Document:

Indenture, dated as of October 22,2007

 Exhibit 4.4 
 EXECUTION COPY 
  

 AMERICAN WATER CAPITAL CORP. 
                                        
 as Issuer  
 TO 
 WELLS FARGO BANK, NATIONAL ASSOCIATION  
                                        
 as Trustee  
  
  

 Indenture 
  
 Dated as of October 22, 2007 
  
  

 6.085% Senior Notes due 2017 
 6.593% Senior Notes due 2037 
  
  

  

 TABLE OF CONTENTS 
  

  

			
	 	  	Page
	 PARTIES
	  	1
	 RECITALS OF THE COMPANY
	  	1

 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  

					
	 SECTION 101.
	  	Definitions.	  	1
		  	Act	  	2
		  	Additional Securities	  	2
		  	Affiliate	  	2
		  	Agent Member	  	2
		  	Applicable Procedures	  	2
		  	Attributable Debt	  	2
		  	Authenticating Agent	  	2
		  	Below Investment Grade Rating Event	  	3
		  	Board of Directors	  	3
		  	Board Resolution	  	3
		  	Business Day	  	3
		  	Capital Lease	  	3
		  	Change of Control	  	3
		  	Change of Control Triggering Event	  	3
		  	Clearstream	  	4
		  	Commission	  	4
		  	Company	  	4
		  	Company Request; Company Order	  	4
		  	Comparable Treasury Issue	  	4
		  	Comparable Treasury Price	  	4
		  	Consolidated Tangible Total Assets	  	4
		  	Consolidated Total Assets	  	4
		  	Continuing Directors	  	4
		  	Corporate Trust Operations Office	  	5
		  	Corporate Trust Office	  	5
		  	corporation	  	5
		  	Covenant Defeasance	  	5
		  	Debt	  	5
		  	Defaulted Interest	  	5
		  	Defeasance	  	5
		  	Depositary	  	5
		  	DTC	  	5
		  	Euroclear	  	5
		  	Event of Default	  	5
		  	Exchange Act	  	5

  

					
		 	Exchange Offer	  	6
		 	 Exchange Registration Statement
	  	6
		 	 Exchange Security
	  	6
		 	 Expiration Date
	  	6
		 	 Global Security
	  	6
		 	 Governmental Authority
	  	6
		 	 Holder
	  	6
		 	 Indenture
	  	6
		 	 Independent Investment Banker
	  	6
		 	 Interest Payment Date
	  	7
		 	 Investment Company Act
	  	7
		 	 Investment Grade Rating
	  	7
		 	 Issue Date
	  	7
		 	 Lien
	  	7
		 	 Make-Whole Amount
	  	7
		 	 Maturity
	  	7
		 	 Moody’s
	  	7
		 	 National Securities Exchange
	  	7
		 	 Notice of Default
	  	7
		 	 Officers’ Certificate
	  	7
		 	 Opinion of Counsel
	  	7
		 	 Original Securities
	  	7
		 	 Outstanding
	  	8
		 	 Parent
	  	8
		 	 Paying Agent
	  	8
		 	 Permanent Regulation S Global Security
	  	8
		 	 Permitted Liens
	  	8
		 	 Person
	  	11
		 	 Place of Payment
	  	11
		 	 Predecessor Security
	  	11
		 	 property; properties
	  	12
		 	 Purchase Agreement
	  	12
		 	 Qualified Institutional Buyer
	  	12
		 	 Rating Agencies
	  	12
		 	 Redemption Date
	  	12
		 	 Redemption Price
	  	12
		 	 Reference Treasury Dealer
	  	12
		 	 Reference Treasury Dealer Quotation
	  	12
		 	 Registered Securities
	  	12
		 	 Registration Rights Agreement
	  	12
		 	 Regular Record Date
	  	13
		 	 Regulation S
	  	13
		 	 Regulation S Certificate
	  	13
		 	 Regulation S Legend
	  	13
		 	 Regulation S Securities
	  	13
		 	 Responsible Officer
	  	13
		 	 Restricted Period
	  	13
		 	 Restricted Securities
	  	13
		 	 Restricted Securities Certificate
	  	13

  

					
		  	Restricted Securities Legend	  	13
		  	Rule 144A	  	13
		  	Rule 144A Global Security	  	13
		  	S&P	  	13
		  	Sale and Leaseback Transaction	  	14
		  	Securities	  	14
		  	Securities Act	  	14
		  	Securities Act Legend	  	14
		  	Security Register; Security Registrar	  	14
		  	Senior Financial Officer	  	14
		  	Shelf Registration Statement	  	14
		  	Special Interest	  	14
		  	Special Record Date	  	14
		  	Stated Maturity	  	14
		  	Subsidiary	  	14
		  	Successor Security	  	14
		  	Support Agreement	  	15
		  	Suspension Period	  	15
		  	Temporary Regulation S Global Security	  	15
		  	Treasury Rate	  	15
		  	Trust Indenture Act	  	15
		  	Trustee	  	15
		  	Unrestricted Securities Certificate	  	15
		  	U.S. Government Obligation	  	15
		  	Vice President	  	15
	 SECTION 102.
	  	Compliance Certificates and Opinions.	  	15
	 SECTION 103.
	  	Form of Documents Delivered to Trustee.	  	16
	 SECTION 104.
	  	Acts of Holders; Record Dates.	  	17
	 SECTION 105.
	  	Notices, Etc., to Trustee and Company.	  	19
	 SECTION 106.
	  	Notice to Holders; Waiver.	  	19
	 SECTION 107.
	  	Conflict with Trust Indenture Act.	  	19
	 SECTION 108.
	  	Effect of Headings and Table of Contents.	  	20
	 SECTION 109.
	  	Successors and Assigns.	  	20
	 SECTION 110.
	  	Separability Clause.	  	20
	 SECTION 111.
	  	Benefits of Indenture.	  	20
	 SECTION 112.
	  	Governing Law.	  	20
	 SECTION 113.
	  	No Personal Liability	  	20
	 SECTION 114.
	  	Legal Holidays.	  	20
	
	ARTICLE TWO
	
	SECURITY FORMS
			
	 SECTION 201.
	  	Forms Generally.	  	21
	 SECTION 202.
	  	Form of Face of Security.	  	23
	 SECTION 203.
	  	Form of Reverse of Security.	  	25
	 SECTION 204.
	  	Form of Legend for Securities.	  	29
	 SECTION 205.
	  	Form of Trustee’s Certificate of Authentication.	  	31

  

 ARTICLE THREE 
 THE SECURITIES 
  

					
	 SECTION 301.
	  	Amount Unlimited; Issuable in Series.	  	32
	 SECTION 302.
	  	Denominations.	  	33
	 SECTION 303.
	  	Execution, Authentication, Delivery and Dating.	  	33
	 SECTION 304.
	  	Temporary Securities.	  	35
	 SECTION 305.
	  	Registration, Registration of Transfer and Exchange; Certain Transfers and Exchanges.	  	35
	 SECTION 306.
	  	Mutilated, Destroyed, Lost and Stolen Securities.	  	43
	 SECTION 307.
	  	Payment of Interest; Interest Rights Preserved.	  	43
	 SECTION 308.
	  	Persons Deemed Owners.	  	44
	 SECTION 309.
	  	Cancellation.	  	45
	 SECTION 310.
	  	Computation of Interest.	  	45
	
	ARTICLE FOUR
	
	SATISFACTION AND DISCHARGE
			
	 SECTION 401.
	  	Satisfaction and Discharge of Indenture.	  	45
	 SECTION 402.
	  	Application of Trust Money.	  	46
	
	ARTICLE FIVE
	
	REMEDIES
			
	 SECTION 501.
	  	Events of Default.	  	47
	 SECTION 502.
	  	Acceleration of Maturity; Rescission and Annulment.	  	48
	 SECTION 503.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	49
	 SECTION 504.
	  	Trustee May File Proofs of Claim.	  	50
	 SECTION 505.
	  	Trustee May Enforce Claims Without Possession of Securities.	  	50
	 SECTION 506.
	  	Application of Money Collected.	  	51
	 SECTION 507.
	  	Limitation on Suits.	  	51
	 SECTION 508.
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest.	  	52
	 SECTION 509.
	  	Restoration of Rights and Remedies.	  	52
	 SECTION 510.
	  	Rights and Remedies Cumulative.	  	52
	 SECTION 511.
	  	Delay or Omission Not Waiver.	  	52
	 SECTION 512.
	  	Control by Holders.	  	52
	 SECTION 513.
	  	Waiver of Past Defaults.	  	53
	 SECTION 514.
	  	Undertaking for Costs.	  	53
	 SECTION 515.
	  	Waiver of Usury, Stay or Extension Laws.	  	53

  

 ARTICLE SIX 
 THE TRUSTEE 
  

					
	 SECTION 601.
	  	Certain Duties and Responsibilities.	  	54
	 SECTION 602.
	  	Notice of Defaults.	  	54
	 SECTION 603.
	  	Certain Rights of Trustee.	  	54
	 SECTION 604.
	  	Not Responsible for Recitals or Issuance of Securities.	  	55
	 SECTION 605.
	  	May Hold Securities.	  	55
	 SECTION 606.
	  	Money Held in Trust.	  	55
	 SECTION 607.
	  	Compensation and Reimbursement.	  	56
	 SECTION 608.
	  	Conflicting Interests.	  	57
	 SECTION 609.
	  	Corporate Trustee Required; Eligibility.	  	57
	 SECTION 610.
	  	Resignation and Removal; Appointment of Successor.	  	57
	 SECTION 611.
	  	Acceptance of Appointment by Successor.	  	58
	 SECTION 612.
	  	Merger, Conversion, Consolidation or Succession to Business.	  	60
	 SECTION 613.
	  	Preferential Collection of Claims Against Company.	  	60
	 SECTION 614.
	  	Appointment of Authenticating Agent.	  	60
	
	ARTICLE SEVEN
	
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
			
	 SECTION 701.
	  	Company to Furnish Trustee Names and Addresses of Holders.	  	62
	 SECTION 702.
	  	Preservation of Information; Communications to Holders.	  	62
	 SECTION 703.
	  	Reports by Trustee.	  	62
	 SECTION 704.
	  	Reports by Company.	  	63
	
	ARTICLE EIGHT
	
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
			
	 SECTION 801.
	  	Company May Consolidate, Etc., Only on Certain Terms.	  	63
	 SECTION 802.
	  	Successor Substituted.	  	64
	 SECTION 803.
	  	Assumption by Parent	  	64
	ARTICLE NINE
	
	SUPPLEMENTAL INDENTURES
			
	 SECTION 901.
	  	Supplemental Indentures Without Consent of Holders.	  	64
	 SECTION 902.
	  	Supplemental Indentures With Consent of Holders.	  	65
	 SECTION 903.
	  	Execution of Supplemental Indentures.	  	66
	 SECTION 904.
	  	Effect of Supplemental Indentures.	  	67
	 SECTION 905.
	  	Conformity with Trust Indenture Act.	  	67
	 SECTION 906.
	  	Reference in Securities to Supplemental Indentures.	  	67

 ARTICLE TEN 
 COVENANTS 
  

					
	 SECTION 1001.
	  	Payment of Principal, Premium and Interest.	  	67
	 SECTION 1002.
	  	Maintenance of Office or Agency.	  	67
	 SECTION 1003.
	  	Money for Securities Payments to Be Held in Trust.	  	68
	 SECTION 1004.
	  	Statement by Officers as to Default.	  	69
	 SECTION 1005.
	  	Existence.	  	69
	 SECTION 1006.
	  	Maintenance of Properties.	  	69
	 SECTION 1007.
	  	Payment of Taxes and Other Claims.	  	70
	 SECTION 1008.
	  	Restrictions on Liens.	  	70
	 SECTION 1009.
	  	Restrictions on Sales and Leasebacks.	  	70
	 SECTION 1010.
	  	Support Agreement.	  	70
	 SECTION 1011.
	  	Waiver of Certain Covenants.	  	71
	
	ARTICLE ELEVEN
	
	REDEMPTION OF SECURITIES
			
	 SECTION 1101.
	  	Applicability of Article.	  	71
	 SECTION 1102.
	  	Election to Redeem; Notice to Trustee.	  	71
	 SECTION 1103.
	  	Selection by Trustee of Securities to Be Redeemed.	  	71
	 SECTION 1104.
	  	Notice of Redemption.	  	72
	 SECTION 1105.
	  	Deposit of Redemption Price.	  	73
	 SECTION 1106.
	  	Securities Payable on Redemption Date.	  	73
	 SECTION 1107.
	  	Securities Redeemed in Part.	  	73
	
	ARTICLE TWELVE
	
	SINKING FUNDS
			
	 SECTION 1201.
	  	No Sinking Funds.	  	74
	
	ARTICLE THIRTEEN
	
	DEFEASANCE AND COVENANT DEFEASANCE
			
	 SECTION 1301.
	  	Company’s Option to Effect Defeasance or Covenant Defeasance.	  	74
	 SECTION 1302.
	  	Defeasance and Discharge.	  	74
	 SECTION 1303.
	  	Covenant Defeasance.	  	75
	 SECTION 1304.
	  	Conditions to Defeasance or Covenant Defeasance.	  	75
	 SECTION 1305.
	  	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.	  	77
	 SECTION 1306.
	  	Reinstatement.	  	77

					
	 Annex A-1
	  	–	  	 Form of Transfer Certificate—Rule 144A Global Security to Temporary Regulation S Global Security

			
	 Annex A-2
	  	–	  	 Form of Transfer Certificate—Rule 144A Global Security to Permanent Regulation S Global Security

			
	 Annex B
	  	–	  	 Form of Transfer Certificate—Temporary Regulation S Global Security or Permanent Regulation S Global Security to Rule 144A Global
Security

			
	 Annex C-1
	  	–	  	 Form of Certification to be Given by Holders of Beneficial Interests in a Temporary Regulation S Global Security to Euroclear or Clearstream

			
	 Annex C-2
	  	–	  	 Form of Certification to be Given by the Euroclear Operator or Clearstream

			
	 Annex C-3
	  	–	  	 Form of Certification to be Given by Transferee of Beneficial Interest in a Temporary Regulation S Global Security After the Restricted Period

			
	 Annex D-1
	  	–	  	 Form of Transfer Certificate—Non-Global Restricted Security to Rule 144A Global Security

			
	 Annex D-2
	  	–	  	 Form of Certificate—Non-Global Restricted Security to Permanent Regulation S Global Security or Temporary Regulation S Global Security

			
	 Annex E
	  	–	  	 Form of Instruction for Exchange

			
	 Annex F
	  	–	  	 Form of Unrestricted Securities Certificate

  

 ........................................................................ 
 Certain Sections of this Indenture relating to Sections 310 through 318, 
 inclusive, of the Trust Indenture Act of 1939: 
  

			
	 Trust Indenture
     Act
Section
	  	Indenture Section
	 § 310(a)(1)
	  	609
	 (a)(2)
	  	609
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (a)(5)
	  	609
	 (b)
	  	608
	 (c)
	  	Not Applicable
		  	610
	 § 311(a)
	  	613
	 (b)
	  	613
	 (c)
	  	Not Applicable
	 § 312(a)
	  	701
		  	702
	 (b)
	  	702
	 (c)
	  	702
	 § 313(a)
	  	703
	 (b)
	  	703
	 (c)
	  	703
	 (d)
	  	703
	 § 314(a)
	  	704
	 (a)(4)
	  	101
		  	1004
	 (b)
	  	Not Applicable
	 (c)(1)
	  	102
	 (c)(2)
	  	102
	 (c)(3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	102
	 (f)
	  	Not Applicable
	 § 315(a)
	  	601
	 (b)
	  	602
	 (c)
	  	601
	 (d)
	  	601
	 (e)
	  	514
	 § 316(a)
	  	101
	 (a)(1)(A)
	  	502
		  	512
	 (a)(1)(B)
	  	513
	 (a)(2)
	  	Not Applicable
	 (b)
	  	508
	 (c)
	  	104
	 § 317(a)(1)
	  	503
	 (a)(2)
	  	504
	 (b)
	  	1003
	 § 318(a)
	  	107

  

			
	 (b)
	  	Not Applicable
	 (c)
	  	107

 NOTE: This reconciliation and tie shall
not, for any purpose, be deemed to be a part of the Indenture. 
  

 INDENTURE, dated as of October 22, 2007, between American Water Capital Corp., a corporation duly
organized and existing under the laws of the State of Delaware (herein called the “Company”), having its principal office at 1025 Laurel Oak Road, Voorhees, New Jersey 08043, and Wells Fargo Bank, National Association, a national
banking association, as Trustee (herein called the “Trustee”). 
 RECITALS OF
THE COMPANY 
 The Company has duly authorized the creation and issuance of its (i) 6.085% Senior Notes
due 2017 and 6.593% Senior Notes due 2037 issued on the date hereof and (ii) Additional Securities (as defined herein) and Exchange Securities (as defined herein) that may be issued on any Issue Date (all such notes and securities referred to
in clauses (i) and (ii) being referred to as the “Securities”). 
 All things necessary to make this Indenture a
valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE,
THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS

 OF GENERAL APPLICATION 
 SECTION 101. Definitions. 
 For all
purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms
defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are
generally accepted at the date of such computation; 
  

 (4) unless the context otherwise requires, any reference to an “Article”
or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; and 
 (5) the words
“herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Act”, when used with respect to any Holder, has the meaning specified in Section 104. 
 “Additional Securities“ means, with respect to a series of Securities, further Securities of that series having the same terms
and ranking equally and ratably with the Original Securities in all respects, or in all respects except for (i) the payment of interest accruing prior to the Issue Date for such Additional Securities, (ii) the first payment of
interest following the Issue Date of such Additional Securities or (iii) the Issue Date; provided that, any Additional Securities will be consolidated and form a single series with the Original Securities of such series and
shall have the same terms as to status, redemption or otherwise as the Original Securities of such series; provided further that any Additional Securities may be issued pursuant to authorization provided by a Board Resolution,
a Supplemental Indenture, or under an Officers’ Certificate pursuant to Section 301. 
 “Affiliate“ of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect
to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Agent Member“ means any member of, or
participant in, the Depositary. 
 “Applicable Procedures“ means, with respect to any transfer or transaction involving a
Global Security or beneficial interest therein, the rules and procedures of the Depositary for such Security, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 
 “Attributable Debt” means the lesser of (1) the fair market value of the asset subject to the Sale and Leaseback Transaction and
(2) the present value, determined in accordance with generally accepted accounting principles (discounted at a rate equal to the rate of interest implicit in such transaction) of the obligations of the lessee for the net rental payments
(excluding amounts on account of maintenance and repairs, insurance, taxes, assessments and similar charges and contingent rents) during the term of the lease. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate Securities of one or more series. 
  

 2 

 “Below Investment Grade Rating Event” means the Securities of a series are rated below
an Investment Grade Rating by each of the Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the
occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Securities of such series is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a
Below Investment Grade Rating Event with respect to such series otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect to a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder), if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm
that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at
the time of the Below Investment Grade Rating Event). 
 “Board of Directors” means either the board of directors of the
Company or any duly authorized committee of that board. 
 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day”, when used with respect to the Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not
a day on which banking institutions in the Place of Payment are authorized or obligated by law or executive order to close. 
 “Capital Lease” means, at any time, any lease that is required to be capitalized on a balance sheet of the lessee in accordance with generally accepted accounting principles. 
 “Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Parent and its Subsidiaries, taken as a whole, to any Person or group of related
persons for purposes of Section 13(d) of the Exchange Act (a “Group”) other than Parent or a Subsidiary; (2) the approval by the holders of common stock of Parent of any plan or proposal for the liquidation or dissolution
of Parent (whether or not otherwise in compliance with the provisions of the Indenture); (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any Person or Group
becomes the beneficial owner, directly or indirectly, of more than 50% of the voting power of the then outstanding voting stock of the Company; or (4) the first day on which a majority of the members of the board of directors of Parent are not
Continuing Directors. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below
Investment Grade Rating Event. 
  

 3 

 “Clearstream“ means Clearstream Banking, société anonyme,
Luxembourg (or any successor securities clearing agency). 
 “Commission” means the Securities and Exchange Commission, from
time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing
such duties at such time. 
 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
 “Company Request” or “Company Order“ means a written request or order signed in the name of the Company by its Chairman
of the Board, its Vice Chairman of the Board, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 
 “Comparable Treasury Issue” means, with respect to a series of Securities, the U.S. Treasury security selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term (“Remaining Life”) of such series of Securities that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means the average of the Reference Treasury Dealer Quotations for such Redemption Date. 
 “Consolidated Tangible Total Assets” means, as at any applicable time of determination, Consolidated Total Assets less, without duplication, all intangible assets such as goodwill, trademarks, trade names, patents
and unamortized debt discount and expense carried as an asset, in each case as set forth in the most recently available consolidated balance sheet of the Parent and its Subsidiaries. 
 “Consolidated Total Assets” means, as at any applicable time of determination, the total assets of the Parent and its Subsidiaries as
set forth in the most recently available consolidated financial statements of the Parent and its Subsidiaries. 
 “Continuing
Directors” means, as of any date of determination, any member of the board of directors of Parent who (1) was a member of Parent’s board of directors on the date of the issuance of the Securities of this series; or (2) was
nominated for election or elected to Parent’s board of directors with the approval of a majority of the continuing directors who were members of Parent’s board of directors at the time of such nomination or election (either by a specific
vote or by approval of Parent’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination). 
  

 4 

 “Corporate Trust Operations Office“ means the principal office of the Trustee, which
office as of the date hereof is located at Northstar East Building – 12th Floor, 608 Second Avenue South, Minneapolis, MN 55402 attention: Corporate Trust Services. 
 “Corporate Trust Administrative Office“ means the office of the Trustee at which the trust created by this Indenture is administered, which office as of the date hereof is located at 45 Broadway 14th
Floor, New York, NY 10006 Attention: Corporate Trust Services. 
 “corporation” means a corporation, association, company,
joint-stock company or business trust. 
 “Covenant Defeasance” has the meaning specified in Section 1303. 

“Debt” means, for any Person, (without duplication), all (i) indebtedness for borrowed money, (ii) obligations evidenced by
bonds, debentures, notes or other similar instruments, (iii) obligations to pay the deferred purchase price of property or service (other than trade payables not overdue by more than ninety (90) days incurred in the ordinary course of
business and long term water purchase contracts), (iv) obligations under Capital Leases, (v) indebtedness of the type referred to in clauses (i) through (iv) above secured by (or for which the holder of such indebtedness has an
existing right, contingent or otherwise, to be secured by), any Lien or encumbrance on, or security interest in, property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or
become liable for the payment of such indebtedness, and (vi) all obligations of such Person for indebtedness or obligations of others of the kinds referred to in clauses (i) through (iv) above under direct or indirect guarantees,
excluding, in all cases, (i) advances for construction as set forth on the consolidated balance sheet of the Parent and its Subsidiaries, (ii) reimbursement obligations (contingent or otherwise) in respect of outstanding letters of credit
and (iii) attributable debt in respect of Sale and Leaseback Transactions. 
 “Defaulted Interest” has the meaning
specified in Section 307. 
 “Defeasance” has the meaning specified in Section 1302. 
 “Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities,
a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301. 
 “DTC“ means The Depository Trust Company. 
 “Euroclear“ means the
Euroclear Bank S.A./N.V. as operator of the Euroclear System (or any successor securities clearing agency). 
 “Event of
Default” has the meaning specified in Section 501. 
 “Exchange Act” means the Securities Exchange Act of 1934
and any statute successor thereto, in each case as amended from time to time. 
  

 5 

 “Exchange Offer“ has the meaning set forth in the form of the Securities contained in
Section 202. 
 “Exchange Registration Statement“ has the meaning set forth in the form of the Securities contained in
Section 202. 
 “Exchange Security“ means, with respect to a series of Securities, any Security of such series issued
in exchange for an Original Security or Original Securities (or an Additional Security or Additional Securities, as the case may be) of the same series pursuant to the Exchange Offer and registered under the Securities Act, and any Security with
respect to which the next preceding Predecessor Security of such Security was an Exchange Security, and the Original Securities and Additional Securities of a series and the related Exchange Securities shall constitute one series for all purposes
under this Indenture, including without limitation, amendments, waivers and redemptions. 
 “Expiration Date” has the
meaning specified in Section 104. 
 “Global Security” means a Security that evidences all or part of the Securities of
any series and bears the legend set forth in Section 204 (or such legend as may be specified as contemplated by Section 301 for such Securities). 
 “Governmental Authority” means 
 (1) the government of 
 (A) the United States of America or any State or other political subdivision thereof, or 
 (B) any other jurisdiction in which the Parent, the Company or any other Subsidiary conducts all or any part of its business, or which
asserts jurisdiction over any properties of the Parent, the Company or any other Subsidiary, or 
 (2) any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 
 “Holder” means a Person in whose name a Security is registered in the Security Register. 
 “Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof,
including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term
“Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 301. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 
  

 6 

 “Interest Payment Date”, when used with respect to any Security, means the Stated
Maturity of an installment of interest on such Security. 
 “Investment Company Act” means the Investment Company Act of
1940 and any statute successor thereto, in each case as amended from time to time. 
 “Investment Grade Rating” means a
rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB – (or the equivalent) by S&P, respectively. 
 “Issue Date” means, with respect to any series, the first date on which the Securities of such series are initially issued. 
 “Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to
or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such Person. 
 “Make-Whole Amount” means, with respect to a series of Securities, the sum of the present values of each remaining scheduled payment of principal and interest thereon (exclusive of interest accrued to
the Redemption Date) discounted to the Redemption Date on a semiannual basis at the Treasury Rate, plus 20 basis points in the case of the 6.085% Senior Notes due 2017, and 25 basis points in the case of the 6.593% Senior Notes due 2037. 

“Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment of
principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “National Securities
Exchange” means any national securities exchange registered under the Exchange Act. 
 “Notice of Default” means a
written notice of the kind specified in Section 501(4). 
 “Officers’ Certificate” means a certificate signed by
the Chairman of the Board, a Vice Chairman of the Board, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee. One of the officers
signing an Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Company. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company, and who shall be acceptable to the Trustee. 
 “Original Securities” means, with respect to a series of Securities, all Securities of such series other than Additional Securities and
Exchange Securities of such series. 
  

 7 

 “Outstanding”, when used with respect to a series of Securities, means, as of the date
of determination, all Securities of such series theretofore authenticated and delivered under this Indenture, except: 
 (1) Securities of such series theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (2) Securities of such series for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the
Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made; 
 (3) Securities of such series as to which Defeasance has been effected
pursuant to Section 1302; and 
 (4) Securities of such series which have been paid pursuant to Section 306 or in
exchange for or in lieu of which other Securities of such series have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory
to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; 
 provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities of a series have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action
hereunder as of any date, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 
 “Parent” means American Water
Works Company, Inc., a Delaware corporation. 
 “Paying Agent” means any Person authorized by the Company to pay the
principal of or any premium or interest on any Securities on behalf of the Company. 
 “Permanent Regulation S Global
Security” has the meaning specified in Section 201. 
 “Permitted Liens” means: 
  

 8 

 (1) Liens existing, or created pursuant to the terms of agreements existing, on the date
of this Indenture; 
 (2) Liens consisting of (A) pledges or deposits in the ordinary course of business to secure
obligations under workmen’s compensation laws or similar legislation, (B) deposits in the ordinary course of business to secure or in lieu of surety, appeal or customs bonds to which the Company, the Parent or any Subsidiary is a party,
(C) Liens created by or resulting from any litigation or legal proceeding which is currently being contested in good faith by appropriate proceedings diligently conducted, (D) pledges or deposits in the ordinary course of business to
secure performance in connection with bids, tenders or contracts (other than contracts for the payment of money) or (E) materialmen’s, mechanics’, carriers’, workmen’s, repairmen’s or other like Liens incurred in the
ordinary course of business for sums not yet due or currently being contested in good faith by appropriate proceedings diligently conducted; 
 (3) Liens created to secure tax-exempt debt, in connection with the financing or refinancing of the purchase, lease or construction of properties; 
 (4) any Lien on any asset of any person existing at the time the person is merged or consolidated with or into, or such asset is acquired
by the Company, the Parent or any Subsidiary and not created in contemplation of such event; 
 (5) Liens created to secure
sales of accounts receivable and other receivables; 
 (6) licenses of intellectual property granted by the Company, the
Parent or any Subsidiary in the ordinary course of business and not interfering in any material respect with the ordinary conduct of business; 
 (7) Liens of landlords arising under real property leases to the extent those Liens arise in the ordinary course of business and do not secure any past due obligation for the payment of money; 
 (8) any interest or title of a lessor or sublessor under any lease permitted by this Indenture; 
 (9) Liens securing Debt which has neither been assumed by the Company, the Parent or any such Subsidiary nor upon which the Company, the
Parent or any Subsidiary customarily pays interest charges, existing upon real property, or rights in or relating thereto, which real property or rights were acquired for right-of-way purposes; 
 (10) zoning laws and ordinances; 
 (11) any leases required to be capitalized on a balance sheet of the lessee in accordance with generally accepted accounting principles; 
  

 9 

 (12) easements, rights-of-way, restrictions, conditions and other similar encumbrances,
minor defects or irregularities of title, and alleys, streets and highways, which in the aggregate do not materially impair the usefulness of the mortgaged property in the present business of the Company, the Parent or any Subsidiary; 
 (13) leases of the properties of the Company, the Parent or any Subsidiary, in each case entered into in the ordinary course of business
and that do not, individually or in the aggregate, (A) interfere in any material respect with the ordinary course of business or (B) materially impair the value of the property subject thereto; 
 (14) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the
Company, the Parent or any Subsidiary in the ordinary course of business in accordance with the past practices of the Company, the Parent or such Subsidiary; 
 (15) bankers’ Liens, right of setoff and other similar Liens (including deposits required by interest rate swap agreements) existing
solely with respect to cash and cash equivalents on deposit in one or more accounts maintained by the Company, the Parent or any Subsidiary, in each case granted in the ordinary course of business in favor of the financial institutions with which
such accounts are maintained, securing amounts owing to such financial institutions with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; provided that, unless
such Liens are non-consensual and arise by operation of law, in no case shall any such Liens secure (either directly or indirectly) the repayment of any Debt; 
 (16) Liens for taxes, assessments or governmental charges or levies not yet delinquent and which may subsequently be paid without interest
or penalties and Liens for taxes, assessments or governmental charges or levies which are being contested in good faith by appropriate proceedings for which reserves have been established to the extent required by generally accepted accounting
principles; 
 (17) any Lien on any property of the Company, the Parent or any Subsidiary securing obligations not exceeding
in the aggregate $100,000,000 outstanding any time; 
 (18) Liens on any property, acquired, constructed or improved by the
Company, the Parent or any Subsidiary after the date of this Indenture, and any improvements thereon, accessions thereto or other property acquired or constructed for use in connection therewith or related thereto, which are created or assumed prior
to or contemporaneously with, or within 180 days after, such acquisition or completion of such construction or improvement, or within one year thereafter pursuant to a firm commitment for financing arranged with a lender or investor within such
180-day period, to secure or provide for the payment of all or any part of the purchase price of such property or the cost of such construction or improvement incurred after the date of this Indenture or 

  

 10 

 
Liens on any property existing at the time of acquisition thereof; provided, that the Liens shall not extend to any property theretofore owned by the
Company, the Parent or any Subsidiary other than, in the case of any such construction or improvement, (A) unimproved real property on which the property so constructed or the improvement is located, (B) other property (or improvement
thereon) which is an improvement to or is acquired or constructed for use in connection therewith or related thereto, (C) any right and interest under any agreement or other documents relating to the property being so constructed or improved or
such other property and (D) the stock of any Subsidiary created or maintained for the primary purpose of owning the property so constructed or improved; 
 (19) Liens on property securing Debt if, prior to or concurrently with the issuance, assumption or guarantee of such Debt, the Securities
(together with, if the Company shall so determine, (A) any other Debt of or guaranteed by the Company ranking equally with the Securities or (B) any debt of the Parent or any Subsidiary then existing or thereafter created) are secured by
such property equally and ratably with (or prior to) such Debt (for so long as such debt is secured by such Liens); 
 (20)
Liens securing the Securities; 
 (21) Liens securing Debt owed to the Company, the Parent or any Subsidiary; and 

(22) Liens created for the sole purpose of refinancing, extending, renewing or replacing in whole or in part Debt or other obligations
secured by any Lien referred to in the foregoing subsections (1) through (20); provided, however, that the principal amount of Debt or obligations secured thereby shall not exceed the principal amount of Debt or obligations so
secured at the time of such refinancing, extension, renewal or replacement plus the amount of any premiums required to be paid thereon and reasonable fees and expenses associated therewith and that such refinancing, extension, renewal or
replacement, as the case may be, shall be limited to all or a part of the property that secured the Lien or mortgage so refinanced, extended, renewed or replaced (and any improvements on such property). 
 “Person” means any individual, partnership, corporation, limited liability company, association, trust, unincorporated organization,
business entity or Governmental Authority. 
 “Place of Payment” means the Corporate Trust Operations Office. 
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
  

 11 

 “property” or “properties” means, unless otherwise specifically
limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 
 “Purchase Agreement” means,
(1) the purchase agreement dated as of October 16, 2007 among the Company, the Parent and the purchasers of Original Securities or (2) with respect to a series of Additional Securities or Exchange Securities, an agreement between the
Company, on the one hand, and the initial purchasers of such series of Securities named therein as such, on the other hand, setting forth the terms and conditions for the initial offer and sale of such Securities. 
 “Qualified Institutional Buyer” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Rating Agencies” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate the
Securities of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of Parent’s control, a “nationally recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by Parent (as certified by a resolution of Parent’s board of directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 
 “Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to
this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed, means the price at which it is
to be redeemed pursuant to this Indenture. 
 “Reference Treasury Dealer” means each of Goldman, Sachs & Co.,
Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated or their affiliates which are primary United States government securities dealers and their respective successors, provided, however, that if
any of the foregoing shall cease to be a primary United States government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company at 3:30 p.m., New York City time, on the third Business Day
preceding such Redemption Date. 
 “Registered Securities” means the Exchange Securities and all other Securities sold or
otherwise disposed of pursuant to an effective registration statement under the Securities Act, together with their respective Successor Securities. 
 “Registration Rights Agreement” means (A) the exchange and registration rights agreement dated as of October 22, 2007 among the Company, the Parent and the purchasers of Original Securities
or (B) any similar agreement entered into in connection with the issuance of Additional Securities that are Securities of a series issued in reliance on Rule 144A under the Securities Act or are sold in offshore transactions to persons 

  

 12 

 
other than U.S. persons (as defined in Regulation S under the Securities Act) for the benefit of the holders from time to time of such Securities, which
shall provide, among other things, for (i) the exchange of such Securities for similar Securities that are not subject to transfer restrictions and/or (ii) the registration of such Securities under the Securities Act. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the October 1 or
April 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 
 “Regulation S” means Regulation S under the Securities Act (or any successor provision), as it may be amended from time to time. 
 “Regulation S Certificate” means a certificate substantially in the form set forth in Annex A. 
 “Regulation S Legend” means a legend substantially in the form set forth in Section 204 to be placed upon each Regulation S Security. 
 “Regulation S Securities” means all Securities offered and sold pursuant to Regulation S. Such term includes the Permanent
Regulation S Global Security and the Temporary Regulation S Global Security. 
 “Responsible Officer” means the chief
executive officer, chief operating officer, general counsel, any Senior Financial Officer and any other officer of the Company with responsibility for the administration of this Indenture. 
 “Restricted Period” for a series means the period of 40 consecutive days beginning on and including the later of (i) the day
on which Securities of that series are first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) the original issuance date of the Securities of that series. 
 “Restricted Securities” means all Securities offered and sold pursuant to Rule 144A in a transaction that is not registered under
the Securities Act. Such term includes the Rule 144A Global Security and certificated Securities. 
 “Restricted Securities
Certificate” means a certificate substantially in the form set forth in Annex B. 
 “Restricted Securities
Legend” means, collectively, the legends substantially in the forms set forth in Section 204 to be placed upon each Restricted Security. 
 “Rule 144A” means Rule 144A under the Securities Act (or any successor provision), as it may be amended from time to time. 
 “Rule 144A Global Security” has the meaning specified in Section 201. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 
  

 13 

 “Sale and Leaseback Transaction” means an arrangement (including any series of
related arrangements) between the Company, the Parent or any Subsidiary and a bank, insurance company or other lender or investor where the Company, the Parent or any Subsidiary leases property for an initial term of three years or more that was or
will be sold by the Company, the Parent or such subsidiary to that lender or investor for a sale price of U.S. $1,000,000 or its equivalent or more. 
 “Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 
 “Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 “Securities Act Legend” means a Restricted Securities Legend or a Regulation S Legend. 
 “Security Register” and “Security Registrar” have the respective meanings specified in Section 305. 
 “Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Company.

 “Shelf Registration Statement” means a shelf registration statement providing for the registration of, and the sale on a
continuous or delayed basis by the holders of Securities of a series, pursuant to Rule 415 or any similar rule that may be adopted by the Commission. 
 “Special Interest”, when used with respect to a Security, means interest payable on such Security pursuant to a Registration Rights Agreement entered into in connection with the issuance and sale of
such Security in the event of a registration default as provided in such Registration Rights Agreement. 
 “Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307. 
 “Stated
Maturity”, when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of
principal or interest is due and payable. 
 “Subsidiary” means a corporation more than 50% of the outstanding voting stock
of which is owned, directly or indirectly, by the Parent or by one or more other Subsidiaries, or by the Parent and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock which ordinarily has
voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 
 “Successor Security” of any particular Security means every Security issued after, and evidencing all or a portion of the same debt as that evidenced by, such particular Security; and, for the
purposes of this definition, any Security authenticated 

  

 14 

 
and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt
as the mutilated, destroyed, lost or stolen Security. 
 “Support Agreement” means the support agreement, dated
June 22, 2000, and amended on July 26, 2000, between the Company and the Parent as such agreement may be hereafter amended, modified or supplemented from time to time in accordance with its terms and the terms of this Indenture, and
collectively, the “Support Agreement.” 
 “Suspension Period” means a period during which the Company has
suspended the use of (A) any Shelf Registration Statement or (B) any free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection
with the sale of the Securities. 
 “Temporary Regulation S Global Security” has the meaning specified in Section 201.

 “Treasury Rate” means, with respect to any Redemption Date of a series of Securities, the rate per annum equal to the
semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in
force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment,
the Trust Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first
paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at
any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
 “Unrestricted Securities Certificate” means a certificate substantially in the form set forth in Annex F. 
 “U.S. Government Obligation” has the meaning specified in Section 1304. 
 “Vice President”, when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number
or a word or words added before or after the title “vice president”. 
 SECTION 102. Compliance Certificates and Opinions.

 Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each 

  

 15 

 
such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include, 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each
such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 SECTION 103. Form of Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect
to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

 16 

 SECTION 104. Acts of Holders; Record Dates. 
 Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject
to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
 The fact and date
of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 The ownership of Securities shall be proved by the Security Register. 
 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such
Security. 
 The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series
entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that
the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set
pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date;
provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no

  

 17 

 
action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of
the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record
date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join
in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in Section 507(2) or (iv) any direction
referred to in Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be
entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the
manner set forth in Section 106. 
 With respect to any record date set pursuant to this Section, the party hereto which sets such
record dates may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new
Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated
with respect to any record date set pursuant to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its
right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to
all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
  

 18 

 SECTION 105. Notices, Etc., to Trustee and Company. 
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be
made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company shall be sufficient for
every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Administrative Office, or 
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company
addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company. 
 SECTION 106. Notice to Holders; Waiver. 
 Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such
event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice
may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 SECTION 107. Conflict with Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any
provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

  

 19 

 SECTION 108. Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 109. Successors and Assigns. 
 All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 SECTION 110. Separability Clause. 
 In case any provision in this Indenture or in the Securities shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 111. Benefits of Indenture. 
 Nothing in this Indenture or in the Securities, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 112. Governing Law. 
 This Indenture and the Securities shall be governed by and construed in
accordance with the law of the State of New York. 
 SECTION 113. No Personal Liability 
 No director, officer, employee, incorporator or stockholder of the Company or the Parent, will have any liability for any obligations of the Company or
the Parent under the Securities, this Indenture, the Support Agreement, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability, and
such waiver and release are part of the consideration for issuance of such Security. 
 SECTION 114. Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at the Place of Payment,
then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and
premium, if any) need not be made at the Place of Payment on such date, but may be made on the next succeeding Business Day at the Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the
Stated Maturity. 
  

 20 

 ARTICLE TWO 
 SECURITY FORMS 
 SECTION 201. Forms Generally. 
 (a) The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the
Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Securities, as evidenced by their execution of such Securities. 
 (b) (i) Securities of a series offered and
sold in their initial distribution in reliance on Regulation S shall be initially issued in the form of one or more temporary Global Securities, in fully registered form without interest coupons, substantially in the form of Security set forth
in Sections 202 and 203, as the case may be, with such applicable legends as are provided for in Section 202 and Section 204, as the case may be. Such Global Securities shall be registered in the name of the Depositary or its nominee, and
deposited with the Trustee, at its New York offices, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided, for credit to the respective accounts at the Depositary of the depositories
for Euroclear Bank S.A./N.V., as operator of Euroclear and for Clearstream, for credit to the respective accounts of owners of beneficial interests in such Securities or to such other accounts as they may direct. Until such time as the Restricted
Period in respect of securities of a series shall have terminated, such temporary Global Securities shall be referred to herein as “Temporary Regulation S Global Securities”. On or after the termination of the Restricted
Period, interests in any Temporary Regulation S Global Security of a series shall be exchangeable for corresponding interests in an unrestricted Permanent Regulation S Global Security of the same series (each a “Permanent Regulation S Global
Security”) in fully registered form without interest coupons, substantially in the form set forth in Sections 202 and 203, with such applicable legends as are provided for in Section 202 and Section 204 and in accordance with the
immediately following paragraph. 
 (ii) Interests in a Temporary Regulation S Global Security of a series may be exchanged for interests in
a Permanent Regulation S Global Security of the same series only on or after the termination of the Restricted Period with respect to such securities 

  

 21 

 
after delivery by a beneficial owner of an interest therein to Euroclear or Clearstream of a written certification (an “Owner Securities
Certification”) substantially in the form of Annex C-1 hereto, and upon delivery by Euroclear or Clearstream to the Trustee of a written certification (a “Depository Securities Certification”) substantially in the form
attached hereto as Annex C 2. Upon receipt of such certification, the Trustee shall exchange the portion of the Temporary Regulation S Global Security covered by such certification for interests in a Permanent Regulation S Global Security.

 Upon: 
  

	 	(A)	the expiration of the Restricted Period, 

  

	 	(B)	receipt by Euroclear or Clearstream, as the case may be, and the Paying Agent of the certificates described in the preceding paragraph, 

  

	 	(C)	receipt by the Depositary of 

  

	 	(a)	written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Depositary to credit or cause to be credited to a specified Agent
Member’s account a beneficial interest in the Permanent Regulation S Global Security in a principal amount equal to that of the beneficial interest in the Temporary Regulation S Global Security for which the necessary certificates have been
delivered, and 

  

	 	(b)	a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member, and the Euroclear or Clearstream account for
which such Agent Member’s account is held, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and 

  

	 	(D)	receipt by the Trustee of notification from the Depositary of the transactions described in (C) above, 

 the Trustee, as Security Registrar, shall instruct the Depositary to reduce the principal amount of the Temporary Regulation S Global Security and to increase the
principal amount of the Permanent Regulation S Global Security, by the principal amount of the beneficial interest in such Temporary Regulation S Global Security to be so transferred, and to credit or cause to be credited to the account of the
Person specified in such instructions a beneficial interest in the Permanent Regulation S Global Security having a principal amount equal to the amount by which the principal amount of the Temporary Regulation S Global Security was reduced upon such
transfer. The aggregate principal amount of a Permanent Regulation S Global Security of a series may be increased or decreased from time to time by adjustments made on the records of the Trustee, as custodian for the Depositary, in connection with a
corresponding decrease or increase in the aggregate principal amount, as hereinafter provided. 
  

 22 

 (iii) Until such time as the Restricted Period shall have terminated, investors may hold interests in the
Regulation S Temporary Global Security only through Euroclear and Clearstream, unless delivery of such beneficial interest upon transfer shall be made through a Rule 144A Global Security in accordance with the certification requirements
discussed below in Section 305(b)(v). 
 (c) Securities of a series offered and sold in their initial distribution in reliance on
Rule 144A shall be issued in the form of one or more Global Securities (each, a “Rule 144A Global Security”), in fully registered form without interest coupons, substantially in the form of Security set forth in Sections 202
and 203 with such applicable legends as are provided for in Section 202 and Section 204, except as otherwise permitted herein. Such Global Securities shall be registered in the name of the Depositary or its nominee and deposited with the
Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided, for credit to the respective accounts of owners of beneficial interests in such Securities or to such other accounts as
they may direct. The aggregate principal amount of a Rule 144A Global Security of a series may be increased or decreased from time to time by adjustments made on the records of the Trustee, as custodian for the Depositary, in connection with a
corresponding decrease or increase in the aggregate principal amount, as hereinafter provided. 
 SECTION 202. Form of Face of
Security. 
 [Insert any legend required by the Internal Revenue Code and the regulations thereunder.] 

American Water Capital Corp. 
 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 . . 
  

			
	No. . . . . . . .	 	$ . . . . . .

 American Water Capital Corp., a corporation duly organized and existing under the laws of Delaware
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
.. . . . . . . . . . . . . . . . . ., or registered assigns, the principal sum of
.. . . . . . . . . . . . . . . . . . Dollars on
.. . . . . . . . . . . . . . . . . ., and to pay interest thereon from . . . . . . . . . . . . . or from
the most recent Interest Payment Date to which interest has been paid or as duly provided for, semi-annually on . . . . . . . . . . . . . and
.. . . . . . . . . . . . . in each year, commencing . . . . . . . . . . . . ., at the rate of . . . .% per annum,
until the principal hereof is paid or made available for payment. [If Original Securities are not also Registered Securities, then insert, as appropriate, – provided, however, that if (i) the Company has not
filed a registration statement (the “Exchange Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”), to register a security substantially identical to this Security (except
that such Security shall not contain terms with respect to the Special Interest payments described below or transfer restrictions) pursuant to an exchange offer (the “Exchange Offer”) no later than [If Original Securities
are issued on or prior to the Initial Report Filing Date, insert— the earlier of (a) the date that is 10 Business Days after the Parent files with the Commission the first periodic report required to be filed after the effective date
of the registration statement on Form S-1 relating to the initial public offering of the Parent’s common stock (the “Initial Report Filing Date”), and (b)]  

  

 23 

 
270 days after the closing of the issuance of this Security, or (ii) the Exchange Registration Statement or Shelf Registration Statement has not become
effective or been declared effective by the Commission no later than [If Original Securities are issued on or prior to the Initial Report Filing Date, insert— the earlier of (i) 60 days after the Initial Report Filing Date
and (ii)] 330 days after the closing of the issuance of this Security (the “Effectiveness Target Date”), or the Exchange Offer has not been completed within 45 days after the Effectiveness Target Date with respect to the
Exchange Registration Statement (if such Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by the Registration Rights Agreement is filed and declared effective but
shall thereafter either be withdrawn by the Company or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically
permitted herein) without being succeeded immediately by an additional registration statement filed and declared effective or (v) any Suspension Period (as defined in the Registration Rights Agreement) exceeds 45 days in any 90-day period or 90
days in the aggregate during any consecutive 12-month period (each such event referred to in clauses (i) through (v), a “Registration Default” and each period during which a Registration Default occurred and is continuing, a
“Registration Default Period”), then Special Interest shall accrue (in addition to the stated interest on the Securities) at a per annum rate of 0.25% for the first 90 days of the Registration Default Period and at a per annum rate
of 0.50% thereafter for the remaining portion of the Registration Default Period. Interest accruing as a result of a Registration Default is referred to herein as “Special Interest”. 
 Whenever in this Security or in the Indenture there is a reference, in any context, to the payment of the principal of, premium, if any, or interest on,
or in respect of, any Security of this series, such mention shall be deemed to include mention of the payment of Special Interest (if applicable) payable as described in the preceding paragraph to the extent that, in such context, Special Interest
is, was or would be payable in respect of such Security and express mention of the payment of Special Interest (if applicable) in any provisions of this Security shall not be construed as excluding Special Interest in those provisions of this
Security where such express mention is not made.] 
 The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
the . . . . . . . . or . . . . . . . . (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

  

 24 

 [if applicable, insert — Any interest (including Special Interest) that accrued
and unpaid on this Security upon the issuance of an Exchange Security (as defined in the Indenture) in exchange for this Security shall cease to be payable to the Holder hereof but such accrued and unpaid interest (including Special Interest) shall
be payable on the next Interest Payment Date for such Exchange Security to the Holder thereof on the related Regular Record Date.] 
 Payment of the principal of (and premium, if any) and interest on this Security will 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 public and private debts
(i) with respect to any Global Security, by wire transfer of immediately available funds to the accounts specified by the Holder of such Global Security or (ii) with respect to any certificated Security, by wire transfer of immediately
available funds to the respective accounts specified by the Holders of such certificated Security, or , if no such account is specified, by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register. 
 Reference is hereby made to the further provisions of this Security 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 referred to on the reverse hereof by manual signature, this Security 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. 
 Dated: 
 American Water Capital Corp. 
 By
.. . . . . . . . . . . . . . . . . . . . . . . .  
 SECTION 203. Form of Reverse of Security. 
 This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of October 22, 2007 (herein called the “Indenture”, which term shall have
the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the face hereof. 
 The Company may from time to time,
without the consent of the Holders, create and issue Additional Securities and Exchange Securities, so that each such further issue 

  

 25 

 
shall be consolidated and form a single series with the Outstanding Securities of this series. 
 The Securities of this series are subject to redemption upon not less than 30 days’ but not more than 60 days’ notice by mail, at any time, as
a whole or in part, at the election of the Company, at a redemption price equal to the greater of (i) 100% of the principal amount of the Securities of this series to be redeemed, and (ii) the Make-Whole Amount, in each case, together with
accrued interest (including Special Interest) to the Redemption Date, if any, but interest installments whose Stated Maturity is on or prior to such Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture. 
 The redemption price will be calculated assuming a 360-day year consisting of twelve 30-day months. 
 If a Change of Control
Triggering Event occurs at any time, unless the Company has exercised its right to redeem the Securities of this series Holders of Securities of this series will have the right to require the Company to repurchase all or any part (equal to $2,000 or
an integral multiple of $1,000 in excess thereof) of their Securities of this series pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth herein. In the Change of Control Offer, the Company
will be required to offer payment in cash equal to 101% of the aggregate principal amount of Securities of this series repurchased plus accrued and unpaid interest, if any, on the Securities of this series repurchased, to the date of purchase (the
“Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, the Company will be required to mail a notice to Holders of Securities of this series describing the transaction or transactions that
constitute the Change of Control Triggering Event and offering to repurchase the Securities of this series on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed
(the “Change of Control Payment Date”), pursuant to the procedures required herein and described in the notice. The Company must comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control provisions of the Securities of this series, the Company will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached its
obligations under the Change of Control provisions of the Securities of this series by virtue of such conflicts. 
 On the Change of Control
Payment Date, the Company will be required, to the extent lawful, to (i) accept for payment all Securities of this series or portions of Securities of this series properly tendered pursuant to the Change of Control Offer; (ii) deposit with
the paying agent an amount equal to the Change of Control Payment in respect of all Securities of this series or portions of Securities of this series properly tendered and (iii) deliver or cause to be delivered to the Trustee the Securities of
this series properly accepted together with an Officers’ Certificate stating the aggregate 

  

 26 

 
principal amount of Securities of this series or portions of Securities of this series being purchased. 
 The paying agent will promptly mail to each holder of Securities of this series properly tendered the purchase price for the Securities of this series,
and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new note equal in principal amount to any unpurchased portion of any Securities of this series surrendered; provided that each new
note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 The Company will not be required to make
an offer to repurchase the Securities of this series upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and
that third party purchases all Securities of this series properly tendered and not withdrawn under its offer. 
 In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security , in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 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 of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in 

  

 27 

 
principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for
the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on
this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and
any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but
the Company 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 Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 THIS SECURITY
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 
  

 28 

 SECTION 204. Form of Legend for Securities. 
 Unless otherwise specified as contemplated by Section 301 for the Securities evidenced thereby, every Security that is a Global Security, a
Restricted Security or a Regulation S Security authenticated and delivered hereunder shall bear one or more of the appropriate legends in substantially the following forms, as applicable: 
 [If the Security is a Restricted Security or a Temporary Regulation S Security, then insert – 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER 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 ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS AFTER THE LATER OF THE LAST DATE OF ISSUANCE OF ANY SECURITY OF THIS SERIES AND
THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR SECURITY), ONLY (1) (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 WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” WITHIN THE MEANING OF 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 “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF ANY OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (2) IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER 

  

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JURISDICTIONS. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.] 
 [Include if Security is a Temporary Regulation S Global Security – THIS SECURITY IS A TEMPORARY REGULATION S GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. EXCEPT IN THE CIRCUMSTANCES DESCRIBED IN SECTION 305(b) OF THE INDENTURE, NO TRANSFER OR EXCHANGE OF AN INTEREST IN THIS TEMPORARY GLOBAL SECURITY MAY BE MADE FOR AN INTEREST IN THE RULE 144A
GLOBAL SECURITY. NO EXCHANGE OF AN INTEREST IN THIS TEMPORARY GLOBAL SECURITY MAY BE MADE FOR AN INTEREST IN THE PERMANENT REGULATION S GLOBAL SECURITY EXCEPT ON OR AFTER THE TERMINATION OF THE DISTRIBUTION COMPLIANCE PERIOD AND UPON DELIVERY OF THE
OWNER SECURITIES CERTIFICATION AND THE DEPOSITORY SECURITIES CERTIFICATION RELATING TO SUCH INTEREST IN ACCORDANCE WITH THE TERMS OF THE INDENTURE.] 
 [If the Security is a Regulation S Security, then insert – THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY
NOT BE OFFERED, SOLD, OR DELIVERED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON, UNLESS THIS SECURITY IS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE.

 [If the Security is a Global Security, then insert –THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 
 [If the Security is a Global Security and DTC is to be the Depositary therefor, then insert – UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT 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 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  

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 SECTION 205. Form of Trustee’s Certificate of Authentication. 
 The Trustee’s certificates of authentication shall be in substantially the following form: 
 This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 
 Wells Fargo Bank, National Association,             
 As Trustee 
 By
.. . . . . . . . . . . . . . . . . . . . . . . . . .  
 Authorized Officer 
  

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 ARTICLE THREE 
 THE SECURITIES 
 SECTION 301. Amount Unlimited; Issuable in Series.

 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 303, set
forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 
 (1) the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);

 (2) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for any
Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 
 (3)
the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest; 
 (4) the date or dates on which the principal of any Securities of the series is payable; 
 (5) the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be payable, the Regular Record Date for any such interest payable on any Interest Payment Date; 
 (6) the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series
may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced; 
 (7) the obligation, if any, of the Company to redeem or purchase any Securities of the series at the option of the Holder thereof and the
period or periods within which, the price or prices at which and the terms and conditions 

  

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upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (8) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, which shall be DTC if no Depositary is specified, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set
forth in Section 204 whether such Global Securities shall be in the form of Restricted Securities or Regulation S Securities and any circumstances in addition to or in lieu of those set forth in Clause (2) of the last paragraph of
Section 305(a) in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the
Depositary for such Global Security or a nominee thereof; 
 (9) any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by Section 901(5)). 
 All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the
Officers’ Certificate referred to above or in any such indenture supplemental hereto. 
 If any of the terms of the series are
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the
Officers’ Certificate setting forth the terms of the series. 
 SECTION 302. Denominations. 
 The Securities of each series shall be issuable only in registered form without coupons and only in denominations of $2,000 and integral multiples of
$1,000. 
 SECTION 303. Execution, Authentication, Delivery and Dating. 
 The Securities shall be executed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer or one of its Vice
Presidents. The signature of any of these officers on the Securities may be manual or facsimile. 
 Securities bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of
such Securities or did not hold such offices at the date of such Securities. 
 At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to 

  

 33 

 
the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the
Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of
Counsel stating, 
 (1) if the form of such Securities has been established by or pursuant to Board Resolution as permitted by
Section 201, that such form has been established in conformity with the provisions of this Indenture; 
 (2) if the terms
of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and 
 (3) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
 If such form or terms have been so
established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Notwithstanding the provisions of Section 301 and of the
preceding paragraph, in the case of any Additional Securities or Exchange Securities of a series, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the Company Order and Opinion of
Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Additional Security or Exchange Security of such series if such documents are delivered at or prior to the authentication upon original
issuance of the first Original Security of such series to be issued. 
 Each Security shall be dated the date of its authentication.

 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has
been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section 309, for 

  

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all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture. 
 Holders of the Securities and the Trustee are entitled to the benefits of the Support Agreement available to
Lenders (as defined in the Support Agreement), it being understood and agreed that the Securities constitute Debt (as defined in the Support Agreement) for purposes of the Support Agreement. 
 SECTION 304. Temporary Securities. 
 Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as evidenced by their execution of such Securities. 
 If temporary Securities of any series are
issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in the Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like tenor and
aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor. 
 SECTION 305. Registration, Registration of Transfer and Exchange; Certain Transfers and Exchanges. 
 (a) Registration, Restriction of Transfer and Exchange, Generally. The Company shall cause to be kept at the Corporate Trust Operations Office of
the Trustee a register (the register maintained in such office and in any other office or agency of the Company in the Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided. 
 Upon surrender for registration of transfer of any Security of a series at the
office or agency of the Company in the Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same
series, of any authorized denominations and of like tenor and aggregate principal amount. 
  

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 Subject to this Section 305(a) and Section 305(b), at the option of the Holder, Securities of
any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 Successive
registrations and registrations of transfers and exchanges as aforesaid may be made from time to time as desired, and each such registration shall be noted on the Security Register. No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304, 906 or 1107 not involving any transfer. 
 If the Securities of any series (or of any series and specified
tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register
the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 The provisions of Clauses (1), (2), (3), (4) and (5) below shall apply only to Global Securities: 
 (1) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee
thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 
 (2) Notwithstanding any other provision in this Indenture or the Securities, no Global Security of any series may be exchanged in whole or in part for Securities of that series registered, and no transfer of a Global Security of a series in
whole or in part may be registered, in the name of any Person other than 

  

 36 

 
the Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable
to continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, or in the case of a Global note held for an account of Euroclear or Clearstream, as the case may be, Euroclear or
Clearstream, as the case may be case may be, (y) is closed for business for a continuous period of 14 days (other than by reason of statutory or other holidays) or (z) announces an intention permanently to cease business or does in fact do
so, or (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security. 
 (3)
Subject to Clause (2) above, any exchange of a Global Security of a series for other Securities of that series may be made in whole or in part, and all Securities issued in exchange for a Global Security of a series or any portion thereof shall
be registered in such names as the Depositary for such Global Security shall direct and shall bear any legends required hereunder. 
 (4) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Section 304, 306, 906 or 1107 or otherwise,
shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 
 (5) No Agent Members nor any other Persons on whose behalf Agent Members may act (including Euroclear and Clearstream and account holders
and participants therein and any holder or owner of any beneficial interest in any Global Security) shall have any rights under this Indenture with respect to any Global Security, or under any Global Security, and the Depositary or such nominee, as
the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent
the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary,
its Agent Members and any other person on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder of any Security. Neither the Company, the Trustee nor the
Securities Registrar shall have any liability in respect of any transfers effected by the Depositary or by any Agent Member or any other Person that acquires a beneficial interest in a Security. Neither the Trustee nor the Depositary shall have any
duty or obligation to monitor compliance with any restrictions on transfer with respect to the transfer of any interest in the Securities (including transfers between Agent Members or any such other Persons that acquire a beneficial interest in a
Security) other than to require delivery of any documents or certificates specifically required by this Indenture. 
  

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 (b) Certain Transfers and Exchanges. Notwithstanding any other provision of this Indenture or the
Securities, transfers and exchanges of Securities and beneficial interests in a Global Security of the kinds specified in this Section 305(b) shall be made only in accordance with this Section 305(b). 
 (i) Limitation on Transfers of a Global Security. A Global Security of a series may not be transferred, in whole or in part, to any Person other
than DTC or a nominee thereof, and no such transfer to any such other Person may be registered; provided that this clause (i) shall not prohibit any transfer of a Security of a series that is issued in exchange for a Global Security of
that series but is not itself a Global Security pursuant to Section 305(a). No transfer of a Security of a series to any Person shall be effective under this Indenture or the Securities unless and until such Security has been registered in the
name of such Person. Nothing in this Section 305(b)(i) shall prohibit or render ineffective any transfer of a beneficial interest in a Global Security effected in accordance with the other provisions of this Section 305(b). 
 (ii) Temporary Regulation S Global Security. If the owner of a beneficial interest in a Temporary Regulation S Global Security of a series wishes
at any time to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in such Temporary Regulation S Global Security, such transfer may be effected, subject to the rules and procedures of the
Depositary, Euroclear and Clearstream, in each case to the extent applicable and as in effect from time to time (the “Applicable Procedures”), only in accordance with this Section 305(b)(ii). Upon delivery (a) by a
beneficial owner of an interest in a Temporary Regulation S Global Security to Euroclear or Clearstream, as the case may be, of an Owner Securities Certification substantially in the form of Annex C-1 hereto, (b) by the transferee
of such beneficial interest in the Temporary Regulation S Global Security to Euroclear or Clearstream, as the case may be, of a written certification (a “Transferee Securities Certification”) substantially in the form of
Annex C-3 hereto and (c) by Euroclear or Clearstream, as the case may be, to the Trustee, as Security Registrar, of a Depository Securities Certification substantially in the form of Annex C-2 hereto, the Trustee may
direct either Euroclear or Clearstream, as the case may be, to reflect on its records the transfer of a beneficial interest in the Temporary Regulation S Global Security from the beneficial owner providing the Owner Securities Certification to the
Person providing the Transferee Securities Certification. 
 (iii) Rule 144A Global Security to Temporary Regulation S Global
Security. If the holder of a beneficial interest in the Rule 144A Global Security wishes at any time to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Temporary Regulation S
Global Security, such transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 305(b)(iii). Upon receipt by the Trustee, as Security Registrar, of (A) written instructions given
in accordance with the Applicable Procedures from a Agent Member directing the Trustee to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in the Temporary Regulation S Global Security in a principal
amount equal to that of the beneficial interest in the Rule 144A Global Security to be so transferred, (B) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member (and
the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the 

  

 38 

 
Agent Member to be debited for, such beneficial interest and (C) a certificate in substantially the form set forth in Annex A-1 given by the
holder of such beneficial interest, the Trustee, as Security Registrar, shall instruct the Depositary to reduce the principal amount of the applicable Rule 144A Global Security, and to increase the principal amount of the Temporary Regulation S
Global Security, by the principal amount of the beneficial interest in the Rule 144A Global Security to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Agent
Member for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Temporary Regulation S Global Security having a principal amount equal to the amount by which the principal amount of the Rule 144A Global Security was
reduced upon such transfer. 
 (iv) Rule 144A Global Security to Permanent Regulation S Global Security. If the holder of a beneficial
interest in a Rule 144A Global Security wishes at any time to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent Regulation S Global Security, such transfer may be effected,
subject to the Applicable Procedures, only in accordance with this Section 305(b)(iv). Upon receipt by the Trustee, as Security Registrar, of (A) written instructions given in accordance with the Applicable Procedures from an Agent Member
directing the Trustee to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in a Permanent Regulation S Global Security in a principal amount equal to that of the beneficial interest in the Rule 144A
Global Security to be so transferred, (B) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member (and, if applicable, the Euroclear or Clearstream account, as the case
may be) to be credited with, and the account of the Agent Member to be debited for, such beneficial interest and (C) a certificate in substantially the form set forth in Annex A-2 given by the holder of such beneficial interest, the
Trustee, as Security Registrar, shall instruct the Depositary to reduce the principal amount of the applicable Rule 144A Global Security, and to increase the principal amount of the Permanent Regulation S Global Security, by the principal amount of
the beneficial interest in the Rule 144A Global Security to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Permanent Regulation S Global Security
having a principal amount equal to the amount by which the principal amount of the Rule 144A Global Security was reduced upon such transfer. 
 (v) Temporary Regulation S Global Security or Permanent Regulation S Global Security to Rule 144A Global Security. If the holder of a beneficial interest in a Temporary Regulation S Global Security or a Permanent Regulation S Global
Security wishes at any time to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Security, such transfer may be effected, subject to the Applicable Procedures, only in
accordance with this Section 305(b)(v). Upon receipt by the Trustee, as Security Registrar, of (A) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Trustee to credit or cause to be
credited to a specified Agent Member’s account a beneficial interest in a Rule 144A Global Security in a principal amount equal to that of the beneficial interest in the Temporary Regulation S Global Security or the Permanent Regulation S
Global Security to be so transferred, (B) a written order given in accordance with the Applicable Procedures containing information regarding the account 

  

 39 

 
of the Agent Member to be credited with, and the account of the Agent Member (and, if applicable, the Euroclear or Clearstream account, as the case may be)
to be debited for, such beneficial interest and (C) a certificate in substantially the form set forth in Annex B given by the owner of such beneficial interest, the Trustee, as Security Registrar, shall instruct the Depositary to
reduce the principal amount of the applicable Temporary Regulation S Global Security or the Permanent Regulation S Global Security, as the case may be, and to increase the principal amount of the Rule 144A Global Security, by the principal amount of
the beneficial interest in the Temporary Regulation S Global Security or the Permanent Regulation S Global Security to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Rule 144A Global Security having a principal amount equal to the amount by which the principal amount of the Temporary Regulation S Global Security or the Permanent Regulation S Global Security, as the case may be, was reduced upon
such transfer. 
 (vi) Non Global Restricted Security to Global Security. If the Holder of a Restricted Security (other than a Global
Security) wishes at any time to transfer all or a portion of such Security to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Security, the Temporary Regulation S Global Security or the
Permanent Regulation S Global Security, in each case, such transfer may be effected, subject to the Applicable Procedures, only in accordance with this Section 305(b)(vi). Upon receipt by (1) the Depositary of (A) written instructions
given in accordance with the Applicable Procedures from an Agent Member directing the Depositary to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in the Rule 144A Global Security, the Temporary
Regulation S Global Security or the Permanent Regulation S Global Security, as the case may be, in a specified principal amount equal to the principal amount of the Restricted Security (or portion thereof) to be so transferred, (B) a written
order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member (and, in the case of any transfer pursuant to Regulation S, the Euroclear and Clearstream account for which such Agent
Member’s account is held, or if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may be) to be credited with such beneficial interest, and (C) an appropriately completed certificate
substantially in the form set forth in Annex D-1 hereto, if the specified account is to be credited with a beneficial interest in a Rule 144A Global Security, or Annex D-2 hereto, if the specified account is to be credited
with a beneficial interest in the Temporary Regulation S Global Security or the Permanent Regulation S Global Security, given by the holder of such beneficial interest, and (2) the Trustee of (A) the Restricted Security to be so
transferred, (B) the notification from the Depositary of the transaction described in (1) above and (C) the certificate described in (1)(C) above, the Trustee, as Security Registrar, shall cancel such Restricted Security (and
issue a new Security in respect of any untransferred portion thereof) as provided in Section 305(a) and increase the principal amount of the Rule 144A Global Security, Temporary Regulation S Global Security or Permanent Regulation S Global
Security, as the case may be, by the specified principal amount as provided in Section 305(b)(iii). 
 The Trustee shall not be required
to accept for such registration of transfer or exchange any Restricted Security unless the Trustee and the Company are satisfied that 

  

 40 

 
such transfer or exchange is being effected in compliance with the restrictions on transfer as set forth in this Indenture and in such Security. 

(vii) Other Exchanges. (1) In the event that a Global Security or any portion thereof is exchanged for Securities other than Global
Securities, such other Securities may in turn be exchanged (on transfer or otherwise) for Securities that are not Global Securities or for beneficial interests in a Global Security (if any is then outstanding) only in accordance with such
procedures, which shall be substantially consistent with the provisions of clauses (i) through (vi) above and (viii) below (including the certification requirements intended to insure that transfers and exchanges of beneficial
interests in a Global Security comply with Rule 144A, Rule 144 (if available) or Regulation S, as the case may be) and any Applicable Procedures, as may be from time to time adopted by the Company and the Trustee; provided that
except as permitted in (3) hereof, no beneficial interest in a Temporary Regulation S Global Security shall be exchangeable for a definitive Security until the expiration of the Restricted Period and then only if the certifications described in
Section 201 shall have been provided in respect of such interest. 
 (2) Notwithstanding any other provision of this Section 305,
an initial purchaser named as such in the Purchase Agreement in respect of the Securities of a series may exchange beneficial interests in the Temporary Regulation S Global Securities of that series held by it for one or more Restricted
Securities of that series (including an interest in the Rule 144A Global Security of that series) upon delivery by such initial purchaser of instructions for such exchange substantially in the form of Annex E. Upon receipt of the
instruction described in the preceding sentence, the Trustee shall instruct the Depositary to reduce the principal amount of a Temporary Regulation S Global Security by the principal amount of the beneficial interest in such Temporary Regulation S
Global Security to be so transferred and either (A) the Trustee shall instruct the Depositary to increase the principal amount of the Rule 144A Global Security and credit or cause to be credited to the account of such initial purchaser a
beneficial interest in such Rule 144A Global Security having a principal amount equal to the amount by which the principal amount of the Temporary Regulation S Global Security was reduced upon such transfer or (B) authenticate and deliver one
or more Restricted Securities in definitive form and in the aggregate principal amount of the beneficial interest in the Temporary Regulation S Global Security to be so transferred, pursuant to the instructions described in the first sentence of
this paragraph. 
 (viii) Interests in Temporary Regulation S Global Security to be Held Through Euroclear or Clearstream. Until the
termination of the Restricted Period, interests in the Temporary Regulation S Global Securities may be held only through Agent Members acting for and on behalf of Euroclear and Clearstream, provided that this clause (viii) shall not
prohibit any transfer in accordance with Section 305(b)(v) hereof. 
 (ix) In addition to the foregoing, the Trustee, as Security
Registrar, shall effect and register, upon receipt of a written request from the Company to do so, a transfer not otherwise permitted by this Section 305(b), such registration to be done in accordance with the otherwise applicable provisions of
this Section 305, upon the furnishing by the proposed transferor or transferee of a written opinion of counsel (which opinion and counsel are satisfactory to the Company and the Trustee) to the effect that, and such other 

  

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certifications or information as the Company or the Trustee may require to confirm that, the proposed transfer is being made pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the Securities Act. The Company may require such transfer to be effected by the issuance of certificated Securities. 
 (c) Securities Act Legends. Restricted Securities and their Successor Securities shall bear the legends required by Section 202 and
Section 204, subject to the following: 
 (i) subject to the following Clauses of this Section 305(c), a Security of a series or
any portion thereof which is exchanged, upon transfer or otherwise, for a Global Security of that series or any portion thereof shall bear the Securities Act Legend borne by such Global Security while represented thereby; 
 (ii) subject to the following Clauses of this Section 305(c), a new Security of a series which is not a Global Security and is issued in exchange
for another Security of that series (including a Global Security) or any portion thereof, upon transfer or otherwise, shall bear the Securities Act Legend borne by such other Security, provided that, if such new Security is required pursuant
to Section 305(b)(v) to be issued in the form of a Restricted Security, it shall bear a Restricted Securities Legend and, if such new Security is so required to be issued in the form of a Regulation S Security, it shall bear a
Regulation S Legend; 
 (iii) Registered Securities and Regulation S Securities that are not Temporary Regulations S Securities
shall not bear a Securities Act Legend; 
 (iv) at any time after the Securities of a series may be freely transferred without registration
under the Securities Act or without being subject to transfer restrictions pursuant to the Securities Act, a new Security of that series which does not bear a Securities Act Legend may be issued in exchange for or in lieu of a Security of that
series (other than a Global Security) or any portion thereof which bears such a legend if the Trustee has received an Unrestricted Securities Certificate, satisfactory to the Trustee and duly executed by the Holder of such legended Security or his
attorney duly authorized in writing, and after such date and receipt of such certificate, the Trustee shall authenticate and deliver such a new Security in exchange for or in lieu of such other Security as provided in this Article Three; 

(v) a new Security of a series which does not bear a Securities Act Legend may be issued in exchange for or in lieu of a Security of that series
(other than a Global Security) or any portion thereof which bears such a legend if, in the Company’s judgment, placing such a legend upon such new Security is not necessary to ensure compliance with the registration requirements of the
Securities Act, and the Trustee, at the direction of the Company, shall authenticate and deliver such a new Security as provided in this Article Three; and 
 (vi) notwithstanding the foregoing provisions of this Section 305(c), a Successor Security of a Security of a series that does not bear a particular form of Securities Act Legend shall not bear such form of
legend unless the Company has reasonable cause to believe that such Successor Security is a “restricted security” within the meaning of 

  

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Rule 144 under the Securities Act, in which case the Trustee, at the direction of the Company, shall authenticate and deliver a new Security of that
series bearing a Restricted Securities Legend in exchange for such Successor Security as provided in this Article Three. 
 SECTION 306.
Mutilated, Destroyed, Lost and Stolen Securities. 
 If any mutilated Security is surrendered to the Trustee, the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and
(ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security
under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith. 
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 SECTION 307. Payment of Interest; Interest Rights Preserved. 
 Interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest. 
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted  

  

 43 

 
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the
proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be
given to each Holder of Securities of such series in the manner set forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and
shall no longer be payable pursuant to the following Clause (2). 
 (2) The Company may make payment of any Defaulted
Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Security. 
 SECTION 308. Persons Deemed Owners. 
 Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 307) any 

  

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interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent
of the Company or the Trustee shall be affected by notice to the contrary. 
 SECTION 309. Cancellation. 
 All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and
sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Securities held by the Trustee shall be disposed of as directed by a Company Order. 
 SECTION 310. Computation
of Interest. 
 Interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 SECTION 401. Satisfaction and Discharge of
Indenture. 
 This Indenture shall upon Company Request cease to be of further effect with respect to a series of Securities (except as
to any surviving rights of registration of transfer or exchange of such Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to such series, when 
 (1) either 
 (A) all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost
or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 
 (B) all such Securities of such series not theretofore delivered to the Trustee for cancellation 
  

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 (i) have become due and payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (i), (ii) or
(iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable with respect to such series of Securities hereunder by the Company;
and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such series of Securities have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture, with respect to a series of Securities, the obligations of the Company to the Trustee
under Section 607 with respect to such series, the obligations of the Trustee to any Authenticating Agent under Section 614 with respect to such series and, if money shall have been deposited with the Trustee pursuant to subclause (B)
of Clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 with respect to such series shall survive. 
 SECTION 402. Application of Trust Money. 
 Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose
payment such money has been deposited with the Trustee. 
  

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 ARTICLE FIVE 
 REMEDIES 
 SECTION 501. Events of Default. 
 “Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
 (1) default in the payment of any interest upon any Security of that series when it becomes due and payable, and
continuance of such default for a period of 30 days; or 
 (2) default in the payment of the principal of or any premium
on any Security of that series; or 
 (3) default in the performance or breach of Section 801 of this Indenture; or

 (4) default in the performance, or breach, of any covenant or warranty of the Company (or the Parent or any Subsidiary, as
applicable) in this Indenture or the Support Agreement with respect to such series of Securities (other than a default in the performance, or breach, of a covenant or warranty where such performance or breach is elsewhere in this Section
specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 60 days after there has been given, by
registered or certified mail, to the Company and the Parent by the Trustee or to the Company, the Parent and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; provided, however, that except with respect to defaults under or breaches of Section 1008 of this
Indenture, the Trustee, or the Trustee and the Holders of Securities will be deemed to have agreed to an extension of such 60-day period to 120 days so long as corrective action is initiated by the Company or the Parent within such 60-day
period and such corrective action is being diligently pursued; or 
 (5) default under any mortgage, indenture or instrument
under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or the Parent (or the payment of which is guaranteed by the Company or the Parent), if that default is caused by a
failure to pay principal at its stated maturity after giving effect to any applicable grace period, or results in the acceleration of such indebtedness prior to its stated maturity and, in each case, the principal amount of such indebtedness,
together with the principal amount of any other indebtedness under which there has been a 

  

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payment default after stated maturity or the maturity of which has been so accelerated, aggregates $100,000,000 or more; or 
 (6) the Company or the Parent (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due,
(ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency,
reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with
respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 
 (7) a court or Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or the Parent,
as the case may be, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or
reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company or the Parent, as the case may
be, or any such petition shall be filed against the Company or the Parent, as the case may be, and such petition shall not be dismissed within sixty (60) days; or 
 (8) a final judgment or judgments for the payment of money in an aggregate amount (to the extent not paid or insured) in excess of
$100,000,000 are rendered against the Company or the Parent and which judgments are not, within sixty (60) days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within sixty (60) days after the
expiration of such stay; or 
 (9) any provision of the Support Agreement shall become unenforceable, or the Parent contests
in any manner the validity or enforceability of any such provision. 
 SECTION 502. Acceleration of Maturity; Rescission and
Annulment. 
 If an Event of Default (other than an Event of Default specified in Section 501(6) or 501(7)) with respect to
Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of
all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately
due and payable. If an Event of Default specified in Section 501(6) or 501(7) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series shall automatically, and without
any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
  

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 At any time after such a declaration of acceleration with respect to Securities of any series has been
made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice
to the Company, the Parent and the Trustee, may rescind and annul such declaration and its consequences if 
 (1) the Company
or the Parent has paid or deposited with the Trustee a sum sufficient to pay 
 (A) all overdue interest on all Securities of
that series, 
 (B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise
than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 
 (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel; 
 and 
 (2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that
series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
 No
such rescission shall affect any subsequent default or impair any right consequent thereon. 
 SECTION 503. Collection of Indebtedness and
Suits for Enforcement by Trustee. 
 The Company covenants that if 
 (1) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues
for a period of 30 days, or 
 (2) default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof, 
 the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be 

  

 49 

 
legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or the Support Agreement or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 SECTION 504. Trustee May File Proofs of Claim. 
 In case of any judicial proceeding relative to
the Company, the Parent (or any other obligor upon the Securities), the property or the creditors of the Company, the Parent or such other obligor, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take
any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 
 No provision of this Indenture shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a
creditors’ or other similar committee. 
 SECTION 505. Trustee May Enforce Claims Without Possession of Securities.

 All rights of action and claims under this Indenture, the Support Agreement or the Securities may be prosecuted and enforced by the
Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered. 
  

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 SECTION 506. Application of Money Collected. 
 Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee under Section 607; and 
 SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively. 

SECTION 507. Limitation on Suits. 
 No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of that series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that
series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day
period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being understood and intended that no one or more
of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or the Support Agreement to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to
obtain priority or preference over any other of such Holders or to enforce any right under this Indenture or the Support Agreement, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
  

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 SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest.

 Notwithstanding any other provision in this Indenture, (1) the Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date)
and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder; and (2) the Holder of any Security shall be considered a Lender (as defined in the Support Agreement) and
shall have all rights of a Lender set forth therein. 
 SECTION 509. Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture or the Support Agreement and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders
shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 SECTION 510. Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to
the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 511. Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 SECTION 512. Control by Holders. 
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that 
  

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 (1) such direction shall not be in conflict with any rule of law or with this Indenture,
and 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 SECTION 513. Waiver of Past Defaults. 
 The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect
to such series and its consequences, except a default 
 (1) in the payment of the principal of or any premium or interest on
any Security of such series (other than the non-payment of principal or interest on such Securities that become due solely because of the acceleration of such Securities), or 
 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 SECTION 514. Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an
undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be
deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company. 
 SECTION
515. Waiver of Usury, Stay or Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of
this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  

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 ARTICLE SIX 
 THE TRUSTEE 
 SECTION 601. Certain Duties and Responsibilities.

 The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION
602. Notice of Defaults. 
 If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders
of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 501(4) with respect to Securities of
such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series. 
 SECTION 603. Certain Rights of Trustee. 
 Subject to the provisions of Section 601: 
 (1) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (2) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and
any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the
administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith on its part, rely upon an Officers’ Certificate; 
 (4) the Trustee may consult with counsel and
the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization 

  

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and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such
request or direction; 
 (6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or
by agent or attorney; and 
 (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 
 SECTION 604. Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the
Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture, the Support Agreement or of the Securities.
Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. 
 SECTION 605. May Hold Securities. 
 The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have
if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
 SECTION 606. Money Held in
Trust. 
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The
Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 
  

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 SECTION 607. Compensation and Reimbursement. 
 The Company agrees 
 (1) to
pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust; 
 (2) except as otherwise expressly provided herein, to reimburse the Trustee
promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel; and 
 (3) to indemnify, jointly and severally, the Trustee and its officers, directors,
employees, agents and any predecessor trustee and its officers, directors, employees and agents for, and hold the Trustee harmless against, any and all loss, damage, claims, liability or expense (including reasonable attorneys’ fees) incurred
by it in connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Company (including this Section 607) or defending
itself against any claim whether asserted by any Holder or the Company, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have one separate counsel and the Company shall pay the
reasonable fees and expenses of such counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith.

 The obligations of the Company under this Section 607 shall survive the satisfaction and discharge of this Indenture or the earlier
resignation or removal of the Trustee. 
 To secure the payment obligations of the Company in this Section 607, the Trustee shall have a
Lien prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities. Such Lien shall survive the satisfaction and discharge of this Indenture.

 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 501(6) or 501(7) hereof occurs,
the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under bankruptcy or insolvency law of any jurisdiction. 
  

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 SECTION 608. Conflicting Interests. 
 If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest by
virtue of being a trustee under this Indenture with respect to Securities of more than one series. 
 SECTION 609. Corporate Trustee
Required; Eligibility. 
 There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series,
which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If any such
Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined
capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 SECTION 610. Resignation and Removal; Appointment of Successor. 
 No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 
 The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 The Trustee may be removed at any
time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 
 If at any time: 
 (1) the
Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
  

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 (2) the Trustee shall cease to be eligible under Section 609 and shall fail to
resign after written request therefor by the Company or by any such Holder, or 
 (3) the Trustee shall become incapable of
acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 
 then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or
(B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 If the Trustee shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611, any
Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series. 
 The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall include the name of
the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Administrative Office. 
 SECTION
611. Acceptance of Appointment by Successor. 
 In case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute, acknowledge and 

  

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deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee,
such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder. 
 In case of the appointment hereunder of a successor
Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it
being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect
to the Securities of that or those series to which the appointment of such successor Trustee relates. 
 Upon request of any such successor
Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may
be. 
 No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
  

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 SECTION 612. Merger, Conversion, Consolidation or Succession to Business. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee (including the trust created by this Indenture), shall be the successor of the
Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall
have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities. 
 SECTION 613. Preferential Collection of Claims Against
Company. 
 If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee
shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent indicated therein. 
 SECTION 614. Appointment of Authenticating Agent. 
 The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of
the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section. 
  

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 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent
(including the authenticating agency contemplated by this Indenture), shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and shall give notice of such appointment in the manner provided in Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section. 
 The Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607. 
 If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an
alternative certificate of authentication in the following form: 
 This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture. 
 ............................................................, 
 As Trustee  
 By............................................................, 
 As Authenticating Agent  
 By............................................................. 
 Authorized Officer 
  

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 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 701. Company to Furnish Trustee Names and Addresses of Holders. 
 The Company will furnish or cause to be furnished to the Trustee 
 (1) semi-annually, not later than May 15 and November 15, in each year, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Securities of each series as of the preceding May 1 or November 1, as the case may be, and 
 (2) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to
the time such list is furnished; 
 excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar.

 SECTION 702. Preservation of Information; Communications to Holders. 
 The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list
furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon
receipt of a new list so furnished. 
 The rights of Holders to communicate with other Holders with respect to their rights under this
Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of
information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 SECTION 703. Reports by Trustee.

 Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as the
Securities remain outstanding, the Trustee shall mail to the Holders of Securities a brief report dated as of such reporting date that complies with Section 313(a) of the Trust Indenture Act (but if no event described in Section 313(a) of
the Trust Indenture Act has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Section 313(b)(2) of the Trust Indenture Act. The Trustee shall also transmit by mail
all reports as required by Section 313(c) of the Trust Indenture Act. 
  

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 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee
with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange. 
 SECTION 704. Reports by Company. 
 The Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant to such Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within
15 days after the same is filed with the Commission. 
 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 SECTION 801. Company May Consolidate, Etc., Only on Certain Terms. 
 Neither the Company nor the Parent shall consolidate with or merge into any other Person or convey, transfer or lease its properties and assets
substantially as an entirety to any Person, unless: 
 (1) the successor formed by such consolidation or the survivor of such
merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company or the Parent as an entirety, as the case may be, is a Person organized and existing under the laws of the United States or any
State thereof (including the District of Columbia), and expressly assumes, in the case of the Company, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of
the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed, and, in the case of the Parent, all the obligations
under the Support Agreement to be performed or observed; 
 (2) immediately before and immediately after giving effect to such
transaction, no default or Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 
 (3) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease
all or substantially all of the assets of the Company or the Parent as an entirety, as the case may be, has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance,
transfer or lease and, if a supplemental indenture is required in connection with such 

  

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transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have
been complied with. 
 SECTION 802. Successor Substituted. 
 Upon any consolidation by the Company or the Parent with or merger by the Company or the Parent into any other Person or any conveyance, transfer or
lease of either the Company’s or the Parent’s properties and assets substantially as an entirety in accordance with Section 801, the successor Person formed by such consolidation or into which it is merged or to which such conveyance,
transfer or lease is made will succeed to, and be substituted for, and may exercise every right and power of, the Company or the Parent, as applicable, under this Indenture and the Support Agreement with the same effect as if such successor person
had been named as the Company or the Parent, as applicable, therein, and thereafter, except in the case of a lease, the predecessor person will be relieved of all obligations and covenants, in the case of the Company under this Indenture, the
Securities and, in the case of the Parent, under the Support Agreement. 
 SECTION 803. Assumption by Parent 
 The Parent may directly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due
and punctual payment of the principal of (premium, if any) and interest on all the Securities and any coupons appertaining thereto and the performance of every covenant of this Indenture on the part of the Company to be performed or observed. Upon
any such assumption, the Parent shall succeed to and be substituted for and may exercise every right and power of the Company under this Indenture with the same effect as if the Parent had been named as the Company herein and the Company shall be
released from its liability as obligor on the Securities. No such assumption shall be permitted unless the Parent has delivered to the Trustee an Officers’ Certificate of the Parent and an Opinion of Counsel for the Parent, each stating that
such assumption and supplemental indenture comply with this Article, that all conditions precedent herein provided for relating to such transaction have been complied with. 
 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person to the
Company and the assumption by any such successor of the covenants of the Company herein and in the Securities; or 
  

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 (2) to add to the covenants of the Company, the Parent or a Subsidiary for the benefit of
the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender
any right or power herein conferred upon the Company, the Parent or the Parent or any Subsidiary; or 
 (3) to add to or
change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit
or facilitate the issuance of Securities in uncertificated form; provided that any uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code, or in a manner such that the
uncertificated Securities are described in Section 163(f)(2)(B) of the Internal Revenue Code; or 
 (4) to secure the
Securities or add any guarantee with respect to the Securities; or 
 (5) to establish the form or terms of Securities of any
series as permitted by Sections 201 and 301; or 
 (6) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by
more than one Trustee, pursuant to the requirements of Section 611; or 
 (7) to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other change that does not adversely affect the Holders of the Securities; 
 (8) to effect assumption by the Parent pursuant to Section 803; or 
 (9) to comply with the requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust
Indenture Act; or 
 (10) to make any amendment to the provisions of this Indenture relating to the transfer and legending of
Securities of any series; provided, however, that (a) compliance with this Indenture as so amended would not result in Securities being transferred in violation of the Securities Act or any other applicable securities law and
(b) such amendment does not materially and adversely affect the rights of Holders to transfer Securities. 
 SECTION 902.
Supplemental Indentures With Consent of Holders. 
 With the consent of the Holders of not less than a majority in principal amount of
the Outstanding Securities of each series affected by such supplemental indenture, by Act 

  

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of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture relating to such series or of modifying in any manner the rights of the Holders of Securities
of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of any Security which would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or 
 (2) reduce the
percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 
 (3)
modify any of the provisions of this Section, Section 513 or Section 1011, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder
of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this
Section and Section 1011, or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(6). 
 A supplemental
indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of
Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof. 
 SECTION 903. Execution of Supplemental Indentures. 
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall 

  

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be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 SECTION 904. Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 905.
Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act. 
 SECTION 906. Reference in Securities to Supplemental Indentures. 
 Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
 ARTICLE TEN 
 COVENANTS

 SECTION 1001. Payment of Principal, Premium and Interest. 
 The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and
interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 
 SECTION 1002. Maintenance
of Office or Agency. 
 The Company will maintain, in the Place of Payment, for any series of Securities, an office or agency where
Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders and demands may be made or served at the Corporate Trust Operations Office, and such notices may be served at the Corporate Trust
Administrative Office, of the 

  

 67 

 
Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in the Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 SECTION 1003. Money for Securities Payments to Be Held in Trust. 
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the
principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of or any premium or interest on any Securities of that series, deposit with a
Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the
continuance of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all
sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 
 The Company may at any time, for the
purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held
by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect
to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of or any premium or interest on any 

  

 68 

 
Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 SECTION 1004. Statement by Officers as to Default. 
 The Company will deliver to the Trustee, (i) within 90 days after the end of each fiscal year of the Company ending after the date hereof an Officers’ Certificate, stating whether or not to the best
knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and
(ii) promptly (and in any event within five Business Days) upon a Responsible Officer of the Company becoming aware of any default, written notice specifying all such defaults and the nature and status thereof of which they may have knowledge.
For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
 SECTION 1005. Existence. 
 Subject to
Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required
to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material
respect to the Holders. 
 SECTION 1006. Maintenance of Properties. 
 The Company will, and will cause the Parent and the Parent’s other Subsidiaries to, maintain and keep, or cause to be maintained and kept, their
respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided, however, that nothing in this
Section shall prevent the Company, the Parent or any of the Parent’s other Subsidiaries from discontinuing the operation or the maintenance of any of its properties or disposing of them if such discontinuance is, in the judgment of the Company,
desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the Holders. 
  

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 SECTION 1007. Payment of Taxes and Other Claims. 
 The Company will, and will cause the Parent and each other Subsidiary to, pay and discharge all taxes, assessments, governmental charges, or levies
imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a
Lien on properties or assets of the Parent, or the Company or any other Subsidiary, provided, however, that neither the Parent, nor the Company or any other Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the
amount, applicability or validity thereof is contested by the Parent, the Company or such Subsidiary in good faith and in appropriate proceedings, and the Parent, the Company or such other Subsidiary has established reserves therefor to the extent
required by generally accepted accounting principles on the books of the Parent, the Company or such other Subsidiary or (ii) the nonpayment of all such taxes, assessments, charges, levies and claims in the aggregate is not likely to be
disadvantageous in any material respect to the Holders. 
 SECTION 1008. Restrictions on Liens. 
 The Company will not, and will not allow the Parent or any Subsidiary to, create, incur, issue or assume any Liens on the Parent’s or its
Subsidiaries’ respective property to secure Debt where the Debt secured by those Liens would exceed an amount equal to 15% of Consolidated Tangible Total Assets (calculated to exclude Debt secured by Permitted Liens); provided that the
foregoing restriction shall not apply to nor prevent the creation or existence of Permitted Liens. 
 SECTION 1009. Restrictions on Sales
and Leasebacks. 
 The Company will not, and will not allow the Parent or any Subsidiary to, enter into any Sale and Leaseback
Transaction without effectively providing that the Securities will be secured equally and ratably with or prior to the Sale and Leaseback Transaction, unless: 
 (1) the aggregate amount of the Attributable debt of the Company, the Parent and Subsidiaries in respect of Sale and Leaseback
Transactions then outstanding would not exceed an amount equal to 15% of Consolidated Tangible Total Assets, or 
 (2) the
Company, the Parent or any Subsidiary, within 12 months of the Sale and Leaseback Transaction, retire an amount of secured debt which is not subordinate to the Securities in an amount equal to the greater of (A) the net proceeds of the
sale or transfer of the property or other assets that are the subject of the Sale and Leaseback Transaction or (B) the fair market value of the property leased. 
 SECTION 1010. Support Agreement. 
 The Company covenants and agrees for the benefit of each series of
Securities that it will not permit the Parent to (a) cancel or terminate the Support Agreement as in 

  

 70 

 
effect on the date of this Indenture or (b) amend or otherwise modify the terms of the Support Agreement, except in accordance with the terms of the
Support Agreement in effect on the date of this Indenture. 
 SECTION 1011. Waiver of Certain Covenants. 
 The Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth
in any covenant provided pursuant to Section 901(2) or 901(5) for the benefit of the Holders of such series or in any of Sections 1008 to 1010, inclusive, if before the time for such compliance the Holders of at least a majority in
principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or
affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect. 
 ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
 SECTION 1101. Applicability of
Article. 
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms
and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with this Article. 
 SECTION 1102.
Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities shall be evidenced by a Board
Resolution or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption affecting only a
single Security), the Company shall, at least 30 days but not more than 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the
principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the
terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 
 SECTION 1103. Selection by Trustee of Securities to Be Redeemed. 
 If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), the
particular Securities to be redeemed shall 

  

 71 

 
be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for
redemption as follows: 
 (1) if the Securities of such series are listed on any National Securities Exchange, in compliance
with the requirements of the principal National Securities Exchange on which such Securities are listed; or 
 (2) if the
Securities of such series are not listed on any National Securities Exchange, on a pro rata basis, by lot; 
 provided that the
unredeemed portion of the principal amount of any Security shall be in a denomination of at least $2,000 or integral multiples of $1,000 (which shall not be less than $2,000). If less than all the Securities of such series and of a specified tenor
are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such
series and specified tenor not previously called for redemption in accordance with the preceding sentence. 
 The Trustee shall promptly
notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. 
 The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is
to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination)
for such Security. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 
 SECTION 1104. Notice of Redemption. 
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security
Register, except that a notice of redemption may be given more than 60 days prior to the Redemption Date if such notice is given in connection with a satisfaction and discharge as described in Article Four of this Indenture. Notices of redemption
may not be conditional. 
 All notices of redemption shall state: 
 (1) the Redemption Date, 
 (2) the Redemption Price, 
  

 72 

 (3) if less than all the Outstanding Securities of any series consisting of more than a
single Security are to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series
consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed, 
 (4)
that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, and 
 (5) the place or places where each such Security is to be surrendered for payment of the Redemption Price. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company and shall be irrevocable. 
 SECTION 1105. Deposit of Redemption Price.

 Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date. 
 SECTION 1106. Securities Payable on Redemption Date. 
 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by
Section 301, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section 307. 
 If any Security called for redemption shall not be
so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 1107. Securities Redeemed in Part. 
 Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), 

  

 73 

 
and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or
Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 ARTICLE TWELVE 
 SINKING FUNDS 
 SECTION 1201. No Sinking Funds. 
 ARTICLE THIRTEEN 
 DEFEASANCE
AND COVENANT DEFEASANCE 
 SECTION 1301. Company’s Option to Effect Defeasance or
Covenant Defeasance. 
 The Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any
Securities or any series of Securities, as the case may be, upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution. 
 SECTION 1302. Defeasance and Discharge. 
 Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its obligations with respect to
such Securities as provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Company shall be
deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely
from the trust fund described in Section 1304 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due, (2) the Company’s obligations
with respect to such Securities under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) this Article. Subject to compliance with this Article, the Company may
exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 1303 applied to such Securities. 
  

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 SECTION 1303. Covenant Defeasance. 
 Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be,
(1) the Company shall be released from its obligations under Section 801 and Sections 1006 through 1010, inclusive, and any covenants provided pursuant to Section 301(18), Section 901(2), 901(6) or 901(7) for the benefit of
the Holders of such Securities and (2) the occurrence of any event specified in Sections 501(4) (with respect to any of Section 801 or Sections 1006 through 1010, inclusive, and any such covenants provided pursuant to
Section 301(18), Section 901(2), 901(6) or 901(7)) or Sections 501(5) through 501(10) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this Section on and after the
date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(4)), whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 
 SECTION 1304. Conditions to Defeasance or Covenant Defeasance. 
 The following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be: 
 (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the
requirements contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated
solely to, the benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such Securities on
the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the United
States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the Company thereof, and
(y) any 

  

 75 

 
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation
which is specified in Clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified
and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt. 
 (2) In the
event of an election to have Section 1302 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling or (B) since the date of this instrument, there has been a change in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be
subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur. 
 (3) In the event of an election to have Section 1303 apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected
with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur. 
 (4) The Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor any
other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit. 
 (5) No Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 501(6) and (7), at any time on or
prior to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day). 
 (6) Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such
Act). 
  

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 (7) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound. 
 (8) Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act unless such trust shall be registered under such Act or
exempt from registration thereunder. 
 (9) The Company shall have delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 
 SECTION 1305. Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. 
 Subject
to the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and
Section 1306, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of
all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 1304 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities. 
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any
money or U.S. Government Obligations held by it as provided in Section 1304 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities. 
 SECTION 1306. Reinstatement. 
 If the
Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the obligations under this Indenture and such Securities from which the 

  

 77 

 
Company has been discharged or released pursuant to Section 1302 or 1303 shall be revived and reinstated as though no deposit had occurred pursuant to
this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1305 with respect to such Securities in accordance with this Article; provided,
however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such
Securities to receive such payment from the money so held in trust. 
  

 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed as of the day and year first above written. 
  

	
	AMERICAN WATER CAPITAL CORP.
	
	 By
                                        
                                      
 

	      Name:
	      Title:

  

	
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Trustee
	
	 By
                                        
                                      
 

	      Name:
	      Title:

  

 79Exchange and Registration Rights Agreement

 Exhibit 4.5 
 American Water Capital Corp. 
 6.085% Senior Notes due 2017 
 6.593% Senior Notes due 2037 
 Support Agreement from 
 American Water Works Company, Inc. 
  

 Exchange and Registration
Rights Agreement 
 October 22, 2007 
 Goldman, Sachs & Co., 
 Citigroup Global Markets Inc., 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated, 
 Credit Suisse Securities (USA) LLC, 
 As representatives (the “Representatives”) of the several Purchasers 
     named in Schedule I to the Purchase Agreement 
 c/o Goldman, Sachs & Co. 
 85 Broad Street 
 New York, New York 10004 
 Ladies and Gentlemen: 
 American Water Capital Corp., a
Delaware corporation (the “Company”), proposes to issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) three series of debt securities, consisting of its 6.085% Senior
Notes due 2017 and of its 6.593% Senior Notes due 2037, which have the benefit of the Support Agreement issued by American Water Works Company, Inc. As an inducement to the Purchasers to enter into the Purchase Agreement and in satisfaction of a
condition to the obligations of the Purchasers thereunder, the Company agrees with the Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined herein) as follows: 
 1. Certain Definitions. For purposes of this Exchange and Registration Rights Agreement, the following terms shall have the following respective
meanings: 
 “Base Interest” shall mean the interest that would otherwise accrue on the Securities under the
terms thereof and the Indenture, without giving effect to the provisions of this Agreement. 
 The term
“broker-dealer” shall mean any broker or dealer registered with the Commission under the Exchange Act. 
 “Closing Date” shall mean the date on which the Securities are initially issued. 
  

 1 

 “Commission” shall mean the United States Securities and Exchange
Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 
 “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date as of which the
Commission declares the Exchange Registration Statement effective or as of which the Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date as of which the Commission declares the
Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 
 “Electing Holder” shall mean any holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii) or 3(d)(iii) hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, or any successor thereto, as the same shall be amended
from time to time. 
 “Exchange Offer” shall have the meaning assigned thereto in Section 2(a) hereof.

 “Exchange Registration” shall have the meaning assigned thereto in Section 3(c) hereof. 

“Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Exchange Securities” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Free Writing Prospectus” shall mean each free writing prospectus (as defined in Rule 405 under the Securities Act)
prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities. 
 The term “holder” shall mean each of the Purchasers and other persons who acquire Registrable Securities from time to time (including any successors or assigns), in each case for so long as such
person owns any Registrable Securities. 
 “Indenture” shall mean the Indenture, dated as of October 22,
2007, among the Company and Wells Fargo Bank, N.A., as Trustee, as the same shall be amended from time to time. 
 “Initial Report Filing Date” shall mean the date that is 10 business days after the date on which American Water Works Company, Inc. files with the Commission the first periodic report required to be filed after the
effective date of the registration statement on Form S-1 relating to a public offering of its common stock. 
 “Notice
and Questionnaire” means a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto. 
 The term “person” shall mean a corporation, association, partnership, organization, business, individual, government or
political subdivision thereof or governmental agency. 
  

 2 

 “Purchase Agreement” shall mean the Purchase Agreement, dated as of
October 16, 2007, among the Purchasers, the Support Provider and the Company relating to the Securities. 
 “Purchasers” shall mean the Purchasers named in Schedule I to the Purchase Agreement. 
 “Registrable Securities” shall mean the Securities; provided, however, that a Security shall cease to be a Registrable Security when (i) in the circumstances contemplated by Section 2(a) hereof, the
Security has been exchanged for an Exchange Security in an Exchange Offer as contemplated in Section 2(a) hereof (provided that any Exchange Security that, pursuant to the last two sentences of Section 2(a), is included in a
prospectus for use in connection with resales by broker-dealers shall be deemed to be a Registrable Security with respect to Sections 5, 6 and 9 until resale of such Registrable Security has been effected within the 180-day period referred to
in Section 2(a)); (ii) in the circumstances contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Security under the Securities Act has been declared or becomes effective and such Security has been sold
or otherwise transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) such Security is sold pursuant to Rule 144 under circumstances in which any legend borne by such
Security relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture; (iv) such Security is eligible to be sold pursuant to paragraph (k) of
Rule 144 or any successor to such rule; or (v) such Security shall cease to be outstanding. 
 “Registration
Default” shall have the meaning assigned thereto in Section 2(c) hereof. 
 “Registration
Expenses” shall have the meaning assigned thereto in Section 4 hereof. 
 “Resale Period” shall
have the meaning assigned thereto in Section 2(a) hereof. 
 “Restricted Holder” shall mean (i) a
holder that is an affiliate of the Company within the meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or
understandings with any person to participate in the Exchange Offer for the purpose of distributing Exchange Securities and (iv) a holder that is a broker-dealer, but only with respect to Exchange Securities received by such broker-dealer
pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the broker-dealer directly from the Company. 
 “Rule 144,” “Rule 405” and “Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be amended from time to time.

 “Securities” shall mean, collectively, the 6.085% Senior Notes due 2017 and 6.593% Senior Notes due 2037
of the Company to be issued and sold to the Purchasers, and securities issued in exchange therefor or in lieu thereof pursuant to the Indenture. Each Security is entitled to the benefit of the Support Agreement (the “Support”) and, unless
the context otherwise requires, any reference herein to a “Security,” an “Exchange Security” or a “Registrable Security” shall include a reference to the related Support. 
  

 3 

 “Securities Act” shall mean the Securities Act of 1933, or any successor
thereto, as the same shall be amended from time to time. 
 “Shelf Registration” shall have the meaning
assigned thereto in Section 2(b) hereof. 
 “Shelf Registration Statement” shall have the meaning
assigned thereto in Section 2(b) hereof. 
 “Special Interest” shall have the meaning assigned thereto
in Section 2(c) hereof. 
 “Support Agreement” shall have the meaning assigned thereto in the Indenture.

 “Support Provider” shall mean American Water Works Company, Inc. 
 “Suspension Period” has the meaning assigned thereto in Section 2(d) hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations
and forms promulgated thereunder, all as the same shall be amended from time to time. 
 Unless the context otherwise requires, any reference
herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Exchange and Registration Rights Agreement, and the words “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Exchange and Registration Rights Agreement as a whole and not to any particular Section or other subdivision. 
 2. Registration Under the Securities Act. 
 (a) Except as set forth in
Section 2(b) below, the Company agrees to file under the Securities Act no later than the earlier of (i) the Initial Report Filing Date and (ii) 270 days after the Closing Date, one or more registration statements relating to an
offer to exchange (each such registration statement, an “Exchange Registration Statement”, and each such offer, an “Exchange Offer”), any and all of the Securities of a series for a like aggregate principal amount of debt
securities issued by the Company and with the benefit of the Support Agreement by the Support Provider, which debt securities and Support are substantially identical to the Securities of such series and the related Support, respectively (and are
entitled to the benefits of a trust indenture which is substantially identical to the Indenture or is the Indenture and which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective
registration statement under the Securities Act and do not contain provisions for the additional interest contemplated in Section 2(c) below (any such new debt securities hereinafter called “Exchange Securities”). The Company agrees
to use its reasonable efforts to cause an Exchange Registration Statement for each Exchange Offer to become effective under the Securities Act no later than the earlier of (i) 60 days after the Initial Report Filing Date and (ii) 330 days
after the Closing Date. The Exchange Offers will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless an Exchange Offer would not be
permitted by applicable law or Commission policy, the Company further agrees to use its reasonable efforts to commence and complete each Exchange Offer no later than 45 days after each respective registration statement has become effective,
hold each Exchange Offer open for at least 30 days and exchange 

  

 4 

 
Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of an Exchange Offer. An
Exchange Offer will be deemed to have been “completed” only if the debt securities and related Support received by holders other than Restricted Holders in such Exchange Offer for Registrable Securities are, upon receipt, transferable by
each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the States of the United States of America. An Exchange Offer
shall be deemed to have been completed upon the earlier to occur of (i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities of a series pursuant to such Exchange Offer and (ii) the Company having
exchanged, pursuant to such Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of such Exchange Offer, which shall be on a date that is at least 30 days
following the commencement of such Exchange Offer. The Company agrees (x) to include in each Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker dealer and (y) to keep
each Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in each Exchange Offer and ending upon the earlier of the expiration of the 180th day after each Exchange
Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities of each respective series. With respect to each Exchange Registration Statement, such holders shall have the benefit of the rights of
indemnification and contribution set forth in Sections 6(a), (c), (d) and (e) hereof. 
 (b) If (i) on or
prior to the time an Exchange Offer in respect of Securities of a series is completed existing Commission interpretations are changed such that the debt securities or the related Support received by holders other than Restricted Holders in the
Exchange Offer for Registrable Securities of such series are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) an Exchange Offer has not been completed within the time periods
required pursuant to Section 2(a) other than because of a failure of any holder of Registrable Securities of such series to exchange such Registrable Securities or (iii) any holder of Registrable Securities of a series notifies the Company
prior to the 20th day following consummation of an Exchange Offer in respect of such series that (a) it is prohibited by law or Commission policy from participating in such Exchange Offer, (b) that it may not resell the Securities acquired
by it in such Exchange Offer to the public without delivering a prospectus and the prospectus contained in such Exchange Registration Statement is not appropriate or available for such resales, or (c) that it is a broker-dealer and owns notes
acquired directly from the Company or an Affiliate of the Company, the Company shall, in lieu of (or, in the case of clause (iii), in addition to) conducting an Exchange Offer in respect of any series contemplated by Section 2(a), file
under the Securities Act no later than 30 days after the time such obligation to file arises, a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of
the Registrable Securities of such series, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration
Statement”). The Company agrees to use its reasonable efforts (x) to cause such Shelf Registration Statement to become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and, except as set
forth in Section 2(d), to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of the second anniversary of its Effective Time or such time as there are no longer any 

  

 5 

 
Registrable Securities of such series outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in such
Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities of such series unless such holder is an Electing Holder, and (y) after the Effective Time of such Shelf Registration Statement,
promptly upon the request of any holder of Registrable Securities of such series that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities of that series, including, without limitation, any action necessary to identify such holder as a selling securityholder in such Shelf Registration Statement, provided, however, that the Company shall not be required to
make more than one filing with the Commission per quarter for such purposes with respect to any series of Registrable Securities and that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and
signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company further agrees to supplement or make amendments to such Shelf Registration Statement, as and when required by the rules, regulations or
instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company agrees to furnish to each Electing Holder
copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. 
 (c) In the event that (i) the Company has not filed an Exchange Registration Statement or Shelf Registration Statement in respect of any series of Securities on or before the date on which such registration statement is required to be
filed pursuant to Section 2(a) or 2(b), respectively, or (ii) any such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which
such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively (the “Effectiveness Target Date”), or (iii) any such Exchange Offer has not been completed within
45 days after the Effectiveness Target Date with respect to such Exchange Registration Statement relating to that Exchange Offer (if such Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf
Registration Statement required by Section 2(a) or 2(b) hereof is filed and declared effective but shall thereafter either be withdrawn by the Company or shall become subject to an effective stop order issued pursuant to Section 8(d) of
the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration statement filed and declared effective or (v) any
Suspension Period (as defined in Section 2(d)) exceeds 45 days in any 90 day period or 90 days in the aggregate during any consecutive 12-month period (subject to Section 2(d) hereof, each such event referred to in clauses (i) through
(v), a “Registration Default” and each period during which a Registration Default has occurred and is continuing, a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the
provisions of Sections 2(d) and 9(b) hereof, special interest (“Special Interest”), in addition to the Base Interest, shall accrue on such series of the Securities in respect of which a Registration Default shall have occurred at a
per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the remaining portion of the Registration Default Period. 
 (d) The Company may suspend the use of (i) any Shelf Registration Statement or (ii) any Free Writing Prospectus for a period (a
“Suspension Period”) not to exceed 45 days in any consecutive 90-day period or an aggregate of 90 days in any consecutive 

  

 6 

 
12-month period if the Board of Directors of the Company shall have determined in good faith that because of valid business reasons (not including avoidance
of the Company’s obligations hereunder), including, without limitation, the acquisition or divestiture of assets, actual or pending corporate developments, public filings with the SEC and similar events, it is in the best interests of the
Company to suspend such use, and prior to suspending such use the Company provides the Holders with written notice of such suspension, which notice need not specify the nature of the event giving rise to such suspension. The Company shall not be
obligated to pay Special Interest as a result of exercising its rights under this Section 2(d) or for any period during a Suspension Period, except as provided in Section 2(c)(v) above. 
 (e) The Company shall take, and shall cause the Support Provider to take, all actions reasonably necessary or advisable to be taken by it
to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Support under the registration statement contemplated in Section 2(a) or 2(b) hereof, as
applicable. 
 (f) Any reference herein to a registration statement as of any time shall be deemed to include any document
incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to
be incorporated, therein by reference as of such time. 
 3. Registration Procedures. 
 If the Company files a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply: 
 (a) At or before the Effective Time of any Exchange Offer or the Shelf Registration, as the case may be, the Company shall qualify the
Indenture under the Trust Indenture Act of 1939. 
 (b) In the event that such qualification would require the appointment of
a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
 (c) In connection with the Company’s obligations with respect to any registration of Exchange Securities as contemplated by Section 2(a) (an “Exchange Registration”), if applicable, the Company
shall, as soon as practicable (or as otherwise specified): 
 (i) prepare and file with the Commission no later than the
earlier of (x) the Initial Report Filing Date and (y) 270 days after the Closing Date, an Exchange Registration Statement in respect of a series of Securities on any form which may be utilized by the Company and which shall permit an
Exchange Offer in respect of such series and resales of such series of Exchange Securities by broker-dealers during the Resale Period to be effected as contemplated by Section 2(a), and use its reasonable efforts to cause such Exchange
Registration Statement to become effective no later than the earlier of (x) 60 days after the Initial Report Filing Date and (y) 330 days after the Closing Date; 
  

 7 

 (ii) as soon as reasonably practicable prepare and file with the Commission such
amendments and supplements to such Exchange Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Registration Statement for the periods and purposes contemplated in
Section 2(a) hereof and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Exchange Registration Statement, and promptly provide each broker-dealer holding Exchange
Securities of such series with such number of copies of the prospectus included therein (as then amended or supplemented), in conformity in all material respects with the requirements of the Securities Act and the Trust Indenture Act and the rules
and regulations of the Commission thereunder, as such broker-dealer reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of such Exchange Securities; 
 (iii) promptly notify each broker-dealer that has requested or received copies of the prospectus included in such registration statement,
and confirm such advice in writing, (A) when such Exchange Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post effective amendment has been filed, and, with respect to such Exchange
Registration Statement or any post effective amendment, when the same has become effective, (B) of any comments relevant to the broker-dealer by the Commission and by the blue sky or securities commissioner or regulator of any state with
respect thereto or any request by the Commission for amendments or supplements to such Exchange Registration Statement or prospectus or for additional information, (C) of the issuance by the Commission of any stop order suspending the
effectiveness of such Exchange Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and warranties of the Company contemplated by Section 5 cease to be true and
correct in all material respects, (E) of the receipt by the Company of any notification with respect to the suspension of the qualification of such Exchange Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose, or (F) at any time during the Resale Period when a prospectus is required to be delivered under the Securities Act, that such Exchange Registration Statement, prospectus, prospectus amendment or supplement or post
effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder or contains an untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
 (iv) in the event that the Company would be required, pursuant to Section 3(c)(iii)(F) above, to notify any broker-dealers
holding Exchange Securities, to reasonably promptly prepare and furnish to each such holder a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of such Exchange Securities during the
Resale Period, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
  

 8 

 (v) use its reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of such Exchange Registration Statement or any post effective amendment thereto at the earliest practicable date; 
 (vi) use its reasonable efforts to (A) register or qualify the Exchange Securities of a series under the securities laws or blue sky laws of such jurisdictions as are contemplated by Section 2(a) no later than the commencement of
such Exchange Offer, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions until the expiration of the Resale Period and
(C) take any and all other actions as may be reasonably necessary to enable each broker-dealer holding Exchange Securities to consummate the disposition thereof in such jurisdictions; provided, however, that neither the Company nor the
Support Provider shall be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(vi), (2) consent
to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation or by laws or any agreement between it and its stockholders; 
 (vii) use its reasonable efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or
local, which may be required to effect such Exchange Registration, such Exchange Offer and the offering and sale of Exchange Securities of a series by broker-dealers during the Resale Period; 
 (viii) provide a CUSIP number for all Exchange Securities, not later than the applicable Effective Time; 
 (ix) comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon as
practicable but no later than eighteen months after the effective date of such Exchange Registration Statement, an earning statement of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the
option of the Company, Rule 158 thereunder). 
 (d) In connection with the Company’s obligations with respect to any
Shelf Registration, if applicable, the Company shall, as soon as reasonably practicable (or as otherwise specified): 
 (i)
prepare and file with the Commission, within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Company and which shall register all of the Registrable Securities of a series for
resale by the holders thereof in accordance with such method or methods of disposition as may be specified by such of the holders as, from time to time, may be Electing Holders and use its reasonable efforts to cause such Shelf Registration
Statement to become effective within the time periods specified in Section 2(b); 
 (ii) not less than 30 calendar
days prior to the Effective Time of such Shelf Registration Statement, mail the Notice and Questionnaire to the holders of such Registrable Securities; no holder shall be entitled to be named as a selling securityholder in such Shelf Registration
Statement as of the Effective Time, and no 

  

 9 

 
holder shall be entitled to use the prospectus forming a part thereof for resales of such Registrable Securities at any time, unless such holder has returned
a completed and signed Notice and Questionnaire to the Company by the deadline for response set forth therein; provided, however, holders of such Registrable Securities shall have at least 28 calendar days from the date on which the
Notice and Questionnaire is first mailed to such holders to return a completed and signed Notice and Questionnaire to the Company; 
 (iii) after the Effective Time of such Shelf Registration Statement, upon the request of any holder of such Registrable Securities that is not then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided
that the Company shall not be required to make more than one filing with the Commission per quarter for such purposes with respect to any series of Registrable Securities and that the Company shall not be required to take any action to name such
holder as a selling securityholder in such Shelf Registration Statement or to enable such holder to use the prospectus forming a part thereof for resales of such Registrable Securities until such holder has returned a completed and signed Notice and
Questionnaire to the Company; 
 (iv) as soon as practicable prepare and file with the Commission such amendments and
supplements to such Shelf Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in Section 2(b) hereof and as may be
required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement or amendment simultaneously with
or prior to its being used or filed with the Commission; 
 (v) comply with the provisions of the Securities Act with respect
to the disposition of all of the Registrable Securities covered by such Shelf Registration Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement; 
 (vi) provide (A) the Electing Holders, (B) the underwriters (which term, for purposes of this Exchange and Registration Rights
Agreement, shall include a person deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or placement agent therefor, (D) counsel for any such underwriter or agent and
(E) not more than one counsel for all the Electing Holders (which counsel shall be reasonably satisfactory to the Company) the reasonable opportunity to review and comment on such Shelf Registration Statement, each prospectus included therein
or filed with the Commission and each amendment or supplement thereto; 
 (vii) for a reasonable period prior to the filing of
such Shelf Registration Statement, and throughout the period specified in Section 2(b), make available at reasonable times at the Company’s principal place of business or such other reasonable place for inspection by the persons referred
to in Section 3(d)(vi) who shall certify to the Company that they have a current intention to sell the Registrable Securities of such series pursuant to such Shelf Registration such financial and other information and books and records of the
Company, and cause the officers, 

  

 10 

 
employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary, in the
judgment of the respective counsel referred to in such Section, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that each such party shall be required to maintain in
confidence and not to disclose to any other person any information or records reasonably designated by the Company as being confidential, until such time as (A) such information becomes a matter of public record (whether by virtue of its
inclusion in such registration statement or otherwise), or (B) such person shall be required so to disclose such information pursuant to a subpoena or order of any court or other governmental agency or body having jurisdiction over the matter
(subject to the requirements of such order, and only after such person shall have given the Company prompt prior written notice of such requirement), or (C) such information is required, in the reasonable judgment of the Company, to be set
forth in such Shelf Registration Statement or the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or supplement to such prospectus in order that such Shelf Registration Statement, prospectus,
amendment or supplement, as the case may be, complies with applicable requirements of the federal securities laws and the rules and regulations of the Commission and does not contain an untrue statement of a material fact or omit to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
 (viii) promptly notify each of the Electing Holders, any sales or placement agent therefor and any underwriter thereof (which notification may be made through any managing underwriter that is a representative of such
underwriter for such purpose) and confirm such advice in writing, (A) when such Shelf Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post effective amendment has been filed, and, with
respect to such Shelf Registration Statement or any post effective amendment, when the same has become effective, (B) of any comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect
thereto or any request by the Commission for amendments or supplements to such Shelf Registration Statement or prospectus or for additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness of
such Shelf Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and warranties of the Company contemplated by Section 3(d)(xvii) or Section 5 cease to be
true and correct in all material respects, (E) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities of such series for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, or (F) if at any time when a prospectus is required to be delivered under the Securities Act, that such Shelf Registration Statement, prospectus, prospectus amendment or supplement or post
effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder or contains an untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
  

 11 

 (ix) use its reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of such registration statement or any post effective amendment thereto at the earliest practicable date; 
 (x)
if requested by any managing underwriter or underwriters, any placement or sales agent or any Electing Holder, promptly incorporate in a prospectus supplement or post effective amendment such information as is required, in the reasonable opinion of
counsel to such person and the Company, by the applicable rules and regulations of the Commission and as such managing underwriter or underwriters, such agent or such Electing Holder specifies should be included therein relating to the terms of the
sale of such Registrable Securities, including information with respect to the principal amount of such Registrable Securities being sold by such Electing Holder or agent or to any underwriters, the name and description of such Electing Holder,
agent or underwriter, the offering price of such Registrable Securities and any discount, commission or other compensation payable in respect thereof, the purchase price being paid therefor by such underwriters and with respect to any other terms of
the offering of such Registrable Securities to be sold by such Electing Holder or agent or to such underwriters; and make all required filings of such prospectus supplement or post effective amendment promptly after notification of the matters to be
incorporated in such prospectus supplement or post effective amendment; 
 (xi) furnish to each Electing Holder, each
placement or sales agent, if any, therefor, each underwriter, if any, thereof and the respective counsel referred to in Section 3(d)(vi) an executed copy (or, in the case of an Electing Holder, a conformed copy) of such Shelf Registration
Statement, each such amendment and supplement thereto (in each case including all exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and such number of copies
of such Shelf Registration Statement (excluding exhibits thereto and documents incorporated by reference therein) and of the prospectus included in such Shelf Registration Statement (including each preliminary prospectus and any summary prospectus),
in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder, and such other documents, as such Electing Holder, agent, if any,
and underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Registrable Securities owned by such Electing Holder, offered or sold by such agent or underwritten by such underwriter and to permit such
Electing Holder, agent and underwriter to satisfy the prospectus delivery requirements of the Securities Act; and the Company hereby consents to the use of such prospectus (including such preliminary prospectus) and any amendment or supplement
thereto by each such Electing Holder and by any such agent and underwriter, in each case in the form most recently provided to such person by the Company, in connection with the offering and sale of the Registrable Securities covered by such
prospectus (including such preliminary prospectus) or any supplement or amendment thereto; 
 (xii) use reasonable efforts to
(A) register or qualify the Registrable Securities of such series to be included in such Shelf Registration Statement under such securities laws or blue sky laws of such jurisdictions as any Electing Holder and each placement or sales agent, if
any, therefor and underwriter, if any, thereof shall reasonably request, (B) keep such registrations or qualifications in effect and comply 

  

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with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period such Shelf Registration is
required to remain effective under Section 2(b) above and for so long as may be necessary to enable any such Electing Holder, agent or underwriter to complete its distribution of Securities pursuant to such Shelf Registration Statement and
(C) take any and all other actions as may be reasonably necessary or advisable to enable each such Electing Holder, agent, if any, and underwriter, if any, to consummate the disposition in such jurisdictions of such Registrable Securities;
provided, however, that neither the Company nor the Support Provider shall be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the
requirements of this Section 3(d)(xii), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation or by laws or any agreement between it and its stockholders;

 (xiii) use its reasonable efforts to obtain the consent or approval of each governmental agency or authority, whether
federal, state or local, which may be required to effect such Shelf Registration or the offering or sale in connection therewith or to enable the selling holder or holders to offer, or to consummate the disposition of, their Registrable Securities
of such series; 
 (xiv) unless any Registrable Securities shall be in book-entry only form, cooperate with the Electing
Holders and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates, if so required by any securities exchange upon which any Registrable
Securities are listed, shall be penned, lithographed or engraved, or produced by any combination of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; and, in the case of an underwritten offering,
enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request at least two business days prior to any sale of such Registrable Securities; 
 (xv) provide a CUSIP number for all Registrable Securities, not later than the applicable Effective Time; 
 (xvi) enter into one or more underwriting agreements, agency agreements, “best efforts” underwriting agreements or similar
agreements, as appropriate, including customary provisions relating to indemnification and contribution, and take such other actions in connection therewith as any Electing Holders aggregating at least 50% in aggregate principal amount of the
Registrable Securities of the relevant series at the time outstanding shall request in order to expedite or facilitate the disposition of such Registrable Securities; 
 (xvii) whether or not an agreement of the type referred to in Section 3(d)(xvi) hereof is entered into and whether or not any portion
of the offering contemplated by such Shelf Registration is an underwritten offering or is made through a placement or sales agent or any other entity, (A) make such representations and warranties to the Electing Holders and the placement or
sales agent, if any, therefor and the underwriters, if any, thereof in form, substance and scope as are customarily made in connection with an offering of debt securities pursuant to any appropriate agreement or to a registration statement filed on
the form applicable to such Shelf 

  

 13 

 
Registration; (B) obtain an opinion of counsel to the Company in customary form and covering such matters, of the type customarily covered by such an
opinion, as the managing underwriters, if any, or as any Electing Holders of at least 50% in aggregate principal amount of the Registrable Securities of the relevant series at the time outstanding may reasonably request, addressed to such Electing
Holder or Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof and dated the effective date of such Shelf Registration Statement (and if such Shelf Registration Statement contemplates an
underwritten offering of a part or all of the Registrable Securities, dated the date of the closing under the underwriting agreement relating thereto) (it being agreed that the matters to be covered by such opinion shall include those matters
customarily delivered in a typical transaction, including a customary “10b-5” statement); (C) obtain a “cold comfort” letter or letters from the independent certified public accountants of the Company addressed to the
selling Electing Holders, the placement or sales agent, if any, therefor or the underwriters, if any, thereof, dated (i) the effective date of such Shelf Registration Statement and (ii) the deemed effective date under rule 430B of any
prospectus supplement to the prospectus included in such Shelf Registration Statement or post effective amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period subsequent
to that of the latest such statements included in such prospectus (and, if such Shelf Registration Statement contemplates an underwritten offering pursuant to any prospectus supplement to the prospectus included in such Shelf Registration Statement
or post effective amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period subsequent to that of the latest such statements included in such prospectus, dated the date of
the closing under the underwriting agreement relating thereto), such letter or letters to be in customary form and covering such matters of the type customarily covered by letters of such type; (D) deliver such documents and certificates,
including officers’ certificates, as may be reasonably requested by any Electing Holders of at least 50% in aggregate principal amount of the Registrable Securities of the relevant series at the time outstanding or the placement or sales agent,
if any, therefor and the managing underwriters, if any, thereof to evidence the accuracy of the representations and warranties made pursuant to clause (A) above or those contained in Section 5(a) hereof and the compliance with or
satisfaction of any agreements or conditions contained in the underwriting agreement or other agreement entered into by the Company or the Support Provider; and (E) undertake such obligations relating to expense reimbursement, indemnification
and contribution as are provided in Section 6 hereof; 
 (xviii) notify in writing each holder of Registrable Securities
of any proposal by the Company to amend or waive any provision of this Exchange and Registration Rights Agreement pursuant to Section 9(h) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the
text of the amendment or waiver proposed or effected, as the case may be; 
 (xix) in the event that any broker dealer
registered under the Exchange Act shall underwrite any Registrable Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the
“Conduct Rules) of the National Association of Securities Dealers, Inc. (“NASD”) or any successor thereto, as amended from time to time) thereof, whether as a holder of such Registrable Securities or as an 

  

 14 

 
underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, assist such broker dealer in complying with the requirements
of such Conduct Rules, including by (A) if such Conduct Rules shall so require, engaging a “qualified independent underwriter” (as defined in such Conduct Rules) to participate in the preparation of the Shelf Registration Statement
relating to such Registrable Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Shelf Registration Statement is an underwritten offering or is made through a placement
or sales agent, to recommend the yield of such Registrable Securities, (B) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 6 hereof (or to such other
customary extent as may be requested by such underwriter), and (C) providing such information to such broker dealer as may be required in order for such broker dealer to comply with the requirements of the Conduct Rules; and 
 (xx) comply in all material respects with all applicable rules and regulations of the Commission, and make generally available to its
securityholders as soon as practicable but in any event not later than eighteen months after the effective date of such Shelf Registration Statement, an earning statement of the Company and its subsidiaries complying with Section 11(a) of the
Securities Act (including, at the option of the Company, Rule 158 thereunder). 
 (e) In the event that the Company would
be required, pursuant to Section 3(d)(viii)(F) above, to notify the Electing Holders, the placement or sales agent, if any, therefor and the managing underwriters, if any, thereof, the Company shall without delay prepare and furnish to each of
the Electing Holders, to each placement or sales agent, if any, and to each such underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of such Registrable
Securities, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice
from the Company pursuant to Section 3(d)(viii)(F) hereof, such Electing Holder shall forthwith discontinue the disposition of such Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable Securities
until such Electing Holder shall have received copies of such amended or supplemented prospectus, and if so directed by the Company, such Electing Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent
file copies, then in such Electing Holder’s possession of the prospectus covering such Registrable Securities at the time of receipt of such notice. 
 (f) In the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in its Notice Questionnaire, the Company may require such Electing Holder to furnish to the
Company such additional information regarding such Electing Holder and such Electing Holder’s intended method of distribution of such Registrable Securities as may be required in order to comply with the Securities Act. Each such Electing
Holder agrees to notify the Company as promptly as practicable of any inaccuracy or change in information previously furnished by such Electing Holder to the Company or of the occurrence of any event in either case as a result of which any 

  

 15 

 
prospectus relating to such Shelf Registration contains or would contain an untrue statement of a material fact regarding such Electing Holder or such
Electing Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly to furnish to the Company any additional information required to correct and update any previously
furnished information or required so that such prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 
 (g) Until the expiration of two years after the Closing Date, the Company will not, and will not permit any of its “affiliates” (as defined in Rule 144) to, resell any of the Securities that have been reacquired by any of
them except pursuant to an effective registration statement under the Securities Act. 
 4. Registration Expenses. 
 The Company agrees to bear and to pay or cause to be paid promptly all expenses incident to the Company’s performance of or compliance with this
Exchange and Registration Rights Agreement, including (a) all Commission and any NASD registration, filing and review fees and expenses including fees and disbursements of counsel for the placement or sales agent or underwriters in connection
with such registration, filing and review, (b) all fees and expenses in connection with the qualification of the Securities for offering and sale under the State securities and blue sky laws referred to in Section 3(d)(xii) hereof and
determination of their eligibility for investment under the laws of such jurisdictions as any managing underwriters or the Electing Holders may reasonably designate, including any reasonable fees and disbursements of one counsel for the Electing
Holders (which counsel shall be selected by the Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities of the relevant series held by the Electing Holders and be reasonably satisfactory to the Company)
and the underwriters in connection with such qualification and determination, (c) all expenses relating to the preparation, printing, production, distribution and reproduction of each registration statement required to be filed hereunder, each
prospectus included therein or prepared for distribution pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the Securities for delivery and the expenses of printing or producing any underwriting agreements,
agreements among underwriters, selling agreements and blue sky or legal investment memoranda and all other documents in connection with the offering, sale or delivery of Securities to be disposed of (including certificates representing the
Securities), (d) messenger, telephone and delivery expenses of the Company relating to the offering, sale or delivery of Securities and the preparation of documents referred in clause (c) above, (e) fees and expenses of the Trustee
under the Indenture, any agent of the Trustee and any counsel for the Trustee and of any collateral agent or custodian, (f) internal expenses (including all salaries and expenses of the Company’s officers and employees performing legal or
accounting duties), (g) fees, disbursements and expenses of counsel and independent certified public accountants of the Company (including the expenses of any opinions or “cold comfort” letters required by or incident to such
performance and compliance), (h) fees, disbursements and expenses of any “qualified independent underwriter” engaged pursuant to Section 3(d)(xix) hereof, (i) reasonable fees, disbursements and expenses of one counsel for
the Electing Holders retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in 

  

 16 

 
aggregate principal amount of the Registrable Securities of the relevant series held by Electing Holders (which counsel shall be reasonably satisfactory to
the Company), (j) any fees charged by securities rating services for rating the Securities, and (k) fees, expenses and disbursements of any other persons, including special experts, retained by the Company in connection with such
registration (collectively, the “Registration Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities or any placement or sales agent therefor or underwriter thereof,
the Company shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor. Notwithstanding the foregoing, the holders of the Registrable Securities being
registered shall pay all agency fees and commissions and underwriting discounts and commissions attributable to the sale of such Registrable Securities and the fees and disbursements of any counsel or other advisors or experts retained by such
holders (severally or jointly), other than the counsel and experts specifically referred to above. 
 5. Representations and Warranties.

 The Company represents and warrants to, and agrees with, each Purchaser and each of the holders from time to time of Registrable
Securities that: 
 (a) Each registration statement covering Registrable Securities and each prospectus (including any
preliminary prospectus) contained therein or furnished pursuant to Section 3(d) or Section 3(c) hereof and any further amendments or supplements to any such registration statement or prospectus, when it becomes effective or is filed with
the Commission, as the case may be, and, in the case of an underwritten offering of Registrable Securities, at the time of the closing under the underwriting agreement relating thereto, will conform in all material respects to the requirements of
the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading; and at all times subsequent to the Effective Time when a prospectus would be required to be delivered under the Securities Act, other than from (i) such time as a notice has been given to holders of
Registrable Securities pursuant to Section 3(d)(viii)(F) or Section 3(c)(iii)(F) hereof until (ii) such time as the Company furnishes an amended or supplemented prospectus pursuant to Section 3(e) or Section 3(c)(iv) hereof,
each such registration statement, and each prospectus (including any summary prospectus) contained therein or furnished pursuant to Section 3(d) or Section 3(c) hereof, as then amended or supplemented, will conform in all material respects
to the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon
and in conformity with information furnished in writing to the Company by a holder of Registrable Securities expressly for use therein. 
 (b) Any documents incorporated by reference in any prospectus referred to in Section 5(a) hereof, when they become or became effective or are or were filed with the Commission, as the case may be, will conform or
conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and none of such documents will contain or contained an untrue statement of a material fact or will 

  

 17 

 
omit or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however,
that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by a holder of Registrable Securities expressly for use therein.

 (c) The compliance by the Company with all of the provisions of this Exchange and Registration Rights Agreement and the
consummation of the transactions herein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any subsidiary of the Company is a party or by which the Company or any subsidiary of the Company is bound or to which any of the property or assets of the Company or any subsidiary of the Company is subject, nor
will such action result in any violation of the provisions of the certificate of incorporation, as amended, or the by-laws of the Company or the Support Provider or any statute or any order, rule or regulation of any court or governmental agency or
body having jurisdiction over the Company or any subsidiary of the Company or any of their properties, except for any conflict, breach or violation that would not, individually or in the aggregate, have a material adverse effect on the condition
(financial or otherwise), stockholders’ equity, prospects, properties or results of operations of the Company (a “Material Adverse Effect”) or impair the ability of the Company to consummate the transactions contemplated by this
Exchange and Registration Rights Agreement; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the consummation by the Company and the Support
Provider of the transactions contemplated by this Exchange and Registration Rights Agreement, except the registration under the Securities Act of the Securities, qualification of the Indenture under the Trust Indenture Act, such consents, approvals,
authorizations, registrations or qualifications as may be required under State securities or blue sky laws in connection with the offering and distribution of the Securities and such consents, approvals, authorizations, orders, registrations or
qualifications, the failure of which to obtain would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or impair the ability of the Company to consummate the transactions contemplated by this Exchange
and Registration Rights Agreement. 
 (d) This Exchange and Registration Rights Agreement has been duly authorized, executed
and delivered by the Company. 
 6. Indemnification. 
 (a) Indemnification by the Company and the Support Provider. The Company and the Support Provider, jointly and severally, will
indemnify and hold harmless each of the holders of Registrable Securities included in an Exchange Registration Statement, each of the Electing Holders of Registrable Securities included in a Shelf Registration Statement and each person who
participates as a placement or sales agent or as an underwriter in any offering or sale of such Registrable Securities against any losses, claims, damages or liabilities, joint or several, to which such holder, agent or underwriter may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any
Exchange Registration Statement or Shelf Registration Statement, as the case may be, 

  

 18 

 
under which such Registrable Securities were registered under the Securities Act, or any preliminary or final prospectus contained therein or furnished by
the Company to any such holder, Electing Holder, agent or underwriter, or any amendment or supplement thereto, or any Free Writing Prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the
Securities Act or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such holder, such
Electing Holder, such agent and such underwriter for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that neither
the Company nor the Support Provider shall be liable to any such person in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in such registration statement, or preliminary, final or summary prospectus, or amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the Company by such person expressly for
use therein. 
 (b) Indemnification by the Holders and any Agents and Underwriters. The Company may require, as a
condition to including any Registrable Securities in any registration statement filed pursuant to Section 2(b) hereof and to entering into any underwriting agreement with respect thereto, that the Company shall have received an undertaking
reasonably satisfactory to it from the Electing Holder of such Registrable Securities and from each underwriter named in any such underwriting agreement, severally and not jointly, to (i) indemnify and hold harmless the Company, the Support
Provider, and all other holders of Registrable Securities, against any losses, claims, damages or liabilities to which the Company, the Support Provider or such other holders of Registrable Securities may become subject, under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such registration statement, or any
preliminary, final or summary prospectus contained therein or furnished by the Company to any such Electing Holder, agent or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with written information furnished to the Company by such Electing Holder or underwriter expressly for use therein, and (ii) reimburse the Company and the Support Provider for any legal or
other expenses reasonably incurred by the Company and the Support Provider in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that no such Electing Holder shall be required
to undertake liability to any person under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder from the sale of such Electing Holder’s Registrable Securities pursuant to
such registration. 
 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party under subsection
(a) or (b) above of written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or contemplated by
this Section 6, notify such indemnifying party in writing of the commencement of such action; 

  

 19 

 
but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under
the indemnification provisions of or contemplated by Section 6(a) or 6(b) hereof. In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof, such indemnifying
party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who
shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party
shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of
investigation. In no event shall an indemnifying party be liable for the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or
separate but similar actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent
to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action
or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party. No indemnified party shall, without the written consent of the indemnifying party (such consent not to be unreasonably withheld), effect the settlement or compromise
of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder. 
 (d) Contribution. If for any reason the indemnification provisions contemplated by Section 6(a) or Section 6(b) are
unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in
connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such
indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and
equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an indemnified party as a result of the 

  

 20 

 
losses, claims, damages, or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6(d), no holder shall be required to contribute any amount in excess of the
amount by which the dollar amount of the proceeds received by such holder from the sale of any Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the
Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The holders’ and any underwriters’ obligations in this Section 6(d) to contribute shall be several in proportion to the principal amount of Registrable Securities registered or underwritten, as the case may be, by
them and not joint. 
 (e) The obligations of the Company and the Support Provider under this Section 6 shall be in
addition to any liability which the Company or the Support Provider may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder, agent and underwriter and each person, if any, who
controls any holder, agent or underwriter within the meaning of the Securities Act; and the obligations of the holders and any agents or underwriters contemplated by this Section 6 shall be in addition to any liability which the respective
holder, agent or underwriter may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company or the Support Provider and to each person, if any, who controls the Company within the meaning of the
Securities Act. 
 7. Underwritten Offerings. 
 (a) Selection of Underwriters. If any of the Registrable Securities covered by a Shelf Registration are to be sold pursuant to an
underwritten offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate principal amount of the Registrable Securities to be included in such offering, provided that
such designated managing underwriter or underwriters is or are reasonably acceptable to the Company. 
 (b) Participation
by Holders. Each holder of Registrable Securities hereby agrees with each other such holder that no such holder may participate in any underwritten offering hereunder unless such holder (i) agrees to sell such holder’s Registrable
Securities on the basis provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  

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 8. Rule 144. 
 The Company covenants to the holders of Registrable Securities that to the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the
Exchange Act or the Securities Act (including the reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the Commission under the Securities Act) and the rules and regulations
adopted by the Commission thereunder, and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitations of the exemption provided by Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar or successor rule or regulation hereafter adopted by the
Commission. Upon the request of any holder of Registrable Securities in connection with that holder’s sale pursuant to Rule 144, the Company shall deliver to such holder a written statement as to whether it has complied with such
requirements. 
 9. Miscellaneous. 
 (a) No Inconsistent Agreements. The Company represents, warrants, covenants and agrees that it has not granted, and shall not grant, registration rights with respect to Registrable Securities or any other
securities which would be inconsistent with the terms contained in this Exchange and Registration Rights Agreement. 
 (b)
Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if the Company fails to perform any of its obligations hereunder and that the Purchasers and the holders from time to time of the Registrable
Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchasers and such holders, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance
of the obligations of the Company under this Exchange and Registration Rights Agreement in accordance with the terms and conditions of this Exchange and Registration Rights Agreement, in any court of the United States or any State thereof having
jurisdiction. 
 (c) Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall
be in writing and shall be deemed to have been duly given when delivered by hand, if delivered personally or by courier, or three days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested) as
follows: If to the Company, to it at 1025 Laurel Oak Road, Voorhees, NJ 08043, facsimile (856) 346-8360; Attention: General Counsel, and if to a holder, to the address of such holder set forth in the security register or other records of the
Company, or to such other address as the Company or any such holder may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 (d) Parties in Interest. All the terms and provisions of this Exchange and Registration Rights Agreement shall be binding upon,
shall inure to the benefit of and shall be enforceable by the parties hereto and the holders from time to time of the Registrable Securities and the respective successors and assigns of the parties hereto and such holders. In the event that any
transferee of any holder of Registrable Securities shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing or action 

  

 22 

 
of any kind, be deemed a beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all of the terms of this Exchange and
Registration Rights Agreement, and by taking and holding such Registrable Securities such transferee shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound by all of the applicable terms and provisions of
this Exchange and Registration Rights Agreement. If the Company shall so request, any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable Securities subject to all of the applicable terms hereof.

 (e) Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth
in this Exchange and Registration Rights Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Securities,
any director, officer or partner of such holder, any agent or underwriter or any director, officer or partner thereof, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities
pursuant to the Purchase Agreement and the transfer and registration of Registrable Securities by such holder and the consummation of an Exchange Offer. 
 (f) Governing Law. This Exchange and Registration Rights Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
 (g) Headings. The descriptive headings of the several Sections and paragraphs of this Exchange and Registration Rights Agreement
are inserted for convenience only, do not constitute a part of this Exchange and Registration Rights Agreement and shall not affect in any way the meaning or interpretation of this Exchange and Registration Rights Agreement. 
 (h) Entire Agreement; Amendments. This Exchange and Registration Rights Agreement and the other writings referred to herein
(including the Indenture and the forms of Securities) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter. This Exchange and Registration Rights Agreement
supersedes all prior agreements and understandings between the parties with respect to its subject matter. This Exchange and Registration Rights Agreement may be amended and the observance of any term of this Exchange and Registration Rights
Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument duly executed by the Company and the holders of at least a majority in aggregate principal amount of the
Registrable Securities at the time outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or not any notice, writing
or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to such holder. 
 (i)
Inspection. For so long as this Exchange and Registration Rights Agreement shall be in effect, this Exchange and Registration Rights Agreement and a complete list of the names and addresses of all the holders of Registrable Securities shall
be made available for inspection and copying on any business day by any holder of Registrable Securities for proper purposes only (which shall include any purpose related to the rights of the holders of Registrable Securities under the Securities,
the Indenture and this 

  

 23 

 
Agreement) at the offices of the Company at the address thereof set forth in Section 9(c) above and at the office of the Trustee under the Indenture.

 (j) Counterparts. This agreement may be executed by the parties in counterparts, each of which shall be deemed to be
an original, but all such respective counterparts shall together constitute one and the same instrument. 
  

 24 

 If the foregoing is in accordance with your understanding, please sign and return to us one for the
Company, each Support Provider and each of the Representatives plus one for each counsel counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a
binding agreement between each of the Purchasers, the Support Provider and the Company. It is understood that your acceptance of this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement among
Purchasers, the form of which shall be submitted to the Company for examination upon request, but without warranty on your part as to the authority of the signers thereof. 
  

			
	Very truly yours,
	
	AMERICAN WATER CAPITAL CORP.
		
	By:	 	 
		 	 Name:
 Title:

  

			
	AMERICAN WATER WORKS COMPANY, INC.
		
	By:	 	 
		 	 Name:
 Title:

  

 25 

 Accepted as of the date hereof: 
 Citigroup Global Markets Inc. 
 Credit Suisse Securities (USA) LLC 
 Goldman, Sachs & Co. 
 Merrill Lynch,
Pierce, Fenner & Smith Incorporated 
  

			
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 
		 	 Name:
 Title:

  

			
	CREDIT SUISSE SECURITIES (USA) LLC
		
	By:	 	 
		 	 Name:
 Title:

  

			
	GOLDMAN, SACHS & CO.
		
	By:	 	 
		 	(Goldman, Sachs & Co.)

  

			
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
	By:	 	 
		 	 Name:
 Title:

 On behalf of each of the Purchasers 
  

 26

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