Exhibit 4(a)13
Entergy Corporation
REMARKETING
AGREEMENT
Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
Ladies and Gentlemen:
This Agreement is dated as of December 20, 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 (collectively, 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 20, 2005, among
the Company, the Purchase Contract Agent and JPMorgan 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.
"Disclosure Package" means (x) the
Statutory Prospectus, (y) the Issuer Free Writing Prospectuses, if
any, agreed to, in writing, by the Company and the Remarketing
Agent, and (z) any other Free Writing Prospectus, if any, agreed
to, in writing, by the Company and the Remarketing Agent.
"Exchange Act" means the Securities
Exchange Act of 1934, as amended.
"Free Writing Prospectus" means a free
writing prospectus, as defined in Rule 405 under the Securities
Act.
"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).
"Issuer Free Writing Prospectus" means
an issuer free writing prospectus, as defined in Rule 433 under the
Securities Act.
"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 included as part of the Registration
Statement prior to the time the Registration Statement became
effective or any preliminary prospectus or preliminary prospectus
supplement provided by the Company for use by the Remarketing Agent
in connection with the Remarketing of the Remarketed Senior Notes
on or prior to the Optional Remarketing Date, if any, or a Final
Remarketing Date, in each case, including the documents
incorporated or deemed to be incorporated by reference therein as
of the date of such preliminary prospectus or preliminary
prospectus supplement; and any reference to any amendment or
supplement to such preliminary prospectus or preliminary prospectus
supplement, if permitted by the rules and regulations under the
Securities Act, shall be deemed to refer to and include any
documents filed after the date of such preliminary prospectus or
preliminary prospectus supplement under the Exchange Act and
incorporated or deemed to be incorporated by reference in such
preliminary prospectus or preliminary prospectus supplement.
"Prospectus" means the prospectus or
prospectus supplement constituting a part of the Registration
Statement relating to the Remarketed Senior Notes, including the
documents incorporated or deemed to be incorporated by reference
therein as of the date of such prospectus or prospectus supplement
in the form transmitted for filing to the Commission after the
effective date of the Registration Statement pursuant to Rule 424
under the Securities Act; and any reference to any amendment or
supplement to such prospectus or prospectus supplement, if
permitted by the rules and regulations under the Securities Act,
shall be deemed to refer to and include any documents filed after
the date of such prospectus or prospectus supplement, under the
Exchange Act, and incorporated or deemed to be incorporated by
reference in such prospectus or prospectus supplement.
"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 and filed with the Commission 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 or deemed to be incorporated by reference in the
prospectus contained in such registration statement, and any
pre-effective or 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 immediately preceding the first
day of such 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
immediately preceding the first day of 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 such Applicable
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 Statutory
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 13, 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.
"Statutory Prospectus" means, as of
any time, the prospectus or prospectus supplement relating to the
Remarketed Senior Notes that is included as part of the
Registration Statement immediately prior to that time, including
the documents incorporated or deemed to be incorporated by
reference therein.
"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 to conduct a
remarketing of the Senior Notes during the Optional Remarketing
Period (an "Optional Remarketing") pursuant to the Purchase
Contract and Pledge Agreement, the Remarketing Agent shall use its
reasonable efforts to remarket 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 (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) or no Optional Remarketing occurs during either
Optional Remarketing Period, 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 principal amount 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 principal amount
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 and the
Purchase Contract and Pledge 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, nor any agent of
either, 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
(except as may be adapted as necessary to relate to the Remarketed
Senior Notes and to the Remarketing Materials, if any, or to any
changed circumstances or events occurring subsequent to the date of
this Agreement, such adaptations being reasonably acceptable to
counsel to the Remarketing Agent), (i) on and as of the date any
Remarketing Materials are first distributed in connection with any
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(k)
through 3(l), Sections 3(n) through 3(o), Section 3(p)(i), Section
3(q) and Sections 3(s) through 3(t)(i) of the Underwriting
Agreement dated December 14, 2005 (the "Underwriting Agreement")
among the Company and Citigroup Global Markets Inc., Morgan Stanley
& Co. Incorporated and J.P. Morgan Securities Inc., 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", the
"Statutory Prospectus", the "Disclosure Package" 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" shall be ignored.
c.
The Registration Statement 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.
At the time of filing of the Registration Statement and
as of the Applicable Remarketing Date and the Remarketing
Settlement Date, the Company was not and will not be an "ineligible
issuer" (as defined in Rule 405 under the Securities Act). The
documents incorporated or deemed to be incorporated by reference in
the Preliminary Prospectus and the Prospectus, on the date filed
with the Commission pursuant to the Exchange Act, complied in all
material respects with the applicable provisions of the Exchange
Act and the rules and regulations of the Commission thereunder or
pursuant to said rules and regulations will be deemed to comply
therewith; 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 or
deemed to be incorporated by reference in the Preliminary
Prospectus or the Prospectus or any further amendment or supplement
thereto, when such documents are filed with the Commission, will
comply in all material respects to the requirements of the Exchange
Act or pursuant to said rules and regulations will be deemed to
comply therewith. As of the latest date any part of the
Registration Statement became, or is deemed to have become,
effective by the Commission under the Securities Act, the
Registration Statement did 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 not
misleading. At the time that any Preliminary Prospectus is
delivered to the Remarketing Agent for its use in remarketing the
Remarketed Senior Notes, such Preliminary Prospectus will not
contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not
misleading. At the time the Prospectus is delivered to the
Remarketing Agent for its use in making confirmations of sales of
the Remarketed Senior Notes and as of the Remarketing Settlement
Date, the Prospectus will not contain any untrue statement of a
material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances
under which they were made, not misleading and, on said dates and
at such times, the documents then incorporated or deemed to be
incorporated by reference in the Prospectus, when read together
with the Prospectus, will not contain an untrue statement of a
material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The foregoing
representations and warranties in this paragraph (c) shall not
apply to statements or omissions made in reliance upon and in
conformity with written information furnished to the Company by the
Remarketing Agent or on behalf of the Remarketing Agent
specifically for use in connection with the preparation of the
Registration Statement, the Preliminary Prospectus, or the
Prospectus or to any statements in or omissions from the statement
of eligibility of the Trustee on Form T-1 under the TIA filed as an
exhibit to the Registration Statement (the "Statement of
Eligibility").
e.
The Registration Statement as of the latest date any
part of the Registration Statement became effective, or is deemed
to have become effective by the Commission under the Securities
Act, complied (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 comply) in all material respects to the requirements of the
Securities Act.
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.
h.
As of the Applicable Remarketing Date, the Disclosure
Package, and each electronic roadshow agreed to in writing by the
Company and the Remarketing Agent, when taken together with the
Disclosure Package, will not contain any untrue statement of a
material fact or omit to state any material fact necessary in order
to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The preceding sentence
does not apply to statements in or omissions from the Disclosure
Package made in reliance upon and in conformity with written
information furnished to the Company by the Remarketing Agent or on
behalf of the Remarketing Agent specifically for use in connection
with the preparation of the Disclosure Package.
i.
Each Issuer Free Writing Prospectus and the final term
sheet prepared and filed pursuant to Section 5(b) hereof does not
include any information that conflicts with the information
contained in the Registration Statement, the Prospectus or the
Statutory Prospectus, including any document incorporated or deemed
to be incorporated by reference therein that has not been
superseded or modified. If there occurs an event or development as
a result of which the Disclosure Package would include an untrue
statement of a material fact or would omit to state a material fact
necessary in order to make the statements therein, in the light of
the circumstances then prevailing, not misleading, the Company will
notify promptly the Remarketing Agent so that any use of the
Disclosure Package may cease until it is amended or supplemented.
The foregoing two sentences do not apply to statements in or
omissions from the Disclosure Package in reliance upon and in
conformity with written information furnished to the Company by the
Remarketing Agent or on behalf of the Remarketing Agent
specifically for use in connection with the preparation of the
Disclosure Package.
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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 in
writing 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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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 prepare a final term sheet, containing solely a
description of final terms of the Remarketed Senior Notes and the
offering thereof, in a form approved by the Remarketing Agent and
to file such term sheet pursuant to Rule 433(d) within the time
required by such Rule. Such term sheet shall be an Issuer Free
Writing Prospectus and the prior written consent of the parties
hereto shall be deemed to have been given in respect of such Issuer
Free Writing Prospectus;
b.
to file