Document:

exv4w13

 

Exhibit 4.13

EXECUTION COPY

 

FIRST SUPPLEMENTAL INDENTURE

dated as of May 1,2003

to

INDENTURE

dated as of May 1, 2003

among

AMERICAN REF-FUEL COMPANY LLC

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Trustee and Securities Intermediary

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II THE TERMS OF THE NOTES 
	 	 	3	 
	SECTION 2.1. Terms of 6.26% Senior Notes Due 2015 
	 	 	3	 
	SECTION 2.2. Denominations 
	 	 	4	 
	SECTION 2.3. Interest and Principal 
	 	 	4	 
	SECTION 2.4. Redemption; Repurchase 
	 	 	5	 
	SECTION 2.5. Restrictions on Transfer and Exchange of Initial Notes 
	 	 	5	 
	 
	 	 	 	 
	ARTICLE III APPLICATION OF PROCEEDS FROM SALE OF NOTES 
	 	 	8	 
	 
	 	 	 	 
	ARTICLE IV DEBT SERVICE RESERVE ACCOUNTS 
	 	 	9	 
	 
	 	 	 	 
	ARTICLE V COVENANTS OF THE COMPANY 
	 	 	9	 
	SECTION 5.1. Financial Statements and Other Information 
	 	 	9	 
	SECTION 5.2. Other Covenants 
	 	 	9	 
	 
	 	 	 	 
	ARTICLE VI COLLATERAL 
	 	 	9	 
	 
	 	 	 	 
	ARTICLE VII MISCELLANEOUS 
	 	 	9	 
	SECTION 7.1. Execution of Supplemental Indenture 
	 	 	9	 
	SECTION 7.2. Concerning the Trustee 
	 	 	9	 
	SECTION 7.3. Counterparts
	 	 	10	 
	SECTION 7.4. GOVERNING LAW
	 	 	10	 
	 
	 	 	 	 
	EXHIBITS:
	 	 	 	 
	Exhibit A — Form of Transferor Certificate
	 	 	 	 
	Exhibit B — Form of Institutional Accredited Investor Transferee Compliance Letter
	 	 	 	 
	Exhibit C — Form of Regulation S Transfer Certificate
	 	 	 	 
	 
	 	 	 	 
	SCHEDULES
	 	 	 	 
	Schedule 1-A — Form of Definitive Note
	 	 	 	 
	Schedule 1-B — Form of Global Note
	 	 	 	 

i

 

 

          FIRST SUPPLEMENTAL INDENTURE, dated as of May 1, 2003 (this “First Supplemental
Indenture”), among AMERICAN
REF-FUEL COMPANY LLC, a Delaware limited liability company,
(together with its successors and assigns, the “Company”), its executive office and mailing address
being at 155 Chestnut Ridge Road, Montvale, NJ 07645 and Wachovia Bank, National Association, a
national banking association (the “Trustee”), its corporate trust office and mailing address being
at 21 South Street, Morristown, New Jersey 07690, to the Indenture dated as of May 1, 2003 (the
“Original Indenture”) between the Company and the Trustee.

          WHEREAS, the Company and the Trustee have heretofore executed and delivered the
Original Indenture to provide for the issuance from time to time of bonds, debentures,
notes or other evidences of indebtedness to be issued in one or more series;

          WHEREAS, Sections 2.1, 2.3 and 11.1 of the Original Indenture provide, among other things,
that the Company and the Trustee may enter into indentures supplemental to the Original Indenture
for, among other things, the purpose of establishing the designation, form, terms and provisions of
Notes of any series as permitted by Sections 2.1, 2.3 and 11.1 of the Original Indenture;

          WHEREAS, the Company (i) desires the issuance of one series of Notes to be designated as
hereinafter provided and (ii) has requested the Trustee to enter into this First Supplemental
Indenture for the purpose of establishing the designation, form, terms and provisions of the Notes;

          WHEREAS, all action on the part of the Company necessary to authorize the issuance of the
Notes under the Original Indenture and this First Supplemental Indenture (the Original Indenture,
as supplemented by this First Supplemental Indenture, being hereinafter called the “Indenture”) has
been duly taken; and

          WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee as provided in the Original Indenture, the legal, valid
and binding obligations of the Company, and to constitute these presents a valid and binding
supplemental indenture according to its terms, have been done and performed, and the execution of
this First Supplemental Indenture and the creation and issuance under the Indenture of said Notes
have in all respects been duly authorized, and the Company, in the exercise of the legal right and
power vested in it, executes this First Supplemental Indenture and proposes to create, execute,
issue and deliver the Notes.

          NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH:

          That, in order to establish the designation, form, terms and provisions of, and to authorize
the authentication and delivery of, said Notes, and in consideration of the acceptance of the Notes
by the Holders thereof and of other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

American Ref-Fuel Company Supplemental Indenture

 

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ARTICLE I

DEFINITIONS

          (a) Capitalized terms used herein and not otherwise defined herein shall have
the respective meanings ascribed thereto in the Original Indenture.

          (b) Each capitalized term defined herein shall relate only to the Senior Notes
due 2015, and no other series of Notes issued by the Company. For all purposes of this First
Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise
requires, the following terms shall have the following respective meanings (such meanings
shall
apply equally to both the singular and plural forms of the respective terms):

          “Additional Notes” has the meaning assigned to such term in Section 2.1 (a) of this
First Supplemental Indenture.

          “Distribution Compliance Period” has the meaning assigned to such term in
Regulation S.

          “Initial Notes” means, the 6.26% Senior Notes due 2015 being issued by the Company under
the original Indenture and this First Supplemental Indenture.

          “Institutional Accredited Investor” shall have the meaning ascribed thereto in Section
2.1(b) hereof.

          “Institutional Accredited Investor Note” means a Note registered in the name of, or
in the name of a nominee of, an Institutional Accredited Investors.

          “Issue Date” means May 9, 2003, the date on which the Initial Notes are first issued and sold
hereunder.

          “Make-Whole Premium” means an amount equal to the excess, if any, of (i) the present
value of all interest and principal payments scheduled to become due after the date of the optional
redemption by the Company in respect of the Notes being redeemed (such present value to be
determined on the basis of a discount rate equal to the sum of (a) the Treasury Rate and (b) 50
basis points over (ii) the outstanding principal amount of the Senior Notes. “Treasury Rate” means
the yield to maturity at the time of computation of U.S. Treasury securities with a final maturity
(as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) (or any
successor release) which has become publicly available in New York at least two business days prior
to the redemption date (or, if such Statistical Release is no longer published, any publicly
available source or similar market data)) most nearly equal to the remaining average life on the
redemption date of the Notes being redeemed, provided, however, that if the period from the
redemption date to the maturity date of the series of Senior Notes being redeemed is less than one
year, the weekly average yield on actively traded U.S. Treasury securities adjusted to a constant
maturity of one year will be used.

American Ref-Fuel Company Supplemental Indenture

 

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          “Non-U.S. Person” has the meaning assigned to such term in Regulation S.

          “QIB” shall have the meaning given to such term in Section 2.1 (b) hereof.

          “Regulation S” means Regulation S promulgated under the Securities Act, as amended and in
effect from time to time and any successor regulation.

          “Regulation S Global Note” means one or more Notes deposited with a custodian for,
and registered in the name of a nominee of, the Registered Depositary, interest in which will be
held for the benefit of purchasers of the Notes in offshore transactions under Regulation S.

          “Resale Restriction Termination Date” means the period of two years after the later
of the original issue date of a Restricted Security and the last date on which the Company or any
affiliate of the Company was the owner of such Restricted Security (or any predecessor of such
Restricted Security).

          “Restricted Securities” shall have the meaning given to such term in Section 2.5 hereof.

          “Rule 144A Global Note” means the one or more Notes deposited with a custodian
for, and registered in the name of a nominee of, the Registered Depositary, interests in which will
be held for the benefit of U.S. purchasers of bonds who are QIBs under Rule 144A.

ARTICLE II

THE TERMS OF THE NOTES

          SECTION 2.1. Terms of 6.26% Senior Notes Due 2015.

          (a) There is hereby created one series of Notes designated the 6.26% Senior
Notes Due 2015, in the aggregate principal amount which on the Issue Date may not exceed
$275,000,000 (the “Initial Notes”). The Company may, following the Issue Date in compliance
with the Original Indenture and this First Supplemental Indenture create and issue Notes
hereunder that will have the same terms and form part of the same series as the Initial Notes
(the
“Additional Notes”). The Initial Notes and any Additional Notes may forthwith be executed by
the Company and delivered to the Trustee for authentication and delivery by the Trustee in
accordance with the provisions of Section 2.4 of the Original Indenture.

          (b) The Initial Notes and any Additional Notes, if any, (i) if issued to Persons
that are institutional “accredited investors” meeting the requirements of Rule 501 (a)(1),
(2), (3)
or (7) under the Securities Act (each, an “Institutional Accredited Investor”) that
are not QIBs (as
defined below), shall be issued in certificated definitive form, substantially in the form of
Schedule 1-A hereto, registered in the name of the purchaser thereof and (ii) (A) if issued to
“qualified institutional buyers” (as defined in
Rule 144A; each, a “QIB”) in reliance on
Rule 144A or (B) if issued in offshore transactions to Non-U.S. Persons in reliance on

American Ref-Fuel Company Supplemental Indenture

 

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Regulation S, shall be issued in the form of one or more Global Notes substantially in the
form of Schedule 1-B hereto, shall be deposited on behalf of the purchasers of the Initial Notes
represented thereby with the Trustee (at its respective address for notices set forth in Section
1.4 of the Original Indenture), as custodian for the Registered Depositary, shall be registered in
the name of the Registered Depositary or a nominee of the Registered Depositary and the aggregate
principal amount of Initial Notes so issued may from time to time be increased or decreased by
adjustments made on the records of the Trustee and the Registered Depositary or its nominee.

          (c) The Initial Notes and any Additional Notes shall have and be subject to such other
terms as provided in the Indenture.

          (d) The first sentence of the first paragraph of all such form of Initial Notes and
Additional Notes shall read in its entirety as follows:

“AMERICAN REF-FUEL COMPANY LLC, a Delaware limited liability company (hereinafter called the
“Company”, which term includes any successor or assign under the Indenture referred to
below), for value received hereby promises to pay to Cede & Co., or its registered assigns,
the outstanding Principal Amount hereof after subtracting the aggregate principal amount of
any definitive certificated Notes issued in exchange for a portion or portions hereof, such
payment to be made in semiannual installments on June 30 and December 31 of each year
(commencing December 31, 2003) and ending on the final Scheduled Payment Date set forth
above, each such installment to be in the amount and payable on the date set forth on Annex
A attached hereto (provided that the portion of the Principal Amount remaining
unpaid on the final Scheduled Payment Date, together with all interest accrued thereon,
shall in any and all cases be due and payable on the final Scheduled Payment Date), and to
pay interest on the unpaid portion of the Principal Amount at the interest rate set forth
above from the most recent Scheduled Payment Date to which interest has been paid or duly
provided for or, if no interest has been paid or duly provided for, from the issue date, set
forth above, semiannually on June 30 and December 31 in each year (commencing December 31,
2003) until the Principal Amount is paid in full or payment thereof is duly provided for.”;

          SECTION 2.2. Denominations. Each Note created hereby shall be issued in fully
registered form without coupons in minimum denominations of $100,000 and integral multiples of
$1,000 in excess thereof.

          SECTION 2.3. Interest and Principal. Each Note created hereby shall bear interest
on the unpaid principal amount thereof from time to time outstanding at the rate of interest set
forth in the forms of such series attached hereto. The principal amount of each Note created hereby
shall be due and payable in installments as set forth in the form of Note attached hereto.

          Payment of principal of and interest on each Note created hereby shall be made
(a) if the Company so elects, by check mailed to the Holder at his or her registered address or
(b) otherwise as provided in Section 2.10 of the Original
Indenture or the Notes; provided
that
the final installment of principal payable with respect to each Note created hereby shall be

American Ref-Fuel Company Supplemental Indenture

 

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payable as provided in Section 5.5 of the Original Indenture (in the case of any such Note
redeemed) or payable upon presentation and surrender of each such Note at the Place of
Payment.

          SECTION
2.4. Redemption; Repurchase.

          (a) Optional Redemption. Subject to the provisions of Section 5.1 of the
Original Indenture, Notes created hereby are subject to optional redemption under the
conditions
and on the terms set forth in the Original Indenture at a price equal to the Redemption Price
plus the 
Make-Whole Premium.

          (b)
Mandatory Redemption. Subject to the provisions of Section 5.2 of the
Original Indenture, Notes created hereby are subject to mandatory redemption under the
conditions and on the terms set forth in the Original Indenture.

          SECTION 2.5. Restrictions on Transfer and Exchange of Initial Notes.

          (a) Initial Notes and Additional Notes in definitive form, all Rule 144A Global Notes
and all beneficial interests in one or more Rule 144A Global Notes, and all Notes issued upon
registration of transfer of, or in exchange for, any such Notes, shall be restricted securities
(within the meaning of Rule 144 under the Securities Act; hereinafter, collectively, “Restricted
Securities”) and shall be subject to the restrictions on transfer provided in the legend set forth
on the Restricted Securities. The Holder of each Restricted Security, by such Holder’s acceptance
thereof, agrees to be bound by such restrictions on transfer. All Restricted Securities shall bear
the legend set forth on the face of the Restricted Securities.

          Institutional Accredited Investors that are not QIBs may hold interests in the Initial Notes
and Additional notes only in definitive certificated form as Certificated Notes. Any beneficial
interest in a Global Note that is a Restricted Security and is transferred to an Institutional
Accredited Investor which is not a QIB will be delivered in the form of a Certificated Note and
will cease to be an interest in such Global Note.

          Unless determined otherwise by the Company in accordance with applicable law, each such Rule
144A Global Note and all Certificated Notes, upon transfer or exchange of beneficial interests in a
Rule I44A Global Note will bear the legend set forth on the face of the Restricted Securities.

          Each Holder of a Certificated Note or a beneficial interest in a Global Note that is a
Restricted Security will be deemed to have represented and agreed to offer, sell, pledge or
otherwise transfer such Notes or beneficial interest only in accordance with the legend set forth
on the face of the Restricted Securities.

          Upon the transfer, exchange or replacement of Certificated Notes bearing the legend, or upon
request for removal of the legend on a Certificated Note, the Trustee will deliver Notes that do
not bear such legend if the Trustee has been provided evidence satisfactory to the

American Ref-Fuel Company Supplemental Indenture

 

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Company (which may include an Opinion of Counsel) that neither the legend nor the restrictions
on transfer set forth therein are required to ensure compliance with the Securities Act.

          Subject to the restrictions on transfer and exchange set forth herein and in the Original
Indenture, the holder of any Note may transfer or exchange such Note in whole or in part (in a
principal amount equal to the minimum authorized denomination or any greater amount which is an
integral multiple of $1,000 or a lesser amount if the holder is transferring or exchanging all of
the Notes held by such holder) by surrendering it at the Corporate Trust Office of the Trustee or
at the office of the transfer agent, together with (a) an executed instrument of assignment and
transfer substantially in the form set forth in Exhibit A to this First Supplemental Indenture (in
the case of a transfer) or a written request for exchange (in the case of exchange) and (b)
additional certifications and evidence that such transfer or exchange is in compliance with the
Securities Act and the restrictions on transfer set forth in such Note as may be required pursuant
to the terms of this First Supplemental Indenture.

          Upon surrender of a Certificated Note for transfer or exchange with the appropriate
documentation, or notification of a request for transfer or exchange of a beneficial interest in a
Global Note for a definitive Note or Notes, subject to the restrictions described herein and in the
Original Indenture, the Trustee will, within five Business Days of such request if made at the
Corporate Trust Office of the Trustee, or within 10 Business Days if made at the office of a
transfer agent (other than the Trustee), authenticate and deliver at the Corporate Trust Office of
the Trustee or the office of the transfer agent, as the case may be, to the transferee (in the case
of transfer) or Holder (in the case of exchange) or send by first class mail at the risk of the
transferee (in the case of transfer) or Holder (in the case of exchange) to such address as the
transferee or Holder, as applicable, may request, a definitive Note or Notes, as the case may
require, for a like aggregate principal amount and in such authorized denomination or denominations
as may be requested. The presentation for transfer or exchange of any definitive Note will not be
valid unless made at the Corporate Trust Office of the Trustee or at the office of a transfer agent
by the registered holder in person or by a duly authorized attorney-in-fact. The Security Registrar
is not required (a) to issue, register the transfer of or exchange any Initial Notes of any series
during a period beginning at the opening of business 15 days before the day of the mailing of a
notice of redemption of Notes of such series selected for redemption and ending at the close of
business on the day of such mailing or (b) to issue, register the transfer of or exchange any
Initial Note selected for redemption in whole or in part except the unredeemed portion of any
Initial Note selected for redemption in part. No service charge will be required of any Holder
participating in any transfer or exchange of Notes in respect of such transfer or exchange, but,
with certain exceptions, payment may be required of any tax or other governmental charges that may
be imposed in connection therewith.

          (b) The following provisions shall apply with respect to any proposed transfer of a Rule
144A Global Note or a beneficial interest therein or an Institutional Accredited Investor Note
prior to the expiration of the Resale Restriction Termination Date:

          (i) a transfer of a Rule 144A Global Note or a beneficial interest therein or an
Institutional Accredited Investor Note to a QIB shall be made upon the

American Ref-Fuel Company Supplemental Indenture

 

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representation of the transferee that it is purchasing the Note for its own account or an
account with respect to which it exercises sole investment discretion and that it and any
such account is a QIB and is aware that the sale to it is being made in reliance on Rule
144A and acknowledges that it has received such information regarding the Company as the
transferee has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by Rule 144A;

          (ii) a transfer of a Rule 144A Global Note or a beneficial interest therein or an
Institutional Accredited Investor Note to an Institutional Accredited Investor shall be made
upon receipt by the Trustee or its agent of a certificate substantially in the form set
forth in Exhibit B annexed hereto from the proposed transferee and, if requested by the
Company or the Trustee, the delivery of an opinion of counsel, certifications and/or other
information satisfactory to each of them; and

          (iii) a transfer of a Rule 144A Global Note or a beneficial interest therein or an
Institutional Accredited Investor Note to a Non-U.S. Person shall be made upon receipt by
the Trustee or its agent of a certificate substantially in the form set forth in Exhibit C
annexed hereto from the proposed transferee and, if requested by the Company or the Trustee,
the delivery of an opinion of counsel, certifications and/or other information satisfactory
to each of them.

          (c) The following provisions shall apply with respect to any proposed transfer of a
Regulation S Global Note prior to the expiration of the Distribution Compliance Period:

          (i) a transfer of a Regulation S Global Note or a beneficial interest therein to a QIB
shall be made upon the representation of the transferee that it is purchasing the Note for
its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is a QIB and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the
Company as the transferee has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon its
foregoing representations in order to claim the exemption from registration provided by Rule
144A;

          (ii) a transfer of a Regulation S Global Note or a beneficial interest therein to an
Institutional Accredited Investor shall be made upon receipt by the Trustee or its agent of
a certificate substantially in the form set forth in Exhibit B annexed hereto from the
proposed transferee and, if requested by the Company or the Trustee, the delivery of an
opinion of counsel, certifications and/or other information satisfactory to each of them;
and

          (iii) a transfer of a Regulation S Global Note or a beneficial interest therein to a
Non-U.S. Person shall be made upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth in Exhibit C annexed hereto from the

American Ref-Fuel Company Supplemental Indenture

 

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proposed transferee and, if requested by the Company or the Trustee, the delivery of an
opinion of counsel, certifications and/or other information satisfactory to each of them.

          Prior to or on the expiration of the Distribution Compliance Period, beneficial interests in a
Regulation S Global Note may only be held through Morgan Guaranty Trust Company of New York,
Brussels Office, as operator of the Euroclear System (“Euroclear”) or Clearstream Luxembourg, a
société anonyme (“Clearstream”) (as indirect participants in the Registered Depositary) or another
agent member of Euroclear and Clearstream acting for and on behalf of them, unless exchanged for
interests in the Rule 144A Global Note in accordance with the certification requirements hereof.
During the Distribution Compliance Period, interests in the Regulation S Global Note, if any, may
be exchanged for interests in the Rule 144A Global Note or for definitive Certificated Notes only
in accordance with the certification requirements described in this Section 2.7.

          After the expiration of the Distribution Compliance Period, interests in the Regulation S
Global Note may be transferred without requiring the certification set forth in Exhibit C
annexed hereto or any additional certification.

          As used in the preceding two paragraphs of this Section 2.5, the term “transfer” encompasses
any sale, transfer or other disposition of any Notes referred to herein except for transfers from
any Holder to an Affiliate of such Holder; provided, that such transferring Holder shall
deliver a letter to the Trustee stating that the transferee is an Affiliate of such Holder. The
Trustee shall be entitled to rely on and be fully protected in its reliance on such letter.

ARTICLE III

APPLICATION OF PROCEEDS

FROM SALE OF NOTES

          Promptly upon receipt by the Company of the proceeds from the sale of the Initial Notes, the
Company shall apply such proceeds (i) to repay certain existing Indebtedness of the Company
incurred under bank facilities, (ii) fund the Debt Service Reserve Accounts, and (iii) pay certain
costs incurred in connection with the issuance of the Initial Notes. The remaining proceeds will be
used by the Company for general corporate purposes.

American Ref-Fuel Company Supplemental Indenture

 

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ARTICLE IV

DEBT SERVICE RESERVE ACCOUNTS

          The Notes issued under this First Supplemental Indenture shall have the benefit of the Debt
Service Reserve Accounts detailed in the Original Indenture and such accounts shall constitute
Collateral securing the Notes issued hereunder as, and to the extent, specified in the Original
Indenture.

ARTICLE V

COVENANTS OF THE COMPANY

          The Company hereby covenants and agrees that so long as any Initial Notes or Additional Notes
remain Outstanding:

          SECTION 5.1. Financial Statements and Other Information. The Trustee shall
furnish to each of the Rating Agencies all of the information furnished to it by the Company under
Section 4.2 of the Original Indenture upon receipt of such information.

          SECTION 5.2. Other Covenants. The Notes issued under this First Supplemental
Indenture shall be entitled to the covenants of the Company set forth in the Original
Indenture.

ARTICLE VI

COLLATERAL

          The Notes issued under this First Supplemental Indenture shall have the benefit of and be
secured by the Collateral and shall be entitled to the benefit of Articles 6, 14 and 15 of the
Original Indenture and the Collateral Documents.

ARTICLE VII

MISCELLANEOUS

          SECTION 7.1. Execution of Supplemental Indenture. This First Supplemental
Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture
and, as provided in the Original Indenture, this First Supplemental Indenture forms a part thereof.

          SECTION 7.2. Concerning the Trustee. The recitals contained herein and in the
Notes of each series created hereby, except with respect to the Trustee’s certificates of
authentication, shall be taken as the statements of the Company and the Trustee assumes no

American Ref-Fuel Company Supplemental Indenture

 

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responsibility for the correctness of same. The Trustee makes no representations as to the validity
or sufficiency of this First Supplemental Indenture or of the Notes of each series created hereby.

          SECTION 7.3. Counterparts. This First Supplemental Indenture may be executed in
any number of counterparts, each of which when so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one of the same instrument.

          SECTION 7.4. GOVERNING LAW. THIS FIRST SUPPLEMENTAL INDENTURE AND EACH NOTE OF
THE SERIES CREATED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THEREOF TO THE EXTENT THE
APPLICATION OF SUCH PRINCIPLES WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

American Ref-Fuel Company Supplemental Indenture

 

          IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be
duly executed by their respective officers thereunto duly authorized as of the day and year first
above written.

	 	 	 	 	 
	 	AMERICAN REF-FUEL COMPANY LLC

 	 
	 	By:  	/s/ Michael J. Groppuso
 	 
	 	 	Name:  	Michael J. Groppuso 	 
	 	 	Title:  	Vice President

Chief Financial Officer 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION

as Trustee
 	 
	 	By:  	/s/
Paul O’Brien
 	 
	 	 	Name:  	PAUL O’BRIEN 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, 

  as Securities Intermediary

 	 
	 	By:  	/s/
Paul O’Brien
 	 
	 	 	Name:  	PAUL O’BRIEN 	 
	 	 	Title:  	Assistant Vice President 	 
	 

American Ref-Fuel Company Supplemental Indenture

 

EXHIBIT A

[Form of Transferor Certificate]

CERTIFICATE TO AMERICAN REF-FUEL COMPANY LLC

AND TRUSTEE

6.26% SERIES NOTES DUE 2015

          This
is to certify that as of the date hereof with respect to U.S. $ [ ]
principal amount of the above-captioned securities presented or surrendered on the date hereof (the
“Surrendered Notes”) for registration of transfer or for exchange where the securities
issuable upon such exchange are to be registered in a name other than that of the undersigned
Holder (each such transaction being a “transfer”), the undersigned Holder (as defined in the
Indenture) of the Surrendered Notes represents and certifies for the benefit of American Ref-Fuel
Company LLC and Wachovia Bank, National Association, as Trustee, that the transfer of Surrendered
Notes associated with such transfer complies with the restrictive legend set forth on the face of
the Surrendered Notes for the reason checked below:

	o	 	The Surrendered Notes are being transferred to a person whom we reasonably believe is
a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933)
(a “QIB”) that purchases for its own account or for the account of a QIB to whom notice is
given that the resale, pledge or transfer is being made in reliance on Rule 144A under the
Securities Act; or
	 
	o	 	The Surrendered Notes are being transferred to an institution that is an “accredited
investor” meeting the requirements of Rule 501(a)(1), (2), (3) or (7) under the Securities Act
that is acquiring the Surrendered Notes for investment purposes and not for
distribution;1 or
	 
	o	 	The transfer of the Surrendered Notes complies with Rule 144 under the Securities Act;2 or
	 
	o	 	The transfer of the Surrendered Notes complies with another applicable exemption
from the registration requirements of the Securities Act.2

Capitalized terms used herein, but not defined herein, shall have the meaning assigned to such
terms in the Indenture dated as of May 1, 2003 between the Company and Wachovia Bank, National
Association, as trustee (in such capacity, together with its successors and assigns, the “Trustee”)
for the Holders, as amended by the First Supplemental Indenture dated as of May 1, 2003 (the
“First Supplemental Indenture”) between the Company and the Trustee (the “Indenture”).

	 	 	 	 	 
	 	
[Name of Holder] 

 	 
	 	 	 
	 	 	 
	 	 	 
	 

Dated:                     ,           

[To be dated the date of presentation or surrender]

	1.	 	These transfers require that the transferee deliver a letter substantially in the form of
Exhibit B to the First Supplemental Indenture dated as of May 1, 2003 and may also require an opinion of
counsel.
	 
	2.	 	These transfers may require an opinion of counsel.

American Ref-Fuel Company Supplemental Indenture

 

 

EXHIBIT B

[Form of Institutional Accredited

Investor Transferee Compliance Letter]

              , 2003

Citigroup Global Markets Inc.

As Representative of the Initial Purchasers

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

American Ref-Fuel Company LLC

155 Chestnut Ridge Road

Montvale, New Jersey 07645

	 	Re:	 	Purchase of US$                     principal amount of 6.26% Senior Notes due 2015
(the “Securities”) of American Ref-Fuel Company LLC (the
“Company”)1

Ladies and Gentlemen:

          In connection with our purchase of the Securities we confirm that:

	1.	 	We understand that the Securities are not being and will not be registered under the
Securities Act of
1933, as amended (the “Act”), and are being sold to us in a transaction that is exempt from the
registration requirements of the Act.
	 
	2.	 	We acknowledge that (a) neither the Company, nor the Initial Purchasers (as defined in the
Offering
Memorandum dated April 30, 2003 relating to the Securities (the “Final Memorandum”)) nor any
person acting on behalf of the Company or the Initial Purchasers has made any representation to
us
with respect to the Company or the offer or sale of any Securities; and (b) any information we
desire
concerning the Company and the Securities or any other matter relevant to our decision to
purchase
the Securities (including a copy of the Final Memorandum) is or has been made available to us.
	 
	3.	 	We have such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of an investment in the Securities, and we are (or any account
for
which we are purchasing under parapaph 4 below is) an institutional “accredited investor”
(within
the meaning of Rule 501 (a)(1), (2), (3) or (7) of Regulation D under the Act) able to bear the
economic risk of investment in the Securities.
	 
	4.	 	We are acquiring the Securities for our own account (or for accounts as to which we exercise
sole
investment discretion and have authority to make, and do make, the statements contained in this

 

			
	1	Each U.S. purchaser, or account for which each U.S. purchaser is acting, should purchase at
least US $250,000 of Securities.

American Ref-Fuel Company Supplemental Indenture

 

2

	 	 	letter) and not with a view to any distribution of the Securities, subject, nevertheless,
to the understanding that the disposition of our property will at all times be and remain within
our control.
	 
	5.	 	We understand that (a) the Securities will be in registered form only and that any
certificates delivered to us in respect of the Securities will bear a legend substantially to
the following effect:

“These Securities have not been registered under the Securities Act
of 1933. Further offers or sales of these Securities are subject to
certain restrictions, as set forth in the Offering Memorandum dated
April 30, 2003 relating to these Securities.

and (b) the Company has agreed to reissue such certificates without the foregoing legend only
in the event of a disposition of the Securities in accordance with the provisions of paragraph 6
below (provided, in the case of a disposition of the Securities in accordance with paragraph 6(f)
below, that the legal opinion referred to in such paragraph so permits), or at our request at such
time as we would be permitted to dispose of them in accordance with paragraph 6(a) below.

	6.	 	We agree that in the event that at some future time we wish to dispose of any of the
Securities, we will not do so unless such disposition is made in accordance with any
applicable securities laws of any state of the United States and:

(a) the Securities are sold in compliance with Rule 144(k) under the Act; or

(b) the Securities are sold in compliance with Rule 144A under the Act; or

(c) the Securities are sold in compliance with Rule 904 of Regulation S
under the Act; or

(d) the Securities are sold pursuant to an effective registration statement under
the
Act; or

(e) the Securities are sold to the Company or an affiliate (as defined in Rule
501(b)
of Regulation D) of the Company; or

(f) the Securities are disposed of in any other transaction that does not require
registration under the Act, and we theretofore have furnished to the Company or its
designee an opinion of counsel experienced in securities law matters to such effect
or
such other documentation as the Company or its designee may reasonably request.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	By	 	 
	 	 	(Authorized Officer) 	 
	 	 	 
	 

American Ref-Fuel Company Supplemental Indenture

 

 

EXHIBIT C

[Form
of Regulation S Transfer Certificate]

[date]

American
Ref-Fuel Company LLC

155 Chestnut Ridge Road 

Montvale, NJ 07645 

Attention: Joanne Pagliuca

Wachovia Bank. National Association

21 South Street

Morristown, New Jersey 07690

Attention: Paul O’Brien

Dear Ladies and Gentlemen:

          In connection with our proposed purchase of $                     aggregate principal amount of
6.26% Senior Notes Due 2015 (the “Notes”) of American Ref-Fuel Company LLC, a Delaware
corporation (the “Company”), we confirm that:

	 	(a)	 	the offer of the Notes was not made to a person in the United States;
	 
	 	(b)	 	either (i) at the time the buy order was originated, the transferee was outside
the United
States or we and any person acting on our behalf reasonably believed that the
transferee
was outside the United States or (ii) the transaction was executed in, on or
through the
facilities of a designated off-shore securities market and neither we nor any person
acting
on our behalf knows that the transaction has been pre-arranged with a buyer in the
United
States;
	 
	 	(c)	 	no directed selling efforts have been made in the United States in
contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and
	 
	 	(d)	 	the transaction is not part of a plan or scheme to evade the registration
requirements of
the Securities Act.

             
In addition, if the sale is made during a Distribution Compliance Period and the provisions of
Rule 903(c)(3) or Rule 904(c)( 1) of Regulation S are applicable thereto, we confirm that such sale
has been made in accordance with the applicable provisions of
Rule 903(c)(3) or Rule 904(c)(1), as
the case may be.

             The Company and the Trustee are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or
legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation S.

American Ref-Fuel Company Supplemental Indenture

 

2

Very truly yours,

[Name of Transferor]

	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Authorized Signature
	 	 	 	Signature Medallion Guarantee
	 	 

American Rcf-Fuel Company Supplemental Indenture

 

 

Schedule 1-A to First

Supplemental Indenture to

American Ref-Fuel Company LLC Indenture

[ Form of face of definitive 6.26% Senior Notes Due 2015]

AMERICAN REF-FUEL COMPANY LLC 6.26% SENIOR NOTE DUE 2015

          THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

          THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS TWO
YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR
ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE
MEANING OF REGULATIONS UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OFRULE 501(a)(l), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
INSTITUTIONAL INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF
$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH
ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHTS PRIOR TO ANY SUCH OFFER. SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY
TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.

	 	 	 	 	 
	No.

	 	 	 	CUSIP NUMBER
	 

	 	 	 	029204 AA 2

American
Ref-Fuel Company Supplemental Indenture

 

2

	 	 	 	 	 
	Principal Amount	 	Final Scheduled Payment Date	 	Issue Date
	$[                     ]

	 	December 31,2015
	 	[     ], 2003

	 	 	 	 	 	 	 
	 

	 	REGISTERED HOLDER:
	 	[                      ]	 	 
	 
	 	 	 	 	 	 
	 

	 	PRINCIPAL AMOUNT:
	 	[                      ] Dollars	 	 
	 
	 	 	 	 	 	 
	 

	 	INTEREST RATE:
	 	6.26%
	 	 

          AMERICAN REF-FUEL COMPANY LLC, a Delaware limited liability company
(hereinafter called the “Company”, which term includes any successor or assign under the
Indenture
referred to below), for value received hereby promises to pay to [           ], or its registered
assigns, the
outstanding Principal Amount hereof, such payment to be made in semiannual installments on June 30
and December 31 of each year (commencing December 31, 2003) and ending on the final Scheduled
Payment Date set forth above, each such installment to be in the amount and payable on the date set
forth on Annex A attached hereto (provided that the portion of the Principal Amount
remaining unpaid on the final Scheduled Payment Date, together with all interest accrued thereon,
shall in any and all cases be due and payable on the final Scheduled Payment Date), and to pay
interest on the unpaid portion of the Principal Amount at the interest rate set forth above from
the most recent Scheduled Payment Date to which interest has been paid or duly provided for or, if
no interest has been paid or duly provided for, from the issue date set forth above, semiannually
on June 30 and December 31 in each year (commencing December 31, 2003), until the Principal Amount
is paid in full or payment thereof is duly provided for. Any installment of principal and, to the
extent permitted by applicable law, any payment of interest not punctually paid or duly provided
for shall continue to bear interest at a rate equal to the interest rate set forth above. The
principal and interest so payable, and punctually paid or duly provided for, at any Scheduled
Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Note (or
one or more Predecessor Notes) is registered in the Security Register at the close of business on
the Regular Record Date for such payment of principal and interest, which shall be June 15 or
December 15, as the case may be (whether or not a Business Day), next preceding such Scheduled
Payment Date. Any such principal and interest that is payable, but is not so punctually paid or
duly provided for at any Scheduled Payment Date, shall forthwith cease to be payable to the Holder
hereof on such Regular Record Date, and may be paid to the Person in whose name this Note (or one
or more Predecessor Notes) is registered at the close of business on a Special Record Date for the
payment of such defaulted principal and interest (together with any other amounts payable with
respect to such principal and interest), to be fixed by the Trustee, notice of which shall be given
to the Holder hereof not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which this Note may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in the Indenture. Payments of principal of and interest on this Note shall be
made (i) if the Company so elects, by check mailed to the Holder at his or her registered address
or (ii) otherwise, at the Place of Payment; provided, that the final installment of
principal payable with respect to this Note shall be made as provided in Section 5.5 of the
Original Indenture (in the event this Note is redeemed) or shall be made upon presentation and
surrender of this Note at the Place of Payment. All payments in respect of this Note shall be made
in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of debts.

          Whenever any amount to be paid hereunder is stated to be due on a day that is not a Business
Day. such amount shall be payable on the next succeeding Business Day and if such payment is timely
made, no interest shall accrue for the period from and after the day on which such payment was

American Ref-Fuel Company Supplemental Indenture

 

3

due. Interest payments for this Note will be computed and paid on the basis of a 360-day year
consisting of twelve 30-day months.

          Reference is made to the further provisions of this Note set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place.

          Unless the certificate of authentication hereon has been executed by the Trustee by
manual signature, this Note shall not be entitled to any benefit under the Indenture, or be
valid or obligatory for any purpose.

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	 	AMERICAN REF-FUEL COMPANY LLC

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

American Ref-Fuel Company Supplemental Indenture

 

4

CERTIFICATE OF AUTHENTICATION

          This Note is one of the Notes referred to in the within-mentioned Indenture.

WACHOVIA BANK, NATIONAL ASSOCIATION

as Trustee

	 	 	 	 	 
	By:
	 	 	 	 
	 	 	 	 	 
	 

	 	Authorized Signatory
	 	 

American Ref-Fuel Company Supplemental Indenture

 

5

[Form
of reverse of definitive 6.26% Senior Notes Due 2015]

AMERICAN REF-FUEL COMPANY LLC

6.26% SENIOR NOTE DUE 2015

          This Note is one of an authorized issue of Notes of the Company known as its 6.26% Senior
Notes Due 2015 (the “Notes”). The Notes are issued under the Indenture dated as of May 1, 2003 (the
“Original indenture”) among the Company and Wachovia Bank. National Association, as trustee (in
such capacity, together with its successors in such capacity, the
‘Trustee”), as supplemented by
the First Supplemental Indenture dated as of May 1, 2003 (the “First Supplemental
Indenture”) among the Company and the Trustee (the Original Indenture, as so supplemented, and
as the same may be amended, modified and further supplemented, the
“Indenture”). All capitalized
terms used herein, unless otherwise defined herein, shall have the meanings ascribed to them in the
Indenture.

          All Notes of any series issued and Outstanding under the Indenture rank on a parity with each
other Note of the same series and with all Notes of each other series. Reference is hereby made to
the Indenture for a description of the nature and extent of the Notes and the respective rights,
limitations of rights, duties and immunities thereunder of the Holders and of the Trustee and the
Company in respect of the Notes and the terms upon which the Notes are made and are to be
authenticated and delivered.

          The principal of and interest on this Note are secured by assets subject to the Lien of the
Indenture and the Collateral Documents, and all payments of principal and interest shall be made in
accordance with the terms of the Indenture. Each Holder, by acceptance of this Note, hereby
acknowledges and agrees that (a) subject to the terms of the Indenture, it will look solely to the
revenues of the Company, the Collateral and the income and proceeds received by the Trustee
therefrom to the extent available for distribution to such Holder as herein provided or provided in
the Collateral Documents, (b) neither the Member, nor any of its past, present or future officers,
partners, directors or members or other Related Persons, nor the Trustee shall be personally or
otherwise liable to any Holder, nor shall the Member, nor any of its past, present or future
officers, partners, directors or members or other Related Persons, be personally or otherwise
liable to the Trustee for any amounts payable under any Note or for any liability under the
Indenture or any other Financing Document, except as provided in the Original Indenture and (c)
recourse for any such amounts payable shall be otherwise limited in accordance with Section 2.14
and Section 16.1 of the Original Indenture.

          The obligations of the Company to pay the principal of and interest on the Notes when due as
herein prescribed are absolute and unconditional and no provision of this Note or the Indenture
shall alter or impair such obligations.

          The Notes are subject to and have the benefits of the Collateral Documents pursuant to
which the rights of the parties in respect of the Collateral will be exercised by the Trustee in
accordance with the Collateral Documents.

          The Indenture permits, with certain exceptions, as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders under
the Indenture. The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Notes to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any Act (as such term is defined in the Indenture),
including, but not limited to,
such a consent, waiver or direction by the Holder of this Note shall be conclusive and binding upon
the Holder and upon all future Holders of

American Ref-Fuel Company Supplemental Indenture

 

6

this Note and the Holder of every Note issued upon the transfer hereof or the exchange
herefor or in lieu hereof whether or not notation of such Act is made upon this Note.

          This Note is one of the series designated on the face hereof, initially limited to
$275,000,000 in aggregate principal amount as provided in the First Supplemental
Indenture.

          This Note and all Notes issued or to be issued in a series created under the First
Supplemental Indenture are redeemable in whole or in part at the option of the Company in
accordance with Section 5.1 of the Original Indenture, on not less than 30 nor more than 60 days’
notice, at a redemption price equal to the principal amount thereof plus unpaid and accrued
interest plus the Make-Whole Premium.

          The Notes are, under certain conditions, subject to mandatory redemption in whole or in part
as set forth in Section 5.2 of the Original Indenture. Notice of any redemption of Notes will be
given at least 30 days but not more than 60 days before the Redemption Date to each Holder at its
address as it appears in the Security Register.

          Notes (or portions thereof as aforesaid) for the redemption of which provision is made in
accordance with the Indenture shall cease to bear interest from and after any Redemption Date.

          The Indenture contains provisions for, upon compliance by the Company with certain
conditions set forth in the Indenture, the defeasance of (a) the entire indebtedness of this
Note and (b) certain restrictive covenants and agreements.

          The unpaid portion of the Principal Amount, together with any interest accrued and
unpaid thereon and all other amounts due hereunder, if any, may become due and payable upon
the occurrence and continuation of any Event of Default, but only as provided in the
Indenture.

          Definitive
Certificated Notes are issuable only as registered Notes in minimum
denominations of $250,000 and integral multiples of $1,000 in excess thereof. Global Notes are
issuable only as registered Notes in minimum denominations of $ 100,000 and any integral multiples
of $1,000 in excess thereof. As provided in, and subject to the
provisions of, the Indenture, Notes
are exchangeable at the option of the Holder thereof for other Notes of the same series, of
authorized denomination and of like tenor, maturity, interest rate and aggregate principal amount,
to be registered in the name of such Holder, upon surrender thereof by such Holder at any office or
agency maintained for such purpose pursuant to the Indenture.

          No service charge will be required of any Holder participating in any such transfer or
exchange of Notes in respect of such transfer or exchange, but the Security Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.

          Prior to due presentment of this Note for registration of transfer, the person in whose
name this Note is registered shall be deemed to be the owner and holder hereof for the purpose
of receiving payment as herein provided and for all other purposes whether or not this Note be
overdue regardless of any notice to anyone to the contrary.

          THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAW THEREOF TO THE EXTENT THE

American Ref-Fuel Company Supplemental Indenture

 

7

APPLICATION OF SUCH PRINCIPLES WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

American Ref-Fuel Company Supplemental Indenture

 

8

ANNEX A TO

6.26% SENIOR NOTE DUE 2015

          The following table sets forth the date of each semiannual installment of the aggregate
principal to be paid on all Notes of this series on each such date:

	 	 	 	 	 
	 	 	Principal Amount	 
	Principal Payment Dates	 	Payable on Series A Notes	 
	December 3 1,2003
	 	$	16,000,000	 
	 
	 	 	 	 
	June 30, 2004
	 	 	5,700,000	 
	 
	 	 	 	 
	December 31,2004
	 	 	13,300,000	 
	 
	 	 	 	 
	June 30, 2005
	 	 	6,000,000	 
	 
	 	 	 	 
	December 31,2005
	 	 	14,000,000	 
	 
	 	 	 	 
	June 30, 2006
	 	 	8,400,000	 
	 
	 	 	 	 
	December 31, 2006
	 	 	19,600,000	 
	 
	 	 	 	 
	June 30, 2007
	 	 	8,100,000	 
	 
	 	 	 	 
	December 31,2007
	 	 	18,900,000	 
	 
	 	 	 	 
	June 30, 2008
	 	 	10,500,000	 
	 
	 	 	 	 
	December 31,2008
	 	 	24,500,000	 
	 
	 	 	 	 
	June 30, 2009
	 	 	3,900,000	 
	 
	 	 	 	 
	December 31,2009
	 	 	9,100,000	 
	 
	 	 	 	 
	June 30, 2010
	 	 	1,200,000	 
	 
	 	 	 	 
	December 31,2010
	 	 	2,800,000	 
	 
	 	 	 	 
	June 30, 2011
	 	 	11,700,000	 
	 
	 	 	 	 
	December 31,2011
	 	 	27,300,000	 
	 
	 	 	 	 
	June 30, 2012
	 	 	5.400,000	 
	 
	 	 	 	 
	December 31,2012
	 	 	12,600,000	 
	 
	 	 	 	 
	June 30, 2013
	 	 	1,200,000	 
	 
	 	 	 	 
	December 31,2013
	 	 	2,800,000	 
	 
	 	 	 	 
	June 30, 2014
	 	 	7,800,000	 
	 
	 	 	 	 
	December 31,2014
	 	 	18,200,000	 
	 
	 	 	 	 
	June 30, 2015
	 	 	7,800,000	 
	 
	 	 	 	 
	December 31,2015
	 	 	18,200,000	 
	 
	 	 	 	 
	TOTAL
	 	$	275,000,000	 
	 
	 	 	 

American Ref-Fuel Company Supplemental Indenture

 

9

ABBREVIATIONS

          The following abbreviations when used in the inscription on the face of this instrument shall
be construed as though they were written out in full according to applicable laws or regulations:

	 	 	 	 	 
	TEN COM

	 	—
	 	as tenants in common
	TEN ENT

	 	—
	 	as tenants by the entireties
	JT TEN

	 	—
	 	as joint tenants with right of
survivorship and not as tenants in common

	 	 	 	 	 
	 

	 	UNIF GIFT MIN ACT	 	 
	 	 	 	 	 
	 

	 	 	 	(Cust)  (Minor)
	 
	 	 	 	 
	 

	 	 	 	under Uniform Gift to Minors Act
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	(State)

Additional abbreviations may also be used though

not in the above list

 

American Ref-Fuel Company Supplemental Indenture

 

10

          FOR VALUE-RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) unto

	 	 	 
	Identifying Number of Assignee
	 	 
	 	 	 

	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 

(Please print or typewrite name and address,

including zip code of Assignee)

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
 ______
attorney to transfer said Note on the books of the Company, with full power of substitution in
the premises.

Dated:                                                            

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	NAME:
	 	 

	 	 	 
	NOTICE:

	 	The signature to this assignment must correspond with the name as written upon the first
page of the within instrument in every particular, without alteration or enlargement
or any change whatsoever.

American Ref-Fuel Company Supplemental Indenture

 

11

Schedule 1-B to First

Supplemental Indenture

[Form
of face of Global Note for 6.26% Senior Notes Due 2015]

AMERICAN REF-FUEL COMPANY LLC

6.26% SENIOR NOTE DUE 2015

          [Insert in Rule 144A Global Notes — THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF
IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
SUCH REGISTRATION.

          THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS TWO
YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR
ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A. (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE
MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501 (a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
INSTITUTIONAL INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF
$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH
ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHTS PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY
TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.]

American Ref-Fuel Company Supplemental Indenture

 

12

          [Insert in Regulation S Global Notes — THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR
BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF,
THE HOLDER (1) REPRESENTS THAT IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN
OFFSHORE TRANSACTION, (2) BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS TWO YEARS AFTER
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE
OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO
THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
INSTITUTIONAL INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR. IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF
$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH
ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHTS PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY
TO EACH OF THEM AND IN THE CASE OF THE FOREGOING CLAUSE (E), A CERTIFICATE OF TRANSFER (A FORM OF
WHICH MAY BE OBTAINED FROM THE COMPANY OR THE TRUSTEE) COMPLETED AND DELIVERED BY THE TRANSFEROR TO
THE COMPANY AND THE TRUSTEE. THIS LEGEND WILL BE REMOVED AFTER 40 CONSECUTIVE DAYS BEGINNING ON AND
INCLUDING THE LATER OF (A) THE DAY ON WHICH THE SECURITIES ARE OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN REGULATION S) AND (B) THE DATE OF THE CLOSING OF THE ORIGINAL OFFERING.
AS USED HEREIN. THE TERMS “OFFSHORE TRANSACTION”, “UNITED STATES” AND “U.S. PERSON” HAVE THE
MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.]

          UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER REPRESENTATIVE OF DTC AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC). ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS

American Ref-Fuel Company Supplemental Indenture

 

13

WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE.

American Ref-Fuel Company Supplemental Indenture

 

14

	 	 	 
	No.

	 	[CUSIP] [ISIN] NUMBER
	 

	 	[   ]

	 	 	 	 	 
	Principal Amount	 	Final Scheduled Payment Date	 	Issue Date
	$275,000,000

	 	December 31, 2015
	 	[     ], 2003

	 	 	 	 	 
	REGISTERED HOLDER:

	 	CEDE & CO.

	 
	PRINCIPAL AMOUNT:

	 	275,000,000 Dollars

	 
	INTEREST RATE:

	 	6.26%	 	 

          AMERICAN REF-FUEL COMPANY LLC, a Delaware limited liability company (hereinafter called the
“Company”, which term includes any successor or assign under the Indenture referred to below), for
value received hereby promises to pay to Cede & Co., or its registered assigns, the outstanding
Principal Amount hereof after subtracting the aggregate principal amount of any definitive Notes
issued in exchange for a portion or portions hereof, such payment to be made in semiannual
installments on June 30 and December 31 of each year (commencing December 31, 2003) and ending on
the final Scheduled Payment Date set forth above, each such installment to be in the amount and
payable on the date set forth on Annex A attached hereto (provided that the portion of the
Principal Amount remaining unpaid on the final Scheduled Payment Date, together with all interest
accrued thereon, shall in any and all cases be due and payable on the final Scheduled Payment
Date), and to pay interest on the unpaid portion of the Principal Amount at the interest rate set
forth above from the most recent Scheduled Payment Date to which interest has been paid or duly
provided for or, if no interest has been paid or duly provided for, from the issue date set forth
above, semiannually on June 30 and December 31 in each year (commencing December 31, 2003), until
the Principal Amount is paid in full or payment thereof is duly provided for. Any installment of
principal and, to the extent permitted by applicable law, any payment of interest not punctually
paid or duly provided for shall continue to bear interest at a rate equal to the interest rate set
forth above. The principal and interest so payable, and punctually paid or duly provided for, at
any Scheduled Payment Date shall, as provided in the Indenture, be paid to the Person in whose name
this Note (or one or more Predecessor Notes) is registered in the Security Register at the close of
business on the Regular Record Date for such payment of principal and interest, which shall be June
15 or December 15, as the case may be (whether or not a Business Day), next preceding such
Scheduled Payment Date. Any such principal and interest that is payable, but is not so punctually
paid or duly provided for at any Scheduled Payment Date, shall forthwith cease to be payable to the
Holder hereof on such Regular Record Date, and may be paid to the Person in whose name this Note
(or one or more Predecessor Notes) is registered at the close of business on a Special Record Date
for the payment of such defaulted principal and interest (together with any other amounts payable
with respect to such principal and interest), to be fixed by the Trustee, notice of which shall be
given to the Holder hereof not less than 10 days prior to such Special Record Date, or may be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which this Note may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture. This being a Global Note (as that term is
defined in the Indenture) deposited with DTC acting as depository, and registered in the name of
Cede & Co. a nominee of DTC, Cede & Co., as holder of record of this Note shall be entitled to
receive payment of principal and interest, other than principal and interest due at the final
Scheduled Payment Date, by wire transfer of immediately available funds. Payment of the final

American Ref-Fuel Company Supplemental Indenture

 

15

installment of principal payable with respect to this Note shall be made as provided in
Section 5.5 of the Original Indenture (in the event this Note is redeemed) or shall be made upon
presentation and surrender of this Note at the Place of Payment. All payments in respect of this
Note shall be made in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of debts.

          Whenever any amount to be paid hereunder is stated to be due on a day that is not a Business
Day, such amount shall be payable on the next succeeding Business Day and if such payment is timely
made, no interest shall accrue for the period from and after the day on which such payment was due.
Interest payments for this Note will be computed and paid on the basis of a 360-day year consisting
of twelve 30-day months.

          Reference is made to the further provisions of this Note set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place.

          Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 	 	 
	 	 	AMERICAN REF-FUEL COMPANY LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

American Ref-Fuel Company Supplemental Indenture

 

16

CERTIFICATE OF AUTHENTICATION

          This Note is one of the Notes referred to in the within-mentioned Indenture.

	 	 	 	 	 
	WACHOVIA BANK, NATIONAL ASSOCIATION,	 	 
	  as Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

American Ref-Fuel Company Supplemental Indenture

 

17

[Form of reverse of Global Note for

6.26% Senior Notes Due 2015]

AMERICAN REF-FUEL COMPANY LLC

6.26% SENIOR NOTE DUE 2015

          This Note is one of an authorized issue of Notes of the Company known as its 6.26% Senior Notes Due
2015 (the “Notes”). The Notes are issued under the Indenture dated as of May 1, 2003 (the
“Original Indenture”) among the Company and Wachovia Bank, National Association, as trustee
(in such capacity, together with its successors in such capacity, the “Trustee”), as
supplemented by the First Supplemental Indenture dated as of May 1, 2003 (the “First
Supplemental Indenture”) among the Company and the Trustee (the Original Indenture, as so
supplemented, and as the same may be amended, modified and further supplemented, the
“Indenture”). All capitalized terms used herein, unless otherwise defined herein, shall
have the meanings ascribed to them in the Indenture.

          All Notes of any series issued and Outstanding under the Indenture rank on a parity with each
other Note of the same series and with all Notes of each other series. Reference is hereby made to
the Indenture for a description of the nature and extent of the Notes and the respective rights,
limitations of rights, duties and immunities thereunder of the Holders and of the Trustee and the
Company in respect of the Notes and the terms upon which the Notes are made and are to be
authenticated and delivered.

          The principal of and interest on this Note are secured by assets subject to the Lien of the
Collateral Documents, and all payments of principal and interest shall be made in accordance with
the terms of the Indenture. Each Holder, by acceptance of this Note, hereby acknowledges and agrees
that (a) subject to the terms of the Indenture, it will look solely to the revenues of the Company,
the Collateral and the income and proceeds received by the Trustee therefrom to the extent
available for distribution to such Holder as herein provided or provided in the Collateral
Documents, (b) neither the Member, nor any of its past, present or future officers, partners,
directors or members or other Related Persons, nor the Trustee shall be personally or otherwise
liable to any Holder, nor shall the Member, nor any of its past, present or future officers,
partners, directors or members or other Related Persons, be personally or otherwise liable to the
Trustee for any amounts payable under any Note or for any liability under the Indenture or any
other Financing Document, except as provided in the Original Indenture and (c) recourse for any
such amounts payable shall be otherwise limited in accordance with Section 2.14 and Section 16.1 of
the Original Indenture.

          The obligations of the Company to pay the principal of and interest on the Notes when due as
herein prescribed are absolute and unconditional and no provision of this Note or the Indenture
shall alter or impair such obligations.

          The Notes are subject to and have the benefits of the Collateral Documents pursuant to which
the rights of the parties in respect of the Collateral will be exercised by the Trustee in
accordance with the Collateral Documents.

          The Indenture permits, with certain exceptions, as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders under
the Indenture. The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Notes to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any Act (as such term is defined in the Indenture), including, but not limited to,
such a consent, waiver or direction by the Holder of this Note shall be conclusive and binding upon
the Holder and upon all future Holders of

American Ref-Fuel Company Supplemental Indenture

 

18

this Note and the Holder of every Note issued upon the transfer hereof or the exchange herefor
or in lieu hereof whether or not notation of such Act is made upon this Note.

          This
Note is one of the series designated on the face hereof, limited to $275,000,000 in
aggregate principal amount as provided in the First Supplemental Indenture.

          This Note and all Notes issued or to be issued in a series created under the First
Supplemental Indenture are redeemable in whole or in part at the option of the Company in
accordance with Section 5.1 of the Original Indenture, on not less than 30 nor more than 60 days’
notice, at a redemption price equal to the principal amount thereof plus unpaid and accrued interest
plus the Make-Whole Premium.

          The Notes are, under certain conditions, subject to mandatory redemption in whole or in part
as set forth in Section 5.2 of the Original Indenture. Notice of any redemption of Notes will be
given at least 30 days but not more than 60 days before the Redemption Date to each Holder at its
address as it appears in the Security Register.

          Notes (or portions thereof as aforesaid) for the redemption of which provision is made in
accordance with the Indenture shall cease to bear interest from and after any Redemption Date.

          The Indenture contains provisions for, upon compliance by the Company with certain conditions set
forth in the Indenture, the defeasance of (a) the entire indebtedness of this Note and (b) certain
restrictive covenants and agreements.

          The unpaid portion of the Principal Amount together with any interest accrued and unpaid
thereon and all other amounts due hereunder, if any, may become due and payable upon the occurrence
and continuation of any Event of Default, but only as provided in the Indenture.

          Definitive Certificated Notes are issuable only as registered Notes in minimum denominations
of $250,000 and integral multiples of $1,000 in excess thereof. Global Notes are issuable only as
registered Notes in minimum denominations of $100,000 and any integral multiples of $1,000 in
excess thereof. As provided in, and subject to the provisions of, the Indenture, Notes are
exchangeable at the option of the Holder thereof for other Notes of the same series, of authorized
denomination and of like tenor, maturity, interest rate and aggregate principal amount, to be
registered in the name of such Holder, upon surrender thereof by such Holder at any office or
agency maintained for such purpose pursuant to the Indenture.

          No service charge will be required of any Holder participating in any such transfer or
exchange of Notes in respect of such transfer or exchange, but the Security Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.

          Prior to due presentment of this Note for registration of transfer, the person in whose name
this Note is registered shall he deemed to be the owner and holder hereof for the purpose of
receiving payment as herein provided and for all other purposes whether or not this Note be overdue
regardless of any notice to anyone to the contrary.

          THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THEREOF TO THE EXTENT THE

American Ref-Fuel Company Supplemental Indenture

 

19

APPLICATION OF SUCH PRINCIPLES WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

American Ref-Fuel Company Supplemental Indenture

 

20

ABBREVIATIONS

          The following abbreviations when used in the inscription on the face of this instrument shall be
construed as though they were written out in full according to applicable laws or regulations:

	 	 	 	 	 
	TEN COM

	 	—
	 	as tenants in common
	TEN ENT

	 	—
	 	as tenants by the entireties
	JT TEN

	 	—
	 	as joint tenants with right of
survivorship and not as tenants in
common

	 	 	 	 	 
	 

	 	UNIF GIFT MIN ACT	 	 
	 

	 	 	 	 
	 

	 	 	 	(Cust) (Minor)

	 
	 	 	 	 
	 

	 	 	 	under Uniform Gift to Minors Act
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	(State)

Additional abbreviations may also be used though

not in the above list

 

American Ref-Fuel Company Supplemental Indenture

 

21

          FOR VALUE-RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) unto

	 	 	 
	Social Security Number or Other
	 	 

	Identifying Number of Assignee
	 	 

	 	 	 

	 
	 	 

	 
	 
	 	 

	 
	 
	 	 

	 
	(Please print or typewrite name and address,

	including zip code of Assignee)

the within security and all rights thereunder, hereby irrevocably constituting and
appointing                     attorney to transfer said security on the books of the Company, with full power of
substitution in the premises.

	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

NAME:
	 	 

	 	 	 
	NOTICE:

	 	The signature to this assignment must correspond with the name as written upon the
first page of the within instrument in every particular, without alteration or enlargement or any
change whatsoever.

American Ref-Fuel Company Supplemental Indenture

 

22

ANNEX A TO

6.26% SENIOR NOTE DUE 2015

          The following table sets forth the date of each semiannual installment of the aggregate
principal to be paid on all Notes of this series on each such date:

	 	 	 	 	 
	 	 	Principal Amount	 
	Principal Payment Dates	 	Payable on Series A Notes	 
	December 31, 2003
	 	$	16,000,000	 
	June 30, 2004
	 	 	5,700,000	 
	December 31, 2004
	 	 	13,300,000	 
	June 30, 2005
	 	 	6,000,000	 
	December 31, 2005
	 	 	14,000,000	 
	June 30, 2006
	 	 	8,400,000	 
	December 31, 2006
	 	 	19,600,000	 
	June 30, 2007
	 	 	8,100,000	 
	December 31, 2007
	 	 	18,900,000	 
	June 30, 2008
	 	 	10,500,000	 
	December 31, 2008
	 	 	24,500,000	 
	June 30, 2009
	 	 	3,900,000	 
	December 31, 2009
	 	 	9,100,000	 
	June 30, 2010
	 	 	1,200,000	 
	December 31, 2010
	 	 	2,800,000	 
	June 30, 2011
	 	 	11,700,000	 
	December 31, 2011
	 	 	27,300,000	 
	June 30, 2012
	 	 	5,400,000	 
	December 31, 2012
	 	 	12,600,000	 
	June 30, 2013
	 	 	1,200,000	 
	December 31, 2013
	 	 	2,800,000	 
	June 30, 2014
	 	 	7,800,000	 
	December 31, 2014
	 	 	18,200,000	 
	June 30, 2015
	 	 	7,800,000	 
	December 31, 2015
	 	 	18,200,000	 
	TOTAL
	 	$	275,000,000	 
	 
	 	 	 

American Ref-Fuel Company Supplemental Indenture

 

23

ANNEX B TO

6.26% SENIOR NOTE DUE 2015

Exchanges of portions of this Global Note for Certificated Notes:

	 	 	 	 	 	 	 
	 	 	Principal Amount of	 	 	 	 
	 	 	Definitive Securities Issued in	 	Remaining Principal	 	 
	 	 	Exchange for a Portion of this	 	Amount of this Global	 	Notation made
	Date	 	Global Security	 	Security	 	by
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 

American Ref-Fuel Company Supplemental Indentureexv4w14

 

Exhibit 4.14

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED
STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS NOT A U.S. PERSON AND IS
ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION, (2) BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON
WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT
THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT
THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT (E) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(l), (2), (3) OR (7) UNDER THE
SECURITIES ACT THAT IS AN INSTITUTIONAL INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL
AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER
OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO
THE COMPANY’S AND THE TRUSTEE’S RIGHTS PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR
OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND IN THE CASE OF THE FOREGOING CLAUSE (E), A
CERTIFICATE OF TRANSFER (A FORM OF WHICH MAY BE OBTAINED FROM THE COMPANY OR THE TRUSTEE) COMPLETED
AND DELIVERED BY THE TRANSFEROR TO THE COMPANY AND THE TRUSTEE. THIS LEGEND WILL BE REMOVED AFTER
40 CONSECUTIVE DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE DAY ON WHICH THE SECURITIES ARE
OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S) AND (B) THE DATE OF THE
CLOSING OF THE ORIGINAL OFFERING. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION”, “UNITED STATES”
AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

     UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (“DTC”) TO THE

 

 

COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER REPRESENTATIVE OF DTC AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE.

 

 

AMERICAN REF-FUEL COMPANY LLC

6.26% SENIOR NOTE DUE 2015

	 	 	 
	No. A002

	 	CUSIP NUMBER
	 

	 	U02928 AA 4
	 
	 	 
	 

	 	ISIN NUMBER
	 

	 	USU02928AA48

	 	 	 	 	 
	Principal Amount	 	Final Scheduled Payment Date	 	Issue Date
	$0

	 	December 31, 2015
	 	May 9, 2003

	 	 	 	 	 	 	 
	 

	 	REGISTERED HOLDER:
	 	CEDE & CO.

	 
	 

	 	PRINCIPAL AMOUNT:
	 	0 Dollars

	 
	 

	 	INTEREST RATE:
	 	 	6.26	%

     AMERICAN REF-FUEL COMPANY LLC, a Delaware limited liability company (hereinafter
called the “Company”, which term includes any successor or assign under the Indenture referred
to below), for value received hereby promises to pay to Cede & Co., or its registered assigns,
the outstanding Principal Amount hereof after subtracting the aggregate principal amount of any
definitive Notes issued in exchange for a portion or portions hereof, such payment to be made in
semiannual installments on June 30 and December 31 of each
year (commencing December 31, 2003)
and ending on the final Scheduled Payment Date set forth above, each such installment to be in
the amount and payable on the date set forth on Annex A attached hereto (provided that
the portion of the Principal Amount remaining unpaid on the final Scheduled Payment Date,
together with all interest accrued thereon, shall in any and all cases be due and payable on the
final Scheduled Payment Date), and to pay interest on the unpaid portion of the Principal Amount
at the interest rate set forth above from the most recent Scheduled Payment Date to which
interest has been paid or duly provided for or, if no interest has been paid or duly provided
for, from the issue date set forth above, semiannually on June 31 and December 31 in each year
(commencing December 31, 2003), until the Principal Amount is paid in full or payment thereof is
duly provided for. Any installment of principal and, to the extent permitted by applicable law,
any payment of interest not punctually paid or duly provided for shall continue to bear interest
at a rate equal to the interest rate set forth above. The principal and interest so payable, and
punctually paid or duly provided for, at any Scheduled Payment Date shall, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is
registered in the Security Register at the close of business on the Regular Record Date for such
payment of principal and interest, which shall be June 15 or December 15, as the case may be
(whether or not a Business Day), next preceding such

 

 

Scheduled Payment Date. Any such principal and interest that is payable, but is not so
punctually paid or duly provided for at any Scheduled Payment Date, shall forthwith cease to be
payable to the Holder hereof on such Regular Record Date, and may be paid to the Person in whose
name this Note (or one or more Predecessor Notes) is registered at the close of business on a
Special Record Date for the payment of such defaulted principal and interest (together with any
other amounts payable with respect to such principal and interest), to be fixed by the Trustee,
notice of which shall be given to the Holder hereof not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which this Note may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture. This being a Global
Note (as that term is defined in the Indenture) deposited with DTC acting as depository, and
registered in the name of Cede & Co. a nominee of DTC, Cede & Co., as holder of record of this Note
shall be entitled to receive payment of principal and interest, other than principal and interest
due at the final Scheduled Payment Date, by wire transfer of immediately available funds. Payment
of the final installment of principal payable with respect to this Note shall be made as provided
in Section 5.5 of the Original Indenture (in the event this Note is redeemed) or shall be made upon
presentation and surrender of this Note at the Place of Payment. All payments in respect of this Note
shall be made in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of debts.

     Whenever
any amount to be paid hereunder is stated to be due on a day that is not a Business
Day, such amount shall be payble on the next succeeding Business Day and if such payment is timely
made, no interest shall accrue for the period from and after the day on which such payment was due.
Interest payments for this Note will be computed and paid on the basis of a 360-day year consisting
of twelve 30-day months.

     Reference is made to the further provisions of this Note set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

 

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

	 	 	 	 	 
	 	 	AMERICAN REF-FUEL COMPANY LLC
	 
	 	 	 	 
	 

	 	By
	 	/s/ Michael J.Gruppuse
	 

	 	 	 	 
	 

	 	 	 	Name:  Michael J.Gruppuse
	 

	 	 	 	Title:    Vice President
	 

	 	 	 	             Chief Financial Officer

 

 

CERTIFICATE OF AUTHENTICATION

     This Note is one of the Notes referred to in the within-mentioned Indenture.

WACHOVIA BANK, NATIONAL ASSOCIATION

     as Trustee

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

 

 

AMERICAN REF-FUEL COMPANY LLC

6.26% SENIOR NOTE DUE 2015

(REVERSE OF SECURITY)

     This note is one of an authorized issue of Notes of the Company known as its 6.26% Senior
Notes Due 2015 (the “Notes”). The Notes are issued under
the Indenture dated as of May 1, 2003 (the
“Original Indenture”) among the Company and Wachovia Bank, National Association, as trustee (in
such capacity, together with its successors in such capacity, the
“Trustee”), as supplemented by
the First Supplemental Indenture dated as of May 1, 2003 (the
“First Supplemental
Indenture”) among the Company and the Trustee (the Original Indenture, as so supplemented, and
as the same may be amended, modified and further supplemented, the
“Indenture”). All capitalized
terms used herein, unless otherwise defined herein, shall have the meanings ascribed to them in the
Indenture.

     All Notes of any series issued and Outstanding under the Indenture rank on a parity with each
other Note of the same series and with all Notes of each other series. Reference is hereby made to
the Indenture for a description of the nature and extent of the Notes and the respective rights,
limitations of rights, duties and immunities thereunder of the Holders and of the Trustee and the
Company in respect of the Notes and the terms upon which the Notes are made and are to be
authenticated and delivered.

     The
principal of and interest on this Note are secured by assets subject to the Lien of the
Collateral Documents, and all payments of principal and interest shall be made in accordance with
the terms of the Indenture Each Holder, by acceptance of this Note, hereby acknowledges and agrees
that (a) subject to the terms of the Indenture, it will look solely to the revenues of the Company,
the Collateral and the income and proceeds received by the Trustee therefrom to the extent
available for distribution to such Holder as herein provided or provided in the Collateral
Documents, (b) neither the Member, nor any of its past, present or future officers, partners,
directors or members or other Related Persons, nor the Trustee shall be personally or otherwise
liable to any Holder, nor shall the Member, nor any of its past, present or future officers,
partners, directors or members or other Related Persons, be personally or otherwise liable to the
Trustee for any amounts payable under any Note or for any liability under the Indenture or any
other Financing Document, except as provided in the Original Indenture and (c) recourse for any
such amounts payable shall be otherwise limited in accordance with Section 2.14 and Section 16.1 of
the Original Indenture.

     The obligations of the Company to pay the principal of and interest on the Notes when due as
herein prescribed are absolute and unconditional and no provision of this Note or the Indenture
shall alter or impair such obligations.

     The Notes are subject to and have the benefits of the Collateral Documents pursuant to which
the rights of the parties in respect of the Collateral will be exercised by the Trustee in
accordance with the Collateral Documents.

     The Indenture permits, with certain exceptions, as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the

 

 

rights of the Holders under the Indenture. The Indenture also contains provisions permitting
the Holders of specified percentages in aggregate principal amount of the Notes to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any Act (as such term is defined in the Indenture), including,
but not limited to, such a consent, waiver or direction by the Holder of this Note shall be
conclusive and binding upon the Holder and upon all future Holders of this Note and the Holder of
every Note issued upon the transfer hereof or the exchange herefor or in lieu hereof whether or not
notation of such Act is made upon this Note.

     This Note is one of the series designated on the face hereof, limited to $275,000,000 in
aggregate principal amount as provided in the First Supplemental Indenture.

     This Note and all Notes issued or to be issued in a series created under the First
Supplemental Indenture are redeemable in whole or in part at the option of the Company in
accordance with Section 5.1 of the Original Indenture, on not less than 30 nor more than 60 days’
notice, at a redemption price equal to the principal amount thereof plus unpaid and accrued
interest plus the Make-Whole Premium.

     The Notes are, under certain conditions subject to mandatory redemption in whole or in part as
set forth in Section 5.2 of the Original Indenture. Notice of any redemption of Notes will be given
at least 30 days but not more than 60 days before the Redemption Date to each Holder at its address
as it appears in the Security Register.

     Notes
(or portions thereof as aforesaid) for the redemption of which provision is
made in accordance with the Indenture shall cease to bear interest from and after any
Redemption Date.

     The Indenture contains provisions for, upon compliance by the Company with
certain conditions set forth in the Indenture, the defeasance of (a) the entire indebtedness of
this Note and (b) certain restrictive covenants and agreements.

     The unpaid portion of the Principal Amount, together with any interest accrued and unpaid
thereon and all other amounts due hereunder, if any, may become due and payable upon the occurrence
and continuation of any Event of Default, but only as provided in the Indenture.

     Definitive Certificated Notes are issuable only as registered Notes in minimum denominations
of $250,000 and any integral multiples of S1,000 in excess thereof. Global Notes are issuable only
as registered Notes in minimum denominations of $100,000 and any integral multiples of $1,000 in
excess thereof. As provided in, and subject to the provisions of, the Indenture, Notes are
exchangeable at the option of the Holder thereof for other Notes of the same series, of authorized
denomination and of like tenor, maturity, interest rate and aggregate principal amount, to be
registered in the name of such Holder, upon surrender thereof by such Holder at any office or
agency maintained for such purpose pursuant to the Indenture.

     No service charge will be required of any Holder participating in any such transfer or
exchange of Notes in respect of such transfer or exchange, but the Security Registrar

 

 

may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the person in whose name
this Note is registered shall be deemed to be the owner and holder hereof for the purpose of
receiving payment as herein provided and for all other purposes whether or not this Note be overdue
regardless of any notice to anyone to the contrary.

     THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THEREOF TO THE EXTENT THE
APPLICATION OF SUCH PRINCIPLES WOULD CAUSE THE APPLICATION OF THF LAWS OF ANY OTHER JURISDICTION.

 

 

ABBREVIATIONS

     The following abbreviations when used in the inscription on the face of this instrument shall
be construed as though they were written out in full according to
applicable laws or regulations:

	 	 	 	 	 	 	 
	 

	 	TEN COM
	 	—
	 	as tenants in common
	 

	 	TEN ENT
	 	—
	 	as tenants by the entireties
	 

	 	JT TEN
	 	—
	 	as joint tenants with right of
survivorship and not as tenants in
common

	 	 	 	 	 
	 

	 	UNIF GIFT MIN ACT	 	 
	 

	 	 	 	 
	 

	 	 	 	(Cust) (Minor)

	 	 	 
	 

	 	under Uniform Gift to Minors Act
	 
	 	 
	 

	 	 
	 

	 	(State)                                              

Additional abbreviations may also be used though not
in the above list

 

 

 

     FOR
VALUE-RECEIVED the undersigned hereby sell(s), assign(s)
and transfer(s) unto

	 	 	 
	Social Security Number or Other
	 	 
	Identifying Number of Assignee
	 	 
	 

	 	 
	 
	 	 
	 
	 
	 	 
	 
	 
	 	 
	 

(Please print or typewrite name and address, including zip code of Assignee)

the within
security and all rights thereunder, hereby irrevocably constituting
and appointing
           attorney to transfer said security on the books of the Company with full power of substitution in
the premises.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	NAME:

	 	 	 
	NOTICE:

	 	The signature to this assignment must correspond with the name as written upon the
first page of the within instrument in every particular, without alteration or enlargement or
any change whatsoever.

 

 

ANNEX A TO

6.26% SENIOR NOTE DUE 2015

     The following table sets forth the date of each semiannual installment of the aggregate
principal to be paid on all Notes of this series on each such date:

	 	 	 	 	 
	 	 	Principal Amount	 
	Principal Payment Dates	 	Payable on Series A Notes	 
	December 31, 2003
	 	$	16,000,000	 
	 
	 	 	 	 
	June 30, 2004
	 	 	5,700,000	 
	 
	 	 	 	 
	December 31 , 2004
	 	 	13,300,000	 
	 
	 	 	 	 
	June 30, 2005
	 	 	6,000,000	 
	 
	 	 	 	 
	December 31 , 2005
	 	 	14,000,000	 
	 
	 	 	 	 
	June 30, 2006
	 	 	8,400,000	 
	 
	 	 	 	 
	December 3l, 2006
	 	 	19,600,000	 
	 
	 	 	 	 
	June 30, 2007
	 	 	8,100,000	 
	 
	 	 	 	 
	December 31, 2007
	 	 	18,900,000	 
	 
	 	 	 	 
	June 30, 2008
	 	 	10,500,000	 
	 
	 	 	 	 
	December 31, 2008
	 	 	24,500,000	 
	 
	 	 	 	 
	June 30, 2009
	 	 	3,900,000	 
	 
	 	 	 	 
	December 31, 2009
	 	 	9,100,000	 
	 
	 	 	 	 
	June 30, 2010
	 	 	1,200,000	 
	 
	 	 	 	 
	December 31, 2010
	 	 	2,800,000	 
	 
	 	 	 	 
	June 30, 2011
	 	 	11,700,000	 
	 
	 	 	 	 
	December 31, 2011
	 	 	27,300,000	 
	 
	 	 	 	 
	June 30, 2012
	 	 	5,400,000	 
	 
	 	 	 	 
	December 31, 2012
	 	 	12,600,000	 
	 
	 	 	 	 
	June 30, 2013
	 	 	1,200,000	 
	 
	 	 	 	 
	December 31, 2013
	 	 	2,800,000	 
	 
	 	 	 	 
	June 30, 2014
	 	 	7,800,000	 
	 
	 	 	 	 
	December 31, 2014
	 	 	18,200,000	 
	 
	 	 	 	 
	June 30, 2015
	 	 	7,800,000	 
	 
	 	 	 	 
	December 31, 2015
	 	 	18,200,000	 
	 
	 	 	 	 
	TOTAL
	 	$	275.000.000	 
	 
	 	 	 

 

 

ANNEX B TO

6.26% SENIOR NOTE DUE 2015

Exchanges of portions of this Global Note for Certificated Notes:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	Principal Amount of	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Definitive Securities
Issued	 	 	 	Remaining Principal	 	 	 	Notation made	 	 
	 	Date	 	 	in Exchange for a Portion	 	 	 	Amount of this Global	 	 	 	by	 	 
	 	 	 	 	of this Global Security	 	 	 	Security

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