Exhibit
4.2
OHIO EDISON
COMPANY
with
THE BANK OF NEW
YORK,
As Trustee
_______________________
Eightieth Supplemental
Indenture
Providing among other things
for
First Mortgage
Bonds
Pledge Series C of 2005
due 2009
_________
Dated as of April 15,
2005
SUPPLEMENTAL
INDENTURE , dated as of April 15,
2005 between Ohio Edison Company, a corporation organized and
existing under the laws of the State of Ohio (hereinafter called
the “Company”), party of the first part, and The Bank
of New York, a banking corporation organized and existing under the
laws of the State of New York, as Trustee under the Indenture
hereinafter referred to, party of the second part.
WHEREAS, the Company has
heretofore executed and delivered to Bankers trust company
(hereinafter called the “Old Trustee”), as trustee, a
certain Indenture, dated as of August 1, 1930, to secure an
issue of bonds of the Company, issued and to be issued in series,
from time to time, in the manner and subject to the conditions set
forth in the said Indenture; and the said Indenture has been
supplemented by seventy nine supplemental indentures, which
Indenture as so supplemented and to be hereby supplemented is
hereinafter referred to as the “Indenture”;
WHEREAS, The Bank of
New York has succeeded the Old Trustee as trustee under the
Indenture (hereinafter called the “Trustee”) pursuant
to Article XVI thereof;
WHEREAS, the Indenture
provides for the issuance of bonds thereunder in one or more
series, the form of each series of bonds and of the coupons to be
attached to the coupon bonds, if any, to be substantially in the
forms set forth therein with such insertions, omissions and
variations as the Board of Directors of the Company may
determine;
WHEREAS, the Company, by
appropriate corporate action in conformity with the terms of the
Indenture, has duly determined to create a new series of bonds
under the Indenture, as the basis for the issuance of $258,672,750
in principal amount of a series of bonds designated Mortgage Bonds
Guarantee Series C of 2005 due 2009 under the Company’s
General Mortgage Indenture and Deed of Trust, dated as of
January 1, 1998, to The Bank of New York, as Trustee, as
heretofore supplemented and as to be supplemented by a Supplemental
Indenture to be dated as of April 15, 2005 (as so
supplemented, the “General Mortgage”), consisting of
$258,672,750 in principal amount to be designated as “First
Mortgage Bonds Pledge Series C of 2005 due 2009”
(hereinafter sometimes referred to as the “bonds of Pledge
Series C of 2005”), which shall bear interest at the
rate per annum set forth in, shall be subject to certain redemption
rights and obligations set forth in, and will otherwise be in the
form and have the terms and provisions provided for in this
Supplemental Indenture and set forth in the form of such bond
below:
[Form of Bond of
Pledge Series C of 2005]
This Bond is not transferable
except to a successor trustee under the General Mortgage Indenture
and Deed of Trust, dated as of January 1, 1998, as amended and
supplemented between the Company and The Bank of New York, as
Trustee, or in connection with the exercise of the rights and
remedies of the holder hereof consequent upon a
“default” as defined in the Indenture referred to
herein.
OHIO
EDISON COMPANY
First Mortgage
Bonds, Pledge Series C of 2005 Due 2009
Due February 15,
2009
$
No.
Ohio Edison Company, a
corporation of the State of Ohio (hereinafter called the Company),
for value received, hereby promises to pay
to
, or registered assigns,
dollars at an office or agency of the Company in the Borough of
Manhattan, The City of New York, New York or in the City of
Akron, Ohio, on February 15, 2009 in any coin or currency of the
United States of America which at the time of payment is legal
tender for public and private debts, and to pay at said offices or
agencies to the registered owner hereof, in like coin or currency,
interest thereon from the Initial Interest Accrual Date
(hereinbelow defined) at the rate per annum from time to time borne
by the Mortgage Bonds, Guarantee Series C of 2005 due 2009
(the “Mortgage Bonds”) issued by the Company under the
General Mortgage Indenture and Deed of Trust, dated as of
January 1, 1998, as heretofore supplemented (the
“General Mortgage”), by the Company to The Bank of
New York, as trustee, on each February 15 and August 15
commencing on the February 15 or August 15 immediately
succeeding the Initial Interest Accrual Date (each such date herein
referred to as an “interest payment date”) on and until
maturity, or, in the case of any bonds of this series duly called
for redemption, on and until the redemption date, or in the case of
any default by the Company in the payment of the principal due on
any bonds of this series, until the Company’s obligation with
respect to the payment of the principal shall be discharged as
provided in the Indenture referred to on the reverse hereof.
Payments of principal of and interest on this bond shall be made at
an office or agency of the Company in the Borough of Manhattan. The
City of New York, New York or in the City of Akron, Ohio.
Payment of principal of, or premium or interest on, the Mortgage
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 this bond which is then due.
The provisions of this bond
are continued on the reverse hereof and such continued provisions
shall for all purposes have the same effect as though fully set
forth at this place.
This bond shall not become
obligatory until The Bank of New York, the Trustee under the
Indenture referred to on the reverse hereof, or its successor
thereunder, shall have authenticated the form of certificate
endorsed hereon.
In witness whereof, Ohio
Edison Company has caused this bond to be signed in its name by its
President or a Vice President, by his signature or a facsimile
thereof, and its corporate seal to be printed hereon, attested by
its Corporate Secretary or an Assistant Corporate Secretary, by his
signature or a facsimile thereof.
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Dated,
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OHIO EDISON
COMPANY
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By:
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Title
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[Form of
Trustee’s Authentication Certificate]
Trustee’s
Authentication Certificate
This bond is one of the bonds
of the series designated therein, described in the within-mentioned
Indenture.
[Reverse of Form
of Bond of Pledge Series C]
OHIO
EDISON COMPANY
First Mortgage
Bonds, Pledge Series C of 2005 Due 2009
This bond is one of an issue
of bonds of the Company, issuable in series, and is one of a series
known as its First Mortgage Bonds of the series designated in its
title, all issued and to be issued under and equally secured
(except as to any sinking fund established in accordance with the
provisions of the Indenture hereinafter mentioned for the bonds of
any particular series) by an Indenture, dated as of August 1,
1930, executed by the Company to The Bank of New York, as Trustee
(the “Trustee”), as amended and supplemented by
indentures supplemental thereto, to which Indenture as so amended
and supplemented (herein referred to as the
“Indenture”) reference is made for a description of the
property mortgaged and pledged, the nature and extent of the
security, the rights of the holders of the bonds in respect thereof
and the terms and conditions upon which the bonds are
secured.
The Initial Interest Accrual
Date for the bonds of this series shall be the date that interest
begins to accrue on the Mortgage Bonds.
The bonds of this series are
subject to mandatory redemption, in whole or in part, as the case
may be, on each date that the Mortgage Bonds are to be redeemed.
The principal amount of the bonds of this series to be redeemed on
any such date shall be equal to the principal amount of Mortgage
Bonds called for redemption on that date. All redemption of bonds
of this series shall be at 100% of the principal amount thereof,
plus accrued interest to the redemption date. The bonds of this
series are not otherwise redeemable prior to their
maturity.
Notwithstanding the
foregoing, bonds of this series shall be deemed to be paid and no
longer outstanding under the Indenture to the extent that Mortgage
Bonds are paid or deemed to be paid and are no longer
outstanding.
The Trustee may conclusively
presume that the obligation of the Company to pay the principal of,
and interest, if any, on the bonds of this series as the same shall
become due and payable (whether at stated maturity or by
declaration of acceleration, call for redemption or otherwise)
shall have been fully satisfied and discharged unless and until it
shall have received a written notice from the trustee under the
General Mortgage, signed by an authorized officer thereof, stating
that any such principal of or interest on the Mortgage Bonds has
become due and payable and has not been fully paid and specifying
the amount of funds required to make such payment.
As more fully described in
the supplemental indenture establishing the terms and provisions of
the bonds of this series, the Company reserves the right, without
any consent or other action by holders of the bonds of this series,
to amend the Indenture that (i) additional bonds may be issued
against 70% of the value of the property which forms the basis for
such issuance and (ii) the charge against property subject to
a prior lien which is used to effectuate the release of property
under the Indenture be similarly based.
The principal hereof may be
declared or may become due on the conditions, in the manner and at
the time set forth in the Indenture, upon the occurrence of a
completed default as in the Indenture provided.
No recourse shall be had for
the payment of the principal of or interest on this bond against
any incorporator or any past, present or future subscriber to the
capital stock, stockholder, officer or director of the Company or
of any predecessor or successor corporation, either directly or
through the Company or a predecessor or successor corporation,
under any rule of law, statute or constitution or by the
enforcement of any assessment or otherwise, all such liability of
incorporators, subscribers, stockholders, officers and directors
being released by the registered owner hereof by the acceptance of
this bond and being likewise waived and released by the terms of
the Indenture.
The bonds of this series are
issuable only as registered bonds without coupons in denominations
of $1.00. The Company and the Trustee may deem and treat the person
in whose name this bond is registered as the absolute owner for the
purpose of receiving payment of or on account of the principal and
interest due hereon and for all other purposes. Registered bonds of
this series shall be exc