Exhibit
4.3
OHIO
EDISON COMPANY
with
THE BANK
OF NEW YORK,
Eighty-first Supplemental
Indenture
Providing
among other things for
First
Mortgage Bonds
Pledge
Series D of 2005 due 2034
Dated as
of June 1, 2005
SUPPLEMENTAL INDENTURE, dated
as of June 1, 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
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 eighty
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 has
entered into an Insurance Agreement, dated as of June 1, 2005 (the
“Insurance Agreement”), with Financial Guaranty
Insurance Company, a New York stock insurance corporation (the
“Insurer”), in connection with the issuance of
$40,000,000 aggregate principal amount of State of Ohio Pollution
Control Revenue Refunding Bonds, Series 2005-B (Ohio Edison Company
Project) (the “Revenue Bonds”) by the Ohio Water
Development Authority (the “Authority”) and the loan of
the proceeds of such issuance to the Company pursuant to a Waste
Water Facilities and Solid Waste Facilities Loan Agreement, dated
as of June 1, 2005 between the Company and the
Authority;
WHEREAS, in conjunction with
the issuance and sale of the Revenue Bonds, the Company has agreed
to issue to The Bank of New York, as Trustee under the
Company’s General Mortgage Indenture and Deed of Trust, dated
as of January 1, 1998, as heretofore supplemented and as to be
supplemented by a Supplemental Indenture to be dated as of June 1,
2005 (as so supplemented, the “General Mortgage”), a
series of bonds under the Indenture, to secure the issue of bonds
(the “Mortgage Bonds”) issued under the General
Mortgage to the Insurer pursuant to the Insurance
Agreement;
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 the Mortgage
Bonds, such new series of bonds consisting of $40,000,000 in
aggregate principal amount to be designated as “First
Mortgage Bonds, Pledge Series D of 2005 due 2034”
(hereinafter referred to as the “bonds of Pledge Series D of
2005”), the bonds of which series 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 D 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, 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 D of 2005 due 2034
Due January 1,
2034
$________________
No.______
Ohio Edison Company, a
corporation of the State of Ohio (hereinafter called the Company),
for value received, hereby promises to pay to The Bank of New York,
as trustee under the General Mortgage (hereinbelow defined), 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 January 1, 2034
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 D
of 2005 due 2034 (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 Interest Payment Date (as defined in the
form of Mortgage Bond) provided , however , that in
no event shall the rate of interest borne by the Bonds of this
series exceed twelve per centum per annum (12%). 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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OHIO EDISON
COMPANY,
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Dated:
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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.
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By:
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Authorized
Signatory
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[Reverse of Form
of Bond of Pledge Series D of 2005]
OHIO
EDISON COMPANY
First Mortgage
Bonds, Pledge Series D of 2005 due 2034
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 percent 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 to provide 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