Document:

Document

Exhibit 4.4

DESCRIPTION OF DEBT SECURITIES 
    Golden State Water Company (“GSWC”) has issued and which are outstanding as of December 31, 2019, five series of notes under the terms of an Indenture dated September 1, 1993 (the “Indenture”) between GSWC and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as successor to JPMorgan Chase Bank, National Association (formerly Chase Manhattan Bank and Trust Company, National Association, and then J.P. Morgan Trust Company, National Association) (the “Trustee”).  The Indenture is qualified under the Trust Indenture Act of 1939.  American States Water Company does not have any publicly issued debt.  

A general summary of the terms of the Notes is set forth below.  More detailed information regarding the terms of the Notes may be found in Exhibit 4.1 to the most recent Form 10-K or Form 10-Q filed by GSWC with the Securities and Exchange Commission and the Prospectus and Prospectus Supplements filed in connection with the offering of each of these Notes.. 

General

    The following Notes have been issued under the Indenture:

															
	Title of Notes	Principal Amount	Maturity Date	Interest Payment Dates	Redemption
	6.81% Notes due 2028	$15,000,000	March 23, 2028	June 1 and December 1 and at maturity	N.A.
	6.59% Notes due 2029	$40,000,000	January 25, 2029	June 1 and December 1 and at maturity	N.A.
	7.875% Notes due 2030	$20,000,000	December 1, 2030	June 1 and December 1 and at maturity	N.A..
	7.23% Notes due 2031	$50,000,000	December 15, 2031	June 15 and December 15 and at maturity	N.A.

	6.00% Notes due 2041	$62,000,000	April 15, 2041	April 15 and October 15 and at maturity and upon redemption	Redeemable upon payment of a make-whole premium(1)

(1) The amount of the make whole premium is the sum of the present value of the remaining scheduled payments of principal and interest discounted to a redemption date on a semi-annual basis (assuming a 360 day year and 30 day months) at a discount rate equal to the treasury rate for a comparable treasury security plus 25 basis points. More detailed information on how this make whole premium is calculated can be found in the Prospectus Supplement filed in connection with the offering of these Notes.

No principal payments will be made with respect to any of these Notes prior to maturity of the Notes or, with respect to the 6.00% Notes due 2041, the redemption date for this series of 

Exhibit 4.4

Notes.  There are no sinking fund provisions with respect to the Notes.  All the Notes are unsecured and unsubordinated and rank on a parity with all of GSWC’s other debt securities. 

There are no provisions of the Notes that restrict GSWC from issuing additional debt or addition securities.  GSWC is also not:
 
(1)restricted by the Indenture from paying dividends or from incurring, assuming or becoming liable for any type of debt or other obligations, including obligations secured by its property;

(2) required to maintain any financial ratios or specified levels of net worth or liquidity; or

(3) provide the holder of the Notes with any special protection in the event of a highly leveraged transaction.
  
Successor Corporation
 
The Indenture provides that GSWC may consolidate or merge with or into any other person, or  any other person may merge into GSWC or GSWC may transfer all or substantially all its assets to another person, if, in each case, the  surviving company is a person organized and existing under the laws of the United States or a state, the surviving company  assumes by supplemental indenture, all of our obligations under the Notes  and the Indenture and,  immediately after the merger, consolidation or transfer, there is no default under the Indenture.  GSWC will be relieved from its obligations on the Notes and under the Indenture if these conditions are satisfied.
 
Events of Default
 
There will be an event of default under each of the series of Notes if any of the following occur:
 
(1) GSWC fails to pay any installment of interest on that series of  Notes when due if the failure continues for a period of 60 days;
 
(2) GSWC fails to pay principal on that series of the Notes when due if the failure continues for three business days;
 
(3   GSWC fails to perform for 90 days after notice any of its other agreements applicable to that series of Notes; or
 
(2) Certain events in bankruptcy, insolvency or reorganization occur.
 
There is no cross-default provision in any series of the Notes.  Thus, a default by GSWC on any other debt or any other series of Notes would not constitute an event of default under any 
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Exhibit 4.4

other Notes or debt.  The Trustee may withhold notice to a noteholder of a default for any series of Notes (except for payment defaults) if the Trustee considers the withholding of notice to be in the noteholders best interests.
 
If an event of default on any series of Notes has occurred and is continuing, the Trustee or the holders of not less than one-third in aggregate principal amount of that series may send a notice declaring the entire principal amount and accrued interest of all Notes of such series to be due and payable immediately.  The Trustee is required to notify a noteholder of any such event that would become a default if the Trustee has actual knowledge of the event.  Subject to certain conditions, the holders of not less than a majority in aggregate principal amount of the Notes of a series may annul any declaration and rescind its consequences, except for failure to pay interest or principal or any other event of default which may not be waived without the consent of all noteholders affected by the default.
 
GSWC files a certificate annually with the Trustee regarding its compliance with the Indenture and the terms of each series of Notes
 
The Trustee may require a reasonable indemnity from the noteholder before it enforces the terms of the Indenture or Notes of any series.  Subject to the provisions for indemnification, the holders of a majority in principal amount of the Notes of any series may direct the time, method and place of conducting any proceeding or any remedy available to the Trustee, or of exercising any trust or power conferred upon the Trustee for the Notes of such series.
 
Modification of Indenture
 
The holders of not less than a majority in aggregate principal amount of all outstanding Notes, voting together as a single class, may, with certain exceptions described below, modify the Indenture.  The noteholders may not, however, modify any terms relating to the amount or timing of payments or reduce the percentage of noteholders required to approve modifications to the Indenture without the consent of each noteholder.
 
GSWC may modify the Indenture without the consent of noteholders to create a new series of debt securities and establish its terms, cure ambiguities or fix omissions,  comply with the provisions of the Indenture regarding successor corporations or make any change that does not materially adversely affect the rights as a note holder of a series of Notes.
 
GSWC may also amend the Indenture with the written consent of a majority in principal amount of the Notes of all series affected by the amendment voting together as a single class.
 
GSWC is prohibited from amending the Indenture without the consent of all noteholders to:
 
(1) reduce the amount of Notes of any series whose holders must consent to an amendment;
 
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Exhibit 4.4

(2) reduce the amount of interest or principal;
 
(3) change the time for payment of interest or principal;
 
(4)  make any change in the rights of noteholders of a series with respect to waiver of payment defaults; or
 
(5) amend or modify the provisions of the Indenture prohibiting the amendment of the Indenture without the consent of all noteholders, other than to increase the amount of Notes whose holders must consent to an amendment or waiver or to provide that other provisions of the Indenture cannot be amended or modified without the consent of each noteholder affected thereby.

Regarding the Trustee
 
The Trustee acts as trustee, registrar, transfer and paying agent for the Notes.  GSWC may remove the Trustee with or without cause if it notifies the Trustee 30 days in advance and if no default occurs or is continuing during the 30-day period.  In addition, the holders of a majority of the principal amount of the outstanding Notes may remove the Trustee by notifying the Trustee and appointing a successor trustee with GSWC’s consent.
 
In certain circumstances, the Trustee may not enforce its rights as one of our creditors.  The Trustee may, however, engage in certain other transactions.  If it acquires any conflicting interest as a result of any of these transactions and there is a default under the Notes, the Trustee must eliminate the conflict of interest or resign.
 
So long as a successor trustee has been appointed, the Indenture further authorizes the Trustee to resign its appointment as Trustee under the Indenture in the event that the Trustee determines in good faith that its performance under the Indenture subjects the Trustee to a conflict of interest.
 

4Exhibit
10.7 

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR
ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

AMENDED
AND RESTATED PROMISSORY NOTE

 

	Principal Amount: Up to $ 300,000	Dated as of March 15, 2021

                                                                New York, New York

 

Giant
Oak Acquisition Corporation, a British Virgin Islands business company (the “Maker”), promises to pay
to the order of Yolanda Management Corp. or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of the United States of America,
on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available
funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in
accordance with the provisions of this Note.

 

1. 
Principal. The principal balance of this Note shall be payable by the Maker on the earlier of: (i) December 31,
2021 or (ii) the date on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid
at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder
of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2. 
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3. 
Drawdown Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for
costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down
from time to time prior to the earlier of: (i) December 31, 2021 or (ii) the date on which Maker consummates an initial public
offering of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown
Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed
upon by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown
Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars
($300,000). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid.
No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.
It is acknowledged that the Company may have received amounts in respect of drawdowns under this Note prior to the date hereof,
and it is agreed that all such sums were received as drawdowns of principal hereunder in anticipation of the execution of this
Note.

 

4. 
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of
any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

5. 
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)  
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within
five (5) business days of the date specified above.

 

(b)  Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

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(c) 
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days.

 

6.  Remedies.

 

(a)  Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) 
Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

7.  
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment,
demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any
proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property,
from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension
of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof
or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.  
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications
that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.   Notices. All notices, statements or other documents which are required or contemplated by this Note shall be
made in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or
facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided
to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to
the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in
writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

10. Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE CAYMAN ISLANDS, WITHOUT REGARD TO CONFLICT OF
LAW PROVISIONS THEREOF.

 

11. Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

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12. 
Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title,
interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established
in which the proceeds of the initial public offering (the “IPO”) to be conducted by the Maker (including the
deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement
to occur prior to the closing of the IPO are to be deposited, as described in greater detail in the registration statement and
prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13. 
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the
written consent of the Maker and the Payee.

 

14. 
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any
party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void.

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed as deed by the
undersigned on the day and year first above written.

 

	 	 	GIANT OAK ACQUISITION CORPORATION

	 	 	 
		By:	/s/
                                         Yanming Liu
	 	 	Name:
                                         Yanming Liu
	 	 	Title:
                                         Chief Executive Officer

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