Exhibit 4(w)
Entergy Corporation
REMARKETING
AGREEMENT
December [__], 2005
Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
Ladies and Gentlemen:
This Agreement is dated as of December [__], 2005 (this
"Agreement") by and among Entergy Corporation, a Delaware
corporation (the "Company"), Citigroup Global Markets Inc., as the
reset agent and the remarketing agent (the "Remarketing Agent"),
and The Bank of New York, not individually but solely as Purchase
Contract Agent (the "Purchase Contract Agent") and as
attorney-in-fact of the holders of Purchase Contracts (as defined
in the Purchase Contract and Pledge Agreement referred to
below).
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Definitions .
Capitalized terms used and not defined
in this Agreement shall have the meanings set forth in the Purchase
Contract and Pledge Agreement, dated as of December [__], 2005,
among the Company, the Purchase Contract Agent and J.P. Morgan
Chase Bank, N.A., as Collateral Agent, Custodial Agent and
Securities Intermediary, as amended from time to time (the
"Purchase Contract and Pledge Agreement").
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As used in this Agreement, the following terms have the following
meanings:
"Agreement" has the meaning specified
in the first paragraph of this Remarketing Agreement.
"Commencement Date" has the meaning
specified in Section 3.
"Commission" means the Securities and
Exchange Commission.
"Company" has the meaning specified in
the first paragraph of this Remarketing Agreement.
"Final Remarketing" has the meaning
specified in Section 2(c).
"Final Remarketing Date" has the
meaning specified in Section 2(c).
"indemnified party" has the meaning
specified in Section 7(c).
"indemnifying party" has the meaning
specified in Section 7(c).
"Optional Remarketing" has the meaning
specified in Section 2(b).
"Optional Remarketing Date" has the
meaning specified in Section 2(b).
"Preliminary Prospectus" means any
preliminary prospectus relating to the Remarketed Senior Notes
included as part of the Registration Statement or provided by the
Company for use by the Remarketing Agent including, in each case,
the documents incorporated by reference therein as of the date of
such preliminary prospectus; and any reference to any amendment or
supplement to such preliminary prospectus shall be deemed to refer
to and include any documents filed after the date of such
preliminary prospectus under the Exchange Act and incorporated by
reference in such preliminary prospectus.
"Prospectus" means the prospectus
constituting part of the Registration Statement relating to the
Remarketed Senior Notes, in the form in which filed, or transmitted
for filing, with the Commission after the effective date of the
Registration Statement pursuant to Rule 424(b)(1) or (b)(4) under
the Securities Act, including the documents incorporated by
reference therein as of the date of such prospectus; and any
reference to any amendment or supplement to such prospectus shall
be deemed to refer to and include any documents filed after the
date of such prospectus, under the Exchange Act, and incorporated
by reference in such prospectus.
"Purchase Contract and Pledge
Agreement" has the meaning specified in Section 1(a).
"Registration Statement" means a
registration statement under the Securities Act prepared by the
Company relating to, inter alia, the Remarketing of the Remarketed
Senior Notes pursuant to Section 5(a) hereunder, including all
exhibits thereto and the documents incorporated by reference in the
prospectus contained in such registration statement, and any
post-effective amendments thereto.
"Remarketed Senior Notes" means, with
respect to all Remarketings during any Applicable Remarketing
Period, the aggregate Senior Notes underlying the Pledged
Applicable Ownership Interests in Senior Notes and the Separate
Senior Notes, if any, subject to Remarketing as identified to the
Remarketing Agent by the Purchase Contract Agent and the Custodial
Agent, respectively, in each case promptly after 5:00 p.m., New
York City time, on the Business Day prior to the first day of the
Applicable Remarketing Period in accordance with the Purchase
Contract and Pledge Agreement and shall include: (a) the Senior
Notes underlying the Pledged Applicable Ownership Interests in
Senior Notes of the Holders of Corporate Units who have not
effected a Collateral Substitution, Early Settlement or a Cash
Merger Early Settlement prior to the second Business Day preceding
such Applicable Remarketing Period, and, in the case of a Final
Remarketing, Holders of Corporate Units who have not notified the
Purchase Contract Agent prior to 5:00 p.m., New York City time, on
the second Business Day immediately preceding the first day of the
Final Remarketing Period of their intention to effect a Cash
Settlement of the related Purchase Contracts pursuant to the terms
of the Purchase Contract and Pledge Agreement or who have so
notified the Purchase Contract Agent but failed to make the
required cash payment prior to 5:00 p.m., New York City time, on
the Business Day immediately preceding the first day of the Final
Remarketing Period, and (b) the Separate Senior Notes of the
holders of Separate Senior Notes, if any, who have elected to have
their Separate Senior Notes remarketed in such Remarketing prior to
5:00 p.m., New York City time, on the second Business Day
immediately preceding the first day of the Final Remarketing
Period, pursuant to the terms of the Purchase Contract and Pledge
Agreement.
"Remarketing" means the remarketing of
the Remarketed Senior Notes pursuant to this Remarketing Agreement
on any Remarketing Date occurring during an Optional Remarketing
Period, if any, and on any Remarketing Date during the Final
Remarketing Period.
"Remarketing Fee" has the meaning
specified in Section 4.
"Remarketing Materials" means the
Registration Statement, the Preliminary Prospectus, the Prospectus
or any other information furnished by the Company to the
Remarketing Agent for distribution to investors in connection with
the Remarketing.
"Remarketing Settlement Date" means
(a) in the case of a Successful Optional Remarketing occurring
during the Optional Remarketing Period from November 3, 2008 to
November 12, 2008, November 17, 2008, (b) in the case of a
Successful Optional Remarketing occurring during the Optional
Remarketing Period from December 1, 2008 to December 11, 2008, the
third Business Day following the date of such Successful Optional
Remarketing, and (b) in the case of a Final Remarketing, the
Purchase Contract Settlement Date.
"Reset Rate" has the meaning specified
in Section 2(d).
"Securities" has the meaning specified
in Section 9.
"Senior Notes" means the series of
notes designated the Senior Notes, [Series A] of the Company issued
pursuant to the Supplemental Indenture.
"Transaction Documents" means this
Agreement, the Purchase Contract and Pledge Agreement and the
Supplemental Indenture, in each case as amended or supplemented
from time to time.
"Underwriting Agreement" has the
meaning specified in Section 3(a).
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Appointment and Obligations of the Remarketing Agent .
The Company hereby appoints Citigroup
Global Markets Inc. as the exclusive Remarketing Agent, and,
subject to the terms and conditions set forth herein, Citigroup
Global Markets Inc. hereby accepts appointment as Remarketing
Agent, for the purpose of (i) remarketing the Remarketed Senior
Notes on behalf of the holders thereof, (ii) determining, in
consultation with the Company, in the manner provided for herein
and in the Purchase Contract and Pledge Agreement and the
Supplemental Indenture, the Reset Rate for the Senior Notes, and
(iii) performing such other duties as are assigned to the
Remarketing Agent in the Transaction Documents.
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Unless a Special Event Redemption or a Termination Event has
occurred prior to such date, if the Company elects an Optional
Remarketing to occur pursuant to the Purchase Contract and Pledge
Agreement, the Remarketing Agent shall use its reasonable efforts
to remarket (the "Optional Remarketing") the Remarketed Senior
Notes at the Remarketing Price on a date or dates selected by the
Company during the Optional Remarketing Period (each an "Optional
Remarketing Date"). For the avoidance of doubt, the Company shall
determine in its sole discretion if and when to attempt an Optional
Remarketing.
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In the case there is no Successful Optional Remarketing during
either Optional Remarketing Period or no Optional Remarketing
occurs on any Optional Remarketing Date, if any (either because the
Remarketing Agent is unable to remarket the Senior Notes at the
Remarketing Price or because a condition precedent to the
Remarketing has not been satisfied), and unless a Special Event
Redemption or a Termination Event has occurred prior to such date,
on a date or dates during the Final Remarketing Period selected by
the Company (each a "Final Remarketing Date"), the Remarketing
Agent shall use its reasonable efforts to remarket (the "Final
Remarketing") the Remarketed Senior Notes at the Remarketing Price.
It is understood and agreed that the Remarketing on any Final
Remarketing Date will be considered successful and no further
attempts will be made if the resulting proceeds are at least equal
to the Remarketing Price.
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In connection with each Remarketing, the Remarketing Agent shall
determine, in consultation with the Company, the rate per annum,
rounded to the nearest one-thousandth (0.001) of one percent per
annum, that the Senior Notes should bear (the "Reset Rate") in
order for the Remarketed Senior Notes to have an aggregate market
value equal to at least the Remarketing Price and that in the sole
reasonable discretion of the Remarketing Agent will enable it to
remarket all of the Remarketed Senior Notes at no less than the
Remarketing Price in such Remarketing; provided that such
rate shall not exceed the maximum interest rate permitted by
applicable law.
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If, by 4:00 p.m., New York City time, on the applicable Remarketing
Date, (1) the Remarketing Agent is unable to remarket all of the
Remarketed Senior Notes, other than to the Company, at the
Remarketing Price pursuant to the terms and conditions hereof or
(2) the Remarketing did not occur on such Remarketing Date because
one of the conditions set forth in Section 6 hereof was not
satisfied, a Failed Remarketing shall be deemed to have occurred,
and the Remarketing Agent shall advise by telephone the Depositary,
the Purchase Contract Agent, the Collateral Agent and the
Company. Whether or not there has been a Failed Remarketing
will be determined in the sole reasonable discretion of the
Remarketing Agent. In the event of a Failed Remarketing, the
applicable interest rate on the Senior Notes will not be reset, and
will continue to be the Coupon Rate set forth in the Supplemental
Indenture.
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In the event of a Successful Remarketing, by approximately 4:30
p.m., New York City time, on the applicable Remarketing Date, the
Remarketing Agent shall advise, by telephone (promptly confirmed in
writing in the case of clause (1)):
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the Depositary, the Purchase Contract Agent, the Trustee and the
Company of the Reset Rate determined by the Remarketing Agent in
such Remarketing and the number of Remarketed Senior Notes sold in
such Remarketing;
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each purchaser (or the Depositary Participant thereof) of
Remarketed Senior Notes of the Reset Rate and the number of
Remarketed Senior Notes such purchaser is to purchase;
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each such purchaser (if other than a Depositary Participant) to
give instructions to its Depositary Participant to pay the purchase
price on the Remarketing Settlement Date in same day funds against
delivery of the Remarketed Senior Notes purchased through the
facilities of the Depositary; and
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each such purchaser (or Depositary Participant thereof) that the
Remarketed Senior Notes will not be delivered until the Remarketing
Settlement Date, and that if such purchaser wishes to trade the
Remarketed Senior Notes that it has purchased prior to the third
Business Day preceding the Remarketing Settlement Date, such
purchaser will have to specify an alternative settlement cycle at
the time of any such trade to prevent failed settlement.
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The proceeds from a Successful Remarketing (i) with respect to the
Senior Notes underlying the Applicable Ownership Interests in
Senior Notes that are components of the Corporate Units shall be
paid to the Collateral Agent in accordance with Section 5.02 of the
Purchase Contract and Pledge Agreement and (ii) with respect to the
Separate Senior Notes, shall be paid to the Custodial Agent for
payment to the holders of such Separate Senior Notes in accordance
with Section 5.02 of the Purchase Contract and Pledge
Agreement.
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The right of each holder of Remarketed Senior Notes to have such
Remarketed Senior Notes remarketed and sold on any Remarketing Date
shall be subject to the conditions that (i) (A) the Remarketing
Agent conducts any Optional Remarketing, or (B) in the case of a
Final Remarketing, that no Successful Optional Remarketing has
occurred, each pursuant to the terms of this Agreement, (ii)
neither a Special Event Redemption nor a Termination Event has
occurred prior to such Remarketing Date, (iii) the Remarketing
Agent is able to find a purchaser or purchasers for Remarketed
Senior Notes at the Remarketing Price based on the Reset Rate, and
(iv) such purchaser or purchasers on the Remarketing Settlement
Date of the Remarketed Senior Notes deliver the purchase price
therefor to the Remarketing Agent as and when required.
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It is understood and agreed that the Remarketing Agent shall not
have any obligation whatsoever to purchase any Remarketed Senior
Notes, whether in the Remarketing or otherwise, and shall in no way
be obligated to provide funds to make payment upon tender of
Remarketed Senior Notes for Remarketing or to otherwise expend or
risk its own funds or incur or to be exposed to financial liability
in the performance of its duties under this Agreement.
Neither the Company nor the Remarketing Agent shall be obligated in
any case to provide funds to make payment upon tender of the
Remarketed Senior Notes for Remarketing.
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Representations and Warranties of the Company .
The Company represents and warrants
(i) on and as of the date any Remarketing Materials are first
distributed in connection with the Remarketing (the "Commencement
Date"), (ii) on and as of the applicable Remarketing Date and (iii)
on and as of the Remarketing Settlement Date, that:
b.
Each of the representations and warranties of the
Company as set forth in Sections 3(a) through 3(c), Sections 3(i)
through 3(j), Sections 3(m) through 3(p), Sections 3(s) through
3(t) and Sections 3(w) through 3(y) of the Underwriting Agreement
dated December [__], 2005 (the "Underwriting Agreement") among the
Company and Citigroup Global Markets Inc. and [__________], as
Representatives of the Underwriters identified in Schedule II
thereto, is true and correct as if made on each of the dates
specified above; provided that for purposes of this Section
3(a), any reference in such sections of the Underwriting Agreement
to (i) the "Registration Statement", the "Prospectus" and the
"Preliminary Prospectus" shall be deemed to refer to the
correlative terms as defined herein, (ii) the "Closing Date" shall
be deemed to refer to the Remarketing Settlement Date, (iii) the
"Securities" shall be deemed to refer to the Remarketed Senior
Notes, and (iv) "this Underwriting Agreement" and "Date of
Delivery" shall be ignored.
c.
The Registration Statement, if any, has been declared
effective by the Commission; and no stop order suspending the
effectiveness of the Registration Statement has been issued and no
proceeding for that purpose has been initiated or threatened by the
Commission.
d.
The documents incorporated by reference in the
Prospectus, if any, when they were filed with the Commission,
conformed in all material respects to the requirements of the
Exchange Act and the rules and regulations of the Commission
thereunder, and none of such documents contained an untrue
statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were
made, not misleading; and any further documents so filed and
incorporated by reference in the Prospectus or any further
amendment or supplement thereto, when such documents are filed with
the Commission, will conform in all material respects to the
requirements of the Exchange Act, and will not contain an untrue
statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were
made, not misleading; provided , however , that this
representation and warranty shall not apply to any statements or
omissions made in reliance upon and in conformity with information
relating to the Remarketing Agent furnished in writing to the
Company by the Remarketing Agent expressly for use in the
Registration Statement or the Remarketing Materials.
e.
The Registration Statement, if any, as of the effective
date, conformed (and the Preliminary Prospectus and the Prospectus,
if any, and any further amendments or supplements to the
Registration Statement or the Prospectus, when they become
effective or are filed with the Commission, as the case may be,
will conform) in all material respects to the requirements of the
Securities Act, and the Registration Statement and the Remarketing
Materials (and any amendment or supplement thereto) as of their
respective effective or filing date (or, with respect to the
Registration Statement, if later, the filing of the Company's
latest Annual Report on Form 10-K) and as of the applicable
Remarketing Date and Remarketing Settlement Date do not contain any
untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the
statements therein not misleading; provided that no
representation and warranty is made as to any statement of
eligibility on Form T-1 filed or incorporated by reference as part
of the Registration Statement or the Remarketing Materials, or as
to information relating to the Remarketing Agent contained in or
omitted from the Registration Statement or the Remarketing
Materials in reliance upon and in conformity with written
information furnished to the Company by the Remarketing Agent.
f.
No consent, approval, authorization, filing with or
order of any court or governmental agency or body is required for
the Remarketing or the consummation by the Company of the
transactions contemplated by the Transaction Documents except such
as may be or have been obtained under the Securities Act, the TIA
and the Public Utility Holding Company Act of 1935 and such as may
be required under the blue sky laws of any jurisdiction in
connection with the Remarketing.
g.
The Company is not required to register as an
"investment company" as such term is defined in the Investment
Company Act of 1940, as amended.
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Fees .
In the event of a Successful
Remarketing of the Remarketed Senior Notes, the Company shall pay
the Remarketing Agent a remarketing fee to be agreed upon by the
Company and the Remarketing Agent prior to any such Remarketing
(the "Remarketing Fee"). Such Remarketing Fee shall be paid
by the Company on the Remarketing Settlement Date in cash by wire
transfer of immediately available funds to an account designated by
the Remarketing Agent.
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Covenants of the Company .
The Company covenants and agrees as
follows:
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if and to the extent the Remarketed Senior Notes are
required (in the view of counsel, which need not be in the form of
a written opinion, for either the Remarketing Agent or the Company)
to be registered under the Securities Act as in effect at the time
of the Remarketing, to prepare the Registration Statement and the
Prospectus, in a form approved by the Remarketing Agent, to file
any such Prospectus pursuant to the Securities Act within the
period required by the Securities Act and the rules and regulations
thereunder and to use commercially reasonable efforts to cause the
Registration Statement to be declared effective by the Commission
prior to the second Business Day immediately preceding the
applicable Remarketing Date;
a.
to file promptly with the Commission any amendment to
the Registration Statement or the Prospectus or any supplement to
the Prospectus that may, in the reasonable judgment of the Company
or the Remarketing Agent, be required by the Securities Act or
requested by the Commission;
b.
to advise the Remarketing Agent, promptly after it
receives notice thereof, of the time when any amendment to the
Registration Statement has been filed or becomes effective or any
supplement to the Prospectus or any amended Prospectus has been
filed and to furnish the Remarketing Agent with copies thereof;
c.
to file promptly all reports and any definitive proxy or
information statements required to be filed by the Company with the
Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the
Exchange Act subsequent to the date of the Prospectus and for so
long as the delivery of a Prospectus is required in connection with
the offering or sale of the Remarketed Senior Notes;
d.
to advise the Remarketing Agent, promptly after it
receives notice thereof, of the issuance by the Commission of any
stop order or of any order preventing or suspending the use of the
Prospectus, of the suspension of the qualification of any of the
Remarketed Senior Notes for offering or sale in any jurisdiction,
of the initiation or threatening of any proceeding for any such
purpose, or of any request by the Commission for the amending or
supplementing of the Registration Statement or the Prospectus or
for additional information, and, in the event of the issuance of
any stop order or of any order preventing or suspending the use of
any Prospectus or suspending any such qualification, to use
promptly its best efforts to obtain its withdrawal;
e.
to furnish promptly to the Remarketing Agent such copies
of the following documents as the Remarketing Agent shall
reasonably request: (A) conformed copies of the Registration
Statement as originally filed with the Commission and each
amendment thereto (in each case excluding exhibits); (B) the
Preliminary Prospectus and any amended or supplemented Preliminary
Prospectus; (C) the Prospectus and any amended or supplemented
P