Three-Year Credit Agreement (2005)Full Document 

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U.S. $1,000,000,000

THREE-YEAR CREDIT AGREEMENT

Dated as of June 22, 2004

Among

FIRSTENERGY CORP.,
as Borrower,

THE BANKS NAMED HEREIN,
as Banks,

CITICORP USA, INC.,
as Administrative Agent,

and

CITICORP USA, INC.
BARCLAYS BANK PLC,

as Fronting Banks

CITIGROUP GLOBAL MARKETS INC.
and
BARCLAYS CAPITAL
Joint Lead Arrangers

BARCLAYS BANK PLC
Syndication Agent

JPMORGAN CHASE BANK,
KEY BANK, N.A.,
WACHOVIA BANK, NATIONAL ASSOCIATION,

Co-Documentation Agents

TABLE OF CONTENTS

             
        Page  
 
  ARTICLE I        
 
  DEFINITIONS AND ACCOUNTING TERMS        
 
           
SECTION 1.01.
  Certain Defined Terms     1  
SECTION 1.02.
  Computation of Time Periods     10  
SECTION 1.03.
  Accounting Terms     10  
SECTION 1.04.
  Certain References     10  
 
           
 
  ARTICLE II        
 
  AMOUNTS AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT        
 
           
SECTION 2.01.
  The Advances     10  
SECTION 2.02.
  Making the Advances     11  
SECTION 2.03.
  Letters of Credit     11  
SECTION 2.04.
  Fees     17  
SECTION 2.05.
  Termination or Reduction of the Commitments     18  
SECTION 2.06.
  Repayment of Advances     18  
SECTION 2.07.
  Interest on Advances     18  
SECTION 2.08.
  Additional Interest on Advances     18  
SECTION 2.09.
  Interest Rate Determination     19  
SECTION 2.10.
  Conversion of Advances     19  
SECTION 2.11.
  Prepayments     20  
SECTION 2.12.
  Increased Costs     20  
SECTION 2.13.
  Illegality     21  
SECTION 2.14.
  Payments and Computations     21  
SECTION 2.15.
  Taxes     22  
SECTION 2.16.
  Sharing of Payments, Etc.     23  
SECTION 2.17.
  Noteless Agreement; Evidence of Indebtedness     24  
 
           
 
  ARTICLE III        
 
  CONDITIONS OF LENDING AND ISSUING LETTERS OF CREDIT        
 
           
SECTION 3.01.
  Conditions Precedent to Initial Extension of Credit     24  
SECTION 3.02.
  Conditions Precedent to Each Extension of Credit     25  
SECTION 3.03.
  Conditions Precedent to Conversions     26  
SECTION 3.04.
  Conditions Precedent to Extensions of Credit        
 
  after December 31, 2005     26  
SECTION 3.04.
  Conditions Precedent to Extensions of Credit        
 
  after December 31, 2005     26  
 
           
 
  ARTICLE IV REPRESENTATIONS AND WARRANTIES 27        
 
           
SECTION 4.01.
  Representations and Warranties of the Borrower     27  
 
           
 
  ARTICLE V        
 
  COVENANTS OF THE BORROWER        
 
           
SECTION 5.01.
  Affirmative Covenants of the Borrower     29  
SECTION 5.02.
  Financial Covenants of the Borrower     31  
SECTION 5.03.
  Negative Covenants of the Borrower     32  
 
           
 
  ARTICLE VI        
 
  EVENTS OF DEFAULT        
 
           
SECTION 6.01.
  Events of Default     33  

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        Page  
 
  ARTICLE VII        
 
  THE AGENT        
 
           
SECTION 7.01.
  Authorization and Action     35  
SECTION 7.02.
  Agent’s Reliance, Etc.     35  
SECTION 7.03.
  CUSA, Barclays Bank PLC and Affiliates     35  
SECTION 7.04.
  Lender Credit Decision     36  
SECTION 7.05.
  Indemnification     36  
SECTION 7.06.
  Successor Agent     36  
 
           
 
  ARTICLE VIII        
 
  MISCELLANEOUS        
 
           
SECTION 8.01.
  Amendments, Etc.     36  
SECTION 8.02.
  Notices, Etc.     37  
SECTION 8.03.
  Electronic Communications     37  
SECTION 8.04.
  No Waiver; Remedies     38  
SECTION 8.05.
  Costs and Expenses; Indemnification     38  
SECTION 8.06.
  Right of Set-off     39  
SECTION 8.07.
  Binding Effect     39  
SECTION 8.08.
  Assignments and Participations     39  
SECTION 8.09.
  Governing Law     42  
SECTION 8.10.
  Consent to Jurisdiction; Waiver of Jury Trial     42  
SECTION 8.11.
  Severability     42  
SECTION 8.12.
  Entire Agreement     42  
SECTION 8.13.
  Execution in Counterparts     42  

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SCHEDULES AND EXHIBITS

                 
 
  Schedule I         List of Commitments and Lending Offices  
 
Exhibit A
        Form of Assignment and Acceptance  
 
Exhibit B
        Form of Note  
 
Exhibit C
        Form of Notice of Borrowing  
 
Exhibit D
        Form of Letter of Credit Request  
 
Exhibit E
        Form of Opinion of Gary D. Benz, Esq.  
 
Exhibit F
        Form of Opinion of Pillsbury Winthrop LLP  
 
Exhibit G
        Form of Opinion of King & Spalding LLP  
 

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THREE-YEAR CREDIT AGREEMENT

     THREE-YEAR CREDIT AGREEMENT, dated as of June 22, 2004, among FIRSTENERGY CORP., an Ohio corporation (the “Borrower”), the banks (the “Banks”) listed on the signature pages hereof, Citicorp USA, Inc. (“CUSA”), as Administrative Agent (the “Administrative Agent”) for the Lenders hereunder, CUSA, as a fronting bank, and Barclays Bank PLC (“Barclays”), as a fronting bank.

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