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REGISTRATION NO. 333-05277
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
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AMENDMENT NO. 1 TO
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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OHIO EDISON COMPANY
(Exact name of Registrant as specified in its charter)
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OHIO 34-0437786
(State or other jurisdiction of incorporation (I.R.S. Employer Identification No.)
or organization)
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76 SOUTH MAIN STREET, AKRON, OHIO 44308
(Address of principal executive offices)
Registrant's Telephone Number Including Area Code: (330) 384-5100
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N.C. ASHCOM, CORPORATE SECRETARY
76 SOUTH MAIN STREET
AKRON, OHIO 44308
(330) 384-5504
(Name, address and telephone number of agent for service)
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The Commission is requested to mail signed copies of all orders, notices and
communications to:
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MICHAEL F. CUSICK VINCENT PAGANO, JR.
WINTHROP, STIMSON, PUTNAM & ROBERTS SIMPSON THACHER & BARTLETT
ONE BATTERY PARK PLAZA 425 LEXINGTON AVENUE
NEW YORK, NY 10004-1490 NEW YORK, NY 10017-3954
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INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A
REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION. THESE SECURITIES MAY NOT BE SOLD NOR
MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT
BECOMES EFFECTIVE. THIS PROSPECTUS SHALL NOT CONSTITUTE AN OFFER TO SELL OR
THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE
SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS
OF ANY SUCH STATE.
SUBJECT TO COMPLETION, DATED MARCH 26, 1998
PROSPECTUS
$50,000,000
OHIO EDISON COMPANY
MORTGAGE BONDS
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Ohio Edison Company (the "Company") intends from time to time to offer its
mortgage bonds (the "New Bonds") in an aggregate principal amount not to exceed
$50,000,000, in amounts, at prices and on terms to be determined at the time or
times of sale. For each issue of New Bonds for which this Prospectus is being
delivered (the "Offered Bonds") there is an accompanying Prospectus Supplement
(the "Prospectus Supplement") that sets forth, as applicable, the aggregate
principal amount, maturity, rate and time of payment of interest, purchase
price, any terms for redemption and any other special terms of the Offered
Bonds.
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THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
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The Company may sell the New Bonds through underwriters, dealers or agents,
or directly to one or a limited number of purchasers. The initial public
offering price, if any, and the net proceeds to Ohio Edison Company from the
sale of any Offered Bonds, together with the names of any underwriters, dealers
or agents relating to such sale and any applicable commissions or discounts,
will be set forth in the applicable Prospectus Supplement.
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March , 1998
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NO PERSON IS AUTHORIZED IN CONNECTION WITH THE OFFERING MADE HEREBY TO GIVE
ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED OR INCORPORATED BY
REFERENCE IN THIS PROSPECTUS OR ANY PROSPECTUS SUPPLEMENT, AND ANY INFORMATION
OR REPRESENTATION NOT CONTAINED OR INCORPORATED HEREIN MUST NOT BE RELIED UPON
AS HAVING BEEN AUTHORIZED BY OHIO EDISON COMPANY OR ANY UNDERWRITER OR AGENT.
THIS PROSPECTUS OR ANY PROSPECTUS SUPPLEMENT DOES NOT CONSTITUTE AN OFFER TO
SELL OR A SOLICITATION OF AN OFFER TO BUY BY ANY PERSON IN ANY JURISDICTION IN
WHICH IT IS UNLAWFUL FOR SUCH PERSON TO MAKE SUCH AN OFFER OR SOLICITATION.
NEITHER THE DELIVERY OF THIS PROSPECTUS OR ANY PROSPECTUS SUPPLEMENT AT ANY TIME
NOR ANY SALE MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCE, IMPLY THAT THE
INFORMATION HEREIN OR THEREIN IS CORRECT AS OF ANY DATE SUBSEQUENT TO THE DATE
HEREOF OR THEREOF.
AVAILABLE INFORMATION
Ohio Edison Company (the "Company") is subject to the informational
requirements of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and in accordance therewith files reports and other information with the
Securities and Exchange Commission (the "Commission"). Information, as of
particular dates, concerning the Company's directors and officers, their
remuneration, the principal holders of the Company's securities and any material
interest of such persons in transactions with the Company is disclosed in proxy
statements distributed to stockholders of the Company and filed with the
Commission. Such reports, proxy statements and other information filed by the
Company may be inspected and copied at the public reference facilities
maintained by the Commission at Room 1024, 450 Fifth Street, N.W., Washington,
D.C. 20549, and at the Commission's Regional Offices located at 500 West Madison
Street, Suite 1400, Chicago, Illinois 60661, and 7 World Trade Center, New York,
New York 10048. Copies of such materials can be obtained by mail from the Public
Reference Section of the Commission at 450 Fifth Street, N.W., Washington, D.C.
20549, at prescribed rates. In addition, the Commission maintains a Website that
contains reports, proxy and information statements and other information
regarding reporting companies under the Exchange Act. The address of such
Internet Website is http://www.sec.gov. Such material may also be inspected and
copied at the offices of the New York Stock Exchange, Inc., 20 Broad Street, New
York, New York 10005, on which certain of the Company's securities are listed.
Information relating to The Depository Trust Company ("DTC") and DTC's
book-entry only system is based upon information furnished by DTC.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents, which have heretofore been filed by the Company
with the Commission pursuant to the Exchange Act, are incorporated by reference
in this Prospectus and shall be deemed to be a part hereof:
1. Annual Report on Form 10-K for the year ended December 31, 1996.
2. Quarterly Report on Form 10-Q for the quarter ended March 31, 1997.
3. Quarterly Report on Form 10-Q for the quarter ended June 30, 1997.
4. Quarterly Report on Form 10-Q for the quarter ended September 30, 1997.
5. Current Report on Form 8-K filed on November 12, 1997.
6. Current Report on Form 8-K filed on March 23, 1998.
All other documents filed by the Company pursuant to Section 13(a), 13(c),
14 or 15(d) of the Exchange Act subsequent to the date of this Prospectus and
prior to the termination of the offering of the New Bonds hereunder shall be
deemed to be incorporated by reference into this Prospectus and to be a part
hereof from the respective dates of the filing of such documents (such
documents, and the documents enumerated above, being hereinafter referred to as
"Incorporated Documents"; provided, however, that all documents filed by the
Company pursuant to Section 13, 14 or 15 of the Exchange Act in each year during
which the offering made by this Prospectus is in effect prior to the filing with
the Commission of the Company's Annual Report on Form 10-K covering such year
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shall not be incorporated by reference in this Prospectus or be a part hereof
from and after such filing of such Annual Report on Form 10-K).
Any statement contained in an Incorporated Document shall be deemed to be
modified or superseded for purposes of this Prospectus to the extent that a
statement contained herein or in any other subsequently filed Incorporated
Document modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Prospectus.
THE COMPANY HEREBY UNDERTAKES TO PROVIDE WITHOUT CHARGE TO EACH PERSON,
INCLUDING ANY BENEFICIAL OWNER, TO WHOM A COPY OF THIS PROSPECTUS HAS BEEN
DELIVERED, UPON THE WRITTEN OR ORAL REQUEST OF ANY SUCH PERSON, A COPY OF ANY
AND ALL OF THE DOCUMENTS REFERRED TO ABOVE WHICH HAVE BEEN OR MAY BE
INCORPORATED BY REFERENCE, OTHER THAN EXHIBITS TO SUCH DOCUMENTS (UNLESS SUCH
EXHIBITS ARE SPECIFICALLY INCORPORATED BY REFERENCE INTO SUCH DOCUMENTS).
REQUESTS FOR SUCH COPIES SHOULD BE DIRECTED TO OHIO EDISON COMPANY, INVESTOR
SERVICES, 76 SOUTH MAIN STREET, AKRON, OHIO 44308, TELEPHONE NUMBER
1-800-736-3402. THE INFORMATION RELATING TO THE COMPANY CONTAINED IN THIS
DOCUMENT DOES NOT PURPORT TO BE COMPREHENSIVE AND SHOULD BE READ TOGETHER WITH
THE INFORMATION CONTAINED IN THE INCORPORATED DOCUMENTS.
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SUMMARY INFORMATION
The following is qualified in its entirety by the information and financial
statements (including notes thereto) appearing elsewhere herein, in documents
incorporated herein by reference and in any Prospectus Supplement.
THE OFFERING
SECURITIES
Mortgage bonds in an aggregate principal amount not to exceed $50,000,000.
REDEMPTION PROVISIONS
To be determined at the time of sale of the Offered Bonds and set forth in
the related Prospectus Supplement.
USE OF PROCEEDS
Proceeds are expected to be used for general corporate purposes. The use of
the proceeds from any particular Offered Bonds will be set forth in the related
Prospectus Supplement.
PRIORITY AND SECURITY
The New Bonds will be secured primarily by the First Mortgage Bonds (as
defined herein) held by the New Mortgage Trustee (as defined herein) and by the
lien of the New Mortgage (as defined herein) on the Company's properties used in
the generation, production, transmission or distribution of electric energy.
Substantially all of such property, while subject to the lien of the New
Mortgage, will be also subject to the prior lien of the First Mortgage (as
defined herein) which is, in the opinion of the Company's counsel, a direct
first lien on substantially all of the Company's physical property and
franchises, subject only to excepted encumbrances as defined in the First
Mortgage.
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CERTAIN CONSOLIDATED FINANCIAL INFORMATION
(THOUSANDS, EXCEPT RATIOS AND PERCENTAGES)
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YEAR ENDED DECEMBER 31,(1)
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1993(2) 1994 1995 1996 1997(3)
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<S> <C> <C> <C> <C> <C>
INCOME SUMMARY:
Operating Revenues............... $2,369,940 $2,368,191 $2,465,846 $2,469,785 $2,473,582
Net Income....................... $ 82,724 $ 303,531 $ 317,241 $ 315,170 293,194
Earnings on Common Stock......... $ 59,017 $ 281,852 $ 294,747 $ 302,673 280,802
Ratio of Earnings to Fixed
Charges(4).................... 1.12 2.24 2.32 2.38 2.29
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<CAPTION>
DECEMBER 31, 1997
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OUTSTANDING RATIO
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CAPITALIZATION SUMMARY:
Common Stockholder's Equity............................... $2,724,319 48.2%
Preferred Stock Not Subject to Mandatory Redemption....... 211,870 3.8%
Preferred Stock Subject to Mandatory Redemption(5)........ 30,000 0.5%
Company obligated mandatorily redeemable preferred
securities of subsidiary trust holding solely Company
subordinated debentures................................ 120,000 2.1%
Long-Term Debt(6)......................................... 2,569,802 45.4%
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Total Capitalization.............................. $5,655,991 100.0%
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(1) Derived from audited financial information.
(2) Net Income and Earnings on Common Stock includes net after tax charges of
$218,377,000 relating primarily to the termination of Perry Unit 2,
partially offset by the cumulative effect of a change in accounting for
unbilled revenues.
(3) Net Income and Earnings on Common Stock includes net after tax charges of
$26,434,000 relating to a voluntary retirement program and estimated
severance expenses.
(4) "Earnings" for purposes of these calculations have been computed by adding
to "income before extraordinary items" all taxes based on income or profits,
total interest charges and the estimated interest element of rentals charged
to income. "Fixed charges" include total interest charges, the estimated
interest element of rentals and subsidiaries' preferred stock dividend
requirements, determined on a "pre-income tax" basis (computed, where
applicable, at the effective income tax rates for the applicable periods).
These ratios exclude fixed charges applicable to the guarantee of the debt
of a coal supplier aggregating $8,565,000, $7,424,000, $6,315,000,
$5,093,000 and $3,828,000 for each of the five years in the period ended
December 31, 1997.
(5) Excludes $5,000,000 of preferred stock subject to mandatory redemption
within one year.
(6) Excludes $273,492,000 of long-term debt due to be repaid or subject to put
options within one year.
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OHIO EDISON COMPANY
The Company was organized under the laws of the State of Ohio in 1930 and
owns property and does business as an electric public utility in that state. The
Company became a wholly owned subsidiary of FirstEnergy Corp. on November 8,
1997. The Company also has ownership interests in certain facilities located in
the Commonwealth of Pennsylvania. The Company's principal executive offices are
located at 76 South Main Street, Akron, Ohio 44308, telephone number
1-800-736-3402.
The Company furnishes electric service to communities in a 7,500 square
mile area of central and northeastern Ohio. It also provides transmission
services and electric energy for resale to certain municipalities in the
Company's service area and transmission services to certain rural cooperatives.
The Company also engages in the sale, purchase and interchange of electric
energy with other electric companies. The area it serves has a population of
approximately 2,542,000.
The Company owns all of the outstanding common stock of Pennsylvania Power
Company ("Penn Power"), a Pennsylvania corporation, which furnishes electric
service to communities in a 1,500 square mile area of western Pennsylvania. Penn
Power also provides transmission services and electric energy for resale to
certain municipalities in Pennsylvania. The area served by Penn Power has a
population of approximately 343,000.
Sources of generation for the Company and Penn Power (the "Companies")
during the twelve months ended December 31, 1997 were 76.1% coal and 23.9%
nuclear.
On November 8, 1997, the merger of the Company and Centerior Energy
Corporation ("Centerior") became effective pursuant to the Merger Agreement,
dated September 13, 1996 (the "Merger Agreement"). Under the Merger Agreement,
the Company and Centerior formed FirstEnergy Corp., an Ohio holding company,
which holds directly all of the issued and outstanding common shares of the
Company and all of the issued and outstanding common shares of Centerior's
direct subsidiaries, which include, among others, The Cleveland Electric
Illuminating Company and The Toledo Edison Company. The Company continues to own
all of the issued and outstanding common shares of Penn Power. As a result of
the merger, the former common shareholders of the Company and Centerior now own
all of the outstanding shares of FirstEnergy Common Stock. FirstEnergy's common
shares are registered pursuant to Section 12(b) of the Securities Exchange Act
of 1935. All other classes of capital stock of the Company and its subsidiaries
and of the former subsidiaries of Centerior are unaffected by the merger and
remain outstanding.
USE OF PROCEEDS
The Company proposes to use the proceeds from the sale of the New Bonds for
general corporate purposes. The specific uses to which the proceeds may be
applied will be set forth in the related Prospectus Supplement. Pending
application of the proceeds, the Company may make short-term cash investments.
FINANCING AND CONSTRUCTION PROGRAMS
The Companies' construction costs, include expenditures for the betterment
of existing facilities and for the construction of transmission lines,
distribution lines, substations and other additions. The Companies currently
forecast expenditures of approximately $600 million for property additions and
improvements for 1998-2002, of which approximately $165 million is applicable to
1998. Various Federal, state and local authorities regulate the Companies with
regard to air and water quality and other environmental matters. The Companies
have estimated additional capital expenditures for environmental compliance of
approximately $27 million for the period 1998 through 2002, which is included in
the construction forecast.
During the 1998-2002 period, maturities of, and sinking fund requirements
for, long-term debt and preferred stock will require expenditures by the
Companies of approximately $1.01 billion, of which approximately $167 million is
applicable to 1998. Approximately $165 million was paid by the Companies during
the year ended December 31, 1997 for sinking fund requirements and maturing
long-term debt and preferred stock. In addition, the Companies optionally
redeemed or refinanced approximately $43 million of long-term debt during the
year ended December 31, 1997.
Nuclear fuel purchases are financed through OES Fuel, Incorporated ("OES
Fuel," a wholly owned subsidiary of the Company) commercial paper and loans,
both of which are supported by a $225,000,000
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long-term bank credit agreement. The Companies' investments for additional
nuclear fuel during the 1998-2002 period are estimated to be approximately $206
million, of which approximately $26 million applies to 1998. During the same
periods, the Companies' nuclear fuel investments are expected to be reduced by
approximately $182 million and $41 million, respectively, as the nuclear fuel is
consumed. Also, the Companies have operating lease commitments (net of PNBV
Capital Trust income) of approximately $442 million for the 1998-2002 period, of
which approximately $83 million relates to 1998. The Companies recover the cost
of nuclear fuel consumed and operating leases through their electric rates.
Short-term borrowings outstanding at December 31, 1997 consisted of $182.2
million of bank borrowings and $120 million of OES Capital, Incorporated ("OES
Capital") commercial paper. OES Capital, is a wholly owned subsidiary of the
Company whose borrowings are secured by customer accounts receivable. OES
Capital can borrow up to $120 million under a receivables financing agreement at
rates based on certain bank commercial paper. The Companies also had $37 million
available under revolving lines of credit as of December 31, 1997. In addition,
$26 million was available through bank facilities that provide for borrowings on
a short-term basis at the banks' discretion. The Company had the capability to
borrow $61 million as of December 31, 1997 through unused OES Fuel credit
facilities.
Based on their present plans, the Companies could provide for their cash
requirements during the remainder of 1998 from the following sources: funds to
be received from operations; available cash and temporary cash investments
(approximately $4.7 million as of December 31, 1997); the issuance of long-term
debt (for refunding purposes); and funds available under the short-term bank
credit arrangements.
For the period 1998-2002, external financings may be used to provide a
portion of the Companies' cash requirements. The extent and type of future
financings will depend on the need for external funds as well as market
conditions, the maintenance of an appropriate capital structure and the ability
of the Companies to comply with coverage requirements in order to issue first
mortgage bonds and preferred stock. The Companies will continue to monitor
financial market conditions and, where appropriate, may take advantage of
economic opportunities to refund debt and preferred stock to the extent that
their financial resources permit.
DESCRIPTION OF THE NEW BONDS
GENERAL
The New Bonds will be authenticated and delivered under a General Mortgage
Indenture and Deed of Trust, between the Company and The Bank of New York (the
"New Mortgage Trustee"), dated as of January 1, 1998. The New Mortgage Trustee
will act as indenture trustee for the purposes of the Trust Indenture Act of
1939, as amended (the "Trust Indenture Act"). Such General Mortgage and Deed of
Trust, as supplemented by various supplemental indentures, including one or more
supplemental indentures relating to the New Bonds, is hereinafter referred to as
the "New Mortgage." The summaries herein do not purport to be complete and are
subject to the detailed provisions of the New Mortgage. Capitalized terms used
herein which are not otherwise defined in this Prospectus shall have the
meanings ascribed thereto in the New Mortgage. Wherever particular provisions of
the New Mortgage or terms defined therein are referred to, such provisions or
definitions are incorporated by reference as a part of the statements made
herein and such statements are qualified in their entirety by such reference.
References to article and section numbers in this description of the New Bonds,
unless otherwise indicated, are references to article and section numbers of the
New Mortgage or the First Mortgage (as defined herein), as the case may be.
The New Mortgage provides that additional bonds may be issued thereunder on
the basis of Pledged Bonds (as hereinafter defined), property additions, retired
bonds and cash. (See "Issuance of Additional Mortgage Bonds" below.) The New
Bonds and all other bonds heretofore or hereafter issued under the New Mortgage
are collectively referred to herein as the "Mortgage Bonds."
Reference is made to the Prospectus Supplement for a description of the
following terms of the series of New Bonds in respect of which this Prospectus
is being delivered (the "Offered Bonds"): (i) the title (series designation) of
the Offered Bonds; (ii) the limit, if any, upon the aggregate principal amount
of the Offered Bonds; (iii) the date or dates on which the principal of the
Offered Bonds, or any Tranche thereof, is payable;
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(iv) the rate or rates at which the Offered Bonds, or any Tranche thereof, will
bear interest, if any, the date or dates from which such interest will accrue,
the dates on which any such interest will be payable ("Interest Payment Dates")
and the regular record dates for any interest payable on the Interest Payment
Dates; (v) the basis on which the Offered Bonds will be issued; (vi) the option,
if any, of the Company to redeem the Offered Bonds and the periods within which
or the dates on which, the prices at which and the terms and conditions upon
which, the Offered Bonds, or any Tranche thereof, may be redeemed, in whole or
in part, upon the exercise of such option; (vii) the obligation, if any, of the
Company to redeem or purchase the Offered Bonds pursuant to any sinking fund or
analogous provisions or at the option of the Holder and the periods within which
or the dates on which, the prices at which and the terms and conditions upon
which the Offered Bonds, or any Tranche thereof, will be redeemed, in whole or
in part, pursuant to such obligation; (viii) the denominations in which the
Offered Bonds, or any Tranche thereof, will be issuable; (ix) whether the
Offered Bonds will be originally issued in book-entry only form as discussed
below under "Book-Entry Only System"; and (x) any other terms of the Offered
Bonds not inconsistent with the provisions of the New Mortgage.
While the New Mortgage contains provisions for the maintenance of the
Mortgaged Property, it does not contain any provisions for a maintenance or
sinking fund and, except as may be provided in a Supplemental Indenture (and
described in the applicable Prospectus Supplement), there will be no provisions
for any such funds for the New Bonds.
FORM AND EXCHANGE
New Bonds in definitive form will be issued only as registered bonds
without coupons in denominations of $1,000 or any multiple thereof authorized by
the Company. New Bonds will be exchangeable for a like aggregate principal
amount of New Bonds of the same series of other authorized denominations and
will be transferable at the office of the Company in New York, New York, without
service charge in either case other than for any taxes or other governmental
charge imposed in connection with such exchange or transfer. See "Transfer or
Exchange."
REDEMPTION OF THE NEW BONDS
Any terms for the optional or mandatory redemption of any Offered Bonds
will be set forth in the applicable Prospectus Supplement. Except as shall
otherwise be provided in the applicable Prospectus Supplement with respect to
any Offered Bonds redeemable at the option of the Holder, New Bonds will be
redeemable only upon notice by mail not less than 30 days nor more than 180 days
prior to the date fixed for redemption, and, if less than all the New Bonds of a
series, or any Tranche thereof, are to be redeemed, the particular New Bonds to
be redeemed will be selected by such method as shall be provided for the
particular series or Tranche, or in the absence of any such provision, by such
method as the Bond Registrar deems fair and appropriate. (Sections 5.03 and
5.04.)
Any notice of redemption at the option of the Company may state that such
redemption shall be conditioned upon receipt by the New Mortgage Trustee or
Paying Agent, on or prior to the date fixed for such redemption, of money
sufficient to pay the principal of and premium, if any, and interest, if any, on
such New Bonds and that if such money has not been so received, such notice will
be of no force and effect and the Company will not be required to redeem such
New Bonds. (Section 5.04.)
SECURITY
General. Except as discussed below, Mortgage Bonds now or hereafter issued
under the New Mortgage will be secured primarily by:
(a) bonds ("First Mortgage Bonds") issued under the Company's
Indenture dated August 1, 1930 (the "First Mortgage"), to The Bank of New
York (successor trustee to Bankers Trust Company), as trustee (the "First
Mortgage Trustee"), and delivered to the New Mortgage Trustee under the New
Mortgage, which First Mortgage Bonds will be secured, equally and ratably
with all other bonds issued under the First Mortgage, by a valid first lien
on substantially all of the Company's physical property and franchises,
subject only to excepted encumbrances as defined in the First Mortgage
(Article I, Section 2); and
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(b) the lien of the New Mortgage on the Company's properties used or
to be used in or in connection with the generation, production,
transmission or distribution of electric energy, which lien is junior to
the lien of the First Mortgage.
The First Mortgage permits, with certain limitations, the acquisition of
property subject to prior liens and, under certain conditions, permits the
issuance of additional indebtedness under such prior liens to the extent of 60%
of net property additions made by the Company to the property subject to such
prior liens.
As discussed below under "Pledged Bonds," following a merger or
consolidation of another corporation into the Company, the Company could deliver
to the New Mortgage Trustee bonds issued under an existing mortgage on the
properties of such other corporation in lieu of or in addition to bonds issued
under the First Mortgage. In such event, the Mortgage Bonds would be secured,
additionally, by such bonds and by the lien of the New Mortgage on the
properties of such other corporation, which would be junior to the liens of such
existing mortgage and the First Mortgage. The First Mortgage and all such other
mortgages are hereinafter, collectively, called the "Class "A" Mortgages," and
all bonds issued under the Class "A" Mortgages and delivered to the New Mortgage
Trustee are hereinafter collectively called the "Pledged Bonds." If and when no
Class "A" Mortgages are in effect, the New Mortgage will constitute a first
mortgage lien on the Company's properties used or to be used in or in connection
with the generation, production, transmission or distribution of electric
energy.
Pledged Bonds. The Pledged Bonds will be issued and delivered to, and
registered in the name of, the New Mortgage Trustee or its nominee and will be
owned and held by the New Mortgage Trustee, subject to the provisions of the New
Mortgage, for the benefit of the Holders of all Mortgage Bonds Outstanding from
time to time, and the Company will have no interest in such Pledged Bonds.
Except as may be otherwise set forth in the supplemental indenture or board
resolution or officer's certificate pursuant to a supplemental indenture or a
board resolution pursuant to which any Mortgage Bonds are to be issued, Pledged
Bonds issued as the basis for the authentication and delivery of such Mortgage
Bonds (a) will mature on the same dates, and in the same principal amounts, as
such Mortgage Bonds, and (b) will contain, in addition to any mandatory
redemption provisions applicable to all Pledged Bonds Outstanding under the
related Class "A" Mortgage, mandatory redemption provisions correlative to
provisions for mandatory redemption, or for redemption at the option of the
Holder, of such Mortgage Bonds. Pledged Bonds issued as the basis for
authentication and delivery of a series or Tranche of Mortgage Bonds (x) may,
but need not, bear interest, any such interest to be payable at the same times
as interest on the Mortgage Bonds of such series or Tranche, and (y) may, but
need not, contain provisions for the redemption thereof at the option of the
Company, any such redemption to be made at a redemption price or prices not less
than the principal amount of such Pledged Bonds. (Sections 4.02 and 7.01.)
Any payment by the Company of principal of or premium or interest on the
Pledged Bonds held by the New Mortgage Trustee will be applied by the New
Mortgage Trustee to the payment of any principal, premium or interest, as the
case may be, in respect of the Mortgage Bonds which is then due, and, to the
extent of such application, the obligation of the Company under the New Mortgage
to make such payment in respect of the Mortgage Bonds will be deemed satisfied
and discharged. If, at the time of any such payment of principal of Pledged
Bonds, there shall be no principal then due in respect to the Mortgage Bonds,
the proceeds of such payment will be deemed to constitute Funded Cash and will
be held by the New Mortgage Trustee as part of the New Mortgaged Property, to be
withdrawn, used or applied as provided in the New Mortgage. If, at the time of
any such payment of premium or interest on Pledged Bonds, there shall be no
premium or interest, as the case may be, then due in respect of the Mortgage
Bonds, the proceeds of such payment will be remitted to the Company at its
request. Any payment by the Company of principal of or premium or interest on
Mortgage Bonds authenticated and delivered on the basis of the deposit with the
New Mortgage Trustee of Pledged Bonds (other than by application of the proceeds
in respect of such Pledged Bonds) will, to the extent thereof, be deemed to
satisfy and discharge the obligation of the Company, if any, to make a payment
of principal, premium or interest, as the case may be, in respect of such
Pledged Bonds which is then due. (Section 7.02; and see "Withdrawal of Cash"
below.)
The New Mortgage Trustee may not sell, assign or otherwise transfer any
Pledged Bonds except to a successor trustee under the New Mortgage. (Section
7.04.) At the time any Mortgage Bonds of any series, or any Tranche thereof,
which have been authenticated and delivered upon the basis of Pledged Bonds
cease to be
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Outstanding (other than as a result of the application of the proceeds of the
payment or redemption of such Pledged Bonds), the New Mortgage Trustee shall
surrender to or upon the order of the Company an equal principal amount of such
Pledged Bonds having the same Stated Maturity and mandatory redemption
provisions as such Mortgage Bonds. (Section 7.03.)
At the date of this Prospectus, the only Class "A" Mortgage is the First
Mortgage and the only Pledged Bonds issuable at this time are First Mortgage
Bonds issuable thereunder. The New Mortgage provides that in the event of the
merger or consolidation of another company with or into the Company, an existing
mortgage constituting a lien on properties of such other company prior to the
lien of the New Mortgage may be designated by the Company as an additional Class
"A" Mortgage. Bonds thereafter issued under such additional mortgage would be
Pledged Bonds and could provide the basis for the authentication and delivery of
Mortgage Bonds under the New Mortgage. (Section 7.06.) When no Pledged Bonds are
Outstanding under a Class "A" Mortgage except for Pledged Bonds held by the New
Mortgage Trustee, then, at the request of the Company and subject to
satisfaction of certain conditions, the New Mortgage Trustee will surrender such
Pledged Bonds for cancellation, and the related Class "A" Mortgage will be
satisfied and discharged, the lien of such Class "A" Mortgage on the Company's
property will cease to exist and the priority of the lien of the New Mortgage
will be increased. (Section 7.07.)
The New Mortgage provides that, so long as any Mortgage Bonds are
Outstanding, the Company will not issue any additional bonds under any Class "A"
Mortgage except (i) to replace mutilated, destroyed, lost or stolen bonds issued
under such Class "A" Mortgage or (ii) Pledged Bonds issued to the New Mortgage
Trustee as the basis for the authentication and delivery of Mortgage Bonds.
First Mortgage Bonds may currently be issued under the First Mortgage on the
basis of property additions, retirements of bonds previously issued under the
First Mortgage and cash deposited with the First Mortgage Trustee. As of
December 31, 1997, $1,115,225,000 of First Mortgage Bonds (other than Pledged
Bonds) were outstanding.
Lien of the New Mortgage. The properties of the Company used or to be used
in or in connection with the generation, production, transmission or
distribution of electric energy are subject to the lien of the New Mortgage.
Substantially all of such property, while subject to the lien of the New
Mortgage, will be also subject to the prior lien of the First Mortgage. The
Mortgage Bonds will have the benefit of the prior lien of the First Mortgage on
such property, and the benefit of the prior lien of any additional Class "A"
Mortgage on any property subject thereto, to the extent of the aggregate
principal amount of Pledged Bonds, issued under the respective Class "A"
Mortgages, held by the New Mortgage Trustee.
The lien of the New Mortgage is subject to Permitted Liens which include
tax liens and other governmental charges which are not delinquent and which are
being contested, construction and materialmen's liens, certain judgment liens,
easements, reservations and rights of others (including governmental entities)
in, and defects of title in, certain property of the Company, certain leasehold
interests, liens on the Company's pollution control and sewage and solid waste
facilities and certain other liens and encumbrances. (Section 1.01.)
There are excepted from the lien of the New Mortgage, among other things,
cash and securities not paid to, deposited with or held by the New Mortgage
Trustee under the New Mortgage; contracts, leases and other agreements of all
kinds, contract rights, bills, notes and other instruments, accounts receivable,
claims, certain intellectual property rights and other general intangibles;
permits, licenses and franchises; automobiles, other vehicles, movable
equipment, aircraft and vessels; all goods, wares and merchandise held for sale
or lease in the ordinary course of business or for use by or for the benefit of
the Company; fuel, materials, supplies and other personal property consumable in
the operations of the Company's business; computers, machinery, and equipment;
coal, ore, gas, oil, minerals and timber mined or extracted from the land; gas
transmission lines connecting wells with main or branch trunk lines or field
gathering lines connecting wells with main or branch trunk lines; electric
energy, gas, steam, water and other products generated, produced or purchased;
leasehold interests; and all books and records. (Granting Clauses.) The First
Mortgage contains similar, but not identical, exceptions.
Without the consent of the Holders, the Company and the New Mortgage
Trustee may enter into supplemental indentures to subject to the lien of the New
Mortgage additional property, whether or not used in the electric utility
business (including property which would otherwise be excepted from such lien).
(Sec-
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tion 14.01.) Such property, so long as the same would otherwise constitute
Property Additions (as described below), would thereupon constitute Property
Additions and be available as a basis for the issuance of Mortgage Bonds. (See
"Issuance of Additional Mortgage Bonds" below.)
The New Mortgage contains provisions subjecting after-acquired property to
the lien thereof, subject to the prior lien of the First Mortgage and any other
Class A Mortgage. These provisions are limited in the case of consolidation or
merger (whether or not the Company is the surviving corporation) or sale of
substantially all of the Company's assets. In the event of consolidation or
merger of the Company with or into another corporation and such other
corporation is the surviving corporation or the transfer of all the mortgaged
property as or substantially as an entirety, the New Mortgage will not be
required to be a lien upon any of the properties then owned or thereafter
acquired by the surviving corporation, except properties acquired from the
Company in or as a result of such transaction and improvements, extensions and
additions to such properties and renewals, replacements and substitutions of or
for any part or parts of such properties. In the event of a merger or
consolidation of a corporation with or into the Company and the Company is the
surviving corporation, unless a supplemental indenture to the New Mortgage shall
otherwise provide, the New Mortgage will not be required to be a lien upon any
of the properties acquired by the Company in or as a result of such transaction
or any improvements, extensions or additions to such properties or any renewals,
replacements or substitutions of or for any part or parts of such properties.
(Article Thirteen; and see "Consolidation, Merger, Conveyance, Transfer or
Lease" below.) In addition, after-acquired property may be subject to vendors'
liens, purchase money mortgages and other liens thereon at the time of
acquisition thereof, including the lien of any Class "A" Mortgage.
The New Mortgage provides that the New Mortgage Trustee will have a lien,
prior to the lien on behalf of the holders of Mortgage Bonds, upon Mortgaged
Property and any money collected by the New Mortgage Trustee as proceeds of the
Mortgaged Property, for the payment of its reasonable compensation and expenses
and for indemnity against certain liabilities. (Section 11.07.)
ISSUANCE OF ADDITIONAL MORTGAGE BONDS
The principal amount of Mortgage Bonds which may be issued under the New
Mortgage (Section 3.01) is not limited. Mortgage Bonds of any series may be
issued from time to time under Article Four of the New Mortgage on the basis of,
and in an aggregate principal amount not exceeding:
(1) the aggregate principal amount of Pledged Bonds issued and
delivered to the Trustee;
(2) 70% of the Cost or Fair Value to the Company (whichever is less)
of Property Additions (as described below) which do not constitute Bonded
Property Additions (being, generally, Property Additions which have been
made the basis of the authentication and delivery of Mortgage Bonds, the
release of mortgaged property or cash withdrawals) after certain deductions
and additions, primarily including adjustments to offset property
retirements;
(3) the aggregate principal amount of Retired Bonds (which consist of
Mortgage Bonds no longer Outstanding under the New Mortgage (including
Mortgage Bonds deposited under any sinking or analogous funds) which have
not been used for certain other purposes under the New Mortgage and which
are not to be paid, redeemed or otherwise retired by the application of
Funded Cash), but if Pledged Bonds have been made the basis for the
authentication and delivery of such Retired Bonds, only if the related
Class "A" Mortgage has been discharged; and
(4) an amount of cash deposited with the Trustee.
In general, the issuance of Mortgage Bonds is subject to Adjusted Net
Earnings of the Company for 12 consecutive months within the preceding 18 months
being at least two times the Annual Interest Requirements on all Mortgage Bonds
at the time Outstanding, Mortgage Bonds then applied for, all outstanding bonds
issued under a Class A Mortgage other than Pledged Bonds held by the New
Mortgage Trustee under the New Mortgage, and all other indebtedness (with
certain exceptions) secured by a lien prior to the lien of the New Mortgage,
except that no such net earnings requirement need be met if the additional
Mortgage Bonds to be issued are to have no Stated Interest Rate prior to
Maturity. The Company is not required to satisfy the net earnings requirement
prior to issuance of Mortgage Bonds as provided in (1) above if the Pledged
Bonds issued
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and delivered to the New Mortgage Trustee as the basis for such issuance have
been authenticated and delivered under the related Class "A" Mortgage on the
basis of retired Class A Bonds. In addition, the Company is not required to
satisfy the net earnings requirement prior to issuance of Mortgage Bonds as
provided in (3) above unless (a) the Stated Maturity of the Retired Bonds is a
date less than five years after the date of the Company Order requesting the
authentication and delivery of such Mortgage Bonds and (b) the maximum Stated
Interest Rate, if any, on such Retired Bonds at the time of their authentication
and delivery is less than the maximum Stated Interest Rate, if any, on such
Mortgage Bonds to be in effect upon the initial authentication and delivery of
such Mortgage Bonds. In general, the interest requirement with respect to
variable interest rate indebtedness, if any, is determined with reference to the
rate or rates in effect on the date immediately preceding such determination or
the rate to be in effect upon initial authentication. (Section 1.03 and Article
Four).
Adjusted Net Earnings are calculated before, among other things, provisions
for income taxes; depreciation or amortization of property; interest on any
indebtedness and amortization of debt discount and expense; any non-recurring
charge to income of whatever kind or nature (including without limitation the
recognition of expense or impairment due to the non-recoverability of assets or
expense), whether or not recorded as a non-recurring item in the Company's books
of account; and any refund of revenues previously collected or accrued by the
Company subject to possible refund. With respect to Mortgage Bonds of a series
subject to a Periodic Offering (such as a medium-term note program), the New
Mortgage Trustee may be entitled to receive a certificate evidencing compliance
with the net earnings requirements only once, at or prior to the time of the
first authentication and delivery of the Mortgage Bonds of such series (unless
the Company Order requesting the authentication and delivery of such Mortgage
Bonds is delivered on or after the date which is two years after the most recent
Net Earnings Certificate was delivered, in which case an updated certificate
would be required to be delivered). (Sections 1.03 and 4.01.)
Property Additions generally include any property which is owned by the
Company and is subject to the lien of the New Mortgage, except any property the
cost of acquisition or construction of which is properly chargeable to an
operating expense account of the Company. (Section 1.04.)
Unless otherwise provided in the applicable Prospectus Supplement, the
Company will issue the Mortgage Bonds on the basis of Pledged Bonds (i.e., First
Mortgage Bonds) issued under its First Mortgage.
RELEASE OF PROPERTY
The Company may obtain the release from the lien of the New Mortgage of any
Mortgaged Property if the Fair Value, after deducting the principal amount of
indebtedness secured by any Prior Liens thereon other than generally Permitted
Liens, of all of the Mortgaged Property (excluding the Mortgaged Property to be
released but including any Mortgaged Property to be acquired by the Company with
the proceeds of, or otherwise in connection with, such release) equals or
exceeds an amount equal to twenty-fourteenths (20/14ths) of the aggregate
principal amount of Mortgage Bonds Outstanding and bonds issued under Class "A"
Mortgages outstanding (other than Pledged Bonds).
The New Mortgage provides simplified procedures for the release of property
which has been released from the lien of a Class "A" Mortgage, minor properties
and property taken by eminent domain, and provides for dispositions of certain
obsolete property and grants or surrender of certain rights without any release
or consent by the New Mortgage Trustee.
If any property released from the lien of the New Mortgage continues to be
owned by the Company after such release, the New Mortgage will not become a lien
on any improvement, extension or addition to such property or renewals,
replacements or substitutions of or for any part or parts of such property.
(Article Eight.)
WITHDRAWAL OF CASH
Subject to certain limitations, cash held by the New Trustee may (1) be
withdrawn by the Company (a) to the extent of the Cost or Fair Value to the
Company (whichever is less) of Unbonded Property Additions, after certain
deductions and additions primarily including adjustments to offset retirements,
or (b) in an amount equal to twenty-fourteenths (20/14ths) of the aggregate
principal amount of Mortgage Bonds that the Company would
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be entitled to issue on the basis of Retired Bonds (with the entitlement to such
issuance being waived by operation of such withdrawal), or (c) in an amount
equal to twenty-fourteenths (20/14ths) of the aggregate principal amount of any
Outstanding Mortgage Bonds delivered to the New Trustee, or (2) upon the request
of the Company, be applied to (a) the purchase of Mortgage Bonds (at prices not
exceeding twenty-fourteenths (20/14ths) of the principal amount thereof) or (b)
the redemption or payment at Stated Maturity of Mortgage Bonds (with any
Mortgage Bonds received by the New Trustee pursuant to these provisions being
canceled by the New Trustee) (Section 8.06); provided, however, that cash
deposited with the New Mortgage Trustee as the basis for the authentication and
delivery of Mortgage Bonds, as well as cash representing a payment of principal
of Pledged Bonds, may only be withdrawn in an amount equal to the aggregate
principal amount of Mortgage Bonds the Company would be entitled to issue on any
basis (with the entitlement to such issuance being waived by operation of such
withdrawal), or may, upon the request of the Company, be applied to the
purchase, redemption or payment of Mortgage Bonds at prices not exceeding, in
the aggregate, the principal amount thereof (Sections 4.05 and 7.02).
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
The Company may not consolidate with or merge into any other corporation or
convey, transfer or lease the Mortgaged Property as or substantially as an
entirety to any person unless (a) such transaction is on such terms as will
fully preserve the lien and security of the New Mortgage and the rights and
powers of the New Mortgage Trustee and Holders, (b) the corporation formed by
such consolidation or into which the Company is merged or the person which
acquires by conveyance or transfer, or which leases, the Mortgaged Property as
or substantially as an entirety is a corporation organized and existing under
the laws of the United States of America or any state or territory thereof or
the District of Columbia, and such corporation executes and delivers to the New
Mortgage Trustee a supplemental indenture, which contains an assumption by such
corporation of the due and punctual payment of the principal of and premium, if
any, and interest, if any, on the Mortgage Bonds and the performance of all of
the covenants of the Company under the New Mortgage and which contains a grant,
conveyance, transfer and mortgage by the corporation confirming the lien of the
New Mortgage on the Mortgaged Property and subjecting to such lien all property
thereafter acquired by the corporation which shall constitute an improvement,
extension or addition to the Mortgaged Property or a renewal, replacement or
substitution of or for any part thereof, and, at the election of the
corporation, subjecting to the lien of the New Mortgage such other property then
owned or thereafter acquired by the corporation as the corporation shall
specify, and (c) in the case of a lease, such lease will be made expressly
subject to termination by the Company or the New Mortgage Trustee at any time
during the continuance of an Event of Default. (Section 13.01.)
Other than the security afforded by the lien of the First Mortgage and the
New Mortgage and the restrictions on the issuance of additional First Mortgage
Bonds and Mortgage Bonds, there are no provisions of the First Mortgage or the
New Mortgage which afford the holders of the Mortgage Bonds protection in the
event of a highly leveraged transaction, reorganization, restructuring, merger
or similar transaction involving the Company. Neither the First Mortgage nor the
New Mortgage contain provisions requiring the repurchase of the Mortgage Bonds
upon a change in control of the Company.
MODIFICATION OF NEW MORTGAGE
Without the consent of any Holders, the Company and the New Mortgage
Trustee may enter into one or more supplemental indentures for any of the
following purposes:
(a) to evidence the succession of another person to the Company and
the assumption by any such successor of the covenants of the Company in the
New Mortgage and in the Mortgage Bonds ("Consolidation, Merger, Conveyance,
Transfer or Lease" above); or
(b) to add one or more covenants of the Company or other provisions
for the benefit of all Holders or for the benefit of the Holders of, or to
remain in effect only so long as there shall be Outstanding, Mortgage Bonds
of one or more specified series, or one or more specified Tranches thereof,
or to surrender any right or power conferred upon the Company by the New
Mortgage; or
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(c) to correct or amplify the description of any property at any time
subject to the lien of the New Mortgage, or better to assure, convey and
confirm to the New Mortgage Trustee any property subject or required to be
subjected to the lien of the New Mortgage, or to subject to the lien of the
New Mortgage additional property; or
(d) to convey, transfer and assign to the New Mortgage Trustee and to
subject to the lien of the New Mortgage with the same force and effect as
if included in the New Mortgage, property of subsidiaries of the Company
used or to be used for one or more purposes which if owned by the Company
would constitute property used or to be used for one or more of the Primary
Purposes of the Company's Business, which property shall for all purposes
of the New Mortgage be deemed to be property of the Company, together with
such other provisions as may be appropriate to express the respective
rights of the New Mortgage Trustee and the Company in regard thereto; or
(e) to change or eliminate any provision of the New Mortgage or to add
any new provision to the New Mortgage, provided that if such change,
elimination or addition adversely affects the interests of the Holders of
the Mortgage Bonds of any series or Tranche in any material respect, such
change, elimination or addition will become effective with respect to such
series or Tranche only when no Mortgage Bond of such series or Tranche
remains outstanding under the New Mortgage; or
(f) to establish the form or terms of the Mortgage Bonds of any series
or Tranche as permitted by the New Mortgage; or
(g) to provide for the authentication and delivery of bearer
securities and coupons appertaining thereto representing interest, if any,
thereon and for the procedures for the registration, exchange and
replacement thereof and for the giving of notice to, and the solicitation
of the vote or consent of, the holders thereof, and for any and all other
matters incidental thereto; or
(h) to evidence and provide for the acceptance of appointment by a
successor trustee or by a co-trustee or separate trustee; or
(i) to provide for the procedures required to permit the Company to
utilize, at its option, a noncertificated system of registration for all,
or any series or Tranche of, the Mortgage Bonds; or
(j) to change any place where (1) the principal of and premium, if
any, and interest, if any, on the Mortgage Bonds of any series, or any
Tranche thereof, will be payable, (2) any Mortgage Bonds of any series, or
any Tranche thereof, may be surrendered for registration of transfer, (3)
any Mortgage Bonds of any series, or any Tranche thereof, may be
surrendered for exchange, and (4) notices and demands to or upon the
Company in respect of the Mortgage Bonds of any series, or any Tranche
thereof, and the New Mortgage may be served; or
(k) to cure any ambiguity, to correct or supplement any provision
therein which may be defective or inconsistent with any other provision
therein, or to make any changes to the provisions thereof or to add other
provisions with respect to matters and questions arising under the New
Mortgage, so long as such other changes or additions do not adversely
affect the interests of the Holders of Mortgage Bonds of any series or
Tranche in any material respect; or
(l) to reflect changes in Generally Accepted Accounting Principles; or
(m) to provide the terms and conditions of the exchange or conversion,
at the option of the holders of Mortgage Bonds of any series, of the
Mortgage Bonds of such series for or into Mortgage Bonds of other series or
stock or other securities of the Company or any other corporation; or
(n) to change the words "Mortgage Bonds" to "First Mortgage Bonds" in
the descriptive title of all Outstanding Bonds at any time after the
discharge of the First Mortgage; or
(o) to comply with the rules or regulations of any national securities
exchange on which any of the Mortgage Bonds may be listed. (Section 14.01.)
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Without limiting the generality of the foregoing, if the Trust Indenture
Act is amended after the date of the New Mortgage in such a way as to require
changes to the New Mortgage or the incorporation therein of additional
provisions or so as to permit changes to, or the elimination of, provisions
which, at the date of the New Mortgage or at any time thereafter, were required
by the Trust Indenture Act to be contained in the New Mortgage, the Company and
the New Mortgage Trustee may, without the consent of any Holders, enter into one
or more supplemental indentures to evidence or effect such amendment. (Section
14.01.)
Except as provided above, the consent of the Holders of not less than a
majority in aggregate principal amount of the Mortgage Bonds of all series then
Outstanding, considered as one class, is required for the purpose of adding any
provisions to, or changing in any manner, or eliminating any of the provisions
of, the New Mortgage pursuant to one or more supplemental indentures; provided,
however, if less than all of the series of Mortgage Bonds Outstanding are
directly affected by a proposed supplemental indenture, then the consent only of
the Holders of a majority in aggregate principal amount of Outstanding Mortgage
Bonds of all series so directly affected, considered as one class, will be
required; and provided further that if the Mortgage Bonds of any series have
been issued in more than one Tranche and if the proposed supplemental indenture
directly affects the rights of the Holders of one or more, but less than all, of
such Tranches, then the consent only of the Holders of a majority in aggregate
principal amount of the Outstanding Mortgage Bonds of all Tranches so directly
affected, considered as one class, will be required; and provided further that
no such amendment or modification may, without the consent of each Holder of the
Outstanding New Mortgage of each series or Tranche directly affected thereby,
(a) change the Stated Maturity of the principal of, or any installment of
principal of or interest on, any Mortgage Bond, or reduce the principal amount
thereof or the rate of interest thereon (or the amount of any installment of
interest thereon) or change the method of calculating such rate or reduce any
premium payable upon the redemption thereof, or reduce the amount of the
principal of a Discount Bond (i.e., Bond which by its terms pays less than the
principal amount thereof upon an acceleration of the maturity) that would be due
and payable upon a declaration of acceleration of maturity or change the coin or
currency (or other property) in which any Mortgage Bond or any premium or the
interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the redemption date), (b) permit the
creation of any lien ranking prior to the lien of the New Mortgage with respect
to all or substantially all of the Mortgaged Property or terminate the lien of
the New Mortgage on all or substantially all of the Mortgaged Property, or
deprive such Holder of the benefit of the security of the lien of the New
Mortgage, (c) reduce the percentage in principal amount of the Outstanding
Mortgage Bonds of such series or Tranche, the consent of the Holders of which is
required for any such supplemental indenture, or the consent of the Holder of
which is required for any waiver of compliance with any provision of the New
Mortgage or any default thereunder and its consequences, or reduce the
requirements for quorum or voting, or (d) modify certain of the provisions of
the New Mortgage relating to supplemental indentures, waiver of certain
covenants and waivers of past defaults. A supplemental indenture which changes
or eliminates any covenant or other provision of the New Mortgage which has
expressly been included solely for the benefit of the Holders of, or which is to
remain in effect only so long as there shall be Outstanding Mortgage Bonds of
one or more specified series, or one or more Tranches thereof, or modifies the
rights of the Holders of Mortgage Bonds of such series or Tranches with respect
to such covenant or other provision, will be deemed not to affect the rights
under the New Mortgage of the Holders of the Mortgage Bonds of any other series
or Tranche. (Section 14.02.)
WAIVER
The Holders of at least a majority in aggregate principal amount of all
Mortgage Bonds may waive the Company's obligations to comply with certain
covenants, including the Company's obligation to maintain its corporate
existence and properties, pay taxes and discharge liens, maintain certain
insurance and to make such recordings and filings as are necessary to protect
the security of the Holders and the rights of the New Mortgage Trustee, provided
that such waiver occurs before the time such compliance is required. The Holders
of at least a majority of the aggregate principal amount of Outstanding Mortgage
Bonds of all affected series or Tranches, considered as one class, may waive,
before the time for such compliance, compliance with the Company's obligation to
maintain an office or agency where the Mortgage Bonds of such series or Tranches
may be surrendered for payment, registration, transfer or exchange, and
compliance with any other covenant specified in a supplemental indenture
respecting such series or Tranches. (Section 6.09.)
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EVENTS OF DEFAULT
Each of the following events constitutes an Event of Default under the New
Mortgage:
(1) failure to pay interest on any Mortgage Bond within 60 days after
the same becomes due;
(2) failure to pay principal or premium, if any, on any Mortgage Bond
within 15 days after its Maturity;
(3) failure to perform or breach of any covenant or warranty of the
Company in the New Mortgage (other than a covenant or a warranty a default
in the performance of which or breach of which is dealt with elsewhere
under this paragraph) for a period of 60 days after there has been given to
the Company by the New Mortgage Trustee, or to the Company and the New
Mortgage Trustee by the Holders of at least 50% in principal amount of
Outstanding Mortgage Bonds, a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a
"Notice of Default," unless the New Mortgage Trustee, or the New Mortgage
Trustee and the Holders of a principal amount of Mortgage Bonds not less
than the principal amount of Mortgage Bonds the Holders of which gave such
notice, as the case may be, agree in writing to an extension of such period
prior to its expiration; provided, however, that the New Mortgage Trustee,
or the New Mortgage Trustee and such Holders, as the case may be, will be
deemed to have agreed to an extension of such period if corrective action
has been initiated by the Company within such period and is being
diligently pursued;
(4) certain events relating to reorganization, bankruptcy and
insolvency of the Company and appointment of a receiver or trustee for its
property; or
(5) the occurrence of an Event of Default under any Class "A" Mortgage
such that the maturity of amounts due thereunder may be accelerated;
provided that the waiver or cure of any such Event of Default and the
rescission and annulment of the consequences thereof shall constitute a
waiver of the corresponding Event of Default under the New Mortgage and a
rescission and annulment of the consequences thereof. (Section 10.01.)
REMEDIES
If an Event of Default occurs and is continuing, then the New Mortgage
Trustee or the Holders of not less than a majority in principal amount of
Mortgage Bonds then Outstanding may declare the principal amount (or if the
Mortgage Bonds are Discount Bonds, such portion of the principal amount as may
be provided for such Discount Bonds pursuant to the terms of the New Mortgage)
of all of the Mortgage Bonds together with premium, if any, and interest
accrued, if any, thereon to be immediately due and payable. At any time after
such declaration of the maturity of the Mortgage Bonds then Outstanding, but
before the sale of any of the Mortgaged Property and before a judgment or decree
for payment of money shall have been obtained by the New Mortgage Trustee as
provided in the New Mortgage, the Event or Events of Default giving rise to such
declaration of acceleration will, without further act, be deemed to have been
waived, and such declaration and its consequences will, without further act, be
deemed to have been rescinded and annulled, if:
(a) the Company has paid or deposited with the New Mortgage Trustee a
sum sufficient to pay:
(1) all overdue interest, if any, on all Mortgage Bonds then
Outstanding;
(2) the principal of and premium, if any, on any Mortgage Bonds
then Outstanding which have become due otherwise than by such
declaration of acceleration and interest thereon at the rate or rates
prescribed therefor in such Mortgage Bonds; and
(3) all amounts due to the New Mortgage Trustee as compensation and
reimbursement as provided in the New Mortgage; and
(b) any other Event or Events of Default other than the non-payment
of the principal of Mortgage Bonds which shall have become due solely by
such declaration of acceleration, shall have been cured or waived as
provided in the New Mortgage. (Sections 10.02 and 10.17.)
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The New Mortgage provides that, under certain circumstances and to the
extent permitted by law, if an Event of Default occurs and is continuing, the
New Mortgage Trustee has the power to take possession of, and to hold, operate
and manage, the Mortgaged Property, or with or without entry, sell the Mortgaged
Property. If the Mortgaged Property is sold, whether by the New Mortgage Trustee
or pursuant to judicial proceedings, the principal of the Outstanding Mortgage
Bonds, if not previously due, will become immediately due, together with
premium, if any, and any accrued interest. (Sections 10.03, 10.04 and 10.05.)
If an Event of Default occurs and is continuing, the Holders of a majority
in principal amount of the Mortgage Bonds then Outstanding will have the right
to direct the time, method and place of conducting any proceedings for any
remedy available to the New Mortgage Trustee or exercising any trust or power
conferred on the New Mortgage Trustee, provided that (a) such direction does not
conflict with any rule of law or with the New Mortgage, and could not involve
the New Mortgage Trustee in personal liability in circumstances where indemnity
would not, in the New Mortgage Trustee's sole discretion, be adequate, (b) such
direction is not unduly prejudicial to the rights of the nonassenting Holders,
and (c) the New Mortgage Trustee may take any other action deemed proper by the
New Mortgage Trustee which is not inconsistent with such discretion. (Section
10.16.)
The New Mortgage provides that no Holder of any Mortgage Bond will have any
right to institute any proceeding, judicial or otherwise, with respect to the
New Mortgage, or for the appointment of a receiver or trustee, or for any other
remedy thereunder, unless (a) such Holder has previously given to the New
Mortgage Trustee written notice of a continuing Event of Default; (b) the
Holders of not less than a majority in aggregate principal amount of the
Mortgage Bonds then Outstanding have made written request to the New Mortgage
Trustee to institute proceedings in respect of such Event of Default and have
offered the New Mortgage Trustee reasonable indemnity against cost and
liabilities incurred in complying with such request; and (c) for 60 days after
receipt of such notice, the New Mortgage Trustee has failed to institute any
such proceeding and no direction inconsistent with such request has been given
to the New Mortgage Trustee during such 60-day period by the Holders of a
majority in aggregate principal amount of Mortgage Bonds then Outstanding.
Furthermore, no Holder will be entitled to institute any such action if and to
the extent that such action would disturb or prejudice the rights of other
Holders. (Section 10.11.) Notwithstanding that the right of a Holder to
institute a proceeding with respect to the New Mortgage is subject to certain
conditions precedent, each Holder of a Mortgage Bond has the right, which is
absolute and unconditional, to receive payment of the principal of and premium,
if any, and interest, if any, on such Mortgage Bond when due and to institute
suit for the enforcement of any such payment, and such rights may not be
impaired without the consent of such Holder. (Section 10.12.) The New Mortgage
provides that the New Mortgage Trustee give the Holders notice of any default
under the New Mortgage to the extent required by the Trust Indenture Act, unless
such default shall have been cured or waived, except that no such notice to
Holders of a default of the character described in paragraph (3) under "Events
of Default" shall be given until at least 45 days after the occurrence thereof.
(Section 11.02.) The Trust Indenture Act currently permits the New Mortgage
Trustee to withhold notice of default (except for certain payment defaults) if
the New Mortgage Trustee in good faith determines the withholding of such notice
to be in the interests of the Holders.
As a condition precedent to certain actions by the New Mortgage Trustee in
the enforcement of the lien of the New Mortgage and institution of action on the
Mortgage Bonds, the New Mortgage Trustee may require adequate indemnity against
costs, expense and liabilities to be incurred in connection therewith. (Sections
10.11 and 11.01.)
In addition to every other right and remedy provided in the New Mortgage,
the New Mortgage Trustee may exercise any right or remedy available to the New
Mortgage Trustee in its capacity as owner and holder of Pledged Bonds which
arises as a result of a default or Matured Event of Default under any Class "A"
Mortgage, whether or not an Event of Default under the New Mortgage has then
occurred and is continuing. (Section 10.20.)
DEFEASANCE
Any Mortgage Bond or Bonds, or any portion of the principal amount thereof,
will be deemed to have been paid for purposes of the New Mortgage, and the
entire indebtedness of the Company in respect thereof will be deemed to have
been satisfied and discharged, if there has been irrevocably deposited with the
New Mortgage
17
<PAGE> 19
Trustee, in trust: (a) money (including Funded Cash) in the amount which will be
sufficient, or (b) Eligible Obligations (as described below), which do not
contain provisions permitting the redemption or other prepayment thereof at the
option of the issuer thereof, the principal of and the interest on which when
due, without any regard to reinvestment thereof, will provide monies which will
be sufficient, or (c) a combination of (a) and (b) which will be sufficient, to
pay when due the principal of and premium, if any, and interest, if any, due and
to become due on such Mortgage Bond or Bonds or portions thereof. (Section
9.01.) For this purpose, Eligible Obligations include direct obligations of, or
obligations unconditionally guaranteed by, the United States of America,
entitled to the benefit of the full faith and credit thereof, and certificates,
depositary receipts or other instruments which evidence a direct ownership
interest in such obligations or in any specific interest or principal payments
due in respect thereof.
While there is no legal precedent directly on point, it is possible that,
for federal income tax purposes, any deposit contemplated in the preceding
paragraph could be treated as a taxable exchange of the related Mortgage Bonds
for an issue of obligations of the trust or a direct interest in the cash and
securities held in the trust. In that case, Holders of such Mortgage Bonds would
recognize gain or loss as if the trust obligations or the cash or securities
deposited, as the case may be, had actually been received by them in exchange
for their Mortgage Bonds. Such Holders thereafter would be required to include
in income a share of the income, gain or loss of the trust. The amount so
required to be included in income could be different from the amount that would
be includible in the absence of such deposit. Prospective investors are urged to
consult their own tax advisors as to the specific consequences to them of such
deposit.
RESIGNATION OF THE NEW MORTGAGE TRUSTEE
The New Mortgage Trustee may resign at any time by giving written notice
thereof to the Company or may be removed at any time by Act of the Holders of a
majority in principal amount of Mortgage Bonds then Outstanding delivered to the
New Mortgage Trustee and the Company. No resignation or removal of the New
Mortgage Trustee and no appointment of a successor trustee will become effective
until the acceptance of appointment by a successor trustee in accordance with
the requirements of the New Mortgage. In addition, so long as no Event of
Default or event which, after notice or lapse of time, or both, would become an
Event of Default has occurred and is continuing, under certain circumstances, if
the Company has delivered to the New Mortgage Trustee a resolution of its Board
of Directors appointing a successor trustee and such successor has accepted such
appointment in accordance with the terms of the New Mortgage, the New Mortgage
Trustee will be deemed to have resigned and the successor will be deemed to have
been appointed as trustee in accordance with the New Mortgage. (Section 11.10.)
CONCERNING THE NEW MORTGAGE TRUSTEE
The Bank of New York, the Trustee under the New Mortgage, has been a
regular depositary of funds of the Company. As trustee under both the New
Mortgage and the First Mortgage, The Bank of New York may have a conflicting
interest for purposes of the Trust Indenture Act if an Event of Default were to
occur under either Mortgage. In that case, the New Mortgage Trustee may be
required to eliminate such conflicting interest by resigning either as New
Mortgage Trustee or as First Mortgage Trustee. There are other instances under
the Trust Indenture Act which would require the resignation of the New Mortgage
Trustee, such as an affiliate of the New Mortgage Trustee acting as underwriter
with respect to any of the Mortgage Bonds.
The Company and certain of its subsidiaries maintain deposit accounts and
conduct other banking transactions with The Bank of New York in the ordinary
course of their businesses. The Bank of New York also acts as trustee under
certain indentures relating to borrowings by or for the benefit of the lessors
to finance their acquisition of the Company's interest in the Perry Nuclear
Power Plant and Beaver Valley Power Station in connection with the sale and
leaseback of certain undivided interests in those plants. Under the
sale/leaseback documents, the Company is ultimately responsible for the payment
of this indebtedness. The Bank of New York also acts as trustee under the trust
agreement, guarantee and indenture relating to a series of preferred securities
issued by a trust subsidiary of the Company.
18
<PAGE> 20
TRANSFER OR EXCHANGE
The transfer of the Mortgage Bonds may be registered, and Mortgage Bonds
may be exchanged for other Mortgage Bonds of the same series and Tranche, of
authorized denominations and of like tenor and aggregate principal amount, at
the office of the Company, as Bond Registrar for the Mortgage Bonds, in New
York, New York. The Company may change the place for registration of transfer of
the Mortgage Bonds, may appoint one or more additional Bond Registrars
(including the Company) and may remove any Bond Registrar, all at its
discretion. (Section 6.02.) The applicable Prospectus Supplement will identify
any new place for registration of transfer and additional Bond Registrar
appointed, and will disclose the removal of any Bond Registrar effected, prior
to the date of such Prospectus Supplement. Except as otherwise provided in the
applicable Prospectus Supplement, no service charge will be made for any
transfer or exchange of the Mortgage Bonds, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of the
Mortgage Bonds. The Company will not be required to issue, and no Bond Registrar
will be required to register, the transfer of or to exchange (a) Mortgage Bonds
of any series (including the Mortgage Bonds) during a period of 15 days prior to
giving any notice of redemption, or (b) any Mortgage Bond selected for
redemption in whole or in part, except the unredeemed portion of any Mortgage
Bond being redeemed in part. (Section 3.05.)
BOOK-ENTRY ONLY SYSTEM
A particular series of Offered Bonds may be issued initially under a
book-entry only system, registered in the name of Cede & Co., as registered
bondholder and nominee for DTC. DTC will act as securities depository for such
Offered Bonds. Individual purchases of Book-Entry Interests (as defined herein)
in any Offered Bonds will be made in book-entry form. Purchasers of Book-Entry
Interests will not receive certificates representing their interests in such
Offered Bonds. So long as Cede & Co., as nominee of DTC, is the bondholder,
references herein to the bondholders or registered owners of Offered Bonds will
mean Cede & Co., rather than the owners of Book-Entry Interests in such Offered
Bonds.
DTC is a limited purpose trust company organized under the banking laws of
the State of New York and a "banking organization" within the meaning of that
law, a member of the Federal Reserve System, a "clearing corporation" within the
meaning of the New York Uniform Commercial Code, and a "clearing agency"
registered pursuant to the provisions of Section 17A of the Exchange Act, as
amended. DTC holds securities deposited by its participants (the "DTC
Participants") and facilitates the settlement of securities transactions among
DTC Participants in such securities through electronic computerized book-entry
changes in accounts of the DTC Participants, thereby eliminating the need for
physical movement of securities certificates. Direct DTC Participants include
securities brokers and dealers, banks, trust companies, clearing corporations
and certain other organizations, some of whom, together with the New York Stock
Exchange, Inc., the American Stock Exchange, Inc. and the National Association
of Securities Dealers, Inc. own DTC. Access to the DTC system is also available
to others such as banks, brokers, dealers and trust companies that clear through
or maintain a custodial relationship with a DTC Participant, either directly or
indirectly (the "Indirect Participants").
DTC Participants purchasing Book-Entry Interests (as defined below) in any
Offered Bonds will not receive certificates. Each DTC Participant will receive a
credit balance in the records of DTC in the amount of such DTC Participant's
interest in such Offered Bonds, which will be confirmed in accordance with DTC's
standard procedures. The ownership interest of each actual purchaser of a
Book-Entry Interest in an Offered Bond (the "Book-Entry Interests") will be
recorded through the records of the DTC Participant or through the records of
the Indirect Participant. Owners of Book-Entry Interests should receive from the
DTC Participant or Indirect Participant a written confirmation of their purchase
providing details of the Book-Entry Interests acquired. Transfers of Book-Entry
Interests will be accomplished by book entries made by the DTC Participants or
Indirect Participants who act on behalf of the owners of Book-Entry Interests.
Owners of Book-Entry Interests will not receive certificates representing their
ownership of Book-Entry Interests with respect to any related Offered Bonds
except as described below upon the resignation of DTC.
Under the New Mortgage, payments made to DTC or its nominee with respect to
the Offered Bonds will satisfy the Company's obligations under the New Mortgage
to the extent of the payments so made. Owners of
19
<PAGE> 21
Book-Entry Interests in the Offered Bonds will not be or be considered by the
Company or the New Mortgage Trustee to be, and will not have any rights as,
holders of Offered Bonds under the New Mortgage.
NEITHER THE COMPANY NOR THE NEW MORTGAGE TRUSTEE NOR ANY OF THEIR AGENTS
WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO ANY DTC PARTICIPANT, INDIRECT
PARTICIPANT OR ANY OWNER OF A BOOK-ENTRY INTEREST OR ANY OTHER PERSON NOT SHOWN
ON THE REGISTRATION BOOKS OF THE NEW MORTGAGE TRUSTEE OR ANY BOND REGISTRAR AS
BEING A BONDHOLDER WITH RESPECT TO: (1) ANY OFFERED BONDS; (2) THE ACCURACY OF
ANY RECORDS MAINTAINED BY DTC OR ANY DTC PARTICIPANT OR INDIRECT PARTICIPANT;
(3) THE PAYMENT BY DTC OR ANY DTC PARTICIPANT OR INDIRECT PARTICIPANT OF ANY
AMOUNT DUE TO ANY OWNER OF A BOOK-ENTRY INTEREST IN RESPECT OF THE PRINCIPAL OR
REDEMPTION PRICE OF OR INTEREST ON ANY OFFERED BONDS; (4) THE DELIVERY BY DTC OR
ANY DTC PARTICIPANT OR INDIRECT PARTICIPANT OF ANY NOTICE TO ANY OWNER OF A
BOOK-ENTRY INTEREST WHICH IS REQUIRED OR PERMITTED UNDER THE TERMS OF THE NEW
MORTGAGE TO BE GIVEN TO BONDHOLDERS; (5) THE SELECTION OF THE OWNERS OF A
BOOK-ENTRY INTEREST TO RECEIVE PAYMENT IN THE EVENT OF ANY PARTIAL REDEMPTION OF
ANY OFFERED BONDS; OR (6) ANY CONSENT GIVEN OR OTHER ACTION TAKEN BY DTC OR ITS
NOMINEE AS THE HOLDER OF ANY OFFERED BONDS.
Principal and redemption price of, and interest on, Offered Bonds
registered in the name of DTC or its nominee will be made to DTC or such
nominee, as registered owner of such Offered Bonds. DTC is responsible for
disbursing such payments to the appropriate DTC Participants and such DTC
Participants, and any Indirect Participants, are in turn responsible for
disbursing the same to the owners of Book-Entry Interests. Unless it has reason
to believe it will not receive payment, DTC's current practice is to credit the
accounts of the DTC Participants on a payment date in accordance with their
respective holdings shown on the records of DTC. Payments by DTC Participants
and Indirect Participants to owners of Book-Entry Interests will be governed by
standing instructions and customary practices, as is now the case with
securities held for the accounts of customers in bearer form or registered in
"street name," and will be the responsibility of such DTC Participant or
Indirect Participant and not of DTC, the Company or the New Mortgage Trustee,
subject to any statutory and regulatory requirements as may be in effect from
time to time.
DTC Participants and Indirect Participants carry the "position" of the
ultimate Book-Entry Interest owner on their records, and will be responsible for
providing information to the ultimate Book-Entry Interest owner as to the
Offered Bonds in which the Book-Entry Interest is held, debt service payments
received, and other information. Each person for whom a DTC Participant or
Indirect Participant acquires an interest in Offered Bonds, as nominee, may
desire to make arrangements with such DTC Participant or Indirect Participant to
receive a credit balance in the records of such DTC Participant or Indirect
Participant, to have all notices of redemption or other communications to or by
DTC which may affect such persons forwarded in writing by such DTC Participant
or Indirect Participant, and to have notification made of all debt service
payments.
Purchases, transfers and sales of Book-Entry Interests by the ultimate
Book-Entry Interest owners may be made through book entries made by DTC
Participants or Indirect Participants or others who act for the ultimate
Book-Entry Interest owner. The New Mortgage Trustee, the Company and the
underwriters have no role in those purchases, transfers or sales.
Owners of Book-Entry Interests may be charged a sum sufficient to cover any
tax, fee, or other governmental charge that may be imposed in relation to any
transfer or exchange of a Book-Entry Interest.
The Company, any Bond Registrar, any Paying Agent and the New Mortgage
Trustee will recognize and treat DTC (or any successor securities depository) or
its nominee as the holder of Offered Bonds registered in its name or the name of
its nominee for all purposes, including payment of debt service, notices,
enforcement of remedies and voting. Under DTC's current practice, a proxy will
be given to the DTC Participants holding Book-Entry Interests in Offered Bonds
in connection with any matter on which holders of such Offered Bonds are asked
to vote or give their consent. Crediting of debt service payments and
transmittal of notices and other communications by DTC to DTC Participants, by
DTC Participants to Indirect Participants and by DTC Participants and Indirect
Participants to the ultimate Book-Entry Interest owners are the responsibility
of those
20
<PAGE> 22
persons and will be handled by arrangements among them and are not the
responsibility of the New Mortgage Trustee, the Company or the underwriters
involved in the sale of the Offered Bonds.
The Company, any Bond Registrar or the New Mortgage Trustee, so long as a
book-entry system is used for any series of Offered Bonds, will send any notice
of redemption and any other notices required by the New Mortgage to be sent to
holders of such Offered Bonds only to DTC (or such successor securities
depository) or its nominee. Any failure of DTC to advise any DTC Participant, or
of any DTC Participant or Indirect Participant to notify the Book-Entry Interest
owner, of any such notice and its content or effect will not affect the validity
of the redemption of the Offered Bonds called for redemption, or any other
action premised on that notice. In the event of a call for redemption, the
Company's, any Bond Registrar's or the New Mortgage Trustee's notification to
DTC will initiate DTC's standard call process, and, in the event of a partial
call, its lottery process by which the call will be randomly allocated to DTC
Participants holding positions in the Offered Bonds to be redeemed. When DTC and
DTC Participants allocate the call for redemption, the owners of the Book-Entry
Interests that have been called should be notified by the broker or other person
responsible for maintaining the records of those interests and subsequently
credited by that person with the proceeds once such Offered Bonds are redeemed.
The Company, any Paying Agent, the New Mortgage Trustee and any underwriter
or agent cannot and do not give any assurances that DTC, DTC Participants or
others will distribute debt service on Offered Bonds made to DTC or its nominee
as the registered owner, or any redemption or other notices, to the Book-Entry
Interest owners, or that they will do so on a timely basis, or that DTC will
serve and act in the manner described in this Prospectus.
The Company understands that the current "Rules" applicable to DTC are on
file with the Commission, and that the current "Procedures" of DTC to be
followed in dealing with DTC Participants are on file with DTC.
If DTC is at any time unwilling or unable to continue as depository, and a
successor depository is not appointed by the Company within 90 days, the Company
will issue individual certificates to owners of Book-Entry Interests in exchange
for the Offered Bonds held by DTC or its nominee. In such instance, an owner of
a Book-Entry Interest will be entitled to physical delivery of certificates
equal in principal amount to such Book-Entry Interest and to have such
certificates registered in its name. Individual certificates of Offered Bonds so
issued will be issued in denominations of $1,000 or any multiple thereof.
LEGAL OPINIONS
Anthony J. Alexander, Esq., Akron, Ohio, who is Executive Vice President
and General Counsel of the Company, has rendered an opinion to the Company as to
the legality of the Mortgage Bonds offered hereby. Mr. Alexander and Winthrop,
Stimson, Putnam & Roberts, One Battery Park Plaza, New York, N.Y. 10004-1490,
also counsel for the Company, will render opinions to any underwriters or agents
as to the legality of any Offered Bonds. Simpson Thacher & Bartlett (a
partnership which includes professional corporations), 425 Lexington Avenue, New
York, N.Y. 10017-3954, will act as counsel for any underwriters or agents and
will render an opinion to them as to certain legal matters.
EXPERTS
The audited consolidated financial statements and related schedule
incorporated by reference or included in the Company's Annual Report on Form
10-K for the year ended December 31, 1996, incorporated by reference in this
Prospectus, have been audited by Arthur Andersen LLP, independent public
accountants, as indicated in their reports dated February 7, 1997 with respect
thereto, and are incorporated by reference herein in reliance upon the authority
of said firm as experts in accounting and auditing in giving said reports.
The audited consolidated financial statements for the year ended December
31, 1997, included in the Form 8-K filed on March 23, 1998, and incorporated by
reference in this Prospectus have been audited by Arthur Andersen LLP,
independent public accountants, as indicated in their report dated February 13,
1998 with respect thereto, and are incorporated by reference herein in reliance
upon the authority of said firm as experts in accounting and auditing in giving
said reports.
With respect to the unaudited interim consolidated financial information
for the quarterly periods ended March 31, 1996 and 1997, June 30, 1996 and 1997
and September 30, 1996 and 1997 incorporated by reference herein, Arthur
Andersen LLP has applied limited procedures in accordance with professional
standards for
21
<PAGE> 23
reviews of that information. However, their separate reports thereon state that
they did not audit and they do not express an opinion on that interim
consolidated financial information. Accordingly, the degree of reliance on their
reports on that information should be restricted in light of the limited nature
of the review procedures applied. In addition, the accountants are not subject
to the liability provisions of Section 11 of the Securities Act of 1933 for
their reports on the unaudited interim consolidated financial information
because that report is not a "report" or "part" of the registration statement
prepared or certified by the accountants within the meaning of Sections 7 and 11
of the Act.
The statements as to matters of law and legal conclusions included in the
Company's Annual Report on Form 10-K and Form 10-Q Report incorporated herein by
reference, and such statements included herein, have been prepared under the
supervision of, and reviewed by, Anthony J. Alexander, Esq., Akron, Ohio, who is
Executive Vice President and General Counsel of the Company, and such statements
have been incorporated by reference or included herein upon his authority as an
expert.
PLAN OF DISTRIBUTION
The Company may sell the Mortgage Bonds (i) through underwriters or
dealers, (ii) directly to a limited number of institutional purchasers or to a
single purchaser, (iii) through agents or (iv) through any combination of the
above. An accompanying Prospectus Statement will set forth the terms of the
offering of the Offered Bonds, including the name or names of any underwriters,
the purchase price of the Offered Bonds and the net proceeds to the Company from
such sale, any underwriting discounts and other items constituting underwriters'
compensation, any initial public offering price and any discounts or concessions
allowed or reallowed or paid to dealers.
If underwriters are used in the sale, the Mortgage Bonds will be acquired
by the underwriters for their own account and may be resold from time to time in
one or more transactions, including negotiated transactions, at a fixed public
offering price or at varying prices determined at the time of sale. The Mortgage
Bonds may be offered to the public either through underwriting syndicates
represented by one or more managing underwriters or directly by one or more
underwriting firms. The underwriter or underwriters with respect to a particular
underwritten offering of Offered Bonds will be named in the Prospectus
Supplement relating to such offering and, if an underwriting syndicate is used,
the managing underwriter or underwriters will be set forth on the cover page of
such Prospectus Supplement. Unless otherwise set forth in the Prospectus
Supplement, the several obligations of the underwriters to purchase the Offered
Bonds will be subject to certain conditions precedent and the underwriters will
be obligated to take and pay for all of the Offered Bonds if any are taken.
The Mortgage Bonds may be sold directly by the Company or through agents
designated by the Company from time to time. Any agent involved in the offer or
sale of the Offered Bonds will be named, and any commissions payable by the
Company to such agent will be set forth, in an accompanying Prospectus
Supplement. Unless otherwise indicated in such Prospectus Supplement, any such
agent will be acting on a best efforts basis for the period of its appointment.
If so indicated in the Prospectus Supplement, the Company will authorize
underwriters or dealers to solicit offers by certain specified institutions to
purchase Mortgage Bonds from the Company at the public offering price set forth
in the Prospectus Supplement pursuant to delayed delivery contracts providing
for payment and delivery on a specified date in the future. Such contracts will
be subject to those conditions set forth in the Prospectus Supplement, and the
Prospectus Supplement will set forth the commission payable for solicitation of
such contracts.
Agents, dealers and underwriters may be entitled, under agreements entered
into with the Company, to indemnification by the Company against certain civil
liabilities, including liabilities under the Securities Act of 1933, as amended.
The place and time of delivery for the Offered Bonds in respect of which
this Prospectus is delivered are set forth in the accompanying Prospectus
Supplement.
22
<PAGE> 24
PART II. INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 16. EXHIBITS.
<TABLE>
<CAPTION>
EXHIBIT
NUMBER
- --------
<C> <C> <S>
(4)(g) -- Form of General Mortgage Indenture and Deed of Trust dated
as of January 1, 1998 between the Company and The Bank of
New York, as Trustee.
(12)(b) -- Computation of Consolidated Ratio of Earnings to Fixed
Charges.
(15)(b) -- Letter of Arthur Andersen LLP regarding unaudited interim
financial information.
23 (c) -- Consent of Arthur Andersen LLP.
These Exhibits are in addition to any document previously
listed or incorporated by reference as an Exhibit listed or
referred to in Item 16 of the Registration Statement filed
June 5, 1996.
</TABLE>
II-1
<PAGE> 25
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT
CERTIFIES THAT IT HAS REASONABLE GROUNDS TO BELIEVE THAT IT MEETS ALL OF THE
REQUIREMENTS FOR FILING ON FORM S-3 AND HAS DULY CAUSED THIS AMENDMENT NO. 1 TO
THE REGISTRATION STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED
THEREUNTO DULY AUTHORIZED, IN THE CITY OF AKRON AND STATE OF OHIO ON THE 26TH
DAY OF MARCH, 1998.
OHIO EDISON COMPANY
By: /s/ H. P. BURG
------------------------------------
H. P. Burg
President
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS
REGISTRATION STATEMENT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS IN THE
CAPACITIES AND ON THE DATES INDICATED.
<TABLE>
<CAPTION>
NAME TITLE DATE
---- ----- ----
<C> <S> <C>
H. P. BURG
- ------------------------------------------
(H. P. Burg) President and Director March 26, 1998
W. R. HOLLAND
- ------------------------------------------
(W. R. Holland) Director March 26, 1998
ANTHONY J. ALEXANDER
- ------------------------------------------
(Anthony J. Alexander) Director March 26, 1998
R. H. MARSH
- ------------------------------------------ Vice President (Principal
(R. H. Marsh) Financial Officer) March 26, 1998
HARVEY L. WAGNER
- ------------------------------------------ Controller (Principal
(Harvey L. Wagner) Accounting Officer) March 26, 1998
</TABLE>
II-2
<PAGE> 26
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER
- --------
<C> <C> <S>
(4)(g) -- Form of General Mortgage Indentures and Deed of Trust dated
as of January 1, 1998 between the Company and The Bank of
New York, as Trustee.
(12)(b) -- Computation of Consolidated Ratio of Earnings to Fixed
Charges.
(15)(b) -- Letter of Arthur Andersen LLP regarding unaudited interim
financial information.
23 (c) -- Consent of Arthur Andersen LLP.
</TABLE>
II-3
<PAGE> 1
Exhibit(4)(g)
GENERAL MORTGAGE INDENTURE
AND
DEED OF TRUST
OHIO EDISON COMPANY
TO
THE BANK OF NEW YORK,
AS TRUSTEE
DATED AS OF
January 1, 1998
<PAGE> 2
This document was prepared by:
John H. Byington, Jr.
Winthrop, Stimson, Putnam & Roberts
One Battery Park Plaza
New York, New York 10004
<PAGE> 3
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
GRANTING CLAUSE FIRST.............................................................................................1
GRANTING CLAUSE SECOND............................................................................................2
GRANTING CLAUSE THIRD.............................................................................................2
GRANTING CLAUSE FOURTH............................................................................................2
EXCEPTED PROPERTY.................................................................................................2
ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION...............................................5
Section 1.01 General Definitions....................................................................5
"Act"..................................................................................5
"Adjusted Net Earnings"................................................................5
"Affiliate"............................................................................6
"Annual Interest Requirements".........................................................6
"Appraiser"............................................................................6
"Appraiser's Certificate"..............................................................6
"Authenticating Agent".................................................................6
"Authorized Executive Officer".........................................................6
"Authorized Publication"...............................................................6
"Authorized Purposes"..................................................................7
"Board of Directors"...................................................................7
"Board Resolution".....................................................................7
"Bonded"...............................................................................7
"Bond Register" and "Bond Registrar"...................................................7
"Bonds"................................................................................7
"Business Day".........................................................................7
"Class "A" Bonds"......................................................................7
"Class "A" Mortgage"...................................................................7
"Commission"...........................................................................7
"Company"..............................................................................7
"Company Order" or "Company Request"...................................................7
"Corporate Trust Office"...............................................................8
"Cost".................................................................................8
"Customary Exceptions".................................................................8
The "date of execution and delivery of this Indenture".................................8
</TABLE>
i
<PAGE> 4
<TABLE>
<S> <C>
"Defaulted Interest"...................................................................8
"Discount Bond"........................................................................8
"Dollar" or "$"........................................................................8
"Eligible Obligations".................................................................8
"Engineer".............................................................................8
"Engineer's Certificate"...............................................................8
"Event of Default".....................................................................9
"Excepted Property"....................................................................9
"Fair Value"...........................................................................9
"Funded Cash"..........................................................................9
"Generally Accepted Accounting Principles".............................................9
"Governmental Authority"...............................................................9
"Government Obligations"...............................................................9
"Holder"..............................................................................10
"Indenture"...........................................................................10
"Independent".........................................................................10
"Independent Engineer's Certificate"..................................................10
"Interest Payment Date"...............................................................10
"Investment Securities"...............................................................10
"Lien"................................................................................11
"Matured Event of Default"............................................................11
"Maturity"............................................................................11
"Mortgaged Property"..................................................................11
"Net Earnings Certificate"............................................................11
"1930 Mortgage".......................................................................11
"Officer's Certificate"...............................................................11
"Opinion of Counsel"..................................................................11
"Outstanding",........................................................................11
"Paying Agent"........................................................................12
"Periodic Offering"...................................................................13
"Permitted Liens".....................................................................13
"Person"..............................................................................15
"Place of Payment"....................................................................15
"Pledged Bonds".......................................................................15
"Predecessor Bond"....................................................................15
"Prepaid Lien"........................................................................15
"Primary Purposes of the Company's Business"..........................................15
"Prior Lien"..........................................................................15
"Property Additions"..................................................................15
"Redemption Date".....................................................................15
"Redemption Price"....................................................................15
"Regular Record Date".................................................................16
"Required Currency"...................................................................16
"Responsible Officer".................................................................16
"Retired Bonds".......................................................................16
"Special Record Date".................................................................16
"Stated Interest Rate"................................................................16
</TABLE>
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<PAGE> 5
<TABLE>
<S> <C> <C>
"Stated Maturity"....................................................................16
"Successor Corporation"..............................................................16
"Tranche"............................................................................16
"Trust Indenture Act"................................................................16
"Trustee"............................................................................16
"Unbonded"...........................................................................16
"United States"......................................................................17
Section 1.02 Bonded, Funded Cash..................................................................17
Section 1.03 Net Earnings Certificate; Adjusted Net Earnings; Annual Interest Requirements........18
Section 1.04 Property Additions; Cost.............................................................20
Section 1.05 Compliance Certificates and Opinions.................................................23
Section 1.06 Form of Documents Delivered to Trustee...............................................24
Section 1.07 Acts of Holders......................................................................24
Section 1.08 Notices, Etc. to Trustee and Company.................................................25
Section 1.09 Notice to Holders of Bonds; Waiver...................................................26
Section 1.10 Conflict with Trust Indenture Act....................................................27
Section 1.11 Effect of Headings and Table of Contents.............................................27
Section 1.12 Successors and Assigns...............................................................27
Section 1.13 Separability Clause..................................................................27
Section 1.14 Benefits of Indenture................................................................27
Section 1.15 Governing Law........................................................................27
Section 1.16 Legal Holidays.......................................................................27
Section 1.17 Investment of Cash Held by Trustee...................................................28
Section 1.18 Approval of Signers..................................................................28
ARTICLE II BOND FORMS.........................................................................................28
Section 2.01 Forms Generally......................................................................28
Section 2.02 Form of Trustee's Certificate of Authentication......................................29
ARTICLE III THE BONDS.........................................................................................29
Section 3.01 Amount of Unlimited; Issuable in Series..............................................29
Section 3.02 Denominations........................................................................33
Section 3.03 Execution, Dating, Certificate of Authentication.....................................33
Section 3.04 Temporary Bonds......................................................................33
Section 3.05 Registration, Registration of Transfer and Exchange..................................34
Section 3.06 Mutilated, Destroyed, Lost and Stolen Bonds..........................................35
Section 3.07 Payment of Interest; Interest Rights Preserved.......................................36
Section 3.08 Persons Deemed Owners................................................................37
Section 3.09 Cancellation by Bond Registrar.......................................................37
Section 3.10 Computation of Interest..............................................................37
Section 3.11 Payment to Be in Proper Currency.....................................................37
</TABLE>
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<PAGE> 6
<TABLE>
<S> <C> <C>
ARTICLE IV ISSUANCE OF BONDS................................................................................38
Section 4.01 General..............................................................................38
Section 4.02 Issuance of Bonds on the Basis of Pledged Bonds......................................41
Section 4.03 Issuance of Bonds on the Basis of Property Additions.................................42
Section 4.04 Issuance of Bonds on the Basis of Retired Bonds......................................45
Section 4.05 Issuance of Bonds upon Deposit of Cash with Trustee..................................46
ARTICLE V REDEMPTION OF BONDS..............................................................................47
Section 5.01 Applicability of Article.............................................................47
Section 5.02 Election to Redeem, Notice to Trustee................................................47
Section 5.03 Selection of Bonds to Be Redeemed....................................................47
Section 5.04 Notice of Redemption.................................................................48
Section 5.05 Bonds Payable on Redemption Date.....................................................49
Section 5.06 Bonds Redeemed in Part...............................................................49
ARTICLE VI REPRESENTATIONS AND COVENANTS....................................................................49
Section 6.01 Payment of Bonds; Lawful Possession; Maintenance of Lien.............................49
Section 6.02 Maintenance of Office or Agency......................................................50
Section 6.03 Money for Bond Payments to Be Held in Trust..........................................50
Section 6.04 Corporate Existence..................................................................52
Section 6.05 Maintenance of Properties............................................................52
Section 6.06 Payment of Taxes; Discharge of Liens.................................................52
Section 6.07 Insurance............................................................................53
Section 6.08 Recording, Filing, Etc...............................................................55
Section 6.09 Waiver of Certain Covenants..........................................................56
Section 6.10 Statement as to Compliance...........................................................56
Section 6.11 Use of Trust Moneys and Advances by Trustee..........................................56
Section 6.12 Limited Issuance of Class "A" Bonds..................................................57
Section 6.13 Limited Use of Collections for Other Indebtedness....................................57
ARTICLE VII PLEDGED BONDS; ADDITIONAL CLASS "A" MORTGAGES; DISCHARGE OF CLASS "A" MORTGAGE..................57
Section 7.01 Registration and Ownership of Pledged Bonds..........................................57
Section 7.02 Payments on Pledged Bonds............................................................57
Section 7.03 Surrender of Pledged Bonds...........................................................58
Section 7.04 No Transfer of Pledged Bonds.........................................................58
Section 7.05 Voting of Pledged Bonds..............................................................58
Section 7.06 Designation of Additional Class "A" Mortgages........................................59
Section 7.07 Discharge of Class "A" Mortgage......................................................61
ARTICLE VIII POSSESSION, USE AND RELEASE OF MORTGAGED PROPERTY................................................64
Section 8.01 Quiet Enjoyment......................................................................64
Section 8.02 Dispositions without Release.........................................................64
</TABLE>
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<TABLE>
<S> <C> <C>
Section 8.03 Release of Mortgaged Property if Bonding Ratio Test Satisfied........................66
Section 8.04 Release of Limited Amount of Mortgaged Property......................................67
Section 8.05 Release of Mortgaged Property Not Subject to a Class "A" Mortgage....................68
Section 8.06 Withdrawal or Other Application of Funded Cash.......................................70
Section 8.07 Release of Property Taken by Eminent Domain, etc.....................................71
Section 8.08 Alternative Release Provision........................................................72
Section 8.09 Disclaimer or Quitclaim..............................................................72
Section 8.10 Miscellaneous........................................................................73
ARTICLE IX SATISFACTION AND DISCHARGE.........................................................................73
Section 9.01 Satisfaction and Discharge of Bonds..................................................73
Section 9.02 Satisfaction and Discharge of Indenture..............................................75
Section 9.03 Application of Trust Money...........................................................76
ARTICLE X EVENTS OF DEFAULT; REMEDIES.........................................................................76
Section 10.01 Events of Default....................................................................76
Section 10.02 Acceleration of Maturity; Rescission and Annulment...................................78
Section 10.03 Entry Upon Mortgaged Property........................................................78
Section 10.04 Power of Sale; Suits for Enforcement.................................................79
Section 10.05 Incidents of Sale....................................................................79
Section 10.06 Collection of Indebtedness and Suits for Enforcement by Trustee......................80
Section 10.07 Application of Money Collected.......................................................81
Section 10.08 Receiver.............................................................................82
Section 10.09 Trustee May File Proofs of Claim.....................................................82
Section 10.10 Trustee May Enforce Claims Without Possession of Bonds...............................82
Section 10.11 Limitation on Suits..................................................................83
Section 10.12 Unconditional Right of Holders to Receive Principal, Premium and Interest............83
Section 10.13 Restoration of Rights and Remedies...................................................84
Section 10.14 Rights and Remedies Cumulative.......................................................84
Section 10.15 Delay or Omission Not Waiver.........................................................84
Section 10.16 Control by Holders of Bonds..........................................................84
Section 10.17 Waiver of Past Defaults..............................................................85
Section 10.18 Undertaking for Costs................................................................85
Section 10.19 Waiver of Appraisement and Other Laws................................................85
Section 10.20 Defaults under Class "A" Mortgages...................................................86
ARTICLE XI THE TRUSTEE........................................................................................86
Section 11.01 Certain Duties and Responsibilities..................................................86
Section 11.02 Notice of Defaults...................................................................86
Section 11.03 Certain Rights of Trustee............................................................87
Section 11.04 Not Responsible for Recitals or Issuance of Bonds....................................88
Section 11.05 May Hold Bonds.......................................................................88
Section 11.06 Money Held in Trust..................................................................88
</TABLE>
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<TABLE>
<S> <C> <C>
Section 11.07 Compensation and Reimbursement.......................................................89
Section 11.08 Disqualification; Conflicting Interests..............................................90
Section 11.09 Corporate Trustee Required; Eligibility..............................................90
Section 11.10 Resignation and Removal; Appointment of Successor....................................90
Section 11.11 Acceptance of Appointment by Successor...............................................92
Section 11.12 Merger, Conversion, Consolidation or Succession to Business..........................92
Section 11.13 Preferential Collection of Claims Against Company....................................92
Section 11.14 Co-trustees and Separate Trustees....................................................93
Section 11.15 Appointment of Authenticating Agent..................................................94
ARTICLE XII LISTS OF HOLDERS; REPORTS BY TRUSTEE AND COMPANY..................................................96
Section 12.01 Lists of Holders; Preservation of Information........................................96
Section 12.02 Reports by Trustee and Company.......................................................96
ARTICLE XIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE.............................................97
Section 13.01 Company May Consolidate, etc., Only on Certain Terms.................................97
Section 13.02 Successor Corporation Substituted....................................................98
Section 13.03 Extent of Lien Hereof on Property of Successor Corporation...........................99
Section 13.04 Release of Company upon Conveyance or Other Transfer.................................99
Section 13.05 Merger into Company; Extent of Lien Hereof...........................................99
ARTICLE XIV SUPPLEMENTAL INDENTURES...........................................................................99
Section 14.01 Supplemental Indentures Without Consent of Holders...................................99
Section 14.02 Supplemental Indentures With Consent of Holders.....................................102
Section 14.03 Execution of Supplemental Indentures................................................103
Section 14.04 Effect of Supplemental Indentures...................................................103
Section 14.05 Conformity With Trust Indenture Act.................................................103
Section 14.06 Reference in Bonds to Supplemental Indentures.......................................103
ARTICLE XV MEETINGS OF HOLDERS; ACTION WITHOUT MEETING.......................................................104
Section 15.01 Purposes for Which Meetings May be Called...........................................104
Section 15.02 Call, Notice and Place of Meetings..................................................104
Section 15.03 Persons Entitled to Vote at Meetings; Record Date...................................105
Section 15.04 Quorum; Action......................................................................105
Section 15.05 Attendance at Meetings; Determination of Voting Rights; Conduct and
Adjournment of Meetings.............................................................106
Section 15.06 Counting Votes and Recording Action of Meetings.....................................107
Section 15.07 Action Without Meeting..............................................................107
ARTICLE XVI IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS, AND DIRECTORS.................................107
Section 16.01 Liability Solely Corporate..........................................................107
</TABLE>
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<PAGE> 9
GENERAL MORTGAGE INDENTURE AND DEED OF TRUST, dated as of
January 1, 1998, between OHIO EDISON COMPANY, a corporation of the State of
Ohio, the post office address of which is 76 South Main Street, Akron, Ohio
44308, and THE BANK OF NEW YORK, a banking corporation organized and existing
under the laws of the State of New York, the post office address of which is 101
Barclay Street, New York, New York 10286, as Trustee;
WITNESSETH:
WHEREAS, all capitalized terms used in this Indenture have the
respective meanings set forth in Article One; and
WHEREAS, the Company deems it necessary to borrow and,
pursuant to this Indenture, to issue Bonds for its corporate purposes from time
to time, and to mortgage and pledge the property hereinafter described to secure
payment of the Bonds; and
WHEREAS, all acts and things have been done and performed
which are necessary to make this Indenture, when duly executed and delivered, a
valid and binding mortgage and deed of trust for the security of all Bonds duly
issued hereunder and Outstanding from time to time; and the execution and
delivery of this Indenture have been in all respects duly authorized.
NOW, THEREFORE, to secure the payment of the principal of,
premium, if any, and interest, if any, on all Bonds issued and Outstanding under
this Indenture when payable in accordance with the provisions thereof and
hereof, and to secure the performance by the Company of, and its compliance
with, the covenants and conditions of this Indenture, and in consideration of
the premises and of One Dollar paid to the Company by the Trustee, the Company
hereby grants, bargains, sells, releases, conveys, assigns, transfers,
mortgages, pledges, sets over and confirms to The Bank of New York, as Trustee,
and grants to the Trustee a security interest in, the following:
GRANTING CLAUSE FIRST
All right, title and interest of the Company in and to
property (other than Excepted Property), real, personal and mixed and wherever
situated, in any case used or to be used in or in connection with the Primary
Purposes of the Company's Business or in the generation or production of
electric energy (whether or not such use is the sole use of such property),
including without limitation (a) all land, interests in land and other property
subject to the Lien of the 1930 Mortgage, recording information with respect to
which is set forth in Exhibit A to this Indenture, on the date of execution and
delivery of this Indenture, including, without limitation, the property
specifically described in Exhibit B to this Indenture; (b) all other lands,
easements, servitudes and other rights and interests in or relating to real
property or the occupancy or use of the same; (c) all other plants, generators,
turbines, engines, boilers, fuel handling and transportation facilities, air and
water pollution control and sewage and solid waste disposal facilities and other
machinery and facilities for the generation of electric energy; (d) all other
switchyards, lines, towers, substations, transformers and other machinery and
facilities for the transmission of electric energy; (e) all other lines, poles,
conduits, conductors, meters, regulators and other machinery and facilities for
the transmission or distribution of electric energy; (f) all other buildings,
offices, warehouses and other structures; and (g) all other pipes, cables,
insulators, ducts, tools, equipment, apparatus and facilities and all other
property, of whatever kind and nature, ancillary to or otherwise used or to be
used in conjunction
<PAGE> 10
with any or all of the foregoing or otherwise, directly or indirectly, in
furtherance of the Primary Purposes of the Company's Business or in the
generation or production of electric energy;
GRANTING CLAUSE SECOND
Subject to the applicable exceptions permitted by Section
8.10, Section 13.03 and Section 13.05, all property (other than Excepted
Property) of the kind and nature described in Granting Clause First which may be
hereafter acquired by the Company, it being the intention of the Company that
all such property acquired by the Company after the date of the execution and
delivery of this Indenture shall be as fully embraced within and subjected to
the Lien hereof as if such property were owned by the Company as of the date of
the execution and delivery of this Indenture;
GRANTING CLAUSE THIRD
Any Excepted Property, and any other property of the Company,
real, personal or mixed, not described in Granting Clause First or Granting
Clause Second, which may, from time to time after the date of the execution and
delivery of this Indenture, by delivery or by one or more indentures
supplemental hereto, be subjected to the Lien hereof by the Company or by anyone
in its behalf, the Trustee being hereby authorized to receive the same at any
time as additional security hereunder; it being understood that any such
subjection to the Lien hereof of any Excepted Property or other property as
additional security may be made subject to such reservations, limitations or
conditions respecting the use and disposition of such property or the proceeds
thereof as shall be set forth in such instrument; and
GRANTING CLAUSE FOURTH
All other property of whatever kind and nature subjected or
intended to be subjected to the Lien of this Indenture by any of the terms and
provisions hereof;
EXCEPTED PROPERTY
Expressly excepting and excluding, however, from the Lien and
operation of this Indenture the following property of the Company, whether now
owned or hereafter acquired (the "Excepted Property"); provided, however, that
no such property shall be Excepted Property during such time as the Trustee or
any separate trustee or co-trustee appointed under Section 11.14 is in actual
possession of the Mortgaged Property pursuant to Section 10.03 hereof if such
property is used or to be used in connection with the Primary Purposes of the
Company's Business or in the generation or production of electric energy:
(a) all cash on hand, in banks or in other financial
institutions with which the Company maintains deposits, shares of
stock, bonds, notes, evidences of indebtedness and
2
<PAGE> 11
other securities not hereafter paid or delivered to, deposited with,
or held by, the Trustee hereunder or required so to be;
(b) all contracts, leases and other agreements of whatsoever
kind and nature (including pole attachment agreements and joint pole
agreements), collections from former, present or future customers that
are permitted by applicable law to be applied to, or pledged as
security for, the repayment of securities issued by or on behalf of the
Company, contract rights, bills, notes and other instruments, accounts
receivable, claims, credits, demands, judgments, chooses in action,
patents, patent licenses and other patent rights, patent applications,
trade names, trademarks and other general intangibles;
(c) all permits, licenses and rights (however characterized)
granted by any governmental entity with respect to air, water or other
types of pollution or pollution credits;
(d) all motor vehicles, automobiles, buses, trucks, truck
cranes, tractors, trailers and similar vehicles, movable equipment, all
rolling stock, railcars, containers and other railroad equipment, all
vessels, boats, barges and other marine equipment, all airplanes,
airplane engines and flight equipment, and all components, spare parts,
accessories, supplies and fuel used or to be used in connection with
any of the foregoing;
(e) all goods, wares and merchandise acquired for the purpose
of sale or lease in the ordinary course of business; all spare parts
and tools held for use or consumption in, or in the operation of, any
properties of the Company; all equipment and other property held in
advance of use thereof for maintenance, replacement or fixed capital
purposes; all fuel, materials and supplies and other personal property
which are consumable (otherwise than by ordinary wear and tear) in
their use in or in connection with the Primary Purposes of the
Company's Business or in the generation or production of electric
energy; all nuclear fuel, whether or not in a form consumable in the
operation of the business of the Company, including separate assemblies
of nuclear fuel and components thereof in the forms in which such
assemblies and components exist at each stage of the nuclear fuel cycle
(that is, the process, whether physical or chemical, by which the
component parts of nuclear fuel are processed, enriched, designed or
fabricated into assemblies, which, when loaded into a nuclear reactor,
are intended to produce heat through the fission or any other process
and thereafter are utilized, disengaged, cooled, stored or
reprocessed);
(f) all office furniture and office equipment; all satellites
and other equipment and materials used or to be used in outer space;
all business machines; all communications equipment (including
telephone equipment); all computer equipment; all record production,
storage and retrieval equipment; and all components, spare parts,
accessories, programs (other than computer software) and supplies used
or to be used in connection with any of the foregoing;
(g) all crops, timber, sand, gravel, rocks, earth, natural
gas, coal, ore, uranium, gas, oil and other minerals harvested, mined
or extracted or otherwise separated from the land, or lying or being
upon, within or under any properties of the Company, including the
Mortgaged Property, all mineral rights, leases and royalties and income
therefrom, and all rights to explore for minerals, and gas or oil wells
or any lease or real estate acquired for the purpose of obtaining gas
or oil rights;
3
<PAGE> 12
(h) all electric energy, gas, steam, water, ice and other
products generated, manufactured or produced by the
Company for sale, transmission, distribution or use
by the Company;
(i) all leasehold interests and leasehold improvements;
(j) all property, real, personal and mixed, which is:
(i) not specifically subjected or required to be subjected
to the Lien of this Indenture by any express provision
hereof; and
(ii) not used or to be used in or in connection with the
Primary Purposes of the Company's Business or in the
generation or production of electric energy;
(k) the Company's franchise to be a corporation; and
(l) all books and records;
it being understood, however, that (i) the Company may pursuant to Granting
Clause Third, subject to the Lien of this Indenture any Excepted Property,
whereupon the same shall cease to be Excepted Property and (ii) any property
which was Excepted Property and becomes Mortgaged Property, for whatever reason,
shall become Mortgaged Property subject to any Liens thereon which exist at the
time such property becomes Mortgaged Property.
TO HAVE AND TO HOLD all such properties, rights and interests
in property granted, bargained, sold, warranted, released, conveyed, assigned,
transferred, mortgaged, pledged, set over and confirmed or in which a security
interest has been granted by the Company in this Indenture or intended or agreed
to be so granted, together with all the appurtenances thereto, unto the Trustee
and its successors and assigns forever.
SUBJECT, HOWEVER, to Permitted Liens and to Liens which have
been granted by the Company to other Persons prior to the date of the execution
and delivery of this Indenture (including, but not limited to, the Lien of the
1930 Mortgage), and subject also, as to any property hereafter acquired by the
Company, to vendors' Liens, purchase money mortgages and other Liens thereon at
the time of the acquisition thereof (including, but not limited to, the Lien of
any Class "A" Mortgage), it being understood that with respect to any of such
property which is now or hereafter becomes subject to the Lien of any Class "A"
Mortgage, the Lien of this Indenture shall at all times be junior and
subordinate to the Lien of such Class "A" Mortgage;
BUT IN TRUST, NEVERTHELESS, for the equal and proportionate
benefit and security of all present and future Holders of the Bonds, and to
secure the payment of the principal of, premium, if any, and interest, if any,
on the Bonds issued and Outstanding under this Indenture when payable in
accordance with the provisions thereof and hereof, and to secure the performance
by the Company, of, and its compliance with, the covenants and conditions of
this Indenture without any preference, priority or distinction of any one Bond
over any other Bond by reason of priority in the time of issue or negotiation
thereof or otherwise;
PROVIDED, HOWEVER, and these presents are made upon the
condition, that if the Company shall pay or cause to be paid the principal of,
premium, if any, and interest, if any, on the
4
<PAGE> 13
General Mortgage Indenture & Deed of Trust
Bonds at the times and in the manner therein and herein provided, or shall
provide, in the manner permitted hereby, for the payment thereof, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by
it and perform all of the covenants and comply with all of the conditions of
this Indenture, then this Indenture and the estate and rights hereby granted
shall cease, terminate and be void; and
IT IS HEREBY COVENANTED AND AGREED, by and between the Company
and the Trustee, that all Bonds are to be authenticated, delivered and issued,
and that all Mortgaged Property is to be held, subject to the further covenants,
conditions, uses and trusts hereinafter set forth, and the Company, for itself
and its successors and assigns, does hereby covenant and agree to and with the
Trustee and its successors in trust, for the benefit of all Holders of the
Bonds, as follows:
ARTICLE I
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
Section 1.01 General Definitions.
For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires:
(a) the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the
singular;
(b) all terms used herein (and which are not specifically
defined herein) which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them
therein;
(c) all terms used herein (and which are not specifically
defined herein) which are defined in the Uniform Commercial Code (as in
effect in the relevant jurisdiction) have the meanings assigned to them
therein;
(d) the word "or" is not exclusive;
(e) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with Generally Accepted
Accounting Principles; and
(f) the words "herein", "hereof" and "hereunder" and other
words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision.
"Act", when used with respect to any Holder of a Bond, has the
meaning specified in Section 1.07(a).
"Adjusted Net Earnings" means the amount calculated in
accordance with Section 1.03(a); provided, however, that if any of the property
of the Company owned by it at the time of the
5
<PAGE> 14
making of any Net Earnings Certificate (a) shall have been acquired during or
after any period for which Adjusted Net Earnings of the Company are to be
computed, (b) shall not have been acquired in exchange or substitution for
property the net earnings of which have been included in the Adjusted Net
Earnings of the Company, and (c) had been operated as a separate unit and items
of revenue and expense attributable thereto are readily ascertainable, then the
net earnings of such property (computed in the manner provided for the
computation of the Adjusted Net Earnings of the Company) during such period or
such part of such period as shall have preceded the acquisition thereof, to the
extent that the same have not otherwise been included in the Adjusted Net
Earnings of the Company, shall be so included.
"Affiliate" of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person; "Affiliated" has a meaning
correlative to the foregoing. For the purposes of this definition, "control"
when used with respect to any specified Person means the power to direct
generally the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.
"Annual Interest Requirements" means the amount calculated in
accordance with Section 1.03(b).
"Appraiser" means a Person engaged in the business of
appraising property or competent to determine the Fair Value or fair market
value of the particular property in question, and who or which, unless required
to be Independent, may be employed by or Affiliated with the Company.
"Appraiser's Certificate" means a certificate signed by an
Appraiser; any Appraiser's Certificate which is relied upon by an Independent
Engineer, for purposes of an Independent Engineer's Certificate, shall be signed
by an Independent Appraiser.
"Authenticating Agent" means any Person (which may include the
Company or an Affiliate of the Company) authorized by the Trustee to act on
behalf of the Trustee to authenticate one or more series of Bonds, or any
Tranche thereof.
"Authorized Executive Officer" means the Chairman of the
Board, the Chief Executive Officer, the President, any Vice President (whether
or not his or her title includes a modifier such as "Executive", "Senior" or the
like), the Treasurer, the Secretary or any other officer of the Company
designated in an Officer's Certificate delivered to the Trustee to be an
Authorized Executive Officer.
"Authorized Publication" means a newspaper or financial
journal of general circulation, printed in the English language and customarily
published on each Business Day, whether or not published on Saturdays, Sundays
or holidays; or, in the alternative, shall mean such form of communication as
may have come into general use for the dissemination of information of similar
import. In the event that successive weekly publications in an Authorized
Publication are required hereunder they may be made (unless otherwise expressly
provided herein) on the same or different days of the week and in the same or in
different Authorized Publications. In case, by reason of the suspension of
publication of any Authorized Publication, or by reason of any other cause, it
6
<PAGE> 15
shall be impractical without extraordinary expense to make publication of any
notice in an Authorized Publication as required by this Indenture, then such
method of publication or notification as shall be made with the approval of the
Trustee shall be deemed the equivalent of the required publication of such
notice in an Authorized Publication.
"Authorized Purposes" means the authentication and delivery of
Bonds, the release of property or the withdrawal of cash under any of the
provisions of this Indenture.
"Board of Directors" duly means either the board of directors
of the Company or any authorized committee thereof.
"Board Resolution" means a copy of a resolution certified by
the Corporate Secretary (or Secretary) or an Assistant Corporate Secretary (or
Assistant Secretary) of the Company to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification,
and delivered to the Trustee.
"Bonded" has the meaning specified in Section 1.02(a).
"Bond Register" and "Bond Registrar" have the respective
meanings specified in Section 3.05(a).
"Bonds" means any bonds authenticated and delivered under this
Indenture.
"Business Day" when used with respect to a Place of Payment or
any other particular location specified in the Bonds or this Indenture, means
any day, other than a Saturday or Sunday, which is not a day on which banking
institutions or trust companies in such Place of Payment or other location are
generally authorized or required by law, regulation or executive order to remain
closed, except as may be otherwise specified as contemplated by Section 3.01.
"Class "A" Bonds" means bonds or other obligations now or
hereafter issued and Outstanding under the 1930 Mortgage or any other Class "A"
Mortgage.
"Class "A" Mortgage" means, collectively, the 1930 Mortgage
and each other mortgage or deed of trust or similar indenture entered into by
any corporation that is subsequently merged into or consolidated with the
Company and hereafter designated an additional Class "A" Mortgage in an
indenture supplemental hereto executed and delivered in accordance with Section
7.06.
"Commission" means the Securities and Exchange Commission, as
from time to time constituted, created under the Securities Exchange Act of
1934, or, if at any time after the execution of this instrument such Commission
is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body (if any) performing such duties at such time.
"Company" means Ohio Edison Company, a corporation of the
State of Ohio, until a successor Person shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter "Company" shall mean
such successor Person.
"Company Order" or "Company Request" means a written order or
request signed in the name of the Company by an Authorized Executive Officer and
delivered to the Trustee.
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"Corporate Trust Office" means the office of the Trustee at
which at any particular time its corporate trust business shall be principally
administered, which office at the date of execution of this Indenture is located
at 101 Barclay Street, New York, New York 10286 Attention: Corporate Trust
Administration.
"Cost" with respect to Property Additions has the meaning
specified in Section 1.04(c).
"Customary Exceptions" means, with respect to any Opinion of
Counsel required to be delivered hereunder, such exceptions to opinions as are
customarily expressed in opinions of counsel rendered in connection with similar
transactions at the time such Opinion of Counsel is to be delivered and, in any
event, shall include exceptions based upon limitations imposed by (a)
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
other laws relating to or affecting mortgagees' and other creditors' rights, (b)
general equitable principles (regardless of whether such enforceability is
considered in a proceeding in equity or at law) and an implied covenant of good
faith and fair dealing and (c) laws affecting remedies for the enforcement of
security interests.
The "date of execution and delivery of this Indenture" means
January 1, 1998.
"Defaulted Interest" has the meaning specified in Section
3.07(b).
"Discount Bond" means any Bond which provides for an amount
less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 10.02(a).
"Dollar" or "$"means a dollar or other equivalent unit in such
coin or currency of the United States as at the time shall be legal tender for
the payment of public and private debts.
"Eligible Obligations" means:
(a) with respect to Bonds denominated in Dollars, Government
Obligations; or
(b) with respect to Bonds denominated in a currency other than
Dollars or in a composite currency, such other obligations or instruments as
shall be specified with respect to such Bonds, as contemplated by Section 3.01.
"Engineer" means a Person engaged in the engineering
profession or otherwise qualified to pass on engineering matters (including,
without limitation, a Person licensed as a professional engineer, whether or not
then engaged in the engineering profession) or a Person engaged in the business
of appraising property or otherwise competent to determine the value of the
particular property in question, who, in each case, unless required to be
Independent, may be employed by or Affiliated with the Company.
"Engineer's Certificate" means a certificate signed by an
Authorized Executive Officer and by an Engineer; provided, however, that, in
connection with the release of any property from the Lien of this Indenture, the
Engineer's Certificate as to the Fair Value of such property, and as to the
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<PAGE> 17
nonimpairment by reason of such release of the security of this Indenture in
contravention of the provisions hereof, shall be made by an Independent Engineer
if the Fair Value of such property and of all other property released since the
commencement of the then current calendar year, as set forth in the certificates
required by this Indenture, is ten percent (10%) or more of the sum of (a) the
principal amount of the Bonds at the time Outstanding, and (b) the principal
amount of the Class "A" Bonds at the time Outstanding other than Pledged Bonds;
but such a certificate of an Independent Engineer shall not be required in the
case of any release of property, if the Fair Value thereof as set forth in the
certificates required by this Indenture is less than Twenty-five Thousand
Dollars ($25,000) or less than one percent (1%) of the sum of (i) the principal
amount of the Bonds at the time Outstanding, and (ii) the principal amount of
the Class "A" Bonds at the time Outstanding other than Pledged Bonds.
"Event of Default" has the meaning specified in Section 10.01.
"Excepted Property" has the meaning specified in the "Excepted
Property" clause set forth above.
"Fair Value" when applied to property means its value as
determined without deduction for any Prior Liens upon such property and without
deduction to reflect that such property may be of value only to the Company or
another operator of the Mortgaged Property as a whole, which value may be
determined without physical inspection by use of accounting and engineering
records and other data maintained by, or available to, the Company.
"Funded Cash" has the meaning specified in Section 1.02(b).
"Generally Accepted Accounting Principles" means, with respect
to any computation required or permitted under this Indenture, such accounting
principles as are generally accepted in the United States at the date of such
computation or, at the option of the Company from time to time, at the date of
the execution and delivery of this Indenture or any Class "A" Mortgage which
then remains in effect; provided, however, that in determining generally
accepted accounting principles applicable to the Company for purposes of making
any computation required or permitted hereunder, the Company may, but shall not
be required to, reflect any accounting pronouncement, order, rule or regulation
of any administrative agency, regulatory authority or other governmental body
having jurisdiction over the Company.
"Governmental Authority" means the government of the United
States or any state or territory thereof or of the District of Columbia or of
any county, municipality or other political subdivision of any thereof, or any
department, agency, authority or other instrumentality of any of the foregoing.
"Government Obligations" means:
(a) direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the United States of
America, and which are entitled to the benefit of the full faith and credit
thereof; and
(b) certificates, depositary receipts or other instruments
which evidence a direct ownership interest in obligations described in clause
(a) above or in any specific interest or principal payments due in respect
thereof; provided, however, that the custodian of such obligations or specific
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<PAGE> 18
interest or principal payments shall be a bank or trust company subject to
federal or state supervision or examination with a combined capital and surplus
of at least $50,000,000; and provided, further, that except as may be otherwise
required by law, such custodian shall be obligated to pay to the holders of such
certificates, depositary receipts or other instruments the full amount received
by such custodian in respect of such obligations or specific payments and shall
not be permitted to make any deduction therefrom.
"Holder" means a Person in whose name a Bond is registered in
the Bond Register.
"Indenture" means this instrument as originally executed, and
as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
including the terms of particular series of Bonds established as contemplated by
Section 3.01.
"Independent" when applied to any Person, means such a Person
who (a) does not have any direct material financial interest in the Company or
in any other obligor upon the Bonds or in any Affiliate of the Company or of
such other obligor, (b) is not connected with the Company or such other obligor
as an officer, employee, promoter, underwriter, trustee, partner, director or
any Person performing similar functions, and (c) who is selected by an
Authorized Officer of the Company.
"Independent Engineer's Certificate" means a certificate
signed by an Independent Engineer.
"Interest Payment Date" when used with respect to any Bond,
means the Stated Maturity of an installment of interest on such Bond.
"Investment Securities" means any of the following obligations
or securities on which neither the Company nor an Affiliate thereof is the
obligor: (a) Government Obligations; (b) interest bearing deposit accounts
(which may be represented by certificates of deposit) in national or state banks
(which may include the Trustee or any Paying Agent) having a combined capital
and surplus of not less than Ten Million Dollars ($10,000,000), or savings and
loan associations having total assets of not less than Forty Million Dollars
($40,000,000); (c) bankers' acceptances drawn on and accepted by commercial
banks (which may include the Trustee or any Paying Agent) having a combined
capital and surplus of not less than Ten Million Dollars ($10,000,000); (d)
direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, any state or territory of the United States of
America or the District of Columbia, or any political subdivision of any of the
foregoing, which are rated in any of the three highest rating categories
(without regard to modifiers) by a nationally recognized statistical rating
organization; (e) bonds or other obligations of any agency or instrumentality of
the United States of America; (f) commercial or finance company paper which is
rated in any of the two highest rating categories (without regard to modifiers)
by a nationally recognized statistical rating organization; (g) corporate debt
securities rated in any of the three highest rating categories (without regard
to modifiers) by a nationally recognized statistical rating organization; (h)
repurchase agreements with banking or financial institutions having a combined
capital and surplus of not less than Ten Million Dollars ($10,000,000) (which
may include the Trustee or any Paying Agent) with respect to any of the
foregoing obligations or securities; (i) securities issued by any regulated
investment company (including any investment company for which
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<PAGE> 19
the Trustee is the advisor), as defined in Section 851 of the Internal Revenue
Code of 1986, as amended, or any successor section of such Code or successor
federal statute, provided that the portfolio of such investment company is
limited to obligations that are bonds, notes, certificates of indebtedness,
treasury bills or other securities now or hereafter issued, which are guaranteed
as to principal and interest by the full faith and credit of the United States
of America, which portfolio may include repurchase agreements which are fully
collateralized by any of the foregoing obligations; and (j) any other
obligations or securities which may lawfully and prudently be purchased by the
Trustee.
"Lien" means any mortgage, pledge, security interest,
encumbrance, easement, lease, reservation, restriction, servitude, charge or
similar right or lien of any kind, including, without limitation, any
conditional sale or other title retention agreement, any lease in the nature
thereof, any filing of, or agreement to give, any financing statement under the
Uniform Commercial Code of any jurisdiction, and any uninsured defect or
irregularity in record title.
"Matured Event of Default" when used with respect to any Class
"A" Mortgage, means the occurrence of any default or any other event under such
Class "A" Mortgage, and the expiration of the applicable grace period, if any,
specified in such Class "A" Mortgage, if the effect of such default or other
event is to accelerate, or to permit the acceleration of, the maturity of any
amount due under such Class "A" Mortgage.
"Maturity" when used with respect to any Bond, means the date
on which the principal of such Bond or an installment of principal becomes due
and payable as provided in such Bond or in this Indenture, whether at the Stated
Maturity, by declaration of acceleration, upon call for redemption or otherwise.
"Mortgaged Property" means as of any particular time all
property which at said time is subject, or is intended by the terms of this
Indenture to be subject, to the Lien of this Indenture.
"Net Earnings Certificate" has the meaning specified in
Section 1.03.
"1930 Mortgage" means the Indenture dated August 1, 1930 from
the Company to Bankers Trust Company, as from time to time amended and
supplemented
"Officer's Certificate" means a certificate signed by an
Authorized Executive Officer.
"Opinion of Counsel" means a written opinion of counsel, who
may be employed by or Affiliated with the Company or be counsel to the Company.
"Outstanding", when used:
(a) with respect to Bonds, means, as of the date of
determination, all Bonds theretofore authenticated and delivered under this
Indenture, except:
(i) Bonds theretofore paid, retired, redeemed, discharged
or canceled, or delivered to the Bond Registrar or Trustee for cancellation;
(ii) Bonds deemed to have been paid in accordance with
Section 9.01;
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(iii) Bonds deposited with or held in pledge by the
Trustee under any of the provisions of this Indenture, including any so held
under any sinking, improvement, maintenance, replacement or analogous fund; and
(iv) Bonds in exchange for or in lieu of which other Bonds
have been authenticated and delivered pursuant to this Indenture, other than any
such Bonds in respect of which there shall have been presented to the Trustee
proof satisfactory to it and the Company that such Bonds are held by a bona fide
purchaser in whose hands such Bonds are valid obligations of the Company;
provided, however, that in determining whether or not the
Holders of the requisite principal amount of the Bonds Outstanding under this
Indenture, or the Outstanding Bonds of any series or Tranche, have given any
request, demand, authorization, direction, notice, consent or waiver hereunder
or whether or not a quorum is present at a meeting of Holders of Bonds:
(x) Bonds owned by the Company or any other obligor upon the
Bonds or any Affiliate of the Company or of such other obligor (unless
the Company, such Affiliate or such obligor owns all Bonds Outstanding
under this Indenture, or all Outstanding Bonds of each such series and
each such Tranche, as the case may be, determined without regard to
this clause (x)) shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver or upon any such determination as
to the presence of a quorum, only Bonds which the Trustee knows to be
so owned shall be so disregarded; provided, however, that Bonds so
owned which have been pledged in good faith may be regarded as
Outstanding if it is established to the reasonable satisfaction of the
Trustee that the pledgee, and not the Company or any such other
obligor or Affiliate of either thereof, has the right so to act with
respect to such Bonds and that the pledgee is not the Company or any
other obligor upon the Bonds or any Affiliate of the Company or of
such other obligor; and
(y) the principal amount of a Discount Bond that shall be
deemed to be Outstanding for such purposes shall be the amount of the
principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity
thereof pursuant to Section 10.02(a); and
(b) with respect to Class "A" Bonds, has the meaning specified
in the related Class "A" Mortgage; provided, however, that in determining
whether the Pledged Bonds constitute a majority in aggregate principal amount of
the Class "A" Bonds Outstanding under a Class "A" Mortgage for purposes of
Section 7.05(b), Class "A" Bonds issued after the date of this Indenture (other
than Pledged Bonds or Class "A" Bonds issued to replace any mutilated, lost,
destroyed or stolen Class "A" Bonds issued prior to the date of this Indenture
or to effect exchanges and transfers of Class "A" Bonds issued prior to the date
of this Indenture) shall be disregarded and deemed not to be Outstanding.
"Paying Agent" means any Person, including the Company or an
Affiliate of the Company, authorized by the Company to pay the principal of and
premium, if any, or interest, if any, on any Bonds on behalf of the Company.
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"Periodic Offering" means an offering of Bonds of a series
from time to time any or all of the specific terms of which Bonds, including
without limitation the rate or rates of interest, if any, thereon, the Stated
Maturity or Maturities thereof and the redemption provisions, if any, with
respect thereto, are to be determined by the Company or its agents at or about
the time of the issuance of such Bonds.
"Permitted Liens" means, at any time, any of the following:
(a) the Lien of this Indenture and all Liens and encumbrances
junior thereto;
(b) Liens for taxes, assessments and other governmental
charges or requirements not delinquent or which are currently being contested in
good faith by appropriate proceedings;
(c) mechanics', workmen's, repairmen's, materialmen's,
warehousemen's and carriers' Liens, Liens or privileges of any employees of the
Company for salary or wages earned, but not yet payable, and other Liens,
including without limitation Liens for worker's compensation awards, arising in
the ordinary course of business for charges or requirements which are not
delinquent or which are being contested in good faith and by appropriate
proceedings;
(d) any attachment, judgment and other similar Lien arising in
connection with court proceedings (i) in an amount not in excess of the greater
of Five Million Dollars ($5,000,000) or three percent (3%) of the principal
amount of the sum of (x) the principal amount of Bonds Outstanding at the time
such attachment, judgment or Lien arises, and (y) the principal amount of the
Class "A" Bonds Outstanding at the time such attachment, judgment or Lien
arises, other than Pledged Bonds, or (ii) with respect to which the Company
shall (A) in good faith be prosecuting an appeal or other proceeding for review
and with respect to which the Company shall have secured a stay of execution
pending such appeal or other proceeding, or (B) have the right to prosecute an
appeal or other proceeding for review;
(e) easements, leases, reservations or other rights of others
in, on or over, and laws, regulations and restrictions affecting, and defects
and irregularities in record title to, the Mortgaged Property or any part
thereof; provided, however, that such easements, leases, reservations, rights,
laws, regulations, restrictions, defects and irregularities do not in the
aggregate materially impair the use by the Company of the Mortgaged Property
considered as a whole for the purposes for which it is held by the Company;
(f) any defects or irregularities in title to any
rights-of-way or to any real estate used or to be used primarily for
right-of-way purposes or held under lease, easement, license or similar right;
provided, however, that (i) the Company shall have obtained from the apparent
owner of the lands or estates therein covered by any such right-of-way a
sufficient right, by the terms of the instrument granting such right-of-way,
lease, easement, license or similar right, to the use thereof for the purpose
for which the Company acquired the same, (ii) the Company has power under
eminent domain, or similar statutes, to remove such defects or irregularities,
or (iii) such defects or irregularities may be otherwise remedied without undue
effort or expense;
(g) Liens securing indebtedness neither created, assumed nor
guaranteed by the Company, nor on account of which it customarily pays interest,
upon property of the Company, existing at the date of the execution and delivery
of this Indenture, or, as to property thereafter acquired, at the time of the
acquisition thereof by the Company;
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(h) leases existing at the date of execution and delivery of
this Indenture affecting property owned by the Company at said date and renewals
and extensions thereof and leases for a term of not more than fifteen (15) years
(including extensions or renewals at the option of the tenant) affecting
property acquired by the Company after said date;
(i) any Lien vested in any lessor, licensor or permitter for
rent to become due or for other obligations or acts to be performed, the payment
of which rent or the performance of which other obligations or acts is required
under leases, subleases, licenses or permits, so long as the payment of such
rent or the performance of such other obligations or acts is not delinquent or
is being contested in good faith and by appropriate proceedings;
(j) any controls, restrictions, obligations, duties or other
burdens imposed by any federal, state, municipal or other law, or by any rule,
regulation or order of any Governmental Authority, upon any property of the
Company or the operation or use thereof or upon the Company with respect to any
of its property or the operation or use thereof or with respect to any
franchise, grant, license, permit or public purpose requirement, or any rights
reserved to or otherwise vested in any Governmental Authority to impose any such
controls, restrictions, obligations, duties or other burdens;
(k) Liens granted on air or water pollution control, sewage or
solid waste disposal, or other similar facilities of the Company in connection
with the issuance of pollution control revenue bonds, in connection with
financing the cost of, or the construction or acquisition of, such facilities;
(l) any right which any Governmental Authority may have by
virtue of any franchise, license, contract or statute to purchase, or designate
a purchaser of or order the sale of, any property of the Company upon payment of
cash or reasonable compensation therefor or to terminate any franchise, license
or other rights or to regulate the property and business of the Company;
(m) any Liens which have been bonded for the full amount in
dispute or for the payment of which other adequate security arrangements have
been made;
(n) party-wall agreements and agreements for and obligations
relating to the joint or common use of property owned solely by the Company or
owned by the Company in common or jointly with one or more parties;
(o) Liens securing indebtedness incurred by a Person, other
than the Company, which indebtedness has been neither assumed nor guaranteed by
the Company nor on which it customarily pays interest, existing on property
which the Company owns jointly or in common with such Person or such Person and
others, if there is a bar against partition of such property, which would
preclude the sale of such property by such other Person or the holder of such
Lien without the consent of the Company;
(p) Liens in favor of a government or governmental entity
securing (i) payments pursuant to a statute (other than taxes and assessments),
or (ii) indebtedness incurred to finance all or part of the purchase price or
cost of construction of the property subject to such Lien;
(q) any other Liens or encumbrances of whatever nature or kind
which do not, individually or in the aggregate, materially impair the Lien of
this Indenture or the security afforded thereby for the benefit of the
Bondholders, as evidenced by an Opinion of Counsel to such effect;
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(r) any trustee's Lien hereunder; and
(s) Prepaid Liens.
"Person" means any individual, corporation, association,
partnership, joint venture, trust or unincorporated organization or any
Governmental Authority.
"Place of Payment" when used with respect to the Bonds of any
series, or any Tranche thereof, means the place or places, specified as
contemplated by Section 3.01, at which, subject to Section 6.02, principal of
and premium, if any, and interest, if any, on the Bonds of such series or
Tranche are payable upon presentation.
"Pledged Bonds" means Class "A" Bonds issued and delivered to,
and held by, the Trustee hereunder.
"Predecessor Bond" of any particular Bond means every previous
Bond evidencing all or a portion of the same debt as that evidenced by such
particular Bond; and, for the purposes of this definition, any Bond
authenticated and delivered under Section 3.06 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Bond shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Bond.
"Prepaid Lien" means any Lien securing indebtedness for the
payment of which money in the necessary amount (taking into consideration the
amount of income reasonably projected to be earned on such amount) shall have
been irrevocably deposited in trust with the trustee or other holder of such
Lien; provided, however, that if such indebtedness is to be redeemed or
otherwise prepaid prior to the stated maturity thereof, any notice requisite to
such redemption or prepayment shall have been given in accordance with the
mortgage or other instrument creating such Lien or irrevocable instructions to
give such notice shall have been given to such trustee or other holder.
"Primary Purposes of the Company's Business" means the
transmission or distribution of electric energy.
"Prior Lien" means each Class "A" Mortgage and any other
mortgage, lien, charge, encumbrance, security interest on or in, or pledge of,
any Mortgaged Property existing both at and immediately prior to the time of the
acquisition by the Company of such Mortgaged Property, or created as a purchase
money mortgage on such Mortgaged Property at the time of, or in connection with,
its acquisition by the Company, in each case ranking prior to or on a parity
with the Lien of this Indenture.
"Property Additions" has the meaning specified in Section
1.04(a).
"Redemption Date" when used with respect to any Bond to be
redeemed, means the date fixed for such redemption by or pursuant to this
Indenture.
"Redemption Price" when used with respect to any Bond to be
redeemed, means the price at which it is to be redeemed pursuant to this
Indenture.
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"Regular Record Date" for the interest payable on any Interest
Payment Date on the Bonds of any series means the date specified for that
purpose as contemplated by Section 3.01.
"Required Currency" has the meaning specified in Section 3.11.
"Responsible Officer" when used with respect to the Trustee,
means any officer of the Trustee assigned by the Trustee to administer its
corporate trust matters.
"Retired Bonds" means any Bonds authenticated and delivered
under this Indenture which (a) no longer remain Outstanding by reason of the
applicability of subclause (i), (ii) or (iii) of clause (a) in the definition of
"Outstanding", (b) have not been made the basis under any of the provisions of
this Indenture of one or more Authorized Purposes, and (c) have not been, and
are not to be, paid, redeemed, purchased or otherwise retired by the application
thereto of Funded Cash.
"Special Record Date" for the payment of any Defaulted
Interest on the Bonds of any series means a date fixed by the Trustee pursuant
to Section 3.07.
"Stated Interest Rate" means a rate more than zero at which an
obligation by its terms is stated to bear simple interest, which rate may be a
variable rate. Any calculation or other determination to be made under this
Indenture by reference to the Stated Interest Rate on a Bond shall be made
without regard to the effective interest cost to the Company of such Bond and
without regard to the Stated Interest Rate on, or the effective cost to the
Company of, any other obligation for which such Bond is pledged or otherwise
delivered as security.
"Stated Maturity" when used with respect to any obligation or
any installment of principal thereof or interest thereon, means the date on
which the principal of such obligation or such installment of principal (whether
as a result of scheduled amortization or otherwise) or interest is due and
payable (without regard to any provisions for redemption, prepayment,
acceleration, purchase or extension).
"Successor Corporation" has the meaning set forth in Section
13.01(b).
"Tranche" means those Bonds of a series which, as among
themselves, have identical terms and the same original date of issuance but
which, as to other Bonds of the same series, differ as to one or more terms or
have a different original date of issuance.
"Trust Indenture Act" means, as of any time, the Trust
Indenture Act of 1939, or any successor statute, as in force at such time.
"Trustee" means The Bank of New York, a corporation organized
and existing under the laws of the State of New York, until a successor Trustee
shall have become such with respect to one or more series of Bonds pursuant to
the applicable provisions of this Indenture, and thereafter "Trustee" shall mean
or include each Person who is then a Trustee hereunder, and if at any time there
is more than one such Person, "Trustee" as used with respect to the Bonds of any
series shall mean the Trustee with respect to Bonds of that series.
"Unbonded" as applied to Bonds (including Retired Bonds),
Class "A" Bonds or Property Additions means that such Bonds, Class "A" Bonds or
Property Additions are not Bonded.
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"United States" means the United States of America, its
territories, its possessions and other areas subject to its political
jurisdiction.
Section 1.02 Bonded, Funded Cash.
(a) "Bonded" as applied to Bonds (including Retired Bonds),
Class "A" Bonds or Property Additions means that such Bonds, Class "A" Bonds or
Property Additions are within one or more of the following classes:
(i) the aggregate amount of Property
Additions which have been used as a basis for the
authentication and delivery of Bonds pursuant to Section 4.03
or the withdrawal of cash pursuant to Section 4.05(c) or
Section 8.06(a)(i);
(ii) Bonds which have been used as a basis
for the authentication and delivery of Bonds pursuant to
Section 4.04 or the withdrawal of cash pursuant to Section
4.05(c) or Section 8.06(a)(ii), and Bonds paid, purchased or
redeemed with money used or applied by the Trustee pursuant to
Section 8.06(a)(v);
(iii) Bonds, Class "A" Bonds and Property
Additions which have been used as the basis of the release of
property from the Lien of this Indenture;
(iv) Bonds, Class "A" Bonds and Property
Additions which have been allocated or used as a basis for any
credit against the requirements of any sinking, improvement,
maintenance, replacement or analogous fund for any series or
Tranche of Bonds; provided, however, that any such Bonds,
Class "A" Bonds or Property Additions so allocated or used
shall be reinstated as Unbonded when all of the Bonds of the
series or Tranche of Bonds in connection with such fund was
established are retired;
(v) Class "A" Bonds which (x) have been used
as a basis for the authentication and delivery of Bonds
pursuant to Section 4.02 or (y) can not, at the time of
determination, be used as a basis for the issuance of Class
"A" Bonds under a Class "A" Mortgage; and
(vi) the aggregate amount of Property
Additions designated in an Engineer's Certificate delivered to
the Trustee pursuant to clause (iii) of Section 7.07(a) to be
deemed to have been made the basis of the authentication and
delivery of Bonds then Outstanding.
(b) "Funded Cash" means:
(i) cash, held by the Trustee hereunder, to
the extent that it represents the proceeds of insurance on, or
cash deposited in connection with the release of, property, or
the proceeds of the release of obligations secured by a
purchase money mortgage which obligations have been delivered
to the Trustee pursuant to Article Eight and used as a credit
in any application for the
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release of property hereunder, or the proceeds of payment to
the Trustee on account of the principal of obligations secured
by a purchase money mortgage which obligations have been
delivered to it pursuant to Article Eight and used as a credit
in any application for the release of property hereunder, all
subject, however, to the provisions of Section 8.06(c);
(ii) any cash deposited with the Trustee
under Section 4.05; and
(iii) any cash received by the Trustee from
the payment of the principal of Pledged Bonds.
Section 1.03 Net Earnings Certificate; Adjusted Net Earnings; Annual
Interest Requirements.
A "Net Earnings Certificate" means a certificate signed by an
Authorized Executive Officer and an accountant (who may be employed by or
Affiliated with the Company), stating:
(a) the "Adjusted Net Earnings" of the Company for a period of
twelve (12) consecutive calendar months within the eighteen (18)
calendar months immediately preceding the first day of the month in
which the Company Order requesting the authentication and delivery
under this Indenture of Bonds is delivered to the Trustee, specifying:
(i) its operating revenues (which may include
revenues of the Company subject when collected or accrued to
possible refund at a future date);
(ii) its operating expenses, excluding (A) expenses
for taxes on income or profits and other taxes measured by, or
dependent on, net income, (B) provisions for reserves for
renewals, replacements, depreciation, depletion or retirement
of property (or any expenditures therefor), or provisions for
amortization of property, (C) expenses or provisions for
interest on any indebtedness of the Company, for the
amortization of debt discount, premium, expense or loss on
reacquired debt, for any maintenance and replacement,
improvement or sinking fund or other device for the retirement
of any indebtedness, or for other amortization, (D) expenses
or provisions for any non-recurring charge to income or to
retained earnings of whatever kind or nature (including
without limitation the recognition of expense or impairment
due to the non-recoverability of assets or expense), whether
or not recorded as a non-recurring charge in the Company's
books of account, and (E) provisions for any refund of
revenues previously collected or accrued by the Company
subject to possible refund;
(iii) the amount remaining after deducting the amount
required to be stated in such certificate by clause (ii) above
from the amount required to be stated therein by clause (i)
above;
(iv) its other income, net of related expenses
(excluding expenses or provisions for any non-recurring charge
to the income or retained earnings of the entity which is the
source of such other income of whatever kind or nature
(including without limitation the recognition of expense or
impairment due to the non-recoverability of assets or
expense), whether or not recorded and a non-recurring charge
in such entity's books of account), which other income may
include any portion of the allowance for funds used during
construction and other deferred costs (or any
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analogous amounts) which is not included in "other income" (or
any analogous item) in the Company's books of account; and
(v) the Adjusted Net Earnings of the Company for such
period of twelve (12) consecutive calendar months (being the
sum of the amounts required to be stated in such certificate
by clauses (iii) and (iv) above); and
(b) the "Annual Interest Requirements", being the interest
requirements for one year, at the respective Stated Interest Rates, if
any, borne prior to Maturity, upon:
(i) all Bonds Outstanding hereunder at the date of
such certificate, except any for the payment or redemption of
which the Bonds applied for are to be issued; provided,
however, that, if Outstanding Bonds of any series bear
interest at a variable rate or rates, then the interest
requirement on the Bonds of such series shall be determined by
reference to the rate or rates in effect on the day
immediately preceding the date of such certificate;
(ii) all Bonds then applied for in pending
applications for the original issuance of Bonds, including the
application in connection with which such certificate is made;
provided, however, that if Bonds of any series are to bear
interest at a variable rate or rates, then the interest
requirement on the Bonds of such series shall be determined by
reference to the rate or rates to be in effect at the time of
the initial authentication and delivery of such Bonds; and
provided, further, that the determination of the interest
requirement on Bonds of a series subject to a Periodic
Offering shall be further subject to the provisions of clause
(iv) of Section 4.01(a);
(iii) all Class "A" Bonds Outstanding under Class "A"
Mortgages at the date of such certificate, except any Pledged
Bonds and except any for the payment or redemption of which
the Bonds applied for are to be issued; provided, however,
that, if the Outstanding Class "A" Bonds of any series bear
interest at a variable rate or rates, then the interest
requirement on the Class "A" Bonds of such series shall be
determined by reference to the rate or rates in effect on the
day immediately preceding the date of such certificate; and
(iv) the principal amount of all other indebtedness
(except (A) Pledged Bonds, (B) indebtedness of the Company the
repayment of which supports or is supported by other
indebtedness included in Annual Interest Requirements pursuant
to one of the other clauses of this definition, (C)
indebtedness for the payment of which the Bonds applied for
are to be issued, and (D) indebtedness secured by a Prepaid
Lien prior to the Lien of this Indenture upon property subject
to the Lien of this Indenture), outstanding on the date of
such certificate and secured by a Lien on a parity with or
prior to the Lien of this Indenture upon property subject to
the Lien of this Indenture, if such indebtedness has been
issued, assumed or guaranteed by the Company or if the Company
customarily pays the interest upon the principal thereof or
collections from the Company's customers are applied to, or
pledged as security for the payment of such interest;
provided, however, that if any such indebtedness bears
interest at a variable rate or rates, then the interest
requirement on such indebtedness shall be determined by
reference to the rate or rates in effect on the day
immediately preceding
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the date of such certificate; and provided, further, that any
amounts collected by others to be applied to debt service on
indebtedness of the Company, and not otherwise treated on the
Company's books as revenue, shall be added to the Company's
operating revenues when determining Adjusted Net Earnings.
In any case where a Net Earnings Certificate is required as a
condition precedent to the authentication and delivery of Bonds, such
certificate shall be accompanied by a certificate signed by an Independent
public accountant if the aggregate principal amount of Bonds then applied for
plus the aggregate principal amount of Bonds authenticated and delivered
hereunder since the commencement of the then current calendar year (other than
those with respect to which a Net Earnings Certificate is not required, or with
respect to which a Net Earnings Certificate accompanied by a certificate signed
by an Independent public accountant has previously been furnished to the
Trustee) is ten percent (10%) or more of the sum of (a) the principal amount of
the Bonds at the time Outstanding, and (b) the principal amount of the Class "A"
Bonds at the time Outstanding other than Pledged Bonds, which certificate shall
provide that such Independent public accountant has reviewed the Net Earnings
Certificate and that such Independent public accountant has no knowledge that
any statements in such Net Earnings Certificate are not true; but no such
certificate need be signed by an Independent public accountant, as to dates or
periods not covered by annual reports required to be filed by the Company, with
respect to conditions precedent which depend upon a state of facts as of a date
or dates or for a period or periods different from that required to be covered
by such annual reports.
Section 1.04 Property Additions; Cost.
(a) "Property Additions" means, as of any particular time, any
item, unit or element of property which at such time is owned by the Company and
is subject to the Lien of this Indenture. Property Additions:
(i) need not consist of a specific or completed
development, plant, betterment, addition, extension,
improvement or enlargement, but may include construction work
in progress and property in the process of purchase insofar as
the Company shall have acquired legal title to such property,
and may include the following:
(A) fractional and other undivided interests
of the Company in property owned jointly or in common
with other Persons, whether or not there are with
respect to such property, other agreements or
obligations on the part of the Company, if there is a
bar against partition of such property which would
preclude the sale of such property by any or all of
such other Persons or the holder or holders of any
Lien or Liens on the interest of any of such other
Persons in such property, without the consent of the
Company;
(B) engineering, economic, environmental,
financial, geological and legal or other surveys,
data processing equipment and software, preliminary
to or associated with the acquisition or construction
of property included or intended to be included in
the Mortgaged Property, provided that any such
property is not Excepted Property or, if it is
Excepted Property, such property
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has been subjected to the Lien and operation of this
Indenture as provided in Granting Clause Third;
(C) paving, grading and other improvements
to, under or upon highways, bridges, parks or other
public property of analogous character required for
or in connection with the installation or repair of
overhead, surface or underground facilities and paid
for and used or to be used by the Company,
notwithstanding that the Company may not hold legal
title thereto;
(D) property located over, on or under
property owned by other Persons, including
governmental or municipal agencies, bodies or
subdivisions, under permits, licenses, easements,
franchises and other similar privileges, if the
Company shall have the right to remove the same;
(E) intangible property (including any
acquisition premium paid in connection with the
acquisition of any property), regardless of whether
the Cost thereof is permitted to be recorded in the
plant account of the Company or is permitted to be
recovered by the Company through the rates that it
charges its customers; and
(ii) may include renewals, replacements and
substitution of property not excluded from the definition of
"Property Additions" by virtue of clause (iii) below; but
(iii) shall not include:
(A) Excepted Property (other than Excepted
Property which has been subjected to the Lien and
operation of this Indenture as provided in Granting
Clause Third); or
(B) any property the cost of acquisition or
construction of which is properly chargeable to an
operating expense account of the Company.
(b) When any Property Additions are certified to the Trustee
as the basis of any Authorized Purpose (except as otherwise provided in Section
8.06):
(i) there shall be deducted from the Cost or Fair
Value thereof to the Company, as the case may be (as of the
date so certified), an amount (which amount shall not be less
than zero) equal to the Cost (or as to Property Additions of
which the Fair Value to the Company at the time the same
became Property Additions was less than the Cost as determined
pursuant to subsection (c) of this Section, then such Fair
Value in lieu of Cost) of all Property Additions retired on
and after the date of this Indenture (other than the Property
Additions, if any, in connection with the application for
release of which such certificate is filed), minus the
aggregate Cost of all Property Additions acquired or
constructed by the Company which are included in the Mortgaged
Property after the date of this Indenture; and
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(ii) there may, at the option of the Company, be
added to the Cost of Property Additions acquired or
constructed by the Company which are included in the Mortgaged
Property after the date of this Indenture, the sum of:
(A) the principal amount of any obligations
secured by a purchase money mortgage and any cash
(other than proceeds of such purchase money
obligations), not already included in such Cost,
received by the Trustee representing the proceeds of
insurance on, or of the release or other disposition
of, Property Additions retired; and
(B) the principal amount of any Bond or
Bonds, or portion of such principal amount, not
already included in such Cost, the right to the
authentication and delivery of which under the
provisions of Section 4.04 and subclause (B) of
clause (iii) of Section 8.05(a) shall at any time
theretofore have been waived as the basis of the
release of Property Additions retired.
(c) The term "Cost" with respect to Property Additions made
the basis for one or more Authorized Purposes shall mean the sum of (i) any cash
or its equivalent forming a part of such Cost, plus all costs and allowances for
funds used during the construction thereof and other deferred costs relating to
such construction, but only to the extent of the greater of the amount permitted
by Generally Accepted Accounting Principles or the amount permitted by
accounting regulations or orders issued by any governmental regulatory
commission, (ii) an amount equivalent to the fair market value in cash (as of
the date of delivery) of any securities or other property delivered in payment
therefor or for the acquisition thereof and (iii) the principal amount of any
indebtedness incurred or assumed as all or part of the Cost to the Company of
such Property Additions; provided, however, that, notwithstanding any other
provision of this Indenture, in any case where Property Additions shall have
been acquired (otherwise than by construction) by the Company without any
consideration consisting of cash, securities or other property or the incurring
or assumption of indebtedness, no determination of Cost shall be required, and
wherever in this Indenture provision is made for Cost or Fair Value, the Cost,
in such case, shall mean an amount equal to the greater of (x) the Fair Value
thereof, or (y) the book value of such acquired Property Additions at the time
of the acquisition thereof.
(d) If any Property Additions are shown by the Engineer's
Certificate provided for in clause (ii) of Section 4.03(b) to include property
which has been used or operated by others than the Company in a business similar
to that in which it has been or is to be used or operated by the Company, the
Cost thereof may include the amount of cash or the value of any portion of the
securities paid or delivered for any goodwill or going concern value rights
simultaneously acquired for which no separate or distinct consideration shall
have been paid or apportioned, and in such case the term Property Additions as
defined herein may include such goodwill and going concern value rights,
regardless of whether such Cost is permitted to be recorded in the plant account
of the Company or is permitted to be recovered by the Company through the rates
that it charges its customers.
(e) For the purposes of the deductions required by this
Section, the Cost or the Fair Value to the Company of Property Additions retired
shall be the Cost or the Fair Value thereof to the Company at the time such
property became Property Additions.
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(f) All Property Additions which shall be retired, abandoned,
destroyed, released or otherwise disposed of (including damaged or destroyed
Property Additions (or portions thereof) for which the Company shall have
received proceeds pursuant to Section 6.07(b) but with respect to which the
Company shall have elected not to rebuild or repair) shall for the purpose of
this Section 1.04 be deemed Property Additions retired and for other purposes of
this Indenture shall thereupon cease to be Property Additions, but may at any
time thereafter again become Property Additions as provided in this Indenture.
Neither any reduction in the Cost or book value of property recorded in the
plant account of the Company, nor the transfer of any amount appearing in such
account to intangible or adjustment accounts, otherwise than in connection with
actual retirements of physical property abandoned, destroyed, released or
disposed of, and otherwise than in connection with the removal of such property
in its entirety from the plant account, shall be deemed to constitute a
retirement of Property Additions.
Section 1.05 Compliance Certificates and Opinions.
(a) Except as otherwise expressly provided in this Indenture,
upon any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company shall, if requested by the
Trustee, furnish to the Trustee an Officer's Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with, it being understood that in the case of any such application or
request as to which the furnishing of such documents is specifically required by
any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.
(b) Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:
(i) a statement that each individual or counsel
signing such certificate or opinion has read such covenant or
condition and the definitions herein relating thereto;
(ii) a brief statement as to the nature and scope
of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are
based;
(iii) a statement that, in the opinion of each such
individual or counsel, he or she has made such examination or
investigation as is necessary to enable him or her to express
an informed opinion as to whether or not such covenant or
condition has been complied with; and
(iv) a statement as to whether, in the opinion of
each such individual or counsel, such condition or covenant
has been complied with.
(c) Any Opinion of Counsel provided for herein may be based,
insofar as it relates to factual matters, upon statements made by the Company in
documents filed with any governmental regulatory commission or upon a
certificate or opinion of, or representations by, an officer or officers of the
Company, unless, in the case of such a certificate or opinion, such counsel
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect
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to such matters are erroneous. If, in order to render any Opinion of Counsel
provided for herein, the signer thereof shall deem it necessary that additional
facts or matters be stated in any Engineer's Certificate provided for herein,
then such Engineer's Certificate may state all such additional facts or matters
as the signer of such Opinion of Counsel may request. In addition, in giving any
Opinion of Counsel provided for herein, counsel may rely upon (i) prior opinions
of counsel for the Company, (ii) opinions of special counsel for the Company and
its subsidiaries, (iii) opinions of in-house counsel for any of the Company's
divisions or subsidiaries, and (iv) title insurance policies, title insurance
commitments and reports, lien search certificates and other similar evidences of
the existence of liens on property.
Section 1.06 Form of Documents Delivered to Trustee.
(a) In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several
documents.
(b) Any certificate or opinion of an officer of the Company
may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her certificate or
opinion is based are erroneous.
(c) Where any Person is required to make, give or execute two
or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument.
Section 1.07 Acts of Holders.
(a) Any request, demand, authorization, direction, notice,
consent, election, waiver or other action provided by this Indenture to be made,
given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing or, alternatively, may be embodied in and
evidenced by the record of Holders voting in favor thereof, either in person or
by proxies duly appointed in writing, at any meeting of Holders duly called and
held in accordance with the provisions of Article Fifteen, or a combination of
such instruments and any such record. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record
(and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the "Act" of the Holders signing such instrument or instruments
and so voting at any such meeting. Proof of execution of any such instrument or
of a writing appointing any such agent, or of the holding by any Person of a
Bond, shall be sufficient for any purpose of this Indenture and (subject to
Section 11.01) conclusive in favor of the Trustee and the Company, if made in
the manner provided in this Section. The record of any meeting of Holders shall
be proved in the manner provided in Section 15.06.
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(b) The fact and date of the execution by any Person of any
such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof or may be
proved in any other manner which the Trustee and the Company deem sufficient.
Where such execution is by a signer acting in a capacity other than his or her
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his or her authority.
(c) The principal amount (except as otherwise contemplated in
clause (y) of the proviso to clause (a) of the definition of "Outstanding") and
serial numbers of Bonds held by any Person, and the date of holding the same,
shall be proved by the Bond Register.
(d) Any request, demand, authorization, direction, notice,
consent, election, waiver or other Act of a Holder shall bind every future
Holder of the same Bond and the Holder of every Bond issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustee or the
Company in reliance thereon, whether or not notation of such action is made upon
such Bond.
(e) Until such time as written instruments shall have been
delivered to the Trustee with respect to the requisite percentage of principal
amount of Bonds for the action contemplated by such instruments, any such
instrument executed and delivered by or on behalf of the Holder may be revoked
with respect to any or all of such Bonds by written notice by such Holder or any
subsequent Holder, proven in the manner in which such instrument was proven.
(f) Bonds of any series, or any Tranche thereof, authenticated
and delivered after any Act of Holders may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any action taken
by such Act of Holders. If the Company shall so determine, new Bonds of any
series, or any Tranche thereof, so modified as to conform, in the opinion of the
Trustee and the Company, to such action may be prepared and executed by the
Company and authenticated and delivered by the Trustee in exchange for
Outstanding Bonds of such series or Tranche.
(g) If the Company shall solicit from Holders any request,
demand, authorization, direction, notice, consent, waiver or other Act, the
Company may, at its option, by Company Order, fix in advance a record date for
the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company
shall have no obligation to do so. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of record at the
close of business on the record date shall be deemed to be Holders for the
purposes of determining whether Holders of the requisite proportion of the
Outstanding Bonds have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for
that purpose the Outstanding Bonds shall be computed as of the record date.
Section 1.08 Notices, Etc. to Trustee and Company.
(a) Any request, demand, authorization, direction, notice,
consent, election, waiver or Act of Holders or other document provided or
permitted by this Indenture to be made, given or furnished to, or filed with,
the Trustee by any Holder or by the Company, or the Company by the
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Trustee or by any Holder, shall be sufficient for every purpose hereunder
(unless otherwise expressly provided herein) if the same shall be in writing and
delivered personally to an officer or other responsible employee of the
addressee, or transmitted by telecopy or other direct written electronic means,
or transmitted by registered or certified mail or reputable overnight courier,
charges prepaid to the applicable address set opposite such party's name below
or to such other address as either party hereto may from time to time designate:
If to the Trustee, to:
The Bank of New York
101 Barclay Street - 21 West
New York, New York 10286
Attention: Corporate Trust Administration
If to the Company, to:
Ohio Edison Company
76 South Main Street
Akron, Ohio 44308
Attention: Corporate Secretary
(b) Any communication contemplated herein shall be deemed to
have been made, given, furnished and filed if personally delivered, on the date
of delivery, if transmitted by telecopy or other direct written electronic
means, on the date of transmission, and if transmitted by registered or
certified mail or reputable overnight courier, on the date of receipt.
Section 1.09 Notice to Holders of Bonds; Waiver.
(a) Except as otherwise expressly provided herein, where this
Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given, and shall be deemed given, to Holders if in writing and
mailed, first-class postage prepaid, to each Holder affected by such event, at
the address of such Holder as it appears in the Bond Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice.
(b) In case by reason of the suspension of regular mail
service or by reason of any other cause it shall be impracticable to give such
notice to Holders by mail, then such notification as shall be made with the
approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders.
(c) Any notice required by this Indenture may be waived in
writing by the Person entitled to receive such notice, either before or after
the event otherwise to be specified therein, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.
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Section 1.10 Conflict with Trust Indenture Act.
If any provision of this Indenture limits, qualifies or
conflicts with any duties under any required provision of the Trust Indenture
Act imposed hereon by Section 318(c) thereof, or any successor section of such
Act, such required provision shall control.
Section 1.11 Effect of Headings and Table of Contents.
The Article and Section headings in this Indenture and the
Table of Contents are for convenience only and shall not affect the construction
hereof.
Section 1.12 Successors and Assigns.
All covenants and agreements in this Indenture by the Company
shall bind its successors and assigns, whether so expressed or not.
Section 1.13 Separability Clause.
In case any provision in this Indenture or the Bonds shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.
Section 1.14 Benefits of Indenture.
Nothing in this Indenture or the Bonds, express or implied,
shall give to any Person, other than the parties hereto, their successors
hereunder and the Holders, any benefit or any legal or equitable right, remedy
or claim under this Indenture.
Section 1.15 Governing Law.
This Indenture and the Bonds shall be governed by and
construed in accordance with the laws of the State of Ohio, except (a) to the
extent that the law of any other jurisdiction shall be mandatorily applicable,
(b) to the extent that perfection and the effect of perfection of the Lien of
this Indenture may be governed by the laws of states other than the State of
Ohio as provided by law, and (c) that the rights, duties, obligations,
privileges and immunities of the Trustee shall be governed by the laws of the
State of New York, in the case of The Bank of New York, and of the jurisdiction
in which the Corporate Trust Office of the Trustee is located in all other
cases.
Section 1.16 Legal Holidays.
In any case where any Interest Payment Date, Redemption Date
or Stated Maturity of any Bond shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the
Bonds other than a provision in Bonds of any series, or any Tranche thereof, or
in the indenture supplemental hereto which establishes the terms of such Bonds
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or Tranche, which specifically states that such provision shall apply in lieu of
this Section) payment of interest or principal and premium, if any, need not be
made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and effect
as if made on the Interest Payment Date or Redemption Date, or at the Stated
Maturity, and, if such payment is made or duly provided for on such Business
Day, no interest shall accrue on the amount so payable for the period from and
after such Interest Payment Date, Redemption Date or Stated Maturity, as the
case may be, to such Business Day.
Section 1.17 Investment of Cash Held by Trustee.
Any cash held by the Trustee or any Paying Agent under any
provision of this Indenture shall, except as otherwise provided in Article Nine,
at the request of the Company evidenced by Company Order, be invested or
reinvested in Investment Securities designated by the Company, and any interest
on such Investment Securities shall be promptly paid over to the Company as
received free and clear of the Lien of this Indenture or any Lien arising by or
through the Trustee; provided, however, that following the occurrence and during
the continuance of an Event of Default, the Trustee shall not pay such interest
over to the Company, but shall instead hold such interest as part of the
Mortgaged Property. Such Investment Securities shall be held subject to the same
provisions hereof as the cash used to purchase the same, but upon a like request
of the Company shall be sold, in whole or in designated part, and the proceeds
of such sale shall be held subject to the same provisions hereof as the cash
used to purchase the Investment Securities so sold. If such sale shall produce a
net sum less than the cost of the Investment Securities so sold, the Company
shall pay to the Trustee or any such Paying Agent, as the case may be, such
amount in cash as, together with the net proceeds from such sale, shall equal
the cost of the Investment Securities so sold, and if such sale shall produce a
net sum greater than the cost of the Investment Securities so sold, the Trustee
or any such Paying Agent, as the case may be, shall promptly pay over to the
Company an amount in cash equal to such excess, free and clear of any Lien.
Section 1.18 Approval of Signers.
The acceptance by the Trustee of any document, the signer of
which is required by some provision hereof to be approved by the Trustee, shall
be sufficient evidence of its approval of the signer within the meaning of this
Indenture.
ARTICLE II
BOND FORMS
Section 2.01 Forms Generally.
(a) The definitive Bonds of each series shall be in
substantially the form or forms thereof established in the indenture
supplemental hereto establishing such series, or in a Board Resolution
establishing such series, or in an Officer's Certificate pursuant to a
supplemental indenture or Board Resolution, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other
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marks of identification and such legends or endorsements placed thereon as may
be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Bonds, as
evidenced by their execution of such Bonds. If the form or forms of Bonds of any
series are established in a Board Resolution or in an Officer's Certificate
pursuant to a Board Resolution, such Board Resolution and Officer's Certificate,
if any, shall be delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by clause (ii) of Section 4.01(a) for the
authentication and delivery of such Bonds.
(b) Except as may be otherwise provided pursuant to Section
3.01 or Section 1401(a)(vii), Bonds of each series shall be issuable in
registered form without coupons. The definitive Bonds shall be produced in such
manner as shall be determined by the officers executing such Bonds, as evidenced
by their execution thereof.
Section 2.02 Form of Trustee's Certificate of Authentication.
The Trustee's certificate of authentication shall be in
substantially the form set forth below:
This is one of the Bonds of the series designated therein
referred to in the within-mentioned Indenture.
---------------------------
as Trustee
By:
------------------------
Authorized Signatory
ARTICLE III
THE BONDS
Section 3.01 Amount of Unlimited; Issuable in Series.
(a) The aggregate principal amount of Bonds which may be
authenticated and delivered under this Indenture shall be unlimited.
(b) The Bonds may be issued in one or more series, each of
which series may be issued in Tranches. Subject to subsection (c) of this
Section, there shall be established in one or more indentures supplemental
hereto, or in a Board Resolution, or in an Officer's Certificate pursuant to an
indenture supplemental hereto or a Board Resolution, prior to the issuance of
Bonds of any series:
(i) the title of the Bonds of such series
(which title shall distinguish the Bonds of such series from
Bonds of all other series);
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(ii) any limit upon the aggregate principal
amount of the Bonds of such series which may be authenticated
and delivered under this Indenture (except for Bonds
authenticated and delivered upon registration of transfer of,
or in exchange for, or in lieu of, other Bonds of such series
pursuant to Section 3.04, 3.05, 3.06, 5.06 or 14.06 and except
for any Bonds which, pursuant to Section 3.03(e), are deemed
never to have been authenticated and delivered hereunder);
(iii) the Person (without specific
identification) to whom interest on the Bonds of such series,
or any Tranche thereof, shall be payable on any Interest
Payment Date, if other than the Person in whose name that Bond
(or one or more Predecessor Bonds) is registered at the close
of business on the Regular Record Date for such interest;
(iv) the date or dates on which the
principal of the Bonds of such series (including any scheduled
amortization payments payable prior to the final Maturity of
the Bonds), or any Tranche thereof, is payable or any
formulary or other method or other means by which such date or
dates shall be determined, by reference to an index or other
fact or event ascertainable outside this Indenture or
otherwise (without regard to any provisions for redemption,
prepayment, acceleration, purchase or extension);
(v) the rate or rates at which the Bonds of
such series, or any Tranche thereof, shall bear interest, if
any (including the rate or rates at which overdue principal,
premium or interest shall bear interest, if any), or any
method or methods by which such rate or rates shall be
determined, the date or dates from which such interest shall
accrue, the Interest Payment Dates on which such interest
shall be payable and the Regular Record Date, if any, for the
interest payable on the Bonds on any Interest Payment Date;
and the basis of computation of interest, if other than as
provided in Section 3.10;
(vi) the place or places where and/or manner
or method by which (A) the principal of (including
installments of principal, if any, payable prior to the final
Maturity of the Bonds) and premium, if any, and interest, if
any, on the Bonds of such series, or any Tranche thereof,
shall be payable upon presentation thereof (and, if payments
of principal are to be paid prior to the final Maturity
thereof, the method, if any, of evidencing the payment of such
principal amounts), (B) Bonds of such series, or any Tranche
thereof, may be surrendered for registration of transfer, (C)
Bonds of such series, or any Tranche thereof, may be
surrendered for exchange, and (D) notices and demands to or
upon the Company in respect of the Bonds of such series, or
any Tranche thereof, and this Indenture may be served;
(vii) the period or periods within which,
the price or prices at which and the terms and conditions upon
which the Bonds of such series, or any Tranche thereof, may be
redeemed, in whole or in part, at the option of the Company
and any notice to be given in connection therewith (if other
than as provided in Section 504);
(viii) the obligation, if any, of the
Company to redeem or purchase the Bonds of such series, or any
Tranche thereof, pursuant to any sinking fund or
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analogous provisions or at the option of a Holder thereof
and the period or periods within which, the price or prices
at which and the terms and conditions upon which such Bonds
shall be redeemed or purchased, in whole or in part,
pursuant to such obligation;
(ix) the denominations in which Bonds of
such series, or any Tranche thereof, shall be issuable if
other than denominations of $1,000 and any integral multiple
thereof;
(x) the currency or currencies, including
composite currencies, in which payment of the principal of and
premium, if any, and interest, if any, on the Bonds of such
series, or any Tranche thereof, shall be payable (if other
than in Dollars); provided, however, that, unless otherwise
expressly provided herein, for purposes of calculations under
this Indenture (including calculations of Annual Interest
Requirements contemplated by Section 1.03 and calculations of
principal amount under Article Four), any amounts denominated
in a currency other than Dollars or in a composite currency
shall be converted to Dollar equivalents by calculating the
amount of Dollars which could have been purchased by the
amount of such other currency based (A) on the average of the
mean of the buying and selling spot rates quoted by three
banks which are members of the New York Clearing House
Association selected by the Company in effect at 11:00 A.M.
(New York time) in The City of New York on the fifth Business
Day preceding the date of such calculation, or (B) if on such
fifth Business Day it shall not be possible or practical to
obtain such quotations from such three banks, on such other
quotations or alternative methods of determination as shall be
selected by an Authorized Executive Officer and which shall be
reasonably acceptable to the Trustee;
(xi) if the principal of or premium, if any,
or interest, if any, on the Bonds of such series, or any
Tranche thereof, are to be payable, at the election of the
Company or a Holder thereof, in a coin or currency other than
that in which the Bonds are stated to be payable, the period
or periods within which, and the terms and conditions upon
which, such election may be made;
(xii) if the principal of or premium, if
any, or interest, if any, on the Bonds of such series, or any
Tranche thereof, are to be payable, or are to be payable at
the election of the Company or a Holder thereof, in securities
or other property, the type and amount of such securities or
other property, or the method by which such amount shall be
determined, and the period or periods within which, and the
terms and conditions upon which, any such election may be
made; provided, however, that, notwithstanding any provision
of this Indenture to the contrary, for purposes of
calculations under this Indenture (including without
limitation calculations under Article Four), any such election
shall be disregarded;
(xiii) if the amount of payments of
principal of or premium, if any, or interest, if any, on the
Bonds of such series, or any Tranche thereof, may be
determined with reference to an index, formula or other method
or other fact or event ascertainable outside of this
Indenture, the manner in which such amounts shall be
determined;
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(xiv) if other than the principal amount
thereof, the portion of the principal amount of Bonds of such
series, or any Tranche thereof, which shall be payable upon
declaration of acceleration of the Maturity thereof pursuant
to Section 10.02(a);
(xv) the terms, if any, pursuant to which
the Bonds of such series, or Tranche thereof, may be converted
into or exchanged for shares of capital stock or other
securities of the Company or any other Person;
(xvi) the obligations or instruments, if
any, which shall be considered Eligible Obligations in respect
of the Bonds of such series, or any Tranche thereof,
denominated in a currency other than Dollars or in a composite
currency, and any additional or alternative provisions for the
reinstatement of the Company's indebtedness in respect of such
Bonds after the satisfaction and discharge thereof as provided
in Section 9.01;
(xvii) if a service charge will be made for
the registration of transfer or exchange of Bonds of such
series, or any Tranche thereof, the amount or terms thereof;
(xviii) any exceptions to Section 1.16, or
variation in the definition "Business Day", with respect to
the Bonds of such series, or any Tranche thereof;
(xix) the terms of any sinking, improvement,
maintenance, replacement or analogous fund for any series;
(xx) if the Bonds of a series are to be
issued in global form, (A) any limitations on the rights of
the Holder or Holders thereof to transfer or exchange such
Bonds or to obtain the registration of transfer thereof, (B)
any limitations on the rights of the Holder or Holders thereof
to obtain certificates therefor, and (C) any and all other
matter incidental to the issuance of such Bonds in global
form;
(xxi) if the Bonds of a series are to be
issuable in bearer form, any and all matters incidental to the
form or ownership of such Bonds not specifically addressed in
a supplemental indenture pursuant to clause (vii) of Section
14.01(a); and
(xxii) any other terms of the Bonds of such
series, or any Tranche thereof, not inconsistent with the
provisions of this Indenture.
(c) With respect to Bonds of a series subject to a Periodic
Offering, the indenture supplemental hereto or the Board Resolution, or
Officer's Certificate pursuant to an indenture supplemental hereto or Board
Resolution, as the case may be, which establishes such series may provide
general terms or parameters for Bonds of such series and provide either that the
specific terms of particular Bonds of such series shall be specified in a
Company Order or that such terms shall be determined by the Company or its agent
in accordance with a Company Order as contemplated by clause (ii) of Section
4.01(a).
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Section 3.02 Denominations.
Unless otherwise provided as contemplated by Section 3.01 with
respect to any series of Bonds, the Bonds of each series shall be issuable in
denominations of $1,000 and any integral multiple thereof.
Section 3.03 Execution, Dating, Certificate of Authentication.
(a) The Bonds shall be executed on behalf of the Company by an
Authorized Executive Officer, and may have the corporate seal of the Company
affixed thereto or reproduced thereon and attested by any other Authorized
Executive Officer. The signature of any or all of these officers on the Bonds
may be manual or facsimile.
(b) Bonds bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Bonds or did
not hold such offices at the date of such Bonds.
(c) Each Bond shall be dated the date of its authentication.
(d) If the form or terms of the Bonds of any series have been
established by or pursuant to a Board Resolution as permitted by Sections 201 or
301, the Trustee shall not be required to authenticate such Bonds if the
issuance of such Bonds pursuant to this Indenture will affect the Trustee's own
rights, duties or immunities under the Bonds and this Indenture or otherwise in
a manner which is not reasonably acceptable to the Trustee.
(e) No Bond shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such
Bond a certificate of authentication substantially in the form provided for
herein executed by the Trustee or an Authenticating Agent by manual signature,
and such certificate upon any Bond shall be conclusive evidence, and the only
evidence, that such Bond has been duly authenticated and delivered hereunder and
is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if
any Bond shall have been authenticated and delivered hereunder to the Company,
or any Person acting on its behalf, but shall never have been issued and sold by
the Company, and the Company shall deliver such Bond to the Bond Registrar for
cancellation or shall cancel such Bond and deliver evidence of such cancellation
to the Trustee, together with a written statement (which need not comply with
Section 1.05 and need not be accompanied by an Opinion of Counsel) stating that
such Bond has never been issued and sold by the Company, for all purposes of
this Indenture such Bond shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits hereof.
Section 3.04 Temporary Bonds.
(a) Pending the preparation of definitive Bonds of any series,
the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Bonds which are printed, lithographed, typewritten,
mimeographed, photocopied or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Bonds in lieu of which they are
issued, with such appropriate insertions, omissions, substitutions and other
variations as the officers
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executing such Bonds may determine, as evidenced by their execution of such
Bonds, provided, however, that temporary Bonds need not recite specific
redemption, sinking fund, conversion or exchange provisions.
(b) After the preparation of definitive Bonds of such series,
the temporary Bonds of such series shall be exchangeable for definitive Bonds of
such series upon surrender of the temporary Bonds of such series at the office
or agency of the Company maintained pursuant to Section 6.02 in a Place of
Payment for such series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Bonds of any series, the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor
definitive Bonds of the same series, of authorized denominations and of like
tenor and aggregate principal amount.
(c) Until exchanged in full as hereinabove provided, the
temporary Bonds shall in all respects be entitled to the same benefits under
this Indenture as definitive Bonds of the same series and Tranche and of like
tenor authenticated and delivered hereunder.
Section 3.05 Registration, Registration of Transfer and Exchange.
(a) The Company shall cause to be kept in each office
designated pursuant to Section 6.02 a register (all registers kept in accordance
with this Section being collectively referred to herein as the "Bond Register")
in which, subject to such reasonable regulations as it may prescribe, the
Company shall provide for the registration of Bonds and the registration of
transfer thereof. All Persons maintaining a Bond Register are referred to herein
collectively as the "Bond Registrar." Anything herein to the contrary
notwithstanding, the Company may designate one or more of its offices as an
office in which the Bond Register shall be maintained, in which event the
Company shall act as Bond Registrar. The Bond Register shall be open for
inspection by the Trustee and the Company at all reasonable times. The Trustee,
if not a Bond Registrar, shall be entitled to receive and shall be fully
protected in relying upon a certificate of a Bond Registrar as to the names and
addresses of the holders of Bonds and the principal amounts and numbers of such
Bonds.
(b) Upon surrender for registration of transfer of any Bond at
the office or agency of the Company maintained pursuant to Section 6.02 in a
Place of Payment for such series, the Company shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Bonds of the same series and Tranche, of authorized
denominations and of like tenor and aggregate principal amount.
(c) At the option of the Holder, any Bond may be exchanged for
one or more new Bonds of the same series and Tranche, of authorized
denominations and of like tenor and aggregate principal amount, upon surrender
of the Bonds to be exchanged at any such office or agency. Whenever any Bonds
are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Bonds which the Holder making the exchange
is entitled to receive.
(d) All Bonds issued upon any registration of transfer or
exchange of Bonds shall be the valid obligations of the Company, evidencing the
same debt, and entitled to the same benefits under this Indenture, as the Bonds
surrendered upon such registration of transfer or exchange.
(e) Every Bond presented or surrendered for registration of
transfer or for exchange shall (if so required by the Company or the Trustee or
any transfer agent) be duly endorsed
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or shall be accompanied by a written instrument of transfer in form satisfactory
to the Company and the Bond Registrar or any transfer agent duly executed by the
Holder thereof or his attorney duly authorized in writing.
(f) Unless otherwise provided in the indenture supplemental
hereto, a Board Resolution or Officer's Certificate pursuant to a supplemental
indenture or a Board Resolution with respect to Bonds of any series, or any
Tranche thereof, no service charge shall be made for any registration of
transfer or exchange of Bonds, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Bonds, other than
exchanges pursuant to Section 3.04, 5.06 or 14.06 not involving any transfer.
(g) The Company shall not be required to issue and the Bond
Registrar shall not be required to register the transfer of or to exchange (a)
Bonds of any series during a period of 15 days immediately preceding the date
notice is given identifying the serial numbers of the Bonds of such series
called for redemption, or (b) any Bond so selected for redemption in whole or in
part, except the unredeemed portion of any Bond being redeemed in part.
Section 3.06 Mutilated, Destroyed, Lost and Stolen Bonds.
(a) If any mutilated Bond is surrendered to the Trustee, the
Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Bond of the same series, and of like tenor and principal amount
and bearing a number not contemporaneously outstanding.
(b) If there shall be delivered to the Company and the Trustee
(i) evidence to their satisfaction of the ownership of and the destruction, loss
or theft of any Bond, and (ii) such security or indemnity as may be reasonably
required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustee that such Bond has
been acquired by a bona fide purchaser, the Company shall execute and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or
stolen Bond, a new Bond of the same series and Tranche, and of like tenor and
principal amount and bearing a number not contemporaneously outstanding.
(c) Notwithstanding the foregoing, in case any such mutilated,
destroyed, lost or stolen Bond has become or is about to become due and payable,
the Company in its discretion may, instead of issuing a new Bond, pay such Bond.
(d) Upon the issuance of any new Bond under this Section, the
Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including the fees and expenses of the Trustee) connected
therewith.
(e) Every new Bond of any series issued pursuant to this
Section in lieu of any destroyed, lost or stolen Bond shall constitute an
original additional contractual obligation of the Company, whether or not the
destroyed, lost or stolen Bond shall be at any time enforceable by anyone, and
any such new Bond shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Bonds of such series duly
issued hereunder.
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(f) The provisions of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Bonds.
Section 3.07 Payment of Interest; Interest Rights Preserved.
(a) Unless otherwise provided as contemplated by Section 3.01
with respect to the Bonds of any series, or any Tranche thereof, interest on any
Bond which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Bond (or
one or more Predecessor Bonds) is registered at the close of business on the
Regular Record Date for such interest.
(b) Any interest on any Bond of any series which is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called "Defaulted Interest") shall forthwith cease to be payable to the
Holder on the related Regular Record Date by virtue of having been such Holder,
and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (i) or (ii) below.
(i) The Company may elect to make payment of any
Defaulted Interest to the Persons in whose names the Bonds of
such series (or their respective Predecessor Bonds) are
registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The Company shall notify the
Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Bond of such series and the date
of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as
provided in this clause (i). Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest
which shall be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at
the expense of the Company, shall promptly cause notice of the
proposed payment of such Defaulted Interest and the Special
Record Date therefor to be mailed, first-class postage
prepaid, to each Holder of Bonds of such series at the address
of such Holder as it appears in the Bond Register, not less
than 10 days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special
Record Date therefor having been so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Bonds
of such series (or their respective Predecessor Bonds) are
registered at the close of business on such Special Record
Date and shall no longer be payable pursuant to the following
clause (ii).
(ii) The Company may make payment of any Defaulted
Interest on the Bonds of any series in any other lawful manner
not inconsistent with the requirements of any securities
exchange on which such Bonds may be listed, and upon such
notice
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as may be required by such exchange, if, after notice is given
by the Company to the Trustee of the proposed payment pursuant
to this clause (ii), such manner of payment shall be deemed
practicable by the Trustee.
(c) Subject to the foregoing provisions of this Section and
Section 3.05, each Bond delivered under this Indenture upon registration of,
transfer of, or in exchange for, or in lieu of, any other Bond shall carry the
rights to interest accrued and unpaid, and to accrue, which were carried by such
other Bond.
Section 3.08 Persons Deemed Owners.
The Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name any Bond, issued in registered form
without coupons, is registered as the absolute owner of such Bond for the
purpose of receiving payment of principal of and premium, if any, and (subject
to Sections 3.05 and 3.07) interest, if any, on such Bond and for all other
purposes whatsoever, whether or not such Bond be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.
Section 3.09 Cancellation by Bond Registrar.
All Bonds surrendered for payment, redemption, registration of
transfer or exchange, or upon purchase or other acquisition by or on behalf of
the Company, shall, if surrendered to any Person other than the Bond Registrar,
be delivered to the Bond Registrar and, if not theretofore canceled, shall be
promptly canceled by the Bond Registrar. The Company may at any time deliver to
the Bond Registrar for cancellation any Bonds previously authenticated and
delivered hereunder which the Company may have acquired in any manner whatsoever
or which the Company shall not have issued and sold, and all Bonds so delivered
shall be promptly canceled by the Bond Registrar. No Bonds shall be
authenticated in lieu of or in exchange for any Bonds canceled as provided in
this Section, except as expressly permitted by this Indenture. All canceled
Bonds held by the Bond Registrar shall be disposed of in accordance with a
Company Order and the Bond Registrar shall promptly deliver a certificate of
disposition to the Company unless, by a Company Order, the Company shall direct
that canceled Bonds be returned to it. The Bond Registrar shall promptly deliver
evidence of any cancellation of a Bond in accordance with this Section to the
Trustee and the Company.
Section 3.10 Computation of Interest.
Except as otherwise specified as contemplated by Section 3.01
for Bonds of any series, or any Tranche thereof, interest (if any) on the Bonds
of each series shall be computed on the basis of a 360-day year consisting of
twelve 30-day months.
Section 3.11 Payment to Be in Proper Currency.
In the case of any Bonds denominated in any currency other
than Dollars or in a composite currency (the "Required Currency"), except as
otherwise provided therein, the obligation
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of the Company to make any payment of the principal thereof, or the premium, if
any, or interest, if any, thereon, shall not be discharged or satisfied by any
tender by the Company, or recovery by the Trustee, in any currency other than
the Required Currency, except to the extent that such tender or recovery shall
result in the Trustee timely holding the full amount of the Required Currency
then due and payable. If any such tender or recovery is in a currency other than
the Required Currency, the Trustee may take such actions as it considers
appropriate to exchange such currency for the Required Currency. The costs and
risks of any such exchange, including without limitation the risks of delay and
exchange rate fluctuation, shall be borne by the Company, the Company shall
remain fully liable for any shortfall or delinquency in the full amount of
Required Currency then due and payable, and in no circumstances shall the
Trustee be liable therefor except in the case of its negligence or willful
misconduct. The Company hereby waives any defense of payment based upon any such
tender or recovery which is not in the Required Currency, or which, when
exchanged for the Required Currency by the Trustee, is less than the full amount
of Required Currency then due and payable.
ARTICLE IV
ISSUANCE OF BONDS
Section 4.01 General.
(a) Subject to the provisions of Section 4.02, 4.03, 4.04 or
4.05, whichever may be applicable, the Trustee shall authenticate and deliver
Bonds of a series, for original issue, at one time or from time to time in
accordance with the Company Order referred to below, upon receipt by the Trustee
of:
(i) if the terms of such series are
established in an indenture supplemental hereto or in a Board
Resolution, or in an Officer's Certificate pursuant to an
indenture supplemental hereto or Board Resolution, such
indenture supplemental hereto or Board Resolution, or such
Officer's Certificate and the related indenture supplemental
hereto or Board Resolution;
(ii) a Company Order requesting the
authentication and delivery of such Bonds and, to the extent
that the terms of such Bonds shall not have been established
in an indenture supplemental hereto which established such
series, in a Board Resolution or in an Officer's Certificate
pursuant to an indenture supplemental hereto or Board
Resolution, all as contemplated by Section 3.01, either
establishing such terms or, in the case of Bonds of a series
subject to a Periodic Offering, specifying procedures,
acceptable to the Trustee, by which such terms are to be
established (which procedures may provide for authentication
and delivery pursuant to oral or electronic instructions from
the Company or any agent or agents thereof, which oral
instructions are to be promptly confirmed electronically or in
writing);
(iii) the Bonds of such series or Tranche,
executed on behalf of the Company as provided herein;
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(iv) a Net Earnings Certificate showing the
Adjusted Net Earnings of the Company for the period therein
specified to have been not less than an amount equal to two
(2) times the Annual Interest Requirements therein specified,
all in accordance with the provisions of Section 1.03;
provided, however, that the Trustee shall not be entitled to
receive a Net Earnings Certificate hereunder if the Bonds of
such series are to have no Stated Interest Rate prior to
Maturity; and provided, further, that, with respect to Bonds
of a series subject to a Periodic Offering, other than Bonds
theretofore authenticated and delivered, (A) it shall be
assumed in the Net Earnings Certificate delivered in
connection with the authentication and delivery of Bonds of
such series that none of the Bonds of such series not yet
authenticated and delivered shall have a Stated Interest Rate
in excess of a maximum rate to be stated therein, and
thereafter no Bonds of such series which would have a Stated
Interest Rate at the time of the initial authentication and
delivery thereof in excess of such maximum rate shall be
authenticated and delivered under the authority of such Net
Earnings Certificate but instead shall only be authenticated
and delivered under the authority of a new Net Earnings
Certificate which complies with the requirements of this
clause (iv), including the proviso relating to Bonds of a
series subject to a Periodic Offering, and (B) so long as the
Stated Interest Rate that Bonds of a series subject to a
Periodic Offering bear at the time of the initial
authentication and delivery thereof does not exceed the
maximum rate assumed in the most recent Net Earnings
Certificate delivered with respect to the Bonds of such
series, the Trustee shall not be entitled to receive a new Net
Earnings Certificate at the time of any subsequent
authentication and delivery of the Bonds of such series
(unless such Bonds are authenticated and delivered on or after
the date which is two years after the most recent Net Earnings
Certificate with respect to such series was delivered pursuant
to this clause (iv), in which case this subclause (B) shall
not apply);
(v) an Opinion of Counsel to the effect that:
(A) the forms of such Bonds have been
duly authorized by the Company and have been
established in conformity with the provisions of this
Indenture;
(B) the terms of such Bonds have been
duly authorized by the Company and have been
established in conformity with the provisions of this
Indenture; and
(C) such Bonds, when authenticated and
delivered by the Trustee and issued and delivered by
the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will
have been duly issued under this Indenture and will
constitute valid and legally binding obligations of
the Company, entitled to the benefits provided by
this Indenture, and enforceable in accordance with
their terms, subject to the Customary Exceptions;
provided, however, that, with respect to Bonds of a series
subject to a Periodic Offering, the Trustee shall be entitled
to receive such Opinion of Counsel only once at or prior to
the time of the first authentication and delivery of Bonds of
such series and
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that the opinions described in subclauses (B) and (C) of
clause (v) above may state, respectively:
(1) that, when the terms of such
Bonds shall have been established pursuant to a
Company Order or Orders or pursuant to such
procedures as may be specified from time to time by a
Company Order or Orders, all as contemplated by and
in accordance with the indenture supplemental hereto
delivered pursuant to clause (i) above, such terms
will have been duly authorized by the Company and
will have been established in conformity with the
provisions of this Indenture; and
(2) that such Bonds, when
authenticated and delivered by the Trustee in
accordance with this Indenture and the Company Order
or Orders or the specified procedures referred to in
subclause (1) above and issued and delivered by the
Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will have been
duly issued under this Indenture and will constitute
valid and legally binding obligations of the Company,
entitled to the benefits provided by this Indenture,
and enforceable in accordance with their terms,
subject to the Customary Exceptions;
(vi) an Officer's Certificate to the effect
that, to the knowledge of the signer, no Event of Default, or
event which with lapse of time would constitute an Event of
Default, has occurred and is continuing; provided, however,
that with respect to Bonds of a series subject to a Periodic
Offering, either (A) such an Officer's Certificate shall be
delivered at the time of the authentication and delivery of
each Bond of such series, or (B) the Officer's Certificate
delivered at the time of the first authentication and delivery
of the Bonds of such series shall state that the statements
therein shall be deemed to be made at the time of each
subsequent authentication and delivery of Bonds of such
series; and
(vii) such other Opinions of Counsel,
certificates and other documents as may be required under
Section 4.02, 4.03, 4.04 or 4.05, whichever may be applicable
to the authentication and delivery of the Bonds of such
series.
(b) With respect to Bonds of a series subject to a Periodic
Offering, the Trustee may conclusively rely, as to the authorization by the
Company of any of such Bonds, the forms and terms thereof, the legality,
validity, binding effect and enforceability thereof and the compliance of the
authentication and delivery thereof with the terms and conditions of this
Indenture, upon the Opinion or Opinions of Counsel and the certificates and
other documents delivered pursuant to this Article Four at or prior to the time
of the first authentication and delivery of Bonds of such series until any of
such opinions, certificates or other documents have been superseded or revoked
or expire by their terms.
(c) In connection with the authentication and delivery of
Bonds of a series subject to a Periodic Offering, the Trustee shall be entitled
to assume that the Company's instructions to authenticate and deliver such Bonds
do not violate any laws with respect to, or any rules, regulations or orders of,
any governmental agency or commission having jurisdiction over the Company.
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(d) Upon the receipt by the Trustee of any Board Resolution or
Officer's Certificate pursuant to clause (i) of Section 4.01(a), such Board
Resolution or Officer's Certificate shall be deemed to be a "supplemental
indenture" for purposes of clause (i) of Section 6.08(a) and an "indenture
supplemental to this Indenture" for purposes of clause (ii) of said Section
6.08(a).
Section 4.02 Issuance of Bonds on the Basis of Pledged Bonds.
(a) Bonds of any one or more series may be authenticated and
delivered upon the basis of, and in an aggregate principal amount not exceeding,
the aggregate principal amount of Unbonded Class "A" Bonds issued and delivered
to the Trustee for such purpose.
(b) No Bonds of any series shall be authenticated and
delivered by the Trustee upon the basis of the issuance and delivery to the
Trustee of Class "A" Bonds until the Trustee shall have received:
(i) Class "A" Bonds (A) maturing on such dates and in
such principal amounts that, at each Stated Maturity of the
Bonds of such series (or the Tranche thereof then to be
authenticated and delivered), there shall mature Class "A"
Bonds equal in principal amount to the Bonds of such series or
Tranche then to mature, and (B) containing, in addition to any
mandatory redemption provisions applicable to all Class "A"
Bonds Outstanding under the related Class "A" Mortgage,
mandatory redemption provisions correlative to the provisions,
if any, for the mandatory redemption (pursuant to a sinking
fund or otherwise) of the Bonds of such series or Tranche or
for the redemption thereof at the option of the Holder; it
being expressly understood that such Class "A" Bonds (1) may,
but need not, bear interest, any such interest to be payable
at the same times as interest on the Bonds of such series or
Tranche, (2) may, but need not, contain provisions for the
redemption thereof at the option of the Company, any such
redemption to be made at a redemption price or prices not less
than the principal amount thereof, and (3) shall be held by
the Trustee in accordance with Article Seven;
(ii) the documents with respect to the Bonds of such
series specified in Section 4.01; provided, however, that no
Net Earnings Certificate shall be required to be delivered if
there shall be delivered an Officer's Certificate to the
effect that such Class "A" Bonds have been authenticated and
delivered under the related Class "A" Mortgage on the basis of
retired Class "A" Bonds;
(iii) an Opinion of Counsel to the effect that:
(A) the forms of such Class "A" Bonds have
been duly authorized by the Company and have been
established in conformity with the provisions of the
related Class "A" Mortgage;
(B) the terms of such Class "A" Bonds have
been duly authorized by the Company and have been
established in conformity with the provisions of the
related Class "A" Mortgage; and
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(C) such Class "A" Bonds have been duly
issued under the related Class "A" Mortgage and
constitute valid and legally binding obligations of
the Company, entitled to the benefits provided by
such Class "A" Mortgage, and enforceable in
accordance with their terms, subject to the Customary
Exceptions;
provided, however, that, with respect to Bonds of a series
subject to a Periodic Offering, the Trustee shall be entitled
to receive such Opinion of Counsel only once at or prior to
the time of the first authentication and delivery of Bonds of
such series and that the opinions described in subclauses (B)
and (C) of clause (iii) above may state, respectively:
(1) that, when the terms of such
Class "A" Bonds shall have been established in
accordance with the instrument or instruments
creating the series of which such Class "A" Bonds are
a part, such terms will have been duly authorized by
the Company and will have been established in
conformity with the provisions of the related Class
"A" Mortgage; and
(2) that such Class "A" Bonds, when
authenticated and delivered by the trustee under the
related Class "A" Mortgage in accordance with such
instrument or instruments and issued and delivered by
the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will
have been duly issued under such Class "A" Mortgage,
and will constitute valid and legally binding
obligations of the Company, entitled to the benefits
provided by such Class "A" Mortgage, and enforceable
in accordance with their terms, subject to the
Customary Exceptions; and
(iv) an Officer's Certificate stating that
no part of the principal amount of the Class "A" Bonds upon
the basis of which the Bonds are to be authenticated and
delivered has theretofore been Bonded.
Section 4.03 Issuance of Bonds on the Basis of Property Additions.
(a) Bonds of any one or more series may be authenticated and
delivered upon the basis of Property Additions which do not constitute Bonded
Property Additions in a principal amount not exceeding seventy percent (70%) of
the balance of the Cost or of the Fair Value of such Unbonded Property Additions
to the Company (whichever shall be less) after making any deductions pursuant to
Section 1.04(b).
(b) No Bonds of any series shall be authenticated and
delivered by the Trustee upon the basis of Property Additions until the Trustee
shall have received:
(i) the documents with respect to the Bonds of such
series specified in Section 4.01;
(ii) an Engineer's Certificate dated as of a date not
more than ninety (90) days prior to the date of the Company
Order requesting the authentication and delivery of such
Bonds:
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(A) stating the amount, as of a date not
more than ninety (90) days prior to the date of such
Company Order, of Property Additions made a basis for
such application;
(B) stating that all such property
constitutes Property Additions;
(C) stating that such Property Additions are
desirable for use in the proper conduct of the
business of the Company;
(D) stating that such amount of Property
Additions is not then Bonded;
(E) stating, except as to Property Additions
acquired, made or constructed wholly through the
delivery of securities or other property, that the
amount of cash forming all or part of the Cost
thereof was equal to or more than an amount to be
stated therein;
(F) briefly describing, with respect to any
Property Additions acquired, made or constructed in
whole or in part through the delivery of securities
or other property, the securities or other property
so delivered and stating the date of such delivery;
(G) stating what part, if any, of such
Property Additions includes property which within six
months prior to the date of acquisition thereof by
the Company had been used or operated by others than
the Company in a business similar to that in which it
has been or is to be used or operated by the Company
and stating whether or not, in the judgment of the
signers, the Fair Value thereof to the Company, as of
the date of such certificate, is less than
Twenty-Five Thousand Dollars ($25,000) and whether or
not such Fair Value is less than one percent (1%) of
the sum of (x) the aggregate principal amount of
Bonds then Outstanding, and (y) the aggregate
principal amount of Class "A" Bonds then Outstanding
other than Pledged Bonds;
(H) stating, in the judgment of the signers,
the Fair Value to the Company, as of the date of such
certificate, of such Property Additions, except any
thereof with respect to the Fair Value to the Company
of which a statement is to be made in an Independent
Engineer's Certificate as provided for in clause
(iii) below;
(I) stating the amount required to be
deducted under clause (i) of Section 1.04(b); and
(J) stating that the Liens, if any, of the
character described in clause (e) of the definition
of "Permitted Liens" to which any property included
in such Property Additions is subject do not, in the
judgment of the signers, materially impair the use of
such property for the purposes for which the same is
held by the Company;
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(iii) in case any Property Additions are shown by the
Engineer's Certificate provided for in clause (ii) above to
include property which, within six months prior to the date of
acquisition thereof by the Company, had been used or operated
by others than the Company in a business similar to that in
which it has been or is to be used or operated by the Company
and such certificate does not show the Fair Value thereof to
the Company, as of the date of such certificate, to be less
than Twenty-Five Thousand Dollars ($25,000) or less than one
percent (1%) of the sum of (x) the aggregate principal amount
of Bonds then Outstanding, and (y) the aggregate principal
amount of Class "A" Bonds then Outstanding other than Pledged
Bonds, an Independent Engineer's Certificate stating, in the
judgment of the signer, the Fair Value to the Company, as of
the date of such Independent Engineer's Certificate, of (A)
such Property Additions which have been so used or operated
and (at the option of the Company) as to any other Property
Additions included in the Engineer's Certificate provided for
in clause (ii) above, and (B) in case such Independent
Engineer's Certificate is being delivered in connection with
the authentication and delivery of Bonds, any property so used
or operated which has been subjected to the Lien of this
Indenture since the commencement of the then current calendar
year which has been used as the basis for the authentication
and delivery of Bonds and as to which an Independent
Engineer's Certificate has not previously been furnished to
the Trustee;
(iv) in case any Property Additions are shown by the
Engineer's Certificate provided for in clause (ii) above to
have been acquired, made or constructed in whole or in part
through the delivery of securities or other property, a
written appraisal of an Engineer stating, in the judgment of
the Engineer, the fair market value in cash of such securities
or other property at the time of delivery thereof in payment
for or for the acquisition of such Property Additions;
(v) an Opinion of Counsel to the effect:
(A) that (except as to paving, grading and
other improvements to, under or upon highways,
bridges, parks or other public property of analogous
character) this Indenture is, or upon the delivery
of, or the filing or recording in the proper places
and manner of, the instruments of conveyance,
assignment or transfer, if any, specified in said
opinion, will be, a Lien on all the Property
Additions to be made the basis of the authentication
and delivery of such Bonds, subject to no Lien
thereon prior to the Lien of this Indenture except
Permitted Liens; and
(B) that the Company has corporate authority
to operate the Property Additions with respect to
which such application is made; and
(vi) copies of the instruments of conveyance,
assignment and transfer, if any, specified in the Opinion of
Counsel provided for in clause (v) above.
(c) The amount of the Cost of any Property Additions and the
Fair Value thereof to the Company and the fair market value in cash of any
securities or other property so delivered in payment therefor or for the
acquisition thereof and the amount of any deductions made pursuant to
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Section 1.04 shall be determined for the purposes of this Section by the
appropriate certificate provided for in this Section.
Section 4.04 Issuance of Bonds on the Basis of Retired Bonds.
(a) Subject to the provisions of subsection (c) of this
Section, Bonds of any one or more series may be authenticated and delivered upon
the basis of, and in an aggregate principal amount not exceeding the aggregate
principal amount of, Unbonded Retired Bonds.
(b) No Bonds of any series shall be authenticated and
delivered by the Trustee upon the basis of Retired Bonds until the Trustee shall
have received:
(i) the documents with respect to the Bonds of such
series specified in Section 4.01; provided, however, that no
Net Earnings Certificate shall be required to be delivered
unless:
(A) the original, final Stated Maturity of
the Retired Bonds to be made the basis of the
authentication and delivery of such Bonds under this
Section was a date less than five years after the
date of the Company Order which requested the
authentication and delivery of such Retired Bonds;
and
(B) the maximum Stated Interest Rate, if
any, on such Retired Bonds at the time of their
authentication and delivery was less than the maximum
Stated Interest Rate, if any, on such Bonds to be in
effect upon the initial authentication and delivery
thereof; and
(ii) an Officer's Certificate stating that Retired
Bonds, specified by series, in an aggregate principal amount
not less than the aggregate principal amount of Bonds to be
authenticated and delivered, have theretofore been
authenticated and delivered and, as of the date of such
Officer's Certificate, constitute Retired Bonds and are the
basis for the authentication and delivery of such Bonds, and
further stating that no part of such principal amount of
Retired Bonds has theretofore been Bonded.
(c) No Bonds shall be authenticated or delivered hereunder on
the basis of any Retired Bonds theretofore authenticated and delivered on the
basis of Pledged Bonds pursuant to Section 4.02 if such Pledged Bonds can again
be used as the basis for the issuance of Bonds pursuant to Section 4.02, until
the Class "A" Mortgage under which such Pledged Bonds were issued has been
discharged pursuant to the provisions thereof.
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Section 4.05 Issuance of Bonds upon Deposit of Cash with Trustee.
(a) Bonds of any one or more series may be authenticated and
delivered upon the basis of, and in an aggregate principal not exceeding the
amount of, any deposit with the Trustee of cash for such purpose.
(b) No Bonds of any series shall be authenticated and
delivered by the Trustee upon the basis of the deposit of cash until the Trustee
shall have received the documents with respect to the Bonds of such series
specified in Section 4.01.
(c) All cash deposited with the Trustee under the provisions
of this Section, and all cash required by Section 7.02(a) to be used or applied
in accordance with the provisions of this Section, shall be held by the Trustee
as a part of the Mortgaged Property and may be withdrawn from time to time by
the Company, upon application of the Company to the Trustee, in an amount equal
to the aggregate principal amount of Bonds to the authentication and delivery of
which the Company shall be entitled under any of the provisions of this
Indenture by virtue of compliance with all applicable provisions of this
Indenture (except as otherwise provided in subsection (d) of this Section).
(d) Upon any such application for withdrawal, the Company
shall comply with all applicable provisions of this Indenture relating to the
authentication and delivery of Bonds except that the Company shall not in any
event be required to comply with Section 4.01.
(e) Any withdrawal of cash under subsection (c) of this
Section shall operate as a waiver by the Company of its right to the
authentication and delivery of the Bonds on which it is based and such Bonds may
not thereafter be authenticated and delivered hereunder. Any Property Additions
which have been made the basis of any such right to the authentication and
delivery of Bonds so waived shall be deemed to have been made the basis of the
withdrawal of such cash; any Retired Bonds which have been made the basis of any
such right to the authentication and delivery of Bonds so waived shall be deemed
to have been made the basis of the withdrawal of such cash; and any Pledged
Bonds which have been made the basis of any such right to the authentication and
delivery of Bonds so waived shall be deemed to have been made the basis of the
withdrawal of such cash.
(f) If at any time the Company shall so direct, any sums
deposited with the Trustee under the provisions of this Section may be used or
applied to the purchase, redemption or payment of Bonds in the manner and
subject to the conditions provided in clauses (iv) and (v) of Section 8.06(a);
provided, however, that, none of such cash shall be applied to the payment of
more than the principal amount of any Bonds so purchased, redeemed or paid,
except to the extent that the aggregate principal amount of all Bonds
theretofore, and of all Bonds then to be, purchased, redeemed or paid with cash
deposited under this Section is not less than the aggregate cost for principal,
premium, if any, interest, if any, and brokerage commission, if any, on or with
respect to all Bonds theretofore, and on or with respect to all Bonds then to
be, purchased, redeemed or paid with cash so deposited.
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ARTICLE V
REDEMPTION OF BONDS
Section 5.01 Applicability of Article.
Bonds of any series, or any Tranche thereof, which are
redeemable before their Stated Maturity shall be redeemable in accordance with
their terms and (except as otherwise specified as contemplated by Section 3.01
for Bonds of such series or Tranche) in accordance with this Article.
Section 5.02 Election to Redeem, Notice to Trustee.
The election of the Company to redeem any Bonds shall be
evidenced by a Board Resolution or an Officer's Certificate. The Company shall,
at least 30 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee in
writing of such Redemption Date and of the series and principal amount of such
Bonds to be redeemed; provided, however, that if the Trustee shall act as Bond
Registrar, the Company shall, at least 35 days prior to the Redemption Date
(unless a shorter notice shall be satisfactory to the Bond Registrar), notify
the Bond Registrar in writing of such Redemption Date and of the series and
principal amount of such Bonds to be redeemed. In the case of any redemption of
Bonds (a) prior to the expiration of any restriction on such redemption provided
in the terms of such Bonds or elsewhere in this Indenture, or (b) pursuant to an
election of the Company which is subject to a condition specified in the terms
of such Bonds, the Company shall furnish the Trustee with an Officer's
Certificate evidencing compliance with such restriction or condition.
Section 5.03 Selection of Bonds to Be Redeemed.
(a) If less than all the Bonds of any series, or any Tranche
thereof, are to be redeemed, the particular Bonds (or portions thereof) to be
redeemed shall be selected by the Bond Registrar from the Outstanding Bonds of
such series or Tranche not previously called for redemption, by such method as
shall be provided for any particular series, or, in the absence of any such
provision, by such method as the Bond Registrar, with the approval of the
Trustee, shall deem fair and appropriate and which may, in any case, provide for
the selection for redemption of portions (equal to the minimum authorized
denomination for Bonds of such series or Tranche or any integral multiple
thereof) of the principal amount of Bonds of such series or Tranche of a
denomination equal to or larger than the minimum authorized denomination for
Bonds of such series or Tranche; provided, however, that if, as indicated in an
Officer's Certificate, the Company shall have offered to purchase all Bonds then
Outstanding of any series, or any Tranche thereof, and less than all of such
Bonds shall have been tendered to the Company for such purchase, the Bond
Registrar, if so directed by Company Order, shall select for redemption only
such Bonds which have not been so tendered.
(b) The Bond Registrar shall promptly notify the Company and
the Trustee in writing of the Bonds selected for redemption and, in the case of
any Bonds selected to be redeemed in part, the principal amount thereof to be
redeemed.
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(c) For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Bonds shall
relate, in the case of any Bonds redeemed or to be redeemed only in part, to the
portion of the principal amount of such Bonds which has been or is to be
redeemed.
Section 5.04 Notice of Redemption.
(a) Except as otherwise specified as contemplated by Section
301 for Bonds of any series, or Tranche thereof, notice of redemption shall be
given in the manner provided in Section 1.09 to the Holders of the Bond to be
redeemed not less than 30 nor more than 180 days prior to the Redemption Date.
(b) All notices of redemption shall state:
(i) the Redemption Date;
(ii) the Redemption Price;
(iii) if less than all the Bonds of any series or
Tranche are to be redeemed, the identification of the
particular Bonds to be redeemed and the portion of
the principal amount of any Bond to be redeemed in
part;
(iv) that on the Redemption Date the Redemption
Price, together with accrued interest, if any, to the
Redemption Date, will become due and payable upon
each such Bond to be redeemed and, if applicable,
that interest thereon will cease to accrue on and
after said date;
(v) the place or places where such Bonds are to be
surrendered for payment of the Redemption Price;
(vi) that the redemption is for a sinking or other
fund, if such is the case; and
(vii) such other matters as the Company shall deem
desirable or appropriate.
(c) With respect to any notice of redemption of Bonds at the
election of the Company, unless, upon the giving of such notice, such Bonds
shall be deemed to have been paid in accordance with Section 9.01, such notice
may state that such redemption shall be conditional upon the receipt by the
Trustee or Paying Agent, on or prior to the date fixed for such redemption, of
money sufficient to pay the principal of and premium, if any, and interest, if
any, on such Bonds and that if such money shall not have been so received such
notice shall be of no force or effect and the Company shall not be required to
redeem such Bonds. In the event that such notice of redemption contains such a
condition and such money is not so received, the redemption shall not be made
and within a reasonable time thereafter notice shall be given, in the manner in
which the notice of redemption was given, that such money was not so received
and such redemption was not required to be made.
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(d) Notice of redemption of Bonds to be redeemed at the
election of the Company, and any notice of non-satisfaction of a condition for
redemption as aforesaid, shall be given by the Company or, at the Company's
request, by the Bond Registrar in the name and at the expense of the Company.
Notice of mandatory redemption of Bonds shall be given by the Bond Registrar in
the name and at the expense of the Company.
Section 5.05 Bonds Payable on Redemption Date.
Notice of redemption having been given as aforesaid, and the
conditions, if any, set forth in such notice having been satisfied, the Bonds or
portions thereof so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date
(unless, in the case of an unconditional notice of redemption, the Company shall
default in the payment of the Redemption Price and accrued interest, if any)
such Bonds or portions thereof, if interest-bearing, shall cease to bear
interest. Upon surrender of any such Bond for redemption in accordance with such
notice, such Bond or portion thereof shall be paid by the Company at the
Redemption Price, together with accrued interest, if any, to the Redemption
Date; provided, however, that, except as otherwise specified as contemplated by
Section 301 with respect to Bonds of any series, or Tranche thereof, any
installment of interest on any Bond the Stated Maturity of which is on or prior
to the Redemption Date shall be payable to the Holder of such Bond, or one or
more Predecessor Bonds, registered as such at the close of business on the
related Regular Record Date according to the terms of such Bond and subject to
the provisions of Section 3.07.
Section 5.06 Bonds Redeemed in Part.
Any Bond which is to be redeemed only in part shall be
surrendered at a Place of Payment therefor (with, if the Company or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof
or his attorney duly authorized in writing), and the Company shall execute, and
the Trustee shall authenticate and deliver to the Holder of such Bond, without
service charge, a new Bond or Bonds of the same series and Tranche, of any
authorized denomination requested by such Holder and of like tenor and in
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Bond so surrendered; provided, however, that the payment
of any principal in accordance with the scheduled amortization payments
specified for the Bonds of any series, or any Tranche thereof, as contemplated
by Section 3.01, shall not constitute a redemption in part subject to this
Section 5.06 (except as otherwise specified as contemplated by Section 3.01 for
Bonds of such series or Tranche).
ARTICLE VI
REPRESENTATIONS AND COVENANTS
Section 6.01 Payment of Bonds; Lawful Possession; Maintenance of Lien.
(a) The Company shall pay the principal of and premium, if
any, and interest, if any, on the Bonds of each series in accordance with the
terms of such Bonds and this Indenture.
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(b) At the date of the execution and delivery of this
Indenture, the Company is lawfully possessed of the Mortgaged Property and has
good right and lawful authority to mortgage and pledge the Mortgaged Property,
as provided in and by this Indenture.
(c) The Company shall maintain and preserve the Lien of this
Indenture so long as any Bonds shall remain Outstanding.
Section 6.02 Maintenance of Office or Agency.
(a) The Company shall maintain in each Place of Payment for
the Bonds of any series, or any Tranche thereof, an office or agency where such
Bonds may be presented or surrendered for payment, where such Bonds may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of such Bonds and this Indenture may
be served. The Company shall give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency and prompt
notice to the Holders of any such change in the manner specified in Section
1.09. If at any time the Company shall fail to maintain any such required office
or agency in respect of Bonds of any series, or any Tranche thereof, or shall
fail to furnish the Trustee with the address thereof, such presentations and
surrenders of such Bonds may be made and notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive such respective presentations,
surrenders, notices and demands.
(b) The Company may also from time to time designate one or
more other offices or agencies where the Bonds of one or more series, or any
Tranche thereof, may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency for such purposes in each Place of
Payment for such Bonds in accordance with the requirements set forth above. The
Company shall give prompt written notice to the Trustee, and prompt notice to
the Holders in the manner specified in Section 1.09, of any such designation or
rescission and of any change in the location of any such other office or agency.
(c) Anything herein to the contrary notwithstanding, any
office or agency required by this Section may be maintained at an office of the
Company, in which event the Company shall perform all functions to be performed
at such office or agency.
Section 6.03 Money for Bond Payments to Be Held in Trust.
(a) If the Company shall at any time act as its own Paying
Agent with respect to the Bonds of any series, or any Tranche thereof, it shall,
on or before each due date of the principal of and premium, if any, or interest,
if any, on any of such Bonds, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal and premium or
interest so becoming due until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and shall promptly notify the Trustee
of its action or failure so to act.
(b) Whenever the Company shall have one or more Paying Agents
for the Bonds of any series, or any Tranche thereof, it shall, on or before each
due date of the principal of and premium, if any, or interest, if any, on such
Bonds, deposit with such Paying Agents sums sufficient
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(without duplication) to pay the principal and premium or interest so becoming
due, such sums to be held in trust for the benefit of the Persons entitled to
such principal, premium or interest, and (unless such Paying Agent is the
Trustee) the Company shall promptly notify the Trustee of its action or failure
so to act.
(c) The Company shall cause each Paying Agent for the Bonds of
any series, or any Tranche thereof, other than the Trustee, to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with
the Trustee, subject to the provisions of this Section, that such Paying Agent
shall:
(i) hold all sums held by it for the payment of the
principal of and premium, if any, or interest, if any, on the
Bonds of such series or Tranche in trust for the benefit of
the Persons entitled thereto until such sums shall be paid to
such Persons or otherwise disposed of as herein provided;
(ii) give the Trustee notice of any default by the
Company (or any other obligor upon the Bonds of such series)
in the making of any payment of principal of and premium, if
any, or interest, if any, on the Bonds of such series or
Tranche; and
(iii) at any time during the continuance of any such
default, upon the written request of the Trustee, forthwith
pay to the Trustee all sums so held in trust by such Paying
Agent and furnish to the Trustee such information as it
possesses regarding the names and addresses of the Persons
entitled to such sums.
(d) The Company may at any time pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such Paying
Agent and, if so stated in a Company Order delivered to the Trustee, in
accordance with the provisions of Article Nine; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.
(e) Any money deposited with the Trustee (other than money
held under the provisions of Article Nine) or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of and premium, if any,
or interest, if any, on any Bond and remaining unclaimed for two years after
such principal and premium, if any, or interest, if any, has become due and
payable shall be paid to the Company on Company Request, or, if then held by the
Company, shall be discharged from such trust; and the Holder of such Bond shall
thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such payment to the Company, may
at the expense of the Company cause to be mailed, on one occasion only, notice
to such Holder that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such
mailing, any unclaimed balance of such money then remaining will be paid to the
Company.
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Section 6.04 Corporate Existence.
Subject to the rights of the Company under Article Thirteen,
the Company shall do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence and the rights (charter
and statutory) and franchises of the Company; provided, however, that the
Company shall not be required to preserve any such right or franchise if, in the
judgment of the Company, the preservation thereof is no longer desirable in the
conduct of the business of the Company and the loss thereof would not adversely
affect the interests of the Holders in any material respect.
Section 6.05 Maintenance of Properties.
The Company shall cause (or, with respect to property owned in
common with others, make reasonable effort to cause) the Mortgaged Property, as
an operating system or systems, to be maintained and kept in good condition,
repair and working order and shall cause (or, with respect to property owned in
common with others, make reasonable effort to cause) to be made such repairs,
renewals, replacements, betterments and improvements thereof, as, in the
judgment of the Company, may be necessary in order that the operation of the
Mortgaged Property, considered as an operating system or systems, may be
conducted in accordance with common industry practice; provided, however, that
nothing in this Section shall prevent the Company from discontinuing, or causing
the discontinuance of, the operation and maintenance of any of its properties if
such discontinuance is, in the judgment of the Company, desirable in the conduct
of its business.
Section 6.06 Payment of Taxes; Discharge of Liens.
The Company shall pay all taxes and assessments and other
governmental charges lawfully levied or assessed upon the Mortgaged Property, or
upon any part thereof, or upon the interest of the Trustee in the Mortgaged
Property, before the same shall become delinquent, and will duly observe and
conform in all material respects to all valid requirements of any Governmental
Authority relative to any of the Mortgaged Property, and all covenants, terms
and conditions upon or under which any of the Mortgaged Property is held; and,
after the date of execution and delivery of this Indenture, the Company shall
not suffer any Lien to be created upon the Mortgaged Property, or any part
thereof, prior to the Lien hereof, other than Permitted Liens and other than, in
the case of property hereafter acquired, vendors' Liens, purchase money
mortgages and any other Lien thereon at the time of the acquisition thereof
(including, but not limited to, the Lien of the 1930 Mortgage and any other
Class "A" Mortgage); and within four months after any lawful claim or demand for
labor, materials, supplies or other objects has become delinquent which if
unpaid would or might by law be given precedence over the Lien of this Indenture
as a Lien upon any of the Mortgaged Property, the Company shall pay or cause to
be discharged or make adequate provisions to satisfy or discharge the same;
provided, however, that nothing in this Section contained shall require the
Company to observe or conform to any requirement of a Governmental Authority or
to cause to be paid or discharged, or to make provision for, any such Lien, or
to pay any such tax, assessment or governmental charge so long as the validity
thereof shall be contested in good faith and by appropriate legal proceedings;
and provided, further, that nothing in this Section contained shall require the
Company to pay, discharge or make provisions for any tax, assessment or other
governmental charge the validity of which shall not be so contested if adequate
security for the payment of such tax, assessment or other
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governmental charge and for any damages which may reasonably be anticipated from
failure to pay the same shall be given to the Trustee, nor shall anything in
this Section require the Company to pay, discharge or make provisions for any
Liens existing on the Mortgaged Property at the date of execution and delivery
of this Indenture.
Section 6.07 Insurance.
(a) The Company will keep or cause to be kept all the
Mortgaged Property insured with reasonable deductibles and retentions against
loss by fire to the extent that property of similar character is usually so
insured by companies similarly situated and operating like properties, by
insurance companies which the Company believes to be reputable; or the Company
will, in lieu of or supplementing such insurance in whole or in part, adopt some
other method or plan of protection, which may include, either alone or in
conjunction with any other Person or Persons, creation of an insurance fund to
protect the Mortgaged Property against loss by fire.
(b) Proceeds of any insurance or alternative method or plan of
protection of the Company against losses of the kind specified in Section
6.07(a) shall, at the request of the Company, be paid to the Company, and the
Company shall be under no obligation to use such proceeds to rebuild or repair
damaged or destroyed Mortgaged Property to the extent that the Fair Value of all
of the Mortgaged Property after the damage or destruction of Mortgaged Property
with respect to which such proceeds are payable equals or exceeds an amount
equal to twenty-fourteenths (20/14ths) of the aggregate principal amount of
Bonds Outstanding and Class "A" Bonds Outstanding (other than Pledged Bonds), as
evidenced by, and within 10 days after receipt by the Trustee of:
(i) an Engineer's Certificate stating that the Fair
Value, in the opinion of the signers of such Engineer's
Certificate, of the Mortgaged Property remaining after such
damage or destruction of Mortgaged Property is a specified
amount; and
(ii) an Officer's Certificate stating that the Fair
Value of all of the Mortgaged Property, as certified in the
Engineer's Certificate provided for in clause (i) of Section
6.07(b) equals or exceeds an amount equal to
twenty-fourteenths (20/14ths) of the aggregate principal
amount of Bonds Outstanding and Class "A" Bonds Outstanding
(other than Pledged Bonds).
(c) To the extent that the Fair Value of all of the Mortgaged
Property after such damage or destruction of Mortgaged Property does not equal
or exceed an amount equal to twenty-fourteenths (20/14ths) of the aggregate
principal amount of Bonds Outstanding and Class "A" Bonds Outstanding (other
than Pledged Bonds), as evidenced by an Engineer's Certificate and an Officer's
Certificate similar to those described in clauses (i) and (ii) of Section
6.07(b), (i) the proceeds of such insurance paid with respect to any such loss
shall be paid to the Trustee, as the interest of the Trustee may appear, or to
the trustee of a Class "A" Mortgage, or to the trustee or other holder of any
mortgage or other Lien prior hereto upon the Mortgaged Property so destroyed or
damaged, if the terms thereof require such proceeds so to be paid; and (ii) if
the Company shall adopt such other method or plan, it will pay or cause to be
paid to the Trustee on account of any loss sustained because of the destruction
or damage of any Mortgaged Property by fire, an amount of cash equal to such
loss less any amount otherwise paid with respect to such loss to the Trustee, or
to the trustee of a Class "A" Mortgage, or to the trustee or other holder of any
mortgage or other Lien prior hereto upon the
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Mortgaged Property so destroyed or damaged, if the terms thereof require
payments for such loss so to be paid. Any amounts of cash so required to be paid
by the Company pursuant to any such method or plan shall for the purposes of
this Indenture be deemed to be proceeds of insurance.
(d) All moneys paid to the Trustee by the Company or received
by the Trustee as proceeds of any insurance shall, subject to Section 6.07(b)
and to the requirements of any Class "A" Mortgage or any mortgage or other Lien
prior hereto upon the Mortgaged Property, be held by the Trustee and, subject to
such requirements, shall, at the request of the Company, be paid by the Trustee
to the Company to reimburse or fund the Company for an equal amount spent or
committed to be spent for the purchase or other acquisition of property which
becomes Mortgaged Property at the time of such purchase or acquisition, or in
the rebuilding or renewal of the Mortgaged Property destroyed or damaged, upon
receipt by the Trustee of:
(i) an Officer's Certificate requesting such
reimbursement;
(ii) an Engineer's Certificate stating the amounts so
expended or committed for expenditure and the nature of such
rebuilding or renewal and the Fair Value to the Company of the
property rebuilt or renewed or to be rebuilt or renewed and
if:
(A) within six months prior to the date of
acquisition thereof by the Company, such property has
been used or operated, by a Person other than the
Company, in a business similar to that in which it
has been or is to be used or operated by the Company,
and
(B) the Fair Value to the Company of such
property as set forth in such Engineer's Certificate
is not less than Twenty-Five Thousand Dollars
($25,000) and not less than one percent (1%) of the
sum of (1) the principal amount of the Bonds at the
time Outstanding, and (2) the principal amount of
Class "A" Bonds Outstanding (other than Pledged
Bonds) at the time,
the Engineer making such certificate shall be an Independent
Engineer; and
(iii) an Opinion of Counsel stating that, in the
opinion of the signer, the property so rebuilt or renewed or
to be rebuilt or renewed is or will be subject to the Lien
hereof to the same extent as was the property so destroyed or
damaged.
(e) Any such money not so applied within eighteen (18) months
after its receipt by the Trustee, or in respect of which notice in writing of
intention to apply the same to the work of rebuilding or renewal then in
progress and uncompleted shall not have been given to the Trustee by the Company
within such eighteen (18) months, or which the Company shall at any time notify
the Trustee is not to be so applied, shall thereafter be withdrawn, used or
applied in the manner, to the extent and for the purposes, and subject to the
conditions, provided in Section 8.06.
(f) Whenever under the provisions of this Section the Company
is required to deliver moneys to the Trustee and at the same time shall have
satisfied the conditions set forth herein for reimbursement, there shall be paid
to or retained by the Trustee or reimbursed to the Company, as the case may be,
only the net amount.
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(g) In the event that the Company adopts a method or plan of
protection other than insurance as provided in Section 6.07(a), the Company
shall furnish to the Trustee a certificate of a qualified Person appointed by
the Company with respect to the adequacy of such method or plan.
Section 6.08 Recording, Filing, Etc.
(a) The Company shall cause this Indenture and all indentures
and instruments supplemental hereto (or notices, memoranda or financing
statements as may be recorded or filed to place third parties on notice
thereof), including all financing statements and continuation statements
covering security interests in personal property, and all mortgages securing
purchase money obligations delivered to the Trustee pursuant to Section 8.05 to
be promptly recorded and filed and re-recorded and re-filed and will execute or
cause to be executed and file such financing statements and such continuation
statements, all in such manner and in such places, as may be required by law in
order fully to preserve and protect the security of the Holders of the Bonds and
all rights of the Trustee, and shall furnish to the Trustee:
(i) promptly after the execution and delivery of this
Indenture and of each supplemental indenture and instrument
supplemental hereto, an Opinion of Counsel either stating that
in the opinion of such counsel this Indenture, such
supplemental indenture or instrument supplemental hereto (or
notice or memorandum thereof or financing statement in
connection therewith) has been properly recorded and filed, so
as to make effective the Lien intended to be created hereby or
thereby, and reciting the details of such action, or stating
that in the opinion of such counsel no such action is
necessary to make such Lien effective. The Company shall be
deemed to be in compliance with this clause (i) if (A) the
Opinion of Counsel herein required to be delivered to the
Trustee shall state that this Indenture, such supplemental
indenture or instrument supplemental hereto (or financing
statement or notice or memorandum thereof) has been received
for recording or filing in each jurisdiction in which it is
required to be recorded or filed and that, in the opinion of
counsel (if such is the case), such receipt for recording or
filing makes effective the Lien intended to be created by this
Indenture, such supplemental indenture or instrument
supplemental hereto, and (B) such opinion is delivered to the
Trustee within such time, following the date of the execution
and delivery of this Indenture, such supplemental indenture or
instrument supplemental hereto, as shall be practicable having
due regard to the number and distance of the jurisdictions in
which this Indenture, such supplemental indenture or
instrument supplemental hereto is required to be recorded or
filed; and
(ii) on or before September 1 of each year, beginning
September 1, 1998, an Opinion of Counsel either stating that
in the opinion of the signer such action has been taken, since
the date of the most recent Opinion of Counsel furnished
pursuant to this clause (ii) or the first Opinion of Counsel
furnished pursuant to clause (i) of this subsection (a), with
respect to the recording, filing, re-recording, and re-filing
of this instrument and of each indenture and instrument
supplemental to this Indenture (or financing statement or
notice or memorandum thereof), as is necessary to maintain the
Lien hereof, and reciting the details of such action, or
stating that in the opinion of such counsel no such action is
necessary to maintain such Lien.
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(b) The Company shall execute and deliver such supplemental
indenture or indentures and such further instruments and do such further acts as
may be necessary or proper to carry out more effectually the purposes of this
Indenture and to make subject to the Lien hereof any property hereafter
acquired, made or constructed, intended to be subject to the Lien hereof, and to
transfer to any new trustee or trustees or co-trustee or co-trustees, the
estate, powers, instruments or funds held in trust hereunder.
Section 6.09 Waiver of Certain Covenants.
Subject to the provisions of the Trust Indenture Act, the
Company may omit in any particular instance to comply with any term, provision
or condition set forth in (a) Section 6.02 or any additional covenant or
restriction specified with respect to the Bonds of any series, or any Tranche
thereof, as contemplated by Section 3.01 if before the time for such compliance
the Holders of at least a majority in aggregate principal amount of the
Outstanding Bonds of all series and Tranches with respect to which compliance
with Section 6.02 or such additional covenant or restriction is to be omitted,
considered as one class, shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term,
provision or condition, and (b) Section 6.04, 6.05, 6.06, 6.07 or 6.08 or
Article Thirteen if before the time for such compliance the Holders of at least
a majority in aggregate principal amount of Bonds Outstanding under this
Indenture shall, by Act of such Holders, either waive such compliance in such
instance or generally waive compliance with such term, provision or condition;
but, in the case of (a) or (b), no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.
Section 6.10 Statement as to Compliance.
For so long as the Trustee Indenture Act shall so require, the
Company will deliver to the Trustee, on or prior to May 1 of each year,
beginning with May 1, 1998, a brief certificate from the principal executive
officer, principal financial officer or principal accounting officer as to his
or her knowledge of the Company's compliance with all conditions and covenants
under this Indenture. For purposes of this Section 6.10, such compliance shall
be determined without regard to any period of grace or requirement of notice
under this Indenture.
Section 6.11 Use of Trust Moneys and Advances by Trustee.
If the Company shall fail to perform any of its covenants
contained in Sections 6.04, 6.05, 6.06 and 6.07 hereof, the Trustee may, at any
time and from time to time, but shall not be obligated to, use and apply any
Funded Cash held by it pursuant to Section 8.06, or make advances, to effect
performance of any such covenant on behalf of the Company; and all moneys so
used or advanced by the Trustee shall be repaid by the Company, together with
interest thereon at a rate per annum equal to the highest interest rate per
annum borne by Bonds Outstanding at the time of such repayment, upon demand by
the Trustee and any such advances by the Trustee shall be secured under this
Indenture prior to the Bonds. For the repayment of all such advances by the
Trustee the Trustee shall have the right to use and apply any Funded Cash held
by it pursuant to Section 8.06, but no such
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use or application of Funded Cash nor any such advance shall relieve the Company
from any default hereunder.
Section 6.12 Limited Issuance of Class "A" Bonds.
So long as any Bonds are Outstanding, the Company will not
issue any additional Class "A" Bonds except (i) to replace mutilated, destroyed,
lost or stolen Class "A" Bonds of the same series or to effect transfers and
exchanges of Class "A" Bonds or (ii) such Class "A" Bonds as shall immediately
after issuance be made the basis for the authentication and delivery of Bonds
under Section 4.02.
Section 6.13 Limited Use of Collections for Other Indebtedness.
So long as any Bonds are Outstanding, the Company will not
permit collections from its customers to be applied to, or pledged as security
for, the repayment of securities issued by or on behalf of the Company unless at
the time of the issuance of such securities the Company could have delivered a
Net Earnings Certificate that would have permitted the issuance of such
securities if they had been Bonds.
ARTICLE VII
PLEDGED BONDS; ADDITIONAL CLASS "A" MORTGAGES;
DISCHARGE OF CLASS "A" MORTGAGE
Section 7.01 Registration and Ownership of Pledged Bonds.
All Pledged Bonds shall be registered in the name of the
Trustee or its nominee and shall be owned and held by the Trustee, subject to
the provisions of this Indenture, for the benefit of the Holders of all Bonds
from time to time Outstanding, and the Company shall have no interest therein.
The Trustee shall be entitled to exercise all rights of bondholders under each
Class "A" Mortgage either in its discretion (which it need not exercise) or as
otherwise provided in this Article or in Article Ten.
Section 7.02 Payments on Pledged Bonds.
(a) Any payment by the Company of principal of or premium or
interest on any Pledged Bonds shall be applied by the Trustee to the payment of
any principal, premium or interest, as the case may be, in respect of the Bonds
which is then due, and, to the extent of such application, the obligation of the
Company hereunder to make such payment in respect of the Bonds shall be deemed
to have been satisfied and discharged. If, at the time of any such payment of
principal of Pledged Bonds, there shall be no principal then due in respect of
the Bonds, the proceeds of such payment in respect of the Pledged Bonds shall be
deemed to constitute Funded Cash and shall be held by the Trustee as part of the
Mortgaged Property, to be withdrawn, used or applied in the manner, to the
extent and for the purposes, and subject to the conditions, provided in Section
4.05. If, at the time
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of any such payment of premium or interest on Pledged Bonds, there shall be no
premium or interest, as the case may be, then due in respect of the Bonds, the
proceeds of such payment in respect of the Pledged Bonds shall be remitted to
the Company upon receipt by the Trustee of a Company Order requesting the same;
provided, however, that following the occurrence and during the continuance of
an Event of Default, the Trustee shall not pay such proceeds over to the
Company, but shall instead hold such proceeds as part of the Mortgaged Property.
(b) Each supplemental indenture pursuant to which any Pledged
Bonds are issued shall contain a provision to the effect that any payment by the
Company hereunder of principal of or premium or interest on Bonds which shall
have been authenticated and delivered upon the basis of the issuance and
delivery to the Trustee of such Pledged Bonds (other than by the application of
the proceeds of a payment in respect of such Pledged Bonds) shall, to the extent
thereof, be deemed to satisfy and discharge the obligation of the Company, if
any, to make a payment of principal, premium or interest, as the case may be, in
respect of such Pledged Bonds which is then due.
Section 7.03 Surrender of Pledged Bonds.
At the time any Bonds of any series, or any Tranche thereof,
which shall have been authenticated and delivered upon the basis of Pledged
Bonds, cease to be Outstanding (other than as a result of the application of the
proceeds of the payment or redemption of such Pledged Bonds), the Trustee shall
surrender to or upon the order of the Company an equal principal amount of such
Pledged Bonds having the same Stated Maturity and provisions, if any, for
mandatory redemption as such Bonds.
Section 7.04 No Transfer of Pledged Bonds.
Subject to the provisions of Section 10.20 hereof, the Trustee
shall not sell, assign or otherwise transfer any Pledged Bonds except to a
successor trustee under this Indenture. The Company may take such actions as it
shall deem necessary, desirable or appropriate to effect compliance with such
restrictions on transfer, including the placing of a legend on each Pledged Bond
and the issuance of stop-transfer instructions to the trustee under the related
Class "A" Mortgage or any other transfer agent thereunder.
Section 7.05 Voting of Pledged Bonds.
The Trustee shall, as the holder of Pledged Bonds Outstanding
under each Class "A" Mortgage, attend such meeting or meetings of bondholders
under such Class "A" Mortgage or, at its option, deliver its proxy in connection
therewith, as relate to matters with respect to which it is entitled to vote or
consent. So long as no Event of Default hereunder shall have occurred and be
continuing, either at any such meeting or meetings, or otherwise when the
consent of the holders of the Class "A" Bonds Outstanding under any Class "A"
Mortgage is sought without a meeting, the Trustee shall vote as holder of such
Pledged Bonds, or shall consent with respect thereto, as follows:
(a) the Trustee shall vote all Pledged Bonds Outstanding under
the 1930 Mortgage then held by it, or consent with respect thereto, in
favor of any or all amendments or modifications of the 1930 Mortgage
which the Company has requested and which do not have
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a material adverse effect on Holders of Bonds (and, as to whether or
not any such material adverse effect would so result, the Trustee
shall be entitled to receive and shall be fully protected in relying
upon an Officer's Certificate and Opinion of Counsel); and
(b) with respect to any other amendments or modifications of
the 1930 Mortgage and to any amendments or modifications of any other
Class "A" Mortgage:
(i) at any time when the Pledged Bonds Outstanding
constitute less than a majority in aggregate principal amount
of the Class "A" Bonds then Outstanding under such Class "A"
Mortgage, the Trustee shall vote all Pledged Bonds Outstanding
under such Class "A" Mortgage then held by it, or consent with
respect thereto, proportionately with what the Trustee
reasonably believes will be the vote or consent of the holders
of all other Class "A" Bonds Outstanding under such Class "A"
Mortgage the holders of which are eligible to vote or consent;
provided, however, that the Trustee shall not so vote in favor
of, or so consent to, any amendment or modification of a Class
"A" Mortgage which, if it were an amendment or modification of
this Indenture, would require the consent of Holders, without
the prior consent, obtained in the manner prescribed in
Section 14.02, of Holders of Bonds which would be required
under said Section 14.02 for such an amendment or modification
of this Indenture; and
(ii) at any time when the Pledged Bonds Outstanding
constitute at least a majority in aggregate principal amount
of the Class "A" Bonds then Outstanding under such Class "A"
Mortgage, the Trustee shall vote all Pledged Bonds Outstanding
under such Class "A" Mortgage then held by it, or consent with
respect thereto, in accordance with the written direction of
the Company evidenced by an Officer's Certificate or, in the
absence of any such direction, proportionately with what the
Trustee reasonably believes will be the vote or consent of the
holders of all other Class "A" Bonds Outstanding under such
Class "A" Mortgage the holders of which are eligible to vote
or consent; provided, however, that the Trustee shall not so
vote in favor of, or so consent to, any amendment or
modification of a Class "A" Mortgage which, if it were an
amendment or modification of this Indenture, would require the
consent of Holders, without the prior consent, obtained in the
manner prescribed in Section 14.02, of Holders of Bonds which
would be required under said Section 14.02 for such an
amendment or modification of this Indenture.
Section 7.06 Designation of Additional Class "A" Mortgages.
(a) In the event that, after the date of execution and
delivery of this Indenture, a corporation which was the mortgagor under a
mortgage or deed of trust or similar indenture qualified under the Trust
Indenture Act is merged into or consolidated with the Company, such mortgage,
deed of trust or similar indenture may be designated an additional Class "A"
Mortgage upon delivery to the Trustee of the following:
(i) a Company Order authorizing the designation of
such mortgage, deed of trust or similar indenture as an
additional Class "A" Mortgage;
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(ii) an Officer's Certificate (A) stating that no
event has occurred and is continuing which entitles the
trustee under such mortgage, deed of trust or similar
indenture to accelerate the maturity of the obligations
outstanding thereunder, (B) reciting the aggregate principal
amount of obligations theretofore issued under such mortgage,
deed of trust or similar indenture and the aggregate principal
amount of obligations then outstanding thereunder, and (C)
either (x) stating that all obligations outstanding under such
mortgage, deed of trust or similar indenture that were issued
on the basis of property additions were issued in principal
amounts that did not exceed seventy percent (70%) of the cost
or Fair Value of such property additions to the issuer thereof
(whichever was less), or (y) in the event that the foregoing
clause (x) is not the case, stating that the Company has
irrevocably waived its right to the authentication and
delivery of further obligations under such mortgage, deed of
trust or similar indenture in a principal amount equal to the
excess of the aggregate dollar amount of property additions
certified to the trustee under such mortgage, deed of trust or
similar indenture as the basis for all obligations outstanding
thereunder that were issued on the basis of property additions
(and outstanding obligations issued on the basis of
retirements of obligations issued on the basis of property
additions) over twenty-fourteenths (20/14ths) of the aggregate
principal amount of all such outstanding obligations; and
(iii) an Opinion of Counsel to the effect that (A)
the corporation that was the mortgagor under such mortgage,
deed of trust or similar indenture has been duly and lawfully
merged into or consolidated with the Company; (B) such
mortgage, deed of trust or similar indenture is qualified
under the Trust Indenture Act; (C) the Company has duly
assumed and agreed to perform and pay the obligations of the
mortgagor under such mortgage, deed of trust or similar
indenture; (D) such mortgage, deed of trust or similar
indenture constitutes a Lien upon the property described
therein prior to the Lien of this Indenture; (E) the Lien of
this Indenture constitutes a Lien on the property described in
such mortgage, deed of trust or similar indenture of the
character described in Granting Clause First, and in any
subsequent generic grant of unspecified property as
contemplated in Granting Clause Third, acquired by the Company
from such corporation by virtue of such merger or
consolidation, subject to no Lien thereon prior to the Lien of
this Indenture except the Lien of such mortgage, deed of trust
or similar indenture, Permitted Liens and Liens of the
character permitted to exist or to be hereafter created under
Section 6.06; (F) the terms of such mortgage, deed of trust or
similar indenture, as then in effect do not permit the further
issuance of obligations thereunder except on the basis of
cash, property additions of a character substantially similar
to Property Additions or the retirement of outstanding
obligations; (G) the terms of such mortgage, deed of trust or
similar indenture, as then in effect and taking into account
any waiver contemplated by clause (y) of subclause (C) of
clause (ii) above, do not permit the further issuance of
obligations thereunder upon the basis of property additions in
a principal amount exceeding seventy percent (70%) of the cost
or the Fair Value thereof to the issuer thereof (whichever
shall be less); and (H) the indenture supplemental hereto
referred to in subsection (b) of this Section complies with
the requirements of clauses (i) and (ii) of said subsection
(b).
(b) At such time as the Company and the Trustee have executed,
and the Company has caused to be recorded:
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(i) an indenture supplemental hereto (A) in which
such mortgage, deed of trust or similar indenture has been
designated as an additional Class "A" Mortgage, and (B) by
which the Company has specifically imposed the Lien of this
Indenture upon properties of the character described in
Granting Clause First, and in any subsequent generic grant of
unspecified property as contemplated in Granting Clause Third,
acquired by the Company from such corporation by virtue of the
merger or consolidation (and later improvements, extensions
and additions thereto and renewals and replacements thereof);
and
(ii) an indenture supplemental to such mortgage, deed
of trust or similar indenture by which such mortgage, deed of
trust or similar indenture has been amended to provide that a
Matured Event of Default thereunder shall include an Event of
Default hereunder or a Matured Event of Default under any
other Class "A" Mortgage; provided, however, that the waiver
or cure of such Event of Default or Matured Event of Default
and the rescission and annulment of the consequences thereof
shall constitute a waiver of the corresponding Matured Event
of Default under such mortgage, deed of trust or similar
indenture and a rescission and annulment of the consequences
thereof;
then such mortgage, deed of trust or similar indenture and all
obligations issued and outstanding thereunder shall for all purposes
hereof be treated as a Class "A" Mortgage and as Class "A" Bonds,
respectively, to the full and same extent as if specifically identified
in Article One.
Section 7.07 Discharge of Class "A" Mortgage.
(a) The Trustee shall surrender for cancellation to the
trustee under any Class "A" Mortgage all Pledged Bonds then held by the Trustee
issued under such Class "A" Mortgage upon receipt by the Trustee of:
(i) a Company Order requesting such surrender for
cancellation of such Pledged Bonds;
(ii) an Officer's Certificate to the effect that no
Class "A" Bonds are Outstanding under such Class "A" Mortgage
other than Pledged Bonds and that promptly upon such surrender
such Class "A" Mortgage will be satisfied and discharged
pursuant to the terms thereof;
(iii) an Engineer's Certificate:
(A) describing in reasonable detail all
property constituting Property Additions designated
by the Company, in its discretion, to be deemed, on
and after the date of such surrender for cancellation
and for all purposes of this Indenture, to have been
made the basis of the authentication and delivery of
all Bonds then Outstanding which shall have been
authenticated and delivered under Section 4.02 on the
basis of Pledged Bonds authenticated and delivered
under such Class "A" Mortgage, such Property
Additions to have, in the aggregate, a Cost (or as to
Property Additions of which the Fair Value to the
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Company specified pursuant to subclause (H) or clause
(iv) below is less than the Cost thereof, then such
Fair Value in lieu of Cost) not less than
twenty-fourteenths (20/14ths) of the aggregate
principal amount of such Bonds;
(B) stating that all such property
constitutes Property Additions;
(C) stating that such Property Additions are
desirable for use in the proper conduct of the
business of the Company;
(D) stating that such Property Additions, to
the extent of the Cost (or as to Property Additions
of which the Fair Value to the Company specified
pursuant to subclause (H) or clause (iv) below is
less than the Cost thereof, then such Fair Value in
lieu of Cost) to the Company to be deemed to have
been made the basis of the authentication and
delivery of such Bonds, will no longer constitute
Bonded Property Additions (other than pursuant to
clause (vi) of the definition of "Bonded") upon the
discharge of the Class "A" Mortgage pursuant to which
such Pledged Bonds were issued;
(E) stating, except as to Property Additions
acquired, made or constructed wholly through the
delivery of securities or other property, that the
amount of cash forming all or part of the Cost
thereof was equal to or more than an amount to be
stated therein;
(F) briefly describing, with respect to any
Property Additions acquired, made or constructed in
whole or in part through the delivery of securities
or other property, the securities or other property
so delivered and stating the date of such delivery;
(G) stating what part, if any, of such
Property Additions included property which within six
months prior to the date of acquisition thereof by
the Company had been used or operated by others than
the Company in a business similar to that in which it
has been or is to be used or operated by the Company
and stating whether or not, in the judgment of the
signers, the Fair Value thereof to the Company, as of
the date of such certificate, is less than
Twenty-Five Thousand Dollars ($25,000) and whether or
not the fair value thereof to the Company, as of such
date, is less than one percent (1%) of the sum of (x)
the aggregate principal amount of Bonds then
Outstanding, and (y) the aggregate principal amount
of Class "A" Bonds then Outstanding other than
Pledged Bonds;
(H) stating, in the judgment of the signers,
the Fair Value to the Company, as of the date of such
certificate, of such Property Additions, except any
thereof with respect to the Fair Value to the Company
of which a statement is to be made in an Independent
Engineer's Certificate as provided for in clause (iv)
below; provided, however, that if any such Property
Additions shall have theretofore been certified to
the trustee under such Class "A" Mortgage as the
basis for the authentication and delivery of Class
"A" Bonds:
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(x) which are Pledged Bonds as of
the date of such certificate; or
(y) the retirement of which shall
have theretofore been made the basis
(whether directly or indirectly when
considered in light of the issuance and
retirement of successive issues of Class "A"
Bonds) of the authentication and delivery of
Pledged Bonds then held by the Trustee;
then there may be stated, in lieu of the Fair Value
of such Property Additions as of the date of such
certificate, the Fair Value thereof as so certified
to the trustee under such Class "A" Mortgage; and
(I) stating that the Liens, if any, of the
character described in clause (e) of the definition
of "Permitted Liens" to which any property included
in such Property Additions is subject do not, in the
judgment of the signers, materially impair the use of
such property for the purposes for which the same is
held by the Company;
(iv) in case any Property Additions are shown by the
Engineer's Certificate provided for in clause (iii) above to
include property which, within six months prior to the date of
acquisition thereof by the Company, had been used or operated
by others than the Company in a business similar to that in
which it has been or is to be used or operated by the Company
and such certificate does not show the Fair Value thereof to
the Company, as of the date of such certificate, to be less
than Twenty-Five Thousand Dollars ($25,000) or less than one
percent (1%) of the sum of (x) the aggregate principal amount
of Bonds then Outstanding, and (y) the aggregate principal
amount of Class "A" Bonds then Outstanding other than Pledged
Bonds, an Independent Engineer's Certificate stating, in the
judgment of the signer, the Fair Value to the Company, as of
the date of such Independent Engineer's Certificate, of (A)
such Property Additions which have been so used or operated
and (at the option of the Company) as to any other Property
Additions included in the Engineer's Certificate provided for
in clause (iii) above, and (B) any property so used or
operated which has been subjected to the Lien of this
Indenture since the commencement of the then current calendar
year as the basis for the authentication and delivery of Bonds
and as to which an Independent Engineer's Certificate has not
previously been furnished to the Trustee;
(v) in case any Property Additions are shown by the
Engineer's Certificate provided for in clause (iii) above to
have been acquired, made or constructed in whole or in part
through the delivery of securities or other property, a
written appraisal of an Engineer stating, in the judgment of
the Engineer, the Fair Value in cash of such securities or
other property at the time of delivery thereof in payment for
or for the acquisition of such Property Additions;
(vi) an Opinion of Counsel to the effect:
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(A) that (except as to paving, grading and
other improvements to, under or upon highways,
bridges, parks or other public property of analogous
character) this Indenture is, or upon (x) the
delivery of, or the filing or recording in the proper
places and manner of, the instruments of conveyance,
assignment or transfer, if any, specified in said
opinion, or (y) the satisfaction and discharge of the
Class "A" Mortgage to be satisfied and discharged
pursuant to this Section, will be, a Lien on all the
Property Additions to be deemed to have been made the
basis of the authentication and delivery of Bonds
then Outstanding which shall have been authenticated
and delivered under Section 4.02 on the basis of
Pledged Bonds authenticated and delivered under such
Class "A" Mortgage, subject to no Lien thereon prior
to the Lien of this Indenture except Permitted Liens;
and
(B) that the Company has corporate authority
to operate the Property Additions with respect to
which such application is made;
(vii) an Opinion of Counsel to the effect that upon
satisfaction and discharge of such Class "A" Mortgage the Lien
of this Indenture on the property formerly subject to the Lien
of such Class "A" Mortgage, to the extent the same is part of
the Mortgaged Property, will be subject to no Lien prior to
the Lien of this Indenture except Permitted Liens and Liens of
the character permitted to exist or to be hereafter created
under Section 6.06; and
(viii) copies of the instruments of conveyance,
assignment and transfer, if any, specified in the Opinion of
Counsel provided for in clause (vi) above.
(b) The amount of the Cost of any Property Additions and the
Fair Value thereof to the Company and the fair market value in cash of any
securities or other property so delivered in payment therefor or for the
acquisition thereof shall be determined for the purposes of this Section by the
appropriate certificate provided for in this Section.
ARTICLE VIII
POSSESSION, USE AND RELEASE OF MORTGAGED PROPERTY
Section 8.01 Quiet Enjoyment.
Unless one or more Events of Default shall have occurred and
be continuing, the Company shall be permitted to possess, use and enjoy the
Mortgaged Property (except such cash as is expressly required to be deposited
with the Trustee and except, to the extent not otherwise provided herein, such
securities as are expressly required to be deposited with the Trustee).
Section 8.02 Dispositions without Release.
Unless an Event of Default shall have occurred and be
continuing, the Company may at any time and from time to time, without any
release or consent by, or report to, the Trustee:
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(a) sell or otherwise dispose of, free from the Lien of this
Indenture, or abandon or otherwise retire, any machinery, apparatus,
equipment, frames, towers, poles, wire, pipe, cable, conduit, mains,
tubes, drains, valves, tools, or implements, or any other fixture or
personalty, then subject to the Lien hereof, which shall have become
inadequate, obsolete, worn out, unfit, or unserviceable or, provided
that (at the time of any sale or disposal) the bonding test ratio
specified in Section 8.03 is satisfied, shall have become undesirable
or unnecessary for use in the Primary Purposes of the Company's
Business and in the generation or production of electric energy;
(b) cancel or make changes in or alterations of or
substitutions for any and all leases;
(c) alter, change the location of, add to, repair and replace
any and all transmission and distribution lines, pipes, substations,
machinery, fixtures and other equipment;
(d) cancel, make changes in or substitutions for or dispose of
any and all rights of way (including easements and licenses);
(e) surrender or assent to the modification of any franchise
(including in that term any ordinances, indeterminate permits, licenses
or other operating rights, however denominated, granted by federal,
state, municipal or other governmental authority) under which the
Company may be operating if, in the judgment of the Company, it is
advisable to do so;
(f) abandon, or permit the abandonment of, the operation of
any Mortgaged Property and surrender any franchise (as defined in
Section 8.02(e)) under which such Mortgaged Property is operated, if,
in the judgment of the Company, the operation of such Mortgaged
Property and such franchise is not, under the circumstances, necessary
or important for the operation of the remaining Mortgaged Property, or
whenever the Company deems such abandonment or surrender to be
advisable for any reason; provided however, that if the amount at which
such Mortgaged Property and all other Mortgaged Property so abandoned
or surrendered during the same calendar year was originally charged to
the fixed property accounts of the Company is equal to ten percent
(10%) or more of the aggregate principal amount of Bonds Outstanding
and Class "A" Bonds Outstanding (other than Pledged Bonds) immediately
prior to such abandonment or surrender, there shall be furnished to the
Trustee an Independent Engineer's Certificate to the effect that
neither such Mortgaged Property nor such franchise is, under the
circumstances, necessary or important for the operation of the
remaining property of the Company or that such abandonment or surrender
is advisable for some other specified reason, and in either case that
such abandonment or surrender will not impair the security under this
Indenture in contravention of the provisions hereof; and
(g) grant, free from the Lien of this Indenture, easements,
ground leases or rights of way in, upon, over or across the property or
rights of way of the Company for the purpose of roads, pipe lines,
transmission lines, distribution lines, communication lines, railways,
removal of coal or other minerals or timber, and other like purposes,
or for the joint or common use of real property, rights of way,
facilities or equipment; provided, however, that
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such grant shall not materially impair the use of the property or
rights of way for the purposes for which such property or rights of
way are held by the Company.
Section 8.03 Release of Mortgaged Property if Bonding Ratio Test
Satisfied.
Unless an Event of Default shall have occurred and be
continuing, upon receipt of a Company Order requesting the release of Mortgaged
Property pursuant to this Section 8.03, the Trustee shall execute and deliver to
the Company the documents and instruments described in Section 8.03(a),
releasing from the Lien of this Indenture any Mortgaged Property if the Fair
Value, after, in this case, deducting the principal amount of indebtedness
secured by any Prior Liens thereon other than Permitted Liens (except for
Permitted Liens, up to the Fair Value to the Company of the Mortgaged Property
subject to the Permitted Lien, described in clause (g) of the definition
thereof), of all of the Mortgaged Property (excluding the Mortgaged Property to
be released but including any Property Additions to be acquired by the Company
with the proceeds of, or otherwise in connection with, such release) stated on
the Engineer's Certificates delivered pursuant to Section 8.03(b) and Section
8.03(c), equals or exceeds an amount equal to twenty-fourteenths (20/14ths) of
the aggregate principal amount of Bonds Outstanding and Class "A" Bonds
Outstanding (other than Pledged Bonds) at the date of such Company Order as
stated on the Officer's Certificate delivered pursuant to Section 8.03(d), upon
receipt by the Trustee of:
(a) documents and instruments releasing without recourse the
interest of the Trustee in the Mortgaged Property to be released, and
describing in reasonable detail the Mortgaged Property to be released;
(b) an Engineer's Certificate, dated the date of such Company
Order, stating (i) that the signers of such Engineer's Certificate have
examined the Officer's Certificate delivered pursuant to Section
8.03(d) in connection with such release, (ii) the Fair Value, after, in
this case, deducting the principal amount of indebtedness secured by
any Prior Liens thereon other than Permitted Liens (except for
Permitted Liens, up to the Fair Value to the Company of the Mortgaged
Property subject to the Permitted Lien, described in clause (g) of the
definition thereof), in the opinion of the signers of such Engineer's
Certificate, of (A) all of the Mortgaged Property, and (B) the
Mortgaged Property to be released, in each case as of a date not more
than 90 days prior to the date of such Company Order, and (iii) that in
the judgment of such signers, such release (A) will not materially
adversely affect the Primary Purposes of the Company's Business, and
(B) will not impair the security under this Indenture in contravention
of the provisions hereof;
(c) in case any Property Additions are being acquired by the
Company with the proceeds of, or otherwise in connection with, such
release, an Engineer's Certificate, dated the date of such Company
Order, as to the Fair Value, as of a date not more than 90 days prior
to the date of such Company Order, of the Property Additions being so
acquired (and if within six months prior to the date of acquisition by
the Company of the Property Additions being so acquired, any property
included within such Property Additions had been used or operated by
others than the Company in a business similar to that in which it has
been or is to be used or operated by the Company, and the Fair Value
thereof to the Company, as set forth in such Engineer's Certificate, is
not less than Twenty-Five Thousand Dollars ($25,000) and not less than
one percent (1%) of the sum of (i) the aggregate principal amount of
Bonds then
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Outstanding, and (ii) the aggregate principal amount of Class "A"
Bonds then Outstanding other than Pledged Bonds, such certificate
shall be an Independent Engineer's Certificate); and
(d) an Officer's Certificate, dated the date of such Company
Order, stating (i) the aggregate principal amount of Outstanding Bonds
and Class "A" Bonds (other than Pledged Bonds) outstanding at the date
of such Company Order, and stating that the Fair Value, after, in this
case, deducting the principal amount of indebtedness secured by any
Prior Liens thereon other than Permitted Liens (except for Permitted
Liens, up to the Fair Value to the Company of the Mortgaged Property
subject to the Permitted Lien, described in clause (g) of the
definition thereof), of all of the Mortgaged Property (excluding the
Mortgaged Property to be released but including any Property Additions
to be acquired by the Company with the proceeds of, or otherwise in
connection with, such release) stated on the Engineer's Certificate
filed pursuant to Section 8.03(b) equals or exceeds an amount equal to
twenty-fourteenths (20/14ths) of such aggregate principal amount, and
(ii) that, to the knowledge of the signer, no Event of Default has
occurred and is continuing.
Section 8.04 Release of Limited Amount of Mortgaged Property.
If the Company is unable, or elects not, to obtain, in
accordance with Section 8.03, the release from the Lien of this Indenture of
Mortgaged Property, unless an Event of Default shall have occurred and be
continuing, upon receipt of a Company Order requesting the release of Mortgaged
Property pursuant to this Section 8.04, the Trustee shall execute and deliver to
the Company the documents and instruments described in Section 8.04(a) releasing
from the Lien of this Indenture any Mortgaged Property if the Fair Value
thereof, as stated on the Engineer's Certificate delivered pursuant to Section
8.04(b), is less than one percent (1%) of the aggregate principal amount of
Bonds Outstanding and Class "A" Bonds Outstanding (other than Pledged Bonds) at
the date of such Company Order, provided that the aggregate Fair Value of all
Mortgaged Property released pursuant to this Section 8.04, as stated on all
Engineer's Certificates filed pursuant to this Section 8.04(b) in any period of
12 consecutive calendar months which includes the date of such Engineer's
Certificate, shall not exceed three percent (3%) of the aggregate principal
amount of Bonds Outstanding and Class "A" Bonds Outstanding (other than Pledged
Bonds) at the date of such Company Order as stated on the Officer's Certificate
delivered pursuant to Section 8.04(c), upon receipt by the Trustee of:
(a) documents and instruments releasing without recourse the
interest of the Trustee in the Mortgaged Property to be released, and
describing in reasonable detail the Mortgaged Property to be released;
(b) an Engineer's Certificate, dated the date of such Company
Order, stating (i) that the signer of such Engineer's Certificate has
examined the Officer's Certificate delivered pursuant to Section
8.04(c) in connection with such release, (ii) the Fair Value, in the
opinion of the signers of such Engineer's Certificate, of such
Mortgaged Property to be released as of a date not more than 90 days
prior to the date of such Company Order, and (iii) that in the judgment
of such signers, such release will not impair the security under this
Indenture in contravention of the provisions hereof;
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(c) an Officer's Certificate, dated the date of such Company
Order, stating (i) the aggregate principal amount of Bonds Outstanding
and Class "A" Bonds Outstanding (other than Pledged Bonds) at the date
of such Company Order, (ii) that one percent (1%) of such aggregate
principal amount exceeds the Fair Value of the Mortgaged Property for
which such release is applied for, (iii) that three percent (3%) of
such aggregate principal amount exceeds the aggregate Fair Value of all
Mortgaged Property released from the Lien of this Indenture pursuant to
this Section 8.04, as shown by all Engineer's Certificates filed
pursuant to Section 8.04(b) in such period of 12 consecutive calendar
months, and (iv) that, to the knowledge of the signer, no Event of
Default has occurred and is continuing.
Section 8.05 Release of Mortgaged Property Not Subject to a Class
"A" Mortgage.
(a) If the Company is unable, or elects not, to obtain, in
accordance with Section 8.03, the release from the Lien of this Indenture of
Mortgaged Property which is not subject to a Class "A" Mortgage, unless an Event
of Default shall have occurred and be continuing, on the basis of cash,
Government Obligations, purchase money obligations, Property Additions acquired
by the Company with the proceeds of, or otherwise in connection with, such
release, or the waiver of the right to the authentication and delivery of Bonds
as described in subclause (B) of clause (iii) of this Section 8.05(a), or a
combination thereof, upon receipt of a Company Order requesting the release of
Mortgaged Property pursuant to this Section 8.05, the Trustee shall execute and
deliver to the Company the documents and instruments described in Section
8.05(a)(i) releasing such Mortgaged Property from the Lien of this Indenture,
upon receipt by the Trustee of:
(i) appropriate documents and instruments releasing
without recourse the interest of the Trustee in the Mortgaged
Property to be released, describing in reasonable detail the
Mortgaged Property to be released and stating the amount and
character of the proceeds to be received by the Company
therefor;
(ii) an Engineer's Certificate, dated the date of
such Company Order, stating (A) that the signers of such
Engineer's Certificate have examined the Officer's
Certificate, if any, delivered pursuant to clause (iii) of
this Section 8.05(a) in connection with such release, (B) the
Fair Value, in the opinion of the signers of such Engineer's
Certificate, of the Mortgaged Property to be released as of a
date not more than 90 days prior to the date of such Company
Order, (C) the fair market value in cash, in the opinion of
such signers (which opinion may be based on an Appraiser's
Certificate), of any Government Obligations and purchase money
obligations included in the consideration for such release,
and (D) that in the judgment of such signers, such release
will not impair the security under this Indenture in
contravention of the provisions hereof;
(iii) (A) an aggregate amount of Government
Obligations and purchase money obligations having a fair
market value in cash as evidenced by an Appraiser's
Certificate, cash and evidence of the acquisition by the
Company of Property Additions with the proceeds of, or
otherwise in connection with, such release (the amount of such
Property Additions shall be the Fair Value thereof to the
Company as of a date not more than 90 days prior to the date
of such Company Order, as evidenced to the Trustee by an
Engineer's Certificate dated the date of such Company Order,
and
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if within six months prior to the date of acquisition by the
Company of the Property Additions being so acquired, any
property included within such Property Additions had been used
or operated by others than the Company in a business similar
to that in which it has been or is to be used or operated by
the Company, and the Fair Value thereof to the Company, as set
forth in such Engineer's Certificate, is not less than
Twenty-Five Thousand Dollars ($25,000) and not less than one
percent (1%) of the sum of (i) the aggregate principal amount
of Bonds then Outstanding, and (ii) the aggregate principal
amount of Class "A" Bonds then Outstanding other than Pledged
Bonds, such certificate shall be an Independent Engineer's
Certificate), not less than the Fair Value of the Mortgaged
Property to be released, or (B) an Officer's Certificate,
dated the date of such Company Order, waiving the right of the
Company to the authentication and delivery of an aggregate
principal amount of Bonds up to the amount required by
subclause (A) of clause (iii) of this Section 8.05(a), on the
basis of Class "A" Bonds under Section 4.02 or on the basis of
Retired Bonds under Section 4.04, and stating the matters
required to be stated in the Officer's Certificates provided
for in clause (vi) of Section 4.01(a) and in clause (iv) of
Section 4.02(b) or clause (ii) of Section 4.04(b), as the case
may be, in either case appropriately modified to reflect that
the action being taken is the waiver of the right to, rather
than a request for, the authentication and delivery of Bonds,
or (C), a combination of the items specified in subclauses (A)
and (B) of clause (iii) of this Section 8.05(a);
(iv) in case any obligations secured by purchase
money mortgage upon the Mortgaged Property to be released are
included in the consideration for such release and are
delivered to the Trustee in connection with such release, an
Opinion of Counsel, dated the date of the Company Order,
stating that, in the opinion of the signer, such obligations
are valid obligations enforceable in accordance with their
terms, subject to the Customary Exceptions, and that the
purchase money mortgage securing the same is sufficient to
afford a valid purchase money Lien upon the property to be
released subject to no Lien prior thereto except Permitted
Liens and such Liens, if any, as shall have existed thereon
just prior to such release as Liens prior to the Lien of this
Indenture; and
(v) an Officer's Certificate, dated the date of such
Company Order, stating that, to the knowledge of the signer,
no Event of Default has occurred and is continuing.
(b) Any purchase money obligations received or to be received
by the Trustee under this Indenture in consideration for the release of any
Mortgaged Property from the Lien of this Indenture by the Trustee, and the
purchase money mortgage securing such purchase money obligations, shall be
released by the Trustee from the Lien of this Indenture and delivered or
assigned to the Company, or as it shall request, upon payment by the Company to
the Trustee of the unpaid principal of such purchase money mortgage and/or of
the obligations thereby secured; the principal of any such purchase money
obligations not so released shall be paid to or collected by the Trustee as and
when such principal shall become payable, and the Trustee may take any action
which in its judgment may be desirable or necessary to preserve the security of
such purchase money mortgage.
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(c) Any cash deposited with the Trustee under this Section
8.05 may thereafter be withdrawn, used or applied in the manner, to the extent
and for the purposes, and subject to the conditions, provided in Section 8.06.
Section 8.06 Withdrawal or Other Application of Funded Cash.
(a) Subject to the provisions of Section 4.05 and Section 6.07
and except as hereafter in this Section provided, unless an Event of Default
shall have occurred and be continuing, any Funded Cash held by the Trustee, and
any other cash which is required to be withdrawn, used or applied as provided in
this Section:
(i) may be withdrawn from time to time by the Company
to the extent of the Cost or the Fair Value to the Company
(whichever is less) of Unbonded Property Additions, after
making any deductions pursuant to Section 1.04(b), described
in an Engineer's Certificate, dated not more than ninety (90)
days prior to the date of the Company Order requesting such
withdrawal and complying with clause (ii) of Section 4.03(b),
delivered to the Trustee; provided, however, that the
deductions contemplated by Section 1.04(b) shall not be
required to be made if such Property Additions were acquired,
made or constructed on or after the ninetieth (90th) day
preceding the date of such Company Order;
(ii) may be withdrawn from time to time by the
Company (A) in the case of cash deposited with the Trustee
under Section 4.05 or Section 7.02(a), to the extent of the
aggregate principal amount of Bonds the authentication and
delivery of which the Company shall be entitled under the
provisions of Section 4.04, by virtue of compliance with all
applicable provisions of Section 4.04 (except as hereinafter
in this Section otherwise provided) and (B) in the case of all
other Funded Cash and any other cash, in an amount equal to
twenty-fourteenths (20/14ths) of such aggregate principal
amount; provided, however, that such withdrawal of cash shall
operate as a waiver by the Company of the right to the
authentication and delivery of such Bonds and, to such extent
no such Bonds may thereafter be authenticated and delivered
hereunder; and any such Bonds which were the basis of such
right to the authentication and delivery of Bonds so waived
shall be deemed to have been made the basis of such withdrawal
of cash;
(iii) may be withdrawn from time to time by the
Company in an amount equal to twenty-fourteenths (20/14ths) of
the aggregate principal amount of any Outstanding Bonds
delivered to the Trustee;
(iv) may, upon the request to the Company, be used by
the Trustee for the purchase of Bonds in the manner, at the
time or times, in the amount or amounts, at the price or
prices (not exceeding twenty-fourteenths (20/14ths) of the
principal amount thereof) and otherwise as directed or
approved by the Company; or
(v) may, upon the request of the Company, be applied
by the Trustee to the payment at Stated Maturity of any Bonds
or to the redemption of any Bonds which are, by their terms,
redeemable, in each case of such series as may be designated
by
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the Company, any such redemption to be in the manner and as
provided in Article Five.
(b) Such moneys shall, from time to time, be paid or used or
applied by the Trustee, as aforesaid, upon the request of the Company in a
Company Order, and upon receipt by the Trustee of an Officer's Certificate
stating that no Event of Default has occurred and is continuing. If and to the
extent that the withdrawal of cash is based upon Unbonded Property Additions (as
permitted under the provisions of clause (i) of Section 8.06(a)), the Company
shall, subject to the provisions of said clause (i) and except as hereafter in
this subsection (b) provided, comply with all applicable provisions of this
Indenture as if such Property Additions were made the basis for the
authentication and delivery of Bonds equal in principal amount to seventy
percent (70%) of the cash so to be withdrawn. If and to the extent that the
withdrawal of cash is based upon the right to the authentication and delivery of
Bonds (as permitted under the provisions of clause (ii) of Section 8.06(a)), the
Company shall, except as hereafter in this subsection (b) provided, comply with
all applicable provisions of Section 4.04 relating to such authentication and
delivery. Notwithstanding the foregoing provisions of this subsection (b) and of
Section 4.04, in no event shall the Company be required to comply with Section
4.01.
(c) The principal of and interest on any obligations secured
by a purchase money mortgage held by the Trustee shall be collected by the
Trustee as and when the same become payable. Unless an Event of Default shall
have occurred and be continuing, the interest received by the Trustee on any
such obligations shall be remitted to the Company, and any payments received by
the Trustee on account of the principal of any such obligations in excess of the
amount of credit used by the Company in respect of such obligations upon the
release of any property from the Lien hereof shall be deemed not to constitute
Funded Cash and shall also be remitted to the Company. The Trustee shall have
and may exercise all the rights and powers of an owner of such obligations and
of all substitutions therefor and, without limiting the generality of the
foregoing, may collect and receive all insurance moneys payable to it under any
of the provisions thereof and apply the same in accordance with the provisions
thereof, may consent to extensions thereof at a higher or lower rate of
interest, may join in any plan or plans of voluntary or involuntary
reorganization or readjustment or rearrangement and may accept and hold
hereunder new obligations, stocks or other securities issued in exchange
therefor under any such plan. Any discretionary action which the Trustee may be
entitled to take in connection with any such obligations or substitutions
therefor shall be taken, so long as no Event of Default shall exist, in
accordance with a Company Order, and, during the existence of an Event of
Default, in its own discretion.
(d) Any Bonds received by the Trustee pursuant to the
provisions of this Section shall forthwith be canceled by the Trustee.
Section 8.07 Release of Property Taken by Eminent Domain, etc.
Should any of the Mortgaged Property, or any interest therein,
be taken by exercise of the power of eminent domain or be sold to an entity
possessing the power of eminent domain under a threat to exercise the same, and
should the Company not elect to obtain the release of such property pursuant to
other provisions of this Article Eight, the Trustee shall, upon request of the
Company evidenced by a Company Order, release from the Lien hereof all its
right, title and interest in and to the property so taken or sold (or with
respect to an interest in property, subordinate the Lien hereof to
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such interest), upon receiving (a) an Opinion of Counsel to the effect that such
property has been taken by exercise of the power of eminent domain or has been
sold to an entity possessing the power of eminent domain under threat of an
exercise of such power, (b) an Officer's Certificate stating the amount of net
proceeds received or to be received for such property so taken or sold under
threat of exercise of such power, and the amount so stated shall be deemed to be
the Fair Value of such property for the purpose of any notice to the Holders of
Bonds, and (c) a deposit by the Company of an amount in cash equal to the Cost
of the Mortgaged Property so taken or sold (or, if the Fair Value to the Company
of such property at the time the same became Mortgaged Property was less than
the Cost thereof, then such Fair Value in lieu of Cost); provided, however, that
no such deposit shall be required to be made hereunder if the proceeds of such
taking or sale shall, as indicated in an Officer's Certificate delivered to the
Trustee, have been deposited with the trustee or other holder of a Class "A"
Mortgage or other Lien prior to the Lien of this Indenture. Any cash deposited
with the Trustee under this Section may thereafter be withdrawn, used or applied
in the manner, to the extent and for the purposes, and subject to the
conditions, provided in Section 8.06.
Section 8.08 Alternative Release Provision.
In lieu of the other provisions for the release of the
Mortgaged Property provided in this Indenture, unless an Event of Default shall
have occurred and be continuing, the Company may in the alternative obtain the
release of any part of the Mortgaged Property which is subject to the Lien of a
Class "A" Mortgage (except cash or obligations secured by a purchase money
mortgage) by delivery to the Trustee of an Officer's Certificate as to the
non-existence of an Event of Default referred to above, an Engineer's
Certificate as to the Fair Value of the property to be released and a copy of a
release of such part of the Mortgaged Property from the Lien of such Class "A"
Mortgage executed by the trustee thereunder; provided, however, that this
Section shall not apply with respect to any release of Mortgaged Property from
the Lien of any Class "A" Mortgage in connection with the discharge of such
Class "A" Mortgage.
Section 8.09 Disclaimer or Quitclaim.
In case the Company has sold, exchanged, dedicated or otherwise
disposed of, or has agreed or intends to sell, exchange, dedicate or otherwise
dispose of, or a Governmental Authority has lawfully ordered the Company to
divest itself of, any property of a character excepted from the Lien hereof, or
the Company desires to disclaim or quitclaim title to property to which the
Company does not purport to have title, the Trustee shall, from time to time,
execute such instruments of disclaimer or quitclaim as may be appropriate upon
receipt by the Trustee of the following:
(a) an Officer's Certificate describing in reasonable detail
the property to be disclaimed or quitclaimed; and
(b) an Opinion of Counsel stating the signer's opinion that
such property is not subject to the Lien hereof or required to be
subject thereto by any of the provisions hereof and that the execution
of such disclaimer or quitclaim is appropriate.
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Section 8.10 Miscellaneous.
(a) If the Mortgaged Property shall be in the possession of a
receiver or trustee, lawfully appointed, the powers hereinbefore conferred upon
the Company with respect to the release of any part of the Mortgaged Property or
any interest therein or the withdrawal of cash may be exercised, with the
approval of the Trustee, by such receiver or trustee, notwithstanding that an
Event of Default may have occurred and be continuing, and any request,
certificate, appointment or approval made or signed by such receiver or trustee
for such purposes shall be as effective as if made by the Company or any of its
officers or appointees in the manner herein provided; and if the Trustee shall
be in possession of the Mortgaged Property under any provision of this
Indenture, then such powers may be exercised by the Trustee in its discretion
notwithstanding that an Event of Default may have occurred and be continuing.
(b) If any property released from the Lien of this Indenture
as provided in Section 8.03, 8.04 or 8.05 shall continue to be owned by the
Company after such release, this Indenture shall not become or be, or be
required to become or be, a Lien upon such property or any improvement,
extension or addition to such property or renewals, replacements or
substitutions of or for any part or parts of such property unless the Company
shall execute and deliver to the Trustee an indenture supplemental hereto, in
recordable form, containing a grant, conveyance, transfer and mortgage thereof
to the Trustee.
(c) Notwithstanding the occurrence and continuance of an Event
of Default, the Trustee, in its discretion, may release from the Lien hereof any
part of the Mortgaged Property or permit the withdrawal of cash, upon compliance
with the other conditions specified in this Article in respect thereof.
(d) No purchaser in good faith of property purporting to have
been released hereunder shall be bound to ascertain the authority of the Trustee
to execute the release, or to inquire as to any facts required by the provisions
hereof for the exercise of this authority; nor shall any purchaser or grantee of
any property or rights permitted by this Article to be sold, granted, exchanged,
dedicated or otherwise disposed of, be under obligation to ascertain or inquire
into the authority of the Company to make any such sale, grant, exchange,
dedication or other disposition.
ARTICLE IX
SATISFACTION AND DISCHARGE
Section 9.01 Satisfaction and Discharge of Bonds.
(a) Any Bond or Bonds, or any portion of the principal amount
thereof, shall be deemed to have been paid for all purposes of this Indenture,
and the entire indebtedness of the Company in respect thereof shall be deemed to
have been satisfied and discharged, if there shall have been irrevocably
deposited with the Trustee, in trust:
(i) money (including Funded Cash not otherwise
applied pursuant to Section 8.06) in an amount which shall be
sufficient, or
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(ii) in the case of a deposit made prior to the
Maturity of such Bonds or portions thereof, Eligible
Obligations, which shall not contain provisions permitting the
redemption or other prepayment thereof at the option of the
issuer thereof, the principal of and the interest on which
when due, without any regard to reinvestment thereof, will
provide moneys which shall be sufficient, or
(iii) a combination of (i) and (ii) which shall be
sufficient,
to pay when due the principal of and premium, if any, and interest, if
any, due and to become due on such Bonds or portions thereof; provided,
however, that in the case of the provision for payment or redemption of
less than all the Bonds of any series or Tranche, such Bonds or
portions thereof shall have been selected by the Bond Registrar as
provided herein and, in the case of a redemption, the notice requisite
to the validity of such redemption shall have been given or irrevocable
authority shall have been given by the Company to the Trustee and the
Bond Registrar to give such notice, under arrangements satisfactory to
the Trustee; and provided, further, that the Company shall have
delivered to the Trustee:
(x) if such deposit shall have been made
prior to the Maturity of such Bonds, a Company Order stating
that the money and Eligible Obligations deposited with the
Trustee in accordance with this Section shall be held by the
Trustee, in trust, as provided in Section 9.03; and
(y) if Eligible Obligations shall have been
deposited with the Trustee, an Opinion of Counsel that the
obligations so deposited with the Trustee constitute Eligible
Obligations and do not contain provisions permitting the
redemption or other prepayment at the option of the issuer
thereof, and an opinion of an Independent public accountant of
nationally recognized standing, selected by the Company, to
the effect that the other requirements set forth in clause
(ii) above have been satisfied.
(b) Upon receipt by the Trustee of money or Eligible
Obligations, or both, in accordance with this Section, together with the
documents required by clauses (x) and (y) of Section 9.01(a), (i) the Holders of
the Bonds or portions thereof in respect of which such deposit was made shall no
longer be entitled to the benefit of the covenants of the Company under Article
Six (except the covenants contained in Sections 6.01(a), 6.02 and 6.03), and
(ii) the Trustee shall, upon receipt of a Company Request, acknowledge in
writing that such Bonds or portions thereof are deemed to have been paid for all
purposes of this Indenture and that the entire indebtedness of the Company in
respect thereof is deemed to have been satisfied and discharged.
(c) If payment at Stated Maturity of less than all of the
Bonds of any series, or any Tranche thereof, is to be provided for in the manner
and with the effect provided in this Section, the Bond Registrar shall select
such Bonds, or portions of principal amount thereof in the manner specified by
Section 5.03 for selection for redemption of less than all the Bonds of a series
or Tranche, unless a different manner is specified as contemplated by Section
3.01 for Bonds of such series or Tranche.
(d) In the event that Bonds which shall be deemed to have been
paid as provided in this Section do not mature and are not to be redeemed within
the sixty (60) day period
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commencing with the date of the deposit with the Trustee of moneys or Eligible
Obligations as aforesaid, the Company shall, as promptly as practicable, give a
notice, in the same manner as a notice of redemption with respect to such Bonds,
to the Holders of such Bonds to the effect that such deposit has been made and
the effect thereof.
(e) Notwithstanding the satisfaction and discharge of any
Bonds as aforesaid, the obligations of the Company and the Trustee in respect of
such Bonds under Sections 3.04, 3.05, 3.06, 5.04, 6.02, 6.03, 11.07 and 11.15,
Article Seven and this Article Nine shall survive.
(f) The Company shall pay, and shall indemnify the Trustee and
each Holder of Bonds which are deemed to have been paid as provided in this
Section against, any tax, fee or other charge imposed on or assessed against the
Eligible Obligations deposited with the Trustee or the principal or interest
received by the Trustee in respect of such Eligible Obligations.
(g) Anything herein to the contrary notwithstanding, if, at
any time after a Bond would be deemed to have been satisfied or discharged
pursuant to this Section (without regard to the provisions of this subsection
(g)), the Trustee shall be required to return the money or Eligible Obligations,
or combination thereof, deposited with it as aforesaid to the Company or its
representative under any applicable federal or state bankruptcy, insolvency or
other similar law, the indebtedness of the Company in respect of such Bond shall
thereupon be deemed retroactively not to have been satisfied and discharged, as
aforesaid, and to remain Outstanding.
Section 9.02 Satisfaction and Discharge of Indenture.
(a) This Indenture shall upon Company Request cease to be of
further effect (except as hereinafter expressly provided), and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when
(i) either:
(A) all Bonds theretofore authenticated and
delivered (other than (1) Bonds which have been
destroyed, lost or stolen and which have been
replaced or paid as provided in Section 3.06, and (2)
Bonds deemed to have been paid in accordance with
Section 9.01) have been delivered to the Trustee for
cancellation; or
(B) all Bonds not theretofore delivered to
the Trustee for cancellation (other than Bonds
described in clause (1) of subclause (A) above) shall
be deemed to have been paid in accordance with
Section 9.01;
(ii) the Company has paid or caused to be paid all
other sums payable hereunder by the Company; and
(iii) the Company has delivered to the Trustee an
Officer's Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to
the satisfaction and discharge of this Indenture have been
complied with.
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(b) Notwithstanding the satisfaction and discharge of this
Indenture as aforesaid, the obligations of the Company and the Trustee under
Sections 11.07 and 11.15 and this Article Nine shall survive.
(c) Upon satisfaction and discharge of this Indenture as
provided in this Section, the Trustee shall assign, transfer, reconvey and
otherwise turn over to the Company the Mortgaged Property (other than money and
Eligible Obligations held by the Trustee pursuant to Section 9.03) and shall
execute and deliver to the Company such deeds and other instruments as, in the
judgment of the Company, shall be necessary, desirable or appropriate to effect
or evidence such assignment, transfer, reconveyance and turning over and the
release and discharge of the Lien of this Indenture.
Section 9.03 Application of Trust Money.
Neither the Eligible Obligations nor the money deposited with
the Trustee pursuant to Section 9.01, nor the principal or interest payments on
any such Eligible Obligations, shall be withdrawn or used for any purpose other
than, and shall be held in trust for, the payment of the principal of and
premium, if any, and interest, if any, on the Bonds or portions of principal
amount thereof in respect of which such deposit was made, all subject, however,
to the provisions of Section 6.03; provided, however, that, unless an Event of
Default shall have occurred and be continuing, any cash received from such
principal or interest payments on such Eligible Obligations deposited with the
Trustee, if not then needed for such purpose, shall, to the extent practicable,
be invested in Eligible Obligations of the type described in clause (ii) of
Section 9.01(a), and, subject to the rights of the Trustee under Section 11.07,
interest earned from such reinvestment shall be paid over to the Company as
received by the Trustee, free and clear of the Lien of this Indenture; and
provided, further, that unless an Event of Default shall have occurred and be
continuing, any moneys held by the Trustee in accordance with this Section on
the Maturity of all such Bonds in excess of the amount required to pay the
principal of and premium, if any, and interest, if any, then due on such Bonds,
subject to the rights of the Trustee under Section 11.07, shall be paid over to
the Company free and clear of the Lien of this Indenture.
ARTICLE X
EVENTS OF DEFAULT; REMEDIES
Section 10.01 Events of Default.
An "Event of Default", wherever used herein with respect to
the Bonds, means any one the following events:
(a) failure to pay interest, if any, on any Bond within
sixty (60) days after same becomes due and payable; or
(b) failure to pay the principal of or premium, if any, on any
Bond within fifteen (15) days after its Maturity; or
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(c) failure to perform or breach of any covenant or warranty
of the Company in this Indenture (other than a covenant or warranty a
default in the performance of which or breach of which is elsewhere in
this Section specifically dealt with) for a period of sixty (60) days
after there has been given, by registered or certified mail, to the
Company by the Trustee, or to the Company and the Trustee by the
Holders of at least 50% in principal amount of the Bonds then
Outstanding, a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a "Notice
of Default" hereunder, unless the Trustee, or the Trustee and the
Holders of a principal amount of Bonds not less than the principal
amount of Bonds the Holders of which gave such notice, as the case may
be, shall agree in writing to an extension of such period prior to its
expiration; provided, however, that the Trustee, or the Trustee and the
Holders of such principal amount of Bonds, as the case may be, shall be
deemed to have agreed to an extension of such period if corrective
action is initiated by the Company within such period and is being
diligently pursued; or
(d) the entry by a court having jurisdiction in the premises
of (i) a decree or order for relief in respect of the Company in an
involuntary case or proceeding under any applicable federal or state
bankruptcy, insolvency, reorganization or other similar law, or (ii) a
decree or order adjudging the Company a bankrupt or insolvent, or
approving as properly filed a petition by one or more Persons other
than the Company seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company under applicable federal or
state law, or appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official for the Company or for
any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and any such decree or order for relief or
any such other decree or order shall have remained unstayed and in
effect for a period of ninety (90) consecutive days; or
(e) the commencement by the Company of a voluntary case or
proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization or other similar law or of any other case or
proceeding to be adjudicated a bankrupt or insolvent, or the consent by
it to the entry of a decree or order for relief in respect of the
Company in a case or proceeding under any applicable federal or state
bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against
it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under any applicable federal or state law, or
the consent by it to the filing of such petition or to the appointment
of or taking possession by a custodian, receiver, liquidator, assignee,
trustee, sequestrator or similar official of the Company or of any
substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the admission by it in writing of its
inability to pay its debts generally as they become due, or the
authorization of such action by the Board of Directors; or
(f) the occurrence of a Matured Event of Default under any
Class "A" Mortgage; provided, however, that, anything in this Indenture
to the contrary notwithstanding, the waiver or cure of such event of
default under such Class "A" Mortgage and the rescission and annulment
of the consequences thereof shall constitute a waiver of the
corresponding Event of Default hereunder and a rescission and annulment
of the consequences thereof.
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Section 10.02 Acceleration of Maturity; Rescission and Annulment.
(a) If an Event of Default shall have occurred and be
continuing, then in every such case the Trustee or the Holders of not less than
a majority in aggregate principal amount of the Bonds then Outstanding may
declare the principal amount (or, if any of the Bonds are Discount Bonds, such
portion of the principal amount of such Bonds as may be specified in the terms
thereof as contemplated by Section 3.01) of all of the Bonds to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), and upon receipt by the Company of notice of such
declaration such principal amount (or specified amount), together with premium,
if any, and accrued interest, if any, thereon, shall become immediately due and
payable.
(b) At any time after such a declaration of acceleration of
the maturity of the Bonds then Outstanding shall have been made, but before any
sale of any of the Mortgaged Property has been made and before a judgment or
decree for payment of the money due shall have been obtained by the Trustee as
provided in this Article, the Event or Events of Default giving rise to such
declaration of acceleration shall, without further act, be deemed to have been
waived, and such declaration and its consequences shall, without further act, be
deemed to have been rescinded and annulled, if:
(i) the Company shall have paid or deposited
with the Trustee a sum sufficient to pay
(A) all overdue interest, if any, on all
Bonds then Outstanding;
(B) the principal of and premium, if any, on
any Bonds then Outstanding which have become due
otherwise than by such declaration of acceleration
and interest thereon at the rate or rates prescribed
therefor in such Bonds; and
(C) all amounts due to the Trustee under
Section 11.07; and
(ii) any other Event or Events of Default, other than
the non-payment of the principal of Bonds which shall have
become due solely by such declaration of acceleration, shall
have been cured or waived as provided in Section 10.17.
No such rescission shall affect any subsequent Event of
Default or impair any right consequent thereon.
Section 10.03 Entry Upon Mortgaged Property.
If an Event of Default shall have occurred and be continuing,
the Company, upon demand of the Trustee and if and to the extent permitted by
law, shall forthwith surrender to the Trustee the actual possession of, and the
Trustee, by such officers or agents as it may appoint, may enter upon, and take
possession of, the Mortgaged Property; and the Trustee may hold, operate and
manage the Mortgaged Property, and in that connection shall have access to the
books and accounts of the Company, and may make all needful repairs and such
renewals, replacements, betterments and improvements as to the Trustee shall
seem prudent; and the Trustee, subject to the rights, if any, of others to
receive collections from former, present or future customers, may receive the
rents, issues,
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profits, revenues and other income of the Mortgaged Property; and, after
deducting the costs and expenses of entering, taking possession, holding,
operating and managing the Mortgaged Property, as well as payments for insurance
and taxes and other proper charges upon the Mortgaged Property prior to the Lien
of this Indenture and reasonable compensation to itself, its agents and counsel,
the Trustee may apply the same as provided in Section 10.07. Whenever all that
is then due in respect of the principal of and premium, if any, and interest, if
any, on the Bonds and under any of the terms of this Indenture shall have been
paid and all defaults hereunder shall have been cured, the Trustee shall
surrender possession of the Mortgaged Property to the Company.
Section 10.04 Power of Sale; Suits for Enforcement.
If an Event of Default shall have occurred and be continuing,
the Trustee, by such officers or agents as it shall appoint, with or without
entry, in its discretion may, subject to the provisions of Section 10.16 and if
and to the extent permitted by law:
(a) sell, subject to any mandatory requirements of applicable
law, the Mortgaged Property as an entirety, or in such parcels as the
Holders of a majority in aggregate principal amount of the Bonds then
Outstanding shall in writing request, or in the absence of such
request, as the Trustee may determine, to the highest bidder at public
auction at such place and at such time (which sale may be adjourned by
the Trustee from time to time in its discretion by announcement at the
time and place fixed for such sale, without further notice) and upon
such terms as the Trustee may fix and briefly specify in a notice of
sale to be published once in each week for four successive weeks prior
to such sale in an Authorized Publication in each Place of Payment for
the Bonds of each series; or
(b) proceed to protect and enforce its rights and the rights
of the Holders of Bonds under this Indenture by sale pursuant to
judicial proceedings or by a suit, action or proceeding in equity or at
law or otherwise, whether for the specific performance of any covenant
or agreement contained in this Indenture or in aid of the execution of
any power granted in this Indenture or for the foreclosure of this
Indenture or for the enforcement of any other legal, equitable or other
remedy, as the Trustee, being advised by counsel, shall deem most
effectual to protect and enforce any of the rights of the Trustee or
the Holders of Bonds.
Section 10.05 Incidents of Sale.
Upon any sale of any of the Mortgaged Property, whether made
under the power of sale hereby given or pursuant to judicial proceedings, to the
extent permitted by law:
(a) the principal amount (or, if any of the Bonds are Discount
Bonds, such portion of the principal amount of such Bonds as may be
specified in the terms thereof as contemplated by Section 3.01) of all
Outstanding Bonds, if not previously due, shall at once become and be
immediately due and payable together with premium, if any, and accrued
interest, if any, thereon;
(b) any Holder or Holders of Bonds or the Trustee may bid for
and purchase the property offered for sale, and upon compliance with
the terms of sale may hold, retain and possess and dispose of such
property, without further accountability, and may, in paying the
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purchase money therefor, deliver any Outstanding Bonds or claims for
interest thereon in lieu of cash to the amount which shall, upon
distribution of the net proceeds of such sale, be payable thereon, and
such Bonds, in case the amounts so payable thereon shall be less than
the amount due thereon, shall be returned to the Holders thereof after
being appropriately stamped to show partial payment;
(c) the Trustee may make and deliver to the purchaser or
purchasers a good and sufficient deed, bill of sale and instrument of
assignment and transfer of the property sold;
(d) the Trustee is hereby irrevocably appointed the true and
lawful attorney of the Company, in its name and stead, to make all
necessary deeds, bills of sale and instruments of assignment and
transfer of the property so sold; and for that purpose it may execute
all necessary deeds, bills of sale and instruments of assignment and
transfer, and may substitute one or more persons, firms or corporations
with like power, the Company hereby ratifying and confirming all that
its said attorney or such substitute or substitutes shall lawfully do
by virtue hereof; but, if so requested by the Trustee or by any
purchaser, the Company shall ratify and confirm any such sale or
transfer by executing and delivering to the Trustee or to such
purchaser or purchasers all proper deeds, bills of sale, instruments of
assignment and transfer and releases as may be designated in any such
request;
(e) all right, title, interest, claim and demand whatsoever,
either at law or in equity or otherwise, of the Company of, in and to
the property so sold shall be divested and such sale shall be a
perpetual bar both at law and in equity against the Company, its
successors and assigns, and against any and all persons claiming or who
may claim the property sold or any part thereof from, through or under
the Company, subject, however, to the rights, if any, held by others to
receive collections from former, present or future customers; and
(f) the receipt of the Trustee or of the officer making such
sale shall be a sufficient discharge to the purchaser or purchasers at
such sale for his or her or their purchase money and such purchaser or
purchasers and his or her or their assigns or personal representatives
shall not, after paying such purchase money and receiving such receipt,
be obliged to see to the application of such purchase money, or be in
anywise answerable for any loss, misapplication or non-application
thereof.
Section 10.06 Collection of Indebtedness and Suits for Enforcement
by Trustee.
(a) If an Event of Default described in Section 10.01(a) or
10.01(b) shall have occurred and be continuing, the Company shall, upon demand
of the Trustee, pay to it, for the benefit of the Holders of the Bonds with
respect to which such Event of Default shall have occurred, the whole amount
then due and payable on such Bonds for principal and premium, if any, and
interest, if any, and, in addition thereto, such further amount as shall be
sufficient to cover any amounts due to the Trustee under Section 11.07.
(b) If the Company shall fail to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express
trust, may institute a judicial proceeding for the collection of the sums so due
and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon such Bonds and
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collect the moneys adjudged or decreed to be payable in the manner provided by
law out of the property of the Company or any other obligor upon such Bonds,
wherever situated.
(c) The Trustee shall, to the extent permitted by law, be
entitled to sue and recover judgment as aforesaid either before, during or after
the pendency of any proceedings for the enforcement of the Lien of this
Indenture, and in case of a sale of the Mortgaged Property or any part thereof
and the application of the proceeds of sale as aforesaid, the Trustee, in its
own name and as trustee of an express trust, shall be entitled to enforce
payment of, and to receive, all amounts then remaining due and unpaid upon the
Bonds then Outstanding for principal, premium if any, and interest, if any, for
the benefit of the Holders thereof, and shall be entitled to recover judgment
for any portion of the same remaining unpaid, with interest as aforesaid. No
recovery of any such judgment by the Trustee and no levy of any execution upon
any such judgment upon any of the Mortgaged Property or any other property of
the Company shall affect or impair the Lien of this Indenture upon the Mortgaged
Property or any part thereof or any rights, powers or remedies of the Trustee
hereunder, or any rights, powers or remedies of the Holders of the Bonds.
Section 10.07 Application of Money Collected.
Any money collected by the Trustee pursuant to this Article,
including any rents, issues, profits, revenues and other income collected
pursuant to Section 10.03 (subject to the rights, if any, of others to receive
collections therein referred to and after the deductions therein provided) and
any proceeds of any sale (after deducting the costs and expenses of such sale,
including a reasonable compensation to the Trustee, its agents and counsel, and
any taxes, assessments or Liens prior to the Lien of this Indenture, except any
thereof subject to which such sale shall have been made), whether made under any
power of sale herein granted or pursuant to judicial proceedings, and any other
money collected by the Trustee under the provisions of this Indenture (unless
otherwise herein specifically provided for), together with, in the case of an
entry or sale or as otherwise provided herein, any other sums then held by the
Trustee as part of the Mortgaged Property, shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal or premium, if any, or
interest, if any, upon presentation of the Bonds and the notation thereon of the
payment if only partially paid and upon surrender thereof if fully paid:
FIRST: To the payment of all amounts due the Trustee under
Section 11.07;
SECOND: To the payment of the whole amount then due and unpaid
upon the Outstanding Bonds for principal and premium, if any, and interest, if
any, in respect of which or for the benefit of which such money has been
collected; and in case such proceeds shall be insufficient to pay in full the
whole amount so due and unpaid upon such Bonds, then to the payment of such
principal and interest, if any, without any preference or priority, ratably
according to the aggregate amount so due and unpaid, with any balance then
remaining to the payment of premium, if any, ratably as aforesaid; provided,
however, that any money specifically collected by the Trustee in respect of
interest or pursuant to Section 10.03 shall first be applied to the payment of
interest so due; and
THIRD: To the payment of the remainder, if any, to the Company
or to whomsoever may be lawfully entitled to receive the same or as a court of
competent jurisdiction may order.
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Section 10.08 Receiver.
If an Event of Default shall have occurred and, during the
continuance thereof, the Trustee shall have commenced judicial proceedings to
enforce any right under this Indenture, the Trustee shall, to the extent
permitted by law, be entitled, as against the Company, without notice or demand
and without regard to the adequacy of the security for the Bonds or the solvency
of the Company, to the appointment of a receiver of the Mortgaged Property, and,
subject to the rights, if any, of others to receive collections from former,
present or future customers, of the rents, issues, profits, revenues and other
income thereof, but, notwithstanding the appointment of any receiver, the
Trustee shall be entitled to retain possession and control of, and to collect
and receive the income from, cash, securities and other personal property held
by, or required to be deposited or pledged with, the Trustee hereunder.
Section 10.09 Trustee May File Proofs of Claim.
(a) In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the
Bonds or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Bonds shall
then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise:
(i) to file and prove a claim for the whole amount of
principal, premium, if any, and interest, if any, owing and
unpaid in respect of the Bonds and to file such other papers
or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for amounts due
to the Trustee under Section 11.07) and of the Holders allowed
in such judicial proceeding; and
(ii) to collect and receive any moneys or other
property payable or deliverable on any such claims and to
distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amounts due it under Section 11.07.
(b) Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the
Bonds or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.
Section 10.10 Trustee May Enforce Claims Without Possession of Bonds.
All rights of action and claims under this Indenture or on the
Bonds may be prosecuted and enforced by the Trustee without the possession of
any of the Bonds or the production thereof in
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any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders in respect of which such
judgment has been recovered.
Section 10.11 Limitation on Suits.
No Holder shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of
a receiver or trustee, or for any other remedy hereunder, unless:
(a) such Holder shall have previously given written notice to
the Trustee of a continuing Event of Default;
(b) the Holders of not less than a majority in aggregate
principal amount of the Bonds then Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such
Event of Default in its own name as Trustee hereunder;
(c) such Holder or Holders shall have offered to the Trustee
reasonable indemnity against the costs, expenses and liabilities to be
incurred in compliance with such request;
(d) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity shall have failed to institute any such
proceeding; and
(e) no direction inconsistent with such written request shall
have been given to the Trustee during such 60-day period by the Holders
of a majority in aggregate principal amount of the Bonds then
Outstanding;
it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of
such Holders or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all of such
Holders.
Section 10.12 Unconditional Right of Holders to Receive Principal,
Premium and Interest.
Notwithstanding any other provision in this Indenture, the
Holder of any Bond shall have the right, which is absolute and unconditional, to
receive payment of the principal of and premium if any, and (subject to Section
3.07) interest, if any, on such Bond on the Stated Maturity or Maturities
expressed in such Bond (or, in the case of redemption, on the Redemption Date)
and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.
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Section 10.13 Restoration of Rights and Remedies.
If the Trustee or any Holder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding shall have
been discontinued or abandoned for any reason, or shall have been determined
adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Company, and Trustee and such
Holder shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and such Holder
shall continue as though no such proceeding had been instituted.
Section 10.14 Rights and Remedies Cumulative.
Except as otherwise provided in Section 3.06(f), no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and, subject to Section
10.11, every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.
Section 10.15 Delay or Omission Not Waiver.
No delay or omission of the Trustee or of any Holder to
exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article or by law to
the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.
Section 10.16 Control by Holders of Bonds.
If an Event of Default shall have occurred and be continuing,
the Holders of a majority in aggregate principal amount of the Bonds then
Outstanding shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee herein; provided, however, that
(a) such direction shall not be in conflict with any rule of
law or with this Indenture, and could not involve the Trustee in
personal liability in circumstances where indemnity would not, in the
Trustee's sole discretion, be adequate;
(b) such direction shall not be unduly prejudicial to the
rights of the nonassenting Holders; and
(c) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction.
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Section 10.17 Waiver of Past Defaults.
(a) Before any sale of any of the Mortgaged Property, and
before a judgment or decree for payment of the money due shall have been
obtained by the Trustee, as in this Article provided, the Holders of not less
than a majority in aggregate principal amount of the Bonds then Outstanding may,
by an Act of such Holders delivered to the Trustee and the Company, on behalf of
the Holders of all the Bonds then Outstanding waive any past default hereunder
and its consequences, except a default:
(i) in the payment of the principal of or premium,
if any, or interest, if any, on any Bond Outstanding, or
(ii) in respect of a covenant or provision hereof
which under Section 14.02(a) cannot be modified or amended
without the consent of the Holder of each Outstanding Bond of
any series or Tranche affected.
(b) Upon any such waiver, such default shall cease to exist,
and any and all Events of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other default or impair any right consequent thereon.
Section 10.18 Undertaking for Costs.
The Company and the Trustee agree, and each Holder of Bonds by
its acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in aggregate
principal amount of the Bonds then Outstanding, or to any suit instituted by any
Holder for the enforcement of the payment of the principal of or premium, if
any, or interest, if any, on any Bond on or after the Stated Maturity or
Maturities expressed in such Bond (or, in the case of redemption, on or after
the Redemption Date).
Section 10.19 Waiver of Appraisement and Other Laws.
To the full extent that it may lawfully so agree, the Company
shall not at any time set up, claim or otherwise seek to take the benefit or
advantage of any appraisement, valuation, stay, extension or redemption law now
or hereafter in effect, in order to prevent or hinder the enforcement of this
Indenture or the absolute sale of the Mortgaged Property, or any part thereof,
or the possession thereof, or any part thereof, by any purchaser at any sale
under this Article; and the Company, for itself and all who may claim under it,
so far as it or they now or hereafter may lawfully do so, hereby waives the
benefit of all such laws. The Company, for itself and all who may claim under
it, waives, to the extent that it may lawfully do so, all right to have the
Mortgaged Property marshalled upon any
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foreclosure of the Lien hereof, and agrees that any court having jurisdiction to
foreclose the Lien of this Indenture may order the sale of the Mortgaged
Property as an entirety.
Section 10.20 Defaults under Class "A" Mortgages.
In addition to every other right and remedy provided herein,
the Trustee may exercise any right or remedy available to the Trustee in its
capacity as owner and holder of Pledged Bonds which arises as a result of a
default or Matured Event of Default under any Class "A" Mortgage, whether or not
an Event of Default shall then have occurred and be continuing.
ARTICLE XI
THE TRUSTEE
Section 11.01 Certain Duties and Responsibilities.
(a) The Trustee shall have and be subject to all the duties
and responsibilities and all of the protections, exculpations and limitations on
liability specified with respect to an indenture trustee in the Trust Indenture
Act, including those deemed by the Trust Indenture Act to be included herein,
and no implied covenants or obligations shall be read into this Indenture
against the Trustee. For purposes of Sections 315(a) and 315(c) of the Trust
Indenture Act, the term "default" is hereby defined as an Event of Default which
has occurred and is continuing.
(b) No provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.
(c) Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section.
Section 11.02 Notice of Defaults.
(a) The Trustee shall give the Holders notice of any default
hereunder in the manner and to the extent required to do so by the Trust
Indenture Act, unless such default shall have been cured or waived; provided,
however, that in the case of any default of the character specified in Section
10.01(c), no such notice to Holders shall be given until at least 45 days after
the occurrence thereof. For the purpose of this Section, the term "default"
means any event which is, or after notice or lapse of time, or both, would
become, an Event of Default.
(b) The Trustee shall give to the trustee under each Class "A"
Mortgage a copy of each notice of default given to the Holders pursuant to this
Section. In addition, the Trustee shall give
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to the Holders copies of each notice of default under any Class "A" Mortgage
given to the Trustee in its capacity as owner and holder of Pledged Bonds issued
and outstanding thereunder.
Section 11.03 Certain Rights of Trustee.
Subject to the provisions of Section 11.01:
(a) the Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other
paper or document believed by it to be genuine and to have been signed
or presented by the proper party or parties;
(b) any request or direction of the Company mentioned herein
shall be sufficiently evidenced by a Company Request or Company Order,
or as otherwise expressly provided herein, and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution;
(c) whenever in the administration of this Indenture the
Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence is specifically prescribed herein) may,
in the absence of bad faith on its part, rely upon an Officer's
Certificate;
(d) the Trustee may consult with counsel and the written
advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance
thereon;
(e) the Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request
or direction of any Holder pursuant to this Indenture, unless such
Holder shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction;
(f) the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters
as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall (subject to applicable legal
requirements) be entitled to examine, during normal business hours, the
books, records and premises of the Company, personally or by agent or
attorney;
(g) the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Trustee shall not be responsible
for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder;
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(h) except as otherwise provided in Section 10.01(c), the
Trustee shall not be charged with knowledge of any Event of Default
unless either (i) a Responsible Officer of the Trustee assigned to the
Corporate Trust Administration Division of the Trustee (or any
successor division or department of the Trustee) shall have actual
knowledge of the Event of Default, or (ii) written notice of such Event
of Default shall have been given to the Trustee by the Company, any
other obligor on the Bonds or by any Holder of such Bonds or, in the
case of an Event of Default described in Section 10.01(f), by the
trustee under the related Class "A" Mortgage; and
(i) the Trustee shall not be personally liable, in the case of
entry by it upon the Mortgaged Property, for debts contracted or
damages incurred in the management or operation of the Mortgaged
Property.
Section 11.04 Not Responsible for Recitals or Issuance of Bonds.
The recitals contained herein and in the Bonds (except the
Trustee's certificates of authentication) shall be taken as the statements of
the Company and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Bonds, as to the value
or condition of the Mortgaged Property or any part thereof, or as to the title
of the Company thereto or as to the security afforded thereby or hereby, or as
to the validity of any Class "A" Bonds or other securities at any time pledged
or deposited with the Trustee hereunder. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of Bonds or the proceeds thereof or of any moneys paid to the Company or
upon Company Order under any provision hereof.
Section 11.05 May Hold Bonds.
Each of the Trustee, any Authenticating Agent, any Paying
Agent, any Bond Registrar or any other agent of the Company, in its individual
or any other capacity, may become the owner or pledgee of Bonds and, subject to
Sections 11.08 and 11.13, may otherwise deal with the Company with the same
rights it would have if it were not such Trustee, Authenticating Agent, Paying
Agent, Bond Registrar or other agent.
Section 11.06 Money Held in Trust.
Money held by the Trustee in trust hereunder need not be
segregated from other funds, except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Company.
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Section 11.07 Compensation and Reimbursement.
(a) The Company shall:
(i) pay to the Trustee from time to time reasonable
compensation for all services rendered by it hereunder (which
compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);
(ii) except as otherwise expressly provided herein,
reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances reasonably incurred or
made by the Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the
expenses and disbursements of its agents and counsel), except
any such expense, disbursement or advance as may be
attributable to its negligence or bad faith; and
(iii) indemnify the Trustee and hold it harmless from
and against any loss, liability or expense incurred without
negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of the trust
or trusts hereunder, including the reasonable costs and
expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its
powers or duties hereunder.
(b) As security for the performance of the obligations of the
Company under this Section, the Trustee shall have a Lien prior to the Bonds
upon the Mortgaged Property and any money collected by the Trustee as proceeds
of the Mortgaged Property, other than property and funds held in trust under
Section 9.03 (except as otherwise provided in Section 9.03).
(c) In addition to the rights provided to the Trustee in
Section 11.07(b), whenever the Trustee incurs any loss, liability or expense
without negligence or bad faith on its part, including the costs and expenses of
defending itself against any claim or liability in connection with the exercise
or performance of any of its powers or duties hereunder, or renders services,
after an Event of Default specified in Section 10.01(d) or (e) occurs, any such
loss, liability, expense (including the reasonable charges and expenses of its
counsel) or compensation for services is intended to constitute expenses of
administration under any applicable federal or state bankruptcy, insolvency or
other similar law.
(d) "Trustee" for purposes of this Section 11.07 shall include
any predecessor Trustee; provided, however, that the negligence or bad faith of
any Trustee hereunder shall not affect the rights of any other Trustee
hereunder.
(e) The provisions of Section 11.07 (a) and (c) shall survive
the termination of this Indenture.
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Section 11.08 Disqualification; Conflicting Interests.
If the Trustee shall have or acquire any conflicting interest
within the meaning of the Trust Indenture Act, it shall either eliminate such
conflicting interest or resign to the extent, in the manner and with the effect,
and subject to the conditions, provided in the Trust Indenture Act and this
Indenture.
Section 11.09 Corporate Trustee Required; Eligibility.
There shall at all times be a Trustee hereunder which shall
be:
(a) a corporation organized and doing business under the laws
of the United States of America, any state or territory thereof or the
District of Columbia, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or
state authority, or
(b) if and to the extent permitted by the Commission by rule,
regulation or order upon application, a corporation or other Person and
doing business under the laws of a foreign government, authorized under
such laws to exercise corporate trust powers, having a combined capital
and surplus of at least $50,000,000 or the Dollar equivalent of the
applicable foreign currency and subject to supervision or examination
by authority of such foreign government or a political subdivision
thereof substantially equivalent to supervision or examination
applicable to United States institutional trustees,
and, in either case, qualified and eligible under this Article and not otherwise
disqualified under Section 310(a)(5) of the Trust Indenture Act. If such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of such supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article.
Section 11.10 Resignation and Removal; Appointment of Successor.
(a) No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 11.11.
(b) The Trustee may resign at any time by giving written
notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 11.11 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the appointment of
a successor Trustee.
(c) The Trustee may be removed at any time by Act of the
Holders of a majority in principal amount of the Bonds then Outstanding
delivered to the Trustee and to the Company.
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(d) If at any time:
(i) the Trustee shall fail to comply with Section
11.08 after written request therefor by the Company or by any
Holder who has been a bona fide Holder for at least six
months, or
(ii) the Trustee shall cease to be eligible under
Section 11.09 and shall fail to resign after written request
therefor by the Company or by any such Holder, or
(iii) the Trustee shall become incapable of acting or
shall be adjudged a bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation,
conservation or liquidation,
then, in any such case, (x) the Company by a Board Resolution may remove the
Trustee, or (y) subject to Section 10.18, any Holder who has been a bona fide
Holder for at least six months may, on behalf of itself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee or Trustees.
(e) If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause (other than as contemplated in sub- clause (y) of clause (iii) of
subsection (d) of this Section), the Company, by a Board Resolution, shall take
prompt steps to appoint a successor Trustee or Trustees and shall comply with
the applicable requirements of Section 11.11. In case all or substantially all
of the Mortgaged Property shall be in the possession of a receiver or trustee
lawfully appointed, such receiver or trustee, by written instrument, may
similarly appoint a successor to fill such vacancy until a new Trustee shall be
so appointed by the Holders. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee shall be
appointed by Act of the Holders of a majority in principal amount of the Bonds
then Outstanding delivered to the Company and the retiring Trustee, the
successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 11.11,
become the successor Trustee and to that extent supersede the successor Trustee
appointed by the Company or by such receiver or trustee. If no successor Trustee
shall have been so appointed by the Company or the Holders and accepted
appointment in the manner required by Section 11.11, any Holder who has been a
bona fide Holder of a Bond for at least six months may, on behalf of itself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee.
(f) So long as no event which is, or after notice or lapse of
time, or both, would become, an Event of Default shall have occurred and be
continuing, if the Company shall have delivered to the Trustee (i) a Board
Resolution appointing a successor Trustee, effective as of a date specified
therein, and (ii) an instrument of acceptance of such appointment, effective as
of such date, by such successor Trustee in accordance with Section 11.11, the
Trustee shall be deemed to have resigned as contemplated in subsection (b) of
this Section, the successor Trustee shall be deemed to have been appointed
pursuant to subsection (d) of this Section and such appointment shall be deemed
to have been accepted as contemplated in Section 11.11, all as of such date, and
all other provisions of this Section and Section 11.11 shall be applicable to
such resignation, appointment and acceptance except to the extent inconsistent
with this subsection (f).
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(g) The Company shall give notice of each resignation and each
removal of the Trustee and each appointment of a successor Trustee by mailing
written notice of such event by first-class mail, postage prepaid, to all
Holders as their names and addresses appear in the Bond Register. Each notice
shall include the name of the successor Trustee and the address of its corporate
trust office.
Section 11.11 Acceptance of Appointment by Successor.
(a) In case of the appointment hereunder of a successor
Trustee, every such successor Trustee so appointed shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of all sums owed to
it, execute and deliver an instrument transferring to such successor Trustee,
upon the trusts herein expressed, all the estates, properties, rights, powers
and trusts of the retiring Trustee and shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee
hereunder subject, nevertheless, to the provisions of Section 11.07(b).
(b) Upon request of any such successor Trustee, the Company
shall execute any instruments which fully vest in and confirm to such successor
Trustee all such estates, properties, rights, powers and trusts referred to in
subsection (a) of this Section.
(c) No successor Trustee shall accept its appointment unless
at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article.
Section 11.12 Merger, Conversion, Consolidation or Succession to
Business.
Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Bonds shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Bonds so authenticated with the same effect
as if such successor Trustee had itself authenticated such Bonds.
Section 11.13 Preferential Collection of Claims Against Company.
If the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Bonds), the Trustee shall be subject to any and
all applicable provisions of the Trust Indenture Act regarding the collection of
claims against the Company (or such other obligor).
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Section 11.14 Co-trustees and Separate Trustees.
(a) At any time or times, for the purpose of meeting the legal
requirements of any jurisdiction in which any of the Mortgaged Property may at
the time be located, the Company and the Trustee shall have power to appoint,
and, upon the written request of the Trustee or of the Holders of at least a
majority in aggregate principal amount of the Bonds then Outstanding, the
Company shall for such purpose join with the Trustee in the execution and
delivery of all instruments and agreements necessary or proper to appoint, one
or more Persons approved by the Trustee either to act as co-trustee, jointly
with the Trustee, of all or any part of the Mortgaged Property, or to act as
separate trustee of any such property, in either case with such powers as may be
provided in the instrument of appointment, and to vest in such Person, in the
capacity aforesaid, any property, title, right or power deemed necessary or
desirable, subject to the other provisions of this Section. If the Company does
not join in such appointment within 15 days after receipt by it of a request to
do so, or in case an Event of Default has occurred and is continuing, the
Trustee alone shall have the power to make such appointment.
(b) Should any written instrument or instruments from the
Company be required by any co-trustee or separate trustee so appointed to more
fully confirm to such co-trustee or separate trustee such property, title, right
or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Company.
(c) Every co-trustee or separate trustee shall, to the extent
permitted by law, but to such extent only, be appointed subject to the following
conditions:
(i) the Bonds shall be authenticated and delivered,
and all rights, powers, duties and obligations hereunder in
respect of the custody of securities, cash and other personal
property held by, or required to be deposited or pledged with,
the Trustee hereunder, shall be exercised solely, by the
Trustee;
(ii) the rights, powers, duties and obligations
hereby conferred or imposed upon the Trustee in respect of any
property covered by such appointment shall be conferred or
imposed upon and exercised or performed either by the Trustee
or by the Trustee and such co-trustee or separate trustee
jointly, as shall be provided in the instrument appointing
such co-trustee or separate trustee, except to the extent that
under any law of any jurisdiction in which any particular act
is to be performed, the Trustee shall be incompetent or
unqualified to perform such act, in which event such rights,
powers, duties and obligations shall be exercised and
performed by such co-trustee or separate trustee;
(iii) the Trustee at any time, by an instrument in
writing executed by it, with the concurrence of the Company,
may accept the resignation of or remove any co-trustee or
separate trustee appointed under this Section, and, if an
Event of Default shall have occurred and be continuing, the
Trustee shall have power to accept the resignation of, or
remove, any such co-trustee or separate trustee without the
concurrence of the Company. Upon the written request of the
Trustee, the Company shall join with the Trustee in the
execution and delivery of all instruments and agreements
necessary or proper to effectuate such resignation or removal.
A successor
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to any co-trustee or separate trustee so resigned or removed
may be appointed in the manner provided in this Section;
(iv) no co-trustee or separate trustee hereunder
shall be personally liable by reason of any act or omission of
the Trustee, or any other such trustee hereunder; and
(v) any Act of Holders delivered to the Trustee shall
be deemed to have been delivered to each such co-trustee and
separate trustee.
Section 11.15 Appointment of Authenticating Agent.
(a) The Trustee may appoint an Authenticating Agent or Agents
(which, except for authentication of Bonds upon the original issuance thereof,
may be the Company) with respect to the Bonds of one or more series, or any
Tranche thereof, which shall be authorized to act on behalf of the Trustee to
authenticate Bonds of such series or Tranche issued upon original issuance,
exchange, registration of transfer or partial redemption thereof or pursuant to
Section 3.06, and Bonds so authenticated shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Bonds by the Trustee or the
Trustee's certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent, other than
the Company, shall be acceptable to the Company and shall at all times be a
corporation organized and doing business under the laws of the United States of
America, any state or territory thereof or the District of Columbia or the
Commonwealth of Puerto Rico, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by federal or state authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.
(b) Any corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall
continue to be an Authenticating Agent, provided such corporation shall be
otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the Trustee or the Authenticating Agent.
(c) An Authenticating Agent may resign at any time by giving
written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice
thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this
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Section, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Company. Any successor Authenticating Agent upon acceptance of
its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.
(d) The Company agrees to pay to each Authenticating Agent
from time to time reasonable compensation for its services under this Section,
and the Trustee shall have no liability for such payments. The Trustee shall not
be responsible for any misconduct, bad faith or negligence on the part of any
Authenticating Agent appointed with due care by the Trustee hereunder.
(e) The provisions of Sections 3.08, 11.04 and 11.05 shall be
applicable to each Authenticating Agent.
(f) If an appointment with respect to the Bonds of one or more
series, or any Tranche thereof, shall be made pursuant to this Section, the
Bonds of such series or Tranche may have endorsed thereon, in addition to or in
lieu of the Trustee's certificate of authentication substantially in the
following form:
This is one of the Bonds of the series designated therein
referred to in the within-mentioned Indenture.
______________________________
as Trustee
By____________________________
As Authenticating Agent
By____________________________
Authorized Officer
(g) If all of the Bonds of a series, or any Tranche thereof,
may not be originally issued at one time, and if the Trustee does not have an
office capable of authenticating Bonds upon original issuance located in a Place
of Payment where the Company wishes to have Bonds of such series or such Tranche
authenticated upon original issuance, the Trustee, if so requested by the
Company in writing (which writing need not comply with Section 1.05 and need not
be accompanied by an Opinion of Counsel), shall appoint, in accordance with this
Section and in accordance with such procedures as shall be acceptable to the
Trustee, an Authenticating Agent having an office in a Place of Payment
designated by the Company with respect to such series of Bonds or such Tranche.
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ARTICLE XII
LISTS OF HOLDERS; REPORTS BY TRUSTEE AND COMPANY
Section 12.01 Lists of Holders; Preservation of Information.
Semiannually, between April 15 and May 1 and between October
15 and November 1 in each year, and at such other times as the Trustee may
request in writing, the Company shall furnish or cause to be furnished to the
Trustee information as to the names and addresses of the Holders, and the
Trustee shall preserve such information and similar information received by it
in any other capacity and afford to the Holders access to information so
preserved by it, all to such extent, if any, and in such manner as shall be
required by the Trust Indenture Act. Every Holder of Bonds, by receiving and
holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders of Bonds in accordance with Section 312 of the
Trust Indenture Act, or any successor section of such Act, regardless of the
source from which such information was derived, and that the Trustee shall not
be held accountable by reason of mailing any material pursuant to a request made
under Section 312(b) of the Trust Indenture Act, or any successor section of
such Act.
Section 12.02 Reports by Trustee and Company.
Annually, not later than sixty (60) days after May 15 in each
year commencing with the first May 15th following the first issuance of Bonds
pursuant to Section 4.01, if required by Section 313(a) of the Trust Indenture
Act, or any successor section of such Act, the Trustee shall transmit to the
Holders and the Commission a report with respect to any events described in
Section 313(a) of the Trust Indenture Act, or any successor section of such Act,
in such manner and to the extent required by the Trust Indenture Act. The
Trustee shall transmit to the Holders and the Commission, and the Company shall
file with the Trustee and transmit to the Holders, such other information,
reports and other documents, if any, at such times and in such manner, as shall
be required by the Trust Indenture Act. A copy of each report required to be
transmitted to the Holders pursuant to Section 313 of the Trust Indenture Act
shall, at the time of such transmission to the Holders, be furnished to the
Company and be filed by the Trustee with each stock exchange, if any, upon which
the Bonds of any series, or any Tranche thereof, are listed and also with the
Commission. The Company agrees to notify the Trustee when and as the Bonds of
such series, or any such Tranche, become admitted to trading on any national
securities exchange.
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ARTICLE XIII
CONSOLIDATION, MERGER, CONVEYANCE,
TRANSFER OR LEASE
Section 13.01 Company May Consolidate, etc., Only on Certain Terms.
The Company shall not consolidate with or merge into any other
corporation or convey, or otherwise transfer or lease, the Mortgaged Property as
or substantially as an entirety to any Person, unless:
(a) such consolidation, merger, conveyance, other transfer or
lease shall be on such terms as shall fully preserve in all material
respects the Lien and security of this Indenture and the rights and
powers of the Trustee and the Holders of the Bonds hereunder;
(b) the corporation formed by such consolidation or into which
the Company is merged or the Person which acquires by conveyance or
other transfer, or which leases, the Mortgaged Property as or
substantially as an entirety shall be a corporation organized and
existing under the laws of the United States of America, any state or
territory thereof or the District of Columbia (such corporation being
hereinafter sometimes called the "Successor Corporation") and shall
execute and deliver to the Trustee an indenture supplemental hereto, in
form recordable and satisfactory to the Trustee, which:
(i) in the case of a consolidation, merger,
conveyance or other transfer, or in the case of a lease if the
term thereof extends beyond the last Stated Maturity of the
Bonds then Outstanding, contains an assumption by the
Successor Corporation of the due and punctual payment of the
principal of and premium, if any, and interest, if any, on all
the Bonds then Outstanding and the performance and observance
of every covenant and condition of this Indenture to be
performed or observed by the Company, and
(ii) in the case of a consolidation, merger,
conveyance or other transfer, contains a grant, conveyance,
transfer and mortgage by the Successor Corporation, of the
same tenor of the Granting Clauses herein:
(A) confirming the Lien of this Indenture on
the Mortgaged Property (as constituted immediately
prior to the time such transaction became effective)
and subjecting to the Lien of this Indenture all
property real, personal and mixed, thereafter
acquired by the Successor Corporation which shall
constitute an improvement, extension or addition to
the Mortgaged Property (as so constituted) or a
renewal, replacement or substitution of or for any
part thereof, and
(B) at the election of the Successor
Corporation, subjecting to the Lien of this Indenture
such property, real, personal or mixed, in addition
to the property described in subclause (A) above,
then owned or thereafter acquired
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by the Successor Corporation as the Successor
Corporation shall, in its sole discretion, specify
or describe therein,
and the Lien confirmed or created by such grant, conveyance, transfer
and mortgage shall have force, effect and standing similar to those
which the Lien of this Indenture would have had if the Company had not
been a party to such consolidation, merger, conveyance or other
transfer and had itself, after the time such transaction became
effective, purchased, constructed or otherwise acquired the property
subject to such grant, conveyance, transfer and mortgage;
(c) in the case of a lease, such lease shall be made expressly
subject to termination by the Company or by the Trustee at any time
during the continuance of an Event of Default, and also by the
purchaser of the property so leased at any sale thereof hereunder,
whether such sale be made under the power of sale hereby conferred or
pursuant to judicial proceedings; and
(d) the Company shall have delivered to the Trustee an
Officer's Certificate and an Opinion of Counsel, each of which shall
state that such consolidation, merger, conveyance or other transfer or
lease, and such supplemental indenture, comply with this Article and
that all conditions precedent herein provided for relating to such
transaction have been complied with.
Section 13.02 Successor Corporation Substituted.
Upon any consolidation or merger or any conveyance or other
transfer, subject to the Lien of this Indenture, of the Mortgaged Property as or
substantially as an entirety in accordance with Section 13.01, the Successor
Corporation shall succeed to, and be substituted for, and may exercise every
power and right of, the Company under this Indenture with the same effect as if
such Successor Corporation had been named as the "Company" herein.
Without limiting the generality of the foregoing:
(a) all property of the Successor Corporation then subject to
the Lien of this Indenture, of the character described in Section
1.04(a), shall constitute Property Additions;
(b) the Successor Corporation may execute and deliver to the
Trustee, and thereupon the Trustee shall, subject to the provisions of
Article Four, authenticate and deliver, Bonds upon the basis of
Property Additions or upon any other basis provided in Article Four;
and
(c) the Successor Corporation may, subject to the applicable
provisions of this Indenture, cause Property Additions to be applied to
any other Authorized Purpose.
All Bonds so executed by the Successor Corporation, and authenticated and
delivered by the Trustee, shall in all respects be entitled to the same benefit
of the Lien and security of this Indenture as all Bonds executed, authenticated
and delivered prior to the time such consolidation, merger, conveyance or other
transfer became effective.
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Section 13.03 Extent of Lien Hereof on Property of Successor
Corporation.
Unless, in the case of a consolidation, merger, conveyance or
other transfer permitted by Section 13.01, the indenture supplemental hereto
provided for in clause (ii) of Section 13.01(b), or any other indenture,
contains a grant, conveyance, transfer and mortgage by the Successor Corporation
as described in subclause (B) thereof, neither this Indenture nor such
supplemental indenture shall become or be required to become or be a Lien upon
any of the properties then owned or thereafter acquired by the Successor
Corporation except properties acquired from the Company in or as a result of
such transaction and improvements, extensions and additions to such properties
and renewals, replacements and substitutions of or for any part or parts of such
properties.
Section 13.04 Release of Company upon Conveyance or Other Transfer.
In the case of a conveyance or other transfer permitted by
Section 13.01, upon the satisfaction of all the conditions specified in Section
13.01, the Company (such term being used in this Section without giving effect
to such transaction) shall be released and discharged from all obligations and
covenants under this Indenture and on and under all Bonds then Outstanding
unless the Company shall have delivered to the Trustee an instrument in which it
shall waive such release and discharge.
Section 13.05 Merger into Company; Extent of Lien Hereof.
(a) Nothing in this Indenture shall be deemed to prevent or
restrict any consolidation or merger after the consummation of which the Company
would be the surviving or resulting corporation, or any conveyance or other
transfer or lease, subject to the Lien of this Indenture, of any part of the
Mortgaged Property which does not constitute the entirety, or substantially the
entirety, thereof.
(b) Unless, in the case of a consolidation or merger described
in subsection (a) of this Section, an indenture supplemental hereto shall
otherwise provide, this Indenture shall not become or be, or be required to
become or be, a Lien upon any of the properties acquired by the Company in or as
a result of such transaction or any improvements, extensions or additions to
such properties or any renewals, replacements or substitutions of or for any
part or parts of such properties.
ARTICLE XIV
SUPPLEMENTAL INDENTURES
Section 14.01 Supplemental Indentures Without Consent of Holders.
(a) Without the consent of any Holders, the Company and the
Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of
the following purposes:
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(i) to evidence the succession of another Person to
the Company and the assumption by any such successor of the
covenants of the Company herein and in the Bonds, all as
provided in Article Thirteen; or
(ii) to add one or more covenants of the Company or
other provisions for the benefit of all Holders or for the
benefit of the Holders of, or to remain in effect only so long
as there shall be Outstanding, Bonds of one or more specified
series, or one or more specified Tranches thereof, or to
surrender any right or power herein conferred upon the
Company; or
(iii) to correct or amplify the description of any
property at any time subject to the Lien of this Indenture, or
better to assure, convey and confirm unto the Trustee any
property subject or required to be subjected to the Lien of
this Indenture, or to subject to the Lien of this Indenture
additional property; or
(iv) to convey, transfer and assign to the Trustee
and to subject to the Lien of this Indenture with the same
force and effect as if included in the Granting Clauses
herein, property of subsidiaries of the Company used or to be
used for one or more purposes which if owned by the Company
would constitute property used or to be used for one or more
of the Primary Purposes of the Company's Business or in the
generation or production of electric energy, which property
shall for all purposes of this Indenture be deemed to be
property of the Company, together with such other provisions
as may be appropriate to express the respective rights of the
Trustee and the Company in regard thereto;
(v) to change or eliminate any provision of this
Indenture or to add any new provision to this Indenture;
provided, however, that if such change, elimination or
addition shall adversely affect the interests of the Holders
of Bonds of any series or Tranche in any material respect,
such change, elimination or addition shall become effective
with respect to such series or Tranche only when no Bond of
such series or Tranche remains Outstanding; or
(vi) to establish the form or terms of Bonds of any
series or Tranche as contemplated by Sections 2.01 and 3.01;
or
(vii) to provide for the authentication and delivery
of Bonds in bearer form and interest coupons appertaining
thereto representing interest, if any, thereon and for the
procedures for the registration of principal thereof and the
exchange and replacement thereof, for the giving of notice to,
and the solicitation of the vote or consent of, the holders
thereof, and for any and all other matters incidental thereto;
or
(viii) to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee or by a
co-trustee or separate trustee; or
(ix) to provide for the procedures required to permit
the Company to utilize, at its option, a non-certificated
system of registration for all, or any series or Tranche of,
the Bonds; or
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(x) to change any place or places where (A) the
principal of and premium, if any, and interest, if any, on all
or any series of Bonds, or any Tranche thereof, shall be
payable, (B) all or any series of Bonds, or any Tranche
thereof, may be surrendered for registration of transfer, (C)
all or any series of Bonds, or any Tranche thereof, may be
surrendered for exchange, and (D) notices and demands to or
upon the Company in respect of all or any series of Bonds, or
any Tranche thereof, and this Indenture may be served; or
(xi) to cure any ambiguity or to correct or
supplement any provision herein which may be defective or
inconsistent with any other provision herein, or to make any
other changes to the provisions hereof or to add other
provisions with respect to matters or questions arising under
this Indenture, provided that such other changes or additions
shall not adversely affect the interests of the Holders of
Bonds of any series or Tranche in any material respect; or
(xii) to reflect changes in Generally Accepted
Accounting Principles; or
(xiii) to provide the terms and conditions of the
exchange or conversion, at the option of the holders of Bonds
of any series, of the Bonds of such series for or into Bonds
of other series or stock or other securities of the Company or
any other corporation; or
(xiv) to change the words "Mortgage Bonds" to "First
Mortgage Bonds" in the descriptive title of all Outstanding
Bonds at any time after the discharge of the 1930 Mortgage; or
(xv) to comply with the rules or regulations of any
national securities exchange on which any of the Bonds may be
listed.
(b) Without limiting the generality of the foregoing, if the
Trust Indenture Act as in effect at the date of the execution and delivery of
this Indenture or at any time thereafter shall be amended and:
(i) if any such amendment shall require one or more
changes to any provisions hereof or the inclusion herein of
any additional provisions, or shall by operation of law be
deemed to effect such changes or incorporate such provisions
by reference or otherwise, this Indenture shall be deemed to
have been amended so as to conform to such amendment to the
Trust Indenture Act, and the Company and the Trustee may,
without the consent of any Holders, enter into an indenture
supplemental hereto to evidence such amendment hereof; or
(ii) if any such amendment shall permit one or more
changes to, or the elimination of, any provisions hereof
which, at the date of the execution and delivery hereof or at
any time thereafter, are required by the Trust Indenture Act
to be contained herein or are contained herein to reflect any
provisions of the Trust Indenture Act as in effect at such
date, the Company and the Trustee may, without the consent of
any Holders, enter into an indenture supplemental hereto to
effect such changes or elimination.
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Section 14.02 Supplemental Indentures With Consent of Holders.
(a) With the consent of the Holders of not less than a
majority in aggregate principal amount of the Bonds of all series then
Outstanding under this Indenture, considered as one class, by Act of said
Holders delivered to the Company and the Trustee, the Company, when authorized
by a Board Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture; provided,
however, that if there shall be Bonds of more than one series Outstanding
hereunder and if a proposed supplemental indenture shall directly affect the
rights of the Holders of Bonds of one or more, but less than all, of such
series, then the consent only of the Holders of a majority in aggregate
principal amount of the Outstanding Bonds of all series so directly affected,
considered as one class, shall be required; and provided, further, that if the
Bonds of any series shall have been issued in more than one Tranche and if the
proposed supplemental indenture shall directly affect the rights of the Holders
of Bonds of one or more, but less than all, of such Tranches, then the consent
only of the Holders of a majority in aggregate principal amount of the
Outstanding Bonds of all Tranches so directly affected, considered as one class,
shall be required; and provided, further, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Bond of each series
or Tranche so directly affected:
(i) change the Stated Maturity of the principal of,
or any installment of principal of or interest on, any Bond,
or reduce the principal amount thereof or the rate of interest
thereon (or the amount of any installment of interest thereon)
or change the method of calculating such rate or reduce any
premium payable upon the redemption thereof, or reduce the
amount of the principal of a Discount Bond that would be due
and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 10.02(a), or change the coin or
currency (or other property) in which any Bond or any premium
or the interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or
after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date); or
(ii) permit the creation of any Lien ranking prior to
the Lien of this Indenture with respect to all or
substantially all of the Mortgaged Property or terminate the
Lien of this Indenture on all or substantially all of the
Mortgaged Property, or deprive such Holder of the benefit of
the security of the Lien of this Indenture; or
(iii) reduce the percentage in principal amount of
the Outstanding Bonds of such series or Tranche, the consent
of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any
waiver of compliance with any provision of this Indenture or
of any default hereunder and its consequences, or reduce the
requirements of Section 15.04(a) for quorum or voting; or
(iv) modify any of the provisions of this Section,
Section 6.09 or Section 10.17, except to increase the
percentages in principal amount referred to in this Section or
such other Sections or to provide that other provisions of
this Indenture cannot be modified or waived without the
consent of the Holder of each Outstanding Bond affected
thereby; provided, however, that this clause shall not be
deemed to require the consent of any Holder with respect to
changes in the references to "the
102
<PAGE> 111
Trustee" and concomitant changes in this Section pursuant to
clause (viii) of Section 14.01(a).
(b) A supplemental indenture which (i) changes or eliminates
any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of the Holders of, or which is to remain in
effect only so long as there shall be Outstanding, Bonds of one or more
specified series, or one or more Tranches thereof, or (ii) modifies the rights
of the Holders of Bonds of such series or Tranches with respect to such covenant
or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Bonds of any other series or Tranche.
(c) It shall not be necessary for any Act of Holders under
this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance
thereof.
Section 14.03 Execution of Supplemental Indentures.
In executing, or accepting the additional trusts created by,
any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive, and (subject to Section 11.01) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee's own rights, duties, immunities or liabilities under this
Indenture or otherwise.
Section 14.04 Effect of Supplemental Indentures.
Upon the execution of any supplemental indenture under this
Article this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Bonds theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby. Any supplemental indenture permitted by this
Article may restate this Indenture in its entirety, and, upon the execution and
delivery thereof, any such restatement shall supersede this Indenture as
theretofore in effect for all purposes.
Section 14.05 Conformity With Trust Indenture Act.
Every supplemental indenture executed pursuant to this Article
shall conform to the requirements of the Trust Indenture Act as then in effect.
Section 14.06 Reference in Bonds to Supplemental Indentures.
Bonds of any series, or any Tranche thereof, authenticated and
delivered after the execution of any supplemental indenture pursuant to this
Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Bonds of any series, or any
Tranche thereof, so modified as to conform, in the opinion of the Trustee and
the Company, to any such
103
<PAGE> 112
supplemental indenture may be prepared and executed by the Company and
authenticated and delivered in exchange for Outstanding Bonds of such series or
Tranche.
ARTICLE XV
MEETINGS OF HOLDERS; ACTION WITHOUT MEETING
Section 15.01 Purposes for Which Meetings May be Called.
A meeting of Holders of Bonds of one or more, or all, series,
or any Tranche or Tranches thereof, may be called at any time and from time to
time pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Bonds of such series or
Tranches.
Section 15.02 Call, Notice and Place of Meetings.
(a) The Trustee may at any time call a meeting of Holders of
Bonds of one or more, or all, series, or any Tranche or Tranches thereof, for
any purpose specified in Section 15.01, to be held at such time and (except as
provided in subsection (b) of this Section) at such place in the Borough of
Manhattan, The City of New York, as the Trustee shall determine, or, with the
approval of the Company, at any other place. Notice of every such meeting,
setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be given, in the manner
provided in Section 1.09, not less than 21 nor more than 180 days prior to the
date fixed for the meeting.
(b) The Trustee may be asked to call a meeting of the Holders
of Outstanding Bonds of one or more, or all, series, or any Tranche or Tranches
thereof, by the Company or by the Holders of 25% in aggregate principal amount
of all of such series and Tranches, considered as one class, for any purpose
specified in Section 15.01, by written request setting forth in reasonable
detail the action proposed to be taken at the meeting. If the Trustee shall have
been asked by the Company to call such a meeting, the Company shall determine
the time and place for such meeting by giving notice thereof in the manner
provided in subsection (a) of this Section, or shall direct the Trustee, in the
name and at the expense of the Company, to give such notice. If the Trustee
shall have been asked to call such a meeting by Holders in accordance with this
subsection (b), and the Trustee shall not have given the notice of such meeting
within 21 days after receipt of such request or shall not thereafter proceed to
cause the meeting to be held as provided herein, then the Holders of Bonds of
such series and Tranches in the amount above specified, may determine the time
and the place in the Borough of Manhattan, The City of New York, or in such
other place as shall be determined or approved by the Company, for such meeting
and may call such meeting for such purposes by giving notice thereof as provided
in subsection (a) of this Section.
(c) Any meeting of Holders of Bonds of one or more, or all,
series, or any Tranche or Tranches thereof, shall be valid without notice if the
Holders of all Outstanding Bonds of such series or Tranches are present in
person or by proxy and if representatives of the Company and the
104
<PAGE> 113
Trustee are present, or if notice is waived in writing before or after the
meeting by the Holders of all Outstanding Bonds of such series, or any Tranche
or Tranches thereof, or by such of them as are not present at the meeting in
person or by proxy, and by the Company and the Trustee.
Section 15.03 Persons Entitled to Vote at Meetings; Record Date.
To be entitled to vote at any meeting of Holders of Bonds of
one or more, or all, series, or any Tranche or Tranches thereof, a Person shall
be (a) a Holder of one or more Outstanding Bonds of such series or Tranches on
the record date fixed as provided below, or (b) a Person appointed by an
instrument in writing by a Holder or Holders of one or more Outstanding Bonds of
such series or Tranches on the record date fixed as provided below as proxy for
such Holder or Holders. The only Persons who shall be entitled to attend any
meeting of Holders of Bonds of any series or Tranche shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel.
The Company may fix in advance a record date for the determination of Holders
who are entitled to vote at a meeting called pursuant to Section 15.02 and, if
the Company does not so fix a record date, the Trustee may do so.
Section 15.04 Quorum; Action.
(a) The Persons entitled to vote a majority in aggregate
principal amount of the Outstanding Bonds of the series and Tranches with
respect to which a meeting shall have been called as hereinbefore provided,
considered as one class, shall constitute a quorum for a meeting of Holders of
Bonds of such series and Tranches; provided, however, that if any action is to
be taken at such meeting which this Indenture expressly provides may be taken by
the Holders of a specified percentage, which is less than a majority, in
principal amount of the Outstanding Bonds of such series and Tranches,
considered as one class, the Persons entitled to vote such specified percentage
in principal amount of the Outstanding Bonds of such series and Tranches,
considered as one class, shall constitute a quorum. In the absence of a quorum
within one hour of the time appointed for any such meeting, the meeting shall,
if convened at the request of Holders of Bonds of such series and Tranches, be
dissolved. In any other case the meeting may be adjourned for such period as may
be determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for such period as may be determined
by the chairman of the meeting prior to the adjournment of such adjourned
meeting. Except as provided by Section 15.05(e), notice of the reconvening of
any meeting adjourned for more than 30 days shall be given as provided in
Section 1.09 not less than ten days prior to the date on which the meeting is
scheduled to be reconvened. Notice of the reconvening of an adjourned meeting
shall state expressly the percentage, as provided above, of the principal amount
of the Outstanding Bonds of such series and Tranches which shall constitute a
quorum.
(b) Except as limited by Section 14.02, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted only by the affirmative vote of the Holders
of a majority in aggregate principal amount of the Outstanding Bonds of the
series and Tranches with respect to which such meeting shall have been called,
considered as one class; provided, however, that, except as so limited, any
resolution with respect to any action which this Indenture expressly provides
may be taken by the Holders of a specified
105
<PAGE> 114
percentage, which is less than a majority, in principal amount of the
Outstanding Bonds of such series and Tranches, considered as one class, may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid by the affirmative vote of the Holders of such
specified percentage in principal amount of the Outstanding Bonds of such series
and Tranches, considered as one class.
(c) Any resolution passed or decision taken at any meeting of
Holders of Bonds duly held in accordance with this Section shall be binding on
all the Holders of Bonds of the series and Tranches with respect to which such
meeting shall have been held, whether or not present or represented at the
meeting.
Section 15.05 Attendance at Meetings; Determination of Voting Rights;
Conduct and Adjournment of Meetings.
(a) Attendance at meetings of Holders of Bonds may be in
person or by proxy; and, to the extent permitted by law, any such proxy shall
remain in effect and be binding upon any future Holder of the Bonds with respect
to which it was given unless and until specifically revoked by the Holder or
future Holder of such Bonds before being voted.
(b) Notwithstanding any other provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for
any meeting of Holders of Bonds in regard to proof of the holding of such Bonds
and of the appointment of proxies and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Bonds shall be
proved in the manner specified in Section 1.07 and the appointment of any proxy
shall be proved in the manner specified in Section 1.07. Such regulations may
provide that written instruments appointing proxies, regular on their face, may
be presumed valid and genuine without the proof specified in Section 1.07 or
other proof.
(c) The Trustee shall, by an instrument in writing, appoint a
temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders as provided in Section 15.02(b), in which case the
Company or the Holders of Bonds of the series and Tranches calling the meeting,
as the case may be, shall in like manner appoint a temporary chairman. A
permanent chairman and a permanent secretary of the meeting shall be elected by
vote of the Persons entitled to vote a majority in aggregate principal amount of
the Outstanding Bonds of all series and Tranches represented at the meeting,
considered as one class.
(d) At any meeting each Holder or proxy shall be entitled to
one vote for each $1,000 principal amount of Outstanding Bonds held or
represented by him and if there shall have been established in respect of the
Bonds of any series, or any Tranche thereof, that such Bonds may be issuable
other than in denominations of $1,000 and any integral multiple thereof, a
fractional vote equal to (x) the difference (expressed as a positive number)
between (u) the aggregate principal amount of Outstanding Bonds held or
represented by him and (v) the next lowest integral multiple of $1,000 (or if
there is no next lowest integral multiple thereof, zero), divided by (y) 1,000;
provided, however, that no vote shall be cast or counted at any meeting in
respect of any Bond challenged as
106
<PAGE> 115
not Outstanding and ruled by the chairman of the meeting to be not Outstanding.
The chairman of the meeting shall have no right to vote, except as a Holder of a
Bond or proxy.
(e) Any meeting duly called pursuant to Section 15.02 at which
a quorum is present may be adjourned from time to time by Persons entitled to
vote a majority in aggregate principal amount of the Outstanding Bonds of all
series and Tranches represented in person or by proxy at the meeting, considered
as one class; and the meeting may be held as so adjourned without further
notice.
Section 15.06 Counting Votes and Recording Action of Meetings.
The vote upon any resolution submitted to any meeting of
Holders shall be by written ballots on which shall be subscribed the signatures
of the Holders or of their representatives by proxy and the principal amounts
and serial numbers of the Outstanding Bonds, of the series and Tranches with
respect to which the meeting shall have been called, held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of
votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the secretary of the meeting their
verified written reports of all votes cast at the meeting. A record of the
proceedings of each meeting of Holders shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more persons having knowledge of the facts setting forth a copy of the notice of
the meeting and showing that said notice was given as provided in Section 15.02
and, if applicable, Section 15.04. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.
Section 15.07 Action Without Meeting.
In lieu of a vote of Holders at a meeting as hereinbefore
contemplated in this Article, any request, demand, authorization, direction,
notice, consent, waiver or other action may be made, given or taken by Holders
by written instruments as provided in Section 1.07.
ARTICLE XVI
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS,
AND DIRECTORS
Section 16.01 Liability Solely Corporate.
No recourse shall be had for the payment of the principal of
or premium if any, or interest, if any, on any Bonds, or any part thereof, or
for any claim based thereon or otherwise in respect thereof, or of the
indebtedness represented thereby, or upon any obligation, covenant or
107
<PAGE> 116
agreement under this Indenture, against any incorporator, stockholder, officer
or director, as such, past, present or future of the Company or of any
predecessor or successor corporation (either directly or through the Company or
a predecessor or successor corporation), whether by virtue of any constitutional
provision, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly agreed and understood that this
Indenture and all the Bonds are solely corporate obligations, and that no
personal liability whatsoever shall attach to, or be incurred by, any
incorporator, stockholder, officer or director, past, present or future, of the
Company or of any predecessor or successor corporation, either directly or
indirectly through the Company or any predecessor or successor corporation,
because of the indebtedness hereby authorized or under or by reason of any of
the obligations, covenants or agreements contained in this Indenture or in any
of the Bonds or to be implied herefrom or therefrom, and that any such personal
liability is hereby expressly waived and released as a condition of, and as part
of the consideration for, the execution of this Indenture and the issuance of
the Bonds.
This instrument may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.
108
<PAGE> 117
General Mortgage Indenture & Deed of Trust
IN WITNESS WHEREOF, OHIO EDISON COMPANY, party of the first
part hereto, and THE BANK OF NEW YORK, party of the second part hereto, have
caused these presents to be executed in their respective names by their
respective Presidents or one of their Vice Presidents or Assistant Vice
Presidents and their respective seals to be hereunto affixed and attested by
their respective Secretaries or one of their Assistant Secretaries or Assistant
Treasurers, all as of the day and year first above written.
OHIO EDISON COMPANY
[Corporate Seal]
By: /s/ PETER BURG
---------------------------
H. Peter Burg
President
Attest: /s/ NANCY C. ASHCOM
-------------------------
Nancy C. Ashcom
Corporate Secretary
Signed, Sealed and Acknowledged on behalf of
OHIO EDISON COMPANY in the presence of:
/s/ JACKIE C. PAMFILIE
- -----------------------------------
Jackie C. Pamfilie
/s/ JANET D. PERA
- -----------------------------------
Janet D. Pera
THE BANK OF NEW YORK
[Corporate Seal]
By: /s/ LUCILLE FIRRINCIELI
-------------------------------
Lucille Firrincieli
Vice President
Attest: /s/ ILIANA ACEVEDO
-----------------------------
Iliana Acevedo
Assistant Treasurer
Signed, Sealed and Acknowledged on behalf of
THE BANK OF NEW YORK in the presence of:
/s/ LOUANN FERNANDEZ
- ----------------------------------------
Louann Fernandez
/s/ MARION PAPADOGONAS
- ----------------------------------------
Marion Papadogonas
109
<PAGE> 118
STATE OF OHIO )
)ss.:
COUNTY OF SUMMIT )
On the 24th day of February, 1998, personally appeared
before me, a Notary Public in and for the said County and State aforesaid, H.
Peter Burg and Nancy C. Ashcom, to me known and known to me to be the President
and the Corporate Secretary, respectively, of OHIO EDISON COMPANY, the
corporation which executed the foregoing instrument, and who severally
acknowledged that they did sign and seal such instrument as such President and
Corporate Secretary, respectively, of OHIO EDISON COMPANY, the same is their
free act and deed and the free and corporate act and deed of said corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and seal the
24th day of February, 1998.
/s/ SUSIE M. HOISTEN
---------------------------------------
Susie M. Hoisten, Notary Public
[Seal]
STATE OF OHIO )
)ss.:
COUNTY OF SUMMIT )
On the 24th day of February, 1998, before me personally came
H. Peter Burg, to me known, who, being by me duly sworn, did depose and say that
he resides at 76 South Main Street, Akron, Ohio, 44308; that he is the President
of OHIO EDISON COMPANY, one of the corporations described in and which executed
the above instrument; that he knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by
order of the Board of Directors of said corporation, and that he signed his name
thereto by like order.
/s/ SUSIE M. HOISTEN
---------------------------------------
Susie M. Hoisten, Notary Public
[Seal]
110
<PAGE> 119
STATE OF NEW YORK )
)ss.:
COUNTY OF NEW YORK )
On the 19th day of February, 1998, personally appeared
before me, a Notary Public in and for the said County and State aforesaid,
Lucille Firrincieli and Iliana Acevedo, to me known and known to me to be
a Vice President and Assistant Treasurer, respectively, of THE BANK OF NEW YORK,
the corporation which executed the foregoing instrument, and who severally
acknowledged that they did sign and seal such instrument as such Vice President
and Assistant Treasurer for and on behalf of said corporation and that the same
is their free act and deed and the free and corporate act and deed of said
corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and seal the
19th day of February, 1998.
/s/ WILLIAM J. CASSELS
----------------------------------
William J. Cassels
Notary Public, State of New York
No. 01CA50277729
Qualified in Bronx County
Certificate Filed in New York County
Commission Expires May 16, 1998
[CORPORATE SEAL]
STATE OF NEW YORK )
)ss.:
COUNTY OF NEW YORK )
On the 19th day of February, 1998, before me personally came
Lucille Firrincieli, to me known, who, being by me duly sworn, did depose and
say that she resides at Flushing New York, that she is a Vice President
of THE BANK OF NEW YORK, one of the parties described in and which executed the
above instrument; that she knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by
order of the Board of Directors of said corporation, and that she signed her
name thereto by like authority.
/s/ WILLIAM J. CASSELS
-------------------------------------
William J. Cassels
Notary Public, State of New York
No. 01CA50277729
Qualified in Bronx County
Certificate Filed in New York County
Commission Expires May 16, 1998
[CORPORATE SEAL]
111
<PAGE> 120
The Bank of New York hereby certifies that its precise name
and address as Trustee hereunder are:
The Bank of New York
101 Barclay Street
City, County and State of New York 10286
THE BANK OF NEW YORK
By: /s/ LUCILLE FIRRINCIELI
--------------------------
Lucille Firrincieli
Vice President
112
<PAGE> 121
<TABLE>
<CAPTION>
EXHIBIT A
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
STATE/COUNTY ORIGINAL MORTGAGE SECOND THIRD FOURTH
AUG. 1, 1930 MARCH 24, 1931 NOV. 1, 1935 JAN. 1, 1937
------------ -------------- ------------ ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
OHIO:
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Allen 226 1 226 56 226 70
- -------------------------------------------------------------------------------------------------------------------------------
Ashland 224 467 224 517
- -------------------------------------------------------------------------------------------------------------------------------
Ashtabula 192 1 214 58 217 142
- -------------------------------------------------------------------------------------------------------------------------------
Auglaize 80 494 88 94 91 405
- -------------------------------------------------------------------------------------------------------------------------------
Belmont 272 403 272 501
- -------------------------------------------------------------------------------------------------------------------------------
Carroll 46 299 46 387 47 294
- -------------------------------------------------------------------------------------------------------------------------------
Champaign 85 315 91 111 98 139
- -------------------------------------------------------------------------------------------------------------------------------
Clark 239 8 257 139 262 38
- -------------------------------------------------------------------------------------------------------------------------------
Columbiana 548 101 577 393 589 157
- -------------------------------------------------------------------------------------------------------------------------------
Crawford 149 325 149 517
- -------------------------------------------------------------------------------------------------------------------------------
Cuyahoga 3994 487 4576 652 4690 594
- -------------------------------------------------------------------------------------------------------------------------------
Delaware 110 35 119 1
- -------------------------------------------------------------------------------------------------------------------------------
Erie 159 263 159 352
- -------------------------------------------------------------------------------------------------------------------------------
Fayette 58 151 58 241
- -------------------------------------------------------------------------------------------------------------------------------
Franklin 1455 170 1455 86
- -------------------------------------------------------------------------------------------------------------------------------
Geauga 185 250 194 235 199 99
- -------------------------------------------------------------------------------------------------------------------------------
Greene 103 191 109 1 109 486
- -------------------------------------------------------------------------------------------------------------------------------
Hardin 112 220 119 466
- -------------------------------------------------------------------------------------------------------------------------------
Harrison 76 1 76 99
- -------------------------------------------------------------------------------------------------------------------------------
Holmes 54 265 54 347
- -------------------------------------------------------------------------------------------------------------------------------
Huron 169 325 169 415
- -------------------------------------------------------------------------------------------------------------------------------
Jefferson 122 363 132 557 134 589
- -------------------------------------------------------------------------------------------------------------------------------
Knox 120 28 120 117
- -------------------------------------------------------------------------------------------------------------------------------
Logan 73 545 85 134 95 302
- -------------------------------------------------------------------------------------------------------------------------------
Lorain 240 1 240 83 246 1
- -------------------------------------------------------------------------------------------------------------------------------
Lucas 1465 1 1464 611
- -------------------------------------------------------------------------------------------------------------------------------
Madison 74 407 81 535 83 59
- -------------------------------------------------------------------------------------------------------------------------------
Mahoning 339 163 341 509 405 102 412 510
- -------------------------------------------------------------------------------------------------------------------------------
Marion 213 303 213 399
- -------------------------------------------------------------------------------------------------------------------------------
Medina 79 301 88 72 6 267
- -------------------------------------------------------------------------------------------------------------------------------
Morrow 71 1 71 178
- -------------------------------------------------------------------------------------------------------------------------------
Noble 55 123 55 181
- -------------------------------------------------------------------------------------------------------------------------------
Ottawa 91 1 91 91
- -------------------------------------------------------------------------------------------------------------------------------
Portage 321 239 339 319 350 89
- -------------------------------------------------------------------------------------------------------------------------------
Richland 195 286 195 376
- -------------------------------------------------------------------------------------------------------------------------------
STATE/COUNTY FIFTH SIXTH
SEPT. 1, 1937 JUNE 13, 1939
------------- -------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Allen 226 75 226 81
- ----------------------------------------------------------------------------------------------
Ashland
- ----------------------------------------------------------------------------------------------
Ashtabula 218 168 225 628
- ----------------------------------------------------------------------------------------------
Auglaize 91 409 91 414
- ----------------------------------------------------------------------------------------------
Belmont
- ----------------------------------------------------------------------------------------------
Carroll 50 245
- ----------------------------------------------------------------------------------------------
Champaign 98 143 98 148
- ----------------------------------------------------------------------------------------------
Clark 266 40 280 109
- ----------------------------------------------------------------------------------------------
Columbiana 594 511 620 76
- ----------------------------------------------------------------------------------------------
Crawford
- ----------------------------------------------------------------------------------------------
Cuyahoga 5054 311 5054 320
- ----------------------------------------------------------------------------------------------
Delaware
- ----------------------------------------------------------------------------------------------
Erie
- ----------------------------------------------------------------------------------------------
Fayette
- ----------------------------------------------------------------------------------------------
Franklin
- ----------------------------------------------------------------------------------------------
Geauga 198 532
- ----------------------------------------------------------------------------------------------
Greene 113 632 113 642
- ----------------------------------------------------------------------------------------------
Hardin
- ----------------------------------------------------------------------------------------------
Harrison
- ----------------------------------------------------------------------------------------------
Holmes
- ----------------------------------------------------------------------------------------------
Huron
- ----------------------------------------------------------------------------------------------
Jefferson 144 494 144 500
- ----------------------------------------------------------------------------------------------
Knox
- ----------------------------------------------------------------------------------------------
Logan 95 308 95 317
- ----------------------------------------------------------------------------------------------
Lorain 262 629
- ----------------------------------------------------------------------------------------------
Lucas
- ----------------------------------------------------------------------------------------------
Madison 83 469 87 295
- ----------------------------------------------------------------------------------------------
Mahoning 421 196 449 418
- ----------------------------------------------------------------------------------------------
Marion
- ----------------------------------------------------------------------------------------------
Medina 6 335 99 54
- ----------------------------------------------------------------------------------------------
Morrow
- ----------------------------------------------------------------------------------------------
Noble
- ----------------------------------------------------------------------------------------------
Ottawa
- ----------------------------------------------------------------------------------------------
Portage 350 397 370 212
- ----------------------------------------------------------------------------------------------
Richland
- ----------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE> 122
<TABLE>
<CAPTION>
EXHIBIT A
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
STATE/COUNTY ORIGINAL MORTGAGE SECOND THIRD FOURTH
AUG. 1, 1930 MARCH 24, 1931 NOV. 1, 1935 JAN. 1, 1937
------------ -------------- ------------ ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sandusky 155 1 155 97
- ----------------------------------------------------------------------------------------------------------------------------
Seneca 230 501 230 599
- ----------------------------------------------------------------------------------------------------------------------------
Stark 1065 1 1149 501 1185 359
- ----------------------------------------------------------------------------------------------------------------------------
Summit 1386 99 1627 497 1702 171
- ----------------------------------------------------------------------------------------------------------------------------
Trumbull 199 301 229 1 231 63
- ----------------------------------------------------------------------------------------------------------------------------
Tuscarawas 137 510 143 473 145 44
- ----------------------------------------------------------------------------------------------------------------------------
Union 100 1 108 229
- ----------------------------------------------------------------------------------------------------------------------------
Wayne 187 86 198 313 199 368
- ----------------------------------------------------------------------------------------------------------------------------
Wyandot 81 1 81 97
- ----------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
- ----------------------------------------------------------------------------------------------------------------------------
Marshall 210 238 210 328
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
EXHIBIT A
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
STATE/COUNTY FIFTH SIXTH
SEPT. 1, 1937 JUNE 13, 1939
------------- -------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sandusky
- ---------------------------------------------------------------------
Seneca
- ---------------------------------------------------------------------
Stark 1268 351 1268 366
- ---------------------------------------------------------------------
Summit 1729 167 1840 550
- ---------------------------------------------------------------------
Trumbull 237 159 11 152
- ---------------------------------------------------------------------
Tuscarawas 153 584
- ---------------------------------------------------------------------
Union
- ---------------------------------------------------------------------
Wayne 208 551
- ---------------------------------------------------------------------
Wyandot
- ---------------------------------------------------------------------
WEST VIRGINIA:
- ---------------------------------------------------------------------
Marshall
- ---------------------------------------------------------------------
</TABLE>
Page 2
<PAGE> 123
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County SEVENTH EIGHTH NINTH TENTH
SEPT. 1, 1944 APRIL 1, 1945 SEPT. 31, 1948 MAY 1, 1950
------------- ------------- -------------- -----------
VOL PAGE VOL. PAGE VOL. PAGE VOL. PAGE
--- ---- ---- ---- ---- ---- ---- ----
OHIO:
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Allen 237 380 241 93 269 21 276 1
- ----------------------------------------------------------------------------------------------------------------------------
Ashland 224 530 224 561
- ----------------------------------------------------------------------------------------------------------------------------
Ashtabula 237 321 233 649 271 12 310 463
- ----------------------------------------------------------------------------------------------------------------------------
Auglaize 96 429 101 25 104 71 104 591
- ----------------------------------------------------------------------------------------------------------------------------
Belmont 272 525 274 325
- ----------------------------------------------------------------------------------------------------------------------------
Carroll 63 296 63 385
- ----------------------------------------------------------------------------------------------------------------------------
Champaign 107 431 142 471 119 1 123 383
- ----------------------------------------------------------------------------------------------------------------------------
Clark 312 553 316 217 351 106 366 467
- ----------------------------------------------------------------------------------------------------------------------------
Columbiana 676 55 685 1 748 1 792 512
- ----------------------------------------------------------------------------------------------------------------------------
Crawford 149 564 150 516
- ----------------------------------------------------------------------------------------------------------------------------
Cuyahoga 5738 164 5777 689 6592 303 7129 482
- ----------------------------------------------------------------------------------------------------------------------------
Delaware 156 225 156 560
- ----------------------------------------------------------------------------------------------------------------------------
Erie 159 374 160 133
- ----------------------------------------------------------------------------------------------------------------------------
Fayette 58 266
- ----------------------------------------------------------------------------------------------------------------------------
Franklin 1455 1 1463 401
- ----------------------------------------------------------------------------------------------------------------------------
Geauga 240 388 240 501
- ----------------------------------------------------------------------------------------------------------------------------
Greene 127 1 127 392 147 551 156 351
- ----------------------------------------------------------------------------------------------------------------------------
Harrison 76 123 76 219
- ----------------------------------------------------------------------------------------------------------------------------
Holmes 54 373 54 511
- ----------------------------------------------------------------------------------------------------------------------------
Huron 169 437 170 265
- ----------------------------------------------------------------------------------------------------------------------------
Jefferson 163 51 163 365 195 493 209 567
- ----------------------------------------------------------------------------------------------------------------------------
Knox 120 139 120 536
- ----------------------------------------------------------------------------------------------------------------------------
Logan 102 470 106 44 112 484 116 361
- ----------------------------------------------------------------------------------------------------------------------------
Lorain 425 414 430 39
- ----------------------------------------------------------------------------------------------------------------------------
Lucas 1465 90 1470 559
- ----------------------------------------------------------------------------------------------------------------------------
Madison 93 173 93 565 98 505 101 13
- ----------------------------------------------------------------------------------------------------------------------------
Mahoning 495 88 497 371 558 227 579 566
- ----------------------------------------------------------------------------------------------------------------------------
Marion 213 421 215 260
- ----------------------------------------------------------------------------------------------------------------------------
Medina 108 249 108 388 128 183 121 317
- ----------------------------------------------------------------------------------------------------------------------------
Morrow 71 221 71 506
- ----------------------------------------------------------------------------------------------------------------------------
Noble 55 195 55 237
- ----------------------------------------------------------------------------------------------------------------------------
Ottawa 91 114 91 209
- ----------------------------------------------------------------------------------------------------------------------------
Portage 404 243 404 600 447 229 477 561
- ----------------------------------------------------------------------------------------------------------------------------
Richland 195 399 197 239
- ----------------------------------------------------------------------------------------------------------------------------
Sandusky 155 119 155 189
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County ELEVENTH TWELFTH
JAN. 1, 1954 MAY 1, 1955
------------ -----------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
- --------------------------------------------------------------------
<S> <C> <C> <C> <C>
Allen 286 277 287 283
- --------------------------------------------------------------------
Ashland 244 198 244 558
- --------------------------------------------------------------------
Ashtabula 372 268 395 555
- --------------------------------------------------------------------
Auglaize 112 411 117 241
- --------------------------------------------------------------------
Belmont 308 230 323 21
- --------------------------------------------------------------------
Carroll 67 473 68 426
- --------------------------------------------------------------------
Champaign 134 243 138 381
- --------------------------------------------------------------------
Clark 412 473 432 354
- --------------------------------------------------------------------
Columbiana 888 527 932 211
- --------------------------------------------------------------------
Crawford 172 269 182 220
- --------------------------------------------------------------------
Cuyahoga 8345 265 8784 173
- --------------------------------------------------------------------
Delaware 170 247 176 441
- --------------------------------------------------------------------
Erie 187 59 197 243
- --------------------------------------------------------------------
Fayette 60 565 63 163
- --------------------------------------------------------------------
Franklin 1738 187 1855 562
- --------------------------------------------------------------------
Geauga 258 205 274 542
- --------------------------------------------------------------------
Greene 187 493 206 275
- --------------------------------------------------------------------
Harrison 88 172 86 34
- --------------------------------------------------------------------
Holmes 58 545 60 347
- --------------------------------------------------------------------
Huron 193 1 203 371
- --------------------------------------------------------------------
Jefferson 246 288 261 358
- --------------------------------------------------------------------
Knox 137 357 143 509
- --------------------------------------------------------------------
Logan 137 104 150 1
- --------------------------------------------------------------------
Lorain 554 392 608 204
- --------------------------------------------------------------------
Lucas 1655 27 1733 530
- --------------------------------------------------------------------
Madison 107 391 110 177
- --------------------------------------------------------------------
Mahoning 654 584 704 342
- --------------------------------------------------------------------
Marion 242 33 253 198
- --------------------------------------------------------------------
Medina 121 469 169 418
- --------------------------------------------------------------------
Morrow 82 125 86 216
- --------------------------------------------------------------------
Noble 55 576 58 142
- --------------------------------------------------------------------
Ottawa 105 292 111 488
- --------------------------------------------------------------------
Portage 567 221 607 245
- --------------------------------------------------------------------
Richland 250 303 274 110
- --------------------------------------------------------------------
Sandusky 179 166 188 523
- --------------------------------------------------------------------
</TABLE>
Page 3
<PAGE> 124
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County SEVENTH EIGHTH NINTH TENTH
SEPT. 1, 1944 APRIL 1, 1945 SEPT. 31, 1948 MAY 1, 1950
------------- ------------- -------------- -----------
VOL PAGE VOL. PAGE VOL. PAGE VOL. PAGE
--- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Seneca 230 623
- ----------------------------------------------------------------------------------------------------------------------------
Stark 1462 201 1488 572 1781 574 1910 177
- ----------------------------------------------------------------------------------------------------------------------------
Summit 2137 538 2186 639 2569 339 2707 313
- ----------------------------------------------------------------------------------------------------------------------------
Trumbull 294 65 294 206 303 215 392 1
- ----------------------------------------------------------------------------------------------------------------------------
Tuscarawas 201 489 202 488
- ----------------------------------------------------------------------------------------------------------------------------
Union 137 185 137 377
- ----------------------------------------------------------------------------------------------------------------------------
Wayne 233 523 233 583 240 322
- ----------------------------------------------------------------------------------------------------------------------------
Wyandot 81 119 81 191
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
- ----------------------------------------------------------------------------------------------------------------------------
Marshall 210 352
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County ELEVENTH TWELFTH
JAN. 1, 1954 MAY 1, 1955
------------ -----------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
<S> <C> <C> <C> <C>
Seneca
- --------------------------------------------------------------------
Stark 2219 519 2342 647
- --------------------------------------------------------------------
Summit 3084 427 3238 355
- --------------------------------------------------------------------
Trumbull 448 498 522 456
- --------------------------------------------------------------------
Tuscarawas 233 216 244 65
- --------------------------------------------------------------------
Union 147 391 152 419
- --------------------------------------------------------------------
Wayne 268 291 279 245
- --------------------------------------------------------------------
Wyandot 86 97 86 502
- --------------------------------------------------------------------
- --------------------------------------------------------------------
WEST VIRGINIA:
- --------------------------------------------------------------------
Marshall 212 8 228 479
- --------------------------------------------------------------------
</TABLE>
Page 4
<PAGE> 125
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
- ----------------------------------------------------------------------------------------------------------------------------
State/County THIRTEENTH FOURTEENTH FIFTEENTH SIXTEENTH
AUGUST 1, 1956 MAR. 1, 1958 APRIL 1, 1959 JUNE 1, 1961
-------------- ------------ ------------- ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
OHIO:
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Allen 317 445 332 556 344 259 - -
- ----------------------------------------------------------------------------------------------------------------------------
Ashland 261 265 261 578 276 216 284 159
- ----------------------------------------------------------------------------------------------------------------------------
Ashtabula 418 306 442 642 459 616 493 387
- ----------------------------------------------------------------------------------------------------------------------------
Auglaize 119 327 124 395 129 405
- ----------------------------------------------------------------------------------------------------------------------------
Belmont 335 100 349 4 357 1 371 235
- ----------------------------------------------------------------------------------------------------------------------------
Carroll 69 420 72 407 75 290 78 160
- ----------------------------------------------------------------------------------------------------------------------------
Champaign 142 221 148 337 155 265 166 1020
- ----------------------------------------------------------------------------------------------------------------------------
Clark 451 118 466 346 478 473 503 511
- ----------------------------------------------------------------------------------------------------------------------------
Columbiana 966 464 1006 566 1038 92 1084 190
- ----------------------------------------------------------------------------------------------------------------------------
Crawford 190 75 198 498 205 393 219 588
- ----------------------------------------------------------------------------------------------------------------------------
Cuyahoga 9222 231 9564 68 9337 567 10501 269
- ----------------------------------------------------------------------------------------------------------------------------
Delaware 182 359 190 125 195 457 206 396
- ----------------------------------------------------------------------------------------------------------------------------
Erie 207 400 219 54 229 147 249 326
- ----------------------------------------------------------------------------------------------------------------------------
Fayette 65 577 69 25 72 223 77 584
- ----------------------------------------------------------------------------------------------------------------------------
Franklin 1971 268 2083 277 2172 374 2333 168
- ----------------------------------------------------------------------------------------------------------------------------
Geauga 301 433 333 401 357 452 402 561
- ----------------------------------------------------------------------------------------------------------------------------
Greene 221 384 243 588 265 315 290 426
- ----------------------------------------------------------------------------------------------------------------------------
Harrison 88 183 91 23 91 129 91 317
- ----------------------------------------------------------------------------------------------------------------------------
Holmes 62 277 65 43 67 361 71 545
- ----------------------------------------------------------------------------------------------------------------------------
Huron 213 313 224 321 230 419 242 371
- ----------------------------------------------------------------------------------------------------------------------------
Jefferson 276 549 294 522 306 235 329 247
- ----------------------------------------------------------------------------------------------------------------------------
Knox 149 423 156 230 161 93 170 449
- ----------------------------------------------------------------------------------------------------------------------------
Logan 161 158 171 55 179 337
- ----------------------------------------------------------------------------------------------------------------------------
Lorain 669 7 724 157 762 617 840 244
- ----------------------------------------------------------------------------------------------------------------------------
Lucas 1808 172 1879 430 1924 12
- ----------------------------------------------------------------------------------------------------------------------------
Madison 112 445 115 253 117 179 121 413
- ----------------------------------------------------------------------------------------------------------------------------
Mahoning 753 239 809 543 848 68 924 666
- ----------------------------------------------------------------------------------------------------------------------------
Marion 264 204 274 141 282 68 295 427
- ----------------------------------------------------------------------------------------------------------------------------
Medina 187 146 209 258 223 1 249 252
- ----------------------------------------------------------------------------------------------------------------------------
Morrow 90 198 94 516 98 473 105 75
- ----------------------------------------------------------------------------------------------------------------------------
Noble 58 367 58 547 61 217 61 251
- ----------------------------------------------------------------------------------------------------------------------------
Ottawa 118 26 126 148 131 33 139 624
- ----------------------------------------------------------------------------------------------------------------------------
Portage 635 243 681 237 708 171 747 210
- ----------------------------------------------------------------------------------------------------------------------------
Richland 296 384 317 532 334 399 368 402
</TABLE>
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
- -----------------------------------------------------------------------------------------------
State/County SEVENTEENTH EIGHTEENTH
SEPT. 1, 1969 MAY 1, 1970
------------- -----------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Allen - - - -
- -----------------------------------------------------------------------------------------------
Ashland 419 249 422 453
- -----------------------------------------------------------------------------------------------
Ashtabula 593 306 597 560
- -----------------------------------------------------------------------------------------------
Auglaize
- -----------------------------------------------------------------------------------------------
Belmont 423 599 426 485
- -----------------------------------------------------------------------------------------------
Carroll 99 466 101 99
- -----------------------------------------------------------------------------------------------
Champaign 196 872 198 394
- -----------------------------------------------------------------------------------------------
Clark 646 559 656 241
- -----------------------------------------------------------------------------------------------
Columbiana 1274 493 1288 206
- -----------------------------------------------------------------------------------------------
Crawford 276 164 279 398
- -----------------------------------------------------------------------------------------------
Cuyahoga 12828 245 12890 637
- -----------------------------------------------------------------------------------------------
Delaware 251 66 254 479
- -----------------------------------------------------------------------------------------------
Erie 328 140 333 89
- -----------------------------------------------------------------------------------------------
Fayette 100 668 102 258
- -----------------------------------------------------------------------------------------------
Franklin 3046 328 3089 432
- -----------------------------------------------------------------------------------------------
Geauga 507 298 514 375
- -----------------------------------------------------------------------------------------------
Greene 415 664 424 233
- -----------------------------------------------------------------------------------------------
Harrison 115 699 116 666
- -----------------------------------------------------------------------------------------------
Holmes 94 403 96 417
- -----------------------------------------------------------------------------------------------
Huron 287 963 290 349
- -----------------------------------------------------------------------------------------------
Jefferson 407 244 411 318
- -----------------------------------------------------------------------------------------------
Knox 217 41 219 411
- -----------------------------------------------------------------------------------------------
Logan
- -----------------------------------------------------------------------------------------------
Lorain 1121 954 1135 569
- -----------------------------------------------------------------------------------------------
Lucas
- -----------------------------------------------------------------------------------------------
Madison 160 355 164 139
- -----------------------------------------------------------------------------------------------
Mahoning 1144 488 1158 122
- -----------------------------------------------------------------------------------------------
Marion 370 197 376 31
- -----------------------------------------------------------------------------------------------
Medina 376 448 386 220
- -----------------------------------------------------------------------------------------------
Morrow 149 334 152 344
- -----------------------------------------------------------------------------------------------
Noble 73 112 73 794
- -----------------------------------------------------------------------------------------------
Ottawa 166 167 167 623
- -----------------------------------------------------------------------------------------------
Portage 896 140 905 220
- -----------------------------------------------------------------------------------------------
Richland 496 130 503 123
</TABLE>
Page 5
<PAGE> 126
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County THIRTEENTH FOURTEENTH FIFTEENTH SIXTEENTH
AUGUST 1, 1956 MAR. 1, 1958 APRIL 1, 1959 JUNE 1, 1961
-------------- ------------ ------------- ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Sandusky 198 471 208 307 215 173 225 298
- --------------------------------------------------------------------------------------------------------------------------
Seneca 242 537 231 663 259 103
- --------------------------------------------------------------------------------------------------------------------------
Stark 2438 151 2553 399 2640 506 2813 625
- --------------------------------------------------------------------------------------------------------------------------
Summit 3372 644 3562 391 8717 243 3945 461
- --------------------------------------------------------------------------------------------------------------------------
Trumbull 580 475 642 187 692 257 750 632
- --------------------------------------------------------------------------------------------------------------------------
Tuscarawas 255 593 268 269 276 586 295 587
- --------------------------------------------------------------------------------------------------------------------------
Union 157 467 162 578 166 554 174 404
- --------------------------------------------------------------------------------------------------------------------------
Wayne 290 502 303 556 313 505 333 346
- --------------------------------------------------------------------------------------------------------------------------
Wyandot 90 286 93 158 96 25 99 217
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
- --------------------------------------------------------------------------------------------------------------------------
Marshall 246 46 277 415 303 20 361 277
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA
- --------------------------------------------------------------------------------------------------------------------------
Beaver 265 329
- --------------------------------------------------------------------------------------------------------------------------
Lawrence 449 648
- --------------------------------------------------------------------------------------------------------------------------
Mercer
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Financing Statement File No. File No. File No.
- --------------------------------------------------------------------------------------------------------------------------
Department of State - Pennsylvania 504819
- --------------------------------------------------------------------------------------------------------------------------
* Beaver County
- --------------------------------------------------------------------------------------------------------------------------
* Lawrence County File No.
- --------------------------------------------------------------------------------------------------------------------------
* Mercer
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
* Filed with Prothonotary
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County SEVENTEENTH EIGHTEENTH
SEPT. 1, 1969 MAY 1, 1970
------------- -----------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
<S> <C> <C> <C> <C>
Sandusky 257 445 259 510
- --------------------------------------------------------------------------
Seneca 299 767 302 155
- --------------------------------------------------------------------------
Stark 3424 336 3462 476
- --------------------------------------------------------------------------
Summit 4974 591 5039 612
- --------------------------------------------------------------------------
Trumbull 895 369 904 415
- --------------------------------------------------------------------------
Tuscarawas 361 431 365 1
- --------------------------------------------------------------------------
Union 210 254 213 122
- --------------------------------------------------------------------------
Wayne 414 225 418 590
- --------------------------------------------------------------------------
Wyandot 118 279 118 555
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
WEST VIRGINIA:
- --------------------------------------------------------------------------
Marshall 364 359 366 211
- --------------------------------------------------------------------------
- --------------------------------------------------------------------------
PENNSYLVANIA
- --------------------------------------------------------------------------
Beaver 805 1 808 107
- --------------------------------------------------------------------------
Lawrence 451 749 453 143
- --------------------------------------------------------------------------
Mercer
- --------------------------------------------------------------------------
- ----------------------------------------
Financing Statement File No. File No.
- ----------------------------------------------------------------------------------------
Department of State - Pennsylvania 504819 504819
- ----------------------------------------------------------------------------------------
* Beaver County 1446 2866
- ----------------------------------------------------------------------------------------
* Lawrence County File No. File No Vol # File No Vol #
1026 13 1026 13
- ----------------------------------------------------------------------------------------
* Mercer
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
* Filed with Prothonotary
- ----------------------------------------------------------------------------------------
</TABLE>
Page 6
<PAGE> 127
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County NINETEENTH TWENTIETH TWENTY-FIRST TWENTY-SECOND
SEPT. 1, 1970 JUNE 1, 1971 AUG. 1, 1972 SEPT. 1, 1973
------------- ------------ ------------ -------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
OHIO:
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ashland 426 263 433 145 444 384 455 577
- ------------------------------------------------------------------------------------------------------------------------------
Ashtabula 600 699 606 1053 629 59 675 196
- ------------------------------------------------------------------------------------------------------------------------------
Belmont 428 319 432 228 440 525 447 459
- ------------------------------------------------------------------------------------------------------------------------------
Carroll 102 102 104 450 108 463 112 165
- ------------------------------------------------------------------------------------------------------------------------------
Champaign 199 459 201 987 206 812 211 758
- ------------------------------------------------------------------------------------------------------------------------------
Clark 662 442 676 492 702 13 725 448
- ------------------------------------------------------------------------------------------------------------------------------
Columbiana 1295 113 1311 700 1342 432 1370 426
- ------------------------------------------------------------------------------------------------------------------------------
Crawford 281 357 286 268 294 650 303 552
- ------------------------------------------------------------------------------------------------------------------------------
Cuyahoga 13029 479 13215 61 13476 193 13747 673
- ------------------------------------------------------------------------------------------------------------------------------
Delaware 256 599 263 71 271 699 280 540
- ------------------------------------------------------------------------------------------------------------------------------
Erie 335 701 342 34 354 321 365 855
- ------------------------------------------------------------------------------------------------------------------------------
Fayette 103 77 105 200 109 269 113 170
- ------------------------------------------------------------------------------------------------------------------------------
Franklin 3117 196 3182 394 3302 239 3416 361
- ------------------------------------------------------------------------------------------------------------------------------
Geauga 518 753 527 1223 541 471 557 244
- ------------------------------------------------------------------------------------------------------------------------------
Greene 430 297 443 231 464 478 481 610
- ------------------------------------------------------------------------------------------------------------------------------
Harrison 117 376 119 42 121 569 124 608
- ------------------------------------------------------------------------------------------------------------------------------
Holmes 97 262 99 107 101 932 104 666
- ------------------------------------------------------------------------------------------------------------------------------
Huron 291 751 294 895 301 776 309 115
- ------------------------------------------------------------------------------------------------------------------------------
Jefferson 413 615 419 523 431 657 443 477
- ------------------------------------------------------------------------------------------------------------------------------
Knox 221 411 226 540 234 180 242 602
- ------------------------------------------------------------------------------------------------------------------------------
Logan 1207 175
- ------------------------------------------------------------------------------------------------------------------------------
Lorain 1144 689 1165 948 - - 1251 917
- ------------------------------------------------------------------------------------------------------------------------------
Madison 171 432 180 15 188 136
- ------------------------------------------------------------------------------------------------------------------------------
Mahoning 165 389 1181 876 1210 729 1240 841
- ------------------------------------------------------------------------------------------------------------------------------
Marion 1166 111 389 526 403 179 417 73
- ------------------------------------------------------------------------------------------------------------------------------
Medina 380 161 408 434 441 287 469 317
- ------------------------------------------------------------------------------------------------------------------------------
Monroe 393 1 91 890 93 375
- ------------------------------------------------------------------------------------------------------------------------------
Morrow 154 295 158 391 168 246 181 308
- ------------------------------------------------------------------------------------------------------------------------------
Noble 74 438 75 366 77 220 79 219
- ------------------------------------------------------------------------------------------------------------------------------
Ottawa 168 574 170 885 174 791 179 300
- ------------------------------------------------------------------------------------------------------------------------------
Portage 911 367 926 509 954 385 971 44
- ------------------------------------------------------------------------------------------------------------------------------
Richland 507 268 518 1 538 359 561 562
- ------------------------------------------------------------------------------------------------------------------------------
Sandusky 260 838 264 238 269 935 275 802
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County TWENTY-THIRD TWENTY-FOURTH
AUG. 1, 1974 JULY 1, 1976
------------ ------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ashland 460 410 469 782
- -------------------------------------------------------------------------------------------------
Ashtabula 708 217 772 26
- -------------------------------------------------------------------------------------------------
Belmont 453 1 464 238
- -------------------------------------------------------------------------------------------------
Carroll 114 778 121 547
- -------------------------------------------------------------------------------------------------
Champaign 215 118 222 795
- -------------------------------------------------------------------------------------------------
Clark 739 275 763 128
- -------------------------------------------------------------------------------------------------
Columbiana 1387 549 1422 780
- -------------------------------------------------------------------------------------------------
Crawford 310 677 326 49
- -------------------------------------------------------------------------------------------------
Cuyahoga 13971 275 14314 573
- -------------------------------------------------------------------------------------------------
Delaware 288 6 301 550
- -------------------------------------------------------------------------------------------------
Erie 375 351 392 186
- -------------------------------------------------------------------------------------------------
Fayette 116 192 122 19
- -------------------------------------------------------------------------------------------------
Franklin 3484 359 3612 749
- -------------------------------------------------------------------------------------------------
Geauga 567 590 592 668
- -------------------------------------------------------------------------------------------------
Greene 494 63 518 275
- -------------------------------------------------------------------------------------------------
Harrison 127 250 132 185
- -------------------------------------------------------------------------------------------------
Holmes 107 14 112 62
- -------------------------------------------------------------------------------------------------
Huron 314 285 323 710
- -------------------------------------------------------------------------------------------------
Jefferson 452 447 471 10
- -------------------------------------------------------------------------------------------------
Knox 249 537 260 205
- -------------------------------------------------------------------------------------------------
Logan 1344 169
- -------------------------------------------------------------------------------------------------
Lorain 1282 853 - -
- -------------------------------------------------------------------------------------------------
Madison 194 41 206 290
- -------------------------------------------------------------------------------------------------
Mahoning 1264 184 1316 130
- -------------------------------------------------------------------------------------------------
Marion 433 1 455 1
- -------------------------------------------------------------------------------------------------
Medina 492 140 533 435
- -------------------------------------------------------------------------------------------------
Monroe 95 54 97 575
- -------------------------------------------------------------------------------------------------
Morrow 188 419 199 206
- -------------------------------------------------------------------------------------------------
Noble 80 729 84 152
- -------------------------------------------------------------------------------------------------
Ottawa 182 628 188 175
- -------------------------------------------------------------------------------------------------
Portage 984 937 1009 496
- -------------------------------------------------------------------------------------------------
Richland 579 259 613 427
- -------------------------------------------------------------------------------------------------
Sandusky 279 753 288 831
- -------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE> 128
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County NINETEENTH TWENTIETH TWENTY-FIRST TWENTY-SECOND
SEPT. 1, 1970 JUNE 1, 1971 AUG. 1, 1972 SEPT. 1, 1973
------------- ------------ ------------ -------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Seneca 303 296 306 656 312 845 319 709
- -----------------------------------------------------------------------------------------------------------------------------
Stark 3491 490 3559 651 3652 19 3760 9
- -----------------------------------------------------------------------------------------------------------------------------
Summit 5057 167 5150 671 5353 321 5511 269
- -----------------------------------------------------------------------------------------------------------------------------
Trumbull 909 748 921 650 945 755 972 717
- -----------------------------------------------------------------------------------------------------------------------------
Tuscarawas 367 218 371 680 380 464 391 85
- -----------------------------------------------------------------------------------------------------------------------------
Union 214 372 218 333 224 461 231 296
- -----------------------------------------------------------------------------------------------------------------------------
Wayne 421 607 428 464 441 360 455 500
- -----------------------------------------------------------------------------------------------------------------------------
Wyandot 120 131 120 575 127 135 132 25
- -----------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
- -----------------------------------------------------------------------------------------------------------------------------
Marshall 366 211 369 667 377 100 384 530
- -----------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA:
- -----------------------------------------------------------------------------------------------------------------------------
Beaver 808 107 814 959 829 428 843 841
- -----------------------------------------------------------------------------------------------------------------------------
Lawrence 453 143 456 576 463 308 470 333
- -----------------------------------------------------------------------------------------------------------------------------
Mercer MR No. MR No.
1842 2144
- -----------------------------------------------------------------------------------------------------------------------------
Financing Statement File No. File No. File No. File No.
Department of State - 504819 1701957 5701653 7571641
Pennsylvania
- -----------------------------------------------------------------------------------------------------------------------------
Beaver 2866 1915 2770 3000
- -----------------------------------------------------------------------------------------------------------------------------
* Lawrence File No. Vol# Vol. Page
1026 13 File No.1908-Vol.14 1779 16 351
- -----------------------------------------------------------------------------------------------------------------------------
* Mercer 45197 47895
- -----------------------------------------------------------------------------------------------------------------------------
* Filed with Prothonotary
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County TWENTY-THIRD TWENTY-FOURTH
AUG. 1, 1974 JULY 1, 1976
------------ ------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
<S> <C> <C> <C> <C>
Seneca 324 938 335 179
- ---------------------------------------------------------------------------
Stark 3809 731 3933 347
- ---------------------------------------------------------------------------
Summit 5626 247 5821 388
- ---------------------------------------------------------------------------
Trumbull 993 111 1032 445
- ---------------------------------------------------------------------------
Tuscarawas 398 80 413 604
- ---------------------------------------------------------------------------
Union 237 186 243 499
- ---------------------------------------------------------------------------
Wayne 465 645 484 835
- ---------------------------------------------------------------------------
Wyandot 135 543 142 275
- ---------------------------------------------------------------------------
WEST VIRGINIA:
- ---------------------------------------------------------------------------
Marshall 390 544 401 332
- ---------------------------------------------------------------------------
PENNSYLVANIA:
- ---------------------------------------------------------------------------
Beaver 854 734 875 597
- ---------------------------------------------------------------------------
Lawrence 474 894 484 297
- ---------------------------------------------------------------------------
Mercer MR No. MR No.
1542 1438
- ---------------------------------------------------------------------------
Financing Statement File No. File No.
Department of State - 7861818 8472458
Pennsylvania
- ---------------------------------------------------------------------------
Beaver 2291 2527
- ---------------------------------------------------------------------------
* Lawrence Vol. Page Vol. Page
17 1175 19 238
- ---------------------------------------------------------------------------
* Mercer 50214 54673
- ---------------------------------------------------------------------------
* Filed with Prothonotary
</TABLE>
Page 8
<PAGE> 129
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County TWENTY-FIFTH TWENTY-SIXTH TWENTY-SEVENTH TWENTY-EIGHTH
DEC 1, 1976 JUNE 15, 1977 MAY 15, 1978 FEB 1, 1980
----------- ------------- ------------ -----------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
OHIO:
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ashland 472 27 475 31 481 222 492 545
- -------------------------------------------------------------------------------------------------------------------------------
Ashtabula 791 122 813 336 2 4930 9 6096
- -------------------------------------------------------------------------------------------------------------------------------
Belmont 467 7 470 576 477 531 490 30
- -------------------------------------------------------------------------------------------------------------------------------
Carroll 123 282 125 378 129 152 136 351
- -------------------------------------------------------------------------------------------------------------------------------
Champaign 224 697 227 697 232 775 241 625
- -------------------------------------------------------------------------------------------------------------------------------
Clark 769 91 777 76 792 343 821 875
- -------------------------------------------------------------------------------------------------------------------------------
Columbiana 1432 606 1445 881 1466 341 1507 415
- -------------------------------------------------------------------------------------------------------------------------------
Crawford 329 675 335 9 344 186 360 876
- -------------------------------------------------------------------------------------------------------------------------------
Cuyahoga 14376 321 14559 167 14924 877 15547 441
- -------------------------------------------------------------------------------------------------------------------------------
Delaware 305 387 310 603 322 628 343 55
- -------------------------------------------------------------------------------------------------------------------------------
Erie 396 416 402 261 413 446 436 44
- -------------------------------------------------------------------------------------------------------------------------------
Fayette 123 324 125 98 128 788 133 795
- -------------------------------------------------------------------------------------------------------------------------------
Franklin 3646 799 3696 397 3798 396 4002 699
- -------------------------------------------------------------------------------------------------------------------------------
Geauga 598 892 608 113 628 198 658 586
- -------------------------------------------------------------------------------------------------------------------------------
Greene 524 659 533 281 550 387 103 64
- -------------------------------------------------------------------------------------------------------------------------------
Harrison 133 280 134 617 137 311 143 86
- -------------------------------------------------------------------------------------------------------------------------------
Holmes 113 121 114 540 117 700 124 862
- -------------------------------------------------------------------------------------------------------------------------------
Huron 326 54 329 780 336 196 348 378
- -------------------------------------------------------------------------------------------------------------------------------
Jefferson 474 804 479 678 488 55 504 305
- -------------------------------------------------------------------------------------------------------------------------------
Knox 263 240 267 360 274 742 290 373
- -------------------------------------------------------------------------------------------------------------------------------
Lake - - - - 1053 266
- -------------------------------------------------------------------------------------------------------------------------------
Logan 1360 738 1383 903 1428 223 - -
- -------------------------------------------------------------------------------------------------------------------------------
Lorain - - - - - - 1513 25
- -------------------------------------------------------------------------------------------------------------------------------
Madison 209 464 214 218 223 68 232 661
- -------------------------------------------------------------------------------------------------------------------------------
Mahoning 1328 361 1344 480 1372 132 1432 544
- -------------------------------------------------------------------------------------------------------------------------------
Marion 458 829 464 72 473 180 488 571
- -------------------------------------------------------------------------------------------------------------------------------
Medina 546 33 562 567 594 413 43 172
- -------------------------------------------------------------------------------------------------------------------------------
Monroe 98 187 98 957 100 897 104 140
- -------------------------------------------------------------------------------------------------------------------------------
Morrow 202 144 206 122 213 27 227 20
- -------------------------------------------------------------------------------------------------------------------------------
Noble 84 953 86 91 88 191 92 173
- -------------------------------------------------------------------------------------------------------------------------------
Ottawa 189 643 191 913 197 981 212 67
- -------------------------------------------------------------------------------------------------------------------------------
Portage 1016 481 1025 770 1043 1153 1076 1184
- -------------------------------------------------------------------------------------------------------------------------------
Richland 622 289 636 338 659 422 700 599
- -------------------------------------------------------------------------------------------------------------------------------
Sandusky 291 173 294 363 299 643 311 964
- -------------------------------------------------------------------------------------------------------------------------------
Seneca 337 927 341 763 347 900 359 594
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County TWENTY-NINE THIRTIETH
APRIL 15, 1980 JUNE 15, 1980
-------------- -------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ashland 493 505 494 290
- ------------------------------------------------------------------------
Ashtabula 10 2276 10 7627
- ------------------------------------------------------------------------
Belmont 492 7 493 292
- ------------------------------------------------------------------------
Carroll 136 896 137 412
- ------------------------------------------------------------------------
Champaign 242 196 242 836
- ------------------------------------------------------------------------
Clark 823 916 825 726
- ------------------------------------------------------------------------
Columbiana 1508 891 1512 323
- ------------------------------------------------------------------------
Crawford 361 818 362 828
- ------------------------------------------------------------------------
Cuyahoga 15568 795 15588 297
- ------------------------------------------------------------------------
Delaware 344 495 346 10
- ------------------------------------------------------------------------
Erie 437 632 439 1
- ------------------------------------------------------------------------
Fayette 134 103 134 526
- ------------------------------------------------------------------------
Franklin 4019 227 4031 426
- ------------------------------------------------------------------------
Geauga 659 1022 662 95
- ------------------------------------------------------------------------
Greene 107 280 110 908
- ------------------------------------------------------------------------
Harrison 143 404 143 639
- ------------------------------------------------------------------------
Holmes 125 336 125 706
- ------------------------------------------------------------------------
Huron 349 265 349 1062
- ------------------------------------------------------------------------
Jefferson 505 308 506 481
- ------------------------------------------------------------------------
Knox 292 120 293 191
- ------------------------------------------------------------------------
Lake 1060 420 1062 1279
- ------------------------------------------------------------------------
Logan - -
- ------------------------------------------------------------------------
Lorain 1518 582 1523 368
- ------------------------------------------------------------------------
Madison 233 333 234 71
- ------------------------------------------------------------------------
Mahoning 1436 696 1440 268
- ------------------------------------------------------------------------
Marion 489 618 490 524
- ------------------------------------------------------------------------
Medina 48 636 53 819
- ------------------------------------------------------------------------
Monroe 104 562 104 798
- ------------------------------------------------------------------------
Morrow 228 23 229 29
- ------------------------------------------------------------------------
Noble 93 342 93 784
- ------------------------------------------------------------------------
Ottawa 213 243 214 395
- ------------------------------------------------------------------------
Portage 1079 763 1081 996
- ------------------------------------------------------------------------
Richland 703 467 705 692
- ------------------------------------------------------------------------
Sandusky 312 895 313 634
- ------------------------------------------------------------------------
Seneca 360 431 361 237
- ------------------------------------------------------------------------
</TABLE>
Page 9
<PAGE> 130
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County TWENTY-FIFTH TWENTY-SIXTH TWENTY-SEVENTH TWENTY-EIGHTH
DEC 1, 1976 JUNE 15, 1977 MAY 15, 1978 FEB 1, 1980
----------- ------------- ------------ -----------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Stark 3973 457 4021 940 4096 387 4253 117
- --------------------------------------------------------------------------------------------------------------------------------
Summit 5878 309 5962 831 6106 101 6385 436
- --------------------------------------------------------------------------------------------------------------------------------
Trumbull 1042 431 1055 862 1081 569 6 207
- --------------------------------------------------------------------------------------------------------------------------------
Tuscarawas 418 37 424 9 435 446 454 911
- --------------------------------------------------------------------------------------------------------------------------------
Union 245 62 247 221 250 955 257 886
- --------------------------------------------------------------------------------------------------------------------------------
Wayne 490 411 499 217 514 483 543 256
- --------------------------------------------------------------------------------------------------------------------------------
Wyandot 143 492 145 329 148 328 154 418
- --------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
- --------------------------------------------------------------------------------------------------------------------------------
Marshall 404 402 408 65 414 417 426 556
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA:
- --------------------------------------------------------------------------------------------------------------------------------
Beaver 882 463 891 434 907 895 937 720
- --------------------------------------------------------------------------------------------------------------------------------
Lawrence 487 1 490 894 497 1043 511 610
- --------------------------------------------------------------------------------------------------------------------------------
Mercer MR No. MR No. MR No. MR No.
2577 1357 1021 0203
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
Financing Statement File No. File No. File No. File No.
- --------------------------------------------------------------------------------------------------------------------------------
* Department of State - 08610336 08810091 9162119 9922009
- --------------------------------------------------------------------------------------------------------------------------------
*Beaver County 4432 2120 1667 368
- --------------------------------------------------------------------------------------------------------------------------------
*Lawrence County Vol. Page Vol. Page 2269 1697
19 1182 48 20
- --------------------------------------------------------------------------------------------------------------------------------
*Mercer County 55672 57063 59689 64549
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County TWENTY-NINE THIRTIETH
APRIL 15, 1980 JUNE 15, 1980
-------------- -------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
<S> <C> <C> <C> <C>
Stark 4267 931 4272 734
- ---------------------------------------------------------------------------
Summit 6396 149 6423 889
- ---------------------------------------------------------------------------
Trumbull 13 93 20 99
- ---------------------------------------------------------------------------
Tuscarawas 456 402 457 860
- ---------------------------------------------------------------------------
Union 258 608 259 287
- ---------------------------------------------------------------------------
Wayne 545 415 547 274
- ---------------------------------------------------------------------------
Wyandot 154 784 155 290
- ---------------------------------------------------------------------------
WEST VIRGINIA:
- ---------------------------------------------------------------------------
Marshall 427 556 429 540
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
PENNSYLVANIA:
- ---------------------------------------------------------------------------
Beaver 939 636 941 342
- ---------------------------------------------------------------------------
Lawrence 512 490 513 161
- ---------------------------------------------------------------------------
Mercer MR No.
0511 MR 0757 -
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Financing Statement File No. File No.
- ---------------------------------------------------------------------------
* Department of State 10001452 10080770
- ---------------------------------------------------------------------------
*Beaver County 846 1369-80
- ---------------------------------------------------------------------------
*Lawrence County Vol. Page 22 2389
22 2024
- ---------------------------------------------------------------------------
*Mercer County 64959 65405
- ---------------------------------------------------------------------------
*Filed with Prothonotary
</TABLE>
Page 10
<PAGE> 131
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County THIRTY-FIRST THIRTY-SECOND THIRTY-THIRD THIRTY-FOURTH
OCT. 1, 1981 OCT. 15, 1982 FEB. 15, 1982 JULY 1, 1982
------------ ------------- ------------- ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ashland 601 200 601 225 602 181 603 856
- --------------------------------------------------------------------------------------------------------------------------------
Ashtabula 15 2196 15 2221 16 811 17 5278
- --------------------------------------------------------------------------------------------------------------------------------
Belmont 502 195 502 220 503 732 505 772
- --------------------------------------------------------------------------------------------------------------------------------
Carroll 141 782 141 807 142 373 143 798
- --------------------------------------------------------------------------------------------------------------------------------
Champaign 248 312 248 337 249 218 250 541
- --------------------------------------------------------------------------------------------------------------------------------
Clark 845 1 845 26 847 741 852 166
- --------------------------------------------------------------------------------------------------------------------------------
Columbiana 1538 01 1538 26 1541 103 1548 167
- --------------------------------------------------------------------------------------------------------------------------------
Crawford 370 534 370 559 371 730 373 476
- --------------------------------------------------------------------------------------------------------------------------------
Cuyahoga 15969 655 15969 681 16101 385 16145 1
- --------------------------------------------------------------------------------------------------------------------------------
Delaware 359 648 359 673 361 389 364 430
- --------------------------------------------------------------------------------------------------------------------------------
Erie 451 693 451 719 453 523 456 286
- --------------------------------------------------------------------------------------------------------------------------------
Fayette 137 911 137 935 138 464 139 593
- --------------------------------------------------------------------------------------------------------------------------------
Franklin 01329 E01 01329 C20 01575 A01 1916 C11
- --------------------------------------------------------------------------------------------------------------------------------
Geauga 679 1076 679 1101 683 124 687 1233
- --------------------------------------------------------------------------------------------------------------------------------
Greene 146 836 146 861 152 451 161 475
- --------------------------------------------------------------------------------------------------------------------------------
Harrison 147 93 147 118 148 1 149 192
- --------------------------------------------------------------------------------------------------------------------------------
Holmes 130 624 130 649 132 320 133 796
- --------------------------------------------------------------------------------------------------------------------------------
Huron 356 210 356 235 357 286 358 966
- --------------------------------------------------------------------------------------------------------------------------------
Jefferson 515 414 515 439 516 619 518 461
- --------------------------------------------------------------------------------------------------------------------------------
Knox 302 344 302 369 303 815 306 438
- --------------------------------------------------------------------------------------------------------------------------------
Lake 1087 1272 1087 1297 1092 532 1097 1297
- --------------------------------------------------------------------------------------------------------------------------------
Lorain 1569 76 1569 101 1575 521 1585 490
- --------------------------------------------------------------------------------------------------------------------------------
Madison 239 663 239 688 240 586 242 672
- --------------------------------------------------------------------------------------------------------------------------------
Mahoning 1478 541 1478 566 1485 297 1494 961
- --------------------------------------------------------------------------------------------------------------------------------
Marion 499 154 499 179 500 906 503 294
- --------------------------------------------------------------------------------------------------------------------------------
Medina 103 128 103 153 112 801 126 255
- --------------------------------------------------------------------------------------------------------------------------------
Monroe 109 85 109 110 109 575 110 236
- --------------------------------------------------------------------------------------------------------------------------------
Morrow 236 111 236 136 237 195 239 191
- --------------------------------------------------------------------------------------------------------------------------------
Noble 97 817 97 842 98 637 99 714
- --------------------------------------------------------------------------------------------------------------------------------
Ottawa 225 0803 225 828 227 0429 229 782
- --------------------------------------------------------------------------------------------------------------------------------
Portage 1101 151 1101 176 1103 0918 1107 1081
- --------------------------------------------------------------------------------------------------------------------------------
Richland 730 406 730 431 733 430 738 353
- --------------------------------------------------------------------------------------------------------------------------------
Sandusky 321 589 321 614 322 844 325 24
- --------------------------------------------------------------------------------------------------------------------------------
Seneca 369 595 369 609 370 702 372 599
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County THIRTY-FIFTH THIRTY-SIXTH
MARCH 1, 1983 MARCH 1, 1984
------------- -------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C>
Ashland 606 833 612 904
- --------------------------------------------------------------------------
Ashtabula 19 6725 23 7889
- --------------------------------------------------------------------------
Belmont 509 650 517 806
- --------------------------------------------------------------------------
Carroll 145 636 149 525
- --------------------------------------------------------------------------
Champaign 252 1062 256 998
- --------------------------------------------------------------------------
Clark 860 77 874 521
- --------------------------------------------------------------------------
Columbiana 83-8 84 37 51
- --------------------------------------------------------------------------
Crawford 376 833 382 600
- --------------------------------------------------------------------------
Cuyahoga 91 921 84-1264 9
- --------------------------------------------------------------------------
Delaware 370 742 383 272
- --------------------------------------------------------------------------
Erie 461 690 471 902
- --------------------------------------------------------------------------
Fayette 141 429 144 671
- --------------------------------------------------------------------------
Franklin 2671 H01 4035 A01
- --------------------------------------------------------------------------
Geauga 696 508 712 725
- --------------------------------------------------------------------------
Greene 179 312 211 550
- --------------------------------------------------------------------------
Harrison 150 576 153 368
- --------------------------------------------------------------------------
Holmes 136 442 140 740
- --------------------------------------------------------------------------
Huron 361 715 367 401
- --------------------------------------------------------------------------
Jefferson 521 737 530 722
- --------------------------------------------------------------------------
Knox 310 904 317 374
- --------------------------------------------------------------------------
Lake 13 999 67 365
- --------------------------------------------------------------------------
Lorain 1604 149 1634 919
- --------------------------------------------------------------------------
Madison 245 421 249 692
- --------------------------------------------------------------------------
Mahoning 1513 12 1543 194
- --------------------------------------------------------------------------
Marion 5 123 22 181
- --------------------------------------------------------------------------
Medina 151 772 OR196 64
- --------------------------------------------------------------------------
Monroe 111 314 113 158
- --------------------------------------------------------------------------
Morrow 242 322 248 337
- --------------------------------------------------------------------------
Noble 101 435 104 169
- --------------------------------------------------------------------------
Ottawa 234 929 243 755
- --------------------------------------------------------------------------
Portage 1117 67 1132 1181
- --------------------------------------------------------------------------
Richland 747 627 765 377
- --------------------------------------------------------------------------
Sandusky 328 708 335 947
- --------------------------------------------------------------------------
Seneca 376 244 382 325
</TABLE>
Page 11
<PAGE> 132
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County THIRTY-FIRST THIRTY-SECOND THIRTY-THIRD THIRTY-FOURTH
OCT. 1, 1981 OCT. 15, 1982 FEB. 15, 1982 JULY 1, 1982
------------ ------------- ------------- ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Stark 4344 643 4344 668 11 63 39 904
- -----------------------------------------------------------------------------------------------------------------------------
Summit 6623 643 6623 668 6636 475 6654 533
- -----------------------------------------------------------------------------------------------------------------------------
Trumbull 80 173 80 198 91 43 106 295
- -----------------------------------------------------------------------------------------------------------------------------
Tuscarawas 471 335 471 360 473 383 476 736
- -----------------------------------------------------------------------------------------------------------------------------
Union 264 652 264 677 266 24 267 440
- -----------------------------------------------------------------------------------------------------------------------------
Wayne 565 183 565 208 567 669 572 144
- -----------------------------------------------------------------------------------------------------------------------------
Wyandot 158 436 158 461 159 18 159 810
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
- -----------------------------------------------------------------------------------------------------------------------------
Marshall 437 336 437 361 438 409 440 512
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA:
- -----------------------------------------------------------------------------------------------------------------------------
Beaver 959 313 959 338 962 274 966 234
- -----------------------------------------------------------------------------------------------------------------------------
Lawrence 520 372 520 397 521 493 523 232
- -----------------------------------------------------------------------------------------------------------------------------
Mercer 81MR2023 81MR2022 82MR0352 82MR1235 -
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
Financing Statement File No. File No. File No. File No.
- -----------------------------------------------------------------------------------------------------------------------------
Department of State - 10740650 10740652 10911788 11111592
Pennsylvania
- ---------------------------
- -----------------------------------------------------------------------------------------------------------------------------
Beaver County 2368-81 2369-81 466-1982 1435-1982
- -----------------------------------------------------------------------------------------------------------------------------
Lawrence County 24 236 24 237 24-171 24-1411
- -----------------------------------------------------------------------------------------------------------------------------
Mercer County 68757 68758 69419 70219
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County THIRTY-FIFTH THIRTY-SIXTH
MARCH 1, 1983 MARCH 1, 1984
------------- -------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Stark 95 282 192 719
- ---------------------------------------------------------------------------
Summit 6744 539 6886 80
- ---------------------------------------------------------------------------
Trumbull 133 807 175 408
- ---------------------------------------------------------------------------
Tuscarawas 483 314 496 27
- ---------------------------------------------------------------------------
Union 270 376 275 210
- ---------------------------------------------------------------------------
Wayne 580 460 596 491
- ---------------------------------------------------------------------------
Wyandot 160 1123 163 364
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
WEST VIRGINIA:
- ---------------------------------------------------------------------------
Marshall 444 1 452 520
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
PENNSYLVANIA:
- ---------------------------------------------------------------------------
Beaver 975 77 992 476
- ---------------------------------------------------------------------------
Lawrence 527 622 669 517
- ---------------------------------------------------------------------------------
Mercer 83MR0647 84-MR585
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Financing Statement File No. File No.
- ---------------------------------------------------------------------------------
Department of State - 11631350 12361906
Pennsylvania
- -------------------------
- ---------------------------------------------------------------------------------
Beaver County 553-1983 528-1984
- ---------------------------------------------------------------------------------
Lawrence County 171-25 26
- ---------------------------------------------------------------------------------
Mercer County 71589 73694
</TABLE>
Page 12
<PAGE> 133
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County THIRTY-SEVENTH THIRTY-EIGHT THIRTY-NINTH FORTIETH
SEPT. 15, 1984 SEPT. 27, 1984 JAN. 1, 1985 NOV. 8, 1984
-------------- -------------- ------------ ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
OHIO:
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ashland 616 630 616 973 633 875 617 902
- -------------------------------------------------------------------------------------------------------------------------
Ashtabula 25 9968 26 1703 35 2836 26 7558
- -------------------------------------------------------------------------------------------------------------------------
Belmont 521 315 521 508 537 251 522 268
- -------------------------------------------------------------------------------------------------------------------------
Carroll 151 460 151 585 160 201 152 122
- -------------------------------------------------------------------------------------------------------------------------
Champaign 259 186 259 414 269 649 259 879
- -------------------------------------------------------------------------------------------------------------------------
Clark 882 624 883 375 922 789 885 1
- -------------------------------------------------------------------------------------------------------------------------
Columbiana 52 348 53 503 117 690 56 834
- -------------------------------------------------------------------------------------------------------------------------
Crawford 385 488 385 706 400 156 386 450
- -------------------------------------------------------------------------------------------------------------------------
Cuyahoga
84-4476 27 84-4724 14 86-6551 26 84-5446 69
- -------------------------------------------------------------------------------------------------------------------------
Delaware 390 314 390 782 429 320 392 340
- -------------------------------------------------------------------------------------------------------------------------
Erie 477 733 478 212 504 706 479 364
- -------------------------------------------------------------------------------------------------------------------------
Fayette 146 312 146 387 153 645 146 810
- -------------------------------------------------------------------------------------------------------------------------
Franklin 4812 H01 4874 F12 8300 A17 5030 E16
- -------------------------------------------------------------------------------------------------------------------------
Geauga 722 815 723 377 769 1128 725 785
- -------------------------------------------------------------------------------------------------------------------------
Greene 228 777 230 156 311 284 233 933
- -------------------------------------------------------------------------------------------------------------------------
Harrison 154 560 154 643 160 69 155 25
- -------------------------------------------------------------------------------------------------------------------------
Holmes 142 664 142 920 155 377 143 453
- -------------------------------------------------------------------------------------------------------------------------
Huron 370 1001 371 178 388 942 371 978
- -------------------------------------------------------------------------------------------------------------------------
Jefferson 534 613 535 102 552 776 535 770
- -------------------------------------------------------------------------------------------------------------------------
Knox 320 854 321 148 339 492 321 925
- -------------------------------------------------------------------------------------------------------------------------
Lake 96 1071 1651 790 251 117 105 270
- -------------------------------------------------------------------------------------------------------------------------
Lorain 1650 470 98 1124 1727 217 1654 944
- -------------------------------------------------------------------------------------------------------------------------
Madison 251 813 252 68 262 774 252 567
- -------------------------------------------------------------------------------------------------------------------------
Mahoning 1558 5 1559 313 331 103 1562 779
- -------------------------------------------------------------------------------------------------------------------------
Marion 30 954 31 748 64 231 33 517
- -------------------------------------------------------------------------------------------------------------------------
Medina 220 363 222 207 333 660 226 572
- -------------------------------------------------------------------------------------------------------------------------
Monroe 113 832 114 17 117 804 114 268
- -------------------------------------------------------------------------------------------------------------------------
Morrow 250 407 250 587 258 204 250 1018
- -------------------------------------------------------------------------------------------------------------------------
Noble 105 386 105 470 111 848 105 827
- -------------------------------------------------------------------------------------------------------------------------
Ottawa 248 810 249 282 275 142 250 434
- -------------------------------------------------------------------------------------------------------------------------
Portage 1142 666 1143 305 1189 616 1145 660
- -------------------------------------------------------------------------------------------------------------------------
Richland 774 813 775 576 821 86 777 463
- -------------------------------------------------------------------------------------------------------------------------
Sandusky 341 1002 340 245 358 853 341 126
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FORTY-FIRST FORTY-SECOND
DEC. 5, 1994 DEC. 1, 1994
------------ ------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ashland 618 603 618 627
- ---------------------------------------------------------------------
Ashtabula 27 2771 27 2749
- ---------------------------------------------------------------------
Belmont 522 715 522 739
- ---------------------------------------------------------------------
Carroll 152 623 152 647
- ---------------------------------------------------------------------
Champaign 260 225 260 203
- ---------------------------------------------------------------------
Clark 886 85 886 109
- ---------------------------------------------------------------------
Columbiana 59 369 59 393
- ---------------------------------------------------------------------
Crawford 386 930 386 954
- ---------------------------------------------------------------------
Cuyahoga 84-5973 67
84-5974 1 84-5974 21
- ---------------------------------------------------------------------
Delaware 393 458 393 482
- ---------------------------------------------------------------------
Erie 480 371 480 396
- ---------------------------------------------------------------------
Fayette 147 64 147 89
- ---------------------------------------------------------------------
Franklin 5154 H06 5154 I10
- ---------------------------------------------------------------------
Geauga 727 438 727 462
- ---------------------------------------------------------------------
Greene 236 886 236 910
- ---------------------------------------------------------------------
Harrison 155 201 155 225
- ---------------------------------------------------------------------
Holmes 143 893 143 917
- ---------------------------------------------------------------------
Huron 372 518 372 542
- ---------------------------------------------------------------------
Jefferson 536 421 536 445
- ---------------------------------------------------------------------
Knox 322 481 322 505
- ---------------------------------------------------------------------
Lake 110 136 110 160
- ---------------------------------------------------------------------
Lorain 1657 364 1657 388
- ---------------------------------------------------------------------
Madison 252 972 253 1
- ---------------------------------------------------------------------
Mahoning 1565 558 1565 582
- ---------------------------------------------------------------------
Marion 34 866 34 890
- ---------------------------------------------------------------------
Medina 230 42 230 66
- ---------------------------------------------------------------------
Monroe 114 409 114 433
- ---------------------------------------------------------------------
Morrow 251 232 251 256
- ---------------------------------------------------------------------
Noble 106 115 106 139
- ---------------------------------------------------------------------
Ottawa 251 407 251 431
- ---------------------------------------------------------------------
Portage 1147 610 1147 634
- ---------------------------------------------------------------------
Richland 778 813 778 837
- ---------------------------------------------------------------------
Sandusky 34 795 341 819
- ---------------------------------------------------------------------
</TABLE>
<PAGE> 134
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County THIRTY-SEVENTH THIRTY-EIGHT THIRTY-NINTH FORTIETH
SEPT. 15, 1984 SEPT. 27, 1984 JAN. 1, 1985 NOV. 8, 1984
-------------- -------------- ------------ ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Seneca 385 756 386 128 403 702 386 785
- -----------------------------------------------------------------------------------------------------------------------
Stark 248 611 252 133 484 511 263 491
- -----------------------------------------------------------------------------------------------------------------------
Summit 6974 682 6978 35 7353 941 7004 111
- -----------------------------------------------------------------------------------------------------------------------
Trumbull 198 666 200 168 322 768 205 706
- -----------------------------------------------------------------------------------------------------------------------
Tuscarawas 502 680 534 27 505 81
- -----------------------------------------------------------------------------------------------------------------------
Union 277 648 227 807 289 312 278 464
- -----------------------------------------------------------------------------------------------------------------------
Wayne 605 604 606 362 649 61 608 253
- -----------------------------------------------------------------------------------------------------------------------
Wyandot 164 427 164 535 171 639 164 762
- -----------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
- -----------------------------------------------------------------------------------------------------------------------
Hancock 256 636
- -----------------------------------------------------------------------------------------------------------------------
Marshall 456 312 456 498 471 409 457 303
- -----------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA:
- -----------------------------------------------------------------------------------------------------------------------
Beaver 1002 592 1002 614 1043 385 1003 837
- -----------------------------------------------------------------------------------------------------------------------
Lawrence 689 138 689 138 769 469 692 14
- -----------------------------------------------------------------------------------------------------------------------
Mercer 84- 84- 12 84-
MR2455 MR2456 878 MR2726
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Financing Statement File No. File No. File No. File No.
- -----------------------------------------------------------------------------------------------------------------------
Department of State - 12822163 12822165 14660984 12900560
Pennsylvania
- -----------------------------------------------------------------------------------------------------------------------
Beaver County 1916-1984 1917-1984 2054-1984
- -----------------------------------------------------------------------------------------------------------------------
Lawrence County 27 27 27
- -----------------------------------------------------------------------------------------------------------------------
Mercer County 75387 75388 75614
- -----------------------------------------------------------------------------------------------------------------------
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FORTY-FIRST FORTY-SECOND
DEC. 5, 1994 DEC. 1, 1994
------------ ------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
<S> <C> <C> <C> <C>
Seneca 387 411 387 435
- -----------------------------------------------------------------------------
Stark 273 256 273 280
- -----------------------------------------------------------------------------
Summit 7010 370 7010 393
- -----------------------------------------------------------------------------
Trumbull 209 820 209 844
- -----------------------------------------------------------------------------
Tuscarawas 506 493 506 517
- -----------------------------------------------------------------------------
Union 278 840 278 864
- -----------------------------------------------------------------------------
Wayne 609 432 609 458
- -----------------------------------------------------------------------------
Wyandot 164 1022 164 1046
- -----------------------------------------------------------------------------
WEST VIRGINIA:
- -----------------------------------------------------------------------------
Hancock - -
- -----------------------------------------------------------------------------
Marshall 457 625 457 649
- -----------------------------------------------------------------------------
PENNSYLVANIA:
- -----------------------------------------------------------------------------
Beaver 1005 394 1005 417
- -----------------------------------------------------------------------------
Lawrence 695 10 695 35
- -----------------------------------------------------------------------------
Mercer 84- 84-
MR3005 MR3006
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Financing Statement File No. File No.
- -----------------------------------------------------------------------------
Department of State - 12981451 12987449
Pennsylvania
- -----------------------------------------------------------------------------
Beaver County 2309-1984 2310-1984
- -----------------------------------------------------------------------------
Lawrence County 27 27
- -----------------------------------------------------------------------------
Mercer County 75924 75923
- -----------------------------------------------------------------------------
</TABLE>
<PAGE> 135
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FORTY-THIRD FORTY-FOURTH FORTY-FIFTH FORTY-SIXTH
JAN. 30, 1985 FEB. 25, 1985 JULY 1, 1985 OCT. 1, 1985
------------- ------------- ------------ ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ashland 619 477 619 980 623 46 625 535
- ----------------------------------------------------------------------------------------------------------------------------
Ashtabula 27 9441 28 3031 30 907 31 2401
- ----------------------------------------------------------------------------------------------------------------------------
Belmont 523 819 524 434 527 182 529 523
- ----------------------------------------------------------------------------------------------------------------------------
Carroll 153 115 153 398 155 1 156 185
- ----------------------------------------------------------------------------------------------------------------------------
Champaign 260 861 261 140 262 860 264 91
- ----------------------------------------------------------------------------------------------------------------------------
Clark 888 61 889 255 895 593 300 609
- ----------------------------------------------------------------------------------------------------------------------------
Columbiana 62 895 65 276 77 151 85 499
- ----------------------------------------------------------------------------------------------------------------------------
Crawford 387 750 388 168 390 369 392 576
- ----------------------------------------------------------------------------------------------------------------------------
Cuyahoga 85-0609 24 85-1174 42 85-4260 3 85-6073 6
- ----------------------------------------------------------------------------------------------------------------------------
Delaware 395 509 396 676 402 548 407 330
- ----------------------------------------------------------------------------------------------------------------------------
Erie 481 775 482 533 487 200 490 824
- ----------------------------------------------------------------------------------------------------------------------------
Fayette 147 531 147 773 149 5 150 181
- ----------------------------------------------------------------------------------------------------------------------------
Franklin 5359 A01 5469 C02 6013 H16 6466 H20
- ----------------------------------------------------------------------------------------------------------------------------
Geauga 729 952 731 479 741 693 747 427
- ----------------------------------------------------------------------------------------------------------------------------
Greene 240 692 243 179 256 316 267 452
- ----------------------------------------------------------------------------------------------------------------------------
Harrison 155 420 155 529 156 483 157 348
- ----------------------------------------------------------------------------------------------------------------------------
Holmes 144 777 145 135 147 64 148 846
- ----------------------------------------------------------------------------------------------------------------------------
Huron 373 268 373 756 376 716 379 7
- ----------------------------------------------------------------------------------------------------------------------------
Jefferson 537 284 538 68 541 25 543 286
- ----------------------------------------------------------------------------------------------------------------------------
Knox 323 278 323 868 326 699 329 61
- ----------------------------------------------------------------------------------------------------------------------------
Lake 118 155 123 832 158 154 175 49
- ----------------------------------------------------------------------------------------------------------------------------
Lorain 1661 191 1663 210 1675 975 1685 946
- ----------------------------------------------------------------------------------------------------------------------------
Madison 253 567 253 858 255 406 256 933
- ----------------------------------------------------------------------------------------------------------------------------
Mahoning 15 231 28 65 100 192 144 182
- ----------------------------------------------------------------------------------------------------------------------------
Marion 36 914 38 421 43 890 48 154
- ----------------------------------------------------------------------------------------------------------------------------
Medina 236 69 240 89 262 902 275 650
- ----------------------------------------------------------------------------------------------------------------------------
Monroe 114 645 114 791 115 433 116 166
- ----------------------------------------------------------------------------------------------------------------------------
Morrow 251 687 251 944 253 335 254 439
- ----------------------------------------------------------------------------------------------------------------------------
Noble 106 408 106 599 107 417 108 495
- ----------------------------------------------------------------------------------------------------------------------------
Ottawa 252 752 253 381 257 540 261 66
- ----------------------------------------------------------------------------------------------------------------------------
Portage 1149 948 1151 221 1158 784 1164 833
- ----------------------------------------------------------------------------------------------------------------------------
Richland 781 1 782 187 789 286 795 616
- ----------------------------------------------------------------------------------------------------------------------------
Sandusky 342 868 343 438 346 865 348 1099
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FORTY-SEVENTH FORTY-EIGHTH
JAN. 15, 1986 MAY 20, 1986
------------- ------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C>
Ashland 627 202 629 742
- -----------------------------------------------------------------------
Ashtabula 32 2793 33 4615
- -----------------------------------------------------------------------
Belmont 531 34 533 401
- -----------------------------------------------------------------------
Carroll 157 19 158 257
- -----------------------------------------------------------------------
Champaign 265 192 266 1061
- -----------------------------------------------------------------------
Clark 905 260 912 74
- -----------------------------------------------------------------------
Columbiana 93 194 103 226
- -----------------------------------------------------------------------
Crawford 393 966 396 567
- -----------------------------------------------------------------------
Cuyahoga 86-404 64 86-3150 69
86-405 1
- -----------------------------------------------------------------------
Delaware 411 676 418 449
- -----------------------------------------------------------------------
Erie 493 1064 498 226
- -----------------------------------------------------------------------
Fayette 151 35 152 23
- -----------------------------------------------------------------------
Franklin 6883 A01 7429 C12
- -----------------------------------------------------------------------
Geauga 752 157 759 182
- -----------------------------------------------------------------------
Greene 276 363 289 776
- -----------------------------------------------------------------------
Harrison 158 58 158 682
- -----------------------------------------------------------------------
Holmes 150 160 152 405
- -----------------------------------------------------------------------
Huron 381 11 384 123
- -----------------------------------------------------------------------
Jefferson 544 816 548 142
- -----------------------------------------------------------------------
Knox 330 869 333 784
- -----------------------------------------------------------------------
Lake 190 319 216 1
- -----------------------------------------------------------------------
Lorain 1694 344 1706 345
- -----------------------------------------------------------------------
Madison 258 282 260 79
- -----------------------------------------------------------------------
Mahoning 187 204 247 279
- -----------------------------------------------------------------------
Marion 51 276 56 481
- -----------------------------------------------------------------------
Medina 286 905 305 693
- -----------------------------------------------------------------------
Monroe 116 546 117 59
- -----------------------------------------------------------------------
Morrow 255 283 256 277
- -----------------------------------------------------------------------
Noble 109 255 110 382
- -----------------------------------------------------------------------
Ottawa 263 890 267 863
- -----------------------------------------------------------------------
Portage 1169 1033 1177 522
- -----------------------------------------------------------------------
Richland 800 285 807 725
- -----------------------------------------------------------------------
Sandusky 350 1086 354 220
- -----------------------------------------------------------------------
</TABLE>
Page 15
<PAGE> 136
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FORTY-THIRD FORTY-FOURTH FORTY-FIFTH FORTY-SIXTH
JAN. 30, 1985 FEB. 25, 1985 JULY 1, 1985 OCT. 1, 1985
------------- ------------- ------------ ------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Seneca 388 211 388 765 391 558 394 70
- ------------------------------------------------------------------------------------------------------------------------------
Stark 287 21 294 656 335 574 364 846
- ------------------------------------------------------------------------------------------------------------------------------
Summit 7047 123 7053 217 7118 76 7167 473
- ------------------------------------------------------------------------------------------------------------------------------
Trumbull 216 622 221 557 245 611 262 648
- ------------------------------------------------------------------------------------------------------------------------------
Tuscarawas 508 80 508 892 513 736 518 217
- ------------------------------------------------------------------------------------------------------------------------------
Union 279 586 280 15 281 697 283 241
- ------------------------------------------------------------------------------------------------------------------------------
Wayne 611 586 613 21 620 190 626 142
- ------------------------------------------------------------------------------------------------------------------------------
Wyandot 165 230 165 430 166 503 167 423
- ------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
Marshall 458 530 459 89 461 263 464 294
PENNSYLVANIA:
Beaver 1007 311 1008 474 1015 46 1020 498
- ------------------------------------------------------------------------------------------------------------------------------
Lawrence 699 181 701 581 715 271 726 361
- ------------------------------------------------------------------------------------------------------------------------------
Mercer 85- MR0511 MR1748 85 MR2778
MR0238 85 85
Financing Statement File No. File No. File No. File No.
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FORTY-SEVENTH FORTY-EIGHTH
JAN. 15, 1986 MAY 20, 1986
------------- ------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
<S> <C> <C> <C> <C>
Seneca 395 848 398 797
- ----------------------------------------------------------------------
Stark 392 563 428 231
- ----------------------------------------------------------------------
Summit 7208 604 7267 123
- ----------------------------------------------------------------------
Trumbull 276 545 295 654
- ----------------------------------------------------------------------
Tuscarawas 521 382 526 317
- ----------------------------------------------------------------------
Union 284 440 286 374
- ----------------------------------------------------------------------
Wayne 630 274 638 20
- ----------------------------------------------------------------------
Wyandot 168 230 169 717
- ----------------------------------------------------------------------
WEST VIRGINIA:
Marshall 465 599 468 157
PENNSYLVANIA:
Beaver 1025 251 1031 894
- ----------------------------------------------------------------------
Lawrence 736 105 748 216
- ----------------------------------------------------------------------
Mercer 86 MR168 4 2281
Financing Statement File No. File No.
</TABLE>
Page 16
<PAGE> 137
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
FORTY-NINTH FIFTIETH FIFTY-FIRST FIFTY-SECOND
JUNE 3, 1986 OCTOBER 1, 1986 JULY 15, 1989 AUG. 25, 1989
------------ --------------- ------------- -------------
State/County
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ashland 630 159 633 894 657 56 658 66
- ------------------------------------------------------------------------------------------------------------------------------
Ashtabula 33 6525 35 2855 47 6011 48 921
- ------------------------------------------------------------------------------------------------------------------------------
Belmont 533 869 537 270 560 7 561 122
- ------------------------------------------------------------------------------------------------------------------------------
Carroll 158 535 160 220 177 450 178 178
- ------------------------------------------------------------------------------------------------------------------------------
Champaign 267 358 269 668 38 948 40 616
- ------------------------------------------------------------------------------------------------------------------------------
Clark 913 347 922 808 987 905 990 627
- ------------------------------------------------------------------------------------------------------------------------------
Columbiana 104 916 117 709 217 437 221 632
- ------------------------------------------------------------------------------------------------------------------------------
Crawford 397 195 400 175 423 742 424 847
- ------------------------------------------------------------------------------------------------------------------------------
Cuyahoga 86-3507 50
86-3508 1 86-6551 45 89-3715 43 89-4714 13
- ------------------------------------------------------------------------------------------------------------------------------
Delaware 419 670 429 339 504 196 507 406
- ------------------------------------------------------------------------------------------------------------------------------
Erie 498 1034 504 726 548 408 550 181
- ------------------------------------------------------------------------------------------------------------------------------
Fayette 152 271 153 665 165 197 165 706
- ------------------------------------------------------------------------------------------------------------------------------
Franklin 7520 A15 8300 B16 13759 F02 13979 B01
- ------------------------------------------------------------------------------------------------------------------------------
Geauga 760 356 769 1147 834 851 837 145
- ------------------------------------------------------------------------------------------------------------------------------
Greene 292 34 311 303 453 395 459 336
- ------------------------------------------------------------------------------------------------------------------------------
Harrison 159 75 160 88 168 1 168 294
- ------------------------------------------------------------------------------------------------------------------------------
Holmes 152 803 155 396 171 158 171 781
- ------------------------------------------------------------------------------------------------------------------------------
Huron 384 845 388 961 417 807 419 35
- ------------------------------------------------------------------------------------------------------------------------------
Jefferson 548 738 552 795 1 356 3 861
- ------------------------------------------------------------------------------------------------------------------------------
Knox 334 410 339 511 377 831 379 381
- ------------------------------------------------------------------------------------------------------------------------------
Lake 219 514 251 136 479 118 488 330
- ------------------------------------------------------------------------------------------------------------------------------
Lorain 1708 503 1727 236 199 543 212 277
- ------------------------------------------------------------------------------------------------------------------------------
Madison 260 391 262 793 280 540 281 163
- ------------------------------------------------------------------------------------------------------------------------------
Mahoning 257 241 331 122 897 114 922 274
- ------------------------------------------------------------------------------------------------------------------------------
Marion 57 328 64 250 119 340 121 737
- ------------------------------------------------------------------------------------------------------------------------------
Medina 308 307 333 679 503 99 510 432
- ------------------------------------------------------------------------------------------------------------------------------
Monroe 117 200 117 823 123 90 123 305
- ------------------------------------------------------------------------------------------------------------------------------
Morrow 256 524 258 223 269 860 270 361
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
FIFTY-THIRD FIFTY-FOURTH
FEBRUARY 15, 1991 MAY 1, 1991
----------------- -----------
State/County
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C>
Ashland 669 242 671 284
- ----------------------------------------------------------------------
Ashtabula 54 7471 55 6149
- ----------------------------------------------------------------------
Belmont 573 225 575 211
- ----------------------------------------------------------------------
Carroll 186 337 187 534
- ----------------------------------------------------------------------
Champaign 61 362 64 854
- ----------------------------------------------------------------------
Clark 1022 740 1028 200
- ----------------------------------------------------------------------
Columbiana 271 649 278 936
- ----------------------------------------------------------------------
Crawford 436 964 438 965
- ----------------------------------------------------------------------
Cuyahoga
91-1040 42 91-2754 56
- ----------------------------------------------------------------------
Delaware 545 22 551 504
- ----------------------------------------------------------------------
Erie 5 805 13 473
- ----------------------------------------------------------------------
Fayette 172 33 173 407
- ----------------------------------------------------------------------
Franklin 16548 G17 16941 F12
- ----------------------------------------------------------------------
Geauga 867 802 872 1162
- ----------------------------------------------------------------------
Greene 527 624 539 54
- ----------------------------------------------------------------------
Harrison 173 349 174 238
- ----------------------------------------------------------------------
Holmes 179 524 181 45
- ----------------------------------------------------------------------
Huron 432 800 435 228
- ----------------------------------------------------------------------
Jefferson 35 894 40 617
- ----------------------------------------------------------------------
Knox 394 167 396 387
- ----------------------------------------------------------------------
Lake 600 361 617 175
- ----------------------------------------------------------------------
Lorain 372 873 398 91
- ----------------------------------------------------------------------
Madison 289 513 290 796
- ----------------------------------------------------------------------
Mahoning 1235 92 1282 120
- ----------------------------------------------------------------------
Marion 150 278 155 30
- ----------------------------------------------------------------------
Medina 599 416 613 618
- ----------------------------------------------------------------------
Monroe 126 96 126 447
- ----------------------------------------------------------------------
Morrow 276 621 277 741
</TABLE>
17
<PAGE> 138
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
FORTY-NINTH FIFTIETH FIFTY-FIRST FIFTY-SECOND
JUNE 3, 1986 OCTOBER 1, 1986 JULY 15, 1989 AUG. 25, 1989
------------ --------------- ------------- -------------
State/County
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Noble 110 679 111 867 119 909 120 411
- ------------------------------------------------------------------------------------------------------------------------------
Ottawa 268 756 275 161 321 352 323 123
- ------------------------------------------------------------------------------------------------------------------------------
Portage 1178 820 1189 635 1272 636 1275 839
- ------------------------------------------------------------------------------------------------------------------------------
Richland 809 429 821 107 16 649 22 445
- ------------------------------------------------------------------------------------------------------------------------------
Sandusky 354 855 358 872 389 907 391 73
- ------------------------------------------------------------------------------------------------------------------------------
Seneca 399 427 403 721 430 640 431 665
- ------------------------------------------------------------------------------------------------------------------------------
Stark 434 20 484 530 835 131 849 947
- ------------------------------------------------------------------------------------------------------------------------------
Summit 7271 832 7353 960 296 703 323 718
- ------------------------------------------------------------------------------------------------------------------------------
Trumbull 299 82 322 787 495 874 502 883
- ------------------------------------------------------------------------------------------------------------------------------
Tuscarawas 527 177 534 46 580 642 582 507
- ------------------------------------------------------------------------------------------------------------------------------
Union 286 651 289 331 310 784 311 841
- ------------------------------------------------------------------------------------------------------------------------------
Wayne 639 280 649 80 713 546 716 29
- ------------------------------------------------------------------------------------------------------------------------------
Wyandot 170 22 171 658 181 679 182 33
- ------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
Hancock 256 654 273 543 274 282
- ------------------------------------------------------------------------------------------------------------------------------
Marshall 468 442 471 428 490 595 491 459
- ------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA:
Beaver 1033 332 1043 404 1121 327 1124 549
- ------------------------------------------------------------------------------------------------------------------------------
Lawrence 750 393 769 488 893 196 898 625
- ------------------------------------------------------------------------------------------------------------------------------
Mercer 5 1791 12 897 61 1709 63 1834
- ------------------------------------------------------------------------------------------------------------------------------
Financing Statement File No. File No. File No. File No.
- ------------------------------------------------------------------------------------------------------------------------------
*Department of State - 14351020 14660986 17510046 17680560
- ---------------------------
Pennsylvania
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
FIFTY-THIRD FIFTY-FOURTH
FEBRUARY 15, 1991 MAY 1, 1991
----------------- -----------
State/County
VOL. PAGE VOL. PAGE
---- ---- ---- ----
<S> <C> <C> <C> <C>
Noble 124 830 125 586
- ------------------------------------------------------------------------
Ottawa 344 444 348 102
- ------------------------------------------------------------------------
Portage 1316 135 1322 347
- ------------------------------------------------------------------------
Richland 88 741 99 547
- ------------------------------------------------------------------------
Sandusky 405 661 408 160
- ------------------------------------------------------------------------
Seneca 444 603 446 946
- ------------------------------------------------------------------------
Stark 1027 416 1054 191
- ------------------------------------------------------------------------
Summit 635 655 680 398
- ------------------------------------------------------------------------
Trumbull 590 313 605 1
- ------------------------------------------------------------------------
Tuscarawas 607 232 611 511
- ------------------------------------------------------------------------
Union 324 257 326 314
- ------------------------------------------------------------------------
Wayne 745 697 751 205
- ------------------------------------------------------------------------
Wyandot 186 823 187 715
- ------------------------------------------------------------------------
WEST VIRGINIA:
Hancock 283 447 285 183
- ------------------------------------------------------------------------
Marshall 502 274 504 288
- ------------------------------------------------------------------------
PENNSYLVANIA:
Beaver 1163 879 MBV 1171 231
- ------------------------------------------------------------------------
Lawrence 965 313 975 55
- ------------------------------------------------------------------------
Mercer 92 308 96 1778
- ------------------------------------------------------------------------
Financing Statement File No. File No.
- -------------------------------------------------------------------------
*Department of State - 19450195 19691441
- ---------------------------
Pennsylvania
* Filed with Prothonotary
</TABLE>
18
<PAGE> 139
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FIFTY-FIFTH FIFTY-SIXTH FIFTY-SEVENTH FIFTH-EIGHTH
MAY 15, 1991 SEPTEMBER 15, 1991 APRIL 1, 1992 JUNE 15, 1992
------------ ------------------ ------------- -------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Ashland 672 303 675 235 683 803 688 181
- ------------------------------------------------------------------------------------------------------------------------------
Ashtabula 56 575 57 4850 60 4741 62 14
- ------------------------------------------------------------------------------------------------------------------------------
Belmont 576 147 578 913 586 57 589 684
- ------------------------------------------------------------------------------------------------------------------------------
Carroll 188 120 190 380 196 132 199 63
- ------------------------------------------------------------------------------------------------------------------------------
Champaign 66 500 71 368 84 460 90 786
- ------------------------------------------------------------------------------------------------------------------------------
Clark 1031 19 1039 518 1058 176 1067 101
- ------------------------------------------------------------------------------------------------------------------------------
Columbiana 282 274 292 713 317 611 330 146
- ------------------------------------------------------------------------------------------------------------------------------
Crawford 439 933 443 23 451 17 454 361
- ------------------------------------------------------------------------------------------------------------------------------
Cuyahoga 91-3586 49 91-6108 52 92-2985 3 92-5714 4
- ------------------------------------------------------------------------------------------------------------------------------
Delaware 554 723 564 372 591 32 603 276
- ------------------------------------------------------------------------------------------------------------------------------
Erie 17 192 28 638 55 207 68 240
- ------------------------------------------------------------------------------------------------------------------------------
Fayette 173 886 175 505 179 493 181 142
- ------------------------------------------------------------------------------------------------------------------------------
Franklin
17126 A01 17692 G04 19149 H11 19816 A09
- ------------------------------------------------------------------------------------------------------------------------------
Geauga 875 629 883 19 899 1287 908 746
- ------------------------------------------------------------------------------------------------------------------------------
Greene 544 868 - - - - - -
- ------------------------------------------------------------------------------------------------------------------------------
Hardin 562 173 605 454 626 32
- ------------------------------------------------------------------------------------------------------------------------------
Harrison 174 450 175 525 178 100 179 272
- ------------------------------------------------------------------------------------------------------------------------------
Holmes 181 659 183 286 189 35 191 852
- ------------------------------------------------------------------------------------------------------------------------------
Huron 436 352 439 333 447 710 451 459
- ------------------------------------------------------------------------------------------------------------------------------
Jefferson 42 850 49 44 65 154 72 924
- ------------------------------------------------------------------------------------------------------------------------------
Knox 397 685 401 643 411 538 415 826
- ------------------------------------------------------------------------------------------------------------------------------
Lake 625 898 651 704 709 460 738 658
- ------------------------------------------------------------------------------------------------------------------------------
Lorain 409 454 444 651 524 884 563 114
- ------------------------------------------------------------------------------------------------------------------------------
Madison 291 601 293 909 298 860 301 110
- ------------------------------------------------------------------------------------------------------------------------------
Mahoning 1306 72 1376 295 1542 54 1616 211
- ------------------------------------------------------------------------------------------------------------------------------
Marion 157 80 164 36 178 590 185 841
- ------------------------------------------------------------------------------------------------------------------------------
Medina 620 443 641 25 689 798 715 114
- ------------------------------------------------------------------------------------------------------------------------------
Monroe 126 624 127 270 129 221 130 139
- ------------------------------------------------------------------------------------------------------------------------------
Morrow 278 339 280 172 284 45 286 120
- ------------------------------------------------------------------------------------------------------------------------------
Noble 125 827 126 713 128 481 129 755
- ------------------------------------------------------------------------------------------------------------------------------
Ottawa 350 52 355 586 370 364 378 115
- ------------------------------------------------------------------------------------------------------------------------------
Portage 1325 615 1336 507 1358 741 1371 382
- ------------------------------------------------------------------------------------------------------------------------------
Richland 104 320 118 252 152 715 168 892
- ------------------------------------------------------------------------------------------------------------------------------
Sandusky 409 481 413 193 422 330 427 188
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FIFTY-NINTH SIXTIETH
SEPTEMBER 15, 1992 SEPTEMBER 15, 1992
------------------ ------------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C>
Ashland 691 843 691 862
- -----------------------------------------------------------------------
Ashtabula 63 3670 63 3689
- -----------------------------------------------------------------------
Belmont 592 630 592 649
- -----------------------------------------------------------------------
Carroll 201 153 201 172
- -----------------------------------------------------------------------
Champaign 96 370 96 389
- -----------------------------------------------------------------------
Clark 1074 903 1074 922
- -----------------------------------------------------------------------
Columbiana 341 64 341 83
- -----------------------------------------------------------------------
Crawford 457 405 457 424
- -----------------------------------------------------------------------
Cuyahoga 92-8273 57 92-8273 16
- -----------------------------------------------------------------------
Delaware 615 27 615 44
- -----------------------------------------------------------------------
Erie 79 540 79 559
- -----------------------------------------------------------------------
Fayette 182 1057 182 1077
- -----------------------------------------------------------------------
Franklin 20482 G18 20482 G03
20500 I04 20501 A01
- -----------------------------------------------------------------------
Geauga 916 115 916 134
- -----------------------------------------------------------------------
Greene - - - -
- -----------------------------------------------------------------------
Hardin 646 731 646 750
- -----------------------------------------------------------------------
Harrison 180 225 180 244
- -----------------------------------------------------------------------
Holmes 194 154 194 173
- -----------------------------------------------------------------------
Huron 453 1314 453 1333
- -----------------------------------------------------------------------
Jefferson 79 264 79 283
- -----------------------------------------------------------------------
Knox 419 766 419 785
- -----------------------------------------------------------------------
Lake 766 5 766 24
- -----------------------------------------------------------------------
Lorain 597 783 597 802
- -----------------------------------------------------------------------
Madison 303 840 303 856
- -----------------------------------------------------------------------
Mahoning 1686 1 1686 20
- -----------------------------------------------------------------------
Marion 192 569 192 588
- -----------------------------------------------------------------------
Medina 736 941 737 1
- -----------------------------------------------------------------------
Monroe 130 831 130 850
- -----------------------------------------------------------------------
Morrow 288 21 288 40
- -----------------------------------------------------------------------
Noble 1 255 1 274
- -----------------------------------------------------------------------
Ottawa 384 629 384 648
- -----------------------------------------------------------------------
Portage 1381 994 1382 1
- -----------------------------------------------------------------------
Richland 183 130 183 149
- -----------------------------------------------------------------------
Sandusky 431 17 431 36
- -----------------------------------------------------------------------
</TABLE>
Page 19
<PAGE> 140
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FIFTY-FIFTH FIFTY-SIXTH FIFTY-SEVENTH FIFTH-EIGHTH
MAY 15, 1991 SEPTEMBER 15, 1991 APRIL 1, 1992 JUNE 15, 1992
------------ ------------------ ------------- -------------
VOL. PAGE VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Seneca 447 957 451 478 460 30 464 882
- -----------------------------------------------------------------------------------------------------------------------------
Stark 1066 644 1106 74 1201 819 1245 774
- -----------------------------------------------------------------------------------------------------------------------------
Summit 703 559 773 135 933 560 1014 205
- -----------------------------------------------------------------------------------------------------------------------------
Trumbull 611 397 630 512 673 39 693 503
- -----------------------------------------------------------------------------------------------------------------------------
Tuscarawas 613 422 618 739 633 809 640 459
- -----------------------------------------------------------------------------------------------------------------------------
Union 327 414 331 281 339 85 342 706
- -----------------------------------------------------------------------------------------------------------------------------
Wayne 753 572 761 397 781 447 793 396
- -----------------------------------------------------------------------------------------------------------------------------
Wyandot 188 119 189 225 192 589 193 785
WEST VIRGINIA:
- -----------------------------------------------------------------------------------------------------------------------------
Hancock 286 86 288 205 292 670 295 373
- -----------------------------------------------------------------------------------------------------------------------------
Marshall 505 307 507 611 512 250 514 456
- -----------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA:
- -----------------------------------------------------------------------------------------------------------------------------
Beaver MBV 1174 768 185 418 1207 943 1219 670
- -----------------------------------------------------------------------------------------------------------------------------
Lawrence 979 266 993 106 1020 283 1034 273
- -----------------------------------------------------------------------------------------------------------------------------
Mercer 98 2043 105 880 118 928 124 548
- -----------------------------------------------------------------------------------------------------------------------------
Financing Statement File No. File No. File No. File No.
*Department of State- 19790367 20090438 20701598 20990061
Pennsylvania
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County FIFTY-NINTH SIXTIETH
SEPTEMBER 15, 1992 SEPTEMBER 15, 1992
------------------ ------------------
VOL. PAGE VOL. PAGE
---- ---- ---- ----
<S> <C> <C> <C> <C>
Seneca 468 379 468 398
- ------------------------------------------------------------------------
Stark 1285 190 1285 209
- ------------------------------------------------------------------------
Summit 1086 594 1086 613
- ------------------------------------------------------------------------
Trumbull 711 562 711 581
- ------------------------------------------------------------------------
Tuscarawas 646 553 646 572
- ------------------------------------------------------------------------
Union 330 810 330 829
- ------------------------------------------------------------------------
Wayne 802 193 802 212
- ------------------------------------------------------------------------
Wyandot 195 176 195 195
WEST VIRGINIA:
- ------------------------------------------------------------------------
Hancock 297 441 297 460
- ------------------------------------------------------------------------
Marshall 517 179 517 198
- ------------------------------------------------------------------------
PENNSYLVANIA:
- ------------------------------------------------------------------------
Beaver 1230 562 1230 586
- ------------------------------------------------------------------------
Lawrence 1047 562 1047 581
- ------------------------------------------------------------------------
Mercer 129 445 129 464
- ------------------------------------------------------------------------
Financing Statement File No. File No.
*Department of State- 21211194 21211215
Pennsylvania
* Filed with Prothonotary
</TABLE>
page 20
<PAGE> 141
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County SIXTY-SECOND SIXTY-THIRD SIXTY-FOURTH
JUNE 15, 1993 SEPT. 15, 1993 NOV. 15, 1993
------------- -------------- -------------
VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C> <C> <C>
Ashland 806 1 810 883 814 371
- ------------------------------------------------------------------------------------------------------------------------------
Ashtabula 68 1148 69 7941 71 129
- ------------------------------------------------------------------------------------------------------------------------------
Belmont 604 524 608 356 611 314
- ------------------------------------------------------------------------------------------------------------------------------
Carroll 210 725 214 46 216 180
- ------------------------------------------------------------------------------------------------------------------------------
Champaign 116 520 123 479 128 800
- ------------------------------------------------------------------------------------------------------------------------------
Clark 38 717 61 849 78 920
- ------------------------------------------------------------------------------------------------------------------------------
Columbiana 382 921 396 614 406 203
- ------------------------------------------------------------------------------------------------------------------------------
Crawford 469 531 473 25 476 229
- ------------------------------------------------------------------------------------------------------------------------------
Cuyahoga 93-07081 35 93-10708 58 93-13434 5
- ------------------------------------------------------------------------------------------------------------------------------
Delaware 666 38 683 33 698 726
- ------------------------------------------------------------------------------------------------------------------------------
Erie 124 359 138 333 148 201
- ------------------------------------------------------------------------------------------------------------------------------
Fayette 189 882 191 1067 193 817
- ------------------------------------------------------------------------------------------------------------------------------
Franklin 23198 A01 24141 C05 24923 H20
- ------------------------------------------------------------------------------------------------------------------------------
Geauga 946 382 956 256 964 465
- ------------------------------------------------------------------------------------------------------------------------------
Greene 725 875 755 181 778 543
- ------------------------------------------------------------------------------------------------------------------------------
Harrison 184 89 185 236 186 144
- ------------------------------------------------------------------------------------------------------------------------------
Holmes 202 411 204 885 206 718
- ------------------------------------------------------------------------------------------------------------------------------
Huron 466 352 470 946 473 1125
- ------------------------------------------------------------------------------------------------------------------------------
Jefferson 105 347 113 761 120 270
- ------------------------------------------------------------------------------------------------------------------------------
Knox 435 798 441 507 446 151
- ------------------------------------------------------------------------------------------------------------------------------
Lake 877 997 915 353 943 7
- ------------------------------------------------------------------------------------------------------------------------------
Lorain 734 384 784 125 819 841
- ------------------------------------------------------------------------------------------------------------------------------
Madison 312 967 316 117 318 793
- ------------------------------------------------------------------------------------------------------------------------------
Mahoning 1952 172 2041 227 2106 59
- ------------------------------------------------------------------------------------------------------------------------------
Marion 218 356 227 20 234 85
- ------------------------------------------------------------------------------------------------------------------------------
Medina 829 685 860 570 884 912
- ------------------------------------------------------------------------------------------------------------------------------
Monroe 133 253 134 73 1 707
- ------------------------------------------------------------------------------------------------------------------------------
Morrow 295 276 297 773 299 926
- ------------------------------------------------------------------------------------------------------------------------------
Noble 6 247 8 52 9 503
- ------------------------------------------------------------------------------------------------------------------------------
Ottawa 408 249 416 16 421 594
- ------------------------------------------------------------------------------------------------------------------------------
Portage 1428 929 1445 9 1457 672
- ------------------------------------------------------------------------------------------------------------------------------
Richland 240 46 259 522 274 105
- ------------------------------------------------------------------------------------------------------------------------------
Sandusky 446 418 451 636 455 329
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County SIXTY-FIFTH SIXTY-SIXTH SIXTY-SEVENTH
APRIL 1, 1995 MAY 1, 1995 JULY 1, 1995
------------- ----------- ------------
VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ----
OHIO:
<S> <C> <C> <C> <C> <C> <C>
Ashland 834 1 2 203 6 292
- ------------------------------------------------------------------------------------------------------------------------------
Ashtabula 80 7483 81 3589 82 3692
- ------------------------------------------------------------------------------------------------------------------------------
Belmont 634 915 636 448 640 212
- ------------------------------------------------------------------------------------------------------------------------------
Carroll 231 270 232 384 234 392
- ------------------------------------------------------------------------------------------------------------------------------
Champaign 158 982 161 192 164 375
- ------------------------------------------------------------------------------------------------------------------------------
Clark 342 150 363 43 392 148
- ------------------------------------------------------------------------------------------------------------------------------
Columbiana 472 213 477 99 484 988
- ------------------------------------------------------------------------------------------------------------------------------
Crawford 493 130 494 417 496 361
- ------------------------------------------------------------------------------------------------------------------------------
Cuyahoga 95-02574 38 95-03701 15 95-05489 56
- ------------------------------------------------------------------------------------------------------------------------------
Delaware 771 481 776 531 785 31
- ------------------------------------------------------------------------------------------------------------------------------
Erie 217 214 222 46 229 415
- ------------------------------------------------------------------------------------------------------------------------------
Fayette 203 768 204 622 205 873
- ------------------------------------------------------------------------------------------------------------------------------
Franklin 28833 H01 29088 I12 29492 C05
- ------------------------------------------------------------------------------------------------------------------------------
Geauga 1012 77 1015 511 1020 1009
- ------------------------------------------------------------------------------------------------------------------------------
Greene 900 365 908 376 920 624
- ------------------------------------------------------------------------------------------------------------------------------
Harrison 17 106 18 12 19 338
- ------------------------------------------------------------------------------------------------------------------------------
Holmes 217 777 218 650 220 78
- ------------------------------------------------------------------------------------------------------------------------------
Huron 493 52 494 759 497 755
- ------------------------------------------------------------------------------------------------------------------------------
Jefferson 161 230 164 156 168 387
- ------------------------------------------------------------------------------------------------------------------------------
Knox 472 682 474 814 477 816
- ------------------------------------------------------------------------------------------------------------------------------
Lake 1105 163 1117 5 1134 660
- ------------------------------------------------------------------------------------------------------------------------------
Lorain 1065 139 241 963 1110 456
- ------------------------------------------------------------------------------------------------------------------------------
Madison 16 519 17 1177 20 518
- ------------------------------------------------------------------------------------------------------------------------------
Mahoning 2513 57 2544 211 2592 39
- ------------------------------------------------------------------------------------------------------------------------------
Marion 275 258 278 352 283 1
- ------------------------------------------------------------------------------------------------------------------------------
Medina 1023 32 1036 217 1055 628
- ------------------------------------------------------------------------------------------------------------------------------
Monroe 12 305 13 281 14 485
- ------------------------------------------------------------------------------------------------------------------------------
Morrow 311 866 312 634 314 148
- ------------------------------------------------------------------------------------------------------------------------------
Noble 17 739 18 362 19 430
- ------------------------------------------------------------------------------------------------------------------------------
Ottawa 452 390 454 402 457 591
- ------------------------------------------------------------------------------------------------------------------------------
Portage 18 11 25 488 37 472
- ------------------------------------------------------------------------------------------------------------------------------
Richland 357 966 364 538 374 551
- ------------------------------------------------------------------------------------------------------------------------------
Sandusky 476 598 478 55 480 445
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 21
<PAGE> 142
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County SIXTY-SECOND SIXTY-THIRD SIXTY-FOURTH
JUNE 15, 1993 SEPT. 15, 1993 NOV. 15, 1993
------------- -------------- -------------
VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Seneca 482 107 486 651 490 429
- ---------------------------------------------------------------------------------------------------------------------------------
Stark 1451 463 1507 752 1550 709
- ---------------------------------------------------------------------------------------------------------------------------------
Summit 1370 868 1468 805 1542 326
- ---------------------------------------------------------------------------------------------------------------------------------
Trumbull 779 1007 801 288 817 377
- ---------------------------------------------------------------------------------------------------------------------------------
Tuscarawas 669 1 676 856 683 272
- ---------------------------------------------------------------------------------------------------------------------------------
Union 359 686 364 390 368 282
- ---------------------------------------------------------------------------------------------------------------------------------
Wayne 834 230 844 434 851 834
- ---------------------------------------------------------------------------------------------------------------------------------
Wyandot 200 81 486 201 203 125
- ---------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
- ---------------------------------------------------------------------------------------------------------------------------------
Hancock 305 370 308 542 424
- ---------------------------------------------------------------------------------------------------------------------------------
Marshall 525 565 528 441 530 680
- ---------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA:
- ---------------------------------------------------------------------------------------------------------------------------------
Beaver 1269 925 1284 374 1295 395
- ---------------------------------------------------------------------------------------------------------------------------------
Lawrence 1093 487 1110 374 1121 331
- ---------------------------------------------------------------------------------------------------------------------------------
Mercer 146 825 151 2611 156 284
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Financing Statement File No. File No. File No.
- ---------------------------------------------------------------------------------------------------------------------------------
*Department of State- 22091514 22460442 22650200
Pennsylvania
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County SIXTY-FIFTH SIXTY-SIXTH SIXTY-SEVENTH
APRIL 1, 1995 MAY 1, 1995 JULY 1, 1995
------------- ----------- ------------
VOL. PAGE VOL. PAGE VOL. PAGE
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Seneca 509 468 511 1 513 83
- --------------------------------------------------------------------------------------------------------------------------
Stark - - - -
- --------------------------------------------------------------------------------------------------------------------------
Summit 1900 682 1926 510 1963 265
- --------------------------------------------------------------------------------------------------------------------------
Trumbull 924 636 932 355 944 177
- --------------------------------------------------------------------------------------------------------------------------
Tuscarawas 720 719 723 402 728 379
- --------------------------------------------------------------------------------------------------------------------------
Union 7 113 10 49 14 217
- --------------------------------------------------------------------------------------------------------------------------
Wayne 889 743 892 433 897 251
- --------------------------------------------------------------------------------------------------------------------------
Wyandot 209 993 210 468 211 305
- --------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA:
- --------------------------------------------------------------------------------------------------------------------------
Hancock 325 598 326 604 328 299
- --------------------------------------------------------------------------------------------------------------------------
Marshall 545 150 545 663 547 317
- --------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA:
- --------------------------------------------------------------------------------------------------------------------------
Beaver 1362 902 1368 333 1376 307
- --------------------------------------------------------------------------------------------------------------------------
Lawrence 1201 478 1207 565 1217 607
- --------------------------------------------------------------------------------------------------------------------------
Mercer 187 245 189 827 192 1531
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Financing Statement Vol. Page File No. File No.
- --------------------------------------------------------------------------------------------------------------------------
*Department of State-
Pennsylvania 675 95 FMBLOC95 24461629
* Filed with Prothonotary
</TABLE>
Page 22
<PAGE> 143
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County SIXTY-EIGHTH
JUNE 1, 1997
------------
VOL. PAGE
---- ----
OHIO:
<S> <C> <C>
Ashland OR66 83
- ------------------------------------------------------------------------
Ashtabula 96 7944
- ------------------------------------------------------------------------
Belmont 677 694
- ------------------------------------------------------------------------
Carroll 261 646
- ------------------------------------------------------------------------
Champaign 214 445
- ------------------------------------------------------------------------
Clark 868 281
- ------------------------------------------------------------------------
Columbiana 599 742
- ------------------------------------------------------------------------
Crawford M/B 526 523
- ------------------------------------------------------------------------
Cuyahoga 97-06639 48
- ------------------------------------------------------------------------
Delaware O919 667
- ------------------------------------------------------------------------
Erie OR 342 614
- ------------------------------------------------------------------------
Fayette OR 9 260
- ------------------------------------------------------------------------
Franklin - -
- ------------------------------------------------------------------------
Geauga 1112 697
- ------------------------------------------------------------------------
Greene 1103 545
- ------------------------------------------------------------------------
Harrison 41 224
- ------------------------------------------------------------------------
Holmes 242 226
- ------------------------------------------------------------------------
Huron 535 477
- ------------------------------------------------------------------------
Jefferson OR 237 641
- ------------------------------------------------------------------------
Knox 525 1004
- ------------------------------------------------------------------------
Lake - -
- ------------------------------------------------------------------------
Lorain ILM#1231
- ------------------------------------------------------------------------
Madison OR 0056 1159
- ------------------------------------------------------------------------
Mahoning OR 3300 98
- ------------------------------------------------------------------------
Marion OR 361 732
- ------------------------------------------------------------------------
Medina OR 1287 780
- ------------------------------------------------------------------------
Monroe OR 33 217
- ------------------------------------------------------------------------
Morrow 336 846
- ------------------------------------------------------------------------
Noble OR 35 1
- ------------------------------------------------------------------------
Ottawa 510 503
- ------------------------------------------------------------------------
Portage OR 0212 938
- ------------------------------------------------------------------------
Richland 520 605
- ------------------------------------------------------------------------
Sandusky 514 347
- ------------------------------------------------------------------------
</TABLE>
Page 23
<PAGE> 144
<TABLE>
<CAPTION>
RECORDING DATA
OHIO EDISON COMPANY -- MORTGAGE AND SUPPLEMENTAL INDENTURES
State/County SIXTY-EIGHTH
JUNE 1, 1997
------------
VOL. PAGE
---- ----
<S> <C> <C>
Seneca 547 432
- -----------------------------------------------------------------
Stark - -
- -----------------------------------------------------------------
Summit - -
- -----------------------------------------------------------------
Trumbull OR 1133 898
- -----------------------------------------------------------------
Tuscarawas 799 76
- -----------------------------------------------------------------
Union OR 84 705
- -----------------------------------------------------------------
Wayne 84 729
- -----------------------------------------------------------------
Wyandot 224 199
- -----------------------------------------------------------------
- -----------------------------------------------------------------
WEST VIRGINIA:
- -----------------------------------------------------------------
Hancock T/D 352 253
- -----------------------------------------------------------------
Marshall D/T 570 1
- -----------------------------------------------------------------
PENNSYLVANIA:
- -----------------------------------------------------------------
Beaver MBV 1496 185
- -----------------------------------------------------------------
Lawrence BK 1361 397
- -----------------------------------------------------------------
Mercer O239 O891
- -----------------------------------------------------------------
</TABLE>
Page 24
<PAGE> 145
EXHIBIT B
All of the (i) electric generating plants and stations, (ii)
electric substations, (iii) electric transmission lines, (iv) electric
distribution systems, (v) shops, yards, buildings, warehouses, centers and labs,
and (vi) communication equipment listed below, and the machinery, equipment and
fixtures constituting the same, including, but not by way of limitation of
clauses (b) through (g) inclusive of "GRANTING CLAUSE FIRST" of the General
Mortgage Indenture and Deed of Trust dated as of January 1, 1998 to which this
Exhibit B is attached, the interest of the Company in any and all land or
interests in land upon, over or under which any of the such property is located,
such property being situated in Ashland, Ashtabula, Belmont, Carroll, Champaign,
Clark, Columbiana, Crawford, Cuyahoga, Delaware, Eire, Fayette, Franklin,
Geauga, Greene, Harrison, Holmes, Huron, Jefferson, Knox, Lake, Lorain, Madison,
Mahoning, Marion, Medina, Monroe, Morrow, Noble, Ottawa, Portage, Richland,
Sandusky, Seneca, Stark, Summit, Trumbull, Tuscarawas, Union, Wayne or Wyandot
Counties in the State of Ohio; Hancock or Marshall Counties in the State of West
Virginia; or Beaver, Lawrence or Mercer Counties in the State of Pennsylvania:
<PAGE> 146
<TABLE>
<CAPTION>
====================================================================================================================================
A. ELECTRIC GENERATING PLANTS AND STATIONS
---------------------------------------
====================================================================================================================================
<S> <C> <C> <C> <C>
Beaver Valley Nuclear Route 168 Shippingport Beaver County Pa.
Generating Station
D B Mansfield Steam Route 168 Shippingport Beaver County Pa.
Electric Generating
Station
R E Burger Peaking 57246 Ferry Landing Rd. Shadyside Belmont County Ohio
Units
R E Burger Steam 57246 Ferry Landing Rd. Shadyside Belmont County Ohio
Electric Generating
Station
Land Mad River Peaker 2341 W. National Rd. Springfield Clark County Ohio
Rt. 40
Mad River Peaking 2341 W. National Rd. Springfield Clark County Ohio
Units Rt. 40
W H Sammis Peaking Route 7 Stratton Jefferson County Ohio
Units
W H Sammis Steam Route 7 Stratton Jefferson County Ohio
Electric Generating
Station
Perry Nuclear 10 Center Rd. N. Perry Lake County Ohio
Generating Station
New Castle Peaking Route 168 West Pittsburgh Lawrence County Pa.
Units
Edgewater Peaking 200 Oberlin Ave. Lorain Lorain County Ohio
Units
Edgewater Steam 200 Oberlin Ave. Lorain Lorain County Ohio
Electric Generating
Station
West Lorain Peaking 7101 West Erie Ave. Lorain Lorain County Ohio
Units
Niles Peaking Units 1047 Belmont Ave. Niles Trumbull County Ohio
Niles Steam Electric 1047 Belmont Ave. Niles Trumbull County Ohio
Generating Station
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
====================================================================================================================================
<S> <C> <C> <C> <C>
Brookside Substation 1239 Middle Rowsburg Rd. Ashland Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Claremont Substation 737 Broad St. Ashland Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Dell Substation 200 Delafield Ave. Ashland Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Fairview Substation R.D.#4 Ashland Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Flexi Substation Campbell St. Loudonville Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hale Substation End of Hale Ave. Ashland Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Jerome Substation 1180 S.R. 89 Jeromesville Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Mohican Substation Honeycreek Rd. at County Loudonville Ashland County Ohio
Rd. 75
- ------------------------------------------------------------------------------------------------------------------------------------
Orange Substation 34 E. 8th St. Ashland Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Perrysville Substation 1/2 Mile North on Corner Green Twp. Ashland County Ohio
of Rt. 39 & Rt. 95
- ------------------------------------------------------------------------------------------------------------------------------------
Polk Substation 542 U.S. 42 Ashland Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Andover Substation Stanhope-Kelloggsville Andover Ashtabula County Ohio
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver Valley Route 168 Shippingport Beaver County Pa.
- ------------------------------------------------------------------------------------------------------------------------------------
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
D B Mansfield Route 168 Shippingport Beaver County Pa.
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
R E Burger Substation 57246 Ferry Landing Rd. Shadyside Belmont County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Broadview Transmission 1490 Willow Rd. Moorfield Twp Clark County Ohio
Switching Station
- ------------------------------------------------------------------------------------------------------------------------------------
Clark Substation 2651 W. National Rd. Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Columbus Road Columbus Rd. Springfield Clark County Ohio
Substation Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
East Springfield Alta & Old Columbus Rds. Springfield Clark County Ohio
Transmission
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Eastside Substation U.S. Rt. 40 Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Elmwood Substation Van Buren Ave. Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Enon Substation Broadway & Fowler Rds. Enon Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ferncliffe Substation Second St. Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Freeman Substation 1051 McKinley Ave. Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Glenwood Substation E. Glenwood Ave. Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Leffels Lane Leffels Lane & Old Springfield Clark County Ohio
Substation Clifton Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Limestone Substation 133 E. Monroe St Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Mad River Substation W. Main St., U.S. 40 Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Medway Substation Corner of Lower Valley Bethel Twp. Clark County Ohio
Pike & Union Rds.
- ------------------------------------------------------------------------------------------------------------------------------------
Moorefield Substation Moorefield Rd. Moorefield Twp. Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Navistar Substation U.S. 68 Moorefield Twp. Clark County Ohio
</TABLE>
Page 1 of 16
<PAGE> 147
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
North Hampton 3500 Spence Rd. Pike Twp. Clark County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Plattsburg Substation S.R. 54 Harmony Twp. Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ridgewood Substation 1702 N. Limestone Rd. Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Rockaway Substation Rockway St. Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Springfield Waterworks Corner of Mallard Rd. & Springfield Clark County Ohio
Substation Loamshire Dr.
- ------------------------------------------------------------------------------------------------------------------------------------
Titus Substation Titus Rd. Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Valley Substation 1475 Upper Valley Pike Springfield Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Villa Substation Villa Rd. Moorefield Twp. Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Western Avenue 902 W. Rose St. Springfield Clark County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Columbiana Substation 122 Pittsburgh St. Columbiana Columbiana Ohio
County
- ------------------------------------------------------------------------------------------------------------------------------------
Fairfield Substation Corner S.R. 7 & Wood St. Fairfield Columbiana Ohio
Twp. County
- ------------------------------------------------------------------------------------------------------------------------------------
Freshmark Substation Lincoln Ave. South of Salem Columbiana Ohio
Snyder Rd. County
- ------------------------------------------------------------------------------------------------------------------------------------
Knox Substation 6219 Knox-School Rd. Alliance Columbiana Ohio
County
- ------------------------------------------------------------------------------------------------------------------------------------
Leetonia Substation Mill St. near Pearl St. Leetonia Columbiana Ohio
County
- ------------------------------------------------------------------------------------------------------------------------------------
Lisbon Substation E. High St. & Prichard Lisbon Columbiana Ohio
Ave. County
- ------------------------------------------------------------------------------------------------------------------------------------
Lynchburg Substation Corner of Benton St. & Lynchburg Columbiana Ohio
Madison St. County
- ------------------------------------------------------------------------------------------------------------------------------------
Negley Substation 51163 S.R. 154 Negley Columbiana Ohio
County
- ------------------------------------------------------------------------------------------------------------------------------------
Pidgeon Distribution 815 E. Pidgeon Rd. Perry Twp. Columbiana Ohio
Substation County
- ------------------------------------------------------------------------------------------------------------------------------------
Salem Substation 982 S. Ellsworth Ave. Salem Columbiana Ohio
County
- ------------------------------------------------------------------------------------------------------------------------------------
Westville Substation U.S. Rt. 62 Knox Twp. Columbiana Ohio
County
- ------------------------------------------------------------------------------------------------------------------------------------
Zane Substation Taggart St. East Columbiana Ohio
Palestine County
- ------------------------------------------------------------------------------------------------------------------------------------
Crestline Substation 319 Lincoln Ave. Crestline Crawford County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bellepoint Substation 4544 S.R. 257 Ostrander Delaware County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Delaware Substation County Highway 9 Delaware Delaware County Ohio
Columbus & Southern
Elec.
- ------------------------------------------------------------------------------------------------------------------------------------
Radnor Substation Radnor-Ashley Rd. Radnor Twp. Delaware County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Scioto Lime and Stone County Rd. Klondike Delaware County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Tangy Substation Bunty Station Rd. Delaware Delaware County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Avery Substation 805 W. Mason Rd. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Axtel Substation 14719 Kneisel Rd. Vermilion Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bay Substation 121 McDonough St. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Big Island Substation E. First St. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bogart Substation Camp Rd. Bay Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Castalia Substation Depot St. at Rt. 269 Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Cedar Point Substation First St. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Covert Substation Parish St. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Du Pont Switching Huron Twp. Erie County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Greenfield Substation 1820 W. Perkins Ave. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Huron Substation S.R. 6 & S.R. 2 Huron Twp. Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Nasa (Plumbrook) Pentolite Rd. Sandusky Erie County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Pike Substation 11200 Kelly Rd. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Quarry Substation 1620 E. Bogart Rd. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Shinrock Substation 10405 St. Rt. 61 Berlin Hts. Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sloane Substation Sloane & Monroe St. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Wilcox Substation Franklin & Water St. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Wilmer Substation Strubs & Campbell Perkins Twp. Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Parkman Substation U.S. 422 1 mile S.E. of Parkman Twp. Geauga County Ohio
S.R. 88
</TABLE>
Page 2 of 16
<PAGE> 148
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Greens Substation Beaver Creek Twp. Greene County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Rona Substation Armstrong Rd. Fairborn Greene County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Adams Substation Adams St. Norwalk Huron County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bellevue Substation 500 Goodrich Rd. Bellevue Huron County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Carriage Switching 3626 Halfway Rd. Norwalk Huron County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Hanville Substation 909 New State Rd. N. Fairfield Huron County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Harkness Substation Harkness St. Bellevue Huron County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lyme Substation 4106 Sand Hill Rd. Lyme Twp. Huron County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sauer Substation N. West St. Norwalk Huron County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Wakeman Substation 4502 Butler Rd. Wakeman Twp. Huron county Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Corners Milliman Rd. Norwalk Twp. Huron County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
W H Sammis Substation Rt. 7 Stratton Jefferson County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Perry Substation 10 Center Rd. N. Perry Lake County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
New Castle Substation Rt. 168 W. Pittsburgh Lawrence County Pa.
- ------------------------------------------------------------------------------------------------------------------------------------
Abbe Substation 350 Abbe Rd. Elyria Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Baumhart Substation 315 Mellon Dr. Brownhelm Twp. Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver Substation 7101 W. Erie Ave. Lorain Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Capel Substation 1590 S. Avon-Beldon Rd. Grafton Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Carlisle Substation 39500 Banks Rd. Grafton Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Columbia Substation 25710 Royalton Rd. Columbia Lorain County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Edgewater Substation 200 Oberlin Ave. Lorain Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ely Substation 2045 West Ave. Elyria Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ford Motor Substation Corner S.R. 2 & Baumhart Lorain Lorain County Ohio
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
French Creek Wellington Lorain County Ohio
Substation Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Gates Substation 1400 Lowell St. Elyria Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
General Motors Perkins Ave. Sandusky Lorain County Ohio
Substation (New
Departure)
- ------------------------------------------------------------------------------------------------------------------------------------
J B Johnson Substation 555 Griswold Rd. Elyria Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lagrange Substation Corner of W. Erie Ave. & LaGrange Lorain County Ohio
Leavitt Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Lehigh Avenue 1443 G St. Lorain Lorain County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Mill Substation 33655 Center Ridge Rd. N. Ridgeville Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Murray Substation 42390 Griswold Rd. Elyria Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Nordsen Substation Jackson St. Amherst Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
North Ridge Substation Elyria Ave. Elyria Twp. Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Oakwood Substation Corner of E. 36th St. & Lorain Lorain County Ohio
Clinton Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
Oberlin Muni 46900 Butternut Ridge Oberlin Lorain County Ohio
Substation Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Port Substation 200 Oberlin Ave. Lorain Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Redman Substation 199 Huron St. Elyria Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Shawville Substation 36440 Sugar Ridge Rd. W. N. Ridgeville Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sheffield Substation Corner of Idlewood St. & Sheffield Lorain County Ohio
Hull Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
South Amherst Pyle South Amherst Rd. Amherst Twp. Lorain County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Spring Valley 771 Abbe Rd. N. Elyria Lorain County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Thirty-Sixth Street 36th St. Lorain Lorain County Ohio
Distribution
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Twenty-First Street 21st St. Lorain Lorain County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Vincent Substation Grove Ave. Sheffield Lorain County Ohio
Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Vine Street Switching USX Bldg. - Vine St. Amherst Lorain County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Washington Substation 13th St. Lorain Lorain County Ohio
</TABLE>
Page 3 of 16
<PAGE> 149
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Wellington Substation 23860 Hawley St. Wellington Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
West Lorain Substation 7101 W. Erie Ave. Lorain Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Willow Creek 2391 Meister Rd. Lorain Lorain County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Winckles Substation 201 Winckles St. Elyria Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Woodford Avenue 165 Woodford Ave. Elyria Lorain County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Big Plain Substation 7120 Hume Lever Rd. Big Plain Madison County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Derby Substation 297 West Ave, Plain City Madison County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Deer Substation 376 E. High St. London Madison County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lafayette Substation 3403 U.S. Rt. 29 N.E. Lafayette Madison County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
London Substation 140 Chrisman Ave. London Madison County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bancroft Substation 2059 Bancroft Ave. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Belle Vista Substation 819 Belle Vista Ave. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bellmont Substation 210 Belmont Ave. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Berlin Center 8146 Pricetown Rd. Berlin Center Mahoning County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Bluebell Substation 13725 Oyster Rd. Alliance Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Boardman Substation 6409 Southern Blvd. Boardman Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Campbell Substation 82 Penhale Ave. Campbell Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Canfield Substation 300 Fair St. Canfield Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Center Street 2313 Shirley Rd. Youngstown Mahoning County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Clifton Substation 4910 Southern Blvd. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Coitsville Substation 150 Coitsville-Hubbard Youngstown Mahoning County Ohio
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Commerce Distribution 12475 Commissioner Dr. N. Jackson Mahoning County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Cornersburg Substation 2960 Canfield Rd. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Crum Substation Crum Rd. Austintown Mahoning County Ohio
Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Dobbins Substation 4465 Dobbins Rd. Poland Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ellsworth Substation Rt. 45 Ellsworth Mahoning County Ohio
Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Emerson Substation Emerson St. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Front Street 115 S. Champion St. Youngstown Mahoning County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Gibson Substation 725 Mable St. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Greenford Substation 11990 Beaver Creek- Greenford Mahoning County Ohio
Greenford Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Hitchcock Substation 610 Boardman-Canfield Boardman Mahoning County Ohio
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Indianola Substation 187 W. Indianola Ave. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Kimberly Substation Between Norquest Rd. & Austintown Mahoning County Ohio
Rt. 18
- ------------------------------------------------------------------------------------------------------------------------------------
Lincoln Park 2700 Oak St. Youngstown Mahoning County Ohio
Transmission
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Logan Substation 2031 Logan Ave. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lowellville Substation 6751 Lowellville Rd. Poland Twp. Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Mcguffey Substation Woodcrest Ave. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Meridian Substation Connecticut Ave. Austintown Mahoning County Ohio
Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Milton Lake Substation Rt. 18 - 1&1/2 miles W. Milton Lake Mahoning County Ohio
of Milton Lake
- ------------------------------------------------------------------------------------------------------------------------------------
Nevada Avenue 7801 Southern Blvd. Youngstown Mahoning County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
North Lima Substation 11519 N. Lima-Youngstown N. Lima Mahoning County Ohio
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Oak Hill Substation 1004 Oak Hill Ave. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Petersburg Substation Corner St. Rt. 617 & Springfield Mahoning County Ohio
Unity Rd. Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Poland Substation 635 Pittsburgh Rd. Poland Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Powersway Substation 2325 Powersway Rd. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Riverbend Substation 127-1/2 West Ave. Youngstown Mahoning County Ohio
</TABLE>
Page 4 of 16
<PAGE> 150
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sebring Substation Corner of Georgia Ave. & Sebring Mahoning County Ohio
16th St.
- ------------------------------------------------------------------------------------------------------------------------------------
Stop 22 Substation 1259 Jacobs Rd. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
U S Steel Corp Salt Springs Rd. & Youngstown Mahoning County Ohio
Switching Station Waverly Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
West Austintown Turner Rd. & Lake Ave. West Mahoning County Ohio
Substation Austintown
- ------------------------------------------------------------------------------------------------------------------------------------
Western Reserve Care Corner of Oak Hill Ave. Youngstown Mahoning County Ohio
System South Side & Ridge St
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Wickliffe Substation South 3710 Mahoning Av. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Wirt Street Substation Wirt St. near Belmont Youngstown Mahoning County Ohio
Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
Wood Street Substation 354 East Wood St. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Youngstown Sheet And Rt. 422 & Mahoning River Girard Mahoning County Ohio
Tube Company
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Zedaker Substation Zedaker St. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bexley Avenue Bexley Rd. Marion Marion County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Central Substation N. High St Marion Marion County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Crissinger Substation 1734 Crissinger Rd. Marion Marion County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
George Street Corner of George St. & Marion Marion County Ohio
Substation Jefferson St.
- ------------------------------------------------------------------------------------------------------------------------------------
Leader Street Leader St. Marion Marion County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Mound Street Corner of Mound St. & Marion Marion County Ohio
Substation Columbia St.
- ------------------------------------------------------------------------------------------------------------------------------------
Ordinance Substation Likens Rd. Claridon Twp. Marion County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Park Substation Corner of Crescent Hts. Marion Marion county Ohio
Rd. & Barks Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Prairie Substation Corner of Morral Grand Prairie Marion County Ohio
Kirkpatrick Rd. & Powell Twp.
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Rayls Substation St. Rt. 203 Green Camp Marion County Ohio
Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Roberts Substation Corner of Fountain Rd. & Marion Marion County Ohio
Fairground Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Acme Hill Substation 9466 Daniels Rd. Medina Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brunswick Substation 1375 Substation Rd. Brunswick Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Granger Substation 4362 Ridge Rd., Route 94 Medina Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Medina Substation 416 S. Broadway St. Medina Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ryan Substation S. Court St. Medina Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Seville Substation 5501 Greenwich Rd. Seville Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Star Substation 9681 Silver Creek Rd. Wadsworth Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Stoney Substation 2424 Laurel Rd. Hinckley Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
System Control Center 9681 Silver Creek Rd. Wadsworth Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
West Medina Substation 133 N. State Rd. Medina Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bingham Road Bingham Rd. Gilead Twp. Morrow County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Galion Substation Hunter Rd. - 2 Miles S. Galion Morrow County Ohio
of Galion
- ------------------------------------------------------------------------------------------------------------------------------------
Schaal Substation Waldo-Fulton- Westerville Morrow County Ohio
Chesterville Rd. Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Stevens Substation Corner of N. Bloomfield N. Bloomfield Morrow County Ohio
Twp. Rd. & County Line Twp.
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Catawba Island 3066 N.W. Catawba Rd. Port Clinton Ottawa County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Gordon Substation St. Rt. 163 Port Clinton Ottawa County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lakeview Substation 1806 E. Perry St. Port Clinton Ottawa County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Pomona Distribution Clinton East Rd. Chatam Twp. Ottawa County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Pomona Transmission Danbury North Rd. Chatam Twp. Ottawa County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Wonnel Substation Wonnell Rd. Port Clinton Ottawa County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Akron City Lake Diagonal Rd. Kent Portage County Ohio
Rockwell Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Aurora Substation, 110 Aurora-Hudson Rd. Akron Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brady Substation 5954 Rhodes Ave. Kent Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brimfield Substation 4670 Sherman Rd. Kent Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Campbellsport 5125 Campbellsport St. New Milford Portage County Ohio
Substation
</TABLE>
Page 5 of 16
<PAGE> 151
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
East Kent Substation 1462 Summit St. Ext. and Kent Portage County Ohio
Morris Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Freedom Substation S.R. 700 Freedom Twp. Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Garrettsville 10594 Brosius Rd. Garrettsville Portage County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Hanna Substation 4650 Sandy Lake Rd. Ravenna Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hartville Substation 515 E. Maple St. Hartville Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hiram Substation Wakefield Rd. Hiram Village Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Kent Substation 1010 W. Main St. Kent Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ledges Switching S.R. #305 Nelson Twp. Portage County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Mantua Substation 43M Mennonite Church- Mantua Portage County Ohio
Mantua Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Page Distribution 1430 Frost Rd. Streetsboro Portage County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Prospect Substation 5159 S. Prospect St. Rootstown Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Randolph Substation 1206 Industry Rd. Atwater Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ravenna Substation 419 Mill Rd. Ravenna Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Streetsboro Substation 1260 Kennedy Rd. Streetsboro Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sumner Substation 6830 Lovers Lane Ave. Ravenna Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Treat Substation 95 Treat Rd. Akron Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
West Ravenna 5566 Fox-Powder Rd. Kent Portage County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Windham Substation St. Rt. 303 at Portage- Windham Twp. Portage County Ohio
Trumbull County Line
- ------------------------------------------------------------------------------------------------------------------------------------
Alta Distribution Marion Rd. Madison Twp. Richland County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Bowman Substation 152 Longview Ave. Mansfield Richland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Cline Avenue 162 Cline Ave. Mansfield Richland County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Cook Substation 45 Logan Rd. Mansfield Richland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Fifth Street 156 Fifth St. Mansfield Richland County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
First Avenue 254 First Ave. Mansfield Richland County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Jefferson Substation S.R. 13 at Bangorville Bellville Richland County Ohio
East Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Leaside Substation 467 N. Horning Rd. Crestline Richland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Linden Substation 302 Muth Rd. Mansfield Richland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Longview Transmission S.R. 545 South of U.S. Mansfield Richland County Ohio
Substation Rt. 30
- ------------------------------------------------------------------------------------------------------------------------------------
Longview-Roberts N. Bowman St. Madison Twp. Richland County Ohio
Switching Station No 1
(Empire)
- ------------------------------------------------------------------------------------------------------------------------------------
Longview-Roberts U.S. 30 N. between Ontario Richland County Ohio
Switching Station No 2 Springmill Rd. & Beer
(GM) Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Madison Substation 1275 Evergreen Rd. Mansfield Richland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
McElroy Substation 646 McElroy Rd. Mansfield Richland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Olivesburg Road R.D. #2 (Olivesburg Rd.) Mansfield Richland County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Ontario Substation U.S. 30, West of Mansfield Richland County Ohio
Lexington-Springmill Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Shenandoah Substation St. Rt. 13, South of Rt. Shenandoah Richland County Ohio
603
- ------------------------------------------------------------------------------------------------------------------------------------
Sixth Street 259 W. Sixth St. Mansfield Richland County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Trimble Road Corner Trimble Rd. & Mansfield Richland County Ohio
Substation Vista St.
- ------------------------------------------------------------------------------------------------------------------------------------
Flat Rock Substation Thompson Twp. Rd. Thompson Twp. Seneca County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beechwood Substation Easton St. Washington Stark County Ohio
Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Brewster Substation E. of Norfolk & Western Brewster Stark County Ohio
Rd. off S.R, 93
- ------------------------------------------------------------------------------------------------------------------------------------
Carmont Substation Carmont Ave. between Massillon Stark County Ohio
Rondak St & Oberlin Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Charity Rotch Corner of Amherst Ave. & Massillon Stark County Ohio
Substation Lake Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
City Substation Corner of Freedom St., Alliance Stark County Ohio
Bond St. & Patterson St.
- ------------------------------------------------------------------------------------------------------------------------------------
Cloverdale Substation 1255 Albrecht Ave. S.W. Massillon Stark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Crossroads Substation Pidgeon Run Ave. between Sugar Creek Stark County Ohio
Poorman Rd. & Elton Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Dale Substation 7181 Arlington Ave. N.W. Massillon Stark County Ohio
</TABLE>
Page 6 of 16
<PAGE> 152
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Dublin Substation Corner of Kenyon Rd. & Tuscarawas Stark County Ohio
Wooster Rd. Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Fairmont Substation Georgetown St., 1/4 Mile Washington Stark County Ohio
E. of S.R. 183 Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Fleming Foods 4676 Erie Ave. S.W. Navarre Stark County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Gaskill Substation 122 W. Gaskill St. Alliance Stark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Greentown Substation 3475 Cain Rd. N. Canton Stark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Jackson Lane 1516 Jackson Ave. N.W. Massillon Stark County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Lexington Substation Rockhill Ave. N. of Lexington Stark County Ohio
Commerce St. Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Navarre Substation Corner of 4th St. & Main Navarre Stark County Ohio
St,
- ------------------------------------------------------------------------------------------------------------------------------------
Richville Substation 6770 Richville Rd. Massillon Stark county Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Rockhill Substation Rockhill Ave. Alliance Stark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Southeast Substation Corner of South St. & Alliance Stark County Ohio
Webb Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
Strobel Substation Corner of Revere St. & Jackson Twp. Stark County Ohio
Beatty St.
- ------------------------------------------------------------------------------------------------------------------------------------
Tiger Substation 1710 Tremont Ave. Massillon Stark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Tremont Substation Tremont Ave. S.W., W. of Massillon Stark County Ohio
17th St.
- ------------------------------------------------------------------------------------------------------------------------------------
Warwick Substation Corner of Warwick St. & Massillon Stark County Ohio
Vine St.
- ------------------------------------------------------------------------------------------------------------------------------------
West Substation 500 N. Parkhill Rd. Alliance Stark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Substation 115 Aetna St. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Annadale Substation 228 Annadale Ave. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Arlington Substation 1050 River St. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Babb Substation 900 Cuyahoga St. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Barberton Substation 248 Eighth St. Barberton Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beech Street 40 Beech St. Akron Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Brittain Substation Corner of General St. & Akron Summit County Ohio
Market St.
- ------------------------------------------------------------------------------------------------------------------------------------
Camp Street Substation 19 Camp St. Barberton Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Carroll Street 174 Carroll St. Akron Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Case Substation 2111 Case Pkwy., South Twinsburg Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Chamberlin Substation 8530 Chamberlin Rd. Twinsburg Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Children's Hospital One Perkins Square Akron Summit county Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Chittenden Corners 6089 Akron-Cleveland Rd. Boston Hts. Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Clinton Substation 7345 Kepler Rd. Canal Fulton Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Copley Substation 3769 Copley Rd. Copley Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Coventry Substation 1219 Coventry Rd. Barberton Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Darrow Substation 5325 Darrow Rd. Hudson Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
East Akron Substation 91 Fremont Ave. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Edgerton Substation 321 Edgerton Court Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Evans Distribution 1135 Evans Rd. Akron Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Fairlawn Switching 116 Frank Blvd. Akron Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Firestone Substation 1200 Firestone Pkwy. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Geauga Substation 10274 Liberty Rd. Twinsburg Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Gilchrist Substation 3275 Gilchrist Rd Mogadore Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Gorge Substation 715 E. Cuyahoga Falls Akron Summit County Ohio
Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
Grove Avenue 519 Grove Ave. Cuyahoga Summit County Ohio
Substation Falls
- ------------------------------------------------------------------------------------------------------------------------------------
High Street Substation 42 N. High St. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hills Substation 7250 Boyden Rd. Northfield Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Home Avenue Substation 599 Home Ave. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hunt Street Substation 989 Hunt St. Akron Summit County Ohio
</TABLE>
Page 7 of 16
<PAGE> 153
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ira Substation 3480 Akron-Peninsula Rd. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Johnson's Corners 150 31st St. N.W. Barberton Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Keeney Substation 582 Columbia Ave. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Kenmore Substation 460 Kenmore Blvd. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Krumroy Substation 1235 Krumroy Rd. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lakemore Substation Canton Rd. Springfield Summit County Ohio
Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Macedonia Substation 421 Aurora Rd. Macedonia Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Martin Avenue 3470 Limestone Dr. Norton Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Mcknights Substation 2800 Canfield Rd. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Mogadore Substation 3700 Gilchrist Rd. Mogadore Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Moore Substation 3426 Cottage Grove Rd. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Morgan Avenue 469 Morgan Ave. Akron Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Nimisila Substation 5276 S. Main St. Ext. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Noble Avenue 890 Copley Rd. Akron Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Ohio Bell Substation Quaker St. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Osage Substation 2049 Hillsdale Terrace Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Pine Substation Fairlawn Service Center Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Portage Lakes 3306 Manchester Rd. Akron Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Quaker Oats Substation Broadway St. just South Akron Summit County Ohio
of Mill St.
- ------------------------------------------------------------------------------------------------------------------------------------
Riverside Substation 715 E. Cuyahoga Falls Akron Summit County Ohio
Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
Saint Thomas Hospital Howard St. in back of Akron Summit County Ohio
Substation Hospital
- ------------------------------------------------------------------------------------------------------------------------------------
South Akron Substation 300 E. Waterloo Rd. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Stoner Avenue 1186 S. Hawkins Ave. Akron Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Stow Substation 1970 Graham Rd. Stow Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sweitzer Substation 1205 Getz Ave. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Tallmadge Substation 36 West Ave. Tallmadge Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Terex Substation 5325 Darrow Rd. Hudson Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Thornton Substation 741 W. Thorton St. Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Tusc Substation 3838 Summit Rd. Norton Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Twinsburg Substation 8699 Hadden Rd. Twinsburg Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Urban Substation 230 Opportunity Parkway Akron Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Water Street 461 Water St. Akron Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
West Akron Substation 345 N. Cleveland- Akron Summit County Ohio
Massillon Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
West Richfield 4890 Hawkins Rd. Richfield Summit County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Wyoga Substation 466 E. Steels Corners Akron Summit County Ohio
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Bloomfield Substation Rt. 45. 1 mile S. of Bloomfield Trumbull County Ohio
Bloomfield
- ------------------------------------------------------------------------------------------------------------------------------------
Bridge Substation 2550 Mahoning Ave. N.W. LaBrae Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brier Hill Switching Rt. 422 & Mahoning River Girard Trumbull County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Brookfield Substation Warren Sharon Rd. Brookfield Trumbull County Ohio
Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Burton Distribution 1430 Burton Ave. S.E. Warren Trumbull County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Chestnut substation 184 Chestnut Ave. N.E. Warren Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Churchill Substation 4551 Youngstown- Youngstown Trumbull County Ohio
Kingsville Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Cortland Distribution 3514 Warren-Meadvllle Cortland Trumbull County Ohio
Substation Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Dilworth Substation Corners of 284 & 294 Gustavus Twp. Trumbull County Ohio
Township Rds.
- ------------------------------------------------------------------------------------------------------------------------------------
Elm Substation 2183 Hoagland-Blackstub Lakeview Trumbull County Ohio
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Evergreen Substation 2401 S. Main St. Warren Trumbull County Ohio
Page 8 OF 16
</TABLE>
<PAGE> 154
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Franklin Metering Warren Twp. Trumbull County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Garden Substation 6000 E. Market St. Warren Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
General Motors Hallock-Young Rd. Lordstown Trumbull County Ohio
Substation (Chevrolet
Div.)
- ------------------------------------------------------------------------------------------------------------------------------------
Girard Substation Off Broadway St. near Girard Trumbull County Ohio
High St.
- ------------------------------------------------------------------------------------------------------------------------------------
Griswold Substation Griswold St., E. of N. Warren Trumbull County Ohio
Park Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
Harding Substation McKinley St., S.W. of Warren Trumbull County Ohio
Cnr. of Woodland St. &
John St.
- ------------------------------------------------------------------------------------------------------------------------------------
Hartford Substation Rt. 305-1/2 Mile West of Hartford Trumbull County Ohio
Hartford
- ------------------------------------------------------------------------------------------------------------------------------------
Highland Substation 5575 Highland Ave. Lordstown Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hilltop Substation Corner of Ridge Ave. & Warren Trumbull County Ohio
Youngstown Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Howell Industries Brookfield Trumbull County Ohio
Substation Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Hubbard Substation 33 Erie St. Hubbard Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ivanhoe Substation 149 Ivanhoe St. Warren Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
J P Hults Substation 1358 Front St. Warren Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Leavittsburg N. Leavittsburg Rd. Leavittsburg Trumbull County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Livingston Substation University St. East of Warren Trumbull County Ohio
Clermont Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
Lowry Substation First St. N. of Main St. Newton Falls Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Mahoningside 1260 N. Tod Ave. Warren Trumbull County Ohio
Substation (New)
- ------------------------------------------------------------------------------------------------------------------------------------
Maple Substation Corner of Maple & Austin Warren Trumbull County Ohio
Ave.
- ------------------------------------------------------------------------------------------------------------------------------------
Masury Substation 1340 Standard Ave. S.E. Masury Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Mckinley Heights 1758 Youngstown-Warren McKinley Hts. Trumbull County Ohio
Substation Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Meander Dam Switching Old Town McDonald Rd. Weathersfield Trumbull County Ohio
Substation Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Mineral Ridge Edwards St. Weathersfield Trumbull County Ohio
Substation Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Mosier Substation Trumbull Hill Ave. Girard Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Nelson Richards 70 Ft. from County Rd. Cortland Trumbull County Ohio
Substation 46 at Erie R.R.
- ------------------------------------------------------------------------------------------------------------------------------------
Newton Falls 3991 Warren-Ravenna Rd. Newton Falls Trumbull County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Niles Municipal S. Arlington Ave. & Niles Trumbull County Ohio
Substation Water St.
- ------------------------------------------------------------------------------------------------------------------------------------
Niles Substation 1047 Belmont Ave. Niles Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Packard Substation 1265 N. River Rd. Warren Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Republic Iron and S.R. 169 Niles Trumbull County Ohio
Steel Company
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Salt Springs 5020 Salt Springs Rd. Youngstown Trumbull County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Southington Substation Smith Nelson Rd. (Rt. Southington Trumbull County Ohio
305) Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Summit Substation Corner Summit St. & St. Warren Trumbull County Ohio
Rt. #45
- ------------------------------------------------------------------------------------------------------------------------------------
Tod Substation 6924 Tod Ave. Lordstown Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Tyrell Substation Corner of King-Graves Fowler Twp. Trumbull County Ohio
Rd. & Sodom Hutchings
Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Vienna Distribution 4074 Warren-Sharon Rd. Vienna Trumbull County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Western Reserve Care 500 Gypsy Lane Youngstown Trumbull County Ohio
System North Side
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Western Reserve Thomas Rd. Howland Twp. Trumbull County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Woodland Grove Johnson Plank Rd. Champion Hts. Trumbull County Ohio
Substation
- ------------------------------------------------------------------------------------------------------------------------------------
Richwood Substation East Stone Rd. Clairbourne Union County Ohio
Twp.
- ------------------------------------------------------------------------------------------------------------------------------------
Creston Substation Corner of Ely & Milton Twp. Wayne County Ohio
Doylestown Rds.
- ------------------------------------------------------------------------------------------------------------------------------------
Richwood Substation County Rd. 7 Baughman Twp. Wayne County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ross Distribution 3020 N. Geyers-Chapel Wooster Wayne County Ohio
Substation Rd.
- ------------------------------------------------------------------------------------------------------------------------------------
Rittman Substation 238 Sterling Ave. Rittman Wayne County Ohio
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================================
C. ELECTRIC TRANSMISSION LINES
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transmission Lines 23Kv Akron Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Transmission Lines 23Kv Lake Erie Various Counties Ohio
</TABLE>
Page 9 of 16
<PAGE> 155
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Transmission Lines 23Kv Mansfield Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Transmission Lines 23Kv Stark Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Transmission Lines 23Kv Warren Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Transmission Lines 23Kv Youngstown Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Transmission Lines 34 5Kv Bay Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Transmission Lines 34 5Kv Mansfield Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Transmission Lines 34 5Kv Marion Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver-Carlisle 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Carlisle-Star 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Avon-Beaver No 1 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver- Davis-Besse 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver Valley- Sammis 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Chamberlin-Harding 345Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Chamberlin-Mansfield 345Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Canton Central-Hanna-Tidd 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hanna-Highland 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hanna-Juniper 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Highland- Mansfield 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Highland-Shenango 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Juniper-Star 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sammis Highland 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sammis-South Canton 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sammis-Star 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sammis-Wylie Ridge 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
South Canton-Star 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Harding-Mansfield (Juniper-Mnsfld) 345 Kv Various Counties Ohio
Line
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver Valley Hanna 345Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Avon-Beaver No 2 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hyatt-Tangy 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Marysville-Tangy 345Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Galion-Leaside 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Chamberlin - West Akron 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna 138Kv Line Aetna-West Akron Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
American Steel Foundries 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Babcock & Wilcox (Barberton-B&W) 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Barberton-Cloverdale 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Barberton-Star N 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Barberton-Star South 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Barberton-W Akron 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver-Brookside 138Kv Line Beaver-Brownheim Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver-Johnson 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver-NASA 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bluebell-Canton Central 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bluebell-Highland 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bluebell-Pidgeon 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Boardman-Riverbend 138Kv Line Various Counties Ohio
</TABLE>
Page 10 of 16
<PAGE> 156
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Boardman-Youngstown Sheet & Tube 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brookside-Cloverdale 138Kv Line Tap To Ross Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brookside-Leaside 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brookside-Howard-O P Co 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brookside-Longview East 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brookside-Longview West 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Burger-Brookside 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Burger-Cloverdale No 1 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Burger-Cloverdale No 2 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Burger-Cloverdale No 3 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Burger-Longview 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Canton Central-Cloverdale 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Central-Niles 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Central-Packard 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Cloverdale-Star 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Cloverdale-Torrey-Ohio Power 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Crissinger-Roberts 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Crissinger-Tangy 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Darrow-Hanna 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Delaware-Tangy 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
East Akron-Gilchrist 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
East Akron-Hanna 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
East Akron-West Ravenna 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
East Springfield-Tangy 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Edgewater-Beaver 138Kv Line Brownheim Jct.- Various Counties Ohio
Beaver
- ------------------------------------------------------------------------------------------------------------------------------------
Edgewater-Beaver 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Edgewater-USS 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Empire 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Evergreen-Highland West No 1 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Evergreen-Highland West No 2 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Evergreen-Highland West No 3 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Evergreen-Ivanhoe 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Firestone-S Akron 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ford 138Kv Line Greenfield-Ford Motor Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Galion-Longview 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Gallon-Roberts North 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Gallon-Roberts South 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
General Motors-Highland 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Gates-Johnson 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
General Motors-Newton Falls 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Gilchrist-S Akron 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Greenfield-Lakeview 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Greenfield-Nasa 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Greenfield-Shinrock 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hanna-Newton Falls 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hunt 138Kv Line Various Counties Ohio
</TABLE>
Page 11 of 16
<PAGE> 157
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Hanna-West Ravenna No 1 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Highland-Salt Springs 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ivanhoe-Mahoningside 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Ivanhoe-Packard 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Johnson-Lorain West 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Johnson-USS 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lakeview-Ottawa-Toledo Edison 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lincoln Park-Lowellville 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lincoln Park-Masury 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Masury-Salt Springs 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Masury-Sharon 138Kv Line Includes Crosslnd- Various Counties Ohio
Masury
- ------------------------------------------------------------------------------------------------------------------------------------
Masury-Shenango 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
National Castings 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Niles-Blueball 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Niles-Evergreen 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Niles-Salt Springs 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Pleasant Valley(CEI)-Akron East 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Pleasant Valley(CEI)-W Akron West 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Pollak 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Riverbend-Salt Springs 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sammis-Boardman 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lowellville-Sammis 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
East Akron-Sammis 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Shenango-Youngstown Sheet & Tube 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Dale-South Akron 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Star-West Akron 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Toronto-East Akron 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Toronto-Lowellville 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Toronto-South Akron 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Wellington 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Firestone-Urban 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beatty-London 138Kv (C&SOE) Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Star-Urban 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver-Johnson 138Kv Line Beaver-Brownheim Various Counties Ohio
Jct
- ------------------------------------------------------------------------------------------------------------------------------------
East Springfield-Tangy 138Kv Line Tap To Various Counties Ohio
Tangy
- ------------------------------------------------------------------------------------------------------------------------------------
East Springfield-London 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Beaver-New Departure 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Greenfield-New Departure 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Star-W. Medina 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
West Akron-West Medina No.1 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bluebell-Knox 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Burger-Knox 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Carlisle Gates 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Carlisle-Shinrock 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Carlisle-Lorain 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Carlisle-Johnson 138Kv Line Various Counties Ohio
</TABLE>
Page 12 of 16
<PAGE> 158
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
B. ELECTRIC SUBSTATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Clark-E. Springfield 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Clark-Greene 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Hanna-West Ravenna No 2 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Masury-Maysville 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Highland-Mahoningside 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Chamberlin-Valley 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Chamberlin-Hudson East 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Pidgeon-Sammis 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Babb-West Akron 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Cloverdale-E.Wooster 138Kv Line Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Babb-Valley 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Babb-East Akron 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Kirby-Blue Jacket 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Clark-Urbana 138Kv Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Akron 69Kv Lines Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bay 69Kv Lines Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
34.5Kv Future 69Kv Lines Bay Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lake Erie 69Kv Lines Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Mansfield 69Kv Lines Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Marion 69Kv Lines Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Stark 69Kv Lines Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Springfield 69Kv Lines Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Warren 69Kv Lines Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Youngstown 69Kv Lines Various Counties Ohio
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================================
D. ELECTRIC DISTRIBUTION SYSTEMS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Distribution Lines Akron Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Lines Bay Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Lines Lake Erie Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Lines Mansfield Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Lines Marion Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Lines Springfield Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Lines Stark Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Lines Warren Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Lines Youngstown Various Counties Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Lines System Various Counties Ohio
================================================================================================================================
</TABLE>
Page 13 of 16
<PAGE> 159
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
E. OFFICE BUILDINGS, STOREHOUSES, ETC.
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ashland District Line 825 Simonton Rd. Ashland Ashland County Ohio
Shop
- ------------------------------------------------------------------------------------------------------------------------------------
Brookside Pole Yard 1239 Middle Rowsburg Rd. Ashland Ashland County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Jackson Line Shop 1085 Kirk Rd. N.Jackson Ashtabula County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Kinsmen Pole Yard St. Rt. #5 N.E. Kinsman Ashtabula County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Springfield Office 20 S. Limestone Ave. Springfield Clark County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
York Street Service 420 York St Springfield Clark County Ohio
Bulding-Springfield
- ------------------------------------------------------------------------------------------------------------------------------------
Salem Line Shop-New 1441 S. Ellsworth Rd. Salem Columbiana Ohio
County
- ------------------------------------------------------------------------------------------------------------------------------------
Bellpoint Line Shop 4644 St. Rt. 257 Ostrander Delaware County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Vermilion Line Shop 1907 St. Rt. 80 Vermilion Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Bay Service Building 2508 W. Perkins Ave. Sandusky Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Sandusky Office 237 W. Washington Row Sandusky Erie County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Norwalk Line Shop 50 Cleveland Rd. Norwalk Huron County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Eaton Line Shop 11280 N. Avon Beldon Rd. Eaton Twp. Lorain County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lake Erie Service 6326 Lake Ave. Elyria Lorain County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Lake Erie Office 2015 W. River Rd. Elyria Lorain County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Lorain Bill Payment 300 Broadway Ave. Lorain Lorain County Ohio
Office
- ------------------------------------------------------------------------------------------------------------------------------------
London Line Shop 781 St. Rt. 56 S.W. Rd. London Madison County Ohio
#5
- ------------------------------------------------------------------------------------------------------------------------------------
London Office Building 67 W. High St. London Madison County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Oyster Road Service 13515 Oyster Rd. Alliance Mahoning County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Boardman Warehouse 6415 Southern Bldg. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Poland Line Shop 7651 South Ave. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
South Avenue Service 730 South Ave. Youngstown Mahoning County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Boardman Construction 6415 Southern Blvd. Youngstown Mahoning County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Youngstown Office 100 Federal Plaza E. Youngstown Mahoning County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Marion Service 1040 S. Prospect St. Marion Marion County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Marion Office Building 314 W. Center St. Marion Marion County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brunswick Line Shop 1529 Substation Rd. Brunswick Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Medina Line Shop-New 543 Lake Rd. Medina Medina County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Mt Gilead Line Shop Vine St. Mt. Gilead Morrow County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Mt Gilead Office 58 W. High St. Mt. Gilead Morrow County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Port Clinton Service 2508 W. Perrine St. Port Clinton Ottawa county Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Port Clinton Line 1755 State St. Port Clinton Ottawa County Ohio
Shop-New
- ------------------------------------------------------------------------------------------------------------------------------------
Hartville District 282 Rt. 43 Hartville Portage County Ohio
Pole Yard
- ------------------------------------------------------------------------------------------------------------------------------------
Ravenna Line Shop 4630 Hayes Rd. Ravenna Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Crestline Service Lincoln Ave. Crestline Richland County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Mansfield Service 1717 Ashland Rd. Mansfield Richland County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Longview Construction 2175 Striving Rd. Mansfield Richland County Ohio
Headquarters
- ------------------------------------------------------------------------------------------------------------------------------------
Massillon Training 1922 Genoa Rd. Massillon Richland County Ohio
Center
- ------------------------------------------------------------------------------------------------------------------------------------
Mansfield Office 410 Park Ave. West Richland County Ohio
Building Mansfield
- ------------------------------------------------------------------------------------------------------------------------------------
Stark Office Building 100 Lillian Gish Blvd. Massillon Stark County Ohio
S.W.
- ------------------------------------------------------------------------------------------------------------------------------------
Stark Service 2600 S. Erie St. Massillon Stark County Ohio
Building-New
- ------------------------------------------------------------------------------------------------------------------------------------
ISOC (Information 253 White Pond Dr. Akron Summit County Ohio
Systems Operation
Center)
- ------------------------------------------------------------------------------------------------------------------------------------
Corporate Record 335 E. North St. Akron Summit County Ohio
Carter
- ------------------------------------------------------------------------------------------------------------------------------------
Macedonia Line Shop 470 E. Highland Rd. Macedonia Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Akron Service center 1910 W. Market St. Akron Summit County Ohio
</TABLE>
Page 14 of 16
<PAGE> 160
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
E. OFFICE BUILDINGS, STOREHOUSES, ETC.
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Barberton District 3355 Dorthy Court Akron Summit County Ohio
Pole Yard
- ------------------------------------------------------------------------------------------------------------------------------------
Cascade-Akron Division 1 Cascade Plaza Akron Summit County Ohio
Office
- ------------------------------------------------------------------------------------------------------------------------------------
East Akron Maintenance 93 Fremont Ave. Akron Summit County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
North Street Service 315 E. North St. Akron Summit County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Stow-Kent Line Shop 4238 Newcomer Rd. Stow Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Construction 1910 W. Market St. Akron Summit County Ohio
Department Building-
East
- ------------------------------------------------------------------------------------------------------------------------------------
East Akron Record 335 E. North St. Akron Summit County Ohio
Storage Warehouse
- ------------------------------------------------------------------------------------------------------------------------------------
Chemical Lab-New 1501 Commerce Rd. Stow Summit County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Warren Service 2231 W. Market St. Warren Trumbull County Ohio
Building
- ------------------------------------------------------------------------------------------------------------------------------------
Girard Line Shop 1752 N. State St. Girard Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Warren Office Building 280 N. Park Ave. Warren Trumbull County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Rittman District Pole 238 Sterling Ave. Rittman Wayne County Ohio
Yard
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================================
F. COMMUNICATION EQUIPMENT NOT LOCATED AT PROPERTY DESCRIBED ABOVE
<S> <C> <C> <C> <C>
====================================================================================================================================
Loudonville Radio Base Loudonville Loudonville Ashland County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Andover Radio Base Stanhope-Kelloggsville Rd. Andover Ashtabula County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Burger Radio Base 57246 Ferry Landing Rd. Shadyside Belmont County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Kensington Microwave Marble Rd. Kensington Carroll County Ohio
Repeater
- ------------------------------------------------------------------------------------------------------------------------------------
Mutual Microwave Yankee Hill Rd. Mutual Champaign County Ohio
Terminal
- ------------------------------------------------------------------------------------------------------------------------------------
Bethel Radio Receiver Enon Rd. Enon Clark County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Lincoln Park Microwave 2700 Oak St. Youngstown Clark County Ohio
Repeater
- ------------------------------------------------------------------------------------------------------------------------------------
Knox Radio Splinter 6219 Knox-School Rd. Alliance Columbiana County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Salem Radio Base Station 3070 Salem-Alliance Rd. Salem Columbiana County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Erie Microwave Terminal 10204 St. Rt. 61 Berlin Hts. Erie County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Norwalk Radio Monitoring 50 Cleveland Rd. Norwalk Huron County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Knoxville Radio Base Knox Twp. Jefferson County Ohio
station coal mine
- ------------------------------------------------------------------------------------------------------------------------------------
Sammis Radio Base & 31251 Edison Rd., Rt. #1 Toronto Jefferson County Ohio
Microwave Terminal
- ------------------------------------------------------------------------------------------------------------------------------------
Baumhart Radio 315 Helen Dr. Brownhelm Twp. Lorain County Ohio
Monitoring Station
- ------------------------------------------------------------------------------------------------------------------------------------
Bluebell Radio Base & 13515 Oyster Rd. Alliance Mahoning County Ohio
Microwave Terminal
- ------------------------------------------------------------------------------------------------------------------------------------
Jackson Radio Base 1085 Kirk Rd. N.Jackson Mahoning County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Poland Radio Control 635 Pittsburgh Rd. Poland Mahoning County Ohio
Point
- ------------------------------------------------------------------------------------------------------------------------------------
WKBN Radio Base Station 3930 Sunset Blvd. Youngstown Mahoning County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Brunswick Radio 1375 Substation Rd. Brunswick Medina County Ohio
Monitoring Station
- ------------------------------------------------------------------------------------------------------------------------------------
Mallet Microwave 3575 Erhart Rd. Mallet Creek Medina County Ohio
Repeater
- ------------------------------------------------------------------------------------------------------------------------------------
Medina Radio Base 416 S. Broadway Ave. Medina Medina County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Clearfork Microwave 6980 Twp. Rd. 45 Steam Corners Morrow County Ohio
Repeater
- ------------------------------------------------------------------------------------------------------------------------------------
Edison Radio Monitoring Vine St. Mt. Gilead Morrow County Ohio
Sta
- ------------------------------------------------------------------------------------------------------------------------------------
Whetstone Radio Base Rt. 61, 1/2 Mile N. of Mt. Mt. Gilead Morrow County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Station Giliad
- ------------------------------------------------------------------------------------------------------------------------------------
Hanna Microwave Terminal 4650 Sandy Lake Rd. Ravenna Portage County Ohio
- ------------------------------------------------------------------------------------------------------------------------------------
Streetsboro Radio Base 2053 Rt. 303 Streetsboro Portage County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Suffield Microwave 887 U.S. Rt 224 Suffield Portage County Ohio
Repeater
- ------------------------------------------------------------------------------------------------------------------------------------
Fairlawn Radio Base & Washington Twp. Richland County Ohio
Microwave Terminal
- ------------------------------------------------------------------------------------------------------------------------------------
Mansfield Radio Base 1717 Ashland Rd. Mansfield Richland County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Massillon Radio Control 1922 Genoa Rd. Massillon Stark County Ohio
Point
- ------------------------------------------------------------------------------------------------------------------------------------
Akron Microwave Terminal 76 S. Main St. Akron Summit County Ohio
</TABLE>
Page 15 of 16
<PAGE> 161
<TABLE>
<CAPTION>
Ohio Edison Company
Site Address City County State
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
F. COMMUNICATION EQUIPMENT NOT LOCATED AT PROPERTY DESCRIBED ABOVE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Barberton Radio Base 248 Eighth St. Barberton Summit County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Oxford Radio Base 309 Oxford St. Akron Summit County Ohio
Station & Microwave
Reflector
- ------------------------------------------------------------------------------------------------------------------------------------
Portage Lakes Radio 3306 Manchester Rd. Akron Summit County Ohio
Monitoring Station
- ------------------------------------------------------------------------------------------------------------------------------------
Girard Radio Control Off Broadway near High St. Girard Trumbull County Ohio
Point
- ------------------------------------------------------------------------------------------------------------------------------------
Kinsmen Radio Base Ridge Rd. Gustavus Trumbull County Ohio
Station-New
- ------------------------------------------------------------------------------------------------------------------------------------
Niles Telecommunication 1047 Belmont Ave. Niles Trumbull County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Union Radio Base & Raymond Rd. Peoria Union County Ohio
Microwave Repeater
- ------------------------------------------------------------------------------------------------------------------------------------
Watkins Radio Base Millcreek Twp. Union County Ohio
Station
- ------------------------------------------------------------------------------------------------------------------------------------
Golden Microwave S.R. 83 Congress Wayne County Ohio
Repeater
====================================================================================================================================
</TABLE>
Page 16 of 16
<PAGE> 1
EXHIBIT 12(b)
OHIO EDISON COMPANY
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------------------------------------
1993 1994 1995 1996 1997
------ ------ ------ ------ ------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C>
EARNINGS AS DEFINED IN REGULATION S-K:
Income before extraordinary items..................................... $ 24,523 $303,531 $317,241 $315,170 $293,194
Interest and other charges, before reduction for
amounts capitalized................................................. 285,169 283,849 273,719 255,572 250,920
Provision for income taxes............................................ 32,431 188,886 199,307 201,295 187,805
Interest element of rentals charged to income (a) .................... 104,700 108,463 111,534 114,093 117,409
-------- -------- -------- -------- --------
Earnings as defined................................................. $446,823 $884,729 $901,801 $886,130 $849,328
======== ======== ======== ======== ========
FIXED CHARGES AS DEFINED IN REGULATION S-K:
Interest on long-term debt............................................ $262,861 $259,554 $243,570 $211,935 $204,285
Other interest expense................................................ 16,445 18,931 22,944 28,211 31,209
Subsidiaries' preferred stock dividends requirements.................. 5,863 5,364 7,205 15,426 15,426
Adjustments to subsidiaries' preferred stock dividends
to state on a pre-income tax basis.................................. 7,659 3,294 2,956 2,910 2,918
Interest element of rentals charged to income (a)..................... 104,700 108,463 111,534 114,093 117,409
-------- -------- -------- -------- --------
Fixed charges as defined............................................ $397,528 $395,606 $388,209 $372,575 $371,247
======== ======== ======== ======== ========
CONSOLIDATED RATIO OF EARNINGS TO FIXED
CHARGES (b)........................................................... 1.12 2.24 2.32 2.38 2.29
==== ==== ==== ==== ====
</TABLE>
- -------------
(a) Includes the interest element of rentals where determinable plus 1/3 of
rental expense where no readily defined interest element can be determined.
(b) These ratios exclude fixed charges applicable to the guarantee of the debt
of a coal supplier aggregating $8,565,000, $7,424,000, $6,315,000,
$5,093,000 and $3,828,000 for each of the five years ended December 31,
1997, respectively.
<PAGE> 1
Exhibit 15(b)
March 23, 1998
Ohio Edison Company
76 South Main Street
Akron, Ohio 44308
Gentlemen:
We are aware that Ohio Edison Company has incorporated by reference in Amendment
No. 1 to its Registration Statement on Form S-3, (File No. 333-05277) relating
to the registration of $50,000,000 of Mortgage Bonds, its Form 10-Q's for the
quarters ended March 31, 1997, June 30, 1997, and September 30, 1997, which
include our reports dated May 12, 1997, August 13, 1997, and November 12, 1997,
respectively, covering the unaudited interim financial information contained
therein. Pursuant to Regulation C of the Securities Act of 1933, these reports
are not considered a part of the registration statement prepared or certified
by our Firm or a report prepared or certified by our Firm within the meaning of
Sections 7 and 11 of that Act.
Very truly yours,
Arthur Andersen LLP
<PAGE> 1
Exhibit 23(c)
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the use of our report
dated February 13, 1998, on the consolidated financial statements of Ohio Edison
Company for the year ended December 31, 1997. Such report is included in the
Company's Form 8-K dated March 23, 1998, and incorporated by reference in
registration statement on Form S-3 (File No: 333-05277). We also consent to the
use of our reports dated February 7, 1997, included in the Company's Form 10-K
for the year ended December 31, 1996 and incorporated by reference in this
registration statement, and to all references to our Firm included in this
registration statement.
Arthur Andersen LLP
Cleveland, Ohio
March 23, 1998
