Amendment No. 5 to
SEC File No. 70-8403
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-1
APPLICATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ("Act")
PENNSYLVANIA ELECTRIC COMPANY ("Penelec")
1001 Broad Street
Johnstown, Pennsylvania 15907
(Name of company filing this statement and address
of principal executive office)
GENERAL PUBLIC UTILITIES CORPORATION ("GPU")
(Name of top registered holding company parent of applicant)
Don W. Myers, Vice President and Douglas E. Davidson, Esq.
Treasurer Berlack, Israels & Liberman
M. A. Nalewako, Secretary 120 West 45th Street
GPU Service Corporation New York, New York 10036
100 Interpace Parkway
Parsippany, New Jersey 07054
William C. Matthews, Esq., Robert C. Gerlach, Esq.
Secretary Ballard Spahr Andrews &
Pennsylvania Electric Company Ingersoll
1001 Broad Street 1735 Market Street
Johnstown, Pennsylvania 15907 Philadelphia, Pennsylvania 19103
(Names and addresses of agents for service)
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Penelec hereby amends its Application on Form U-1, as
heretofore amended, docketed in SEC File No. 70-8403, by amending
paragraph C of Item 1 thereof to read in its entirety as follows:
C. Penelec will also guarantee (individually, a "Guaranty"
and collectively, the "Guaranties"), on a limited basis to the
extent set forth in the Payment and Guarantee Agreement, (i)
payment of distributions on the MIPS to the extent Penelec
Capital has sufficient cash on hand to permit such payments and
funds legally available therefor, (ii) payments to the MIPS
holders of amounts due upon redemption of the MIPS to the extent
Penelec Capital has sufficient cash on hand to permit such
payments and funds legally available therefor, (iii) upon a
liquidation of Penelec Capital other than in connection with a
distribution of Subordinated Debentures as contemplated by
paragraph F of this Item 1, payment of the lesser of (x) the
liquidation preference of the MIPS or (y) the amount of assets
available for distribution to the MIPS holders in liquidation,
and (iv) certain additional amounts that may be payable in
respect of the MIPS.
1
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SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY
HOLDING COMPANY ACT OF 1935, THE UNDERSIGNED COMPANY HAS DULY
CAUSED THIS STATEMENT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
PENNSYLVANIA ELECTRIC COMPANY
By:
Don W. Myers, Vice President and
Treasurer
Date: June 21, 1994
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