Document:

Exhibit 10.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract
No. :

 

Letter
of Intent for Cooperation on Sales and service of New energy Vehicles

 

Party
A: _______________________

 

with

 

Party
B: Zhejiang Jiuzi New Energy Automobile Co., LTD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Letter
of Intent for Cooperation on Sales and service of New energy Vehicles

 

The
Letter of Intent on Sales and Services of New Energy Vehicles (hereinafter referred to as the “Letter of Intent”) is
signed by the following parties in _________, _____________ Province, China on ___________:

 

_____________
(hereinafter referred to as “Party A”) is a company incorporated and existing under the laws of the People’s Republic
of China and its legal representative is

 

Address:
____________________________________;

 

Zhejiang
Jiuzi New Energy Automobile Co., LTD. (hereinafter referred to as “Party B”) is a company incorporated and existing
under the laws of the People’s Republic of China and its legal representative is Mr. Zhang Shuibo.

 

Address
is located at 401, Building 1, Jinsha Lake Business Center, Hangzhou Economic Development Zone, Zhejiang Province, Zip code: 310000
(hereinafter collectively referred to as the “Parties”).

 

1
Purpose of this Letter of Intent

 

1.1
Whereas Party B wishes to become a sales service provider of Party A and agrees to build a business site and related facilities
(hereinafter referred to as the business site) for the sale and service of New Energy Vehicles as required by Party A, the parties
have reached a preliminary intention on matters related to the establishment of the sales and service cooperation relationship.

 

1.2
This LOI (Letter of Intent) explains the following:

 

1.2.1
Requirements that Must be met before Party B becomes a sales service provider of Party A and signs the [Brand] New Energy Automobile
Temporary License Sales and Service Agreement or The [Brand] New Energy Automobile License Sales and Service Contract (collectively,
the “License Contract”) with Party A;

 

1.2.2
Construction work to be done by Party B after signing this Letter of Intent.

 

2.
Intended products and intended area

 

2.1
If Party B becomes party A’s sales service provider, Party A intends to license The [Brand] New Energy model to be operated by
Party B

 

(hereinafter
referred to as “Intended Model”, the specific business model shall be subject to the notice given by Party A in writing).

 

2.2
Party A may adjust the intended models and varieties licensed to Be sold by Party B according to market development or changes
in its own business strategy.

 

2.3
If Party B becomes party A’s sales service provider, Party A intends to license Party B to operate in __________, _______ Province
(hereinafter referred to as the Intended Area).

 

    2

     

    

 

2.4
The intended models and intended areas licensed by Party A to Party B are neither exclusive nor Excludability.

 

2.5
For the purpose of maintaining or expanding market opportunities, Party A may change party B’s intended territory according to
Party B’s business conditions.

 

3.Address
of business premises

 

3.1
Party B, as the sales service provider of Party A, shall establish the address of the business site, which shall be confirmed
by both parties and described as follows:

  

1.
[Address]

 

2.
[Address]

 

3.2
If Party B intends to conduct the transitional business, the address of party B’s transitional business site shall be, with the
consent of Party A:

 

3.3
If the address of the above business site (including the transition business site) confirmed by both parties needs to be changed
due to special reasons, Party B shall

 

A
written change application report shall be submitted to Party A 10 days before the actual change is made, stating that the address
needs to be changed

 

Reasons,
and provide the documents and other necessary materials issued by the relevant competent authorities. Upon party A’s verification
and consent,

 

Party
B may choose a new site within the intended area permitted by Party A. Party B shall report to Party A in writing and get the
new address from Party A and

 

Written
confirmation from Party A.

 

4
Representations and Warranties

 

4.1
Party B warrants to Party A that:

 

4.1.1
The original business license, tax registration and other official permission documents presented by Party B to Party A for the
purpose of signing this LoI;

 

As
well as the “[Brand] New Energy Vehicle Regional Distribution Application Report” and other relevant documents submitted
to Party A, in this Letter of Intent

 

It
shall be true, valid and accurate at the time of signing;

 

4.1.2
If the Parties enter into a license contract thereafter, except that Party B has submitted the modified documents to Party A

 

The
document is also true, valid and accurate.

 

4.2
Party B warrants to Party A that it has the legal qualification, license and conditions for signing this Letter of Intent.

 

4.3
Party B warrants to Party A that party B shall complete the legal procedures required for the construction of the business site
within/within days from the signing date of this Letter of Intent

 

The
relevant procedures of land use and construction permit; If Party B changes the address of its business premises and party A confirms
the change, it shall also apply to the new address

 

    3

     

    

 

Within/within
days upon party A’s confirmation, party A shall complete the relevant procedures for the legal use of land and the permitted construction
of the construction site.

 

If
Party B fails to complete the above procedures on time, Party A has the right to terminate this LOI.

 

4.4
Upon signing this Letter of Intent, Party B shall present to Party A its original valid business license. If Party B actually
pays the registration

 

If
the capital is less than TWO million YUAN, Party B must pay the registered capital within/within days from the signing date of
this Letter of Intent

 

Less
than TWO million YUAN and the original amended business license of enterprise legal person shall be submitted to Party A. Otherwise,
Party A has the right to

 

Termination
of this LoI.

 

4.5
In order to ensure that the construction of the business site is completed in accordance with the standards on schedule (see below),
Party B undertakes to own the business site within the term of validity of the letter of intent

 

Total
working capital of not less than 5 million RMB.

 

5
Construction

 

5.1
After Party A receives all the legal and valid documents and materials required for the land and/or construction of the business
site to be constructed and provided by Party B,

 

Party
A shall provide Party B with the Construction Drawing of [Brand] New Energy Automobile License Sales Service Store and the decoration
design of [Brand] New Energy Store

 

The
standard plan and related materials shall clarify the standards and requirements of the construction and image of the business
site.

 

Party
B shall receive the construction Drawing of [Brand] New Energy Automobile License Sales Service Store provided by Party A as mentioned
above.

 

    4

     

    

 

Within/within
days after the decoration design Standard Drawing and relevant materials of New Energy Vehicle Store, a detailed and feasible
project schedule shall be drawn up and submitted to Party A for the construction work. After party A’s written confirmation, it
shall be delivered to the construction unit for construction.

 

5.3
party b’s management place of civil engineering must be signed in this letter of intent/months from the date of the construction,
and all relevant and necessary equipment and spare parts for the construction of the installation, procurement work, must be in
/ / before the end of all completed and installed, and through party a’s written acceptance confirmation, otherwise, party a shall
have the right to terminate this letter of intent.

 

5.4
Party B shall timely inform Party A of the construction progress and party B’s acceptance in writing in the form required by Party
A, and accept Party A’s supervision. To this end, the parties confirm the following contacts for the construction schedule:

 

	Contact
        the responsible party

         

         
	The
    contact
	The
    name	position	Office
    phone	fax	email	 
	Party
    a	 	 	 	 	 	 
	Party
    b	 	 	 	 	 	 

 

5.5
Party B shall construct the business site in strict accordance with Party A’s standards and requirements, and bear the relevant
design, development, construction and other expenses by itself.

 

6
Class standards

 

6.1
The parties agree that the business premises constructed by Party B shall conform to party A’s C-level store standards; If the
transition operation is required, the transition operation site of Party B shall meet the standards of direct-sale stores or urban
exhibition halls stipulated by Party A in its management documents.

 

6.2
If the business site constructed by Party B fails to meet the above standards agreed upon by both parties during Party A’s acceptance
and confirmation, Party A shall have the right to terminate this LETTER of Intent without bearing any economic and/or other responsibilities.

 

    5

     

    

 

6.3
standard

 

	classification	First-tier
    cities and municipalities directly under the Central Government	Prefecture
    level	County-level
    cities
	A
    grade	Class
    B	Class
    C
	standard	Street
    facing width (m)	P
    24	20
    or more	15
	Store
    height (m)	24	4	3
    or higher
	Total
    area (m)	700	P
    550	P
    360
	Exhibition
    Hall Area (M2)	360	280	160
	Office
    Area (M)	P
    100	P
    70	40
    or higher
	Service
always 

        area
        (m)
	Repair
    shop (excluding parts warehouse)	P
    170	P
    130	100
	The
    reception area	20
    or more	20
    or more	20
	User
    lounge	20
    or more	20
    or more	20
    or more
	Spare
    parts warehouse (including old parts warehouse)	30	30
    or higher	20
    or more
	A
    combined	P
    240	200	P
    160
	Store
    Investment (ten thousand)	150	120	70
	Working
    Capital (ten thousand)	300	200	100
	Security
    deposit (ten thousand)	Daily
    margin	20	20	16
	Construction
    deposit	20	20	16
	requirements	Number
    of vehicles (sets)	6	5	4
    or higher
	Sales
    staff (person)	6	4	3
	Service
    personnel (person)	3
    or higher	2
    or more	1
    or more
	 	Monthly
    Minimum vehicle inventory (unit)	45	30	15
	Monthly
    minimum spare parts inventory (ten thousand)	8	6	3
	Annual
    Target volume (Taiwan)	500	360	200
	Store
    location	Traditional
    business district, car street, motor city, bustling area, etc
	After
    qualification	More
    than three
	 	 	 	 	 	 	 	 	 	 

7
Construction Deposit

 

7.1
Party B shall, within 7 working days after the signing of this Letter of Intent, pay Party A a construction deposit of ________
YUAN. On the expiration date,

 

If
Party A does not receive the payment, this LoI shall not become effective.

 

Beneficiary:

 

Bank
of deposit:

 

Account
number:

 

Note:
Please be sure to write “Deposit” in the remarks information column when making remittance.

 

7.2
Return of construction deposit:

 

If
the construction of Party B’s business site passes the acceptance confirmation of Party A as scheduled and Party Z and Party A
sign the license contract, Party A shall be responsible for the construction of party B’s business site

 

According
to the amount of performance bond stipulated in the license contract, party B shall convert such part of the construction bond
under the license contract

 

Performance
bond, if any, will be converted into payment.

 

    6

     

    

 

7.3
Unless agreed in writing by Party A, the actual construction schedule of Party B is inconsistent with the construction schedule
determined by both parties:

 

7.3.1
If party A’s acceptance and confirmation of the business site is delayed for more than 30 days, Party A shall deduct 20,000 YUAN
as construction deposit;

 

7.3.2
If party A delays the final acceptance confirmation of the business site for more than 60 days, Party A shall deduct ________
yuan as construction deposit

 

Yuan
and have the right to terminate this Letter of intent;

 

7.3.3
If party A delays the final acceptance confirmation of the business site for more than 90 days, Party A shall have the right to
terminate this agreement immediately

 

And
have the right to deduct all the construction deposit.

 

8
Acceptance Confirmation

 

8.1
Upon receipt of party B’s written notice that the construction project of the business site is completed on time or in advance,
Party A shall press the “[Brand] New Energy Automobile”

 

Construction
Drawing of licensed Sales service shop, Standard Drawing of Decoration and Design of [Brand] New Energy Automobile Shop and related
materials

 

The
stipulated standards and requirements for the construction and image of the business site, and the acceptance and confirmation
of the business site and related equipment.

 

8.2
If the acceptance confirmation fails, Party B shall, as required by Party A, make corrections to the business premises and relevant
equipment

 

Party
A shall conduct the second acceptance confirmation within 7 days after the acceptance confirmation is not passed or within the
extended period agreed by both parties.

 

If
Party B fails to pass Party A’s second acceptance confirmation as scheduled, Party A shall have the right to terminate this LOI
without undertaking to do so

 

Any
economic and/or other responsibilities.

 

    7

     

    

 

8.3
Party B shall only do so after all the work required by this Letter of Intent has been confirmed qualified by Party A’s acceptance
inspection and a license contract has been signed with Party A

 

Party
A can officially start business as a licensed sales service provider and operate the licensed relevant business; If Party B completes
the construction ahead of schedule

 

Party
B may start business ahead of schedule if the work is set up, approved by Party A’s acceptance inspection and both parties sign
a license contract.

 

The
acceptance confirmation of Party A stated in this Letter of Intent does not change Party B’s status as the contractor of the business
site construction and the construction contract.

 

The
relationship of rights and obligations between bits. Party B shall bear the relevant legal obligations and liabilities for the
construction of the business site.

 

9.1
Party B shall, prior to its official opening as a licensed sales service provider with the permission of Party A, recruit for
the positions set up according to Party A’s plan

 

The
employees to be engaged in the sales of the intended model and related services shall be organized according to Party A’s requirements
and plans

 

Participate
in party A’s relevant training.

 

9.2
Party A shall be responsible for the development of training courses, the training of teachers for teaching and the provision
of relevant teaching materials.

 

9.3
Party B shall bear the training expenses specified by Party A and the transportation, accommodation and other expenses of the
trainees.

 

9.4
Party B’s employees who attend Party A’s relevant training shall report to Party A for record. Any change shall be approved by
Party A.

 

Conditions
for signing a licensing contract

 

10.1
Once Party B meets all the following conditions, the Parties may sign the license Contract:

 

10.1.1
Party B’s construction related to the business site, installation and procurement of necessary equipment and spare parts shall
be regulated by Party A.

 

    8

     

    

 

The
project shall be completed on time or ahead of schedule within the specified period and shall be qualified upon acceptance inspection
by Party A;

 

10.1.2
As party A’s sales service provider, Party B must be an independent legal person with an independent financial system and organization
machine

 

Construction,
business sites and facilities, a certain number of staff meeting the business requirements and the corresponding management bodies

 

Department;

 

10.1.3
Party B has independently obtained the business license and government license necessary for business operation, including but
not limited to auto repair

 

The
business license of the automobile maintenance industry approved by the administrative authority of the trade;

 

10.1.4
The paid-in registered capital of Party B shall not be less than TWO million yuan, and party B has maintained the establishment
and operation of the company as the sales permitted by Party A

 

The
capital required by the service provider shall be qualified to make full use of the capital, and the total amount shall not be
less than 500

 

Working
capital of ten thousand yuan;

 

10.1.5
Upon Party A’s confirmation, all relevant employees of Party B have successfully completed the training as required by Party A;

 

10.1.6
The official documents submitted by Party B to Party A in accordance with Article 4.1 when signing this LoI are still true, valid
and valid

 

Accurate.
If there is any change, it shall present and submit the corresponding document for the change.

 

10.1.7
The term of validity of Party B’s enterprise business license and the term of validity of the legal use of land and business premises
shall be not low at that time In five years.

 

    9

     

    

 

10.2
If Party B deems it necessary to invest in the establishment of a new company and determines that a licensing contract shall be
entered into between The New Company and Party A, Party B shall submit a written application to Party A. Party B and the New Company
shall satisfy all the following conditions and the new Company shall enter into a licensing contract with Party A only upon Written
consent of Party A:

 

10.2.1
The investment proportion of Party B or its controlling shareholders in the New Company shall not be less than 51% of the registered
capital of the New Company, and shall be in the

 

After
the new company is registered, it shall provide Party A with the authoritative and legally effective certification materials of
the registered capital composition;

 

10.2.2
The New Company shall meet all the conditions required for the signing of the licensing contract and shall perform all the requirements
made by Party B to Party A

 

Party B shall supervise and guarantee the new company and meet the relevant requirements set forth in this Letter of Intent

 

The
Performance of the foregoing conditions, commitments and requirements by the Division.

 

10.2.3
Party B undertakes that the right to obtain land and business premises from a third party shall be transferred to the business
premises constructed by the new Company

 

Lawfully
used by the new company; If the New Company signs a license contract with Party A, Party B shall comply with the license contract

 

The
amount of the performance bond of party B shall be converted into the performance bond of the New Company with respect to the
license contract, e.g

 

Any
balance will be converted into the payment for the new company.

 

10.3
If Party B completes the construction and decoration of the exhibition hall and maintenance workshop of the business site according
to Party A’s standards and passes party A’s preliminary acceptance review,

 

Part
of the exhibition hall reaches the state of marketable, part of the service station reaches the state of repairable; Or if Party
B’s business site construction week

 

However,
the exhibition hall and service station of the transition store shall be built at least as required by Party A

 

For
the special market, Party A may, according to the local conditions and the opinions of Party A’s region, give the standard

 

In
case of concession, Party B is permitted to sell the products distributed by Party A temporarily. Both parties enter into a license
contract.

 

10.4
Franchise Qualification

 

10.4.1
Submission materials: business license, articles of association, bank opening license, and general taxpayer qualification certificate
plus copies

 

Official
seal: Completion Date: ____________.

 

10.4.2
Party B shall provide Party A with class Iii or above maintenance qualifications. Submitted materials: Road transport business
license; After the

 

Time:
Before ___________.

 

Trademarks
and names

 

    10

     

    

 

11.1
If this LoI is invalidated or terminated prior to the execution of the license Contract, whether or not notified by Party A, it
shall be deemed relevant to Party A

 

Party
B shall immediately stop the display and/or use of Party A’s trademarks and logos which are permitted to be displayed and/or used
by Party B in the documents and shall cease to use such trademarks and/or logos from party B

 

For
the removal of all trademarks and marks of Party A in party B’s buildings and business premises. Party B shall also compensate
Party A for its request to Party B.

 

Party
A shall indemnify Party A for all expenses and other related expenses incurred in complying with this Clause.

 

11.2
Without the written permission of Party A, Party B shall not register or use the above trademarks and marks as well as the names
of party A’s vehicle models

 

In
the enterprise name of Party B, whether the registration or use is direct or indirect, in whole or in part, no matter

 

Is
it registered or used separately, or in conjunction with other terms or identifiers? The same prohibition applies

 

A
mark or symbol in the form of graphics or pinyin, as long as it represents the above trademark, logo and the name of each vehicle
of Party A

 

Party
B shall not register in its own name, regardless of whether there is any difference. Party b shall also

 

The
above trademarks, logos and the names of party A’s vehicles shall not be registered in whole or in part as their own Internet
domain names.

 

11.3
Party B agrees that if its registered Internet domain name conflicts with the interests of Party A, Party B shall comply with
The requirements of Party A

 

Assign
or revoke this domain name from Party A.

 

12
exclusive

 

During
the term of this Letter of Intent, Without prior written consent of Party A, Party B shall not construct the business premises,

 

Sites
and facilities are used to provide sales for other automotive brand products and/or to conduct this bibliography with other economic
entities

 

Negotiation
with or signing any agreement with them.

 

13
a secret

 

13.1
Without the prior written consent of Party A, Party B shall not disclose or disclose in any form the existence or content of this
LoI

 

Propaganda.

 

13.2
Without the prior written consent of Party A, Party B and its employees shall not provide any documents and documents provided
to Party B by Party A or its agents

 

The
materials are disclosed to any third party, but Party B provides its premises to the contractor that builds and provides the services
for its premises

 

Except
in the case of information that must be known, Party B shall warrant that its contractor agrees in writing to comply with the
above confidentiality provisions and shall maintain

 

All
relevant documents and materials provided to the Contractor shall be recalled and properly secured within 30 days after the acceptance
of works at the business site Tube.

 

13.3
After the expiration or termination of this LOI, the covenants set forth in this Section shall continue even if no licensing contract
has been entered into between the Parties

 

In
full force and effect, and Party B warrants that it will provide Party A and/or its agents with all information and information
related to this Letter of Intent The copy shall be returned to Party A.

 

    11

     

    

 

13.4
Party A shall keep confidential the relevant documents and materials provided by Party B.

 

14
risks and expenses

 

14.1
Both parties agree that, prior to the signing of the license Contract, neither party shall sell or sell the intended models or
other Models of Party A

 

The
Service makes any legally binding commitments to the other party. However, the provisions of this LoI are relevant before the
signing of the license

 

The
relevant obligations and liabilities to be assumed before the contract shall be legally binding on both parties.

 

14.2
For the sake of clarity, Party B acknowledges and agrees to assume the obligations and responsibilities set forth in this Letter
of Intent, including but not limited to

 

To
train employees and bear the risks, costs and expenses of building the business site; Unless otherwise agreed in this LoI

 

Both
parties shall bear the relevant expenses incurred by each party during the signing and performance of this Letter of Intent. If
this Letter of Intent is lost In the event of validity or termination, Party B shall not have the right to require Party A to
compensate and/or compensate it for any expenses or expenses incurred in connection with this LoI.

 

15
Prior Agreement

 

The
execution of this Letter of Intent will supersede all other intentions, commitments, agreements and/or contracts previously entered
into by the parties with respect to the sale and service of the intended models and other Models of Party A.

 

16
Dispute Resolution

 

Any
dispute in connection with this LoI shall be settled through negotiation. If no settlement can be reached through litigation through
negotiation, either party of this LoI shall file a lawsuit with the people’s court in the place where Party A is located.

 

17
deadline

 

This
Letter of Intent shall be established upon being signed and sealed by both parties and shall come into force upon Party A’s receipt
of party B’s construction deposit. Both parties shall sign the “[Brand] New Energy Vehicle License Sales and Service Contract”
or the “[Brand] New Energy Vehicle License Sales and Service Contract”

 

    12

     

    

 

The
foregoing Agreement/Contract shall prevail, and any provisions not specified in the foregoing Agreement/contract shall be governed
by the provisions of this LoI.

 

18
Equipment Ordering

 

Party
B shall order and install the general equipment, diagnostic instrument, PCAN, high-voltage insulation meter and after-sales service
system in accordance with the standard of Grade C station before June 30, 2018.

 

19
other

 

This
LOI and its attachments, as well as management documents related to the LoI published or notified by Party A from time to time,
are an integral part of the LoI. This Letter of Intent is made in two originals, with one held by each party and both originals
shall be equally authentic.

  

Authorized
representatives of both parties shall sign/seal and seal the company

 

Party
A(Signature and seal):

 

Authorized
Representative (Signature/seal):

 

Party
B (Signature and seal):

 

Zhejiang
Jiuzi New Energy Vehicles Co., Ltd.

 

Authorized
Representative (signature/seal):

  

    13

     

    

 

Form
of License/Purchase contract

 

Through
negotiation, Party A and Party B agree that the new energy Automobile purchase contract terms are as follows:

 

Party
A (Seller):

 

(Buyer):

 

Sales
Consultant:

 

Id
Number:

 

Address:

 

Telephone:

  

I.
Details of vehicle purchase are as follows:

  

	1.
    Details of vehicle purchase are as follows:	 	 
	Province
    car brand	 	Vehicle
    unit price	 

         

         

	Vehicle
    type	 	Purchase
    validity (in words)	 

         

         

	Bus
    no.	 	 

         

        Body
        Color
	 

         

         

	The
    car price officer pays	 	The
    loan amount	 
	Loan
    fixed number of year	 	Loan
    payments	 
	Formalities
    charge	 	Insurance
    costs
	Terms
    of payment	Full
    payment () Installment payment ()
	The
    total amount	¥:
    (in words:
	A
    down payment to teach	¥:
    YUAN (in words:)

 

    14

     

    

 

II.
note

  

1.
After this Agreement is signed, Party B shall pay RMB (in words) to Party A as the down payment for the aforesaid vehicles, and
the remaining vehicle payment (in words:)

 

At
the end of the pay. If Party B does not need Party A to handle the registration procedures, the balance shall be paid in a lump
sum when picking up the car. Party B shall bear the expenses incurred during the licensing process.

 

Party
A’s beneficiary account name:

 

Account
number:

 

Bank:

 

Party
B can only pick up the car after Party A has received the full payment for the car and inspection.

 

2.
If Party B requires Party A to deliver the car to the designated place, all expenses and risks incurred shall be borne by Party
B;

 

3.
Party B shall conduct inspection and acceptance of the purchased vehicle on the day of pickup, point out any objection on the
spot and deal with it upon party A’s confirmation. If there is no objection after inspection, both parties shall jointly sign
the receipt and the ownership and risk of the vehicle purchased by Party B shall be transferred from Party A to Party B.

  

III、If
party B fails to pick up the car on time due to any reason for breach of contract, the deposit paid shall not be returned.

 

IV、
If Party B fails to pay the price as agreed herein or terminates the contract without authorization, it shall be liable for breach
of contract.

 

V.
Dispute Resolution: Any dispute arising from or in connection with this Contract shall be settled by the parties through negotiation.
If no agreement can be reached through negotiation, either party may file a lawsuit with the people’s Court at the place where
Party A is located.

 

VI.
Other Terms: This Contract shall come into force upon being used and signed and sealed by both parties: This Contract is made
in two originals. For matters not covered herein, both parties shall enter into a supplementary agreement which shall be binding
upon the Company. The final settlement shall be vested in Party A.

  

	Party A (seal):	Party B (seal):
	Date of Signing:	Date of Signing:

  

Address:

 

 

15Exhibit

Exhibit 4.02
ENTERGY CORPORATION
OFFICER’S CERTIFICATE 
Steven C. McNeal, the Vice President and Treasurer of Entergy Corporation, a Delaware corporation (the “Company”), pursuant to the authority granted in the Board Resolutions of the Company dated August 27, 2010 and October 25, 2019, and Sections 102, 201 and 301 of the Indenture defined herein, does hereby certify to Wells Fargo Bank, National Association, as trustee (the “Trustee”) under the Indenture (For Unsecured Debt Securities) of the Company dated as of September 1, 2010 (the “Indenture”), as of August 24, 2020, that:
		
	1.
	The Securities of the ninth series to be issued under the Indenture shall be designated “0.90% Senior Notes due September 15, 2025” (the “Senior Notes”).  All capitalized terms used in this certificate which are not defined herein shall have the meanings set forth in Exhibit A hereto; all capitalized terms used in this certificate which are not defined herein or in Exhibit A hereto shall have the meanings set forth in the Indenture.

		
	2.
	The Senior Notes shall be issued by the Company in the initial aggregate principal amount of $800,000,000.  As contemplated by the last paragraph of Section 301 of the Indenture, additional Senior Notes, without limitation as to amount, having the same terms as the Outstanding Senior Notes (except a different issue date and issue price and bearing interest from the last Interest Payment Date to which interest has been paid or duly provided for on the Outstanding Senior Notes, and, if no interest has been paid, from August 26, 2020), may also be issued by the Company pursuant to the Indenture without the consent of the existing Holders of the Senior Notes.  Such additional Senior Notes shall be part of the same series as the Outstanding Senior Notes.

		
	3.
	The Senior Notes shall mature and the principal thereof shall be due and payable together with all accrued and unpaid interest thereon on September 15, 2025.

		
	4.
	The Senior Notes shall bear interest as provided in the form thereof set forth in Exhibit A hereto.  

		
	5.
	The principal of, and premium, if any, and each installment of interest on the Senior Notes shall be payable upon presentation of the Senior Notes at the office or agency of the Company in The City of New York; provided that payment of principal of, premium, if any, and each installment of interest may be made at the option of the Company by check mailed to the address of the persons entitled thereto or by wire transfer to an account designated by the person entitled thereto; and provided further that after payment of the Senior Notes in full, the Holders thereof shall promptly surrender such Senior Notes at the office or agency of the Company in The City of New York.  Notices and demands to or upon the Company in respect of the Senior Notes and the Indenture may be served at the office or agency of the Company in The City of New York.  The Corporate Trust Office of the Trustee will initially be the agency of the Company for such payment and service of notices and demands and the Company hereby appoints Wells Fargo Bank, National Association as its agent for all such purposes; provided, however, that the Company reserves the right to change, by one or more Officer’s Certificates, any such office or agency and such agent.  The registration and registration of transfers and exchanges in respect of the Senior Notes may be effected at the Corporate Trust Office of the Trustee.  The Trustee will initially be the Security Registrar and the Paying Agent for the Senior Notes.

		
	6.
	The Senior Notes will be redeemable at the option of the Company prior to the Stated Maturity of the principal thereof as provided in the form thereof set forth in Exhibit A hereto.

		
	7.
	No service charge shall be made for the registration of transfer or exchange of the Senior Notes; provided, however, that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with the exchange or transfer.

		
	8.
	If the Company shall make any deposit of money and/or Eligible Obligations with respect to any Senior Notes, or any portion of the principal amount thereof, as contemplated by Section 701 of the Indenture, the Company shall not deliver an Officer’s Certificate described in clause (z) in the first paragraph of said Section 701 unless the Company shall also deliver to the Trustee, together with such Officer’s Certificate, either:

(A)an instrument wherein the Company, notwithstanding the satisfaction and discharge of its indebtedness in respect of the Senior Notes, shall assume the obligation (which shall be absolute and unconditional) to irrevocably deposit with the Trustee or Paying Agent such additional sums of money, if any, or additional Eligible Obligations (meeting the requirements of Section 701), if any, or any combination thereof, at such time or times, as shall be necessary, together with the money and/or Eligible Obligations theretofore so deposited, to pay when due the principal of and premium, if any, and interest due and to become due on such Senior Notes or portions thereof, all in accordance with and subject to the provisions of said Section 701; provided, however, that such instrument may state that the obligation of the Company to make additional deposits as aforesaid shall be subject to the delivery to the Company by the Trustee of a notice asserting the deficiency accompanied by an opinion of an independent public accountant of nationally recognized standing, selected by the Trustee, showing the calculation thereof; or

(B)an Opinion of Counsel to the effect that, as a result of a change in law occurring after the date of this certificate, the Holders of such Senior Notes, or portions of the principal amount thereof, will not recognize income, gain or loss for United States federal income tax purposes as a result of the satisfaction and discharge of the Company’s indebtedness in respect thereof and will be subject to United States federal income tax on the same amounts, at the same times and in the same manner as if such satisfaction and discharge had not been effected.

		
	9.
	The Eligible Obligations with respect to the Senior Notes will be Government Obligations.

		
	10.
	So long as any Senior Notes remain Outstanding, the Company will comply with the following covenants in addition to those specified in Article Six of the Indenture:

Limitation on Liens.
So long as any Senior Notes remain Outstanding, the Company will not secure any Debt with a lien on any shares of the capital stock or other equity interests (including partnership interests or membership interests in a limited liability company) of any of its Significant Subsidiaries, which shares of capital stock or other equity interests the Company directly or indirectly owns from the date of the Indenture or thereafter, unless the Company equally and ratably secures all Senior Notes (or secures all Senior Notes on a priority basis).  However, this restriction does not apply to or prevent:

(1)     (i) liens upon capital stock or other equity interests acquired after the date of the Indenture, directly or indirectly, by the Company to secure (A) the purchase price of such capital stock or other equity interests or (B) Debt incurred solely for the purpose of financing the acquisition of any such capital stock or other equity interests, (ii) liens existing on any such capital stock or other equity interests at the time of acquisition, and (iii) extensions, renewals or replacements of any of the foregoing, provided that in connection with clause (iii), the principal amount of Debt so secured shall be for the same or a lesser principal amount of the Debt secured by the lien and no such lien shall extend to or cover any capital stock or other equity interests other than the capital stock or other equity interests being acquired or to more than the same proportion of all shares of capital stock or other equity interests as was covered by the lien that was extended, renewed or replaced; or
(2)     attachment, judgment or other similar liens arising in connection with court proceedings, provided that the execution or other enforcement of such liens is effectively stayed and (i) the claims secured by the lien are being actively contested in good faith by appropriate proceedings or (ii) payment of the claims is covered in full (subject to customary deductible amounts) by insurance maintained with responsible insurance companies.
Liens on any shares of the capital stock or other equity interests (including partnership interests or membership interests in a limited liability company) of any of the Significant Subsidiaries, other than liens described in (1) and (2) above, are referred to herein as “Restricted Liens.”  The foregoing limitations do not apply to the extent that the Company creates any Restricted Liens to secure Debt that, together with all of the Company’s other Debt secured by Restricted Liens, does not at the time exceed 5% of the Consolidated Net Worth of the Company, as determined by the Company as of a month end not more than 90 days prior to the creation of the Restricted Lien.
For purposes of this covenant, the following terms shall be defined as follows:
“Consolidated Net Worth” means the sum of the capital stock, excluding treasury stock and capital stock subscribed for and unissued, and surplus, including earned surplus, capital surplus and the balance of the current profit and loss account not transferred to surplus, accounts of the Company and its subsidiaries appearing on a consolidated balance sheet of the Company and its subsidiaries prepared as of the date of determination in accordance with generally accepted accounting principles consistent with those applied in the preparation of the Company’s consolidated financial statements, after eliminating all intercompany transactions and all amounts properly attributable to minority interests, if any, in the stock or other equity interests and surplus of subsidiaries.
“Debt,” with respect to any Person, means (without duplication) all liabilities, obligations and indebtedness, contingent or otherwise, of such Person:
		
	(1)
	for borrowed money or evidenced by bonds, debentures, notes, or other similar instruments;

		
	(2)
	to pay the deferred purchase price of property or services, other than such obligations incurred in the ordinary course of business on customary trade terms, provided that such obligations are not more than 30 days past due;

		
	(3)
	as lessee under leases, which shall have been or should be, in accordance with generally accepted accounting principles, recorded as finance leases; 

		
	(4)
	under reimbursement agreements or similar agreements with respect to the issuance of letters of credit, other than obligations in respect of letters of credit opened to provide for the payment of goods or services purchased in the ordinary course of business; and

		
	(5)
	to be liable for, or to pay for, as obligor, guarantor or otherwise, on the Debt of another Person.

“Domestic Regulated Utility Subsidiary” means a direct or indirect domestic subsidiary of the Company engaged in the generation, transmission or distribution of electricity or the transmission or distribution of natural gas that is regulated as to rates by the Federal Energy Regulatory Commission (or successor federal agency) or a state or local governmental body on a cost‐of‐service basis.
“lien” means, with respect to any asset, any mortgage, lien, pledge or security interest of any kind in respect of such asset.
“Significant Subsidiary” means any Domestic Regulated Utility Subsidiary: (1) the total assets (after intercompany eliminations) of which exceed 10% of total assets of the Company and the total assets of its subsidiaries or (2) the net worth of which exceeds 10% of the Consolidated Net Worth of the Company and its subsidiaries, in each case as shown on the most recent audited consolidated balance sheet of the Company and its subsidiaries.  In no event shall “Significant Subsidiary” include any entity that was a Domestic Regulated Utility Subsidiary on June 30, 2020, and as of such date, (1) had total assets (after intercompany eliminations) which were 10% or less of the Company’s total assets and the total assets of the Company’s subsidiaries at such date or (2) had a net worth which was 10% or less of the Consolidated Net Worth of the Company and its subsidiaries at such date.  As of June 30, 2020, “Significant Subsidiary” includes Entergy Arkansas, LLC, Entergy Louisiana, LLC, Entergy Mississippi, LLC, Entergy Texas, Inc. and System Energy Resources, Inc.
“subsidiary” means any corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other subsidiaries, or by the Company and one or more other subsidiaries.  For the purposes of this definition, “voting stock” means stock or other interests (including partnership or limited liability company interests) that ordinarily has voting power for the election of directors, managers or trustees, whether at all times or only so long as no senior class of stock or other interests has such voting power by reason of any contingency.
		
	11.
	The Senior Notes shall have such other terms and provisions as are provided in the form thereof set forth in Exhibit A hereto, and shall be issued in substantially such form.

		
	12.
	The Senior Notes shall be initially issued in global form registered in the name of Cede & Co. (as nominee of DTC, the initial securities depository for the Senior Notes; provided, that the Company reserves the right to provide for another depository, registered as a clearing agency under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to act as depository for the global Senior Notes (DTC and any such successor depository, the “Depository”); beneficial interests in Senior Notes issued in global form may not be exchanged in whole or in part for individual certificated Senior Notes in definitive form, and no transfer of a global Senior Note in whole or in part may be registered in the name of any Person other than the Depository or its nominee except that (i) if the Depository (A) has notified the Company that it is unwilling or unable to continue as depository for the global Senior Notes or (B) has ceased to be a clearing agency registered under the Exchange Act or other applicable statute or regulation and, in either case, a successor depository for such global Senior Notes has not been appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, (ii) if the Company, in its sole discretion, determines that the Senior Notes will no longer be 

represented by Senior Notes in global form or (iii) if an Event of Default with respect to the Senior Notes has occurred and is continuing, the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Senior Notes, will authenticate and deliver Senior Notes in definitive certificated form in an aggregate principal amount equal to the principal amount of the global Senior Notes representing such Senior Notes in exchange for such global Senior Notes, such definitive Senior Notes to be registered in the names provided by the Depository to the Trustee; each global Senior Note (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of the Outstanding Senior Notes to be represented by such global Senior Note, (ii) shall be registered in the name of the Depository or its nominee, (iii) shall be delivered by the Trustee to the Depository, its nominee, any custodian for the Depository or otherwise pursuant to the Depository’s instructions and (iv) shall bear a legend restricting the transfer of such global Senior Note to any person other than the Depository or its nominee; none of the Company, the Trustee, any Paying Agent or any Authenticating Agent will have any responsibility or liability for any aspect of the records relating to, payments made on account of, or transfers in respect of, beneficial ownership interests in a global Senior Note (all of which will be conducted pursuant to the customary procedures of the Depository) or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

		
	13.
	(a)    The undersigned has read all of the covenants and conditions contained in the Indenture, and the definitions in the Indenture relating thereto, relating to the issuance, authentication and delivery of the Senior Notes and in respect of compliance with which this certificate is made;

(b)The statements contained in this certificate are based upon the familiarity of the undersigned with the Indenture, the documents accompanying this certificate, and upon discussions by the undersigned with officers and employees of the Company familiar with the matters set forth herein;

(c)In the opinion of the undersigned, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenants and conditions have been complied with; and

(d)In the opinion of the undersigned, such conditions and covenants and conditions precedent provided for in the Indenture (including any covenants compliance with which constitutes a condition precedent) relating to the authentication and delivery of the Senior Notes requested in the accompanying Company Order No. 7, have been complied with.

[signature page follows]

IN WITNESS WHEREOF, I have executed this Officer’s Certificate as of the date set forth above.
/s/ Steven C. McNeal                    
Steven C. McNeal
Vice President and Treasurer

EXHIBIT A
Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Entergy Corporation or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.
	
		
	No. R-
	CUSIP:  29364G AM5

	 
	 

[FORM OF FACE OF SENIOR NOTE]
ENTERGY CORPORATION
0.90% SENIOR NOTE DUE SEPTEMBER 15, 2025
Entergy Corporation, a corporation duly organized and existing under the laws of the State of Delaware (herein referred to as the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to _____________________________________________________________________________ or registered assigns, the principal sum of _______________________ Dollars on September 15, 2025, and to pay interest on said principal sum semi-annually on March 15 and September 15 of each year commencing March 15, 2021 (each an Interest Payment Date) at the rate of 0.90% per annum, until the principal hereof is paid or made available for payment and to pay interest on any overdue principal and, to the extent permitted by law, interest, at the rate then borne by the Securities of this series.  Interest on the Securities of this series will accrue from, and include, August 26, 2020, to the first Interest Payment Date, and thereafter will accrue from the last Interest Payment Date to which interest has been paid or duly provided for.  In the event that any Interest Payment Date is not a Business Day, then payment of 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 such delay) with the same force and effect as if made on the Interest Payment Date.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on (i) the Business Day next preceding such Interest Payment Date so long as the Securities are held by a securities depository in book-entry form, or (ii) if the Securities are not held by a securities depository in book‐entry form, the 15th calendar day next preceding such Interest Payment Date, provided, however, that interest payable at Maturity will be paid to the Person to whom principal is paid.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture and on the reverse hereof.

Payment of the principal of, and premium, if any, and interest on this Security will be made upon presentation at the office or agency of the Company maintained for that purpose in The City of New York, the State of New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, provided, however, that, at the option of the Company, the principal of, and premium, if any, and interest on this Security may be paid by check mailed to the address of the person entitled thereto, as such address shall appear on the Security Register or by wire transfer to an account designated by the person entitled thereto; and provided, further, that, after payment in full of this Security the Holder shall promptly surrender this Security at the office or agency of the Company in The City of New York, the State of New York.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.  Any capitalized term which is used herein and not otherwise defined shall have the meaning ascribed to such term in the Indenture.
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
	
		
	 
	ENTERGY CORPORATION

By:  

[FORM OF CERTIFICATE OF AUTHENTICATION]
CERTIFICATE OF AUTHENTICATION 
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
Dated:
	
		
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

By:____________________________
      Authorized Signatory

[FORM OF REVERSE OF SENIOR NOTE]
General.
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture (For Unsecured Debt Securities), dated as of September 1, 2010 (herein, together with any amendments thereto, called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture, including the Board Resolutions and Officer’s Certificate creating the series designated on the face hereof, for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
Optional Redemption.

At any time prior to August 15, 2025 (one month prior to the Stated Maturity) (the “Par Call Date”), the Securities of this series will be redeemable at the option of the Company prior to the Stated Maturity (each a “Redemption Date”), in whole or in part, at any time on not less than 30 nor more than 60 days’ notice prior to the Redemption Date.  If the Company redeems all or any part of the Securities of this series, it will pay a Redemption Price (the “Redemption Price”) equal to the greater of
(1) 100% of the principal amount of the Securities of this series being redeemed, or 
(2) as determined by the Independent Investment Banker, the sum of (x) the present value of the payment on the Par Call Date of the principal amount of the Securities of this series being redeemed plus (y) the sum of the present values of the remaining scheduled payments of interest on the Securities of this series being redeemed to the Par Call Date (excluding the portion of any such interest accrued to the Redemption Date), discounted (for purposes of determining such present values) to the redemption date on a semi-annual basis (assuming a 360‐day year consisting of twelve 30‐day months) at the Adjusted Treasury Rate plus 12.5 basis points, plus, in each case, accrued and unpaid interest on the Securities of this series being redeemed to, but not including, the Redemption Date.
At any time on or after the Par Call Date, the Securities of this series will be redeemable at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days’ notice prior to the Redemption Date, at the Redemption Price equal to 100% of the principal amount of the Securities of this series to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date.
 “Adjusted Treasury Rate” means, with respect to any Redemption Date:
(1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published at least  weekly 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,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Securities of this series (assuming, for this purpose, that the Securities of this series matured on the Par Call Date), yields for the two published maturities most closely corresponding to the 

Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or 
(2) if such release (or any successor release) is not published during the week preceding the calculation date for the Adjusted Treasury Rate or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.  
The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the Redemption 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 Securities of this series (assuming, for this purpose, that the Securities of this series 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 to the remaining term of the Securities of this series (assuming, for this purpose, that the Securities of this series matured on the Par Call Date).
“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of five Reference Treasury Dealer Quotations for such Redemption Date after excluding the highest and lowest such Reference Treasury Dealer Quotations or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.
“Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time or, if any of such firms are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.
“Reference Treasury Dealer” means (l) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and a Primary Treasury Dealer (as defined below) selected by MUFG Securities Americas Inc., or, in each case, an affiliate thereof, and their respective successors; 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 will substitute therefor another Primary Treasury Dealer, and (2) any other Primary Treasury Dealer selected by the Independent Investment Banker after consultation with the Company.
“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 at 5:00 p.m. on the third Business Day preceding such Redemption Date.
The Company shall deliver to the Trustee before any Redemption Date for the Securities of this series its calculation of the Redemption Price applicable to such redemption.  The Trustee shall be under 

no duty to inquire into, may presume the correctness of, and shall be fully protected in acting upon the Company’s calculation of any Redemption Price of the Securities of this series.
In lieu of stating the Redemption Price, notices of redemption of the Securities of this series shall state substantially the following:  “The Redemption Price of the Securities of this series to be redeemed shall equal the sum of (a) the greater of (i) 100% of the principal amount of such Securities of this series, or (ii) as determined by the Independent Investment Banker, the sum of (x) the present value of the payment on the Par Call Date of the principal amount of the Securities of this series being redeemed plus (y) the sum of the present values of the remaining scheduled payments of interest on the Securities of this series being redeemed  to the Par Call Date (excluding the portion of any such interest accrued to the Redemption Date), discounted (for purposes of determining such present values) to the Redemption Date on a semi-annual basis (assuming a 360‐day year consisting of twelve 30‐day months) at the Adjusted Treasury Rate plus 12.5 basis points.”
If less than all of the Securities of this series are to be redeemed consistent with the terms hereof, the particular Securities to be redeemed shall be selected by the Trustee from the Outstanding Securities of such series in a manner it deems fair and appropriate.
If at the time notice of redemption is given, the redemption moneys are not on deposit with the Trustee, then the redemption shall be subject to their receipt on or before the Redemption Date and such notice shall be of no effect unless such moneys are received.
Upon payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities of this series or portions thereof called for redemption.
The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security upon compliance with certain conditions set forth in the Indenture including the Officer’s Certificate described above.
Events of Default.

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
Governing Law.

This Security shall be governed by and construed in accordance with the laws of the State of New York (including without limitation Section 5‐1401 of the New York General Obligations Law or any successor statute), except to the extent that the law of any other jurisdiction shall be mandatorily applicable.
Modification and Waivers.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of all series to be affected.  The Indenture contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of all series then Outstanding to waive compliance by the Company with certain provisions of the Indenture.  The Indenture also contains 

provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding in respect of which an Event of Default shall have occurred and be continuing shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of Securities of all series at the time Outstanding in respect of which an Event of Default shall have occurred and be continuing a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
Authorized Denominations.

The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and in any integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor and of authorized denominations, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Owners.

The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the absolute owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

Defined Terms.

All terms used in this Security which are defined in Indenture shall have the meanings assigned to them in the Indenture and in the Officer’s Certificate establishing the terms of the Securities of this series.

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