Document:

Exhibit 10.(b)

 

Consent of Independent Registered Public
Accounting Firm

 

We hereby consent to the use in this Registration Statement on Form N-4
(File No. 333-112892) of our report dated March 30, 2005, relating to the
consolidated financial statements and financial statement schedules of
Protective Life Insurance Company and subsidiaries, which appears in such
Registration Statement.  We also consent
to the use in this Registration Statement on Form N-4 of our report dated April
14, 2005, relating to the financial statements of The Protective Variable
Annuity Separate Account, which appears in such Registration Statement.  We also consent to the reference to us under
the heading “Independent Registered Public Accounting Firm” in such
Registration Statement.

 

 

PricewaterhouseCoopers LLP

Birmingham, Alabama

June 27, 2005Exhibit 10.(a)

 

[SUTHERLAND ASBILL & BRENNAN LLP
LETTERHEAD]

 

	
  DAVID S. GOLDSTEIN

  	
   

  	
   

  
	
  DIRECT LINE:
  202.383.0606

  	
   

  	
   

  
	
  Internet:
  david.goldstein@sablaw.com

  	
   

  	
   

  

 

 

June 27, 2005

 

 

Board of Directors

Protective Life Insurance Company

2801 Highway 280 South

Birmingham, Alabama 35223

 

Directors:

 

We hereby consent to the reference to our
name under the caption “Legal Matters” in the statement of additional
information filed as part of post-effective amendment number 3 to the
registration statement on Form N-4 (File No. 333-116814) filed by Protective
Life Insurance Company and Protective Variable Annuity Separate Account with
the Securities and Exchange Commission. 
In giving this consent, we do not admit that we are in the category of
persons whose consent is required under Section 7 of the Securities Act of
1933.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
  SUTHERLAND ASBILL & BRENNAN LLP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David S. Goldstein

  	
   

  
	
   

  	
   

  	
   David S. GoldsteinExhibit 10.(b)

 

Consent of Independent Registered Public Accounting
Firm

 

We hereby consent to the use
in this Registration Statement on Form N-4 (File No. 333-116814) of our report
dated March 30, 2005, relating to the consolidated financial statements and
financial statement schedules of Protective Life Insurance Company and
subsidiaries, which appears in such Registration Statement.  We also consent to the use in this
Registration Statement on Form N-4 of our report dated April 14, 2005, relating
to the financial statements of The Protective Variable Annuity Separate
Account, which appears in such Registration Statement.  We also consent to the reference to us under
the heading “Independent Registered Public Accounting Firm” in such
Registration Statement.

 

 

 

PricewaterhouseCoopers LLP

Birmingham, Alabama

June 27, 2005Exhibit 4.1

 

SECURITIES RESOLUTION NO. 6

OF

THE EMPIRE DISTRICT ELECTRIC COMPANY

 

I,
Janet S. Watson, Secretary-Treasurer of The Empire District Electric
Company (the “Company”), do hereby certify that the attached is a true and
correct copy of Securities Resolution No. 6 duly adopted by the President
and Vice President - Finance of the Company pursuant to authorization delegated
to them by the Board of Directors of the Company (or authorized committee
thereof) at meetings called and held on May 16, 2003 and May 26, 2005;
and I do further certify that said resolution has not been rescinded and remains
in full force and effect.

 

IN WITNESS
WHEREOF, I have hereunto set my hand and affixed the corporate seal of THE
EMPIRE DISTRICT ELECTRIC COMPANY this 22nd day of June, 2005.

 

	
   

  	
  By:

  	
  /s/ Janet S.
  Watson

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Janet S.
  Watson

  
	
   

  	
   

  	
  Title:

  	
  Secretary-Treasurer

  
					

 

[CORPORATE SEAL]

 

 

5.80% Senior Notes due 2035

 

SECURITIES RESOLUTION NO. 6

OF

THE EMPIRE DISTRICT ELECTRIC COMPANY

 

The actions
described below are taken by the President and Vice President - Finance of THE
EMPIRE DISTRICT ELECTRIC COMPANY (the “Company”), pursuant to Board (as such
term is defined in the Indenture referred to below) delegation, in accordance
with resolutions adopted by the Board of the Company (or authorized committee
thereof) on May 16, 2003 and May 26, 2005, and Section 2.01 of
the Indenture dated as of September 10, 1999 (the “Indenture”) between the
Company and Wells Fargo Bank, National Association (as successor by merger to
Norwest Bank Minnesota, National Association), as Trustee.  Terms used herein and not defined have the
same meaning given such terms in the Indenture.

 

RESOLVED, that
a new series of Securities is authorized as follows:

 

1.                                       The title of the
series is 5.80% Senior Notes Due 2035 (the “Notes”).

 

2.                                       The form of the
Notes shall be substantially in form of Exhibit 1 hereto.

 

3.                                       The Notes shall
have the terms set forth in Exhibit 1.

 

4.                                       The Notes shall
have such other terms as are set forth in Exhibit 2 hereto.

 

5.                                       The Notes shall
be sold to the underwriter named in the prospectus supplement dated June 22,
2005 on the following terms:

 

	
  Price to Public:

  	
   

  	
  99.450

  	
  %

  
	
  Underwriting Discount:

  	
   

  	
  0.875

  	
  %

  

 

, in each case, plus accrued interest, if any, from June 27, 2005.

 

This Securities
Resolution shall be effective as of June 22, 2005.

 

	
   

  	
  /s/ William
  L. Gipson

  	
   

  
	
   

  	
  Name:

  	
  William L.
  Gipson

  
	
   

  	
  Title:

  	
  President
  and Chief Executive Officer

  
				

 

 

	
   

  	
  /s/ Gregory
  A Knapp

  	
   

  
	
   

  	
  Name:

  	
  Gregory A.
  Knapp

  
	
   

  	
  Title:

  	
  Vice
  President - Finance and Chief

  Financial Officer

  
				

 

 

EXHIBIT 1

 

CUSIP 291641 AZ 1

 

Unless this
certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation (“DTC”), to the Company or its agent for
registration of transfer, exchange, or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

 

No.          $40,000,000

 

THE EMPIRE DISTRICT ELECTRIC COMPANY

5.80% Senior Notes due 2035

 

THE EMPIRE
DISTRICT ELECTRIC COMPANY

promises to pay to Cede & Co.

 

or registered
assigns

the principal sum of Forty Million Dollars on July 1, 2035

 

Interest
Payment Dates:  January 1 and July 1

Record Dates:  December 15 and June 15

 

Dated: 
June 27, 2005

 

WELLS FARGO
BANK, NATIONAL ASSOCIATION

Transfer Agent and Paying Agent

 

	
   

  	
  THE EMPIRE DISTRICT ELECTRIC COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  [Title of
  Authorized Officer]

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  [Title of
  the Authorized Officer]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (SEAL)

  	
   

  
					

 

	
  Authenticated:

  
	
   

  
	
  WELLS FARGO
  BANK, NATIONAL

  ASSOCIATION

  
	
   

  
	
  Registrar

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signature

  	
   

  

 

 

THE EMPIRE DISTRICT ELECTRIC COMPANY

5.80% Senior Notes due 2035

 

1.                                      Interest.

 

The Empire
District Electric Company (the “Company”), a Kansas corporation, promises to
pay interest on the principal amount of this Security at the rate per annum
shown above.  The Company will pay
interest on January 1 and July 1 of each year commencing January 1,
2006.  Interest on the Securities will
accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from June 27, 2005.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

 

2.                                      Method of
Payment.

 

The Company
will pay interest on the Securities to the persons who are registered holders
of Securities at the close of business on the record date for the next interest
payment date, except as otherwise provided in the Indenture.  If an interest payment date or the maturity
date falls on a day that is not a business day, the related payment of principal
or interest will be made on the next business day as if made on the date
payment was due and, if so made, no interest will accrue on the amount payable
for the period from and after that interest payment date or the maturity
date.  Holders must surrender Securities
to a Paying Agent to collect principal payments.  The Company will pay principal and interest
in money of the United States that at the time of payment is legal tender for
payment of public and private debts.  The
Company may pay principal and interest by check payable in such money.  It may mail an interest check to a holder’s
registered address.

 

3.                                      Securities
Agents.

 

Initially,
Wells Fargo Bank, National Association, Attention:  Corporate Trust Department, will act as
Paying Agent and Transfer Agent.  The
Company may change any Paying Agent or Transfer Agent without notice or provide
for more than one such agent.  The
Company or any Affiliate may act in any such capacity.  Subject to certain conditions, the Company
may change the Trustee.  The Trustee
shall act as the Registrar.

 

4.                                      Indenture.

 

The Company initially
issued $40,000,000 principal amount of the securities of this series (the “Securities”)
under an Indenture dated as of September 10, 1999 (the “Indenture”)
between the Company and Wells Fargo Bank, National Association (as successor by
merger to Norwest Bank Minnesota, National Association) (the “Trustee”).  The terms of the Securities include those
stated in the Indenture and in the Securities Resolution creating the
Securities and those made part of the Indenture by the Trust Indenture Act of
1939 (15 U.S. Code §§ 77aaa-77bbbb). 
Securityholders are referred to the Indenture, the Securities Resolution
and the Trust Indenture Act of 1939 for a statement of such terms.

 

2

 

The Company
may from time to time without notice to, or the consent of, the holders of the
Securities, create and issue further senior securities of the same series,
equal in rank to the Securities in all respects (or in all respects except for
the payment of interest accruing prior to the issue date of the new securities
or except for the first payment of interest following the issue date of the new
securities) so that the new securities may be consolidated and form a single
series with the Securities and have the same terms as to status, redemption or
otherwise as the Securities.

 

5.                                      Optional
Redemption.

 

The Company
may at its option redeem all or part of the Securities on at least 30 days’,
but not more than 60 days’, prior notice mailed to the registered address
of each holder of Securities whose Securities are to be redeemed.  The redemption price shall equal the greater
of:

 

(i)                                     100%
of the principal amount of the Securities to be redeemed; or

 

(ii)                                  the sum of the
present values of the Remaining Scheduled Payments discounted to the date of
redemption, on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months), at the Treasury Rate plus 25 basis points,

 

plus in each case, accrued and unpaid
interest thereon to the date of redemption.

 

On and after the redemption date, interest
shall cease to accrue on the Securities or any portion thereof called for redemption.  On or before the redemption date, the Company
shall deposit with the Paying Agent money sufficient to pay the redemption
price of and accrued interest on the Securities to be redeemed on such
date.  If less than all of the Securities
are to be redeemed, the Trustee shall select the Securities, or portions
thereof, to be redeemed by a method considered by the Trustee to be fair and
appropriate.

 

6.                                      Notice of
Optional Redemption.

 

Notice of
optional redemption shall be mailed by first-class mail at least 30 days
but not more than 60 days before the redemption date to each holder of
Securities to be redeemed at such holder’s registered address.

 

A notice of
redemption may provide that it is subject to the occurrence of any event before
the date fixed for such redemption as described in such notice (“Conditional
Redemption”), and such notice of Conditional Redemption shall be of no effect
unless all such conditions to the redemption have occurred on or before such
date or have been waived by the Company.

 

7.                                      Denominations,
Transfer, Exchange.

 

The Securities
are in registered form without coupons in denominations of $1,000 and whole
multiples of $1,000.  The transfer of
Securities may be registered and Securities may be exchanged as provided in the
Indenture.  The Transfer Agent may
require a holder, among other things, to furnish appropriate endorsements and
transfer documents

 

3

 

and to pay any
taxes and fees required by law or the Indenture.  The Transfer Agent need not exchange or
register the transfer of any Security or portion of a Security selected for
redemption.  Also, it need not exchange
or register the transfer of any Securities for a period of 15 days before a
selection of Securities is to be redeemed.

 

8.                                      Persons
Deemed Owners.

 

The registered
holder of a Security may be treated as its owner for all purposes.

 

9.                                      Amendments
and Waivers.

 

Subject to
certain exceptions, the Indenture or the Securities may be amended with the
consent of the holders of a majority in principal amount of the securities of
all series affected by the amendment. 
Subject to certain exceptions, a default on a series may be waived with
the consent of the holders of a majority in principal amount of the series.

 

Without the
consent of any Securityholder, the Indenture or the Securities may be amended,
among other things, to cure any ambiguity, omission, defect or inconsistency;
to provide for assumption of Company obligations to Securityholders; or to make
any change that does not materially adversely affect the rights of any Securityholder.

 

10.                               Covenants.

 

The Securities
are unsecured general obligations of the Company unlimited as to principal
amount, of which $40,000,000 principal amount have initially been issued.  The Indenture does not limit other unsecured
debt.

 

11.                               Successors.

 

When a
successor assumes all the obligations of the Company under the Securities and
the Indenture, the Company will be released from those obligations.

 

12.                               Defeasance
Prior to Redemption or Maturity.

 

Subject to
certain conditions, the Company at any time may terminate some or all of its
obligations under the Securities and the Indenture if the Company deposits with
the Trustee money or U.S. Government Obligations for the payment of principal
and interest on the Securities to redemption or maturity.  U.S. Government Obligations are securities
backed by the full faith and credit of the United States of America or
certificates representing an ownership interest in such Obligations.

 

13.                               Defaults and
Remedies.

 

An Event of
Default includes:  default for 60 days in
payment of interest on the Securities; default in payment of principal on the
Securities; default for 60 days in payment or satisfaction of any sinking fund
obligation; default by the Company for a specified period after notice to it in
the performance of any of its other agreements applicable to the Securities; and
certain events of bankruptcy or insolvency. 
If an Event of Default

 

4

 

occurs and is
continuing, the Trustee or the holders of at least 25% in principal amount of
the Securities may declare the principal of all the Securities to be due and
payable immediately.

 

Securityholders
may not enforce the Indenture or the Securities except as provided in the
Indenture.  The Trustee may require
indemnity satisfactory to it before it enforces the Indenture or the
Securities.  Subject to certain limitations,
holders of a majority in principal amount of the Securities may direct the
Trustee in its exercise of any trust or power. 
The Trustee may withhold from Securityholders notice of any continuing
default (except a default in payment of principal or interest) if it determines
that withholding notice is in their interests. 
The Company must furnish an annual compliance certificate to the Trustee.

 

14.                               Trustee
Dealings with Company.

 

Wells Fargo
Bank, National Association, the Trustee under the Indenture, in its individual
or any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not Trustee.

 

15.                               No Recourse
Against Others.

 

A director,
officer, employee or stockholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or the
Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.  Each
Securityholder by accepting a Security waives and releases all such liability.  The waiver and release are part of the
consideration for the issue of the Securities.

 

16.                               Authentication.

 

This Security
shall not be valid until authenticated by a manual signature of the Registrar.

 

17.                               Abbreviations.

 

Customary
abbreviations may be used in the name of a Securityholder or an assignee, such
as:  TEN COM (=tenants in common), TEN
ENT (=tenants by the entirety), JT TEN (=joint tenants with right of
survivorship and not as tenants in common), CUST (=custodian), U/G/M/A
(=Uniform Gifts to Minors Act) and U/T/M/A (=Uniform Transfers to Minors Act).

 

The
Company will furnish to any Securityholder upon written request and without
charge a copy of the Indenture and the Securities Resolution.  Requests may be made to:  Secretary, The Empire District Electric
Company, 602 Joplin Street, Joplin, Missouri 64801.

 

5

 

EXHIBIT 2

 

5.80% Senior Notes due 2035

 

Supplemental Terms

 

In addition to
the terms set forth in Exhibit 1 to Securities Resolution No. 6, the 5.80%
Senior Notes due 2035 (the “Notes”) shall have the following terms:

 

Section 1.               Definitions. 
Capitalized terms used and not defined herein shall have the meaning
given such terms in the Indenture.  The
following are additional definitions applicable to the Notes:

 

“Comparable Treasury Issue” means the
United States Treasury security selected by UBS Securities LLC or its successor
(or, if UBS Securities LLC or any of its successors ceases to be a primary U.S.
Government securities dealer, another nationally recognized investment banking
firm that is a primary U.S. Government securities dealer appointed by the
Company) as having a maturity comparable to the remaining term of the Notes
that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt of
comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price” means the average of three Reference Treasury Dealer
Quotations obtained by the Trustee for the redemption date.

 

“Depositary” means, with respect to the Notes issued as a global
Security, The Depository Trust Company, New York, New York, or any successor
thereto registered under the Securities Exchange Act of 1934 or other applicable
statute or regulation.

 

“Reference Treasury Dealers” means UBS Securities LLC and its successors, so long as it
or any of its successors continues to be a primary U.S. Government securities
dealer, and any two other primary U.S. Government securities dealers chosen by
the Company.  If UBS Securities LLC or
any of its successors ceases to be a primary U.S. Government securities dealer,
the Company will appoint in its place another nationally recognized investment
banking firm that is a primary U.S. Government securities dealer.

 

“Reference Treasury Dealer Quotation”
means the average, as determined by the Trustee, of the bid and asked prices
for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Trustee by a Reference Treasury
Dealer at 3:30 p.m., New York City time, on the third business day
preceding the redemption date.

 

“Remaining Scheduled Payments” means the remaining scheduled payments of the principal and
interest that would be due if the Notes selected for redemption were not
redeemed.  However, if the redemption
date is not a scheduled interest payment date, the amount of the next
succeeding scheduled interest payment on those Notes will be reduced by the
amount of interest accrued on those Notes to the redemption date.

 

 

“Treasury Rate” means an annual rate
equal to the semiannual equivalent yield to maturity of the Comparable Treasury
Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
the redemption date.  The semiannual
equivalent yield to maturity will be computed as of the third business day
immediately preceding the redemption date.

 

Section 2.               Securities Issuable as Global Securities.

 

(a)           The
Notes shall be issued in the form of one or more permanent global Securities
and shall, except as otherwise provided in this Section 2, be registered
only in the name of the Depositary or its nominee.  Each global Security shall bear a legend
substantially to the following effect:

 

“Unless this certificate is presented by an authorized representative
of The Depository Trust Company, a New York corporation (“DTC”), to the Company
or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested
by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.”

 

(b)           If
at any time (i) the Depositary with respect to the Notes notifies the
Company that it is unwilling or unable to continue as Depositary for such
global Security or (ii) the Depositary for the Notes shall no longer be
eligible or in good standing under the Securities Exchange Act of 1934 or other
applicable statute or regulation, the Company shall appoint a successor Depositary
with respect to such global Security.  If
a successor Depositary for such global Security is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Transfer Agent shall register the exchange of such global
Security for an equal principal amount of Registered Securities in the manner
provided in Section 2.07 of the Indenture.

 

(c)           The
Transfer Agent shall register the transfer or exchange of a global Security for
Registered Securities pursuant to Section 2.07 of the Indenture if (i) a
Default or Event of Default shall have occurred and be continuing with respect
to the Notes or (ii) the Company determines that the Notes shall no longer
be represented by global Securities.

 

(d)           In
any exchange provided for in the preceding paragraph (b) or (c), the
Company will execute and the Registrar will authenticate and deliver Registered
Securities.  Registered Securities issued
in exchange for a global Security shall be in such names and denominations as
the Depositary for such global Security shall instruct the Registrar.  The Registrar shall deliver such Registered
Securities to the persons in whose names such Securities are so registered.

 

2

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