Document:

Commercial Paper Dealer Agreement dated March 11, 2003

EXHIBIT 4.18 
 
Execution Copy 
 
 
 
 
COMMERCIAL PAPER DEALER AGREEMENT 
4(2) PROGRAM 
 
 
between 
 
 
ANTHEM, INC., as Issuer 
 
and 
 
J.P. MORGAN SECURITIES INC., 
BANC OF AMERICA SECURITIES LLC 
AND 
SALOMON SMITH BARNEY INC., 
 
each as Dealer 
 
 
 
 
Concerning Notes to be issued pursuant to an Issuing and
Paying 
Agency Agreement dated as of March 11, 2003 between the 
Issuer and JPMorgan Chase Bank, as Issuing and Paying Agent 
 
 
 
 
Dated as of 
 
 
March 11, 2003 
 

 
4(2)
COMMERCIAL PAPER DEALER AGREEMENT 
 
This
agreement (“Agreement”) sets forth the understandings between the Issuer and the Dealers, each named on the cover page hereof, in connection with the issuance and sale by the Issuer of its short-term promissory notes (the
“Notes”) through the Dealers. 
 
Certain
terms used in this Agreement are defined in Section 6 hereof. 
 
The Addendum to this Agreement, and any Annexes or Exhibits described in this Agreement or such Addendum, are hereby incorporated into this Agreement and made fully a part hereof. 
 
 
Section 1.    Offers, Sales and Resales of Notes. 
 
1.1    While (i) the Issuer has and shall have no obligation to sell the Notes to any Dealer or to permit a Dealer to
arrange any sale of the Notes for the account of the Issuer, and (ii) each Dealer has and shall have no obligation to purchase the Notes from the Issuer or to arrange any sale of the Notes for the account of the Issuer, the parties hereto agree that
in any case where a Dealer purchases Notes from the Issuer, or arranges for the sale of Notes by the Issuer, such Notes will be purchased or sold by the Dealers in reliance on the representations, warranties, covenants and agreements of the Issuer
contained herein or made pursuant hereto and on the terms and conditions and in the manner provided herein. 
 
1.2    So long as this Agreement shall remain in effect, and in addition to the limitations contained in Section 1.7
hereof, the Issuer shall not, without the consent of the Dealers, offer, solicit or accept offers to purchase, or sell, any Notes except (a) in transactions with one or more dealers which may from time to time after the date hereof become dealers
with respect to the Notes by executing with the Issuer one or more agreements which contain provisions substantially identical to those contained in Section 1 of this Agreement, of which the Issuer hereby undertakes to provide the Dealers prompt
notice, or (b) in transactions with the other dealers listed on the Addendum hereto, which are executing agreements with the Issuer which contain provisions substantially identical to Section 1 of this Agreement contemporaneously herewith. In no
event shall the Issuer offer, solicit or accept offers to purchase, or sell, any Notes directly on its own behalf in transactions with persons other than broker-dealers as specifically permitted in this Section 1.2. 
 
1.3    The Notes shall be in a minimum
denomination of $150,000 or integral multiples of $1,000 in excess thereof, will bear such interest rates, if interest bearing, or will be sold at such discount from their face amounts, as shall be agreed upon by a Dealer and the Issuer, shall have
a maturity not exceeding 270 days from the date of issuance (exclusive of days of grace) and shall not contain any provision for extension, renewal or automatic “rollover.” 
 

2 

 
1.4    The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agency Agreement, and the Notes shall be book-entry notes evidenced by a Master
Note registered in the name of DTC or its nominee, in the form or forms annexed to the Issuing and Paying Agency Agreement. 
 
1.5    If the Issuer and a Dealer shall agree on the terms of the purchase of any Note by such Dealer or the sale of
any Note arranged by a Dealer (including, but not limited to, agreement with respect to the date of issue, purchase price, principal amount, maturity and interest rate (in the case of interest-bearing Notes) or discount thereof (in the case of Notes
issued on a discount basis), and appropriate compensation for such Dealer’s services hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be issued and delivered in accordance with the terms of the Issuing and Paying
Agency Agreement and payment for such Note shall be made by the purchaser thereof, either directly or through such Dealer, to the Issuing and Paying Agent, for the account of the Issuer. Except as otherwise agreed, in the event that a Dealer is
acting as an agent and a purchaser shall either fail to accept delivery of or make payment for a Note on the date fixed for settlement, such Dealer shall promptly notify the Issuer, and if such Dealer has theretofore paid the Issuer for the Note,
the Issuer will promptly return such funds to the Dealer upon notice of such failure. If such failure occurred for any reason other than default by the Dealer, the Issuer shall reimburse such Dealer on an equitable basis for the Dealer’s loss
of the use of such funds for the period such funds were credited to the Issuer’s account. 
 
1.6    The Dealers and the Issuer hereby establish and agree to observe the following procedures in connection with offers, sales and subsequent resales or other transfers of the
Notes: 
 
(a)    Offers and sales of the Notes by or through the Dealers shall be made only to: (i) investors reasonably believed by the Dealers to be Qualified Institutional Buyers (“QIB’s”) or Institutional
Accredited Investors, and (ii) non-bank fiduciaries or agents that will be purchasing Notes for one or more accounts, each of which is reasonably believed by the Dealers to be an Institutional Accredited Investor. 
 
(b)    Resales and other
transfers of the Notes by the holders thereof shall be made only in accordance with the restrictions in the legend described in clause (e) below. 
 
(c)    No general solicitation or general advertising shall be used in connection with the offering of
the Notes. Without limiting the generality of the foregoing, without the prior written approval of the Dealers, the Issuer shall not issue any press release or place or publish any “tombstone” or other advertisement relating to the Notes.

 
(d)    No
sale of Notes to any one purchaser shall be for less than $150,000 principal or face amount, and no Note shall be issued in a smaller principal or face amount. If the purchaser is a non-bank fiduciary acting on behalf of others, each person for whom
such purchaser is acting must purchase at least $150,000 principal or face amount of Notes. 
 

3 

 
(e)    Offers and sales of the Notes by the Issuer through the Dealers acting as agents for the Issuer shall be made in accordance with Rule 506 under the Securities Act, and shall be subject to the restrictions
described in the legend appearing on Exhibit A hereto. A legend substantially to the effect of such Exhibit A shall appear as part of the Private Placement Memorandum used in connection with offers and sales of Notes hereunder, as well as on each
individual certificate representing a Note and each Master Note representing book-entry Notes offered and sold pursuant to this Agreement. 
 
(f)    A Dealer shall furnish or shall have furnished to each purchaser of Notes for which it has
acted as the dealer a copy of the then-current Private Placement Memorandum unless such purchaser has previously received a copy of the Private Placement Memorandum as then in effect. The Private Placement Memorandum shall expressly state that any
person to whom Notes are offered shall have an opportunity to ask questions of, and receive information from, the Issuer and the Dealer and shall provide the names, addresses and telephone numbers of the persons from whom information regarding the
Issuer may be obtained. 
 
(g)    The Issuer agrees, for the benefit of the Dealers and each of the holders and prospective purchasers from time to time of the Notes that, if at any time the Issuer shall not be subject to Section 13 or
15(d) of the Exchange Act, the Issuer will furnish, upon request and at its expense, to the Dealers and to holders and prospective purchasers of Notes information required by Rule 144A(d)(4)(i) in compliance with Rule 144A(d). 
 
(h)    In the event that
any Note offered or to be offered by the Dealers would be ineligible for resale under Rule 144A, the Issuer shall immediately notify the Dealers (by telephone, confirmed in writing) of such fact and shall promptly prepare and deliver to the Dealers
an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for such ineligibility and any other relevant information relating thereto. 
 
(i)    The Issuer
represents that it is not currently issuing commercial paper in the United States market in reliance upon the exemption provided by Section 3(a)(3) of the Securities Act. The Issuer agrees that, if at any time during the term of this Agreement it
issues commercial paper in the United States market in reliance upon such exemption, (a) the proceeds from the sale of the Notes will be segregated from the proceeds of the sale of any such commercial paper by being placed in a separate account; (b)
the Issuer will institute appropriate corporate procedures to ensure that the offers and sales of notes issued by the Issuer pursuant to the Section 3(a)(3) exemption are not integrated with offerings and sales of Notes hereunder; and (c) the Issuer
will comply with each of the requirements of Section 3(a)(3) of the Act in selling commercial paper or other short-term debt securities other than the Notes in the United States. 
 
1.7    (a) The Issuer hereby confirms to the Dealers that (except as permitted by Section
1.6(i)) within the preceding six months neither the Issuer nor any person other than the Dealers or the other dealers referred to in Section 1.2 hereof acting on behalf of the Issuer has offered or 
 

4 

sold any Notes, or any substantially similar security of the Issuer (including, without limitation,
medium-term notes issued by the Issuer), to, or solicited offers to buy any such security from, any person other than the Dealers or the other dealers referred to in Section 1.2 hereof. The Issuer also agrees that (except as permitted by Section
1.6(i)), as long as the Notes are being offered for sale by the Dealers and the other dealers referred to in Section 1.2 hereof as contemplated hereby and until at least six months after the offer of Notes hereunder has been terminated, neither the
Issuer nor any person other than the Dealers or the other dealers referred to in Section 1.2 hereof (except as contemplated by Section 1.2 hereof) will offer the Notes or any substantially similar security of the Issuer for sale to, or solicit
offers to buy any such security from, any person other than the Dealers or the other dealers referred to in Section 1.2 hereof, it being understood that such agreement is made with a view to bringing the offer and sale of the Notes within the
exemption provided by Section 4(2) of the Securities Act and Rule 506 thereunder and shall survive any termination of this Agreement. The Issuer hereby represents and warrants that it has not taken or omitted to take, and will not take or omit to
take, any action that would cause the offering and sale of Notes hereunder to be integrated with any other offering of securities, whether such offering is made by the Issuer or some other party or parties. 
 
       (b) The Issuer
represents and agrees that the proceeds of the sale of the Notes are not currently contemplated to be used for the purpose of buying, carrying or trading securities within the meaning of Regulation T and the interpretations thereunder by the Board
of Governors of the Federal Reserve System. In the event that the Issuer determines to use such proceeds for the purpose of buying, carrying or trading securities, whether in connection with an acquisition of another company or otherwise, the Issuer
shall give the Dealers at least five business days’ prior written notice to that effect. The Issuer shall also give the Dealers prompt notice of the actual date that it commences to purchase securities with the proceeds of the Notes.
Thereafter, in the event that a Dealer purchases Notes as principal and does not resell such Notes on the day of such purchase, to the extent necessary to comply with Regulation T and the interpretations thereunder, such Dealer will sell such Notes
either (i) only to offerees it reasonably believes to be QIBs or to QIBs it reasonably believes are acting for other QIBs, in each case in accordance with Rule 144A or (ii) in a manner which would not cause a violation of Regulation T and the
interpretations thereunder. 
 
 
Section 2.    Representations and Warranties of Issuer. 
 
The Issuer represents and warrants that: 
 
2.1    The Issuer is a corporation duly
organized and validly existing under the laws of Indiana and has all the requisite power and authority to execute, deliver and perform its obligations under the Notes, this Agreement and the Issuing and Paying Agency Agreement. 
 
2.2    This Agreement and the Issuing and
Paying Agency Agreement have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and 
 

5 

subject, as to enforceability, to general principles of equity (regardless of whether enforcement is
sought in a proceeding in equity or at law). 
 
2.3    The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agency Agreement, will be duly and validly issued and will constitute legal, valid and binding obligations of the
Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 
 
2.4    The offer and sale of Notes in the manner contemplated hereby do not require registration of the Notes under the Securities Act, pursuant to the exemption from registration
contained in Section 4(2) thereof, and no indenture in respect of the Notes is required to be qualified under the Trust Indenture Act of 1939, as amended. 
 
2.5    The Notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness of the
Issuer. 
 
2.6    No consent or
action of, or filing or registration with, any governmental or public regulatory body or authority, including the SEC, is required to authorize, or is otherwise required in connection with the execution, delivery or performance of, this Agreement,
the Notes or the Issuing and Paying Agency Agreement, except as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Notes. 
 
2.7    Neither the execution and delivery of this Agreement and the Issuing and Paying
Agency Agreement, nor the issuance of the Notes in accordance with the Issuing and Paying Agency Agreement, nor the fulfillment of or compliance with the terms and provisions hereof or thereof by the Issuer, will (i) result in the creation or
imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Issuer, or (ii) violate or result in a breach or a default under any of the terms of the Issuer’s charter documents or
by-laws, any contract or instrument to which the Issuer is a party or by which it or its property is bound, or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality, to which the Issuer is subject
or by which it or its property is bound, which breach or default could reasonably be expected to have a material adverse effect on the condition (financial or otherwise), operations or business of the Issuer, the validity of the Notes, or the
ability of the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement. 
 
2.8    There is no litigation or governmental proceeding pending, or to the knowledge of the Issuer threatened,
against or affecting the Issuer or any of its subsidiaries which could reasonably be expected to result in a material adverse change in the condition (financial or otherwise), operations or business of the Issuer or the ability of the Issuer to
perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement, except as may be disclosed in the Private Placement Memorandum from time to time or as may be 
 

6 

disclosed in the Company Information, from time to time, of which the Dealer has been specifically
apprised. 
 
2.9    The Issuer
is not an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 
2.10    Neither the Private Placement Memorandum nor the Company Information contains any
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 
2.11    Each (a) issuance of Notes by the
Issuer hereunder and (b) amendment or supplement of the Private Placement Memorandum shall be deemed a representation and warranty by the Issuer to the Dealers, as of the date thereof, that, both before and after giving effect to such issuance and
after giving effect to such amendment or supplement, (i) the representations and warranties given by the Issuer set forth above in this Section 2 remain true and correct on and as of such date as if made on and as of such date, (ii) in the case of
an issuance of Notes, the Notes being issued on such date have been duly and validly issued and constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and (iii) in the
case of an issuance of Notes, since the date of the most recent Private Placement Memorandum, there has been no material adverse change in the condition (financial or otherwise), operations or business of the Issuer which has not been disclosed to
the Dealers in writing. 
 
 
Section 3.    Covenants and Agreements of Issuer. 
 
The Issuer covenants and agrees that: 
 
3.1    The Issuer will give the Dealers
prompt notice (but in any event prior to any subsequent issuance of Notes hereunder) of any amendment to, modification of or waiver with respect to, the Notes or the Issuing and Paying Agency Agreement, including a complete copy of any such
amendment, modification or waiver. 
 
3.2    The Issuer shall, whenever there shall occur any change in the Issuer’s condition (financial or otherwise), operations or business or any development or occurrence in relation to the Issuer that would
be material to holders of the Notes or potential holders of the Notes (including any downgrading or receipt of any notice of intended or potential downgrading or any review for potential change in the rating accorded any of the Issuer’s
securities by any nationally recognized statistical rating organization which has published a rating of the Notes), promptly, and in any event prior to any subsequent issuance of Notes hereunder, notify the Dealers (by telephone, confirmed in
writing) of such change, development or occurrence. 
 

7 

 
3.3    The Issuer shall from time to time furnish to the Dealers such information as the Dealers may reasonably request, including, without limitation, any press releases or material provided by the Issuer to any
national securities exchange or rating agency, regarding (i) the Issuer’s operations and financial condition, (ii) the due authorization and execution of the Notes and (iii) the Issuer’s ability to pay the Notes as they mature.

 
3.4    The Issuer will take
all such action as the Dealers may reasonably request to ensure that each offer and each sale of the Notes will comply with any applicable state Blue Sky laws; provided, however, that the Issuer shall not be obligated to file any general consent to
service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. 
 
3.5    The Issuer will not be in default
of any of its obligations hereunder, under the Notes or under the Issuing and Paying Agency Agreement, at any time that any of the Notes are outstanding. 
 
3.6    The Issuer shall not issue Notes hereunder until the Dealers shall have received (a) an opinion of counsel to
the Issuer, addressed to the Dealers, satisfactory in form and substance to the Dealers, (b) a copy of the executed Issuing and Paying Agency Agreement as then in effect, (c) a copy of resolutions adopted by the Board of Directors of the Issuer,
satisfactory in form and substance to the Dealers and certified by the Secretary or similar officer of the Issuer, authorizing execution and delivery by the Issuer of this Agreement, the Issuing and Paying Agency Agreement and the Notes and
consummation by the Issuer of the transactions contemplated hereby and thereby, (d) prior to the issuance of any Notes represented by a book-entry note registered in the name of DTC or its nominee, a copy of the executed Letter of Representations
among the Issuer, the Issuing and Paying Agent and DTC and (e) such other certificates, opinions, letters (including rating letters) and documents as the Dealers shall have reasonably requested. 
 
3.7    The Issuer shall reimburse the
Dealers for all of the Dealers’ out-of-pocket expenses related to this Agreement, including expenses incurred in connection with its preparation and negotiation, and the transactions contemplated hereby (including, but not limited to, the
printing and distribution of the Private Placement Memorandum), and, if applicable, for the reasonable fees and out-of-pocket expenses of the Dealers’ counsel. 
 
 
Section
4.    Disclosure. 
 
4.1    The Private Placement Memorandum and its contents (other than the Dealer Information) shall be the sole responsibility of the Issuer. The Private Placement Memorandum shall contain a statement expressly
offering an opportunity for each prospective purchaser to ask questions of, and receive answers from, the Issuer concerning the offering of Notes and to obtain 
 

8 

relevant additional information, which the Issuer possesses or can acquire without unreasonable effort or
expense. 
 
4.2    The Issuer
agrees to promptly furnish a Dealer the Company Information as it becomes available, upon request by such Dealer from time to time. 
 
4.3    (a) The Issuer further agrees to notify the Dealers promptly upon the occurrence of any event relating to or
affecting the Issuer that would cause the Company Information then in existence to include an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements contained therein, in light of the
circumstances under which they are made, not misleading. 
 
         (b) In the event that the Issuer gives the Dealers notice pursuant to Section 4.3(a) and a Dealer notifies the Issuer that it is then holding Notes in inventory, the Issuer agrees
promptly to supplement or amend the Private Placement Memorandum so that the Private Placement Memorandum, as amended or supplemented, shall not contain an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading, and the Issuer shall make such supplement or amendment available to the Dealers. 
 
         (c) In the event that (i) the Issuer gives the Dealers
notice pursuant to Section 4.3(a), (ii) none of the Dealers notifies the Issuer that it is then holding Notes in inventory and (iii) the Issuer chooses not to promptly amend or supplement the Private Placement Memorandum in the manner described in
clause (b) above, then all solicitations and sales of Notes shall be suspended until such time as the Issuer has so amended or supplemented the Private Placement Memorandum, and made such amendment or supplement available to the Dealers.

 
 
Section 5.    Indemnification and Contribution. 
 
5.1    The Issuer will indemnify and hold harmless each Dealer, each individual, corporation, partnership, trust,
association or other entity controlling each Dealer, any affiliate of each Dealer or any such controlling entity and their respective directors, officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter
the “Indemnitees”) against any and all liabilities, penalties, suits, causes of action, losses, damages, claims, costs and expenses (including, without limitation, fees and disbursements of counsel) or judgments of whatever kind or nature
(each a “Claim”), imposed upon, incurred by or asserted against the Indemnitees arising out of or based upon (i) any allegation that the Private Placement Memorandum, the Company Information or any information provided by the Issuer to the
Dealers included (as of any relevant time) or includes an untrue statement of a material fact or omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading or (ii) the breach by the Issuer of any agreement, covenant or representation made in or pursuant to 
 

9 

this Agreement. This indemnification shall not apply to the extent that the Claim arises out of or is
based upon Dealer Information. 
 
5.2    Provisions relating to claims made for indemnification under this Section 5 are set forth on Exhibit B to this Agreement. 
 
5.3    In order to provide for just and equitable contribution in circumstances in which
the indemnification provided for in this Section 5 is held to be unavailable or insufficient to hold harmless the Indemnitees, although applicable in accordance with the terms of this Section 5, the Issuer shall contribute to the aggregate costs
incurred by the Dealers in connection with any Claim in the proportion of the respective economic interests of the Issuer and the Dealers; provided, however, that such contribution by the Issuer shall be in an amount such that the aggregate costs
incurred by the Dealers do not exceed the aggregate of the commissions and fees earned by the Dealers hereunder with respect to the issue or issues of Notes to which such Claim relates. The respective economic interests shall be calculated by
reference to the aggregate proceeds to the Issuer of the Notes issued hereunder and the aggregate commissions and fees earned by the Dealers hereunder. 
 
 
Section
6.    Definitions. 
 
6.1    “Claim” shall have the meaning set forth in Section 5.1. 
 
6.2    “Company Information” at any given time shall mean the Private Placement Memorandum together with, to
the extent applicable, (i) the Issuer’s most recent report on Form 10-K filed with the SEC and each report on Form 10-Q or 8-K filed by the Issuer with the SEC since the most recent Form 10-K, (ii) the Issuer’s most recent annual audited
financial statements and each interim financial statement or report prepared subsequent thereto, if not included in item (i) above, (iii) the Issuer’s other publicly available recent reports, (iv) any other information or disclosure prepared
pursuant to Section 4.3 hereof and (v) any information prepared or approved by the Issuer for dissemination to investors or potential investors in the Notes. 
 
6.3    “Dealer Information” shall mean material concerning the Dealers provided by the Dealers in writing
expressly for inclusion in the Private Placement Memorandum. 
 
6.4    “DTC” shall mean The Depository Trust Company. 
 
6.5    “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended. 
 
6.6    “Indemnitee” shall have
the meaning set forth in Section 5.1. 
 
6.7    “Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor within the meaning of Rule 501 under the Securities Act and that has such knowledge and
experience in financial and business matters that it is capable of evaluating and 
 

10 

bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as defined
in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity. 
 
6.8    “Issuing and Paying Agency
Agreement” shall mean the issuing and paying agency agreement described on the cover page of this Agreement, as such agreement may be amended or supplemented from time to time. 
 
6.9    “Issuing and Paying Agent” shall mean the party designated as such on
the cover page of this Agreement, as issuing and paying agent under the Issuing and Paying Agency Agreement, or any successor thereto in accordance with the Issuing and Paying Agency Agreement. 
 
6.10    “Non-bank fiduciary or
agent” shall mean a fiduciary or agent other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or (b) a savings and loan association, as defined in Section 3(a)(5)(A) of the Securities Act. 
 
6.11    “Private Placement
Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials referred to therein or incorporated by reference therein) provided to purchasers and prospective purchasers of the Notes, and shall include
amendments and supplements thereto which may be prepared from time to time in accordance with this Agreement (other than any amendment or supplement that has been completely superseded by a later amendment or supplement). 
 
6.12    “Qualified Institutional
Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act. 
 
6.13    “Rule 144A” shall mean Rule 144A under the Securities Act. 
 
6.14    “SEC” shall mean the U.S. Securities and Exchange Commission. 
 
6.15    “Securities Act” shall
mean the U.S. Securities Act of 1933, as amended. 
 

11 

Section 7.    General 
 
7.1    Unless otherwise expressly provided
herein, all notices under this Agreement to parties hereto shall be in writing and shall be effective when received at the address of the respective party set forth in the Addendum to this Agreement. 
 
7.2    This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, without regard to its conflict of laws provisions. 
 
7.3    The Issuer agrees that any suit, action or proceeding brought by the Issuer against the Dealers in connection
with or arising out of this Agreement or the Notes or the offer and sale of the Notes shall be brought solely in the United States federal courts located in the Borough of Manhattan or the courts of the State of New York located in the Borough of
Manhattan. Each of the Dealers and the Issuer waives its right to trial by jury in any suit, action or proceeding with respect to this Agreement or the transactions contemplated hereby. 
 
7.4    With respect to each Dealer, this Agreement may be terminated, at any time, by the
Issuer, upon one business day’s prior notice to such effect to the Dealers, or by the Dealer upon one business day’s prior notice to such effect to the Issuer. Any such termination, however, shall not affect the obligations of the Issuer
under Sections 3.7, 5 and 7.3 hereof or the respective representations, warranties, agreements, covenants, rights or responsibilities of the parties made or arising prior to the termination of this Agreement. 
 
7.5    This Agreement is not assignable by
either party hereto without the written consent of the other party; provided, however, that a Dealer may assign its rights and obligations under this Agreement to any affiliate of such Dealer. 
 
7.6    This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 
(signatures on following page) 
 

12 

 
7.7    This Agreement is for the exclusive benefit of the parties hereto, and their respective permitted successors and assigns hereunder, and shall not be deemed to give any legal or equitable right, remedy or
claim to any other person whatsoever. 
 
IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year first above written. 
 

	 ANTHEM, INC., as Issuer

	
	 By:
	 	

	
	 Name:
 Title:

 
 

	 J.P. MORGAN SECURITIES INC., as Dealer

	
	 By:
	 	

	 Name:
 Title:

 
 

	 BANC OF AMERICA SECURITIES LLC, as Dealer

	
	 By:
	 	

	 Name:
 Title:

 
 

	 SALOMON SMITH BARNEY INC., as Dealer

	
	 By:
	 	

	 Name:
 Title:

 

13 

ADDENDUM 
 
The following additional clause shall apply to the Agreement and be deemed a part thereof: 
 
The addresses of the respective parties for purposes of
notices under Section 7.1 are as follows: 
 

	 For the Issuer:
	 	 
	 	 	 Address:
	 	 Anthem, Inc.
	 	 
	 	 	 	 	 120 Monument Circle
	 	 
	 	 	 	 	 Indianapolis, IN 46204-4903
	 	 
	
	 	 	 Attention:
	 	 Treasurer
	 	 
	 	 	 Telephone number:
	 	 (317) 488-6154
	 	 
	 	 	 Fax number:
	 	 (317) 488-6160
	 	 
	
	 For J.P. Morgan Securities Inc.:
	 	 
	 	 	 Address:
	 	 J.P. Morgan Securities Inc.
	 	 
	 	 	 	 	 270 Park Avenue – 9th Floor
	 	 
	 	 	 	 	 New York, NY 10017
	 	 
	
	 	 	 Attention:
	 	 Money Market Division
	 	 
	 	 	 Telephone number:
	 	 (212) 834-5070
	 	 
	 	 	 Fax number:
	 	 (212) 834-6560
	 	 
	
	 For Banc of America Securities LLC:
	 	 
	 	 	 Address:
	 	 Banc of America Securities LLC
	 	 
	 	 	 	 	 600 Montgomery Street
	 	 
	 	 	 	 	 CA5-801-12-47
	 	 
	 	 	 	 	 San Francisco, CA 94111
	 	 
	
	 	 	 Attention:
	 	 Money Market Origination
	 	 
	 	 	 Telephone number:
	 	 (415) 913-6216
	 	 
	 	 	 Fax number:
	 	 (415) 913-6288
	 	 
	
	 For Salomon Smith Barney Inc.:
	 	 
	 	 	 Address:
	 	 Salomon Smith Barney Inc.
	 	 
	 	 	 	 	 390 Greenwich Street, 4th Floor
	 	 
	 	 	 	 	 New York, NY 10013
	 	 
	 	 	 	 	 	 	 
	
	 	 	 Attention:
	 	 Money Markets Origination
	 	 
	 	 	 Telephone number:
	 	 (212) 723-6378
	 	 
	 	 	 Fax number:
	 	 (212) 723-8624
	 	 

 

EXHIBIT A 
 
FORM OF LEGEND FOR 
PRIVATE PLACEMENT MEMORANDUM AND NOTES 
 
 
THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER
APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER
WILL BE DEEMED TO REPRESENT THAT IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER AND THE NOTES, THAT IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND THAT IT IS EITHER (A) AN INSTITUTIONAL
INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND THAT EITHER IS PURCHASING NOTES FOR ITS OWN ACCOUNT, IS A U.S. BANK (AS DEFINED IN SECTION 3(a)(2) OF THE
ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN) PURCHASING NOTES FOR ONE
OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR AND WITH RESPECT TO WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE
ACT WHICH IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH IS A QIB AND WITH RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY
RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A)
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO J.P. MORGAN SECURITIES INC. OR ANOTHER PERSON DESIGNATED BY THE ISSUER AS A DEALER FOR THE NOTES (COLLECTIVELY, THE “DEALER”), NONE OF WHICH SHALL HAVE
ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A DEALER TO AN INSTITUTIONAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $150,000. 
 

EXHIBIT B 
 
FURTHER PROVISIONS RELATING 
TO INDEMNIFICATION 
 
 
(a)    The Issuer agrees to reimburse each Indemnitee for all expenses (including reasonable fees and disbursements of
internal and external counsel) as they are incurred by it in connection with investigating or defending any loss, claim, damage, liability or action in respect of which indemnification may be sought under Section 5 of the Agreement (whether or not
it is a party to any such proceedings). 
 
(b)    Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee will, if a claim in respect thereof is to be made against the Issuer, notify the Issuer in writing of the
existence thereof; provided that (i) the omission so to notify the Issuer will not relieve the Issuer from any liability which it may have hereunder unless and except to the extent it did not otherwise learn of such Claim and such failure results in
the forfeiture by the Issuer of substantial rights and defenses, and (ii) the omission so to notify the Issuer will not relieve it from any liability which it may have to an Indemnitee otherwise than on account of this indemnity agreement. In case
any such Claim is made against any Indemnitee and it notifies the Issuer of the existence thereof, the Issuer will be entitled to participate therein, and to the extent that it may elect by written notice delivered to the Indemnitee, to assume the
defense thereof, with counsel reasonably satisfactory to such Indemnitee; provided that if the defendants in any such Claim include both the Indemnitee and the Issuer, and the Indemnitee shall have concluded that there may be legal defenses
available to it which are different from or additional to those available to the Issuer, the Issuer shall not have the right to direct the defense of such Claim on behalf of such Indemnitee, and the Indemnitee shall have the right to select separate
counsel to assert such legal defenses on behalf of such Indemnitee. Upon receipt of notice from the Issuer to such Indemnitee of the Issuer’s election so to assume the defense of such Claim and approval by the Indemnitee of counsel, the Issuer
will not be liable to such Indemnitee for expenses incurred thereafter by the Indemnitee in connection with the defense thereof (other than reasonable costs of investigation) unless (i) the Indemnitee shall have employed separate counsel in
connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood, however, that the Issuer shall not be liable for the expenses of more than one separate counsel (in addition to any
local counsel in the jurisdiction in which any Claim is brought), approved by the Dealer, representing the Indemnitee who is party to such Claim), (ii) the Issuer shall not have employed counsel reasonably satisfactory to the Indemnitee to represent
the Indemnitee within a reasonable time after notice of existence of the Claim or (iii) the Issuer has authorized in writing the employment of counsel for the Indemnitee. The indemnity, reimbursement and contribution obligations of the Issuer
hereunder shall be in addition to any other liability the Issuer may otherwise have to an Indemnitee and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Issuer and any Indemnitee.
The Issuer agrees that without the Dealers’ prior written consent, it will not settle, compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification provision of the
Agreement (whether or not the Dealers or any other Indemnitee is an actual or potential party to such Claim). 
 

16Issuing and Paying Agency Agreement dated March 11, 2003

EXHIBIT 4.19 
 
ISSUING AND PAYING AGENCY AGREEMENT 
 
This Agreement, dated as of March 11, 2003 is by and between Anthem, Inc. (the “Issuer”) and
JPMorgan Chase Bank (“JPMorgan”). 
 
 
1.    APPOINTMENT AND ACCEPTANCE 
 
The Issuer hereby appoints JPMorgan as its issuing and paying agent in connection with the issuance and
payment of certain short-term promissory notes of the Issuer (the “Notes”), as further described herein, and JPMorgan agrees to act as such agent upon the terms and conditions contained in this Agreement. 
 
 
2.    COMMERCIAL PAPER PROGRAMS 
 
The Issuer may establish one or more commercial paper programs under this Agreement by delivering to JPMorgan a completed program schedule
(the “Program Schedule”), with respect to each such program. JPMorgan has given the Issuer a copy of the current form of Program Schedule and the Issuer shall complete and return its first Program Schedule to JPMorgan prior to or
simultaneously with the execution of this Agreement. In the event that any of the information provided in, or attached to, a Program Schedule shall change, the Issuer shall promptly inform JPMorgan of such change in writing. 
 
 
3.    NOTES 
 
All Notes issued by the Issuer under this Agreement shall be short-term promissory notes, exempt from the registration requirements of the Securities Act of 1933, as amended, as indicated on the
Program Schedules, and from applicable state securities laws. The Notes may be placed by dealers (the “Dealers”) pursuant to Section 4 hereof. Notes shall be issued in either certificated or book-entry form. 
 
 
4.    AUTHORIZED REPRESENTATIVES 
 
The Issuer shall deliver to JPMorgan a certified copy of a duly adopted corporate resolution from the Issuer’s Board of Directors (or
other governing body) authorizing the issuance of Notes under each program established pursuant to this Agreement and a certificate of incumbency, with specimen signatures attached, of those officers, employees and agents of the Issuer authorized to
take certain actions with respect to the Notes as provided in this Agreement (each such person is hereinafter referred to as an “Authorized Representative”). Until JPMorgan receives any subsequent incumbency certificates of the
Issuer, JPMorgan shall be entitled to rely on the last incumbency certificate delivered to it for the purpose of determining the Authorized Representatives. The Issuer represents and warrants that each Authorized Representative may appoint other
officers, employees and agents of the Issuer (the “Delegates”), including without limitation any Dealers, to issue instructions to JPMorgan under this Agreement, and take other actions on the Issuer’s behalf hereunder, provided
that notice of the appointment of each Delegate is delivered to JPMorgan in writing. Each such appointment shall remain in effect unless and until revoked by the Issuer in a written notice to JPMorgan. 
 
 
5.    CERTIFICATED NOTES 
 
If and when the Issuer intends to issue certificated notes (“Certificated Notes”), the Issuer and JPMorgan shall agree
upon the form of such Notes. Thereafter, the Issuer shall from time to time deliver to JPMorgan adequate supplies of Certificated Notes which will be in bearer form, serially numbered, and shall be executed by the manual or facsimile signature of an
Authorized Representative. JPMorgan will acknowledge receipt of any supply of Certificated Notes received 
 

1 

from the Issuer, noting any exceptions to the shipping manifest or transmittal letter (if any), and will
hold the Certificated Notes in safekeeping for the Issuer in accordance with JPMorgan’s customary practices. JPMorgan shall not have any liability to the Issuer to determine by whom or by what means a facsimile signature may have been affixed
on Certificated Notes, or to determine whether any facsimile or manual signature is genuine, if such facsimile or manual signature resembles the specimen signature attached to the Issuer’s certificate of incumbency with respect to such
Authorized Representative. Any Certificated Note bearing the manual or facsimile signature of a person who is an Authorized Representative on the date such signature was affixed shall bind the Issuer after completion thereof by JPMorgan,
notwithstanding that such person shall have ceased to hold his or her office on the date such Note is countersigned or delivered by JPMorgan. 
 
 
6.    BOOK-ENTRY
NOTES 
 
The Issuer’s book-entry notes
(“Book-Entry Notes”) shall not be issued in physical form, but their aggregate face amount shall be represented by a master note (the “Master Note”) in the form of Exhibit A executed by the Issuer pursuant to the
book-entry commercial paper program of The Depository Trust Company (“DTC”). JPMorgan shall maintain the Master Note in safekeeping, in accordance with its customary practices, on behalf of Cede & Co., the registered owner
thereof and nominee of DTC. As long as Cede & Co. is the registered owner of the Master Note, the beneficial ownership interest therein shall be shown on, and the transfer of ownership thereof shall be effected through, entries on the books
maintained by DTC and the books of its direct and indirect participants. The Master Note and the Book-Entry Notes shall be subject to DTC’s rules and procedures, as amended from time to time. JPMorgan shall not be liable or responsible for
sending transaction statements of any kind to DTC’s participants or the beneficial owners of the Book-Entry Notes, or for maintaining, supervising or reviewing the records of DTC or its participants with respect to such Notes. In connection
with DTC’s program, the Issuer understands that as one of the conditions of its participation therein, it shall be necessary for the Issuer and JPMorgan to enter into a Letter of Representations, in the form of Exhibit B hereto, and for DTC to
receive and accept such Letter of Representations. In accordance with DTC’s program, JPMorgan shall obtain from the CUSIP Service Bureau a written list of CUSIP numbers for Issuer’s Book-Entry Notes, and JPMorgan shall deliver such list to
DTC. The CUSIP Service Bureau shall bill the Issuer directly for the fee or fees payable for the list of CUSIP numbers for the Issuer’s Book-Entry Notes. 
 
 
7.    ISSUANCE
INSTRUCTIONS TO JPMORGAN; PURCHASE PAYMENTS 
 
The Issuer understands that all instructions under this Agreement are to be directed to JPMorgan’s Commercial Paper Operations Department. JPMorgan shall provide the Issuer, or, if applicable, the Issuer’s Dealers, with
access to JPMorgan’s Money Market Issuance System or other electronic means (collectively, the “System”) in order that JPMorgan may receive electronic instructions for the issuance of Notes. Electronic instructions must be
transmitted in accordance with the procedures furnished by JPMorgan to the Issuer or its Dealers in connection with the System. These transmissions shall be the equivalent to the giving of a duly authorized written and signed instruction which
JPMorgan may act upon without liability. In the event that the System is inoperable at any time, an Authorized Representative or a Delegate may deliver written, telephone or facsimile instructions to JPMorgan, which instructions shall be verified in
accordance with any security procedures agreed upon by the parties. JPMorgan shall incur no liability to the Issuer in acting upon instructions believed by JPMorgan in good faith to have been given by an Authorized Representative or a Delegate. In
the event that a discrepancy exists between a telephonic instruction and a written confirmation, the telephonic instruction will be deemed the controlling and proper instruction. JPMorgan may electronically record any conversations made pursuant to
this Agreement, and the Issuer hereby consents to such recordings. All issuance instructions regarding the Notes must be received by 1:00 P.M. New York time in order for the Notes to be issued or delivered on the same day. 
 
(a)    Issuance and Purchase of
Book-Entry Notes.    Upon receipt of issuance instructions from the Issuer or its Dealers with respect to Book-Entry 
 

2 

Notes, JPMorgan shall transmit such instructions to DTC and direct DTC to cause
appropriate entries of the Book-Entry Notes to be made in accordance with DTC’s applicable rules, regulations and procedures for book-entry commercial paper programs. JPMorgan shall assign CUSIP numbers to the Issuer’s Book-Entry Notes to
identify the Issuer’s aggregate principal amount of outstanding Book-Entry Notes in DTC’s system, together with the aggregate unpaid interest (if any) on such Notes. Promptly following DTC’s established settlement time on each
issuance date, JPMorgan shall access DTC’s system to verify whether settlement has occurred with respect to the Issuer’s Book-Entry Notes. Prior to the close of business on such business day, JPMorgan shall deposit immediately available
funds in the amount of the proceeds due the Issuer (if any) to the Issuer’s account at JPMorgan and designated in the applicable Program Schedule (the “Account”), provided that JPMorgan has received DTC’s
confirmation that the Book-Entry Notes have settled in accordance with DTC’s applicable rules, regulations and procedures. JPMorgan shall have no liability to the Issuer whatsoever if any DTC participant purchasing a Book-Entry Note fails to
settle or delays in settling its balance with DTC or if DTC fails to perform in any respect. 
 
(b)    Issuance and Purchase of Certificated Notes.    Upon receipt of issuance instructions with respect to Certificated Notes, JPMorgan shall:
(a) complete each Certificated Note as to principal amount, date of issue, maturity date, place of payment, and rate or amount of interest (if such Note is interest bearing) in accordance with such instructions; (b) countersign each Certificated
Note; and (c) deliver each Certificated Note in accordance with the Issuer’s instructions, except as otherwise set forth below. Whenever JPMorgan is instructed to deliver any Certificated Note by mail, JPMorgan shall strike from the
Certificated Note the word “Bearer,” insert as payee the name of the person so designated by the Issuer and effect delivery by mail to such payee or to such other person as is specified in such instructions to receive the Certificated
Note. The Issuer understands that, in accordance with the custom prevailing in the commercial paper market, delivery of Certificated Notes shall be made before the actual receipt of payment for such Notes in immediately available funds, even if the
Issuer instructs JPMorgan to deliver a Certificated Note against payment. Therefore, once JPMorgan has delivered a Certificated Note to the designated recipient, the Issuer shall bear the risk that such recipient may fail to remit payment of such
Note or return such Note to JPMorgan. Delivery of Certificated Notes shall be subject to the rules of the New York Clearing House in effect at the time of such delivery. Funds received in payment of Certificated Notes shall be credited to the
Account. 
 
 
8.    USE OF SALES PROCEEDS IN ADVANCE OF PAYMENT 
 
JPMorgan shall not be obligated to credit the Issuer’s
Account unless and until payment of the purchase price of each Note is received by JPMorgan. From time to time, JPMorgan, in its sole discretion, may permit the Issuer to have use of funds payable with respect to a Note prior to JPMorgan’s
receipt of the sales proceeds of such Note. If JPMorgan makes a deposit, payment or transfer of funds on behalf of the Issuer before JPMorgan receives payment for any Note, such deposit, payment or transfer of funds shall represent an advance by
JPMorgan to the Issuer to be repaid promptly, and in any event on the same day as it is made, from the proceeds of the sale of such Note, or by the Issuer if such proceeds are not received by JPMorgan. 
 
 
9.    PAYMENT OF MATURED NOTES 
 
Notice that the Issuer will not redeem any Note on the relative Initial Redemption Date (as defined in the applicable Extendible Commercial Note Announcement) must be received in writing 
 

3 

by JPMorgan by 11:00 A.M. on such Initial Redemption Date. On any other day when a Note matures or is
prepaid, the Issuer shall transmit, or cause to be transmitted, to the Account, prior to 2:00 P.M. New York time on the same day, an amount of immediately available funds sufficient to pay the aggregate principal amount of such Note and any
applicable interest due. JPMorgan shall pay the interest (if any) and principal on a Book-Entry Note to DTC in immediately available funds, which payment shall be by net settlement of JPMorgan’s account at DTC. JPMorgan shall pay Certificated
Notes upon presentment. JPMorgan shall have no obligation under the Agreement to make any payment for which there is not sufficient, available and collected funds in the Account, and JPMorgan may, without liability to the Issuer, refuse to pay any
Note that would result in an overdraft to the Account. 
 
 
10.    OVERDRAFTS 
 
(a)    Intraday overdrafts with respect to each Account shall be subject to
JPMorgan’s policies as in effect from time to time. 
 
(b)    An overdraft will exist in an Account if JPMorgan, in its sole discretion, (i) permits an advance to be made pursuant to Section 8 and, notwithstanding the provisions of Section 8, such advance is not
repaid in full on the same day as it is made, or (ii) pays a Note pursuant to Section 9 in excess of the available collected balance in such Account. Overdrafts shall be subject to JPMorgan’s established banking practices, including, without
limitation, the imposition of interest, funds usage charges and administrative fees. The Issuer shall repay any such overdraft, fees and charges no later than the next business day, together with interest on the overdraft at the rate established by
JPMorgan for the Account, computed from and including the date of the overdraft to the date of repayment. 
 
 
11.    NO PRIOR COURSE OF DEALING 
 
No prior action or course of dealing on the part of JPMorgan
with respect to advances of the purchase price or payments of matured Notes shall give rise to any claim or cause of action by the Issuer against JPMorgan in the event that JPMorgan refuses to pay or settle any Notes for which the Issuer has not
timely provided funds as required by this Agreement. 
 
 
12.    RETURN OF CERTIFICATED NOTES 
 
JPMorgan will in due course cancel any Certificated Note
presented for payment and return such Note to the Issuer. JPMorgan shall also cancel and return to the Issuer any spoiled or voided Certificated Notes. Promptly upon written request of the Issuer or at the termination of this Agreement, JPMorgan
shall destroy all blank, unissued Certificated Notes in its possession and furnish a certificate to the Issuer certifying such actions. 
 
 
13.    INFORMATION
FURNISHED BY JPMORGAN 
 
Upon the reasonable
request of the Issuer, JPMorgan shall promptly provide the Issuer with information with respect to any Note issued and paid hereunder, provided, that the Issuer delivers such request in writing and, to the extent applicable, includes the serial
number or note number, principal amount, payee, date of issue, maturity date, amount of interest (if any) and place of payment of such Note. 
 
 
14.    REPRESENTATIONS AND WARRANTIES 
 
The Issuer represents and warrants that: (i) it has the right, capacity and authority to enter into this Agreement; and (ii) it will comply with all of its obligations and duties under this Agreement.
The Issuer further represents and agrees that each Note issued and distributed upon its instruction 
 

4 

pursuant to this Agreement shall constitute the Issuer’s representation and warranty to JPMorgan that
such Note is a legal, valid and binding obligation of the Issuer, and that such Note is being issued in a transaction which is exempt from registration under the Securities Act of 1933, as amended, and any applicable state securities law.

 
 
15.    DISCLAIMERS 
 
Neither JPMorgan nor its directors, officers, employees or agents shall be liable for any act or omission under this Agreement except in the case of gross negligence or willful misconduct. IN NO EVENT
SHALL JPMORGAN BE LIABLE FOR SPECIAL, INDIRECT OR CONSEQUENTIAL LOSS OR DAMAGE OF ANY KIND WHATSOEVER (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF JPMORGAN HAS BEEN ADVISED OF THE LIKELIHOOD OF SUCH LOSS OR DAMAGE AND REGARDLESS OF THE FORM
OF ACTION. In no event shall JPMorgan be considered negligent in consequence of complying with DTC’s rules, regulations and procedures. The duties and obligations of JPMorgan, its directors, officers, employees or agents shall be determined by
the express provisions of this Agreement and they shall not be liable except for the performance of such duties and obligations as are specifically set forth herein and no implied covenants shall be read into this Agreement against them. Neither
JPMorgan nor its directors, officers, employees or agents shall be required to ascertain whether any issuance or sale of any Notes (or any amendment or termination of this Agreement) has been duly authorized or is in compliance with any other
agreement to which the Issuer is a party (whether or not JPMorgan is also a party to such agreement). 
 
 
16.    INDEMNIFICATION 
 
The Issuer agrees to indemnify and hold harmless JPMorgan,
its directors, officers, employees and agents from and against any and all liabilities, claims, losses, damages, penalties, costs and expenses (including reasonable attorneys’ fees and disbursements) suffered or incurred by or asserted or
assessed against JPMorgan or any of them arising out of JPMorgan or any of them acting as the Issuer’s agent under this Agreement, except for such liability, claim, loss, damage, penalty, cost or expense resulting from the negligence or willful
misconduct of JPMorgan, its directors, officers, employees or agents. This indemnity will survive the termination of this Agreement. 
 
 
17.    OPINION OF
COUNSEL 
 
The Issuer shall deliver to
JPMorgan all documents it may reasonably request relating to the existence of the Issuer and authority of the Issuer for this Agreement, including, without limitation, an opinion of counsel, substantially in the form of Exhibit C hereto.

 
 
18.    NOTICES 
 
All notices, confirmations and other communications hereunder shall (except to the extent otherwise expressly provided) be in writing and shall be sent by first-class mail, postage prepaid, by
telecopier or by hand, addressed as follows, or to such other address as the party receiving such notice shall have previously specified to the party sending such notice: 
 

	 If to the Issuer: 
	 Anthem, Inc. 

	 	 120 Monument Circle 

	 	 Indianapolis, IN 46204 

	 	 Attention:       Treasurer 

	 	 Telephone:     317-488-6154 

	 	 Facsimile:      371-488-6160 

 

5 

If to JPMorgan concerning the daily issuance and redemption of Notes: 
 

	 	 Attention: Commercial Paper Operations 

	 	 4 New York Plaza 13th Floor 

	 	 New York NY 10004-2413 

	 	 Telephone:     (212) 623-8222 

	 	 Facsimile:      (212) 623-8431 

 

	 All other: 
	 Attention: Commercial Paper Administration 

	 	 4 New York Plaza 13th Floor 

	 	 New York NY 10004-2413 

	 	 Telephone:     (212) 623-8220 

	 	 Facsimile:      (212) 623-8421 

 
 
19.    COMPENSATION 
 
The Issuer shall pay compensation for services pursuant to this Agreement in accordance with the pricing schedules furnished by JPMorgan to the Issuer from time to time and upon such payment terms as
the parties shall determine. The Issuer shall also reimburse JPMorgan for any fees and charges imposed by DTC with respect to services provided in connection with the Book-Entry Notes. 
 
 
20.    BENEFIT OF AGREEMENT 
 
This Agreement is solely for the benefit of the parties hereto and no other person shall acquire or have any right under or by virtue hereof. 
 
 
21.    TERMINATION 
 
This Agreement may be terminated at any time by either party by written notice to the other, but such termination shall not affect the respective liabilities of the parties hereunder arising prior to such termination. 
 
 
22.    FORCE MAJEURE 
 
In no event shall JPMorgan be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond JPMorgan’s control, including, but not limited to,
acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing
of the services contemplated by this Agreement, inability to obtain material, equipment, or communications or computer facilities, or the failure of equipment or interruption of communications or computer facilities, and other causes beyond
JPMorgan’s control whether or not of the same class or kind as specifically named above. 
 
 
23.    ENTIRE AGREEMENT 
 
This Agreement, together with the exhibits attached hereto,
constitutes the entire agreement between JPMorgan and the Issuer with respect to the subject matter hereof and supersedes in all respects all prior proposals, negotiations, communications, discussions and agreements between the parties concerning
the subject matter of this Agreement. 
 
 
24.    WAIVERS AND AMENDMENTS 
 

6 

No failure or delay on the part of any party in exercising any power or right under this
Agreement shall operate as a waiver, nor does any single or partial exercise of any power or right preclude any other or further exercise, or the exercise of any other power or right. Any such waiver shall be effective only in the specific instance
and for the purpose for which it is given. No amendment, modification or waiver of any provision of this Agreement shall be effective unless the same shall be in writing and signed by the Issuer and JPMorgan. 
 
 
25.    BUSINESS DAY 
 
Whenever any payment to be made hereunder shall be due on a day which is not a business day for JPMorgan, then such payment shall be made on JPMorgan’s next succeeding business day. 
 
 
26.    COUNTERPARTS 
 
This Agreement may be executed in counterparts, each of which shall be deemed an original and such counterparts together shall constitute but one instrument. 
 
 
27.    HEADINGS 
 
The headings in this Agreement are for purposes of reference only and shall not in any way limit or otherwise affect the meaning or interpretation of any of the terms of this Agreement. 
 
 
28.    GOVERNING LAW 
 
This Agreement and the Notes shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflict of laws provisions thereof.

 
 
29.    JURISDICTION AND VENUE 
 
Each party hereby irrevocably and unconditionally submits to the jurisdiction of the United States District Court for the Southern
District of New York and any New York State court located in the Borough of Manhattan in New York City and of any appellate court from any thereof for the purposes of any legal suit, action or proceeding arising out of or relating to this Agreement
(a “Proceeding”). Each party hereby irrevocably agrees that all claims in respect of any Proceeding may be heard and determined in such Federal or New York State court and irrevocably waives, to the fullest extent it may effectively
do so, any objection it may now or hereafter have to the laying of venue of any Proceeding in any of the aforementioned courts and the defense of an inconvenient forum to the maintenance of any Proceeding. 
 
 
30.    WAIVER OF TRIAL BY JURY 
 
EACH PARTY HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO ANY OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT. 
 
 
31.    ACCOUNT CONDITIONS 
 
Each Account shall be subject to JPMorgan’s account conditions, as in effect from time to time.

 

7 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on
their behalf by duly authorized officers as of the day and year first-above written. 
 

	 JPMORGAN CHASE BANK
	 	 	 	 ANTHEM, INC.

	
	 By:
	 	
	 	 	 	 By:
	 	

	
	 Name:
	 	
	 	 	 	 Name:
	 	

	
	 Title:
	 	
	 	 	 	 Title:
	 	

	
	 Date:
	 	
	 	 	 	 Date:
	 	

 

8 

 
EXHIBIT A

[LOGO for Anthem] 
 
CORPORATE COMMERCIAL PAPER — MASTER NOTE 
CP-101(42) 
 

	
	 	 	     MARCH 11, 2003

	 	 	 (Date of Issuance)  

 
 
                         Anthem Inc.
                             (“Issuer”), for value received, hereby promises to pay to Cede
& Co., as nominee of The Depository Trust Company, or to registered assigns: (i) the principal amount, together with unpaid accrued interest thereon, if any, on the maturity date of each obligation identified on the records of Issuer (the
“Underlying Records”) as being evidenced by this Master Note, which Underlying Records are maintained by              JPMorgan Chase Bank
                             (“Paying Agent”);  (ii) interest on the principal amount of
each such obligation that is payable in installments, if any, on the due date of each installment, as specified on the Underlying Records; and (iii) the principal amount of each such obligation that is payable in installments, if any, on the due
date of each installment, as specified on the Underlying Records. Interest shall be calculated at the rate and according to the calculation convention specified on the Underlying Records. Payments shall be made by wire transfer to the registered
owner from Paying Agent without the necessity of presentation and surrender of this Master Note. 
 
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS MASTER NOTE SET FORTH ON THE REVERSE HEREOF. 
 
This Master Note is a valid and binding obligation of Issuer. 
 
Not Valid Unless Countersigned for Authentication by Paying Agent. 
 
 

	
	 	 	     JPMorgan Chase Bank

	 	 	 	 	 	         Anthem Inc.

	 	 	     (Paying Agent)
	 	 	 	 	 	          (Issuer)

	
	 By:
	 	
	 	 	 	 By:
	 	

	 	 	 (Authorized Countersignature)    
	 	 	 	 	 	 (Authorized Signature)

 

9 

 
At the request
of the registered owner, Issuer shall promptly issue and deliver one or more separate note certificates evidencing each obligation evidenced by this Master Note. As of the date any such note certificate or certificates are issued, the obligations
which are evidenced thereby shall no longer be evidenced by this Master Note. 
 

 
FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto 
 
 

(Name, Address, and Taxpayer Identification Number of Assignee) 
 
the Master Note and all rights thereunder, hereby irrevocably constituting and appointing
                                        
         attorney to transfer said Master Note on the books of Issuer with full power of substitution in the premises. 
 
 

	 Dated:
	 	 
	 	

	 	 	 (Signature)

	 Signature(s) Guranteed:
	 	 
	 	 	 Notice: The signature on this assignment must
 correspond with the name as written upon the face of
this Master Note, in every particular, without
alteration or enlargement or any change whatsoever.

 

 
Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New
York corporation (“DTC”), to Issuer 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. 
 
 
 
 
 
 

 
 

10 

 
EXHIBIT B

[LOGO FOR ANTHEM] 
 
 
Book-Entry-Only Corporate Commercial Paper 
(Master Note) Program 
 
Letter of Representations 
[To be Completed by Issuer, Issuing Agent, and Paying Agent] 
 
Anthem, Inc. 

[Name of
Issuer] 
 
JPMorgan Chase Bank 1506 

[Name and DTC Participant Number of Iss uing Agent] 
 
JPMorgan Chase Bank 1506 

[Name and DTC Participant Number of Paying Agent] 
 
March 11, 2003 

[Date] 
 
Attention: Underwriting Department 
The Depository Trust Company 
55 Water Street 19th Floor 
New York, NY 10041-0099 
 

	 Re:  
	    	 Anthem, Inc.

	 	

	 	    	 4(2) Corporate Commercial Paper Program

	 	

	 	    	 
	 	

	 	    	 Description of Program, including reference to the provision of the Securities Act of
1933, as
 amended, pursuant to which Program is exempt from registration.]

 
Ladies and Gentlemen: 
 
This
letter sets forth our understanding with respect to certain matters relating to the issuance by Issuer from time to time of  notes under its Commercial Paper program described above (the “Securities”). Issuing Agent shall act as
issuing agent with respect to the Securities. Paying Agent shall act as paying agent or other such agent of Issuer with respect to the Securities. The Securities have been issued pursuant to a prospectus supplement, offering circular, or other
such document 
 

11 

 
authorizing the issuance of the Securities dated as of                  March
2003                . 
 
Paying Agent has entered into a Money Market Instrument or Commercial Paper Certificate Agreement with The Depository Trust Company
(“DTC”) dated as of         November 13, 2001        , pursuant to which Paying Agent shall act as custodian of a Master Note Certificate evidencing the
Securities, when issued. Paying Agent shall amend Exhibit A to such Certificate Agreement to include the program described above, prior to issuance of the Securities. 
 
To induce DTC to accept the Securities as eligible for deposit at DTC and to act in accordance with its Rules
with respect to the Securities, Issuer, Issuing Agent, and Paying Agent make the following representations to DTC: 
 
1. The Securities shall be evidenced by a Master Note Certificate in registered form registered in the name of DTC’s
nominee, Cede & Co., and such Master Note Certificate shall represent 100% of the principal amount of the Securities. The Master Note Certificate shall include the substance of all material provisions set forth in the DTC model Commercial Paper
Master Note, a copy of which previously has been furnished to Issuing Agent and Paying Agent, and may include additional provisions as long as they do not conflict with the material provisions set forth in the DTC model. 
 
2. Issuer: (a) understands that DTC has no
obligation to, and will not, communicate to its participants (“Participants”) or to any person having an interest in the Securities any information contained in the Master Note Certificate; and (b) acknowledges that neither DTC’s
Participants nor any person having an interest in the Securities shall be deemed to have notice of the provisions of the Master Note Certificate by virtue of submission of such Certificate to DTC. 
 
3. For Securities to be issued at a discount
from the face value to be paid at maturity (“Discount Securities”), Issuer or Issuing Agent has obtained from the CUSIP Service Bureau a written list of two basic six-character CUSIP numbers (each of which uniquely identifies Issuer and
two years of maturity dates for the Discount Securities to be issued under its Commercial Paper program described above). The CUSIP numbers on such list have been reserved for future assignment to issues of the Discount Securities based on the
maturity year of the Discount Securities and will be perpetually reassignable in accordance with DTC’s Procedures, including DTC’s Final Plan for DTC Money Market Programs and DTC’s Issuing/Paying Agent General Operating Procedures
for Corporate Commercial Paper (the “Procedures”), a copy of which previously has been furnished to Issuing Agent and Paying Agent. 
 
 

12 

 
For Securities to be issued at face value with interest to be paid at maturity only or periodically (“Interest Bearing Securities”), Issuer or Issuing Agent has obtained from the CUSIP Service Bureau a written list of
approximately 900 nine-character numbers (the basic first six characters of which are the same and uniquely identify Issuer and the Interest Bearing Securities to be issued under its Commercial Paper program described above). The CUSIP numbers on
such list have been reserved for future assignment to issues of the Interest Bearing Securities. At any time when fewer than 100 of the CUSIP numbers on such list remain unassigned, Issuer or Issuing Agent shall promptly obtain from the CUSIP
Service Bureau an additional written list of approximately 900 such numbers. 
 
4.  When Securities are to be issued through DTC, Issuing Agent shall notify Paying Agent and shall give issuance instructions to DTC in accordance with the Procedures. The giving of such
issuance instructions, which include delivery instructions, to DTC shall constitute: (a) a representation that the Securities are issued in accordance with applicable law; and (b) a confirmation that the Master Note Certificate evidencing such
Securities, in the form described in Paragraph 1, has been issued and authenticated. 
 
5.  Issuer recognizes that DTC does not in any way undertake to, and shall not have any responsibility to,
monitor or ascertain the compliance of any transactions in the Securities with the following, as amended from time to time: (a) any exemptions from registration under the Securities Act of 1933; (b) the Investment Company Act of 1940; (c) the
Employee Retirement Income Security Act of 1974; (d) the Internal Revenue Code of 1986; (e) any rules of any self-regulatory organizations (as defined under the Securities Exchange Act of 1934); or (f) any other local, state, or federal laws or
regulations thereunder. 
 
6.  Notwithstanding anything set forth in any document relating to a letter of credit facility, neither DTC nor Cede & Co. shall have any obligations or responsibilities relating to the letter of credit facility, if
any, unless such obligations or responsibilities are expressly set forth herein. 
 
7.  If issuance of Securities through DTC is scheduled to take place one or more days after Issuing Agent has
given issuance instructions to DTC, Issuing Agent may cancel such issuance by giving a cancellation instruction to DTC in accordance with the Procedures. 
 
8.  At any time that Paying Agent has Securities in its DTC accounts, it may request withdrawal of such
Securities from DTC by giving a withdrawal instruction to DTC in accordance with the Procedures. Upon DTC’s acceptance of such withdrawal instruction, Paying Agent shall reduce the principal amount of the Securities evidenced by the Master Note
Certificate accordingly. 
 
9.  In the event of any solicitation of consents from or voting by holders of the Securities, Issuer, Issuing Agent, or Paying Agent shall establish a record date for such purposes (with no provision for revocation of
consents or votes by subsequent holders) and shall send notice of such record date to DTC’s Reorganization Department, Proxy Unit no fewer than 15 calendar days in advance of such record date. If sent by telecopy, such notice shall be directed
to (212) 855-5181 or (212) 855-5182. If the party sending the notice does not receive a telecopy receipt from DTC, such 
 

13 

party shall telephone (212) 855-5187 to confirm receipt. Notice to DTC pursuant to this
Paragraph, by mail or by any other means, shall be sent to: 
 
Supervisor, Proxy Unit  
Reorganization Department

The Depository Trust Company 
55 Water Street 50th Floor 
New York, NY 10041-0099 
 
10.  Paying Agent may override DTC’s determination of interest and principal payment dates, in accordance
with the Procedures. 
 
11.  Notice regarding the amount of variable interest and principal payments on the Securities shall be given to DTC by Paying Agent in accordance with the Procedures. 
 
12.  All notices sent to DTC shall
contain the CUSIP number of the Securities. 
 
13.  Paying Agent shall confirm with DTC daily, by CUSIP number, the face value of the Securities outstanding, and Paying Agent’s corresponding interest and principal payment obligation, in accordance with the
Procedures. 
 
14.  DTC
may direct Issuer, Issuing Agent, or Paying Agent to use any other number or address as the number or address to which notices or payments may be sent. 
 
15.  Payments on the Securities, including payments in currencies other than the U.S. Dollar, shall be made by
Paying Agent in accordance with the Procedures. 
 
16.  In the event that Issuer determines that beneficial owners of the Securities shall be able to obtain certificated Securities, Issuer, Issuing Agent, or Paying Agent shall notify DTC of the availability of certificates.
In such event, Issuer, Issuing Agent, or Paying Agent shall issue, transfer, and exchange certificates in appropriate amounts, as required by DTC and others. 
 
17.  Issuer authorizes DTC to provide to Issuing Agent or Paying Agent listings of DTC Participants’
holdings, known as Security Position Listings (“SPLs”) with respect to the Securities from time to time at the request of Issuing Agent or Paying Agent. Issuer authorizes Issuing Agent and Paying Agent to provide DTC with such signatures,
exemplars of signatures, and authorizations to act as may be deemed necessary by DTC to permit DTC to discharge its obligations to Participants and appropriate regulatory authorities. DTC charges a fee for such SPLs. This authorization, unless
revoked by Issuer, shall continue with respect to the Securities while any Securities are on deposit at DTC, until and unless Issuing Agent and/or Paying Agent shall no longer be acting. In such event, Issuer shall provide DTC with similar evidence,
satisfactory to DTC, of the authorization of any successor thereto so to act. Requests for SPLs, if by telecopy, shall be directed to DTC’s Reorganization Department, Proxy Unit at (212) 855-5181 or (212) 855-5182. Receipt of such requests
shall be confirmed by telephoning (212) 855-5202. Such SPL requests, by mail or by any other means, shall be directed to the address indicated in Paragraph 9. 
 
 

14 

 
18. DTC may discontinue providing its services as securities depository with respect to the Securities at any time by giving reasonable notice to Issuer, Issuing Agent, or Paying Agent (at which time DTC will confirm with Issuer,
Issuing Agent, or Paying Agent the aggregate amount of Securities outstanding by CUSIP number). Under such circumstances, at DTC’s request Issuer, Issuing Agent, and Paying Agent shall cooperate fully with DTC by taking appropriate action to
make available one or more separate certificates evidencing Securities to any Participant having Securities credited to its DTC accounts. 
 
19.  Nothing herein shall be deemed to require Issuing Agent or Paying Agent to advance funds on behalf of
Issuer. 
 
20.  This
Letter of Representations may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts together shall constitute but one and the same instrument. 
 
21.  This Letter of Representations
shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to principles of conflicts of law. 
 
22.  The sender of each notice delivered to DTC pursuant to this Letter of Representations is responsible for
confirming that such notice was properly received by DTC. 
 
23.  Issuer and Agents shall comply with the applicable requirements stated in DTC’s Operational Arrangements, as they may be amended from time to time. DTC’s Operational
Arrangements are posted on DTC’s website at “www.DTC.org.” 
 
24.  The following riders, attached hereto, are hereby incorporated into this Letter of Representations: 
 
NONE 

 

 
 

15 

Note: 
 
Schedule A contains statements that DTC believes  
accurately describe DTC, the method of effecting  
book-entry transfer of
securities distributed through  
DTC, and certain related matters. 
 

	 Very truly yours,

	
	 	 	 ANTHEM, INC.

	 	 	 [Issuer]

	
	 By:
	 	

	 	 	 [Authorized Officer’s Signature]

	
	 	 	 JPMORGAN CHASE BANK

	 	 	 [Issuing Agent]

	
	 By:
	 	

	 	 	 [Authorized Officer’s Signature]

	
	 	 	 JPMORGAN CHASE BANK

	 	 	 [Paying Agent]

	
	 By:
	 	

	 	 	 [Authorized Officer’s Signature]

 
Received and Accepted: 
THE DEPOSITORY TRUST COMPANY 
 
 
 
 
 
 

	 cc:    Underwriter

	          Underwriter’s Counsel

 

16 

 
SCHEDULE
A 
 
SAMPLE OFFERING DOCUMENT LANGUAGE

DESCRIBING BOOK-ENTRY-ONLY ISSUANCE 
 
(Prepared by DTC—bracketed material may be applicable only to certain issues) 
 
1.  The Depository Trust Company (“DTC”),
New York, NY, will act as securities depository for the securities (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other
name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited with DTC.
[If, however, the aggregate principal amount of [any] issue exceeds $400 million, one certificate will be issued with respect to each $400 million of principal amount and an additional certificate will be issued with respect to any remaining
principal amount of such issue.] 
 
2.  DTC is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a
“clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds securities that its
participants (“Direct Participants”) deposit with DTC. DTC also facilitates the settlement among Direct Participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized
book-entry changes in Direct Participants’ accounts, thereby eliminating the need for physical movement of securities certificates. Direct Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and
certain other organizations. DTC is owned by a number of its Direct Participants and by the New York Stock Exchange, Inc., the American Stock Exchange LLC, and the National Association of Securities Dealers, Inc. Access to the DTC system is also
available to others such as securities brokers and dealers, banks, and trust companies that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). The Rules
applicable to DTC and its Direct and Indirect Participants are on file with the Securities and Exchange Commission. 
 
3.  Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for
the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive
written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant
through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners.
Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued. 
 

17 

 
4.  To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co. or such other name as may be requested by an
authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of
the Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for
keeping account of their holdings on behalf of their customers. 
 
5.  Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed
by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. [Beneficial Owners of Securities may wish to take certain steps to augment transmission to them of notices of significant events
with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the security documents. Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to
obtain and transmit notices to Beneficial Owners, or in the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of the notices be provided directly to them.] 
 
[6.  Redemption notices shall be sent to DTC. If
less than all of the Securities within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.] 
 
7.  Neither DTC nor Cede & Co. (nor such other
DTC nominee) will consent or vote with respect to the Securities. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights
to those Direct Participants to whose accounts the Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy). 
 
8.  Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other
nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts, upon DTC’s receipt of funds and corresponding detail information from Issuer or Agent on payable date in
accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers
in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of
redemption proceeds, distributions, and dividends to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants
shall be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners shall be the responsibility of Direct and Indirect Participants. 
 

18 

 
[9.  A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct
Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to [Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will
be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC’s records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent’s DTC account.] 
 
10.  DTC may discontinue providing its services as
securities depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event that a successor securities depository is not obtained, Security certificates are required to be
printed and delivered. 
 
11.Issuer may decide to
discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered. 
 
12.  The information in this section concerning DTC and DTC’s book-entry system has been
obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility for the accuracy thereof. 
 

19 

EXHIBIT C 
 
FORM OF OPINION 
 
Date:                                    
                         
 
 
[Name and Address of Dealer] 
 
Ladies and Gentlemen: 
 
We have acted as counsel to
                                        
                                , a
                                        
corporation (the “Company”), in connection with the proposed offering and sale by the Company of commercial paper in the form of short-term promissory notes (the “Notes”). 
 
In our capacity as such counsel, we have examined a specimen
form of Note, an executed copy of the Commercial Paper Dealer Agreement dated
                                        ,
199     (the “Agreement”) between the Company and [Name of Dealer] (the “Dealer”) and the Issuing and Paying Agency Agreement dated
                                        ,
199     (the “Issuing and Paying Agency Agreement”) between the Company and JPMorgan Chase Bank (“JPMorgan”) as well as originals, or copies certified or otherwise identified to our satisfaction, of
such other records and documents as we have deemed necessary as a basis for the opinions expressed below. In such examination, we have assumed the genuineness of all documents submitted to us as originals, and the conformity to the originals of all
documents submitted to us as copies. 
 
We have
advised the Company with respect to the uses of the proceeds from the sale of the Notes that would constitute “current transactions” within the meaning of Section          of the Securities
Act of 1933 as amended (the “Securities Act”). We have received and relied upon a statement of an [executive] officer of the Company setting forth the proposed use of the proceeds.1 
 
Capitalized terms used herein without definition are used as defined in the Agreement. 
 
Based upon the foregoing, it is our opinion that: 
 
1. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of                                  and has all the requisite power and
authority to execute, deliver and perform its obligations under the Notes, the Agreement and the Issuing and Paying Agency Agreement. 
 
2. Each of the Agreement and the Issuing and Paying Agency Agreement has been duly authorized, executed and delivered by the Company and
constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as
to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), and except as rights to indemnity and contribution may be limited by federal or state law. 
 
3. The Notes have been duly authorized, and when issued and
delivered as provided in the Issuing and Paying Agency Agreement, will be duly and validly issued and delivered and will constitute legal, valid and binding obligations of the Company enforceable against the Company in accordance with their terms,
subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general 

	1	 	For 3(a)(3) Programs only 

 

20 

 
principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 
4. The issuance and sale of Notes under the circumstances contemplated by the Agreement do not require registration of the Notes under the Securities Act, pursuant to the exemption from registration
contained in Section                                  thereof, and do not require
compliance with any provision of the Trust Indenture Act of 1939 as amended; and the Notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness of the Company. 
 
5. No consent or action of, or filing or registration with,
any governmental or public regulatory body or authority, including the Securities and Exchange Commission, is required to authorize, or is otherwise required in connection with the execution, delivery or performance of the Agreement, the Issuing and
Paying Agency Agreement or the Notes, except as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Notes. 
 
6. Neither the execution and delivery of the Agreement and the Issuing and Paying Agency Agreement, nor the
issuance and delivery of the Notes in accordance with the Issuing and Paying Agency Agreement, nor the fulfillment of or compliance with the terms and provisions of either thereof by the Company will (i) result in the creation or imposition of any
mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Company, or (ii) violate or result in an event of default under any of the terms of the Company’s charter documents or by-laws, any
contract or instrument to which the Company is a party or by which it or its property is bound, or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality to which the Company is subject or by which
it or its property is bound. 
 
7. There is no
litigation or governmental proceeding pending, or to the knowledge of the Company threatened, against or affecting the Company or any of its subsidiaries which might result in a material adverse change in the conditions (financial or otherwise),
operations or business prospects of the Company or the ability of the Company to perform its obligations under the Agreement, the Issuing and Paying Agency Agreement or the Notes. 
 
8. The Company is not an “investment company” or an entity “controlled” by an
“investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 
This opinion may be delivered to the Issuing and Paying Agent and any nationally recognized rating agency (in connection with the rating
of the Notes), each of which may rely on this opinion to the same extent as if such opinion were addressed to it. 
 
Very truly yours, 
 

21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}]]