decedent is in
fact the Beneficial Owner of the interest in the Series 2007E Notes to be
redeemed or is in fact deceased and whether the Representative is duly
authorized to request redemption on behalf of the applicable Beneficial Owner.

     Subject to the $25,000 limitation and the $5,000,000 aggregate limitation,
on or after September 1, 2012, the Company will, after the death of any
Beneficial Owner, redeem the interest of such Beneficial Owner in the Series

                                       6
<PAGE>

2007E Notes on the next Quarterly Redemption Date occurring not less than 30
days following receipt by the Company of a Redemption Request from the Trustee.
If Redemption Requests exceed the aggregate principal amount of interests in
Series 2007E Notes required to be redeemed during the Initial Period or any
Subsequent Period, then such excess Redemption Requests will be applied, in the
order received by the Trustee to successive Subsequent Periods, regardless of
the number of Subsequent Periods required to redeem such interests. The Company
may, at any time, notify the Trustee that it will redeem on the next Quarterly
Redemption Date not less than 30 days thereafter, all or any lesser amount of
Series 2007E Notes for which Redemption Requests have been received but which
are not then eligible for redemption by reason of the $25,000 limitation or the
$5,000,000 aggregate limitation. Any Series 2007E Notes so redeemed shall be
redeemed in the order of receipt of Redemption Requests by the Trustee.

     The price to be paid by the Company for the Series 2007E Notes to be
redeemed pursuant to a Redemption Request is 100% of the principal amount
thereof plus accrued and unpaid interest to the date of payment. Subject to
arrangements with the Depositary, payment for interests in the Series 2007E
Notes to be redeemed shall be made to the Depositary upon presentation of the
Series 2007E Notes to the Trustee for redemption in the aggregate principal
amount specified in the Redemption Requests submitted to the Trustee by the
Depositary which are to be fulfilled in connection with such payment. The
principal amount of any Series 2007E Notes acquired or redeemed by the Company
other than by redemption at the option of any Representative of a deceased
Beneficial Owner pursuant to this Section 108 shall not be included in the
computation of either the $25,000 limitation or the $5,000,000 aggregate
limitation for the Initial Period or any Subsequent Period.

     A "Beneficial Owner" means the person who has the right to sell, transfer
or otherwise dispose of an interest in a Series 2007E Note and the right to
receive the proceeds therefrom, as well as the interest and principal payable to
the Holder thereof. In general, a determination of beneficial ownership in the
Series 2007E Notes will be subject to the rules, regulations and procedures
governing the Depositary and institutions that have accounts with the Depositary
or a nominee thereof ("Participants").

     An interest in a Series 2007E Note held in tenancy by the entirety, by
joint tenancy or by tenants in common will be deemed to be held by a single
Beneficial Owner, and the death of a tenant by the entirety, joint tenant or
tenant in common will be deemed the death of a Beneficial Owner. The death of a
person who, during his or her lifetime, was entitled to substantially all of the
rights of a Beneficial Owner of an interest in the Series 2007E Notes will be
deemed the death of the Beneficial Owner, regardless of the recordation of such
interest on the records of the Participant, if such rights can be established to
the satisfaction of the Participant and the Company. Such interests shall be
deemed to exist in typical cases of nominee ownership, ownership under the
Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act, community
property or other similar joint ownership arrangements, including individual
retirement accounts or Keogh H.R. 10 plans maintained solely by or for the
decedent or by or for the decedent and any spouse, and trust and certain other
arrangements where one person has substantially all of the rights of a
Beneficial Owner during such person's lifetime.

                                       7
<PAGE>

     In the case of a Redemption Request that is presented on behalf of a
deceased Beneficial Owner and that has not been fulfilled at the time the
Company gives notice of its election to redeem the Series 2007E Notes in part
pursuant to Section 107 hereof, the Series 2007E Notes that are the subject of
such pending Redemption Request shall be redeemed pursuant to Section 107 hereof
prior to any other Series 2007E Notes.

     Any Redemption Request may be withdrawn by the person(s) presenting such
request upon delivery of a written request for such withdrawal given by the
Participant on behalf of such person(s) to the Depositary and by the Depositary
to the Trustee not less than 60 days prior to the Quarterly Redemption Date on
which such Series 2007E Notes are eligible for redemption.

     The Company may, at its option, purchase any Series 2007E Notes for which
Redemption Requests have been received in lieu of redeeming such Series 2007E
Notes. Any Series 2007E Notes so purchased by the Company shall either be
reoffered for sale and sold within 180 days after the date of purchase or
presented to the Trustee for cancellation.

     During such time or times as the Series 2007E Notes are not represented by
a Global Security and are issued in definitive form, all references to
Participants and the Depositary, including the Depositary's governing rules,
regulations and procedures, shall be deemed deleted, all determinations which
under this Section the Participants are required to make shall be made by the
Company (including, without limitation, determining whether the applicable
decedent is in fact the Beneficial Owner of the interest in the Series 2007E
Notes to be redeemed or is in fact deceased and whether the Representative is
duly authorized to request redemption on behalf of the applicable Beneficial
Owner), all Redemption Requests, to be effective, shall be delivered by the
Representative to the Trustee, with a copy to the Company, and shall be in the
form of a Redemption Request (with appropriate changes mutually agreed to by the
Trustee and the Company to reflect the fact that such Redemption Request is
being executed by a Representative (including provision for signature
guarantees)) and, in addition to all documents that are otherwise required to
accompany a Redemption Request, shall be accompanied by the Series 2007E Note
that is the subject of such request and, if applicable, a properly executed
assignment or endorsement. If the record interest in the Series 2007E Note is
held by a nominee of the deceased Beneficial Owner, a certificate or letter from
such nominee attesting to the deceased's ownership of a beneficial interest in
the Series 2007E Note must also be delivered.

     SECTION 109. Mandatory Redemption. Upon the occurrence of a Mandatory
Redemption Event, the Company shall redeem the Series 2007E Notes, in whole but
not in part, prior to the Stated Maturity upon not less than 30 nor more than 60
days' notice at a Redemption Price equal to (i) 102% of the principal amount to
be redeemed plus any accrued and unpaid interest thereon to the Redemption Date
if the Redemption Date is prior to September 1, 2012 or (ii) 100% of the
principal amount to be redeemed plus any accrued and unpaid interest thereon to
the Redemption Date if the Redemption Date is on or after September 1, 2012. A
Mandatory Redemption Event will be deemed to have occurred at the time that the
Trustee receives written notice from the Insurer of the occurrence of a
Mandatory Redemption Event and such notice shall constitute the notice required
by Section 1102 of the Original Indenture and shall not be required to be
evidenced by a Board Resolution. Subject to the notice requirements set forth
herein, the Company shall redeem the Series 2007E Notes on a date fixed by the

                                       8
<PAGE>

Company within 60 days after the occurrence of the Mandatory Redemption Event.
Any notice of redemption required to be given by the Trustee in connection with
a redemption required by this Section 109 need not be given earlier than 15 days
after the date the Trustee receives notice of a Mandatory Redemption Event
pursuant to this Section 109.

     Notice of redemption pursuant to this Section 109 shall be given to the
Holders of the Series 2007E Notes as provided in Section 1104 of the Original
Indenture.

                                    ARTICLE 2

                          Special Insurance Provisions

     SECTION 201. Supplemental Indentures. The consent of the Insurer shall be
required with respect to any indenture or indentures supplemental to the
Original Indenture requiring the consent of the Holders of the Series 2007E
Notes pursuant to Section 902 of the Original Indenture. Any provision of this
Thirty-Second Supplemental Indenture or the Original Indenture expressly
recognizing or granting rights to the Insurer may not be amended in any manner
which affects the rights of the Insurer without the prior written consent of the
Insurer.

     SECTION 202. Events of Default and Remedies. Subject to Section 107 of the
Original Indenture and to the Trust Indenture Act, including, without
limitation, Sections 316(a)(1) and 317(a) thereof, if an Event of Default occurs
with respect to the Series 2007E Notes and is continuing, the Insurer shall be
entitled to control and direct the enforcement of all rights and remedies
granted to the Holders of the Series 2007E Notes or the Trustee for the benefit
of the Holders of the Series 2007E Notes under the Indenture, including, without
limitation, (i) the right to accelerate the principal of the Series 2007E Notes
as provided in Section 502 of the Original Indenture, and (ii) the right to
annul any such declaration of acceleration, and the Insurer shall also be
entitled to approve any waiver of an Event of Default with respect to the Series
2007E Notes, the obligation of the Trustee to comply with any such direction to
be subject to compliance with the conditions set forth in Sections 512 and
603(e) of the Original Indenture (as if references in those Sections to Holders
were references to the Insurer) and the protections provided to the Trustee by
Section 601(c)(3) of the Original Indenture shall be applicable with respect to
any direction from the Insurer given pursuant hereto (as if references in said
Section to Holders were references to the Insurer).

     SECTION 203. Insurance Policy Payment Procedures. (a) On each Interest
Payment Date and on the Business Day immediately preceding the Stated Maturity,
the Trustee will determine whether there are sufficient funds to pay the
principal of or interest on the Series 2007E Notes on such Interest Payment Date
or at the Stated Maturity, as the case may be. If the Trustee determines that
there are insufficient funds available, the Trustee shall so notify the Insurer.
Such notice shall specify the amount of the deficiency and whether the Series
2007E Notes are deficient as to principal or interest, or both. The Insurer will
make payments of principal or interest due on the Series 2007E Notes in
accordance with the Policy on or before the first (1st) Business Day next
following the date on which the Insurer shall have received notice of Nonpayment
(as defined in the Policy) from the Trustee.

                                       9
<PAGE>

     (b) In the event of Nonpayment and notification thereof to the Insurer, the
Trustee shall make available to the Insurer and, at the Insurer's direction, to
the Insurance Trustee, the books kept by the Trustee for the registration and
for the registration of transfer of Series 2007E Notes as provided in the
Indenture.

     (c) The Trustee shall, at the time it provides notice to the Insurer
pursuant to (a) above, notify Holders of Series 2007E Notes entitled to receive
the payment of principal or interest thereon from the Insurer (i) as to the fact
of such entitlement, (ii) that the Insurer will remit to them all or a part of
the interest payments next coming due upon proof of Holder entitlement to
interest payments and delivery to the Insurance Trustee, in form satisfactory to
the Insurance Trustee, of an appropriate assignment of the Holder's right to
payment, (iii) that should they be entitled to receive full payment of principal
from the Insurer, they must surrender their Series 2007E Notes (along with an
appropriate instrument of assignment in form satisfactory to the Insurance
Trustee to permit ownership of such Series 2007E Notes to be registered in the
name of the Insurer) for payment to the Insurance Trustee, and not the Trustee
or any Paying Agent and (iv) that should they be entitled to receive partial
payment of principal from the Insurer, they must surrender their Series 2007E
Notes for payment thereon first to the Trustee, who shall note on such Series
2007E Notes the portion of the principal paid by the Trustee, and then, along
with an appropriate instrument of assignment in form satisfactory to the
Insurance Trustee, to the Insurance Trustee, which will then pay the unpaid
portion of principal.

     (d) In the event that the Trustee has notice that any payment of principal
of or interest on a Series 2007E Note which has become Due for Payment (as
defined in the Policy) and which is made to a Holder by or on behalf of the
Company has been deemed a preferential transfer and theretofore recovered from
its Holder pursuant to the United States Bankruptcy Code by a trustee in
bankruptcy in accordance with a final, nonappealable order of a court having
competent jurisdiction, the Trustee shall, at the time the Insurer is notified
pursuant to (a) above, notify all Holders of the Series 2007E Notes that in the
event that any Holder's payment is so recovered, such Holder will be entitled to
payment from the Insurer to the extent of such recovery if sufficient funds are
not otherwise available, and the Trustee shall furnish to the Insurer its
records evidencing the payments of principal of and interest on the Series 2007E
Notes which have been made by the Trustee and subsequently recovered from
Holders and the dates on which such payments were made.

     (e) In addition to those rights granted the Insurer under the Indenture,
the Insurer shall, to the extent it makes payment of principal of or interest on
Series 2007E Notes, become subrogated to the rights of the recipients of such
payments in accordance with the terms of the Policy, and to evidence such
subrogation (i) in the case of subrogation as to claims for past due interest,
the Trustee shall note the Insurer's rights as subrogee on the registration
books of the Company maintained by the Trustee upon receipt from the Insurer of
proof of the payment of interest thereon to the Holders of the Series 2007E
Notes and (ii) in the case of subrogation as to claims for past due principal,
the Trustee shall note the Insurer's rights as subrogee on the registration
books of the Company maintained by the Trustee upon surrender of the Series
2007E Notes by the Holders thereof together with proof of the payment of
principal thereof.

                                       10
<PAGE>

     SECTION 204. Application of Term "Outstanding" to Series 2007E Notes. In
the event that the principal and/or interest due on the Series 2007E Notes shall
be paid by the Insurer pursuant to the Policy, the Series 2007E Notes shall
remain Outstanding for all purposes of the Indenture, not be considered defeased
or otherwise satisfied and not be considered paid by the Company, and the
assignment and pledge of the Indenture and all covenants, agreements and other
obligations of the Company to the Holders of the Series 2007E Notes shall
continue to exist and shall run to the benefit of the Insurer, and the Insurer
shall be subrogated to the rights of such Holders to the extent of each such
payment.

     SECTION 205. Insurer as Third Party Beneficiary. To the extent that the
Indenture confers upon or gives or grants to the Insurer any right, remedy or
claim under or by reason of the Indenture, the Insurer is hereby explicitly
recognized as being a third-party beneficiary hereunder and may enforce any such
right, remedy or claim conferred, given or granted hereunder.

     SECTION 206. Concerning the Special Insurance Provisions. The provisions of
this Article 2 shall apply notwithstanding anything in the Indenture to the
contrary, but only so long as the Policy shall be in full force and effect and
the Insurer is not in default thereunder.

     SECTION 207. Concerning the Policy. Should the Company issue additional
Series 2007E Notes, as contemplated in Section 101 hereof, such additional
Series 2007E Notes will have the benefit of the Policy upon the endorsement of
the Policy by the Insurer pursuant to a mutually acceptable agreement of the
Company and the Insurer at or prior to the time of such issuance. The Insurer is
under no obligation to endorse the Policy to extend its benefits to any
additional Series 2007E Notes if it does not reach such an agreement with the
Company.

                                    ARTICLE 3

                            Miscellaneous Provisions

     SECTION 301. Recitals by Company. The recitals in this Thirty-Second
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 2007E Notes and of this Thirty-Second
Supplemental Indenture as fully and with like effect as if set forth herein in
full.

     SECTION 302. Ratification and Incorporation of Original Indenture. As
heretofore supplemented and as supplemented hereby, the Original Indenture is in
all respects ratified and confirmed, and the Original Indenture as heretofore
supplemented and as supplemented by this Thirty-Second Supplemental Indenture
shall be read, taken and construed as one and the same instrument.

     SECTION 303. Executed in Counterparts. This Thirty-Second 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.

                                       11
<PAGE>

     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:                            GEORGIA POWER COMPANY

By:  /s/Daniel Lowery              By:  /s/Cliff S. Thrasher
         Daniel Lowery                     Cliff S. Thrasher
         Corporate Secretary               Executive Vice President,
                                           Chief Financial Officer and Treasurer

ATTEST:                            THE BANK OF NEW YORK, as Trustee

By:  /s/Robert A. Massimillo       By:  /s/L. O'Brien
       Robert A. Massimillo                 L. O'Brien
       Vice President                       Vice President

<PAGE>

                                    EXHIBIT A

                            FORM OF SERIES 2007E NOTE

                                       13
<PAGE>

NO. ____                                                    CUSIP NO. 373334JG7

                              GEORGIA POWER COMPANY
                 SERIES 2007E 6.00% SENIOR INSURED MONTHLY NOTE
                              DUE SEPTEMBER 1, 2040

Principal Amount:                      $____________

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

Original Issue Date:                   August 30, 2007

Stated Maturity:                       September 1, 2040

Interest Payment Dates:                The first day of each month

Interest Rate:                         6.00% 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, monthly in arrears on each
Interest Payment Date as specified above, commencing October 1, 2007, 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 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
inconsistent with the requirements of any securities exchange, if any, on which

<PAGE>

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 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 CityplaceNew 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 2007E Notes shall be made upon surrender of the
Series 2007E Notes at the Corporate Trust Office of the Trustee. The principal
of and interest on the Series 2007E 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.

     Financial Guaranty Insurance Policy No. 26981BE (the "Policy") with respect
to payments due for principal of and interest on this Note has been issued by
Ambac Assurance Corporation ("Ambac Assurance"). The Policy has been delivered
to The Bank of New York, New York, New York, as the Insurance Trustee
under said Policy and will be held by such Insurance Trustee or any successor
insurance trustee. The Policy is on file and available for inspection at the
principal office of the Insurance Trustee and a copy thereof may be secured from
Ambac Assurance or the Insurance Trustee. All payments required to be made under
the Policy shall be made in accordance with the provisions thereof. The owner of
this Note acknowledges and consents to the subrogation rights of Ambac Assurance
as more fully set forth in the Policy.

     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.

                                       2
<PAGE>

     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}

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

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

                                           THE BANK OF NEW YORK,
                                           as Trustee

                                           By:
                                              ---------------------------------
                                                    Authorized Signatory

<PAGE>

                             (Reverse Side of Note)

         This Note is one of a duly authorized issue of Senior Notes of the
Company (the "Notes"), issued and issuable in one or more series under a Senior
Note Indenture, dated as of January 1, 1998, as supplemented (the "Indenture"),
between the Company and The Bank of New York (as successor to JPMorgan Chase
Bank, N.A. (formerly known as The Chase Manhattan Bank)), 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 2007E 6.00% Senior Insured Monthly Notes due September 1,
2040 (the "Series 2007E 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 Company shall have the right, subject to the terms and conditions
of the Indenture, to redeem this Note at any time on or after September 1, 2012
at the option of the Company, without premium or penalty, in whole or in part,
at a Redemption Price equal to 100% of the principal amount to be redeemed plus
accrued but unpaid interest to the Redemption Date.

         Upon the occurrence of a "Mandatory Redemption Event" (as defined
below), this Note shall be subject to mandatory redemption, upon not less than
30 nor more than 60 days' notice, in whole but not in part, at a Redemption
Price equal to (i) 102% of the principal amount of the Series 2007E Notes plus
accrued and unpaid interest to the Redemption Date if the Redemption Date is
prior to September 1, 2012 or (ii) 100% of the principal amount of the Series
2007E Notes plus accrued and unpaid interest to the Redemption Date if the
Redemption Date is on or after September 1, 2012. "Mandatory Redemption Event"
means the Company's failure to comply with (x) Section 1.02 of the Insurance
Agreement, dated as of August 30, 2007 (the "Insurance Agreement"), by and
between the Company and Ambac Assurance Corporation (the "Insurer"), the
continuance of such failure for a period in excess of 10 days after receipt by
the Company of written notice thereof from the Insurer and the receipt by the
Trustee of notice thereof, or (y) Section 3.01 or Section 3.02 of the Insurance
Agreement, the continuance of such failure for a period in excess of 30 days
after receipt by the Company of written notice thereof from the Insurer and the
receipt by the Trustee of notice thereof. Subject to the notice requirements of
the Indenture, the Company shall redeem the Series 2007E Notes within 60 days
after the occurrence of the Mandatory Redemption Event.

         Subject to the conditions and restrictions contained in the Indenture,
this Note may be redeemed in whole or in part at a Redemption Price equal to
100% of the principal amount to be redeemed plus accrued but unpaid interest to
the Redemption Date, at the request of the Representative of the deceased
beneficial owner of this Note pursuant to a Redemption Request attached hereto
as Annex A.

         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 2007E Notes will
not have a sinking fund.

                                       5
<PAGE>

         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 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.

                                       6
<PAGE>

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

                                       7
<PAGE>

                                  ABBREVIATIONS

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

TEN COM- as tenants in            UNIF GIFT MIN ACT- _______ Custodian ________
         common                                       (Cust)            (Minor)
TEN ENT- as tenants by the
         entireties                                under Uniform Gifts to
JT TEN-  as joint tenants                          Minors Act
         with right of
         survivorship and                          ________________________
         not as tenants                                     (State)
         in common

                    Additional abbreviations may also be used
                          though not on the above list.

         FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
________________________________________________________________________________
(please insert Social Security or other identifying number of assignee)

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

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

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

Dated:
       -----------------------------------------------------------------------

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

                                       8
<PAGE>

                                     ANNEX A

                           FORM OF REDEMPTION REQUEST

                              Georgia Power Company
                 Series 2007E 6.00% Senior Insured Monthly Notes
                              due September 1, 2040
                           (the "Series 2007E Notes")

                               CUSIP NO. 373334JG7

         The undersigned, ____________________ (the "Participant"), does hereby
certify, pursuant to the provisions of that certain Senior Note Indenture, dated
as of January 1, 1998, as supplemented by the Thirty-Second Supplemental
Indenture, dated as of August 30, 2007 (the "Indenture") made by and between
Georgia Power Company (the "Company") and The Bank of New York (as successor to
JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as
Trustee (the "Trustee"), to The Depository Trust Company (the "Depositary"), the
Company and the Trustee that:

         1.       [Name of deceased Beneficial Owner] is deceased.

         2.       [Name of deceased Beneficial Owner] had a $__________ interest
in the above referenced Series 2007E Notes.

         3.       [Name of Representative] is [Beneficial Owner's personal
representative/other person authorized to represent the estate of the Beneficial
Owner/surviving joint tenant/surviving tenant by the entirety/trustee of a
trust] of [Name of deceased Beneficial Owner] and has delivered to the
undersigned a request for redemption in form satisfactory to the undersigned,
requesting that $__________ principal amount of said Series 2007E Notes be
redeemed pursuant to said Indenture. The documents accompanying such request,
all of which are in proper form, are in all respects satisfactory to the
undersigned and [Name of Representative] is entitled to have the Series 2007E
Notes to which this Request relates redeemed.

         4.       The Participant holds the interest in the Series 2007E Notes
with respect to which this Request for Redemption is being made on behalf of
[Name of deceased Beneficial Owner].

         5.       The Participant hereby certifies that it will indemnify and
hold harmless the Depositary, the Trustee and the Company (including their
respective officers, directors, agents, attorneys and employees), against all
damages, loss, cost, expense (including reasonable attorneys' and accountants'
fees), obligations, claims or liability (collectively, the "Damages") incurred
by the indemnified party or parties as a result of or in connection with the
redemption of Series 2007E Notes to which this Request relates. The Participant
will, at the request of the Company, forward to the Company, a copy of the
documents submitted by [Name of Representative] in support of the request for
redemption.

<PAGE>

     IN WITNESS WHEREOF, the undersigned has executed this Redemption Request as
of ____________, _____.

                                         [PARTICIPANT NAME]

                                         By:
                                            -----------------------------------
                                         Name:
                                              ---------------------------------
                                         Title:
                                               --------------------------------

<PAGE>

                                    EXHIBIT B

                          CERTIFICATE OF AUTHENTICATION

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

                                    THE BANK OF NEW YORK,
                                    as Trustee

                                    By:
                                       ----------------------------------------
                                             Authorized Signatory

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