Document:

Exhibit 4.1

 

 

 

 

THE
AES CORPORATION

 

as
Issuer

 

AND

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS

 

as
Trustee

 

 _____________________

 

TWENTY-SIXTH
SUPPLEMENTAL INDENTURE

 

Dated as
of December 4, 2020

 

TO

 

SENIOR INDENTURE

 

Dated as
of December 8, 1998

 

 _____________________

 

 

1.375% Senior
Notes due 2026

 

2.450% Senior
Notes due 2031

 

 

 

 

  

 

 

     

     

    

The TWENTY-SIXTH
SUPPLEMENTAL INDENTURE, is dated as of this 4th day of December, 2020 (the “Twenty-Sixth Supplemental Indenture”),
between THE AES CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter sometimes
referred to as the “Company”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a national banking association, as
trustee (hereinafter referred to as the “Trustee”), as successor trustee to WELLS FARGO BANK, N.A.

 

WHEREAS,
the Company entered into a Senior Indenture dated as of December 8, 1998 (the “Senior Indenture”) between the
Company and the Trustee to provide for the future issuance of its senior debentures, notes or other evidences of indebtedness
(collectively, the “Securities”), said Securities to be issued from time to time in series as might be determined
by the Company pursuant to the Senior Indenture and, in an unlimited aggregate principal amount;

 

WHEREAS,
the Company and the Trustee have entered into a First Supplemental Indenture, a Second Supplemental Indenture, a Third Supplemental
Indenture, a Fourth Supplemental Indenture, a Fifth Supplemental Indenture, a Sixth Supplemental Indenture, a Seventh Supplemental
Indenture, an Eighth Supplemental Indenture, a Ninth Supplemental Indenture, a Tenth Supplemental Indenture, an Eleventh Supplemental
Indenture, a Twelfth Supplemental Indenture, a Thirteenth Supplemental Indenture, a Fourteenth Supplemental Indenture, a Fifteenth
Supplemental Indenture, a Sixteenth Supplemental Indenture, a Seventeenth Supplemental Indenture, an Eighteenth Supplemental Indenture,
a Nineteenth Supplemental Indenture, a Twentieth Supplemental Indenture, a Twenty-First Supplemental Indenture, a Twenty-Second
Supplemental Indenture, a Twenty-Third Supplemental Indenture, a Twenty-Fourth Supplemental Indenture and a Twenty-Fifth Supplemental
Indenture providing for the creation and issuance of various series of Securities and/or amendments to the Senior Indenture (the
Senior Indenture, as so amended and supplemented by the foregoing supplemental indentures and this Twenty-Sixth Supplemental Indenture
is hereinafter referred to as, the “Indenture”);

 

WHEREAS,
pursuant to the terms of the Indenture, the Company desires to provide for the establishment of a new series of its Securities
to be known as its 1.375% Senior Notes due 2026 (the “2026 Notes”) and a new series of its Securities to be
known as its 2.450% Senior Notes due 2031 (the “2031 Notes” and, together with the 2026 Notes, the “Notes”),
the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Senior
Indenture and this Twenty-Sixth Supplemental Indenture; and

 

WHEREAS,
the Company desires and has requested the Trustee to join with it in the execution and delivery of this Twenty-Sixth Supplemental
Indenture, and all requirements necessary to make this Twenty-Sixth Supplemental Indenture a legal, valid and binding instrument,
in accordance with its terms, and to make the 2026 Notes and the 2031 Notes, each when executed by the Company and authenticated
and delivered by the Trustee, the legal, valid and binding obligations of the Company have been satisfied;

 

NOW, THEREFORE,
in consideration of the purchase and acceptance of each of the 2026 Notes and the 2031 Notes by the Holders thereof, and for the
purpose of setting forth, as provided in the Indenture, the form and substance of each of the 2026 Notes and the 2031 Notes and
the terms, provisions and conditions thereof, the Company covenants and agrees with the Trustee as follows:

 

     

     

    

 

ARTICLE
One

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1Terms
Defined in the Indenture.

 

Each capitalized
term used but not defined in this Twenty-Sixth Supplemental Indenture shall have the meaning assigned to such term in the Senior
Indenture.

 

Section 1.2Certain
Definitions.

 

The following
definitions are hereby added to the definitions contained in Section 1.1 of the Senior Indenture, but only with respect to the
2026 Notes and the 2031 Notes, as applicable, issued in accordance with the provisions hereof:

 

“Additional
Notes” means any notes of the same series issued under this Twenty-Sixth Supplemental Indenture in addition to
the Initial Notes or Exchange Notes having the same terms in all respects as the Initial Notes or Exchange Notes, as the case
may be, provided that, if Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes,
the Additional Notes will have a separate CUSIP number.

 

“Additional
Interest” has the meaning ascribed to such term in the Registration Rights Agreement.

 

“Attributable
Debt” means the present value (discounted at the rate of 8.0% per annum compounded monthly) of the obligations
for rental payments required to be paid during the remaining term of any lease of more than 12 months.

 

“Board
of Directors” means either the Board of Directors of the Company or (except for the purposes of clause (iii)
of the definition of “Change of Control”) any committee of such Board duly authorized to act under the Indenture.

 

“Capital
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) of, or interests in (however designated), the equity of such Person which is
outstanding or issued on or after the date of the Indenture, including, without limitation, all Common Stock and Preferred Stock
and partnership and joint venture interests of such Person.

 

“Change
of Control” means the occurrence of one or more of the following events: (i) any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company (determined
on a consolidated basis) to any Person or group (as that term is used in Section 13(d)(3) of the Exchange Act) of Persons, (ii)
a Person or group (as so defined) of Persons shall have become the beneficial owner of more than 50% of the outstanding Voting
Stock of the Company, or (iii) during any one-year period, individuals who at the beginning of such period constituted the Board
of Directors (together with any new director whose election or nomination was approved by a majority of the directors then in
office who were either directors at the beginning of such period or who were previously so approved) cease to constitute a majority
of the Board of Directors.

 

    2 

     

    

 

“Change
of Control Offer” has the meaning provided in Section 4.1.

 

“Change
of Control Triggering Event” shall mean the occurrence of a Change of Control and a Rating Event.

 

“Common
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) of common stock of such Person which is outstanding or issued on or after the
date of the Indenture, including, without limitation, all series and classes of such common stock.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes to be redeemed (assuming for this purpose that the notes matured on the
applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity.

 

“Comparable
Treasury Price” means, with respect to any redemption date: (a) the average of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding
such redemption date, as set forth in the most recently published statistical release designated “H.15 (519)” (or
any successor release) published by the Board of Governors of the Federal Reserve System and which establishes yields on actively
traded United States treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,”
or (b) if such release (or any successor release) is not published or does not contain such prices on such Business Day, the average
of the Reference Treasury Dealer Quotations for such redemption date.

 

“Consolidated
Net Assets” means the aggregate amount of assets (less reserves and other deductible items) after deducting current
liabilities, as shown on the consolidated balance sheet of the Company and its Subsidiaries contained in the latest annual report
to the stockholders of the Company and prepared in accordance with GAAP.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business with
respect to this Supplemental Indenture shall be administered, which office at the date of execution of this Supplemental Indenture
is located at Deutsche Bank Trust Company Americas, 60 Wall Street, MS NYC60-2405, New York, New York 10005, Attn: Corporates
Team Deal Manager: AES Corporation, or such other address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the designated corporate trust office of any successor Trustee (or such other address as such successor Trustee
may designate from time to time by notice to the Holders and the Company).

 

“Disqualified
Capital Stock” means that portion of any Capital Stock that, by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event
(other than an event which would constitute a Change of Control), matures or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence
of a Change of Control) on or prior to the date 91 days after the final maturity date of the relevant series of Notes.

 

    3 

     

    

 

“DTC”
has the meaning provided in Section 2.1.

 

“Exchange
Notes” means the 1.375% Senior Notes due 2026 and the 2.450% Senior Notes due 2031 (the terms of which are identical
to the Initial Notes except that the Exchange Notes shall be registered under the Securities Act, and shall not contain the restrictive
legend on the face of the Initial Notes), to be issued in exchange for the Initial Notes pursuant to the registered Exchange Offer.

 

“Exchange
Offer” means the offer by the Company to each Holder of the Initial Notes to exchange the aggregate principal amount
of Initial Notes held by such Holder for an equal aggregate principal amount of Exchange Notes, all in accordance with the terms
and conditions of the Registration Rights Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Funded
Debt” means indebtedness for borrowed money having a maturity of, or by its terms extendible or renewable for,
a period of more than 12 months after the date of the determination of the amount thereof.

 

“Global
Securities” has the meaning provided in Section 2.1.

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Initial
Notes” means (i) in the case of the 2026 Notes, the 1.375% Senior Notes due 2026 of the Company and (ii) in the
case of the 2031 Notes, the 2.450% Senior Notes due 2031 of the Company, each issued on December 4, 2020 and delivered under this
Twenty-Sixth Supplemental Indenture.

 

“Issue
Date” means December 4, 2020, the date of the original issuance of the Initial Notes.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“Notes”
means the Initial Notes, the Exchange Notes and any Additional Notes issued on or after the Issue Date in accordance with clause
(iii) of Section 2.2(a) treated as a single class of securities, as amended or supplemented from time to time in accordance
with the terms hereof, that are issued pursuant to this Indenture.

 

“Offshore
Global Securities” has the meaning provided in Section 2.1.

 

    4 

     

    

 

“Offshore
Physical Securities” has the meaning provided in Section 2.1.

 

“Physical
Securities” has the meaning provided in Section 2.1.

 

“Preferred
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) of preferred or preference stock of such Person which is outstanding or issued
on or after the date of the Indenture.

 

“Principal
Property” means any building, structure or other facility (together with the land on which it is erected and
fixtures comprising a part thereof) used primarily for manufacturing, processing, research, warehousing or distribution, owned
or leased by the Company and having a net book value in excess of 2% of Consolidated Net Assets, other than any such building,
structure or other facility or portion thereof which is a pollution control facility financed by state or local governmental obligations
or which the principal executive officer, president and principal financial officer of the Company determine in good faith is
not of material importance to the total business conducted or assets owned by the Company and its Subsidiaries as an entirety.

 

“Rating
Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Notes
of a particular series or fails to make a rating of the Notes of a particular series publicly available for reasons outside of
the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section
3(a)(62) under the Exchange Act selected by the Company as a replacement agency for Moody’s or S&P, or both of them,
as the case may be.

 

“Rating
Event” means (x) the rating on a series of Notes is lowered and (y) such Notes are rated below an investment
grade rating, in either case, by both of the Rating Agencies on any day within the period (the “Trigger Period”)
commencing on the earlier of (i) the occurrence of a Change of Control and (ii) public announcement of the occurrence of a Change
of Control or the Company’s or any Person’s intention to effect a Change of Control and ending 60 days following the
consummation of such Change of Control (which period will be extended so long as the rating of a series of Notes is under publicly
announced consideration for a possible downgrade by either of the Rating Agencies); provided, however, that a Rating
Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular
Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event)
if (1) during the Trigger Period, the relevant rating is subsequently upgraded to its level at the beginning of the Trigger Period
(or better) or (2) the Rating Agency making the reduction in rating to which this definition would otherwise apply publicly announces
or informs the Trustee in writing at the Company’s request that the reduction was not the result, in whole or in part, of
any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control has occurred at the time of the Rating Event).

 

“Reference
Treasury Dealer” means BofA Securities, Inc., Barclays Capital Inc., Mizuho Securities USA LLC and Morgan Stanley
& Co. LLC plus one other Primary Treasury Dealer (as defined below) selected by the Company; provided, however,
that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer.

 

    5 

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference
Treasury Dealer at 5:00 p.m. on the third Business Day preceding such redemption date.

 

“Private
Placement Legend” has the meaning provided in Section 2.5.

 

“QIB”
means any “ qualified institutional buyer” (as defined under the Securities Act).

 

“Registration
Default” has the meaning ascribed to such term in the Registration Rights Agreement.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated the Issue Date between the Company and BofA Securities,
Inc., Barclays Capital Inc., Mizuho Trust & Banking Co. and Morgan Stanley & Co. LLC, as representatives of the initial
purchasers named in Schedule I to the Registration Rights Agreement.

 

“Regulation
S” means Regulation S under the Securities Act.

 

“Repurchase
Date” shall have the meaning provided in Section 4.1 hereof.

 

“Restricted
Security” has the meaning assigned to such term in Rule 144(a)(3) under the Securities Act; provided that the
Trustee shall be entitled to request and conclusively rely on an Officers’ Certificate with respect to whether any Security
constitutes a Restricted Security.

 

“Rule
144A” means Rule 144A under the Securities Act.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of S&P Global Inc., and any successor to its rating agency
business.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the yield to maturity of the Comparable
Treasury Issue, compounded semi-annually, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date.

 

“Unrestricted
Global Security” means a Security evidencing all or a part of a series of Unrestricted Securities.

 

“Unrestricted
Security” means a Security that does not and is not required to bear the Private Placement Legend, including, without
limitation, the Exchange Notes and any Notes registered under the Securities Act pursuant to and in accordance with the Registration
Rights Agreement and any Security issued pursuant to Section 2.7 hereof in exchange for a Restricted Security; which Security
shall be identical to the Initial Securities and the Restricted Securities except that (i) it shall not bear the Private Placement
Legend, (ii) it shall not include provisions relating to Additional Interest and (iii) it shall have a CUSIP number that is different
than the CUSIP number on a Restricted Security.

 

    6 

     

    

 

“U.S.
Global Securities” has the meaning provided in Section 2.1.

 

“U.S.
Physical Securities” has the meaning provided in Section 2.1.

 

“Voting
Stock” means, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote
for the election of directors of such Person or other Persons performing similar functions.

 

ARTICLE
Two

 

THE NOTES

 

Section 2.1Form
and Dating.

 

(a)       The
2026 Notes and 2031 Notes shall be substantially in the form of Exhibit A-1 and Exhibit A-2 hereto, respectively, which are a
part of this Twenty-Sixth Supplemental Indenture, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Senior Indenture and this Twenty-Sixth Supplemental Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the
rules of any securities exchange or as may, consistently herewith, be determined by the Officers of the Company executing such
Notes, as evidenced by their execution of such Notes. Each series of Notes will initially be issued as Global Securities. The
Company initially appoints The Depository Trust Company (“DTC”) and the Trustee to act as Depositary and custodian,
respectively, with respect to each series of Notes. The Company initially appoints the Trustee to act as Paying Agent and Registrar
with respect to each series of Notes. The 2026 Notes and the 2031 Notes offered and sold in reliance on Rule 144A shall each be
issued initially in the form of one or more permanent global Notes in registered form, substantially in the form set forth in
Exhibit A-1 and Exhibit A-2, respectively (the “U.S. Global Securities”), registered in the name of the nominee
of the Depositary, deposited with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated
by the Trustee as hereinafter provided, and shall bear the legends set forth in Section 2.5. The aggregate principal amount
of the U.S. Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee,
as custodian for the Depositary, as hereinafter provided.

 

(b)       Securities
issued in exchange for interests in the U.S. Global Securities pursuant to Section 2.6 may be issued in the form of Physical
Securities (“U.S. Physical Securities”) and shall bear the first legend set forth in Section 2.5.

 

(c)       Securities
offered and sold in offshore transactions in reliance on Regulation S shall be issued initially in the form of one or more Global
Securities in registered form, substantially in the form set forth in Exhibit A-1 or A-2, as applicable (the “Offshore
Global Securities”), registered in the name of the nominee of the Depositary, deposited with the Trustee, as custodian
for the Depositary,
duly executed by the Company and authenticated by the Trustee as hereinafter provided, and shall bear the legends set forth in
Section 2.5. The aggregate principal amount of the Offshore Global Securities may from time to time be increased or decreased
by adjustments made on the records of the Trustee, as custodian for the Depositary, as hereinafter provided.

 

    7 

     

    

 

(d)       Securities
issued in exchange for interests in the Offshore Global Securities may be issued in the form of Physical Securities in registered
form (the “Offshore Physical Securities”).

 

(e)       The
Offshore Physical Securities and the U.S. Physical Securities are sometimes collectively herein referred to as the “Physical
Securities.” The U.S. Global Securities and the Offshore Global Securities are sometimes referred to herein as the “Global
Securities”.

 

Section 2.2Execution
and Authentication.

 

(a)       The
Trustee shall authenticate (i) 2026 Notes for original issue in the aggregate principal amount not to exceed $800,000,000 and
2031 Notes for original issue in aggregate principal amount not to exceed $1,000,000,000, (ii) Exchange Notes and (iii) any Additional
Notes of either series, (such Notes to be substantially in the form of Exhibit A-1 or A-2, as applicable) in an unlimited amount,
in each case, upon written orders of the Company signed by two Officers. Each such Officers’ Certificate shall specify the
amount of such Notes to be authenticated, the date on which such Notes are to be authenticated, whether such Notes are to be Initial
Notes, Exchange Notes or Additional Notes issued under clause (i), (ii) or (iii), respectively, of the preceding sentence, and
the aggregate principal amount of such Notes outstanding on the date of authentication, and shall further specify the amount of
such Notes to be issued as a Global Security or Physical Securities. Such Notes shall initially be in the form of one or more
Global Securities, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of,
such Notes to be issued, (ii) shall be registered in the name of the Depositary for such Global Security or Securities or its
nominee and (iii) shall be held by the Trustee as custodian for the Depositary or pursuant to the Depositary’s instruction.
A Note will not be valid until authenticated by the electronic or manual signature of the Trustee. The signature will be conclusive
evidence that the Note has been authenticated under this Indenture.

 

(b)       Each
series of Notes shall be issuable only in registered form without coupons in the principal amount of at least $2,000 and integral
multiples of $1,000 thereafter. Upon the occurrence of a Registration Default under the Registration Rights Agreement, the Notes
shall be entitled to Additional Interest accruing during the periods described in the Registration Rights Agreement. All references
in the Indenture and the Notes to “interest” shall be deemed to include any Additional Interest. The Trustee shall
have no responsibility to determine whether a Registration Default has occurred or to calculate or verify the calculation of the
Additional Interest.

 

    8 

     

    

 

Section 2.3Interest.

 

Interest
on each series of Notes shall be payable in the amount, on the dates and in the manner provided for in the relevant form of the
Note attached hereto as Exhibit A-1 or A-2.

 

Section 2.4Place
of Payment.

 

(a)       The
place of payment for each series of Notes shall be the Trustee’s or Paying Agent’s Corporate Trust Office. So long
as each series of Notes are in the form of Registered Global Securities, the Company agrees that payments of interest on, and
any portion of the Principal of, such Notes shall be made by the Paying Agent, upon receipt from the Company of immediately available
funds, directly to the Depositary (by Federal funds wire transfer).

 

Section 2.5Restrictive
Legend.

 

(a)       Unless
and until an Initial Note (i) is exchanged for an Exchange Note or sold in connection with an effective registration statement
under the Securities Act pursuant to the Registration Rights Agreement, or (ii) the Private Placement Legend has been removed
from such Initial Note in accordance with Section 2.7 or, with respect to a Restricted Global Security, all of the beneficial
interests in such Restricted Global Security have been exchanged for beneficial interests in the Unrestricted Global Security
in accordance with Section 2.7, the U.S. Global Securities, U.S. Physical Securities and Offshore Global Securities shall bear
the following legend set forth below (the “Private Placement Legend”) on the face thereof:

 

THIS
NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT
IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER (1) REPRESENTS
THAT (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE
144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT OR (B) IT IS
NOT A UNITED STATES PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT), AND (2) AGREES FOR THE BENEFIT OF THE
AES CORPORATION (“AES”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
AND ONLY (A) TO AES, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, (C) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (D) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE
904 OF REGULATION S UNDER THE SECURITIES ACT, (E) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. PRIOR TO THE REGISTRATION OF ANY
TRANSFER IN ACCORDANCE WITH (2)(E) ABOVE, AES RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

    9 

     

    

 

(b)       Each
Global Security shall also bear the following legend on the face thereof:

 

UNLESS
AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY ANY SUCH NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

TRANSFERS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE
IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 2.6 OF THE SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE.

 

Section 2.6Special
Transfer Provisions.

 

(a)       The
following provisions shall apply with respect to the registration of any proposed transfer of a Note constituting a Restricted
Security to any institutional accredited investor (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) (an
“Accredited Investor” or an “Institutional Accredited Investor”) which is not a QIB (excluding
transfers to Non-U.S. Persons, which shall be governed by clause (c)):

 

    10 

     

    

 

(i)       The
Registrar shall register the transfer in an aggregate principal amount of at least $250,000 of any Note constituting a Restricted
Security, whether or not such Security bears the Private Placement Legend, if the proposed transferee has delivered to the Registrar
a certificate substantially in the form Exhibit B hereto, and the proposed transferee has delivered to the Registrar and the Company
an opinion of counsel acceptable to the Company that such transfer is in compliance with the Securities Act and such other certifications,
legal opinions or other information that the Trustee may (but shall be under no duty to) reasonably request in order to confirm
that such transaction is being made pursuant to an exemption from or in a transaction not subject to the registration requirements
of the Securities Act; and

 

(ii)       If
the proposed transferor is a member of, or participant in, the Depositary (an “Agent Member”) holding a beneficial
interest in a U.S. Global Security, whether or not such Note bears a Private Placement Legend, upon receipt by the Registrar of
(x) the certificate and opinion, if any, required by paragraph (i) above and (y) instructions given in accordance with the Depositary’s
and the Registrar’s procedures, whereupon (a) the Registrar shall reflect on its books and records the date and a decrease
in the principal amount of the applicable U.S. Global Security in an amount equal to the principal amount of the beneficial interest
in such U.S. Global Security to be transferred, and an increase in the applicable Global Security to which the beneficial interest
is to be transferred or shall authenticate and deliver one or more U.S. Physical Securities of like tenor and amount.

 

(b)       The
following provisions shall apply with respect to the registration of any proposed transfer of a Note to a QIB (excluding transfers
to Non U.S. Persons, which shall be governed by clause (c)):

 

(i)       if
the Note to be transferred consists of (x) either Offshore Physical Securities prior to the removal of the Private Placement Legend
or U.S. Physical Securities, the Registrar shall register the transfer if such transfer is being made by a proposed transferor
who has checked the box provided for on the form of Note stating, or has otherwise advised the Company and the Registrar in writing,
that the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification provided
for on the form of Note stating, or has otherwise advised the Company and the Registrar in writing that it is purchasing the Note
for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account
is a QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as it has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim
the exemption from registration provided by Rule 144A or (y) an interest in the U.S. Global Securities, the transfer of such interest
may be effected only through the book entry system maintained by the Depositary; and

 

    11 

     

    

 

(ii)       if
the proposed transferee is an Agent Member, and the Notes to be transferred consist of U.S. Physical Securities which after transfer
are to be evidenced by an interest in a U.S. Global Security, upon receipt by the Registrar of instructions given in accordance
with the Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books and records the date
and an increase in the principal amount of the applicable U.S. Global Security in an amount equal to the principal amount of the
U.S. Physical Securities to be transferred, and the Trustee shall cancel the U.S. Physical Securities so transferred.

 

(c)       The
following provisions shall apply with respect to any transfer of a Note to a Non-U.S. Person:

 

(i)       prior
to the 41st day after the date on which such Note is originally issued, the Registrar shall register any proposed transfer of
a Note to a Non-U.S. Person upon receipt of a certificate substantially in the form of Exhibit C hereto from the proposed transferor
and the Registrar shall register any proposed transfer to any Non-U.S. Person if the Note to be transferred is a U.S. Physical
Security or an interest in U.S. Global Securities, upon receipt of a certificate substantially in the form of Exhibit C hereto
from the proposed transferor;

 

(ii)       on
or after the 41st day after the date on which such Note is originally issued, the Registrar shall register any proposed transfer
of any Offshore Physical Security or Offshore Global Security without requiring any certification; and

 

(iii)      (a)
if the proposed transferor is an Agent Member holding a beneficial interest in the U.S. Global Securities, upon receipt by the
Registrar of (x) the documents, if any, required by paragraph (i) or (ii) and (y) instructions in accordance with the Depositary’s
and the Registrar’s procedures, the Registrar shall reflect on its books and records the date and a decrease in the principal
amount of the U.S. Global Securities in an amount equal to the principal amount of the beneficial interest in the U.S. Global
Securities to be transferred, and (b) if the proposed transferee is an Agent Member, upon receipt by the Registrar of instructions
given in accordance with the Depositary’s and the Registrar’s procedures, the Registrar shall reflect on its books
and records the date and an increase in the principal amount of the Offshore Global Securities in an amount equal to the principal
amount of the U.S. Physical Securities or the U.S. Global Securities, as the case may be, to be transferred, and the Trustee shall
cancel the U.S. Physical Security, if any, so transferred or decrease the amount of the U.S. Global Security.

 

    12 

     

    

 

(d)       Upon
the registration of transfer, exchange or replacement of Notes not bearing the Private Placement Legend, the Registrar shall deliver
Notes that do not bear the Private Placement Legend. Upon the registration of transfer, exchange or replacement of Notes bearing
the Private Placement Legend, the Registrar shall deliver only Notes that bear the Private Placement Legend unless (i) the transferee
certifies that it is not an Affiliate of the Company and the requested transfer is after the first anniversary of the later of
(a) the date on which such Notes are originally issued and (b) the last date on which the Company or an Affiliate of the Company
was the owner of such Notes (or any predecessor Securities) or such shorter period of time as permitted by Rule 144(d) under the
Securities Act or any successor provision thereunder or (ii) the circumstance contemplated by paragraph (c)(ii) of this Section
2.6 exists, (iii) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect
that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions
of the Securities Act or until such time as the Private Placement Legend is no longer required pursuant to Sections 2.5 and 2.7
and such Private Placement Legend is removed pursuant to Sections 2.5 and 2.7.

 

(e)       By
its acceptance of any Note bearing the Private Placement Legend, each Holder of such Note acknowledges the restrictions on transfer
of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it shall transfer such Note only
as provided in this Indenture. The Registrar shall retain copies of all letters, notices and other written communications received
pursuant to this Section 2.6 in accordance with its customary procedures. The Company, at its own expense, shall have the right
to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving
of reasonable written notice to the Registrar.

 

Section
2.7Exchange From Restricted Global Security Into An Unrestricted Global Security.

 

(a)       Beneficial
interests in the Restricted Global Security may be automatically exchanged into beneficial interests in the Unrestricted Global
Security on or after December 5, 2021 upon compliance with the conditions set forth in this Section 2.7. The Company shall (i)
provide written notice to the Trustee at least 10 calendar days prior to such mandatory exchange, instructing the Trustee to direct
the Depositary to exchange all of the outstanding beneficial interests in a particular Restricted Global Security to the Unrestricted
Global Security, which the Company shall have previously otherwise made eligible for exchange with DTC, (ii) provide prior written
notice to all Holders of such exchange at least 10 calendar days prior to such mandatory exchange, which notice must include the
date of such exchange, the CUSIP number of the relevant Restricted Global Security and the CUSIP number of the Unrestricted Global
Security into which such Holders’ beneficial interests shall be exchanged, and (iii) on or prior to the date of such exchange,
deliver to the Trustee for authentication one or more Unrestricted Global Securities, duly executed by the Company, in an aggregate
principal amount equal to the aggregate principal amount of Restricted Global Securities to be exchanged.

 

    13 

     

    

 

(b)       As
a condition to any such exchange pursuant to this Section 2.7, the Company shall provide, and the Trustee shall be entitled to
rely upon, an Officers’ Certificate to the effect that the Private Placement Legend and the related restrictions on transfer
are not required or advisable in order to maintain compliance with the provisions of the Securities Act.

 

(c)       Upon
such exchange of beneficial interests pursuant to this Section 2.7, the aggregate principal amount of the Global Securities may
be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, to reflect the relevant
increase or decrease in the principal amount of such Global Security resulting from the applicable exchange.

 

ARTICLE
Three

 

OPTIONAL REDEMPTION OF THE NOTES

 

Section 3.1Optional
Redemption.

 

(a)       At
any time prior to December 15, 2025 (the “2026 Par Call Date”), and at any time prior to October 15, 2030 (the
“2031 Par Call Date” and, each of the 2026 Par Call Date and the 2031 Par Call Date, a “Par Call Date”),
the Company may on any one or more occasions redeem all or a part of the applicable series of Notes, upon not less than 10 nor
more than 60 days’ prior notice, at a price together with accrued and unpaid interest, if any, to but excluding, the redemption
date, equal to the greater of:

 

(i)       100%
of the principal amount of the Notes being redeemed; or

 

(ii)      The
sum of the present values of the principal amount of the Notes to be redeemed and the remaining scheduled payments of interest
on the Notes from the redemption date to the applicable Par Call Date, discounted from their respective scheduled payment dates
to the redemption date semiannually (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the
Treasury Rate plus 15 basis points in the case of the 2026 Notes, and 25 basis points in the case of the 2031 Notes.

 

In
addition, at any time and from time to time on or after the applicable Par Call Date, the Notes of the applicable series will
be redeemable, in whole or in part at any time, at the Company’s option, at a redemption price equal to 100% of the principal
amount of the Notes of such series being redeemed plus accrued and unpaid interest on such Notes to the redemption date.

 

(b)       Except
pursuant to Section 3.1(a), the Notes will not be redeemable at the Company’s option prior to the applicable Par Call Date.

 

    14 

     

    

 

ARTICLE
Four

 

REPURCHASE OF NOTES UPON CHANGE OF CONTROL TRIGGERING EVENT

 

Section 4.1Repurchase
of Notes Upon a Change of Control Triggering Event.

 

(a)       Upon
a Change of Control Triggering Event, each holder of each series of Notes shall have the right to require that the Company repurchase
such holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid
interest, if any, to, but not including, the date of repurchase.

 

(b)       Within
30 days following any Change of Control Triggering Event, the Company shall send a notice to each Holder of each series of Notes
with a copy to the Trustee stating:

 

(i)       that
a Change of Control Triggering Event has occurred and that such Holder has the right to require the Company to repurchase such
Holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest,
if any, to, but not including, the date of repurchase (the “Change of Control Offer”),

 

(ii)      the
circumstances and relevant facts regarding such Change of Control Triggering Event (including information with respect to pro
forma historical income, cash flow and capitalization after giving effect to such Change of Control Triggering Event),

 

(iii)     the
repurchase date (which shall be not earlier than 30 days or later than 60 days from the date such notice is sent) (the “Repurchase
Date”),

 

(iv)     that
any Notes not tendered shall continue to accrue interest,

 

(v)      that
any Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Repurchase Date,
unless the Company defaults in depositing the purchase amount,

 

(vi)     that
Holders electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the Note, with the
form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the
address specified in the notice prior to the close of business on the Repurchase Date,

 

(vii)    that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the
third Business Day (or such shorter periods as may be required by applicable law) preceding the Repurchase Date, a telegram, telex,
facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes the Holder delivered for
purchase, and a statement that such Holder is withdrawing his election to have such Notes purchased, and

 

    15 

     

    

 

(viii)   that
Holders which elect to have their Notes purchased only in part will be issued new Notes in a principal amount equal to the unpurchased
portion of the Notes surrendered.

 

(c)       On
the Repurchase Date, the Company shall (i) accept for payment Notes of each series or portions thereof tendered pursuant to the
Change of Control Offer; (ii) deposit with the Trustee money sufficient to pay the purchase price of all Notes of each series
or portions thereof so tendered and (iii) deliver or cause to be delivered to the Trustee Notes so accepted together with an Officers’
Certificate identifying the Notes of each series or portions thereof tendered to the Company.

 

(d)       The
Trustee shall promptly deliver to the Holders of the Notes so accepted payment in an amount equal to the purchase price, and promptly
authenticate and deliver to such Holders a new Note in a principal amount equal to any unpurchased portion of the Notes surrendered
(or through book-entry transfer for global Notes). The Company shall publicly announce the results of the Change of Control Offer
on or as soon as practicable after the Repurchase Date. Neither the Trustee nor any Paying Agent shall be responsible for monitoring
the Company’s rating status, making any request upon any Rating Agency, or determining whether any Rating Event based upon
the rating of the Notes by any Rating Agency has occurred.

 

(e)       The
Company shall comply with all applicable tender offer rules, including without limitation Rule 14e-1 under the Exchange Act, in
connection with a Change of Control Offer.

 

ARTICLE
Five

 

ADDITIONAL COVENANTS APPLICABLE TO THE NOTES SECTION

 

Section 5.1Restrictions
on Secured Debt.

 

(a)       If
the Company shall incur, issue, assume or guarantee any indebtedness for borrowed money represented by notes, bonds, debentures
or other similar evidences of indebtedness, secured by a mortgage, pledge or other lien on any Principal Property or any capital
stock or indebtedness held directly by the Company of any Subsidiary of the Company, the Company shall secure each series of Notes
equally and ratably with (or prior to) such indebtedness, so long as such indebtedness shall be so secured, unless after giving
effect thereto the aggregate amount of all such indebtedness so secured, together with all Attributable Debt in respect of sale
and leaseback transactions involving Principal Properties, would not exceed 15% of the Consolidated Net Assets of the Company.

 

    16 

     

    

 

(b)       The
foregoing restriction shall not apply to, and there shall be excluded in computing secured indebtedness for the purpose of such
restriction, indebtedness secured by (a) property of any Subsidiary of the Company, (b) liens on property of, or on any shares
of stock or debt of, any corporation existing at the time such corporation becomes a Subsidiary, (c) liens in favor of the Company
or any Subsidiary, (d) liens in favor of U.S. or foreign governmental bodies to secure partial, progress, advance or other payments,
(e) liens on property, shares of stock or debt existing at the time of acquisition thereof (including acquisition through merger
or consolidation), purchase money mortgages and construction cost mortgages existing at or incurred within 180 days of the time
of acquisition thereof, (f) liens existing on the first date on which any Note is authenticated by the Trustee, (g) liens under
one or more credit facilities for indebtedness in an aggregate principal amount not to exceed $900,000,000 at any time outstanding,
(h) liens incurred in connection with pollution control, industrial revenue or similar financings, and (i) any extension, renewal
or replacement of any debt secured by any liens referred to in the foregoing clauses (a) through (h), inclusive.

 

Section 5.2Restrictions
on Sales and Leasebacks.

 

(a)       The
Company shall not enter into any sale and leaseback transaction involving any Principal Property, the acquisition or completion
of construction and commencement of full operation of which has occurred more than 180 days prior thereto, unless (a) the Company
could incur a lien on such property under the restrictions described in Section 5.1 hereof in an amount equal to the Attributable
Debt with respect to the sale and leaseback transaction without equally and ratably securing the Notes or (b) the Company, within
180 days after the sale or transfer by the Company, applies to the retirement of its Funded Debt an amount equal to the greater
of (i) the net proceeds of the sale of the Principal Property sold and leased pursuant to such arrangement or (ii) the fair market
value of the Principal Property so sold and leased as determined by the board of directors of the Company; provided that
the amount to be applied to the retirement of Funded Debt of the Company shall be reduced by (A) the principal amount of any Notes
delivered within 180 days after such sale or transfer to the Trustee for retirement and cancellation, and (B) the principal amount
of Funded Debt, other than the Notes, voluntarily retired by the Company within 180 days after such sale or transfer; provided,
further, that no retirement referred to in this clause (b) may be effected by payment at maturity or pursuant to any mandatory
sinking fund payment or any mandatory prepayment provision.

 

ARTICLE
Six

 

ADDITIONAL EVENTS OF DEFAULT APPLICABLE TO THE NOTE

 

Section 6.1Additional
Events of Default.

 

(a)       Pursuant
to Section 6.1(f) of the Senior Indenture, an “Event of Default” shall be deemed to occur with respect to a
series of Notes if an event of default, as defined in any indenture or instrument evidencing or under which the Company has as
of the date of this Twenty-Sixth Supplemental Indenture or shall thereafter have outstanding any indebtedness, shall happen and
be continuing and either (i) such default results from the failure to pay the principal of such indebtedness in excess of $50
million at final maturity of such indebtedness or (ii) as a result of such default the maturity of such indebtedness shall have
been accelerated so that the same shall be or become due and payable prior to the date on which the same would otherwise have
become due and payable, and such acceleration shall not be rescinded or annulled within 60 days and the principal amount of such
indebtedness, together with the principal amount of any other indebtedness of the Company in default, or the maturity of which
has been accelerated, aggregates $50 million or more; provided that the Trustee shall not be charged with knowledge of
any such default unless written notice thereof shall have been given to the Trustee by the Company, by the holder or an agent
of the holder of any such indebtedness, by the trustee then acting under any indenture or other instrument under which such default
shall have occurred, or by the Holders of not less than 25% in the aggregate principal amount of such series of Notes at the time
outstanding; and provided, further, that if such default shall be remedied or cured by the Company or waived by
the requisite number of percentage of holder of such indebtedness as provided in such indenture or instrument, then the Event
of Default described under this Twenty-Sixth Supplemental Indenture shall be deemed likewise to have been remedied, cured or waived
without further action on the part of the Trustee, any Holder of Notes or any other person.

 

    17 

     

    

 

ARTICLE
Seven

MISCELLANEOUS PROVISIONS

 

Section 7.1Ratification.

 

(a)       The
Senior Indenture, as supplemented by this Twenty-Sixth Supplemental Indenture, is in all respects ratified and confirmed. This
Twenty-Sixth Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent provided herein and
therein.

 

Section 7.2Counterparts.

 

(a)       This
Twenty-Sixth Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument. The exchange of copies of this Twenty-Sixth Supplemental
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture
as to the parties hereto and may be used in lieu of the original Twenty-Sixth Supplemental Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 7.3Notice
to Holders.

 

(a)       Notwithstanding
any other provision of the Senior Indenture, this Twenty-Sixth Supplemental Indenture, or any Note, where the Senior Indenture,
this Twenty-Sixth Supplemental Indenture or any Note provides for notice of any event (including any notice of redemption or repurchase)
to a Holder of a global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee)
pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with DTC operational
arrangements or other applicable DTC requirements.

 

    18 

     

    

 

Section 7.4Reports

 

(a)       In
connection with Section 4.5 of the Senior Indenture, the Company shall be deemed to have furnished such information, documents
or reports to the Trustee, the Holders and/or prospective purchasers of the notes, if the Company has filed such information,
documents or reports with the Commission via the EDGAR filing system (or any successor system) and/or posted such information,
documents or reports on the Company’s website and such information, documents or reports are publicly available; provided,
however, that the Trustee shall have no obligation whatsoever to determine whether or not such materials have been filed
pursuant to the EDGAR system (or its successor) or posted on any website. Delivery of such information to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the Company’s compliance with any of their covenants under
the Senior Indenture (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

(b)       For
so long as any Notes remain outstanding, at any time the Company is not required to file the reports required by Section 7.4(a)
with the SEC, the Company shall furnish to the Holders of the Notes and to securities analysts and prospective investors, upon
their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

Section 7.5PATRIOT
Act

 

(a)       The
Company acknowledges that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties
to this Supplemental Indenture agree that they will provide the Trustee with such information as it may request in order for the
Trustee to satisfy the requirements of the U.S.A. PATRIOT Act.

 

Section 7.6Electronic
Signature

 

Facsimile, documents executed,
scanned and transmitted electronically and electronic signatures, including those created or transmitted through a software platform
or application, shall be deemed original signatures for purposes of this Indenture and all other related documents and all matters
and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original
signatures. The parties agree that this Supplemental Indenture or any other related document or any instrument, agreement or document
necessary for the consummation of the transactions contemplated by this Indenture or the other related documents or related hereto
or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with respect to the delivery
of securities or the wire transfer of funds or other communications) (“Executed Documentation”) may be accepted, executed
or agreed to through the use of an electronic signature in accordance with applicable laws, rules and regulations in effect from
time to time applicable to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted,
executed or agreed to in conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent
as if it were physically executed and each party hereby consents to the use of any third party electronic signature capture service
providers as may be reasonably chosen by a signatory hereto or thereto. When the Trustee acts on any Executed Documentation sent
by electronic transmission, the Trustee will not be responsible or liable for any losses, costs or expenses arising directly or
indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation
(a) may not be an authorized or authentic communication of the party involved or in the form such party sent or intended to send
(whether due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a subsequent written instruction
or communication; it being understood and agreed that the Trustee shall conclusively presume that Executed Documentation that
purports to have been sent by an authorized officer of a Person has been sent by an authorized officer of such Person. The party
providing Executed Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all
risks arising out of such electronic methods, including, without limitation, the risk of the Trustee acting on unauthorized instructions
and the risk of interception and misuse by third parties.

 

    19 

     

    

 

IN WITNESS
WHEREOF, the parties hereto have caused this Twenty-Sixth Supplemental Indenture to be duly executed and attested, on the date
or dates indicated in the acknowledgments and as of the day and year first written above.

 

 

	 	THE AES CORPORATION, as the Issuer
	 	 
	 	By:	/s/ Ahmed Pasha      
	      	Name:	Ahmed Pasha       
	 	Title:	Treasurer

 

 

	Attest:	 
	 	 	 
	By:	/s/ Gustavo Pimenta	 
	Name:	Gustavo Pimenta	 
	Title:	Executive Vice President and Chief Financial Officer	 

 

 

 

[Signature Page to the Twenty-Sixth
Supplemental Indenture]

 

     

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

                    as Trustee:

	 	 	 
	 	By:	/s/ Luke Russell
	 	Name:	Luke Russell
	 	Title:	Assistant Vice President
	 	 	 
	 	 	 
	 	By:	/s/ Chris Niesz
	 	Name:	Chris Niesz
	 	Title:	Vice President

 

 

 

 

 

[Signature Page to the Twenty-Sixth
Supplemental Indenture]

 

     

     

    

 

Exhibit A-1

 

[FORM OF
2026 NOTE]*

 

[FACE OF
2026 NOTE]

 

THE AES CORPORATION

 

1.375% Senior
Note due 2026

 

CUSIP No.

ISIN No.

	No.	Principal Amount $

  

THE AES CORPORATION,
a Delaware corporation (the “Company”), for value received promises to pay to     or registered assigns,
the principal sum of     Dollars ($    ) on January 15, 2026.

 

Interest
Payment Dates: January 15 and July 15; commencing July 15, 2021.

 

Record Dates:
Each January 1 and July 1 immediately preceding such Interest Payment Date.

 

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

 

 

 

________________________

 

		*	Add
                                         Private Placement Legend to Initial Note and, if applicable, add Global Security Legend.

 

    A-1-1 

     

    

 

	 	By:	 
	 	 	Authorized Signature
	 	 	 
	 	By:	 
	 	 	Authorized Signature

 

 

Dated:

 

Certificate of Authentication

 

This is one
of the 1.375% Senior Notes due 2026 referred to in the within-mentioned Indenture.

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

                    as Trustee

	 	 	 
	 	By:	 
	 	 	Authorized Signature

 

 

    A-1-2 

     

    

 

[REVERSE
OF FORM OF 2026 NOTE]

 

THE AES CORPORATION

 

1.375% SENIOR
NOTE DUE 2026

 

1.       Interest.
THE AES CORPORATION, a Delaware corporation (the “Company,” which definition shall include any successor
thereto in accordance with the Indenture (as defined below)), promises to pay, until the principal hereof is paid or made available
for payment, interest on the principal amount set forth on the reverse side hereof at a rate of 1.375% per annum plus any
Additional Interest payable pursuant to the Registration Rights Agreement. All references in this Note to “interest”
shall mean and include any Additional Interest. Interest on the Notes will accrue from and including the most recent date to which
interest has been paid or, if no interest has been paid, from December 4, 2020 through but excluding the date on which interest
is paid. Interest shall be payable in arrears on January 15 and July 15 of each year (each an “Interest Payment Date”),
commencing July 15, 2021. Interest will be computed on the basis of a 360-day year of twelve 30-day months. In the event that
any date on which interest is payable on the Notes is not a Business Day, then payment of the interest payable on such date will
be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay),
except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding
Business Day, in each case with the same force and effect as if made on such date.

 

2.       Method
of Payment. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders
of Notes at the close of business on each January 1 and July 1 immediately preceding each Interest Payment Date (each, a “Regular
Record Date”). Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal
and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts.
At the Company’s option, interest may be paid by check sent to the registered address of the Holder of this Note.

 

3.       Paying
Agent and Registrar. Initially, Deutsche Bank Trust Company Americas (the “Trustee”) will act as Paying
Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice.

 

4.       Indenture.
The Company issued the Notes under an Indenture dated as of December 8, 1998 between the Company and the Trustee as supplemented
by the Ninth Supplemental Indenture dated as of April 3, 2003 and the Twenty-Sixth Supplemental Indenture dated as of December
4, 2020 between the Company and the Trustee (said Indenture, as so supplemented, the “Indenture”). This Note
is one of an issue of Securities of the Company issued under the Indenture. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb)
as amended from time to time. The Notes are subject to all such terms, and Holders of the Notes are referred to the Indenture
and such Act for a statement of them. Capitalized terms used herein and not otherwise defined have the meanings set forth in the
Indenture. The Notes are general unsecured and unsubordinated obligations of the Company ranking pari passu with all of
the Company’s unsecured and unsubordinated obligations. The Company may, subject to the terms of the Indenture and applicable
law, issue Additional Notes under the Twenty-Sixth Supplemental Indenture. The Notes issued on December 4, 2020 and any Additional
Notes subsequently issued shall be treated as a single class for all purposes of the Twenty-Sixth Supplemental Indenture. The
Indenture limits the ability of the Company to incur certain secured indebtedness and to enter into certain sale and leaseback
transactions.

 

    A-1-3 

     

    

 

5.       Optional
Redemption. 

 

(a)      At
any time prior to December 15, 2025 (one month prior to the maturity date of the Notes) (the “Par Call Date”),
the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 10 nor more than 60 days’
prior notice, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii)
the sum of the present values of the principal amount of the Notes to be redeemed and the remaining scheduled payments of interest
on the Notes from the redemption date to December 15, 2025, discounted from the scheduled payment dates to the redemption date
semiannually (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate plus 15
basis points.

 

In addition,
at any time and from time to time on or after the Par Call Date, the Notes will be redeemable, in whole or in part at any time,
at the Company’s option, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued
and unpaid interest on such Notes to the redemption date.

 

(b)      Except
pursuant to the preceding paragraphs, the Notes will not be redeemable at the Company’s option prior to the Par Call Date.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the Notes to be redeemed (assuming for this purpose that the Notes matured on the
Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity.

 

“Comparable
Treasury Price” means, with respect to any redemption date: (a) the average of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such redemption
date, as set forth in the most recently published statistical release designated “H.15 (519)” (or any successor release)
published by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States
treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” or (b) if such
release (or any successor release) is not published or does not contain such prices on such Business Day, the average of the Reference
Treasury Dealer Quotations for such redemption date.

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference
Treasury Dealer” means BofA Securities, Inc., Barclays Capital Inc., Mizuho Securities USA LLC and Morgan Stanley &
Co. LLC plus one other Primary Treasury Dealer (as defined below) selected by the Company; provided, however,
that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer.

 

    A-1-4 

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the yield to maturity of the Comparable
Treasury Issue, compounded semi-annually, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date.

 

6.       Change
of Control Offer. Upon the occurrence of a Change of Control Triggering Event, the Company shall be required, as and to the
extent set forth in the Indenture, to offer to purchase all of the outstanding Notes at a purchase price equal to 101% of the
principal amount thereof, plus accrued and unpaid interest, if any, thereon to, but not including, the date of repurchase (subject
to the right of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment
Date falling prior to or on the repurchase date).

 

7.       Sinking
Fund. No sinking fund is provided for the Notes.

 

8.       Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 thereafter. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and to pay to it any taxes and fees required by
law or permitted by the Indenture. The Registrar need not transfer or exchange any Notes or portion of a Note selected for redemption,
or transfer or exchange any Notes for a period of 15 days before selection of such Notes to be redeemed.

 

9.       Persons
Deemed Owners. The registered holder of a Note may be treated as the owner of it for all purposes.

 

10.     Unclaimed
Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will
pay the money back to the Company at its written request. After that, Holders entitled to the money must look to the Company for
payment as general creditors unless an “abandoned property” law designates another Person.

 

11.     Amendment,
Supplement, Waiver. The Company and the Trustee may, without the consent of the holders of any outstanding Notes, amend, waive
or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing ambiguities, defects
or inconsistencies, maintaining the qualification of the Indenture under the Trust Indenture Act of 1939 or making any other change
that does not adversely affect the rights of any Holder in any material respect. Other amendments and modifications of the Indenture
or the Notes may be made by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate
principal amount of the outstanding Securities of all series affected, subject to certain exceptions requiring the consent of
the Holders of the particular Securities.

 

    A-1-5 

     

    

 

12.     Successor
Corporation. When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture
and the transaction complies with the terms of Article 5 of the Senior Indenture, the predecessor corporation, subject to certain
exceptions, will be released from those obligations.

 

13.     Defaults
and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if an Event
of Default (other than an Event of Default specified in Section 6.1(d) or (e) of the Senior Indenture with respect to the Company)
occurs and is continuing, then the holders of not less than 25% in aggregate principal amount of the outstanding Notes may, or
the Trustee may, by written notice to the Company, and the Trustee at the request of not less than 25% in aggregate principal
amount of the outstanding Notes will, declare the principal of, plus accrued interest, if any, to be due and payable immediately.
If an Event of Default specified in Section 6.1(d) or (e) of the Senior Indenture with respect to the Company occurs and is continuing,
the Principal of and accrued interest on all of the Notes shall ipso facto become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder. Holders of the Notes may not enforce the Indenture or the Notes
except as provided in the Indenture. The Trustee may require indemnity reasonably satisfactory to it before it enforces the Indenture
or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Securities of
all series issued under the Indenture that are affected may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders of the Notes notice of any continuing default (except a default in payment of principal or interest)
if it determines in good faith that withholding notice is in their interests. The Company must furnish an annual compliance certificate
to the Trustee.

 

14.     Trustee
Dealing with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not Trustee.

 

15.     No
Recourse Against Others. A director, officer, employee, stockholder or beneficiary, as such, of the Company shall not have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issue of the Notes.

 

16.     Defeasance.
The Indenture contains provisions (which provisions apply to this Note) for defeasance at any time of (a) the entire indebtedness
of the Company in respect of this Note and (b) certain restrictive covenants and Defaults and Events of Default, in each case
upon compliance by the Company with certain conditions set forth therein.

 

17.     Authentication.
This Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note.

 

18.     Abbreviations.
Customary abbreviations may be used in the name of a Holder of Notes or an assignee, such as: TEN COM (= tenants in common),
TENANT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=
Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

19.     GOVERNING
LAW. THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

    A-1-6 

     

    

 

The Company
will furnish to any Holder of Notes upon written request and without charge a copy of the Indenture. Requests may be made to:

 

THE AES CORPORATION

4300 Wilson Boulevard

Arlington, Virginia 22203

Telephone: (703) 522-1315

Telecopy: (703) 528-4510

Attention: Legal Department

 

 

 

 

 

    A-1-7 

     

    

 

ASSIGNMENT
FORM

 

If you the holder want to assign
this Note, fill in the form below and have your signature guaranteed:

 

I or we assign
and transfer this Note to ___________________________________________________

 

(Insert assignee’s social
security or tax ID number) _________________________________________________

 

 

(Print
or type assignee’s name, address and zip code) and irrevocably appoint _______________________agent to transfer this Note on the books of the Company.
The agent may substitute another to act for him.

 

	Date:	 	 	Your
                                         signature:
	 

                                                                                

	 	 	 	(Sign exactly as your name appears on the other side of this Note)

 

Signature Guarantee:

 

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

 

    A-1-8 

     

    

 

[TO BE ATTACHED
TO GLOBAL NOTES]

 

SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The initial
principal amount of this Global Note is $      . The following increases or decreases in this Global Note have been made:

 

	Date of Exchange	Amount of decrease in Principal Amount of this Global
    Note	Amount of increase in Principal Amount of this Global
    Note	Principal amount of this Global Note following such
    decrease or increase	Signature of authorized signatory of Trustee or Securities
    Custodian

 

 

    A-1-9 

     

    

 

OPTION OF
HOLDER TO ELECT TO PURCHASE

 

[Date]

 

Deutsche Bank Trust Company Americas

Corporate, Municipal and Escrow Solutions

60 Wall Street, 24th Floor

New York, New York 10005

 

Attention: AES Corporate Trust
Administrator

 

		Re:	The AES Corporation

                                         1.375% Senior Notes due 2026 (the “2026 Notes”)

 

The undersigned
hereby elects to have [all] [a portion of] its 2026 Notes purchased by the Company pursuant to Section 4.1 of the Twenty-Sixth
Supplemental Indenture.

 

If the undersigned
elects to have only part of its 2026 Notes purchased by the Company pursuant to Section 4.1 of the Twenty-Sixth Supplemental Indenture,
state the principal amount (minimum amount of $2,000; multiples of $1,000 in excess of $2,000):

 

$

 

	Dated: 	 		Signed: 	
	 	 	 	 	(Sign exactly as name appears on the other side of this Security)

 

 

	Signature Guarantee:	 	
	 	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

 

    A-1-10 

     

    

 

[Check
One]

 

		(1)	to the Company; or

 

		(2)	pursuant to and in compliance
                                         with Rule 144A under the Securities Act; or

 

		(3)	To
                                         an institutional “accredited investor” (as defined in Rule 501(a)(1),
                                         (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed
                                         letter containing certain representations and agreements (the form of which letter can
                                         be obtained from the Trustee); or

 

		(4)	outside
                                         the United States to a Person that is not a U.S. Person in compliance with Rule 904 of
                                         Regulation S under the Securities Act; or

 

		(5)	pursuant to the exemption from
                                         registration provided by Rule 144 under the Securities Act; or

 

		(6)	pursuant to an effective registration
                                         statement under the Securities Act; or

 

		(7)	pursuant to another available
                                         exemption from the registration requirements of the Securities Act;

 

and
unless the box below is checked, the undersigned confirms that such Security is not being transferred to an “affiliate”
of the Company as defined in Rule 144 under the Securities Act of 1933, as amended (an “Affiliate”):

 

☐   The
transferee is an Affiliate of the Company.

 

Unless one of the items is checked, the Trustee shall refuse to register any of the Notes evidenced by this certificate in
the name of any person other than the registered Holder thereof; provided that if box (3), (4), (5) or (7) is checked,
the Company or the Trustee may require, prior to registering any such transfer of the Notes, in its sole discretion, such
legal opinions, certifications (including an investment letter in the case of box (3) or (4)) and other information as the
Trustee or the Company have reasonably requested to confirm that such transfer is being made pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the Securities Act.

 

    A-1-11 

     

    

 

If
none of the foregoing boxes is checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any
person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and
in Section 2.6 of the Indenture shall have been satisfied.

 

	Dated: 	 		Signed: 	
	 	 	 	 	(Sign exactly as name appears on the other side of this Security)

 

 

	Signature Guarantee:	 	
	 	 	

 

 

 

TO BE COMPLETED
BY PURCHASER IF (2) ABOVE IS CHECKED

 

The
undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule
144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

Dated:

 

    A-1-12 

     

    

 

Exhibit A-2

 

[FORM OF
2031 NOTE]*

 

[FACE OF
2031 NOTE]

 

THE AES CORPORATION.

 

2.450% Senior
Note due 2031

 

CUSIP No.

ISIN No.

	No.	Principal Amount $

 

THE AES CORPORATION,
a Delaware corporation (the “Company”), for value received promises to pay to     or registered assigns,
the principal sum of       Dollars ($     ) on January 15, 2031.

 

Interest
Payment Dates: January 15 and July 15; commencing July 15, 2021.

 

Record Dates:
Each January 1 and July 1 immediately preceding such Interest Payment Date.

 

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

 

 

________________________

 

		*	Add
                                         Private Placement Legend to Initial Note and, if applicable, add Global Security Legend.

 

    A-2-1 

     

    

 

	 	By:	 
	 	 	Authorized Signature
	 	 	 
	 	By:	 
	 	 	Authorized Signature

 

 

 

Dated:

 

Certificate of Authentication

 

This is one
of the 2.450% Senior Notes due 2031 referred to in the within-mentioned Indenture.

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

                    as Trustee

	 	 	 
	 	By:	 
	 	 	Authorized Signature

 

 

    A-2-2 

     

    

 

[REVERSE
OF FORM OF 2031 NOTE]

 

THE AES CORPORATION

 

2.450% SENIOR
NOTE DUE 2031

 

1.       Interest.
THE AES CORPORATION, a Delaware corporation (the “Company,” which definition shall include any successor
thereto in accordance with the Indenture (as defined below)), promises to pay, until the principal hereof is paid or made available
for payment, interest on the principal amount set forth on the reverse side hereof at a rate of 2.450% per annum plus any
Additional Interest payable pursuant to the Registration Rights Agreement. All references in this Note to “interest”
shall mean and include any Additional Interest. Interest on the Notes will accrue from and including the most recent date to which
interest has been paid or, if no interest has been paid, from December 4, 2020 through but excluding the date on which interest
is paid. Interest shall be payable in arrears on January 15 and July 15 of each year (each an “Interest Payment Date”),
commencing July 15, 2021. Interest will be computed on the basis of a 360-day year of twelve 30-day months. In the event that
any date on which interest is payable on the Notes is not a Business Day, then payment of the interest payable on such date will
be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay),
except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding
Business Day, in each case with the same force and effect as if made on such date.

 

2.       Method
of Payment. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders
of Notes at the close of business on each January 1 and July 1 immediately preceding each Interest Payment Date (each, a “Regular
Record Date”). Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal
and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts.
At the Company’s option, interest may be paid by check sent to the registered address of the Holder of this Note.

 

3.       Paying
Agent and Registrar. Initially, Deutsche Bank Trust Company Americas (the “Trustee”) will act as Paying
Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice.

 

4.       Indenture.
The Company issued the Notes under an Indenture dated as of December 8, 1998 between the Company and the Trustee as supplemented
by the Ninth Supplemental Indenture dated as of April 3, 2003 and the Twenty-Sixth Supplemental Indenture dated as of December
4, 2020 between the Company and the Trustee (said Indenture, as so supplemented, the “Indenture”). This Note
is one of an issue of Securities of the Company issued under the Indenture. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb)
as amended from time to time. The Notes are subject to all such terms, and Holders of the Notes are referred to the Indenture
and such Act for a statement of them. Capitalized terms used herein and not otherwise defined have the meanings set forth in the
Indenture. The Notes are general unsecured and unsubordinated obligations of the Company ranking pari passu with all of the Company’s
unsecured and unsubordinated obligations. The Company may, subject to the terms of the Indenture and applicable law, issue Additional
Notes under the Twenty-Sixth Supplemental Indenture. The Notes issued on December 4, 2020 and any Additional Notes subsequently
issued shall be treated as a single class for all purposes of the Twenty-Sixth Supplemental Indenture. The Indenture limits the
ability of the Company to incur certain secured indebtedness and to enter into certain sale and leaseback transactions.

 

    A-2-3 

     

    

 

5.       Optional
Redemption. 

 

(c)     At
any time prior to October 15, 2030 (three months prior to the maturity date of the Notes) (the “Par Call Date”),
the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 10 nor more than 60 days’
prior notice, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii)
the sum of the present values of the principal amount of the Notes to be redeemed and the remaining scheduled payments of interest
on the Notes from the redemption date to October 15, 2030, discounted from the scheduled payment dates to the redemption date
semiannually (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate plus 25
basis points.

 

In addition,
at any time and from time to time on or after the Par Call Date, the Notes will be redeemable, in whole or in part at any time,
at the Company’s option, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued
and unpaid interest on such Notes to the redemption date.

 

(d)     Except
pursuant to the preceding paragraphs, the Notes will not be redeemable at the Company’s option prior to the Par Call Date.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the Notes to be redeemed (assuming for this purpose that the Notes matured on the
Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity.

 

“Comparable
Treasury Price” means, with respect to any redemption date: (a) the average of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such redemption
date, as set forth in the most recently published statistical release designated “H.15 (519)” (or any successor release)
published by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States
treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” or (b) if such
release (or any successor release) is not published or does not contain such prices on such Business Day, the average of the Reference
Treasury Dealer Quotations for such redemption date.

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference
Treasury Dealer” means BofA Securities, Inc., Barclays Capital Inc., Mizuho Securities USA LLC and Morgan Stanley &
Co. LLC plus one other Primary Treasury Dealer (as defined below) selected by the Company; provided, however,
that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer.

 

    A-2-4 

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the yield to maturity of the Comparable
Treasury Issue, compounded semi-annually, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date.

 

6.       Change
of Control Offer. Upon the occurrence of a Change of Control Triggering Event, the Company shall be required, as and to the
extent set forth in the Indenture, to offer to purchase all of the outstanding Notes at a purchase price equal to 101% of the
principal amount thereof, plus accrued and unpaid interest, if any, thereon to, but not including, the date of repurchase (subject
to the right of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment
Date falling prior to or on the repurchase date).

 

7.       Sinking
Fund. No sinking fund is provided for the Notes.

 

8.       Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 thereafter. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and to pay to it any taxes and fees required by
law or permitted by the Indenture. The Registrar need not transfer or exchange any Notes or portion of a Note selected for redemption,
or transfer or exchange any Notes for a period of 15 days before selection of such Notes to be redeemed.

 

9.       Persons
Deemed Owners. The registered holder of a Note may be treated as the owner of it for all purposes.

 

10.     Unclaimed
Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will
pay the money back to the Company at its written request. After that, Holders entitled to the money must look to the Company for
payment as general creditors unless an “abandoned property” law designates another Person.

 

11.     Amendment,
Supplement, Waiver. The Company and the Trustee may, without the consent of the holders of any outstanding Notes, amend, waive
or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing ambiguities, defects
or inconsistencies, maintaining the qualification of the Indenture under the Trust Indenture Act of 1939 or making any other change
that does not adversely affect the rights of any Holder in any material respect. Other amendments and modifications of the Indenture
or the Notes may be made by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate
principal amount of the outstanding Securities of all series affected, subject to certain exceptions requiring the consent of
the Holders of the particular Securities.

 

    A-2-5 

     

    

 

12.     Successor
Corporation. When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture
and the transaction complies with the terms of Article 5 of the Senior Indenture, the predecessor corporation, subject to certain
exceptions, will be released from those obligations.

 

13.     Defaults
and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if an Event
of Default (other than an Event of Default specified in Section 6.1(d) or (e) of the Senior Indenture with respect to the Company)
occurs and is continuing, then the holders of not less than 25% in aggregate principal amount of the outstanding Notes may, or
the Trustee may, by written notice to the Company, and the Trustee at the request of not less than 25% in aggregate principal
amount of the outstanding Notes will, declare the principal of, plus accrued interest, if any, to be due and payable immediately.
If an Event of Default specified in Section 6.1(d) or (e) of the Senior Indenture with respect to the Company occurs and is continuing,
the Principal of and accrued interest on all of the Notes shall ipso facto become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder. Holders of the Notes may not enforce the Indenture or the Notes
except as provided in the Indenture. The Trustee may require indemnity reasonably satisfactory to it before it enforces the Indenture
or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Securities of
all series issued under the Indenture that are affected may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders of the Notes notice of any continuing default (except a default in payment of principal or interest)
if it determines in good faith that withholding notice is in their interests. The Company must furnish an annual compliance certificate
to the Trustee.

 

14.     Trustee
Dealing with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not Trustee.

 

15.     No
Recourse Against Others. A director, officer, employee, stockholder or beneficiary, as such, of the Company shall not have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issue of the Notes.

 

16.     Defeasance.
The Indenture contains provisions (which provisions apply to this Note) for defeasance at any time of (a) the entire indebtedness
of the Company in respect of this Note and (b) certain restrictive covenants and Defaults and Events of Default, in each case
upon compliance by the Company with certain conditions set forth therein.

 

17.     Authentication.
This Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note.

 

18.     Abbreviations.
Customary abbreviations may be used in the name of a Holder of Notes or an assignee, such as: TEN COM (= tenants in common),
TENANT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=
Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

19.     GOVERNING
LAW. THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

    A-2-6 

     

    

 

The Company
will furnish to any Holder of Notes upon written request and without charge a copy of the Indenture. Requests may be made to:

 

THE AES CORPORATION

4300 Wilson Boulevard

Arlington, Virginia 22203

Telephone: (703) 522-1315

Telecopy: (703) 528-4510

Attention: Legal Department

 

 

 

 

 

    A-2-7 

     

    

 

ASSIGNMENT
FORM

 

If you the holder want to assign
this Note, fill in the form below and have your signature guaranteed:

 

I or we assign
and transfer this Note to ___________________________________________________

 

(Insert assignee’s social
security or tax ID number) _________________________________________________

 

 

(Print
or type assignee’s name, address and zip code) and irrevocably appoint _______________________agent to transfer this Note on the books of the Company.
The agent may substitute another to act for him.

 

	Date:	 	 	Your
                                         signature:
	 

                                                                                

	 	 	 	(Sign exactly as your name appears on the other side of this Note)

 

Signature Guarantee:

 

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

 

    A-2-8 

     

    

 

[TO BE ATTACHED
TO GLOBAL NOTES]

 

SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The initial
principal amount of this Global Note is $       . The following increases or decreases in this Global Note have been made:

 

	Date of Exchange	Amount of decrease in Principal Amount of this Global
    Note	Amount of increase in Principal Amount of this Global
    Note	Principal amount of this Global Note following such
    decrease or increase	Signature of authorized signatory of Trustee or Securities
    Custodian

 

 

    A-2-9 

     

    

 

OPTION OF
HOLDER TO ELECT TO PURCHASE

 

[Date]

 

Deutsche Bank Trust Company Americas

Corporate, Municipal and Escrow Solutions

 

60 Wall Street, 24th Floor

New York, New York 10005

 

Attention: AES Corporate Trust
Administrator

 

		Re:	The AES Corporation

                                         2.450% Senior Notes due 2031 (the “2031 Notes”)

 

The undersigned
hereby elects to have [all] [a portion of] its 2031 Notes purchased by the Company pursuant to Section 4.1 of the Twenty-Sixth
Supplemental Indenture.

 

If the undersigned
elects to have only part of its 2031 Notes purchased by the Company pursuant to Section 4.1 of the Twenty-Sixth Supplemental Indenture,
state the principal amount (minimum amount of $2,000; multiples of $1,000 in excess of $2,000):

 

$

 

	Dated: 	 		Signed: 	
	 	 	 	 	(Sign exactly as name appears on the other side of this Security)

 

 

	Signature Guarantee:	 	
	 	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

 

    A-2-10 

     

    

 

[Check
One]

 

		(1)	to the Company; or

 

		(2)	pursuant to and in compliance
                                         with Rule 144A under the Securities Act; or

 

		(3)	To
                                         an institutional “accredited investor” (as defined in Rule 501(a)(1),
                                         (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed
                                         letter containing certain representations and agreements (the form of which letter can
                                         be obtained from the Trustee); or

 

		(4)	outside
                                         the United States to a Person that is not a U.S. Person in compliance with Rule 904 of
                                         Regulation S under the Securities Act; or

 

		(5)	pursuant to the exemption from
                                         registration provided by Rule 144 under the Securities Act; or

 

		(6)	pursuant to an effective registration
                                         statement under the Securities Act; or

 

		(7)	pursuant to another available
exemption from the registration requirements of the Securities Act;

 

and
unless the box below is checked, the undersigned confirms that such Security is not being transferred to an “affiliate”
of the Company as defined in Rule 144 under the Securities Act of 1933, as amended (an “Affiliate”):

 

☐   The
transferee is an Affiliate of the Company.

 

Unless
one of the items is checked, the Trustee shall refuse to register any of the Notes evidenced by this certificate in the name of
any person other than the registered Holder thereof; provided that if box (3), (4), (5) or (7) is checked, the Company
or the Trustee may require, prior to registering any such transfer of the Notes, in its sole discretion, such legal opinions,
certifications (including an investment letter in the case of box (3) or (4)) and other information as the Trustee or the Company
have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act.

 

    A-2-11 

     

    

 

If
none of the foregoing boxes is checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any
person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and
in Section 2.6 of the Indenture shall have been satisfied.

 

 

	Dated: 	 		Signed: 	
	 	 	 	 	(Sign exactly as name appears on the other side of this Security)

 

 

	Signature Guarantee:	 	
	 	 	

 

 

TO BE COMPLETED
BY PURCHASER IF (2) ABOVE IS CHECKED

 

The
undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule
144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

Dated:

 

    A-2-12 

     

    

 

Exhibit B

 

Form of Certificate
to be

Delivered in Connection with

Transfers to Non-QIB Accredited Investors

 

[Date]

 

The AES Corporation

4300 Wilson Boulevard

Arlington, Virginia 22203

Attention: Legal Department

 

Deutsche Bank Trust Company Americas

c/o DB Services Americas, Inc.

5022 Gate Parkway, Suite 200

Jacksonville, Florida 32256

Attn: Transfer Department

Facsimile: 615-866-3889

 

Deutsche Bank Trust Company Americas

Trust and Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60 - 2405

New York, New York 10005

Attn: Corporates Team, AES Corporation
SF2260

Facsimile: (732) 578-4635

 

Deutsche Bank Trust Company Americas

Corporate, Municipal and Escrow
Solutions

60 Wall Street, 24th
Floor

New York, New York 10005

 

Attention:

 

		Re:	The AES Corporation

                                         [1.375% Senior Notes due 2026] [2.450% Senior Notes due 2031] (the “Notes”)

 

Ladies and Gentlemen:

 

In connection
with our proposed purchase of The AES Corporation (the “Company”), we confirm that:

 

1.       We
understand that any subsequent transfer of the Notes is subject to certain restrictions and conditions set forth in the indenture
relating to the Notes and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes except
in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”).

 

    B-1 

     

    

 

2.       We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes may not
be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for
which we are acting as hereinafter stated, that if we should sell or otherwise transfer any Notes prior to the date which is two
years after the original issuance of the Notes, we will do so only (i) to the Company or any of their subsidiaries, (ii) inside
the United States in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined
in Rule 144A under the Securities Act), (iii) inside the United States to an institutional “accredited investor” (as
defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to the Trustee
(as defined in the Indenture relating to the Notes), a signed letter containing certain representations and agreements relating
to the restrictions on transfer of the Notes and, if such transfer is in respect of any aggregate principal amount of Notes of
less than $250,000, also furnishes an opinion of counsel acceptable to the Company that such transfer complies with the Securities
Act, (iv) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (v) pursuant to the
exemption from registration provided by Rule 144 under the Securities Act (if available), or (vi) pursuant to an effective registration
statement under the Securities Act, and we further agree to provide to any person purchasing any of the Notes from us a notice
advising such purchaser that resales of the Notes are restricted as stated herein.

 

3.       We
understand that, on any proposed resale of any Notes, we will be required to furnish to the Trustee and the Company such certification,
legal opinions and other information as the Trustee and the Company may reasonably require to confirm that the proposed sale complies
with the foregoing restrictions. We further understand that the Notes purchased by us shall bear a legend to the foregoing effect.

 

4.       We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk
of our or their investment, as the case may be.

 

5.       We
are acquiring the Notes purchased by us for our account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion, and we are not acquiring the Notes with a view to,
or for offer or sale in connection with, any distribution in violation of the Securities Act.

 

6.       The
principal amount of the Notes to which this Certificate relates is $ .

 

You and the
Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

  

 

    B-2 

     

    

 

Exhibit C

 

Form of Certificate
to Be

Delivered in Connection with

Transfers Pursuant to Regulation S

 

[Date]

 

The AES Corporation

4300 Wilson Boulevard

Arlington, Virginia 22203

Attention: Legal Department

 

Deutsche Bank Trust Company Americas

c/o DB Services Americas, Inc.

5022 Gate Parkway, Suite 200

Jacksonville, Forida 32256

Attn: Transfer Department

Facsimile: 615-866-3889

 

Deutsche Bank Trust Company Americas

Trust and Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60 - 2405

New York, New York 10005

Attn: Corporates Team, AES Corporation
SF2260

Facsimile: (732) 578-4635

 

Deutsche Bank Trust Company Americas

Corporate, Municipal and Escrow
Solutions

60 Wall Street, 24th
Floor

New York, New York 10005

 

Attention:

 

		Re:	The AES Corporation

                                         [1.375% Senior Notes due 2026] [2.450% Senior Notes due 2031] (the “Notes”)

 

In connection
with our proposed sale of $ aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and
in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly,
we represent that:

 

1.       the
offer of the Notes was not made to a person in the United States;

 

    C-1 

     

    

 

2.       either
(a) at the time the buy offer was originated, the transferee was outside the United States or we and any person acting on our
behalf reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in, on or through
the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction
has been pre-arranged with a buyer in the United States;

 

3.       no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b)
of Regulation S, as applicable;

 

4.       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

5.       we
have advised the transferee of the transfer restrictions applicable to the Notes.

 

    C-2 

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	[Name of Transferor]
	 	 
	 	By:	 
	 	 	Authorized Signature
	 	 	 

 

 

 

 

 

    C-3Exhibit 4.4

 

 

 

                                                                

 

 

 

Registration
Rights Agreement

 

Dated
as of December 4, 2020

 

between

 

THE
AES CORPORATION

 

and

 

BofA
Securities, Inc.

 

Barclays
Capital Inc.

 

Mizuho
Securities USA LLC

 

Morgan
Stanley & Co. LLC

 

As
Representatives of the Initial Purchasers

 

 

 

 

 

 

     

     

    

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration
Rights Agreement (the “Agreement”) is made and entered into this 4th day of December, 2020 between The AES
Corporation, a Delaware corporation (the “Company”) and BofA Securities, Inc., Barclays Capital Inc., Mizuho
Trust & Banking Co. and Morgan Stanley & Co. LLC
as representatives (the “Representatives”) of the initial purchasers named in Schedule I hereto (collectively,
the “Initial Purchasers”).

 

This Agreement
is made pursuant to the Purchase Agreement, dated November 19, 2020 among the Company and the Representatives (the “Purchase
Agreement”), which provides for the sale by the Company to the Initial Purchasers of an aggregate of $800,000,000 principal
amount of the Company’s 1.375% Senior Notes Due 2026 (the “2026 Notes”) and $1,000,000,000 aggregate
principal amount of the Company’s 2.450% Senior Notes Due 2031 (the “2031 Notes” and together with the
2026 Notes, the “Securities”). In order to induce the Initial Purchasers to enter into the Purchase Agreement,
the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights
set forth in this Agreement. The execution of this Agreement is a condition to the closing under the Purchase Agreement.

 

In consideration
of the foregoing, the parties hereto agree as follows:

 

1.       Definitions.

 

As used in
this Agreement, the following capitalized defined terms shall have the following meanings:

 

“1933 Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“1934 Act”
shall mean the Securities Exchange Act of l934, as amended from time to time.

 

“Additional
Interest” shall have the meaning set forth in Section 2.5.

 

“Business
Day” shall mean any day except (i) a Saturday, Sunday or other day in The City of New York on which banks are required
or authorized to close or (ii) any other day on which the SEC is closed.

 

“Closing Date”
shall mean December 4, 2020, the date the Securities were originally issued.

 

“Company”
shall have the meaning set forth in the preamble and shall also include the Company’s successors.

 

“Depositary”
shall mean The Depository Trust Company, or any other depositary appointed by the Company, provided, however, that
such depositary must have an address in the Borough of Manhattan, in the City of New York.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2.2(b) herein.

 

     

     

    

 

“Exchange Offer”
shall mean the offer by the Company to exchange the Exchange Securities for Securities pursuant to Section 2.1 hereof.

 

“Exchange Offer Registration”
shall mean a registration under the 1933 Act effected pursuant to Section 2.1 hereof.

 

“Exchange Offer Registration Statement”
shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form), and all amendments
and supplements to such registration statement, including the Prospectus contained therein, all exhibits thereto and all documents
incorporated by reference therein.

 

“Exchange
Period” shall have the meaning set forth in Section 2.1 hereof.

 

“Exchange Securities”
shall mean the 1.375% Senior Notes Due 2026 and the 2.450% Senior Notes Due 2031 issued by the Company under the Indenture containing
terms identical to the Securities in all material respects (except that the additional interest rate, restrictions on transfers
and restrictive legends shall be eliminated), to be offered to Holders of Securities in exchange for Securities pursuant to the
Exchange Offer.

 

“Holder”
shall mean an Initial Purchaser, for so long as it owns any Registrable Securities, and each of its successors, assigns and direct
and indirect transferees who become registered owners of Registrable Securities under the Indenture and each Participating Broker-Dealer
that holds Exchange Securities for so long as such Participating Broker-Dealer is required to deliver a prospectus meeting the
requirements of the 1933 Act in connection with any resale of such Exchange Securities.

 

“Indenture”
shall mean the Indenture relating to the Securities, dated as of December 8, 1998, between the Company and Deutsche Bank Trust
Company Americas as successor to Wells Fargo Bank, N.A., as successor to Bank One National Association (formerly known as The
First National Bank of Chicago), as trustee, as the same has been or may be amended, supplemented, waived or otherwise modified
from time to time in accordance with the terms thereof.

 

“Initial Purchaser”
“or “Initial Purchasers” shall have the meaning set forth in the preamble.

 

“Issuer
FWP” shall have the meaning set forth in Section 4(a)(i).

 

“Majority Holders”
shall mean the Holders of a majority of the aggregate principal amount of outstanding Registrable Securities; provided
that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable
Securities held by the Company or any Affiliate (as defined in the Indenture) of the Company shall be disregarded in determining
whether such consent or approval was given by the Holders of such required percentage amount.

 

    -2- 

     

    

 

“Participating Broker-Dealer”
shall mean each of the Initial Purchasers and any other broker-dealer which makes a market in the Securities and exchanges Registrable
Securities in the Exchange Offer for Exchange Securities.

 

“Person”
shall mean an individual, partnership (general or limited), corporation, limited liability company, trust or unincorporated organization,
or a government or agency or political subdivision thereof.

 

“Private
Exchange” shall have the meaning set forth in Section 2.1 hereof.

 

“Private
Exchange Securities” shall have the meaning set forth in Section 2.1 hereof.

 

“Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus
as amended or supplemented by any prospectus supplement, including any such prospectus supplement with respect to the terms of
the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments
and supplements to a prospectus, including post-effective amendments, and in each case including all materials incorporated by
reference therein.

 

“Purchase Agreement”
shall have the meaning set forth in the preamble.

 

“Registrable Securities”
shall mean the Securities and, if issued, the Private Exchange Securities; provided, however, that Securities and,
if issued, the Private Exchange Securities, shall cease to be Registrable Securities (i) when a Registration Statement with
respect to such Securities or Private Exchange Securities shall have become or been declared effective under the 1933 Act and
such Securities or Private Exchange Securities shall have been disposed of pursuant to such Registration Statement, (ii) when
such Securities or Private Exchange Securities have been sold to the public pursuant to Rule l44 (or any similar provision then
in force, but not Rule 144(A)) under the 1933 Act, (iii) when such Securities or Private Exchange Securities shall have ceased
to be outstanding or (iv) when the Exchange Offer is consummated (except in the case of Securities and Private Exchange Securities
purchased from the Company and continued to be held by the Initial Purchasers).

 

“Registration
Default” shall have the meaning set forth in Section 2.5.

 

“Registration Expenses”
shall mean any and all expenses incident to performance of or compliance by the Company with this Agreement, including without
limitation: (i) all SEC registration and filing fees, (ii) all fees and expenses incurred by the Company in connection with
compliance with state securities or blue sky laws in connection with blue sky qualification of any of the Exchange Securities
or Registrable Securities and any filings with the Financial Industry Regulatory Authority, (iii) all expenses of the Company
in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus,
any amendments or supplements thereto, and other documents relating to the performance of and compliance with this Agreement,
(iv) all rating agency fees, incurred by the Company, if any, (v) the reasonable and documented fees and disbursements of
counsel for the Company and of the independent registered public accounting firm of the Company, including the expenses of any
special audits required by or incident to such performance and compliance, (vi) the reasonable and documented fees and expenses
of the Trustee, and any escrow agent or custodian, (vii) the reasonable and documented fees and disbursements of one firm
special counsel representing the Holders of Registrable Securities and (viii) the reasonable and documented fees and expenses
of any special experts retained by the Company in connection with any Registration Statement, but excluding any transfer taxes,
if any, relating to the sale or disposition of Registrable Securities by a Holder.

 

    -3- 

     

    

 

“Registration Statement”
shall mean any registration statement of the Company which covers any of the Exchange Securities or Registrable Securities pursuant
to the provisions of this Agreement, and all amendments and supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all materials incorporated by reference
therein.

 

“SEC”
shall mean the Securities and Exchange Commission or any successor agency or government body performing the functions currently
performed by the United States Securities and Exchange Commission.

 

“Securities”
shall have the meaning set forth in the preamble.

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 2.2 hereof.

 

“Shelf Registration Statement”
shall mean a “shelf” registration statement of the Company pursuant to the provisions of Section 2.2 of this Agreement
which covers all of the Registrable Securities or all of the Private Exchange Securities on an appropriate form under Rule 415
under the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto
and all materials incorporated by reference therein.

 

“Suspension
Period” shall have the meaning set forth in Section 2.2 hereof.

 

“Trustee”
shall mean the trustee with respect to the Securities under the Indenture.

 

2.       Registration Under the 1933 Act.

 

2.1       Exchange Offer.
Unless the Exchange Offer shall not be permissible under applicable law or SEC policy, prior
to the 365th calendar day following the Closing Date the Company shall, for the benefit of the Holders, at the Company’s
cost, use its commercially reasonable efforts to, (A) prepare and file with the SEC, an Exchange Offer Registration Statement
on an appropriate form under the 1933 Act with respect to a proposed Exchange Offer and the issuance and delivery to the Holders,
in exchange for the Securities (other than Private Exchange Securities), of a like principal amount of Exchange Securities, (B)
cause the Exchange Offer Registration Statement to become or be declared effective under the 1933 Act, (C) keep the Exchange
Offer Registration Statement effective until the closing of the Exchange Offer and (D) cause the Exchange Offer to be consummated
on or prior to the 425th calendar day following the Closing Date. Upon the effectiveness of the Exchange Offer Registration
Statement, the Company shall promptly commence the Exchange Offer, it being the objective of such Exchange Offer to enable each
Holder eligible and electing to exchange Securities for Exchange Securities (assuming that such Holder (a) is not an affiliate
of the Company within the meaning of Rule 405 under the 1933 Act, (b) is not a broker-dealer tendering Registrable Securities
acquired directly from the Company for its own account, (c) acquired the Exchange Securities in the ordinary course of such
Holder’s business and (d) has no arrangements or understandings with any Person to participate in the Exchange Offer
for the purpose of distributing the Exchange Securities) to transfer such Exchange Securities from and after their receipt without
any limitations or restrictions under the 1933 Act and under state securities or blue sky laws.

 

    -4- 

     

    

 

In connection
with the Exchange Offer, the Company shall:

 

(a)     mail
as promptly as practicable after the commencement of the Exchange Offer to each Holder a copy of the Prospectus forming part of
the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents;

 

(b)     keep
the Exchange Offer open for acceptance for a period of not less than 20 calendar days after the date notice thereof is mailed
to the Holders (or longer if required by applicable law) (such period referred to herein as the “Exchange Period”);

 

(c)     utilize
the services of the Depositary for the Exchange Offer;

 

(d)     permit
Holders to withdraw tendered Securities at any time prior to the expiration of the Exchange Period, by sending to the institution
specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal
amount of Securities delivered for exchange, and a statement that such Holder is withdrawing such Holder’s election to have
such Securities exchanged;

 

(e)     notify
each Holder that any Security not tendered will remain outstanding and continue to accrue interest, but will not retain any rights
under this Agreement (except in the case of the Initial Purchasers and Participating Broker-Dealers as provided herein); and

 

(f)      otherwise
comply in all material respects with all applicable laws relating to the Exchange Offer.

 

If, prior to
consummation of the Exchange Offer, the Initial Purchasers hold any Securities acquired by them and having the status of an unsold
allotment in the initial distribution, the Company upon the request of any Initial Purchaser shall, simultaneously with the delivery
of the Exchange Securities in the Exchange Offer, issue and deliver to such Initial Purchaser in exchange (the “Private
Exchange”) for the Securities held by such Initial Purchaser, a like principal amount of debt securities of the Company
on a senior basis, that are identical (except that such securities shall bear appropriate transfer restrictions) to the Exchange
Securities (the “Private Exchange Securities”).

 

The Exchange
Securities and the Private Exchange Securities shall be issued under (i) the Indenture or (ii) an indenture identical
in all material respects to the Indenture and which, in either case, has been qualified under the Trust Indenture Act of 1939,
as amended (the “TIA”), or is exempt from such qualification and shall provide that the Exchange Securities
shall not be subject to the transfer restrictions set forth in the Indenture but that the Private Exchange Securities shall be
subject to such transfer restrictions. The Indenture or such indenture shall provide that the Exchange Securities, the Private
Exchange Securities and the Securities shall vote and consent together on all matters as one class of securities under the Indenture
and that none of the Exchange Securities, the Private Exchange Securities or the Securities will have the right to vote or consent
as a separate class on any matter under the Indenture. If the customary procedures of the Depositary and the CUSIP Bureau allow,
the Private Exchange Securities shall be of the same series as and the Company shall use all commercially reasonable efforts to
have the Private Exchange Securities bear the same CUSIP number as the Exchange Securities. The Company shall not have any liability
under this Agreement solely as a result of such Private Exchange Securities not bearing the same CUSIP number as the Exchange
Securities.

 

    -5- 

     

    

 

As soon as
practicable after the close of the Exchange Offer and/or the Private Exchange, as the case may be, the Company shall:

 

(i)       accept
for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to the Exchange Offer in accordance with
the terms of the Exchange Offer Registration Statement and the letter of transmittal which shall be an exhibit thereto;

 

(ii)      accept
for exchange all Securities properly tendered pursuant to the Private Exchange;

 

(iii)     deliver
to the Trustee for cancellation all Registrable Securities so accepted for exchange; and

 

(iv)     cause
the Trustee promptly to authenticate and deliver Exchange Securities or Private Exchange Securities, as the case may be, to each
Holder of Registrable Securities so accepted for exchange in a principal amount equal to the principal amount of the Registrable
Securities of such Holder so accepted for exchange.

 

Interest on
each Exchange Security and Private Exchange Security will accrue from the last date on which interest was paid on the Registrable
Securities surrendered in exchange therefor or, if no interest has been paid on the Registrable Securities, from the Closing Date.
The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than (i) that the Exchange Offer or
the Private Exchange, or the making of any exchange by a Holder, does not violate applicable law, rule or regulation or any applicable
interpretation of the staff of the SEC, (ii) the due tendering of Registrable Securities in accordance with the Exchange Offer
and the Private Exchange, (iii) that each Holder of Registrable Securities exchanged in the Exchange Offer shall have represented
that (A) it is not an affiliate (as defined in Rule 405 under the 1933 Act) of the Company or, if it is such an affiliate,
it will comply with the registration and prospectus delivery requirements of the 1933 Act, to the extent applicable; (B) all
Exchange Securities to be received by it shall be acquired in the ordinary course of its business and that at the time of the
consummation of the Exchange Offer it shall have no arrangement or understanding with any person to participate in the distribution
(within the meaning of the 1933 Act) of the Exchange Securities, (C) if such Holder is not a broker-dealer, that it is not
engaged in, and does not intend to engage in, the distribution of the Exchange Securities, (D) if such Holder is a broker-dealer,
that it will receive Exchange Securities for its own account in exchange for the Securities that were acquired as a result of
market-making activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus
in connection with any resale of such Exchange Securities and (E) shall have made such other representations as may be reasonably
necessary under applicable SEC rules, regulations or interpretations to render the use of Form S-4 or other appropriate form under
the 1933 Act available and (iv) that no action or proceeding shall have been instituted or threatened in any court or by
or before any governmental agency with respect to the Exchange Offer or the Private Exchange which, in the Company’s judgment,
would reasonably be expected to impair the ability of the Company to proceed with the Exchange Offer or the Private Exchange.
The Company shall inform the Initial Purchasers of the names and addresses of the Holders to whom the Exchange Offer is made,
and the Initial Purchasers shall have the right to contact such Holders and otherwise facilitate the tender of Registrable Securities
in the Exchange Offer.

 

2.2     Shelf Registration.
(i) If, because of any changes in law, SEC rules or regulations or applicable interpretations thereof by the staff of the SEC,
the Company is not permitted to effect the Exchange Offer as contemplated by Section 2.1 hereof, (ii) if for any other reason
the Exchange Offer is not consummated within 425 calendar days of the Closing Date, (iii) upon receipt of a request of any
of the Initial Purchasers that they are not permitted under the applicable law or interpretations of the SEC to participate in
the Exchange Offer or (iv) if and to the extent that a Holder is not permitted to participate in the Exchange Offer or does not
receive fully tradable Exchange Securities pursuant to the Exchange Offer, then in case of each of clauses (i) through (iv) the
Company shall, at its cost, use commercially reasonable efforts to:

 

    -6- 

     

    

 

(a)     as
promptly as practicable, and in any event on or prior to the 30th calendar day after such filing obligation arises,
but in no event earlier than the 425th calendar day after the Closing Date, file with the SEC, a Shelf Registration
Statement relating to the offer and sale of the Registrable Securities by the Holders from time to time in accordance with the
methods of distribution elected by the Majority Holders participating in the Shelf Registration and set forth in such Shelf Registration
Statement;

 

(b)     cause
such Shelf Registration Statement to be declared effective under the Securities Act on or prior to the 90th calendar
day after such filing;

 

(c)     keep
the Shelf Registration Statement continuously effective in order to permit the Prospectus forming part thereof to be usable by
Holders for (i) a period of two years from the Closing Date, or (ii) for such shorter period that will terminate when all Registrable
Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to
be outstanding or otherwise to be Registrable Securities (the “Effectiveness Period”); and

 

(d)     notwithstanding
any other provisions hereof, use its commercially reasonable efforts to ensure that (i) any Shelf Registration Statement and any
amendment thereto and any Prospectus forming part thereof and any supplement thereto complies in all material respects with the
1933 Act and the rules and regulations thereunder, (ii) any Shelf Registration Statement and any amendment thereto does not, when
it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading and (iii) any Prospectus forming part of any Shelf Registration
Statement, and any supplement to such Prospectus (as amended or supplemented from time to time), does not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements, in light of the circumstances under
which they were made, not misleading; provided that clauses (ii) and (iii) of this paragraph shall not apply to any information
furnished in writing by or on behalf of the Initial Purchasers or any Holder for inclusion therein.

 

Subject to
the limitation set forth in the next succeeding paragraph and subject to the provisions of Section 3, the Company shall be entitled
to suspend its obligation to file any amendment to the Shelf Registration Statement, furnish any supplement or amendment to a
Prospectus included in the Shelf Registration Statement, make any other filing with the SEC, cause the Shelf Registration Statement
or other filing with the SEC to remain effective or take any similar action (collectively, “Registration Actions”)
upon (A) the issuance by the SEC of a stop order suspending the effectiveness of the Shelf Registration Statement or the
initiation of proceedings with respect to the Shelf Registration Statement under Section 8(d) or 8(e) of the 1933 Act (or successor
provision), (B) the occurrence of any event or the existence of any fact as a result of which the Shelf Registration Statement
would or shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, or the related Prospectus would or shall contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, or (C) the occurrence or existence of any corporate
development that, in the discretion of the Company, makes it appropriate to postpone or suspend the availability of the Shelf
Registration Statement and the related Prospectus, it being understood that the Company may not invoke this clause C for the purpose
of avoiding its obligations under this Agreement. Upon the occurrence of any of the conditions described in (A), (B) or (C) above,
the Company shall give prompt notice (a “Suspension Notice”) thereof to the Holders. Upon the termination of
such condition, the Company shall give prompt notice thereof to the Holders and shall promptly proceed with all Registration Actions
that were suspended pursuant to this paragraph and comply as promptly as practicable with the requirements of Section 3(1) hereof,
if applicable.

 

    -7- 

     

    

 

The Company
may suspend Registration Actions pursuant to the preceding paragraph for one or more periods (each, a “Suspension Period”)
not to exceed, in the aggregate, 120 days in any twelve month period, during which no Additional Interest (as defined in Section
2.5) shall be payable. If one or more Suspension Periods exceed 120 days in any twelve month period, then Additional Interest
will begin to accrue on the 121st day until such Registration Default is cured. Each Suspension Period shall be deemed
to begin on the date the relevant Suspension Notice is given to the Holders and shall end on the date on which the Company gives
the Holders a notice that the Suspension Period has terminated. The Company shall extend the Effectiveness Period (or the period
during which Participating Broker-Dealers are entitled to use the Prospectus included in the Exchange Offer Registration Statement
in connection with the resale of the Exchange Securities described in Section 3(f) below) by the total number of days during which
a Suspension Period was in effect, so long as there are Registrable Securities. Notwithstanding anything to the foregoing, the
Company shall at all times use its reasonable best efforts to end any Suspension Period at the earliest possible time.

 

The Company
further agrees, if necessary, to supplement or amend the Shelf Registration Statement, as required by Section 3(b) below, and
to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or
filed with the SEC.

 

2.3     Expenses.
The Company shall pay all Registration Expenses in connection with the registration pursuant to Section 2.1 or 2.2. Each Holder
shall pay all transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant
to the Shelf Registration Statement.

 

2.4     Effectiveness.

 

(a)     Other
than with respect to a Suspension Period, the Company will be deemed not to have used its commercially reasonable efforts to cause
the Exchange Offer Registration Statement or the Shelf Registration Statement, as the case may be, to become, or to remain, effective
during the requisite period if the Company voluntarily takes any action that would, or omits to take any action which omission
would, result in any such Registration Statement not becoming or being declared effective or in the Holders of Registrable Securities
covered thereby not being able to exchange or offer and sell such Registrable Securities during that period as and to the extent
contemplated hereby, unless such action is required by applicable law, rule, regulation, order, judgment or decree.

 

(b)     An
Exchange Offer Registration Statement pursuant to Section 2.1 hereof or a Shelf Registration Statement pursuant to Section 2.2
hereof will not be deemed to have become effective unless either it has been declared effective by the SEC or it automatically
becomes effective pursuant to the rules and regulations under the 1933 Act; provided, however, that if, after it
has become or been declared effective, the offering of Registrable Securities pursuant to an Exchange Offer Registration Statement
or a Shelf Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or
any other governmental agency or court, such Registration Statement will be deemed not to have become effective during the period
of such interference, until the offering of Registrable Securities pursuant to such Registration Statement may legally resume.

 

    -8- 

     

    

 

2.5     Interest.
If either (i) the Exchange Offer is not consummated on or prior to the 425th calendar day following the Closing Date, (ii) a Shelf
Registration Statement applicable to the Registrable Securities, if required, is not filed or declared effective when required,
or (iii) a Registration Statement applicable to the Securities is declared effective as required but thereafter fails to remain
effective or usable in connection with resales for more than 120 calendar days in the aggregate in any twelve month period (each
such event referred to in clauses (i) through (iii) above, a “Registration Default”), the interest rate borne
by such Registrable Securities shall be increased (“Additional Interest”) by one-quarter of one percent per
annum upon the occurrence of each Registration Default, which rate will increase by one quarter of one percent each 90-day period
that such Additional Interest continues to accrue under any such circumstance, provided that the maximum aggregate increase
in the interest rate will in no event exceed half of one percent (0.50%) per annum. Following the cure of all Registration Defaults,
the accrual of Additional Interest on such Registrable Securities will cease and the interest rate will revert to the original
rate.

 

Subject to
the Company’s ability to declare Suspension Periods, if the Shelf Registration Statement is unusable by the Holders for
any reason, and the aggregate number of days in any consecutive twelve-month period for which the Shelf Registration Statement
shall not be usable exceeds 90 days in the aggregate, then the interest rate borne by the Registrable Securities will be increased
by 0.25% per annum of the principal amount of the Registrable Securities for the first 90-day period (or portion thereof) beginning
on the 91st such date that such Shelf Registration Statement ceases to be usable, which rate shall be increased by an additional
0.25% per annum of the principal amount of the Registrable Securities at the beginning of each subsequent 90-day period, provided
that the maximum aggregate increase in the interest rate will in no event exceed half of one percent (0.50%) per annum. Any amounts
payable under this paragraph shall also be deemed “Additional Interest” for purposes of this Agreement. Upon the Shelf
Registration Statement once again becoming usable, the interest rate borne by the Registrable Securities will be reduced to the
original interest rate if the Company is otherwise in compliance with this Agreement at such time.

 

Additional
Interest shall be computed based on the actual number of days elapsed in each 90-day period in which the Shelf Registration Statement
is unusable.

 

The Company
shall notify the Trustee within five business days after each and every date on which an event occurs in respect of which Additional
Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the
Trustee, in trust, for the benefit of the Holders of Registrable Securities, on or before the applicable semiannual interest payment
date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall
be payable on each interest payment date to the record Holder of Registrable Securities entitled to receive the interest payment
to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from
and including the day following the applicable Event Date.

 

3.       Registration Procedures.

 

In connection
with the obligations of the Company with respect to Registration Statements pursuant to Sections 2.1 and 2.2 hereof, the Company
shall, subject to the rights of the Company to invoke and maintain a Suspension Period in accordance with Section 2.2 without
being in violation of any of the provisions hereunder:

 

(a)     prepare
and file with the SEC a Registration Statement, within the relevant time period specified in Section 2, on the appropriate form
under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a Shelf Registration, be available
for the sale of the Registrable Securities by the selling Holders thereof, (iii) shall comply as to form in all material
respects with the requirements of the applicable form and include or incorporate by reference all financial statements required
by the SEC to be filed therewith or incorporated by reference therein, and (iv) shall comply in all material respects with the
applicable requirements of Regulation S-T under the 1933 Act, and use its commercially reasonable efforts to cause such Registration
Statement to become effective and remain effective in accordance with Section 2 hereof;

 

    -9- 

     

    

 

(b)     prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary under applicable
law to keep such Registration Statement effective for the Effectiveness Period (subject to Company’s ability to declare
Suspension Periods) and cause each Prospectus to be supplemented by any required prospectus supplement, and as so supplemented
to be filed pursuant to Rule 424 (or any similar provision then in force) under the 1933 Act and comply during the Effectiveness
Period with the provisions of the 1933 Act, the 1934 Act and the rules and regulations thereunder required to enable the disposition
of all Registrable Securities covered by each Registration Statement in accordance with the intended method or methods of distribution
by the selling Holders thereof (including sales by any Participating Broker-Dealer);

 

(c)     in
the case of a Shelf Registration, (i) notify each Holder of Registrable Securities of the filing of the Shelf Registration Statement
with respect to the Registrable Securities; (ii) furnish to each Holder of Registrable Securities, without charge, electronic
copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents
as such Holder may reasonably request, including financial statements and schedules and, if the Holder so requests, all exhibits
in order to facilitate the public sale or other disposition of the Registrable Securities; and (iii) hereby consent to the use
of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Registrable Securities in connection
with the offering and sale of the Registrable Securities covered by the Prospectus or any amendment or supplement thereto;

 

(d)     use
its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or
“blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement
shall reasonably request in writing by the time the applicable Registration Statement becomes or is declared effective by the
SEC, and do any and all other acts and things which may be reasonably necessary or advisable to enable each such Holder to consummate
the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however,
that the Company shall not be required to (i) qualify as a foreign corporation or as a dealer in securities in any jurisdiction
where it would not otherwise be required to qualify but for this Section 3(d), or (ii) take any action which would subject it
to general service of process or taxation in any such jurisdiction where it is not then so subject;

 

(e)     notify
as promptly as practicable each Holder of Registrable Securities under a Shelf Registration or any Participating Broker-Dealer
who has notified the Company that it is utilizing the Exchange Offer Registration Statement as provided in paragraph (f) below
and, if requested by such Holder or Participating Broker-Dealer, confirm such advice in writing promptly (i) when a Registration
Statement has become effective and when any post-effective amendments thereto become effective, (ii) of any request by the
SEC or any state securities authority for post-effective amendments and supplements to a Registration Statement and Prospectus
or for additional information after the Registration Statement has become effective, (iii) of the issuance by the SEC or
any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose, (iv) of the happening of any event or the discovery of any facts during the period a Shelf
Registration Statement is effective which makes any statement made in such Registration Statement or the related Prospectus untrue
in any material respect or which requires the making of any changes in such Registration Statement or Prospectus in order to make
the statements therein (in the case of the Prospectus in light of the circumstances under which they were made) not misleading,
provided, however, that no notice by the Company shall be required pursuant to this clause (v) in the event that
the Company either promptly files a Prospectus supplement to update the Prospectus or a Form 8-K or other appropriate Exchange
Act report that is incorporated by reference into such Registration Statement, which, in either case, contains the requisite information
with respect to such event or facts that results in such Registration Statement no longer containing any untrue statement of material
fact or omitting to state a material fact necessary to make the statements contained therein not misleading, (vi) of the
receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities or
the Exchange Securities, as the case may be, for sale in any jurisdiction or the initiation or, to the Company’s knowledge,
threatening of any proceeding for such purpose and (vii) of any determination by the Company that a post-effective amendment
to such Registration Statement would be appropriate, other than post-effective amendment solely to add selling Holders;

 

    -10- 

     

    

 

(f)      in
the case of the Exchange Offer Registration Statement (i) include in the Exchange Offer Registration Statement a section
entitled “Plan of Distribution” which section shall be reasonably acceptable to the Representatives on behalf of the
Participating Broker-Dealers, and which shall contain a summary statement of the positions taken or policies made by the staff
of the SEC with respect to the potential “underwriter” status of any broker-dealer that holds Registrable Securities
acquired for its own account as a result of market-making activities or other trading activities and that will be the beneficial
owner (as defined in Rule 13d-3 under the 1934 Act) of Exchange Securities to be received by such broker-dealer in the Exchange
Offer, whether such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies,
in the reasonable judgment of the Representatives on behalf of the Participating Broker-Dealers and its counsel, represent the
prevailing views of the staff of the SEC, including a statement that any such broker-dealer who receives Exchange Securities for
Registrable Securities pursuant to the Exchange Offer may be deemed a statutory underwriter and must deliver a prospectus meeting
the requirements of the 1933 Act in connection with any resale of such Exchange Securities, (ii) furnish to each Participating
Broker-Dealer, without charge, electronic copies of each Prospectus included in the Exchange Offer Registration Statement, including
any preliminary prospectus, and any amendment or supplement thereto, as such Participating Broker-Dealer may reasonably request
for a period not to exceed 90 days after the consummation of the Exchange Offer, (iii) hereby consent to the use of the Prospectus
forming part of the Exchange Offer Registration Statement or any amendment or supplement thereto, by any Person subject to the
prospectus delivery requirements of the SEC, including all Participating Broker-Dealers, in connection with the sale or transfer
of the Exchange Securities covered by the Prospectus or any amendment or supplement thereto, and (iv) include in the transmittal
letter or similar documentation to be executed by an exchange offeree in order to participate in the Exchange Offer (x) the following
provision:

 

“If the exchange
offeree is a broker-dealer holding Registrable Securities acquired for its own account as a result of market-making activities
or other trading activities, it will deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale
of Exchange Securities received in respect of such Registrable Securities pursuant to the Exchange Offer;” and

 

(y) a statement to
the effect that by a broker-dealer making the acknowledgment described in clause (x) and by delivering a Prospectus in connection
with the exchange of Registrable Securities, the broker-dealer will not be deemed to admit that it is an underwriter within the
meaning of the 1933 Act;

 

(g)     use
commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement
as soon as practicable;

 

(h)     in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy
of each Registration Statement and any post-effective amendment thereto, including financial statements and schedules (without
documents incorporated therein by reference and all exhibits thereto, unless requested);

 

(i)      if
electronic global certificates for the Registrable Securities are not then available, cooperate with the selling Holders of Registrable
Securities to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and
not bearing any restrictive legends (other than as required by applicable law); and enable such Registrable Securities to be in
such denominations (consistent with the provisions of the Indenture) and registered in such names as the selling Holders may reasonably
request at least three business days prior to the closing of any sale of Registrable Securities;

 

    -11- 

     

    

 

(j)      in
the case of a Shelf Registration, upon the occurrence of any event or the discovery of any facts, each as contemplated by Sections
3(e)(ii), (iii), (iv), (v), (vi) and (vii) hereof and subject to the Company’s ability to declare Suspension Periods, as
promptly as practicable after the occurrence of such an event, use its commercially reasonable efforts to prepare a supplement
or post-effective amendment to the Registration Statement or the related Prospectus or any document incorporated therein by reference
or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities or Participating
Broker-Dealers, such Prospectus will not contain at the time of such delivery any untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. At such time as such public disclosure is otherwise made or the Company determines that such disclosure is not necessary,
in each case, to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly
to notify each Holder Registrable Securities covered by such Registration Statement of such determination and to furnish each
Holder such number of copies of the Prospectus as amended or supplemented, as such Holder may reasonably request;

 

(k)     in
the case of a Shelf Registration, a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment
to a Registration Statement or amendment or supplement to a Prospectus (except for any document filed under the 1934 Act and which
is to be incorporated by reference into a Registration Statement or a Prospectus, and except for amendments and supplements that
are filed solely to name selling Holders) after initial filing of a Registration Statement, provide copies of such document to
the Initial Purchasers on behalf of such Holders; and make representatives of the Company as shall be reasonably requested by
the Holders of Registrable Securities, or the Initial Purchasers on behalf of such Holders, available for discussion of such document;

 

(l)      obtain
a CUSIP number for all Exchange Securities, Private Exchange Securities or Registrable Securities, as the case may be, not later
than the effective date of a Registration Statement, and provide the Trustee with printed certificates for the Exchange Securities,
Private Exchange Securities or the Registrable Securities, as the case may be, in a form eligible for deposit with the Depositary;

 

(m)    (i)
cause the Indenture to be qualified under the TIA in connection with the registration of the Exchange Securities or Registrable
Securities, as the case may be, (ii) cooperate with the Trustee and the Holders to effect such changes to the Indenture as may
be required for the Indenture to be so qualified in accordance with the terms of the TIA and (iii) execute, and use its commercially
reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes, and all other forms
and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

 

(n)     in
the case of a Shelf Registration or if a Prospectus is required to be delivered by any Participating Broker-Dealer in the case
of an Exchange Offer, make available for inspection during business hours by representatives of the Holders of the Registrable
Securities, any Participating Broker-Dealer and one legal firm counsel or accountant retained by any of the foregoing, all financial
and other records, pertinent corporate documents of the Company reasonably requested by any such persons, and cause the respective
officers, directors, employees, and any other agents of the Company to supply all information reasonably requested by any such
representative, special counsel or accountant in connection with a Registration Statement, and make such representatives of the
Company available for discussion of such documents as shall be reasonably requested by the Initial Purchasers;

 

    -12- 

     

    

 

(o)     (i)
in the case of an Exchange Offer Registration Statement, a reasonable time prior to the filing of any Exchange Offer Registration
Statement, any Prospectus forming a part thereof, any amendment to an Exchange Offer Registration Statement or amendment or supplement
to such Prospectus, provide electronic copies of such document to the Initial Purchasers and to counsel to the Initial Purchasers
and make such changes in any such document prior to the filing thereof as the Initial Purchasers may reasonably request, and make
the representatives of the Company available for discussion of such documents as shall be reasonably requested by the Initial
Purchasers;

 

(ii)     in
the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration Statement, any Prospectus forming a
part thereof, any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus (except for amendments
and supplements that are filed solely to name selling Holders), provide electronic copies of such document to the Holders of Registrable
Securities, to the Initial Purchasers and to counsel for the Holders, if any, make such changes in any such document prior to
the filing thereof as the Initial Purchasers or the counsel to the Holders reasonably request, and make the representatives of
the Company available for discussion of such document as shall be reasonably requested by the Holders of Registrable Securities,
the Initial Purchasers on behalf of such Holders or counsel for the Holders of Registrable Securities; and

 

(p)     otherwise
comply with all applicable rules and regulations of the SEC and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the 1933
Act and Rule 158 thereunder.

 

In the case
of a Shelf Registration Statement, the Company may (as a condition to such Holder’s participation in the Shelf Registration)
require each Holder of Registrable Securities to furnish to the Company such information regarding the Holder and the proposed
distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing.

 

In the case
of a Shelf Registration Statement, each Holder agrees that, upon receipt of any notice from the Company of the happening of any
event or the discovery of any facts, each of the kind described in Section 3(e)(ii), (iii), (iv), (v), (vi) and (vii) hereof or
a Suspension Period, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement
until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(l) hereof,
and, if so directed by the Company, such Holder will deliver to the Company (at its expense) all copies in such Holder’s
possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable
Securities current at the time of receipt of such notice.

 

4.       Indemnification; Contribution.

 

(a)     The
Company agrees to indemnify and hold harmless the Initial Purchasers, each Holder, each Participating Broker-Dealer, and each
Person, if any, who controls any Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:

 

    -13- 

     

    

 

(i)      against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or any Prospectus included
therein (or any amendment or supplement thereto) or in any Preliminary Prospectus or “issuer free writing prospectus,”
as defined in Rule 433 (“Issuer FWP”) of the 1933 Act, relating to a Shelf Registration, pursuant to which
Exchange Securities or Registrable Securities were registered under the 1933 Act, including all documents incorporated therein
by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact contained
in any Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(ii)     against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission;
provided that (subject to Section 4(d) below) any such settlement is effected with the written consent of the Company; and

 

(iii)    against
any and all expense whatsoever, as incurred (including the reasonable and documented fees and disbursements of one firm of counsel
chosen by any indemnified party), reasonably incurred and documented in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based
upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense
is not paid under subparagraph (i) or (ii) above;

 

provided, however,
that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any
untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information
furnished to the Company by or on behalf of the Holder expressly for use in a Registration Statement (or any amendment thereto)
or any Prospectus (or any amendment or supplement thereto) or in any Preliminary Prospectus or Issuer FWP.

 

(b)     Each
Holder severally, but not jointly, agrees to indemnify and hold harmless the Company, the Initial Purchasers, and the other selling
Holders, and each of their respective directors and officers, and each Person, if any, who controls the Company, the Initial Purchasers,
or any other selling Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all
loss, liability, claim, damage and expense described in the indemnity contained in Section 4(a) hereof, as incurred and documented,
but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in any Registration Statement
(or any amendment thereto), any Prospectus included therein (or any amendment or supplement thereto) or in any Preliminary Prospectus
or Issuer FWP in reliance upon and in conformity with written information with respect to such Holder furnished to the Company
by or on behalf of such Holder expressly for use therein; provided, however, that no such Holder shall be liable
for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of Registrable Securities
pursuant to such Registration Statement (or any amendment thereto).

 

    -14- 

     

    

 

(c)     Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall
not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof
and in any event shall not relieve it from any liability which it may have otherwise than on account of the indemnity agreement
in this Section 4. An indemnifying party may participate at its own expense in the defense of such action; provided, however,
that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying party or parties be liable for the fees and expenses of more than one counsel (in addition
to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate
but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying
party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 4 (whether or not
the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or
claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party.

 

(d)     If
at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses
of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 4(a)(ii)
effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by such indemnifying
party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least
45 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement.

 

(e)     If
the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall
contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party,
as incurred, in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holders
and the Initial Purchasers on the other hand in connection with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable considerations.

 

The relative
fault of the Company on the one hand and the Holders and the Initial Purchasers on the other hand shall be determined by reference
to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by the Company, the Holders or the Initial Purchasers and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

    -15- 

     

    

 

The Company,
the Holders and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section
4 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any
other method of allocation which does not take account of the equitable considerations referred to above in this Section 4. The
aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in
this Section 4 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

 

Notwithstanding
the provisions of this Section 4, no Initial Purchaser shall be required to contribute any amount in excess of the amount by which
the total price at which the Securities sold by it were offered exceeds the amount of any damages which such Initial Purchaser
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

No Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

 

For purposes
of this Section 4, each Person, if any, who controls an Initial Purchaser or Holder within the meaning of Section 15 of the 1933
Act or Section 20 of the 1934 Act shall have the same rights to indemnification and contribution as such Initial Purchaser or
Holder, and each officer and director of the Company, and each Person, if any, who controls the Company within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Company. The Initial
Purchasers’ respective obligations to contribute pursuant to this Section 4 are several in proportion to the principal amount
of Securities set forth opposite their respective names in Schedule A to the Purchase Agreement and not joint.

 

5.       Miscellaneous.

 

5.1     Rule 144 and Rule 144A.
If the Company ceases to be so required to file reports pursuant to Section 13 or 15(d) of the Exchange Act, the Company covenants
that it will upon the request of any Holder of Registrable Securities (a) make publicly available such information as is necessary
to permit sales pursuant to Rule 144 under the 1933 Act, (b) deliver such information to a prospective purchaser as is necessary
to permit sales pursuant to Rule 144A under the 1933 Act and it will take such further action as any Holder of Registrable Securities
may reasonably request, and (c) take such further action that is reasonable in the circumstances, in each case, to the extent
required from time to time to enable such Holder to sell its Registrable Securities without registration under the 1933 Act within
the limitation of the exemptions provided by (i) Rule 144 under the 1933 Act, as such Rule may be amended from time to time, (ii)
Rule 144A under the 1933 Act, as such Rule may be amended from time to time, or (iii) any similar rules or regulations hereafter
adopted by the SEC.

 

    -16- 

     

    

 

5.2     No
Inconsistent Agreements. The Company has not entered into and the Company will not after the date of this Agreement enter
into any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not and will not for the term of
this Agreement in any way conflict with the rights granted to the holders of the Company’s other issued and outstanding
securities under any such agreements.

 

5.3     Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained
the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities
affected by such amendment, modification, supplement, waiver or departure.

 

5.4     Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (a) if to a Holder, at the most current address
given by such Holder to the Company by means of a notice given in accordance with the provisions of this Section 5.4, which address
initially is the address set forth in the Purchase Agreement with respect to the Initial Purchasers; and (b) if to the Company,
initially at the Company’s address set forth in the Purchase Agreement, and thereafter at such other address of which notice
is given in accordance with the provisions of this Section 5.4.

 

All such notices
and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; two business
days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged,
if telecopied; and on the next business day if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all
such notices, demands, or other communications shall be concurrently delivered by the person giving the same to the Trustee under
the Indenture, at the address specified in such Indenture.

 

5.5     Successor
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation
of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities,
in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms
of this Agreement, and by taking and holding such Registrable Securities such person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth
in this Agreement, the Indenture and, if applicable, the Purchase Agreement, and such person shall be entitled to receive the
benefits hereof.

 

    -17- 

     

    

 

5.6     Third
Party Beneficiaries. The Initial Purchasers (even if the Initial Purchasers are not Holders of Registrable Securities) shall
be third party beneficiaries to the agreements made hereunder between the Company, on the one hand, and the Holders, on the other
hand, and shall have the right to enforce such agreements directly to the extent they deem such enforcement necessary or advisable
to protect their rights or the rights of Holders hereunder. Each Holder of Registrable Securities shall be a third party beneficiary
to the agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall
have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its
rights hereunder.

 

5.7     Restriction
on Resales. Until the expiration of one year after the original issuance of the Securities, the Company will not, and will
cause its “affiliates” (as such term is defined in Rule 144(a)(1) under the 1933 Act) not to, resell any Securities
which are “restricted securities” (as such term is defined under Rule 144(a)(3) under the 1933 Act) that have been
reacquired by any of them and shall immediately upon any purchase of any such Securities submit such Securities to the Trustee
for cancellation.

 

5.8     Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

5.9     Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

5.10   GOVERNING LAW.
THIS AGREEMENT ANDY ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF.

 

5.11   Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and
of the remaining provisions contained herein shall not be affected or impaired thereby.

 

    -18- 

     

    

 

IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	 	THE AES CORPORATION
	 	 
	 	By:	/s/ John Haberl
	 	Name:	John Haberl
	 	Title:	Assistant Treasurer

 

 

 

 

 

 

     

     

    

 

Confirmed and accepted
as

of the date first above

written:

 

	BOFA
SECURITIES, INC.	 
	 	 	 
	By:	/s/ Kevin Wehler	 
	Name:	Kevin Wehler	 
	Title:	Managing Director	 

 

 

	BARCLAYS
CAPITAL INC.	 
	 	 	 
	By:	/s/ Robert Stowe	 
	Name:	Robert Stowe	 
	Title:	Managing Director	 

 

 

	MIZUHO
SECURITIES USA LLC	 
	 	 	 
	By:	/s/ Scott Trachsel	 
	Name:	Scott Trachsel	 
	Title:	Managing Director	 

 

 

	MORGAN
STANLEY & CO. LLC	 
	 	 	 
	By:	/s/ Ian Drewe	 
	Name:	Ian Drewe	 
	Title:	Executive Director	 

 

 

For
themselves and the other several Initial Purchasers named in Schedule I hereto

 

 

 

 

     

     

    

 

Schedule
I

 

BofA Securities, Inc.

Barclays Capital Inc.

Mizuho Securities USA LLC

Morgan Stanley & Co. LLC

BNP Paribas Securities
Corp.  

Goldman Sachs &
Co. LLC 

MUFG Securities Americas
Inc.  

Santander Investment
Securities Inc.  

SMBC Nikko Securities
America, Inc.

Credit Agricole Securities
(USA) Inc. 

HSBC Securities (USA)
Inc. 

Samuel A. Ramirez &
Company, Inc.  

Scotia Capital (USA)
Inc. 

SG Americas Securities,
LLC 

BMO Capital Markets
Corp.  

Evercore Group L.L.C.

WR Securities, LLC

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