Exhibit 4.1
Execution Version
DPL INC.
as the Company and
U.S. Bank National Association,
as Trustee
Indenture
Dated as of June 19, 2020
4.125% Senior Notes due 2025
TABLE OF CONTENTS
Page
| Article 1 DEFINITIONS AND INCORPORATION BY REFERENCE |
| SECTION 1.01 Definitions |
1 |
| SECTION 1.02 Rules of Construction |
11 |
| Article 2 THE NOTES |
| SECTION 2.01 Form, Dating and Denominations; Legends |
12 |
| SECTION 2.02 Execution and Authentication; Additional Notes |
13 |
| SECTION 2.03 Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust |
14 |
| SECTION 2.04 Replacement Notes |
15 |
| SECTION 2.05 Outstanding Notes |
15 |
| SECTION 2.06 Temporary Notes |
16 |
| SECTION 2.07 Cancellation |
16 |
| SECTION 2.08 CUSIP and CINS Numbers |
16 |
| SECTION 2.09 Registration, Transfer and Exchange |
16 |
| SECTION 2.10 Restrictions on Transfer and Exchange |
19 |
| SECTION 2.11 Temporary Offshore Global Notes |
21 |
| Article 3 OPTIONAL REDEMPTION |
| SECTION 3.01 Optional Redemption |
22 |
| SECTION 3.02 Method and Effect of Redemption |
23 |
| SECTION 3.03 Sinking Fund |
24 |
| Article 4 COVENANTS |
| SECTION 4.01 Payment of Notes |
24 |
| SECTION 4.02 Maintenance of Office or Agency |
25 |
| SECTION 4.03 Limitations on Liens |
25 |
| SECTION 4.04 Noteholders’ Lists |
28 |
| SECTION 4.05 Certificate to Trustee |
28 |
| SECTION 4.06 Reports by the Company |
28 |
| SECTION 4.07 Repurchase of Notes Upon a Change of Control |
29 |
| Article 5 CONSOLIDATION, MERGER OR SALE OF ASSETS |
| SECTION 5.01 Limitations on Merger, Consolidation, Sale, Lease or Conveyance |
30 |
| SECTION 5.02 Successor Substituted |
31 |
| Article 6 DEFAULT AND REMEDIES |
| SECTION 6.01 Events of Default |
31 |
| SECTION 6.02 Acceleration |
32 |
| SECTION 6.03 Other Remedies |
32 |
| SECTION 6.04 Waiver of Past Defaults |
33 |
| SECTION 6.05 Control by Majority |
33 |
| SECTION 6.06 Limitation on Suits |
33 |
| SECTION 6.07 Rights of Holders to Receive Payment |
33 |
| SECTION 6.08 Collection Suit by Trustee |
33 |
| SECTION 6.09 Trustee May File Proofs of Claim |
34 |
| SECTION 6.10 Priorities |
34 |
| SECTION 6.11 Restoration of Rights and Remedies |
34 |
| SECTION 6.12 Undertaking for Costs |
35 |
| SECTION 6.13 Rights and Remedies Cumulative |
35 |
| SECTION 6.14 Delay or Omission Not Waiver |
35 |
| SECTION 6.15 Waiver of Stay, Extension or Usury Laws |
35 |
| Article 7 THE TRUSTEE |
| SECTION 7.01 General |
35 |
| SECTION 7.02 Certain Rights of Trustee |
36 |
| SECTION 7.03 Individual Rights of Trustee |
38 |
| SECTION 7.04 Trustee’s Disclaimer |
38 |
| SECTION 7.05 Notice of Default |
39 |
| SECTION 7.06 Reports by Trustee to Holders |
39 |
| SECTION 7.07 Compensation and Indemnity |
39 |
| SECTION 7.08 Replacement of Trustee |
39 |
| SECTION 7.09 Successor Trustee by Merger |
40 |
| SECTION 7.10 Eligibility |
41 |
| SECTION 7.11 Money Held in Trust |
41 |
| Article 8 DEFEASANCE AND DISCHARGE |
| SECTION 8.01 Satisfaction and Discharge of Indenture |
41 |
| SECTION 8.02 Defeasance and Discharge of Indenture |
42 |
| SECTION 8.03 Defeasance of Certain Obligations |
43 |
| SECTION 8.04 Application of Trust Money |
44 |
| SECTION 8.05 Repayment to Company |
44 |
| SECTION 8.06 Reinstatement |
44 |
| Article 9 AMENDMENTS, SUPPLEMENTS AND WAIVERS |
| SECTION 9.01 Amendments Without Consent of Holders |
45 |
| SECTION 9.02 Amendments With Consent of Holders |
45 |
| SECTION 9.03 Effect of Consent |
46 |
| SECTION 9.04 Trustee’s Rights and Obligations |
47 |
| SECTION 9.05 Conformity with Trust Indenture Act |
47 |
| SECTION 9.06 Payments for Consents |
47 |
| Article 10 MISCELLANEOUS |
| SECTION 10.01 Trust Indenture Act of 1939 |
47 |
| SECTION 10.02 Noteholder Communications; Noteholder Actions |
47 |
| SECTION 10.03 Notices |
48 |
| SECTION 10.04 Certificate and Opinion as to Conditions Precedent |
49 |
| SECTION 10.05 Statements Required in Certificate or Opinion |
49 |
| SECTION 10.06 Payment Date Other Than a Business Day |
50 |
| SECTION 10.07 Governing Law |
50 |
| SECTION 10.08 No Adverse Interpretation of Other Agreements |
50 |
| SECTION 10.09 Successors |
50 |
| SECTION 10.10 Duplicate Originals |
50 |
| SECTION 10.11 Separability |
50 |
| SECTION 10.12 Table of Contents and Headings |
50 |
| SECTION 10.13 No Liability of Directors, Officers, Employees, Incorporators and Stockholders |
50 |
| SECTION 10.14 Waiver of Jury Trial |
51 |
| SECTION 10.15 Force Majeure |
51 |
EXHIBITS
| EXHIBIT A |
Form of Note |
| EXHIBIT B |
Restricted Legend |
| EXHIBIT C |
DTC Legend |
| EXHIBIT D |
Regulation S Certificate |
| EXHIBIT E |
Rule 144A Certificate |
| EXHIBIT F |
Certificate of Beneficial Ownership |
| EXHIBIT G |
Temporary Offshore Global Note Legend |
| EXHIBIT H |
Form of Certificate of Acquiring Institutional Accredited Investor |
INDENTURE, dated as of June 19, 2020, between
DPL Inc., an Ohio corporation, as the Company, and U.S. Bank National Association, a national banking association, as Trustee.
RECITALS
The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance of a series of senior notes, designated as the “4.125% Senior
Notes due 2025” in an aggregate principal amount of $415,000,000 (collectively with, if and when issued, any Additional Notes
and Exchange Notes, the “Notes”). All things necessary to make this Indenture a legal, valid and binding agreement
of the Company, in accordance with its terms, have been done, and the Company has done all things necessary to make the Notes (in
the case of the Additional Notes, when duly authorized), when executed by the Company and authenticated and delivered by the Trustee
and duly issued by the Company, the legal, valid and binding obligations of the Company as hereinafter provided.
This Indenture is subject to, and will be
governed by, the provisions of the Trust Indenture Act that are required to be a part of and govern indentures qualified under
the Trust Indenture Act.
THIS INDENTURE WITNESSETH
For and in consideration of the premises
and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit
of all Holders, as follows:
Article
1
DEFINITIONS AND INCORPORATION BY REFERENCE
Section
1.01
Definitions. Unless otherwise noted, the definitions herein apply to both the singular and plural meanings
of each term.
“Additional Notes” means
any Notes issued under this Indenture in addition to the Initial Notes having the same terms in all respects as the Initial Notes
(except for the offering price and, issue date and, if applicable, first Interest Payment Date).
“Additional Interest”
has the meaning set forth in the Registration Rights Agreement.
“AES” means The AES Corporation,
a Delaware corporation, and its successors and assigns.
“Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control
with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”) with respect to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise.
“Agent” means any Registrar,
Paying Agent or Authenticating Agent.
“Agent Member” means
a member of, or a participant in, the Depositary.
“Authenticating Agent”
refers to a Person engaged to authenticate the Notes in the stead of the Trustee.
“Bankruptcy Default”
has the meaning assigned to such term in Section 6.01.
“Beneficial Ownership”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, and “beneficial owner”
has a corresponding meaning.
“Board of Directors”
of a Person means the board of directors or comparable governing body of such Person.
“Business Day” means
any day except a Saturday, Sunday or other day on which commercial banks in New York City or in the city where the Corporate Trust
Office of the Trustee is located are authorized by law to close.
“Capitalized Lease Obligations”
means all lease obligations of the Company and its Subsidiaries which, under GAAP, are or will be required to be capitalized, in
each case taken at the amount of the lease obligation accounted for as indebtedness in conformity with those principles.
“Certificate of Beneficial Ownership”
means a certificate substantially in the form of Exhibit F.
“Certificated Note” means
a Note in registered individual form without interest coupons.
“Change of Control” means
the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or
assets of the Company and its Subsidiaries taken as a whole to any person (as such term is used in Section 13(d) of the Exchange
Act) other than the Company or one of its subsidiaries; (2) the consummation of any transaction (including, without limitation,
any merger or consolidation), the result of which is that any person (as such term is used in Section 13(d) of the Exchange Act)
other than a Permitted Holder becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number
of shares of the Company’s Voting Stock; or (3) the first day on which a majority of the members of the Company’s Board
of Directors are not Continuing Directors of the Company.
“Change of Control Offer”
has the meaning assigned to such term in Section 4.07.
“Change of Control Payment”
has the meaning assigned to such term in Section 4.07.
“Change of Control Payment Date”
has the meaning assigned to such term in Section 4.07.
“Change of Control Triggering Event”
means the occurrence of a Rating Event and a Change of Control.
“Clearstream” means Clearstream
Banking S.A. and its successors.
“Commission” means the
Securities and Exchange Commission.
“Company” means the party
named as such in the first paragraph of this Indenture or any successor obligor under this Indenture and the Notes pursuant to
Section 5.01.
“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term
(as measured from the date of redemption) of the Notes to be redeemed 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 Notes.
“Comparable Treasury Price”
means, with respect to any redemption date, (i) the average of five Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations or (ii) if the Company obtains fewer than five
such Reference Treasury Dealer Quotations, the average of all such quotations.
“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 its latest audited financial statements and prepared
in accordance with GAAP.
“Continuing Directors”
means, as of any date of determination, any member of the Board of Directors who (1) was a member of such Board of Directors on
the date of the issuance of the Notes; or (2) was nominated for election or elected to such Board of Directors with the approval
of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election
(either by vote of the Board of Directors or by approval of the stockholders after receipt of a proxy statement in which such member
was named as a nominee for election as a director, without objection to such nomination).
“Corporate Trust Office”
means the designated office of the Trustee at which at any time its corporate trust business shall be administered, which office
at the date hereof is located at the Trustee’s address set forth in Section 10.03, or such other address as the Trustee may
designate from time to time by notice to the Holders and the Company, or the principal 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).
“Currency, Interest Rate or Commodity
Agreements” means an agreement or transaction involving any currency, interest rate or Energy price or volumetric swap,
cap or collar arrangement, forward exchange transaction, option, warrant, forward rate agreement, futures contract or other derivative
instrument of any kind for the hedging or management of foreign exchange, interest rate or Energy price or volumetric risks, it
being understood, for purposes of this definition, that the term “Energy” will include, without limitation,
coal, gas, oil and electricity.
“Default” means any event
or condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default.
“Depositary” means the
depositary of each Global Note, which will initially be DTC.
“DP&L” means The
Dayton Power and Light Company, an Ohio corporation, and a Subsidiary of DPL.
“DPL” means DPL Inc.,
an Ohio corporation, and its successors and assigns.
“DTC” means The Depository
Trust Company, a New York corporation, and its successors.
“DTC Legend” means the
legend set forth in Exhibit C.
“Euroclear” means Euroclear
Bank SA/NV, and its successors or assigns, as operator of the Euroclear System or any successor securities clearing agency.
“Event of Default” has
the meaning assigned to such term in Section 6.01.
“Exchange Act” means
the Securities Exchange Act of 1934, as amended.
“Exchange Notes” means,
with respect to the Initial Notes, notes issued in exchange for the Initial Notes pursuant to the terms of the Registration Rights
Agreement or, with respect to any Additional Notes, notes issued in exchange for such Additional Notes pursuant to the terms of
a registration rights agreement among the Company and the initial purchasers of such Additional Notes.
“Exchange Offer” has
the meaning set forth in the Registration Rights Agreement.
“Excluded Subsidiary”
means any Subsidiary of the Company:
(1)
in respect of which neither the Company nor any Subsidiary of the Company (other than another Excluded Subsidiary) has undertaken
any legal obligation to give any guarantee for the benefit of the holders of any Indebtedness for Borrowed Money (other than to
another member of the Group) other than in respect of any statutory obligation and the Subsidiaries of which are all Excluded Subsidiaries;
and
(2)
which has been designated as such by the Company by written notice to the Trustee; provided that the Company may
give written notice to the Trustee at any time that any Excluded Subsidiary is no longer an Excluded Subsidiary whereupon it shall
cease to be an Excluded Subsidiary.
“Fitch” means Fitch Ratings,
Inc.
“GAAP” means generally
accepted accounting principles in the United States of America as in effect from time to time.
“Global Note” means a
Note in registered global form without interest coupons.
“Group” means the Company
and its Subsidiaries and “member of the Group” shall be construed accordingly.
“Government Obligations”
means securities that are (i) direct obligations of the United States of America for the timely payment of which its full faith
and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by
the United States of America, which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall
also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect
to any such Government Obligations or a specific payment of principal or interest on any such Government Obligations held by such
custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Obligations or the specific payment of principal of or interest on the Government Obligations
evidenced by such depository receipt.
“Holder” or “Noteholder”
means the registered holder of any Note.
“IAI Certificate” means
a certificate substantially in the form of Exhibit H hereto.
“IAI Global Note” means
a Global Note that bears the Restricted Legend representing Notes issued and sold to Institutional Accredited Investors.
“Incur” means, with respect
to any Indebtedness, to incur, create, issue, assume or guarantee or otherwise become liable for such Indebtedness; provided
that neither the accrual of interest (whether such interest is payable in cash or in kind) nor the accretion of original issue
discount shall be considered an “Incurrence” of Indebtedness.
“Indebtedness” means,
with respect to the Company or any of its Subsidiaries at any date of determination (without duplication):
(1)
all Indebtedness for Borrowed Money (excluding any credit which is available but undrawn);
(2)
all obligations in respect of letters of credit (including reimbursement obligations with respect to letters of credit);
(3)
all obligations to pay the deferred and unpaid purchase price of property or services, which purchase price is due more
than six months after the date of placing such property in service or taking delivery and title to the property or the completion
of such services, except trade payables;
(4)
all Capitalized Lease Obligations;
(5)
all indebtedness of other persons secured by a mortgage, charge, lien, pledge or other security interest on any asset of
the Company or any of its Subsidiaries, whether or not such indebtedness is assumed; provided that the amount of such Indebtedness
must be the lesser
of:
(a) the fair market value of such asset at such date of determination and (b) the amount of the secured indebtedness;
(6)
all indebtedness of other persons of the types specified in the preceding clauses (1) through (5), to the extent such indebtedness
is guaranteed by the Company or any of its Subsidiaries; and
(7)
to the extent not otherwise included in this definition, net obligations under Currency, Interest Rate or Commodity Agreements.
The amount of Indebtedness at any date will
be the outstanding balance at such date of all unconditional obligations as described above and, upon the occurrence of the contingency
giving rise to the obligation, the maximum liability of any contingent obligations of the types specified in the preceding clauses
(1) through (7) at such date; provided that the amount outstanding at any time of any Indebtedness issued with original
issue discount is the face amount of such Indebtedness less the remaining unamortized portion of the original issue discount of
such Indebtedness at such time as determined in conformity with GAAP.
“Indebtedness For Borrowed Money”
means any indebtedness (whether being principal, premium, interest or other amounts) for:
(1)
money borrowed;
(2)
payment obligations under or in respect of any trade acceptance or trade acceptance credit; or
(3)
any notes, bonds, loan stock or other debt securities offered, issued or distributed whether by way of public offer, private
placement, acquisition consideration or otherwise and whether issued for cash or in whole or in part for a consideration other
than cash;
provided, however, in each case, that such term
will exclude:
(a)
any indebtedness relating to any accounts receivable securitizations;
(b)
any Indebtedness of the type permitted to be secured by Liens pursuant to Section 4.03(a)(xii) hereof; and
(c)
any Preferred Securities which are issued and outstanding on the date of original issue of the Notes or any extension, renewal
or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any such existing Preferred Securities,
for amounts not exceeding the principal amount or liquidation preference of the Preferred Securities so extended, renewed or replaced.
“Indenture” means this
indenture, as amended or supplemented from time to time.
“Independent Director”
shall mean a director of the Company who, if the Company is listed on the New York Stock Exchange, meets the standards for independence
set forth in the New York Stock Exchange Listing Standards, or if such standards are not applicable to the
Company,
who shall at no time be, or have been, a director, officer, stockholder, associate, customer or supplier of, be employed by, or
hold or held at any time (directly or indirectly) any beneficial economic interest in the Company or a Parent or any Subsidiary
or Affiliate of a Parent (excluding such director’s position as such Independent Director of us and any compensation received
by such director in such capacity).
“Initial Notes” means
the Notes issued on the Issue Date and any Notes issued in replacement thereof, including any Notes registered under the Securities
Act and issued pursuant to the terms of the Registration Rights Agreement.
“interest” means, with
respect to the Notes, interest and Additional Interest.
“Initial Purchasers”
means the initial purchasers party to a purchase agreement with the Company relating to the sale of the Initial Notes or Additional
Notes by the Company.
“Institutional Accredited
Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act, who are not also qualified institutional buyers.
“Interest Payment Date”
has the meaning ascribed to such term in the Notes.
“Issue Date” means the
date on which the Initial Notes are originally issued under this Indenture.
“Lien” means any mortgage,
lien, pledge, security interest or other encumbrance; provided, however, that the term “Lien” does not
mean any easements, rights-of-way, restrictions and other similar encumbrances and encumbrances consisting of zoning restrictions,
leases, subleases, restrictions on the use of property or defects in title.
“Moody’s” means
Moody’s Investors Service, Inc.
“Non-U.S. Person” means
a Person that is not a U.S. person, as defined in Regulation S.
“Notes” has the meaning
assigned to such term in the Recitals.
“Officer” means the chairman
of the Board of Directors, the president or chief executive officer, any vice president, the chief financial officer, the treasurer
or any assistant treasurer, or the secretary or any assistant secretary, of the Company.
“Officers’ Certificate”
means a certificate signed by two Officers of the Company.
“Offshore Global Note”
means a Global Note representing Notes issued and sold pursuant to Regulation S.
“Opinion of Counsel”
means a written opinion signed by legal counsel, who may be an employee of or counsel to the Company.
“Parent” shall mean any
entity which owns directly or indirectly, 10% or more of the outstanding common shares of the Company.
“Participating Broker-Dealer”
has the meaning set forth in the Registration Rights Agreement.
“Paying Agent” refers
to a Person engaged to perform the obligations of the Trustee in respect of payments made or funds held hereunder in respect of
the Notes.
“Permanent Offshore Global Note”
means an Offshore Global Note that does not bear the Temporary Offshore Global Note Legend.
“Permitted Holder” means,
at any time, AES and its Affiliates. In addition, any person or group whose acquisition of beneficial ownership constitutes a Change
of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter,
together with its Affiliates, constitute an additional Permitted Holder.
“Person” means an individual,
a corporation, a partnership, a limited liability company, an association, a trust, a joint venture, a joint stock company, an
unincorporated organization or any other entity, including a government or political subdivision or an agency or instrumentality
thereof.
“Preferred Securities”
means, without duplication, any trust preferred or preferred securities or related debt or guaranties of the Company or any of
its Subsidiaries.
“Project Finance Debt”
means:
(1)
any Indebtedness to finance or refinance the ownership, acquisition, development, design, engineering, procurement, construction,
servicing, management and/or operation of any project or asset which is Incurred by an Excluded Subsidiary; and
(2)
any Indebtedness to finance or refinance the ownership, acquisition, development, design, engineering, procurement, construction,
servicing, management and/or operation of any project or asset in respect of which the Person or Persons to whom any such Indebtedness
is or may be owed by the relevant borrower (whether or not a member of the Group) has or have no recourse whatsoever to any member
of the Group (other than an Excluded Subsidiary) for the repayment of that Indebtedness other than: (a) recourse to such member
of the Group for amounts limited to the cash flow or net cash flow (other than historic cash flow or historic net cash flow) from,
or ownership interests or other investments in, such project or asset; and/or (b) recourse to such member of the Group for
the purpose only of enabling amounts to be claimed in respect of such Indebtedness in an enforcement of any encumbrance given by
such member of the Group over such project or asset or the income, cash flow or other proceeds deriving from the project (or given
by any shareholder or the like, or other investor in, the borrower or in the owner of such project or asset over its shares or
the like in the capital of, or other investment in, the borrower or in the owner of such project or asset) to secure such Indebtedness,
provided that the extent of such recourse to such member of the Group is limited solely to the amount of any recoveries
made on any such enforcement; and/or (c) recourse to such borrower generally, or directly or indirectly to a member of the Group,
under any form of
assurance,
indemnity, undertaking or support, which recourse is limited to a claim for damages (other than liquidated damages and damages
required to be calculated in a specified way) for breach of an obligation (not being a payment obligation or an obligation to
procure payment by another or an indemnity in respect of a payment obligation, or any obligation to comply or to procure compliance
by another with any financial ratios or other tests of financial condition) by the Person against which such recourse is available.
“Quotation Agent” means
any Reference Treasury Dealer appointed by the Company.
“Rating Agencies” means
(a) each of Fitch, Moody’s and S&P and (b) if any of Fitch, Moody’s or S&P ceases to rate the Notes or fails
to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” (within the meaning of Section 3(a)(62) of the Exchange Act) selected by the Company as
a replacement Rating Agency for a former Rating Agency.
“Rating Event” means
the rating on the Notes is lowered by two of the three Rating Agencies on any day within the period commencing on the earlier of
(a) the occurrence of a Change of Control and (b) public notice of the occurrence of a Change of Control or the Company’s
intention to effect a Change of Control and ending 60 days following the consummation of such Change of Control (which 60-day period
will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of
the Rating Agencies).
“Redemption Price” has
the meaning assigned to such term in Section 3.01.
“Reference Treasury Dealer”
means (i) each of J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (or their respective Affiliates that are Primary
Treasury Dealers) 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 (ii) any other Primary Treasury Dealers selected by the Company.
“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent,
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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business
Day preceding such redemption date.
“Register” has the meaning
assigned to such term in Section 2.09.
“Registrar” means a Person
engaged to maintain the Register.
“Registration Rights Agreement”
means the Registration Rights Agreement, dated the date hereof, among the Company and the Initial Purchasers relating to the Initial
Notes issued on the Issue Date.
“Regular Record Date”
for the interest payable on any Interest Payment Date means the close of business on June 15 or December 15 (whether or not a Business
Day) immediately preceding such Interest Payment Date.
“Regulation S” means
Regulation S under the Securities Act.
“Regulation S Certificate”
means a certificate substantially in the form of Exhibit D hereto.
“Responsible Officer”,
when used with respect to the Trustee, means any officer within the Corporate Trust Office, including any vice president, assistant
vice president, assistant secretary (if any), treasurer, assistant treasurer or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers; and also means, with respect to a particular corporate
trust mater, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with
the particular subject and, in each case, who shall have direct responsibility for the administration of this Indenture.
“Restricted Legend” means
the legend set forth in Exhibit B.
“Restricted Period” means
the relevant 40-day distribution compliance period as defined in Regulation S.
“Rule 144A” means Rule
144A under the Securities Act.
“Rule 144A Certificate”
means (i) a certificate substantially in the form of Exhibit E hereto or (ii) a written certification addressed to the Company
and the Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for
its own account or one or more accounts with respect to which it exercises sole investment discretion and that it and each such
account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as
applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule
144A and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4)
or has determined not to request such information.
“S&P” means Standard
& Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.
“Securities Act” means
the Securities Act of 1933, as amended.
“Significant Subsidiary”
means, at any particular time, any Subsidiary of the Company whose gross assets or gross revenues (having regard to the Company’s
direct and/or indirect beneficial interest in the shares, or the like, of that Subsidiary) represent at least 25% of the consolidated
gross assets or, as the case may be, consolidated gross revenues of the Company.
“Subsidiary” means, with
respect to any Person, any corporation, association, partnership, limited liability company or other business entity of which 50%
or more of the total voting power of shares of capital stock or other interests (including partnership interests) entitled
(without
regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees is at the time owned,
directly or indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries
of such Person.
“Surviving Person” has
the meaning ascribed to such term in Section 5.01 hereof.
“Temporary Offshore Global Note”
means an Offshore Global Note that bears the Temporary Offshore Global Note Legend.
“Temporary Offshore Global Note
Legend” means the legend set forth in Exhibit G.
“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, assuming 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.
“Trustee” means the party
named as such in the first paragraph of this Indenture or any successor trustee under this Indenture pursuant to Article 7.
“Trust Indenture Act”
or “TIA” means the Trust Indenture Act of 1939, as amended.
“U.S. Global Note” means
a Global Note that bears the Restricted Legend representing Notes issued and sold pursuant to Rule 144A.
“U.S. Government Obligation”
means any:
(1)
security which is: (a) a direct obligation of the United States for the payment of which the full faith and credit of the
United States is pledged or (b) an obligation of a person controlled or supervised by and acting as an agency or instrumentality
of the United States the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States,
which, in the case of clause (a) or (b), is not callable or redeemable at the option of the issuer of the obligation; and
(2)
depositary receipt issued by a bank (as defined in the Securities Act) as custodian with respect to any security specified
in clause (1) above and held by such bank for the account of the holder of such depositary receipt or with respect to any specific
payment of principal of or interest on any such security held by any such bank, provided that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any
amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal
of the U.S. Government Obligation evidenced by such depositary receipt.
“Voting Stock” of any
specified person means the capital stock of such person that is at the time entitled to vote generally in the election of the Board
of Directors of such Person.
Section
1.02
Rules of Construction. Unless the context otherwise requires or except as otherwise expressly provided,
(a)
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;
(b)
“herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not
to any particular Section, Article or other subdivision;
(c)
all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture unless
otherwise indicated;
(d)
references to agreements or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes
or regulations, as amended from time to time (or to successor statutes and regulations);
(e)
in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions
the Company may classify such transaction as it, in its sole discretion, determines;
(f)
whenever in this Indenture there is mentioned, in any context, principal, interest or any other amount payable under or
with respect to any Note, such mention shall be deemed to include mention of the payment of Additional Interest to the extent that,
in such context, Additional Interest is, was or would be payable in respect thereof; and
(g)
all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have
the meaning assigned to them therein to the extent applicable.
Article
2
THE NOTES
Section
2.01
Form, Dating and Denominations; Legends. (a) The Notes and the Trustee’s certificate of authentication
related thereto will be substantially in the form attached as Exhibit A. The terms and provisions contained in the form of Note
annexed as Exhibit A constitute, and are hereby expressly made, a part of this Indenture. The Notes may have notations, legends
or endorsements required by law, rules of or agreements with national securities exchanges to which the Company is subject. Each
Note will be dated the date of its authentication. The Notes will be issuable in minimum denominations of $2,000 in principal amount
and integral multiples of $1,000 in excess thereof.
(b)
(i) Except as otherwise provided in paragraph (c) or (d) of this Section 2.01, Section 2.10(b)(iii) or (c) or Section
2.09(b)(iv), each Initial Note or Additional Note (other than a Permanent Offshore Global Note) will bear the Restricted Legend.
(ii)
Each Global Note, whether or not an Initial Note or Additional Note, will bear the DTC Legend.
(iii)
Each Temporary Offshore Global Note will bear the Temporary Offshore Global Note Legend.
(iv)
Initial Notes and Additional Notes offered and sold in reliance on Regulation S will be issued as provided in Section 2.11(a).
(c)
If the Company determines (upon the advice of counsel and such certifications and evidence as the Company may reasonably
require) that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor rule) and that the Restricted
Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest
therein) are effected in compliance with the Securities Act, the Company may instruct the Trustee in writing to cancel the Note
and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in the name of the Holder
thereof (or its transferee), that does not bear the Restricted Legend, and the Trustee will comply with such instruction.
(d)
If the Company issues a Note pursuant to an effective registration statement, including by way of exchange, the Company
may instruct the Trustee in writing to issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount,
registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the Trustee will
comply with such instruction.
(e)
By its acceptance of any Note bearing the Restricted Legend (or any beneficial interest in such a Note), each Holder thereof
and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial
interest) set forth in this Indenture and in the Restricted Legend and agrees that it will transfer such Note (and any such beneficial
interest) only in accordance with this Indenture and such legend.
Section
2.02
Execution and Authentication; Additional Notes. (a) An Officer shall execute the Notes for the Company by
facsimile (including, for the avoidance of doubt, electronic) or manual signature in the name and on behalf of the Company. If
an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will still
be valid.
(b)
A Note will not be valid until the Trustee manually signs the certificate of authentication on the Note, with the signature
conclusive evidence that the Note has been authenticated under this Indenture.
(c)
At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed
by the Company to the Trustee for authentication. The Trustee will authenticate and deliver:
(i)
Initial Notes for original issue on the date hereof in the aggregate principal amount not to exceed $415,000,000;
(ii)
Notes registered under the Securities Act that will be exchanged for Initial Notes issued on the date hereof pursuant to
the terms of the Registration Rights Agreement; and
(iii)
Additional Notes from time to time for original issue in aggregate principal amounts specified by the Company (which such
Additional Notes, together with
the
Notes issued hereunder, shall constitute a single series of Notes under this Indenture, and will be treated as a single class
hereunder, including for purposes of voting hereunder),
after the following conditions have been
met:
(1)
Receipt by the Trustee of an Officers’ Certificate specifying:
(A)
the amount of Notes to be authenticated and the date on which such Notes are to be authenticated,
(B)
whether such Notes are to be Initial Notes or Additional Notes,
(C)
in the case of Additional Notes, that the issuance of such Notes does not contravene any provision of Article 4 of this
Indenture, and
(D)
other information the Company may determine to include or the Trustee may reasonably request (including, without limitation,
statements per Section 10.04 herein).
(2)
In the case of Additional Notes, receipt by the Trustee of an Opinion of Counsel confirming that such Additional Notes are
fungible with the Initial Notes for U.S. federal income tax purposes. Additional Notes will be fungible with the Initial Notes
if they are issued pursuant to a qualified reopening under Treasury Regulations section 1.1275-2(k) or are issued with no original
issue discount, or less than the de minimis amount of original issue discount, for U.S. federal income tax purposes.
(3)
Delivery of an order of the Company to the Trustee to authenticate such Notes (an “Authentication Order”).
(4)
In the case of Additional Notes, delivery of an Opinion of Counsel per Section 10.04 herein.
For the avoidance of any doubt, any Additional
Notes that are issued in connection with a transaction in which an Officers’ Certificate and Opinion of Counsel was delivered
shall be valid for all purposes and constitute Additional Notes hereunder, even if subsequently it is determined that such issuance
was not in compliance with the covenants of this Indenture.
Section
2.03
Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust. (a) The Company may
appoint one or more Registrars and one or more Paying Agents, in which case each reference in this Indenture to the Trustee in
respect of the obligations of the Trustee to be performed by that Agent will be deemed to be references to the Agent. The Company
may act as Registrar or (except for purposes of Article 8) Paying Agent. In each case the Company and the Trustee will enter into
an appropriate agreement with the Agent implementing the provisions of this Indenture relating to the obligations of the Trustee
to be
performed
by the Agent and the related rights. The Company initially appoints the Trustee as Registrar and Paying Agent.
(b)
The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in
trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of and interest
on the Notes and will promptly notify the Trustee in writing of any default by the Company in making any such payment. The Company
at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the
Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require the Paying
Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have
no further liability for the money so paid over to the Trustee.
Section
2.04
Replacement Notes. If a mutilated Note is surrendered to the Trustee or if a Holder claims that its Note has
been lost, destroyed or wrongfully taken, the Company will issue and the Trustee will authenticate a replacement Note of like tenor
and principal amount and bearing a number not contemporaneously outstanding. Every replacement Note is an additional obligation
of the Company and entitled to the benefits of this Indenture. If required by the Trustee or the Company, an indemnity must be
furnished that is sufficient in the judgment of (i) the Trustee to protect the Trustee and (ii) the Company to protect the Company
and the Trustee, from any loss they may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the
Company and the Trustee in replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken Note has become or is about
to become due and payable, the Company in its discretion may pay the Note instead of issuing a replacement Note.
Section
2.05
Outstanding Notes. (a) Notes outstanding at any time are all Notes that have been authenticated by the Trustee
except for:
(i)
Notes cancelled by the Trustee or delivered to it for cancellation;
(ii)
any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Company receive proof satisfactory
to them that the replaced Note is held by a bona fide purchaser; and
(iii)
on or after the maturity date or any redemption date or date for purchase of the Notes pursuant to a Change of Control Offer,
those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Company
or an Affiliate of the Company) holds money sufficient to pay all amounts then due.
(b)
A Note does not cease to be outstanding because the Company or one of its Affiliates holds the Note, provided that
in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request,
demand, authorization, direction, notice, consent, waiver or other action hereunder, Notes owned by the Company or any Affiliate
of the Company will be disregarded and deemed not to be outstanding (it being understood that in determining whether the Trustee
is protected in relying upon any
such
request, demand, authorization, direction, notice, consent, waiver or other action, only Notes which a Responsible Officer of
the Trustee actually knows to be so owned will be so disregarded). Notes so owned which have been pledged in good faith may be
regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with
respect to such Notes and that the pledgee is not the Company or any Affiliate of the Company.
Section
2.06
Temporary Notes. Until definitive Notes are ready for delivery, the Company may prepare and the Trustee will
authenticate temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have insertions, substitutions,
omissions and other variations determined to be appropriate by the Officer executing the temporary Notes, as evidenced by the execution
of the temporary Notes. If temporary Notes are issued, the Company will cause definitive Notes to be prepared without unreasonable
delay. After the preparation of definitive Notes, the temporary Notes will be exchangeable for definitive Notes upon surrender
of the temporary Notes at the office or agency of the Company designated for the purpose pursuant to Section 4.02, without charge
to the Holder. Upon surrender for cancellation of any temporary Notes, the Company will execute and the Trustee upon receipt of
an Authentication Order will authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes will be entitled to the same benefits under this Indenture as definitive
Notes.
Section
2.07
Cancellation. The Company at any time may deliver to the Trustee for cancellation any Notes previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation
any Notes previously authenticated hereunder which the Company has not issued and sold. Any Registrar or the Paying Agent will
forward to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee will cancel all Notes surrendered
for transfer, exchange, payment or cancellation and dispose of them in accordance with its normal procedures. The Company may not
issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation.
Section
2.08
CUSIP and CINS Numbers. The Company in issuing the Notes may use “CUSIP” and “CINS”
numbers for the Notes, and the Trustee will use CUSIP numbers or CINS numbers in notices of redemption and in Change of Control
Offers as a convenience to Holders, the notice to state that no representation is made as to the correctness of such numbers either
as printed on the Notes or as contained in any notice of redemption or Change of Control Offer. The Company will promptly notify
the Trustee in writing of any change in the CUSIP or CINS numbers.
Section
2.09
Registration, Transfer and Exchange. (a) The Notes will be issued in registered form only, without coupons,
and except under the circumstances described in subsections (b)(ii) or (b)(iv) of this Section 2.09, the Notes will be issued in
global form only. The Company shall cause the Trustee to maintain a register (the “Register”) of the Notes,
for registering the record ownership of Notes by the Holders thereof and transfers and exchanges of the Notes.
(b)
(i) Each Global Note will be registered in the name of the Depositary or its nominee and, so long as DTC is serving as
the Depositary thereof, will bear the DTC Legend.
(ii)
Each Global Note will be delivered to the Trustee as custodian for the Depositary. Transfers of a Global Note (but not a
beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors
or their respective nominees, except (x) as set forth in Section 2.09(b)(iv) and (y) transfers of portions thereof in the form
of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice
given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance
with this Section 2.09 and Section 2.10.
(iii)
Agent Members will have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary,
and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner
and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant
proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global
Note through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Notes, and nothing
herein will impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise
of the rights of a holder of any security.
(iv)
If (A) the Depositary (x) notifies the Company that it is unwilling or unable to continue as Depositary for a Global Note
or (y) has ceased to be a clearing agency registered under the Exchange Act, and in each case a successor depositary is not appointed
by the Company within 90 days of such notice or becoming aware that the Depositary is no longer so registered or willing or able
to act as a depositary; (B) the Company determines not to have the Notes represented by a Global Note and provides written notice
thereof to the Trustee; provided that in no event shall a Temporary Offshore Global Note be exchanged for Certificated Notes
prior to the expiration of the distribution compliance period and the receipt of any required Regulation S Certificate; or (C)
an Event of Default shall have occurred and be continuing with respect to the Notes and the Depositary so requests, the Trustee
will promptly exchange each beneficial interest in each Global Note for one or more Certificated Notes in authorized denominations
having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the
Trustee by the Depositary, and thereupon each Global Note will be deemed canceled. If a Global Note does not bear the Restricted
Legend, then the Certificated Notes issued in exchange therefor will not bear the Restricted Legend. If a Global Note bears the
Restricted Legend, then the Certificated Notes issued in exchange therefor will bear the Restricted Legend, provided that
any Holder of any such Certificated Note issued in exchange for a beneficial interest in a Temporary Offshore Global Note will
have the right upon presentation to the Trustee of a duly completed Certificate of Beneficial Ownership after the Restricted Period
to exchange such Certificated Note for a Certificated Note of like tenor and amount that does not bear the Restricted Legend, registered
in the name of such Holder.
(c)
Each Certificated Note issued pursuant to subsection (b)(iv) will be registered in the name of the Holder thereof or its
nominee.
(d)
A Holder may transfer a Note to another Person or exchange a Note for another Note or Notes of any authorized denomination
by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange,
accompanied by any certification, opinion or other document required by Section 2.10. The Trustee will promptly register any transfer
or exchange that meets the requirements of this Section by noting the same in the Register maintained by the Trustee for the purpose;
provided that:
(i)
no transfer or exchange will be effective until it is registered in the Register; and
(ii)
the Trustee will not be required (x) to issue, register the transfer of or exchange any Note for a period of 15 days before
a selection of Notes to be redeemed or purchased pursuant to a Change of Control Offer, (y) to register the transfer of or exchange
any Note so selected for redemption or purchase in whole or in part, except, in the case of a partial redemption or purchase, that
portion of any Note not being redeemed or purchased or (z) if a redemption or a purchase pursuant to a Change of Control Offer
is to occur after a Regular Record Date but on or before the corresponding Interest Payment Date, to register the transfer of or
exchange any Note on or after the Regular Record Date and before the date of redemption or purchase. Prior to the registration
of any transfer, the Company, the Trustee and their agents will treat the Person in whose name any Note is registered as the owner
and Holder thereof for all purposes (whether or not the Note is overdue), and will not be affected by notice to the contrary.
From time to time the Company will execute
and the Trustee will authenticate additional Notes as necessary in order to permit the registration of a transfer or exchange in
accordance with this Section.
No service charge will be imposed in connection
with any transfer or exchange of any Note, but the Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental charge payable
upon exchange pursuant to subsection (b)(iv)).
(e)
(i) Global Note to Global Note. If a beneficial interest in a Global Note is transferred or exchanged for a beneficial
interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred
or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount
of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the
form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange,
cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be
subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other
Global Note for as long as it remains such an interest.
(ii)
Certificated Note to Certificated Note. If a Certificated Note is transferred or exchanged for another Certificated
Note, the Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated
Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange
to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered
in the name of such transferee or Holder, as applicable and (z) if such transfer or exchange involves less than the entire principal
amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations
having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered
in the name of the Holder thereof.
Section
2.10
Restrictions on Transfer and Exchange. (a) The transfer or exchange of any Note (or a beneficial interest
therein) may only be made in accordance with this Section 2.10 and Section 2.09 and, in the case of a Global Note (or a beneficial
interest therein), the applicable rules and procedures of the Depositary. The Trustee shall refuse to register any requested transfer
or exchange that does not comply with the preceding sentence; provided, however, the Trustee shall not have an independent
duty to monitor or verify that any transfer is in compliance with any securities laws, other than to require delivery of such certificates
and other documents as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements of this Indenture.
(b)
Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth
in column A below for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made
in compliance with the certification requirements (if any) described in the clause of this paragraph set forth opposite in column
C below.
|
A |
B |
C |
| U.S. Global Note |
U.S. Global Note
|
(i) |
|
U.S. Global Note
|
Offshore Global Note |
(ii) |
| U.S. Global Note |
IAI Global Note |
(v) |
| |
|
|
| Certificated Note |
Certificated Note
|
(iii) |
| Offshore Global Note |
U.S. Global Note
|
(iv) |
| Offshore Global Note |
Offshore Global Note |
(i) |
| |
|
|
| Offshore Global Note |
IAI Global Note |
(v) |
| |
|
|
| IAI Global Note |
U.S. Global Note |
(iv) |
| |
|
|
| IAI Global Note |
Offshore Global Note |
(ii) |
| |
|
|
| IAI Global Note |
IAI Global Note |
(v) |
(i)
No certification is required.
(ii)
The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Regulation
S Certificate.
(iii)
The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly completed
Rule 144A Certificate, (y) a duly completed IAI Certificate or (z) a duly completed Regulation S Certificate, and/or an Opinion
of Counsel and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed
transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the
United States; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does
not bear the Restricted Legend, then no certification is required. In the event that (1) the requested transfer or exchange takes
place after the Restricted Period and a duly completed Regulation S Certificate is delivered to the Trustee or (2) a Certificated
Note that does not bear the Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will
deliver a Certificated Note that does not bear the Restricted Legend.
(iv)
The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Rule
144A Certificate.
(v)
The Person requesting a transfer or exchange must deliver or cause to be delivered to the Trustee or a duly completed IAI
Certificate.
(c)
No certification is required in connection with any transfer or exchange of any Note (or a beneficial interest therein)
after such Note:
(i)
is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision); provided that the
Company has provided the Trustee with an Officers’ Certificate to that effect, and the Company may require from any Person
requesting a transfer or exchange in reliance upon this clause an Opinion of Counsel and any other reasonable certifications and
evidence in order to support such certificate; or
(ii)
sold, exchanged or transferred pursuant to an effective registration statement.
Any Certificated Note delivered in reliance
upon this paragraph (c) will not bear the Restricted Legend.
(d)
The Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer
or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof
at any reasonable time upon reasonable prior written notice to the Trustee.
Section
2.11
Temporary Offshore Global Notes. (a) Each Note originally sold by the Initial Purchasers in reliance upon
Regulation S will be evidenced by one or more Offshore Global Notes that bear the Temporary Offshore Global Note Legend.
(b)
An owner of a beneficial interest in a Temporary Offshore Global Note (or a Person acting on behalf of such an owner) may
provide to the Trustee (and the Trustee will accept) a duly completed Certificate of Beneficial Ownership at any time after the
Restricted Period (it being understood that the Trustee will not accept any such certificate during the Restricted Period). Promptly
after acceptance of a Certificate of Beneficial Ownership with respect to such a beneficial interest, the Trustee will cause such
beneficial interest to be exchanged for an equivalent beneficial interest in a Permanent Offshore Global Note, and will (x) permanently
reduce the principal amount of such Temporary Offshore Global Note by the amount of such beneficial interest and (y) increase the
principal amount of such Permanent Offshore Global Note by the amount of such beneficial interest.
(c)
Notwithstanding anything to the contrary contained herein, beneficial interests in a Temporary Offshore Global Note may
be held through the Depositary only through Euroclear and Clearstream and their respective direct and indirect participants.
(d)
Notwithstanding paragraph (b), if after the Restricted Period any Initial Purchaser owns a beneficial interest in a Temporary
Offshore Global Note, such Initial Purchaser may, upon written request to the Trustee accompanied by a certification as to its
status as an Initial Purchaser, exchange such beneficial interest for an equivalent beneficial interest in a Permanent Offshore
Global Note, and the Trustee will comply with such request and will (x) permanently reduce the principal amount of such Temporary
Offshore Global Note by the amount of such beneficial interest and (y) increase the principal amount of such Permanent Offshore
Global Note by the amount of such beneficial interest.
Section
2.12
Certain Transfers in Connection with and After the Exchange Offer under the Registration Rights Agreement
Notwithstanding
any other provision of this Indenture:
(a)
no Exchange Notes issued may be exchanged by the Holder thereof for an Initial Note;
(b)
accrued and unpaid interest on the Initial Notes being exchanged in the Exchange Offer shall be due and payable on the next
interest payment date for the Exchange Notes following the Exchange Offer and shall be paid to the Holder of the Exchange Notes
issued in respect of the Initial Notes being exchanged; and
(c)
interest on the Initial Notes being exchanged in the Exchange Offer shall cease to accrue on (and including) the date of
completion of the Exchange Offer and interest on the Exchange Notes to be issued in the Exchange Offer shall accrue from (but excluding)
the date of the completion of the Exchange Offer.
Section
2.13
Exchange Offer. Upon the occurrence of the Exchange Offer with respect to the Notes, the Company will issue
and, upon a written order of the Company, the Trustee will authenticate:
(a)
one or more Global Notes not bearing the Restricted Legend in an aggregate principal amount equal to the principal amount
of the beneficial interests in the Global Notes bearing the Restricted Legend that are accepted for exchange in the Exchange Offer;
or
(b)
one or more definitive Notes of such series not bearing the Restricted Legend in an aggregate principal amount equal to
the principal amount of the definitive Notes bearing the Restricted Legend that are accepted for exchange in the Exchange Offer.
Concurrently with the issuance of such Notes,
the Trustee will cause the aggregate principal amount of the applicable Global Notes bearing the Restricted Legend to be reduced
accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders
of definitive Notes so accepted definitive Notes not bearing the Restricted Legend in the appropriate principal amount.
Article
3
OPTIONAL REDEMPTION
Section
3.01
Optional Redemption. (a) The Notes are subject to redemption upon not less than 20 nor more than 60 days’
written notice mailed to each Holder of such Notes to be redeemed at its address appearing in the Register, prior to April 1, 2025
(the date that is three months prior to the maturity date) at any time in whole or in part, at the election of the Company at a
price (the “Redemption Price”), together with accrued and unpaid interest to but excluding the date of redemption,
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 April 1, 2025 (the date that is three months prior to the maturity 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 50 basis points.
(b)
Under the procedures set forth above in Section 3.01(a), the Redemption Price payable upon the optional redemption prior
to April 1, 2025, with respect to any Notes called for redemption shall be determined by calculating the present value at that
time of each remaining payment of principal of or interest on such Notes and then totaling those present values. If the sum of
those present values is equal to or less than 100% of the principal amount of the Notes called for redemption, the Redemption Price
of such Notes shall be 100% of its principal amount (redemption at par). If the sum of the present values is greater than 100%
of the principal amount of the Notes called for redemption, the Redemption Price of such Notes shall be that greater amount (redemption
at a premium). In no event may any Notes be redeemed optionally at less than 100% of their principal amount. The Redemption Price
will be calculated by the Quotation
Agent
and the Company, the Trustee and any Paying Agent of the Notes to be redeemed will be entitled to rely on such calculation without
need for further verification.
(c)
At any time on or after April 1, 2025 (the date that is three months prior to the maturity date), the Notes will be redeemable
in whole or in part, at the election of the Company, upon not less than 30 days’ written notice mailed to each Holder of
such Notes to be redeemed at its address appearing in the Register, at a Redemption Price equal to 100% of the principal amount
of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but excluding, the date of redemption.
Section
3.02
Method and Effect of Redemption. (a) If the Company elects to redeem any Notes, it must notify the Trustee
of the redemption date and the principal amount of Notes to be redeemed by delivering an Officers’ Certificate at least 15
days prior to the date of the mailing of the notice (unless a shorter period is satisfactory to the Trustee). If fewer than all
of the Notes are being redeemed, the Officers’ Certificate must also specify that the Trustee will select the Notes to be
redeemed pro rata, by lot or by any other method the Trustee in its sole discretion deems appropriate, in denominations of $1,000
principal amount and multiples thereof, provided that no Notes of less than $2,000 may be redeemed in part. The Trustee will notify
the Company promptly of the Notes or portions of Notes to be called for redemption. Notice of redemption must be sent by the Company
or at the Company’s request (the Company to provide or cause to be provided to the Trustee such information to be included
in such notice five (5) days prior to such notice being sent to Holders, unless a shorter period is satisfactory to the Trustee),
by the Trustee in the name and at the expense of the Company, to (i) Holders whose Notes are to be redeemed prior to April 1, 2025
at least 20 days but not more than 60 days before the redemption date and (ii) Holders whose Notes are to be redeemed on or after
April 1, 2025 at least 30 days but not more than 60 days before the redemption date. The Company shall notify the Trustee of the
Redemption Price once determined in accordance with this Article 3 on or before two Business Days prior to the redemption date.
(b)
The notice of redemption will identify the Notes to be redeemed and will include or state the following:
(i)
the redemption date;
(ii)
the manner in which the Redemption Price will be calculated, including the portion thereof representing any accrued interest;
(iii)
the place or places where Notes are to be surrendered for redemption;
(iv)
Notes called for redemption must be so surrendered in order to collect the Redemption Price;
(v)
on the redemption date the Redemption Price will become due and payable on Notes called for redemption, and interest on
Notes called for redemption will cease to accrue on and after the redemption date, unless the Company defaults in the deposit of
the Redemption Price;
(vi)
if any Note is redeemed in part, on and after the redemption date, upon surrender of such Note, new Notes equal in principal
amount to the unredeemed portion will be issued; and
(vii)
if any Note contains a CUSIP or CINS number, no representation is being made as to the correctness of the CUSIP or CINS
number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other
identification numbers printed on the Notes.
(c)
Once notice of redemption is sent to the Holders, Notes called for redemption become due and payable at the Redemption Price
on the redemption date, and upon surrender of the Notes called for redemption, the Company shall redeem such Notes at the Redemption
Price. Commencing on the redemption date, Notes redeemed will cease to accrue interest, unless the Company defaults in the deposit
of the Redemption Price. Upon surrender of any Note redeemed in part, the Holder will receive a new Note equal in principal amount
to the unredeemed portion of the surrendered Note.
Section
3.03
Sinking Fund. No sinking fund is provided for the Notes.
Article
4
COVENANTS
Section
4.01
Payment of Notes. (a) The Company agrees to pay the principal of, premium, if any, and interest on the Notes
on the dates and in the manner provided in the Notes and this Indenture. Not later than 9:00 A.M. (New York City time) on the due
date of any principal of, premium, if any, or interest on any Notes, or any redemption or purchase price of the Notes, the Company
will deposit with the Trustee (or Paying Agent) money in immediately available funds sufficient to pay such amounts, provided
that if the Company or any Affiliate of the Company is acting as Paying Agent, it will, on or before each due date, segregate and
hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders
or otherwise disposed of as provided in this Indenture. In each case the Company will promptly notify the Trustee in writing of
its compliance with this paragraph.
(b)
An installment of principal or interest will be considered paid on the date due if the Trustee (or Paying Agent, other than
the Company or any Affiliate of the Company) holds on that date money designated for and sufficient to pay the installment. If
the Company or any Affiliate of the Company acts as Paying Agent, an installment of principal or interest will be considered paid
on the due date only if paid to the Holders.
(c)
The Company agrees to pay interest on overdue principal, and, to the extent lawful, overdue installments of interest at
the rate per annum specified in the Notes.
(d)
Payments in respect of the Notes represented by the Global Notes are to be made by electronic funds transfer of immediately
available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Company through
the Paying Agent will make all payments by electronic funds transfer of immediately available funds
to
the accounts specified by the Holders thereof or, if no such account is specified, by mailing a check to each Holder’s registered
address.
Section
4.02
Maintenance of Office or Agency. The Company will maintain, an office or agency where Notes may be surrendered
for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in
respect of the Notes and this Indenture may be served. The Company hereby initially designates the Corporate Trust Office as one
such office of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served to the Trustee at the
Corporate Trust Office.
The Company may also from time to time designate
one or more other offices or agencies where the Notes may be surrendered or presented for any of such purposes and may from time
to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.
Section
4.03
Limitations on Liens. (a) Neither the Company nor any Significant Subsidiary shall issue, assume or guarantee
any Indebtedness secured by a Lien upon any property or assets (other than any cash or cash equivalents) of the Company or such
Significant Subsidiary (including for the avoidance of doubt, any common stock of DP&L), as applicable, without effectively
providing that the outstanding Notes (together with, if the Company so determines, any other Indebtedness or obligation then existing
or thereafter created ranking equally with the Notes) will be secured equally and ratably with (or prior to) such Indebtedness
so long as such Indebtedness is so secured. The foregoing limitation on Liens of this clause (a) will not, however, apply to:
(i)
Liens in existence on the Issue Date;
(ii)
any Lien created or arising over any property which is acquired, constructed or created by the Company or any of its Significant
Subsidiaries, but only if:
(A)
such Lien secures only principal amounts (not exceeding the cost of such acquisition, construction or creation) raised for
the purposes of such acquisition, construction or creation, together with any costs, expenses, interest and fees Incurred in relation
to that property or a guarantee given in respect of that property;
(B)
such Lien is created or arises on or before 180 days after the completion of such acquisition, construction or creation;
and
(C)
such Lien is confined solely to the property so acquired, constructed or created;
(iii)
(A) rights of financial institutions to offset credit balances in connection with the operation of cash management programs
established for the benefit
of the Company and/or a Significant Subsidiary
or in connection with the issuance of letters of credit for the benefit of the Company and/or a Significant Subsidiary;
(B)
any Lien on accounts receivable securing Indebtedness of the Company and/or a Significant Subsidiary Incurred in connection
with the financing of such accounts receivable;
(C)
any Lien Incurred or deposits made in the ordinary course of business, including, but not limited to, (x) any mechanic’s,
materialmen’s, carrier’s, workmen’s, vendors’ and other like Liens and (y) any Liens securing amounts in
connection with workers’ compensation, unemployment insurance and other types of social security;
(D)
any Lien upon specific items of inventory or other goods of the Company and/or a Significant Subsidiary and the proceeds
thereof securing obligations of the Company and/or a Significant Subsidiary in respect of bankers’ acceptances issued or
created for the account of such person to facilitate the purchase, shipment or storage of such inventory or other goods;
(E)
any Lien Incurred or deposits made securing the performance of tenders, bids, leases, trade contracts (other than for borrowed
money), statutory obligations, surety bonds, appeal bonds, government contracts, performance bonds, return-of-money bonds, letters
of credit not securing borrowings and other obligations of like nature Incurred in the ordinary course of business;
(F)
any Lien created by the Company or a Significant Subsidiary under or in connection with or arising out of a Currency, Interest
Rate or Commodity Agreement or any transactions or arrangements entered into in connection with the hedging or management of risks
relating to the electricity or natural gas distribution industry, including a right of set of for right over a margin call account
or any form of cash or cash collateral or any similar arrangement for obligations Incurred in respect of Currency, Interest Rate
or Commodity Agreements;
(G)
any Lien arising out of title retention or like provisions in connection with the purchase of goods and equipment in the
ordinary course of business; and
(H)
any Lien securing reimbursement obligations under letters of credit, guaranties and other forms of credit enhancement given
in connection with the purchase of goods and equipment in the ordinary course of business;
(iv)
Liens in favor of the Company or a Subsidiary of the Company;
(v)
(A) Liens on any property or assets acquired from an entity which is merged with or into the Company or a Significant
Subsidiary or any Liens on the property or assets of any entity existing at the time such entity becomes a Subsidiary of the Company
and, in either case, is not created in anticipation of the transaction, unless
the Lien was created to secure or provide
for the payment of any part of the purchase price of that entity;
(B)
any Lien on any property or assets existing at the time of its acquisition and which is not created in anticipation of such
acquisition, unless the Lien was created to secure or provide for the payment of any part of the purchase price of such property
or assets; and
(C)
any Lien created or outstanding on or over any asset of any entity which becomes a Significant Subsidiary on or after the
date of the issuance of the Notes, where the Lien is created prior to the date on which that entity becomes a Significant Subsidiary;
(vi)
(A) Liens required by any contract, statute or regulation in order to permit the Company or a Significant Subsidiary
to perform any contract or subcontract made by it with or at the request of a governmental entity or any governmental department,
agency or instrumentality, or to secure partial, progress, advance or any other payments by the Company or a Significant Subsidiary
to such governmental unit under the provisions of any contract, statute or regulation;
(B)
any Lien securing industrial revenue, development, pollution control, solid waste disposal or similar bonds issued by or
for the benefit of the Company or a Significant Subsidiary, provided that such industrial revenue, development, pollution
control or similar bonds do not provide recourse generally to the Company and/or such Significant Subsidiary; and
(C)
any Lien securing taxes or assessments or other applicable governmental charges or levies;
(vii)
any Lien which arises under any order of attachment, restraint or similar legal process arising in connection with court
proceedings and any Lien which secures the reimbursement obligation for any bond obtained in connection with an appeal taken in
any court proceeding, so long as the execution or other enforcement of such Lien arising under such legal process is effectively
stayed and the claims secured by that Lien are being contested in good faith and, if appropriate, by appropriate legal proceedings,
and any Lien in favor of a plaintiff or defendant in any action before a court or tribunal as security for costs and/or expenses;
(viii)
any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any
Liens referred to in the foregoing clauses, for amounts not exceeding the principal amount of the Indebtedness secured by the Lien
so extended, renewed or replaced, provided that such extension, renewal or replacement Lien is limited to all or a part
of the same property or assets that were covered by the Lien extended, renewed or replaced (plus improvements on such property
or assets);
(ix)
any Lien created in connection with Project Finance Debt;
(x)
any Lien created by DP&L or its subsidiaries securing Indebtedness of DP&L or its subsidiaries;
(xi)
any Lien created in connection with the securitization of some or all of the assets of DP&L and the associated issuance
of Indebtedness as authorized by applicable state or federal law in connection with the restructuring of jurisdictional electric
or gas businesses;
(xii)
any Lien on stock created in connection with a mandatorily convertible or exchangeable stock or debt financing, provided
that any such financing may not be secured by or otherwise involve the creation of a Lien on any capital stock of DP&L or any
successor entity to DP&L; and
(xiii)
any Lien under one or more credit facilities for Indebtedness in an aggregate principal amount outstanding at any time not
to exceed 10% of Consolidated Net Assets.
Section
4.04
Noteholders’ Lists. The Company will furnish or cause to be furnished to the Trustee a list in such
form as the Trustee may reasonably require of the names and addresses of the Holders of the Notes pursuant to Section 312 of the
Trust Indenture Act (a) semi-annually not more than 15 days after each record date for the payment of semi-annual interest
on the Notes, as hereinabove specified, as of such record date and (b) at such other times as the Trustee may request in writing,
within 30 days after receipt by the Company of any such request as of a date not more than 15 days prior to the time such information
is furnished.
Section
4.05
Certificate to Trustee. The Company will furnish to the Trustee annually, on or before a date not more than
four months after the end of its fiscal year (which, on the date hereof, is a calendar year), a brief certificate (which need not
contain the statements required by Section 10.04) from its principal executive, financial or accounting officer as to his or her
knowledge of the compliance of the Company with all conditions and covenants under this Indenture (such compliance to be determined
without regard to any period of grace or requirement of notice provided under this Indenture) which certificate shall comply with
the requirements of the Trust Indenture Act. The Company shall also notify the Trustee in writing of any Default or Event of Default
under this Indenture, provided, however, that a failure by the Company to deliver such notice shall not constitute a Default
or an Event of Default under this Indenture, if the Company has remedied such Default within any applicable grace period. The Company
will give the Trustee prompt written notice of any change in the Company’s fiscal year.
Section
4.06
Reports by the Company. (a) So long as the Company is required to be subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act, the Company shall provide copies to the Trustee with the information, documents and
other reports (or copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe) that
the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act. Notwithstanding that the
Company may not be required to be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or does not
otherwise report on an annual and quarterly basis on forms provided for such annual and
quarterly
reporting pursuant to the rules and regulations promulgated by the Securities and Exchange Commission, the Company shall deliver
(which may be accomplished through posting on the internet) to the Trustee and to the Holders, without cost to any Holder:
(i)
within 90 days after the end of each fiscal year, audited financial statements; and
(ii)
within 45 days after the end of each of the first three fiscal quarters of each fiscal year, quarterly unaudited financial
statements.
(b)
If the Company ceases to be subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, the
Company will provide, without charge, upon the written request of (x) a Holder of any Notes or (y) a prospective Holder of any
of the Notes who is a “qualified institutional buyer” within the meaning of Rule 144A and is designated by an existing
Holder of any of the Notes (in each case, with a copy to the Trustee), with the information with respect to the Company required
to be delivered under Rule 144A(d)(4) under the Securities Act to enable resales of the Notes to be made pursuant to Rule 144A.
Delivery of such reports, information and documents 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 its covenants hereunder (as to which the Trustee is entitled to rely
exclusive on Officers’ Certificates).
Section
4.07
Repurchase of Notes Upon a Change of Control. (a) Upon the occurrence of a Change of Control Triggering Event,
each Holder of the Notes shall have the right to require that the Company repurchase all or any part (no note of a principal amount
of $2,000 or less will be repurchased in part) of such Holder’s Notes (the “Change of Control Offer”)
at a repurchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding,
the date of repurchase (the “Change of Control Payment”).
(b)
Within 30 days following any Change of Control Triggering Event, the Company shall mail a notice to each Holder of the 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 excluding, the date of repurchase;
(ii)
the transaction or transactions that constitute the Change of Control Triggering Event;
(iii)
the repurchase date (which shall be not earlier than 30 days nor later than 60 days from the date such notice is mailed)
(the “Change of Control Payment Date”); and
(iv)
the procedures that a Holder must follow in order to properly tender such Holder’s Notes pursuant to the Change of
Control Offer.
(c)
The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of Notes as a result of a
Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change
of Control provisions of the Notes, the Company shall comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of Control provisions of the Notes by virtue of such conflicts.
(d)
On the Change of Control Payment Date, the Company shall (i) accept for payment all Notes or portions of Notes properly
tendered pursuant to the Change of Control Offer; (ii) deposit with the Paying Agent, which shall initially be the Trustee, an
amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and (iii) deliver
or cause to be delivered to the Trustee the Notes properly accepted and the Trustee shall cancel such Notes.
Article
5
CONSOLIDATION, MERGER OR SALE OF ASSETS
Section
5.01
Limitations on Merger, Consolidation, Sale, Lease or Conveyance. The Company may not consolidate or merge
with or into (whether or not the Company is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose
of all or substantially all of its properties or assets in one or more related transactions, to another Person or entity unless:
(A)
either (1) the Company will be the surviving entity or (2) the surviving entity, if other than the Company, formed by or
surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance
or other disposition shall have been made (the “Surviving Person”) is an entity organized or existing under
the laws of the United States of America, any state thereof or the District of Columbia;
(B)
the Surviving Person assumes all of the Company’s obligations under the Notes and this Indenture pursuant to a supplemental
indenture;
(C)
immediately after giving effect to that transaction, no Event of Default shall have occurred and be continuing; and
(D)
the Company shall have delivered to the Trustee an Opinion of Counsel and Officers’ Certificate stating that such
merger, consolidation, sale, lease or conveyance and such supplemental indenture (if any) complies with this Section 5.01 and that
all conditions precedent provided for herein relating to such transaction have been complied with and that such supplemental indenture
(if any) constitutes a legal, valid and binding obligation of the Surviving Person enforceable against such entity in accordance
with its terms, subject to customary exceptions.
Section
5.02
Successor Substituted. Upon any consolidation or merger, or any sale, conveyance, transfer, lease or other
disposition of all or substantially all of the property and assets of the Company in accordance with Section 5.01 of this Indenture,
the Surviving Person formed by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer,
lease or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such Surviving Person had been named as the Company herein.
Article
6
DEFAULT AND REMEDIES
Section
6.01
Events of Default. An “Event of Default” occurs with respect to the Notes if:
(a)
the Company defaults in the payment of the principal of, or any premium on, any Note when the same becomes due and payable
at maturity, upon acceleration, redemption or required purchase or otherwise;
(b)
the Company defaults in the payment of interest on any Note when the same becomes due and payable, and the default continues
for a period of 30 days;
(c)
the Company defaults in the performance of or breaches any other covenant or agreement of the Company in this Indenture
or under the Notes and the default or breach continues for a period of 30 consecutive days after written notice specifying the
default is delivered to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate
principal amount of the Notes;
(d)
a default occurs in the payment of the principal of any bond, debenture, note or other evidence of indebtedness, in each
case for money borrowed, issued by the Company, or in the payment of principal under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any Indebtedness for Borrowed Money, of the Company or
any Significant Subsidiary if such Indebtedness for Borrowed Money is not Project Finance Debt and provides for recourse generally
to the Company or any Significant Subsidiary, which default for payment of principal is in an aggregate principal amount exceeding
$40 million when such indebtedness becomes due and payable (whether at maturity, upon redemption or acceleration or otherwise),
if such default shall continue unremedied or unwaived for more than 30 Business Days and the time for payment of such amount has
not been expressly extended (until such time as such payment default is remedied, cured or waived);
(e)
a court having jurisdiction enters a decree or order for: (i) relief in respect of the Company or any of its Significant
Subsidiaries in an involuntary case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect;
(ii) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official of the Company or any
of its Significant Subsidiaries or for all or substantially all of the property and assets of the Company or any of its Significant
Subsidiaries; or (iii) the winding up or liquidation of the
affairs
of the Company or any of its Significant Subsidiaries; and, in each case, such decree or order shall remain unstayed and in effect
for a period of 60 consecutive days; or
(f)
the Company or any of its Significant Subsidiaries: (i) commences a voluntary case under any applicable bankruptcy, insolvency,
or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any
such law; (ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator,
or similar official of the Company or any of its Significant Subsidiaries or for all or substantially all of the property and assets
of the Company or any of its Significant Subsidiaries; or (iii) effects any general assignment for the benefit of creditors (an
event of default specified in clause (e) or (f) a “Bankruptcy Default”).
Section
6.02
Acceleration. (a) If an Event of Default, other than a Bankruptcy Default with respect to the Company, occurs
with respect to the Notes and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding, by written notice to the Company (and to the Trustee if the notice is given by the Holders),
may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and accrued interest on the
outstanding Notes to be immediately due and payable. Upon a declaration of acceleration, such principal, premium, if any, and accrued
interest will become immediately due and payable. If a Bankruptcy Default occurs with respect to the Company, the principal of,
premium, if any, and accrued interest on the Notes then outstanding will become immediately due and payable without any declaration
or other act on the part of the Trustee or any Holder.
(b)
The Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Company and to
the Trustee may waive all past defaults with respect to the Notes and rescind and annul a declaration of acceleration with respect
to the Notes and its consequences if:
(i)
all existing Events of Default applicable to the Notes, other than the nonpayment of the principal of, premium, if any,
and interest on the Notes that have become due solely by the declaration of acceleration, have been cured or waived; and
(ii)
the rescission would not conflict with any judgment or decree of a court of competent jurisdiction.
Section
6.03
Other Remedies. If an Event of Default with respect to the Notes occurs and is continuing, the Trustee may
pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the
payment of principal of, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes
or this Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of
them in the proceeding. When the Trustee Incurs expenses or renders services after the occurrence of an act of bankruptcy with
respect to the Company, the expenses and the compensation for such services are intended to constitute expenses of administration
under any federal or state bankruptcy, insolvency, arrangement, moratorium, reorganization or other debtor relief law.
Section
6.04
Waiver of Past Defaults. Except as otherwise provided in Sections 6.02, 6.07 and 9.02, the Holders of at least
a majority in principal amount of outstanding Notes may, by notice to the Trustee, waive an existing Default with respect to the
Notes and its consequences. Upon such waiver, the Default with respect to the Notes will cease to exist, and any Event of Default
arising therefrom will be deemed to have been cured, but no such waiver will extend to any subsequent or other Default or impair
any right consequent thereon.
Section
6.05
Control by Majority. Subject to Section 7.02(iv), the Holders of at least a majority in aggregate principal
amount of outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good
faith may be unduly prejudicial to the rights of Holders of the Notes not joining in the giving of such direction, and may take
any other action it deems proper that is not inconsistent with any such direction received from Holders of the Notes.
Section
6.06
Limitation on Suits. A Holder of the Notes may not institute any proceeding, judicial or otherwise, with respect
to this Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy under this Indenture or
the Notes, unless:
(i)
such Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes;
(ii)
the Holders of at least 25% in aggregate principal amount of outstanding Notes have made written request to a Responsible
Officer of the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under this Indenture;
(iii)
such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against any costs, liabilities
or expenses to be Incurred in compliance with such request;
(iv)
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and
(v)
during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes have not given
the Trustee a written direction that is inconsistent with such written request.
Section
6.07
Rights of Holders to Receive Payment. Notwithstanding anything to the contrary, the right of a Holder of a
Note to receive payment of principal of, premium, if any, or interest on its Note on or after the stated maturities thereof, or
to bring suit for the enforcement of any such payment on or after such respective dates, may not be impaired or affected without
the consent of that Holder.
Section
6.08
Collection Suit by Trustee. If an Event of Default in payment of principal, premium, if any, or interest specified
in clause (a) or (b) of Section 6.01 occurs and is
continuing
with respect to the Notes, the Trustee may recover judgment in its own name and as trustee of an express trust for the whole amount
of principal, premium, if any, and accrued interest remaining unpaid on the Notes, together with interest on overdue principal
and, to the lawful, overdue installments of interest, in each case at the rate specified in the Notes, and such further amount
as is sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel and any other amounts due the Trustee hereunder.
Section
6.09
Trustee May File Proofs of Claim. The Trustee may file proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder) and the Holders allowed in
any judicial proceedings relating to the Company or its creditors or property, and is entitled and empowered to collect, receive
and distribute any money, securities or other property payable or deliverable upon conversion or exchange of the Notes or upon
any such claims. Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents to the making
of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee hereunder. Nothing in this
Indenture will be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan
of reorganization, agreement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding.
Section
6.10
Priorities. If the Trustee collects any money or property pursuant to this Article, it shall apply the money
or property in the following order:
First: to the Trustee for all amounts due
hereunder;
Second: to Holders of the Notes in respect
of which moneys have been collected for amounts then due and unpaid for principal of, premium, if any, and interest (including
Additional Interest, if any) on such Notes, ratably, without preference or priority of any kind of any Note over any other Note,
according to the amounts due and payable on such Notes for principal, premium, if any, and interest; and
Third: to the Company or as a court of competent
jurisdiction may direct in a final, non-appealable order.
The Trustee, upon written notice to the Company, may fix a record
date and payment date for any payment to Holders pursuant to this Section.
Section
6.11
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted a proceeding to enforce any
right or remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to the Holder, then, subject to any determination in the proceeding,
the
Company, the Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Company, the Trustee and the Holders will continue as though no such proceeding had been instituted.
Section
6.12
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit
(other than the Trustee) to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant (other than the Trustee) in the suit having due regard
to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by a Holder
to enforce payment of principal of or interest on any Note on the respective due dates, or a suit by Holders of more than 10% in
principal amount of the outstanding Notes.
Section
6.13
Rights and Remedies Cumulative. No right or remedy conferred or reserved to the Trustee or to the Holders
under this Indenture is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent
permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent
assertion or exercise of any other right or remedy.
Section
6.14
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or
remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of any such Event of Default
or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
Section
6.15
Waiver of Stay, Extension or Usury Laws. The Company covenants, to the extent that it may lawfully do so,
that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of
the principal of, premium, if any, or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter
in force, or that may affect the covenants or the performance of this Indenture. The Company hereby expressly waives, to the extent
that it may lawfully do so, all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no
such law had been enacted.
Article
7
THE TRUSTEE
Section
7.01
General. (a) The duties and responsibilities of the Trustee are as provided by the Trust Indenture Act and
as set forth herein. Whether or not expressly so
provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
is subject to this Article.
(b)
Except during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee.
In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts
stated therein). In case an Event of Default has occurred and is continuing, the Trustee shall exercise those rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs.
(c)
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:
(i)
this Subsection shall not be construed to limit the effect of Subsections (a) or (b) of this Section;
(ii)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be
proved that the Trustee was negligent in ascertaining the pertinent facts;
(iii)
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in principal amount of the Notes relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture; and
(iv)
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if an adequate
indemnity against such risk or liability is not reasonably assured to it.
Section
7.02
Certain Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through (d):
(i)
In the absence of bad faith on its part, the Trustee may conclusively rely, and will be protected in acting or refraining
from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but, in the
case of any
document
which is specifically required to be furnished to the Trustee pursuant to any provision hereof, the Trustee shall examine the
document to determine whether it conforms to the requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein). The Trustee, in its discretion, may make further inquiry or investigation
into such facts or matters as it sees fit and shall Incur no liability of any kind by reason of such inquiry or investigation;
(ii)
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel
conforming to Section 10.05 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance
on the certificate or opinion;
(iii)
The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any
agent appointed with due care;
(iv)
The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of the Notes, unless such Holders have offered to the Trustee security or indemnity satisfactory
to it against the costs, expenses and liabilities that might be Incurred by it in compliance with such request or direction;
(v)
The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders of the
Notes in accordance with Section 6.05 relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;
(vi)
The Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion of Counsel will be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon;
(vii)
No provision of this Indenture will require the Trustee to expend or risk its own funds or otherwise Incur any financial
liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity
satisfactory to it against any loss, liability or expense;
(viii)
In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action;
(ix)
The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at
the Corporate Trust Office, and such notice references the Notes and this Indenture;
(x)
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder;
(xi)
the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;
(xii)
the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture;
(xiii)
The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so; and
(xiv)
Any communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital
signature provided by Docusign or Adobe (or such other digital signature provider as specified in writing to Trustee by an Officer
of the Company), in English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic
methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties.
Section
7.03
Individual Rights of Trustee. The Trustee, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the
Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b) and
311. For purposes of Trust Indenture Act Section 311(b)(4) and (6):
(a)
“Cash Transaction” means any transaction in which full payment for goods or securities sold is made within
seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable
upon demand; and
(b)
“Self-liquidating Paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn,
negotiated or Incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods,
wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or
merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the
security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship arising
from the making, drawing, negotiating or Incurring of the draft, bill of exchange, acceptance or obligation.
Section
7.04
Trustee’s Disclaimer. The Trustee (i) makes no representation as to the validity or adequacy of this
Indenture or the Notes, (ii) is not accountable for the Company’s use or application of the proceeds from the Notes and (iii)
is not responsible for any statement in the Notes other than its certificate of authentication.
Section
7.05
Notice of Default. If any Default with respect to the Notes occurs and is continuing and is known to a Responsible
Officer of the Trustee, the Trustee will send notice of the Default to each Holder within 90 days after it occurs, unless the Default
has been cured; provided that, except in the case of a default in the payment of the principal of, premium, if any, or interest
on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee
of directors or Responsible Officers of the Trustee in good faith determines that withholding the notice is in the interest of
the Holders of the Notes. Notice to Holders under this Section will be given in the manner and to the extent provided in Trust
Indenture Act Section 313(c).
Section
7.06
Reports by Trustee to Holders. Within 60 days after each July 1, beginning with July 1, 2021, the Trustee
will mail to each Holder, as provided in Trust Indenture Act Section 313(c), a brief report dated as of such July 1, if required
by Trust Indenture Act Section 313(a), and file such reports with each stock exchange upon which its Notes are listed and with
the Commission as required by Trust Indenture Act Section 313(d).
Section
7.07
Compensation and Indemnity. (a) The Company will pay the Trustee compensation as agreed upon in writing for
its services. The compensation of the Trustee is not limited by any law on compensation of a Trustee of an express trust. The Company
will reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances Incurred or made
by the Trustee, including the reasonable compensation and expenses of the Trustee’s agents and counsel.
(b)
The Company will indemnify the Trustee and Agents, for, and hold each of them harmless against, any loss, claim, damage,
liability or expense Incurred by it without negligence or willful misconduct on its part arising out of or in connection with the
acceptance or administration of this Indenture and its duties under this Indenture and the Notes, including the costs and expenses
of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection
with the exercise or performance of any of its powers or duties under this Indenture and the Notes.
(c)
To secure the Company’s payment obligations in this Section, the Trustee will have a lien prior to the Notes on all
money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal,
premium, if any, of, and interest on particular Notes.
(d)
When the Trustee incurs expenses or renders services in connection with an Event of Default, the expenses (including the
reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration
under any applicable Federal or state bankruptcy, insolvency or other similar law.
(e)
The provisions of this Section shall survive the termination of this Indenture.
Section
7.08
Replacement of Trustee. (a) (i) The Trustee may resign at any time by written notice to the Company.
(ii)
The Holders of a majority in principal amount of all then outstanding Notes (voting as a single class) may remove the Trustee
by written notice to the Trustee.
(iii)
If the Trustee is no longer eligible under Section 7.10 or in the circumstances described in Trust Indenture Act Section
310(b), any Holder that satisfies the requirements of Trust Indenture Act Section 310(b) may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee.
(iv)
The Company may remove the Trustee if: (A) the Trustee is no longer eligible under Section 7.10; (B) the Trustee is adjudged
a bankrupt or an insolvent; (C) a receiver or other public officer takes charge of the Trustee or its property; or (D) the Trustee
becomes incapable of acting.
(v)
A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section.
(b)
If the Trustee has been removed by the Holders, Holders of a majority in principal amount of all then outstanding Notes
(voting as a single class) may appoint a successor Trustee with the consent of the Company. Otherwise, if the Trustee resigns or
is removed, or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee.
If the successor Trustee does not deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed,
the retiring Trustee, the Company or the Holders of a majority in principal amount of all then outstanding Notes (voting as a single
class) may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee.
(c)
Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Company,
(i) the retiring Trustee upon payment of its charges hereunder will transfer all property held by it as Trustee to the successor
Trustee, subject to the lien provided for in Section 7.07, (ii) the resignation or removal of the retiring Trustee will become
effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. Upon
request of any successor Trustee, the Company will execute any and all instruments for fully and vesting in and confirming to the
successor Trustee all such rights, powers and trusts. The Company will give notice of any resignation and any removal of the Trustee
and each appointment of a successor Trustee to all Holders, and include in the notice the name of the successor Trustee and the
address of its Corporate Trust Office.
(d)
Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07
will continue for the benefit of the retiring Trustee.
(e)
The Trustee agrees to give the notices provided for in, and otherwise comply with, Trust Indenture Act Section 310(b).
Section
7.09
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation or national banking association, the resulting, surviving
or transferee corporation or national banking association without any further act will be the successor Trustee with the same effect
as if the successor Trustee had been named as the Trustee in this Indenture.
Section
7.10
Eligibility. This Indenture must always have a Trustee that satisfies the requirements of Trust Indenture
Act Section 310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual
report of condition.
Section
7.11
Money Held in Trust. The Trustee will not be liable for interest on any money received by it except as it
may agree with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required
by law and except for money held in trust under Article 8.
Article
8
DEFEASANCE AND DISCHARGE
Section
8.01
Satisfaction and Discharge of Indenture. If at any time (a) the Company shall have paid or caused to be paid
the principal of, premium, if any, and interest on all the Notes outstanding hereunder (other than Notes which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.04) as and when the same shall have become due and
payable or (b) the Company shall have delivered to the Trustee for cancellation all Notes theretofore authenticated (other than
any Notes which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.04)
or (c) (i) all the Notes not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by
their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption and (ii) the Company shall have irrevocably deposited or caused to be deposited
with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any paying agent to the Company
in accordance with Section 8.05) or Government Obligations, maturing as to principal and interest in such amounts and at such times
as will insure the availability of cash sufficient to pay at maturity or upon redemption of all Notes (other than any Notes which
shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.04) not theretofore
delivered to the Trustee for cancellation, including principal and interest due or to become due on or prior to such date of maturity
as the case may be, and if, in any such case, the Company shall also pay or cause to be paid all other sums payable hereunder by
the Company, then this Indenture shall cease to be of further effect with respect to the Notes (except as to (i) rights of registration
of transfer and exchange of securities of such, and the Company’s right of optional redemption, (ii) substitution of mutilated,
defaced, destroyed, lost or stolen Notes, (iii) rights of Holders of Notes to receive payments of principal, and premium, if any,
thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the
Holders of Notes to receive mandatory sinking fund payments, if any, (iv) the rights, obligations and immunities of the Trustee
hereunder and the Company’s obligations in connection therewith and (v) the rights of the Holders of Notes as beneficiaries
hereof with respect to the property so deposited with the Trustee payable to all or any of them), and the Trustee, on demand of
the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company,
shall execute proper instruments acknowledging such satisfaction and discharge of this Indenture; provided that the rights
of Holders of Notes to receive amounts in respect of principal of, premium, if any, and interest on the Notes held by them shall
not be delayed longer
than
required by then-applicable mandatory rules or policies of any securities exchange upon which the Notes are listed. The Company
agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly Incurred and to compensate the Trustee
for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Notes.
Section
8.02
Defeasance and Discharge of Indenture. The Company shall be deemed to have paid and shall be discharged from
any and all obligations in respect of the Notes, on the 123rd day after the deposit referred to in clause (A) of this Section 8.02
has been made with respect to the Notes, and the provisions of this Indenture shall no longer be in effect with respect to the
Notes (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except as to:
(a) rights of registration of transfer and exchange, and the Company’s right of optional redemption, (b) substitution of
apparently mutilated, defaced, destroyed, lost or stolen Notes, (c) rights of Holders to receive payments of principal thereof,
premium, if any, and interest thereon, upon the original stated due dates therefor (but not upon acceleration), (d) the rights,
obligations and immunities of the Trustee hereunder and the Company’s obligations in connection therewith and (e) the rights
of the Holders as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them;
provided that the following conditions shall have been satisfied:
(A)
with reference to this provision the Company has deposited or caused to be irrevocably deposited with the Trustee (or another
trustee satisfying the requirements of Sections 7.08 and 7.10) as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of the Notes, (i) money in an amount or (ii) U.S. Government Obligations which
through the payment of interest and principal in respect thereof in accordance with their terms will provide not later than one
day before the due date of any payment referred to in subclause (x) or (y) of this clause (A) money in an amount, or (iii) a combination
thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge without consideration of the reinvestment of such interest and after payment
of all federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee (x) the principal
of, premium, if any, and each installment of interest on the outstanding Notes on the due dates thereof and (y) any mandatory sinking
fund payments or analogous payments applicable to the Notes on the day on which such payments are due and payable in accordance
with the terms of the Notes and this Indenture with respect to the Notes;
(B)
the Company has delivered to the Trustee (i) either (x) an Opinion of Counsel to the effect that beneficial owners of Notes
will not recognize income, gain or loss for federal income tax purposes as a result of the Company’s exercise of its option
under this Section 8.02 and will be subject to federal income tax on the same amount and in the same manner and at the same times
as would have been the case if such deposit, defeasance and discharge had not occurred, which Opinion of Counsel must be based
upon a ruling of the Internal Revenue Service to the same effect or a change in applicable federal income tax law or
related
treasury regulations after the date of this Indenture or (y) a ruling directed to the Trustee received from the Internal Revenue
Service to the same effect as the aforementioned Opinion of Counsel and (ii) an Opinion of Counsel to the effect that the creation
of the defeasance trust does not violate the Investment Company Act of 1940 and after the passage of 123 days following the deposit,
the trust fund will not be subject to the effect of Section 547 of the U.S. Bankruptcy Code or Section 15 of the New York Debtor
and Creditor Law;
(C)
immediately after giving effect to such deposit on a pro forma basis, no Event of Default, or event that after the giving
of notice or lapse of time or both would become an Event of Default, shall have occurred and be continuing on the date of such
deposit or during the period ending on the 123rd day after the date of such deposit, and such deposit shall not result in a breach
or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which the
Company is bound; and
(D)
if at such time the Notes are listed on a national securities exchange, the Company has delivered to the Trustee an Opinion
of Counsel to the effect that the Notes will not be delisted as a result of such deposit, defeasance and discharge.
Section
8.03
Defeasance of Certain Obligations. The Company may omit to comply with any term, provision or condition set
forth in, and this Indenture will no longer be in effect with respect to, any covenant in Article 4 or Section 5.01 and clauses
(c), (d) and (f) of Section 6.0l shall be deemed not to be an Event of Default in each case if:
(A)
with reference to this Section 8.03, the Company has deposited or caused to be irrevocably deposited with the Trustee (or
another trustee satisfying the requirements of Section 7.08) as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders, (i) money in an amount or (ii) U.S. Government Obligations which through the payment
of principal and interest in respect thereof in accordance with their terms will provide not later than one day before the due
dates thereof or earlier redemption (irrevocably provided for under agreements satisfactory to the Trustee), as the case may be,
of any payment referred to in subclause (x) or (y) of this clause (A) money in an amount, or (iii) a combination thereof, sufficient,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, to pay and discharge without consideration of the reinvestment of such interest and after payment of all federal,
state and local taxes or other charges and assessments in respect thereof payable by the Trustee (x) the principal of, premium,
if any, and each installment of interest on the outstanding Notes on the due date thereof or earlier redemption (irrevocably provided
for under arrangements satisfactory to the Trustee), as the case may be, and (y) any mandatory sinking fund payments or analogous
payments applicable to the Notes and this Indenture on the day on which such payments are due and payable in accordance with the
terms of the Notes and this Indenture;
(B)
the Company has delivered to the Trustee (i) an Opinion of Counsel to the effect that Holders will not recognize income,
gain or loss for federal income tax purposes as a result of the Company’s exercise of its option under this Section 8.03
and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the
case if such deposit and defeasance had not occurred and (ii) an Opinion of Counsel to the effect that the creation of the defeasance
trust does not violate the Investment Company Act of 1940 and after the passage of 123 days following the deposit, the trust fund
will not be subject to the effect of Section 547 of the U.S. Bankruptcy Code or Section 15 of the New York Debtor and Creditor
Law;
(C)
immediately after giving effect to such deposit on a pro forma basis, no Event of Default, or event that after the giving
of notice or lapse of time or both would become an Event of Default, shall have occurred and be continuing on the date of such
deposit or during the period ending on the 123rd day after the date of such deposit, and such deposit shall not result in a breach
or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which the
Company is bound; and
(D)
if at such time the Notes are listed on a national securities exchange, the Company has delivered to the Trustee an Opinion
of Counsel to the effect that such Notes will not be delisted as a result of such deposit, defeasance and discharge.
Section
8.04
Application of Trust Money. Subject to Section 8.05, the Trustee will hold in trust the money or U.S. Government
Obligations deposited with it pursuant to Sections 8.01, 8.02 or 8.03, and apply the deposited money and the proceeds from deposited
U.S. Government Obligations to the payment of principal of, premium, if any, and interest on the Notes in accordance with such
Notes and this Indenture. Such money and U.S. Government Obligations need not be segregated from other funds except to the extent
required by law.
Section
8.05
Repayment to Company. Subject to Sections 7.07, 8.01, 8.02 and 8.03, the Trustee will promptly pay to the
Company upon request any excess money held by the Trustee at any time and thereupon be relieved from all liability with respect
to such money. Subject to applicable unclaimed property laws, the Trustee will pay to the Company upon request any money held for
payment with respect to the Notes that remains unclaimed for two years, provided that before making such payment the Trustee
may at the expense of the Company publish once in a newspaper of general circulation in New York City, or send to each Holder entitled
to such money, notice that the money remains unclaimed and that after a date specified in the notice (at least 30 days after the
date of the publication or notice) any remaining unclaimed balance of money will be repaid to the Company. After payment to the
Company, Holders entitled to such money must look solely to the Company for payment, unless applicable law designates another Person,
and all liability of the Trustee with respect to such money will cease.
Section
8.06
Reinstatement. If and for so long as the Trustee is unable to apply any money or U.S. Government Obligations
held in trust pursuant to Section 8.01 or Section
8.02
or by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes will be reinstated
as though no such deposit in trust had been made. If the Company makes any payment of principal of, premium, if any, or interest
on the Notes because of the reinstatement of its obligations, it will be subrogated to the rights of the Holders of such Notes
to receive such payment from the money or U.S. Government Obligations held in trust.
Article
9
AMENDMENTS, SUPPLEMENTS AND WAIVERS
Section
9.01
Amendments Without Consent of Holders. (a) The Company and the Trustee may amend or supplement this Indenture
or the Notes without notice to or the consent of any Noteholder:
(i)
to cure any ambiguity, defect or inconsistency in this Indenture or the Notes;
(ii)
to comply with Section 5.01;
(iii)
to comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust
Indenture Act;
(iv)
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee;
(v)
to provide for uncertificated Notes in addition to or in place of Certificated Notes, provided that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended (the “Code”),
or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code;
(vi)
to provide for any guarantee of the Notes, to secure the Notes or to confirm and evidence the release, termination or discharge
of any guarantee of or lien securing the Notes when such release, termination or discharge is permitted by this Indenture;
(vii)
to provide for or confirm the issuance of Additional Notes; or
(viii)
to make any other change that does not materially and adversely affect the rights of any Holder.
Section
9.02
Amendments With Consent of Holders. (a) Except as otherwise provided in Sections 6.02, 6.04 and 6.07 or paragraph
(b) of this Section 9.02, the Company and the Trustee may amend this Indenture and the Notes with the written consent of the Holders
of a majority in principal amount of the outstanding Notes, and the Holders of a majority in principal
amount
of the outstanding Notes by written notice to the Trustee may waive future compliance by the Company with any provision of this
Indenture or the Notes.
(b)
Notwithstanding the provisions of paragraph (a), without the consent of each Holder of Notes, an amendment or waiver may
not:
(i)
reduce the principal amount of or change the stated maturity of any installment of principal of any Note;
(ii)
reduce the rate of or change the stated maturity of any interest payment on any Note;
(iii)
reduce the amount payable upon the optional redemption or any required repurchase of any Note or change the times at which
any Note may be redeemed or repurchased or, once notice of redemption or a Change of Control Offer has been given, the time at
which it must thereupon be redeemed or repurchased;
(iv)
make any Note payable in money other than that stated in such Note;
(v)
impair the right of any Holder of Notes to receive any principal payment, premium payment, if any, or interest payment on
such Holder’s Notes, on or after the stated maturity thereof, or to institute suit for the enforcement of any such payment;
(vi)
make any change in the percentage of the principal amount of the Notes required for amendments or waivers; or
(vii)
modify or change any provision of this Indenture affecting the ranking of the Notes in a manner adverse to the Holders of
the Notes.
(c)
It is not necessary for Holders of Notes to approve the particular form of any proposed amendment, supplement or waiver,
but is sufficient if their consent approves the substance thereof.
(d)
Subject to Section 9.04, an amendment, supplement or waiver under this Section will become effective on receipt by the Trustee
of written consents from the Holders of the requisite percentage in principal amount of the outstanding Notes. After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Company will send to the Holders thereby a notice briefly describing
the amendment, supplement or waiver. The Company will send supplemental indentures to Holders upon request. Any failure of the
Company to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such supplemental
indenture or waiver.
Section
9.03
Effect of Consent. (a) After an amendment, supplement or waiver becomes effective, it will bind every Holder
of Notes unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the
type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder that has consented
to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder.
(b)
If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder to deliver it to the
Trustee so that the Trustee may place an appropriate notation of the changed terms on the Note and return it to the Holder, or
exchange it for a new Note that reflects the changed terms. The Trustee may also place an appropriate notation on any Note thereafter
authenticated. However, the effectiveness of the amendment, supplement or waiver is not affected by any failure to annotate or
exchange Notes in this fashion.
Section
9.04
Trustee’s Rights and Obligations. The Trustee shall be provided with, and will be fully protected in
relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution of any amendment, supplement
or waiver authorized pursuant to this Article is authorized or permitted by this Indenture. Upon receipt of such an Opinion of
Counsel and Officers’ Certificate, it shall sign the amendment, supplement or waiver so long as the same does not adversely
affect the rights of the Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement or waiver that affects
the Trustee’s own rights, duties or immunities under this Indenture.
Section
9.05
Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act.
Section
9.06
Payments for Consents. Neither the Company nor any of its Subsidiaries or Affiliates may, directly or indirectly,
pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement
to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration
is offered to be paid, or agreed to be paid to all Holders of the Notes that consent, waive or agree to amend such term or provision
within the time period set forth in the solicitation documents relating to the consent, waiver or amendment.
Article
10
MISCELLANEOUS
Section
10.01
Trust Indenture Act of 1939. This Indenture shall incorporate and be governed by the provisions of the Trust
Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act.
Section
10.02
Noteholder Communications; Noteholder Actions. (a) The rights of Holders to communicate with other Holders
with respect to this Indenture or the Notes are as provided by the Trust Indenture Act, and the Company and the Trustee shall comply
with the requirements of Trust Indenture Act Sections 312(a) and 312(b). Neither the Company nor the Trustee will be held accountable
by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act.
(b)
(i) Any request, demand, authorization, direction, notice, consent to amendment, supplement or waiver or other action
provided by this Indenture to be given or taken by a Holder (an “Act”) may be evidenced by an instrument signed
by the Holder delivered to the
Trustee.
The fact and date of the execution of the instrument, or the authority of the person executing it, may be proved in any manner
that the Trustee deems sufficient.
(ii)
The Trustee may make reasonable rules for action by or at a meeting of Holders of Notes, which will be binding on all the
Holders of Notes.
(c)
Any Act by the Holder of any Note binds that Holder and every subsequent Holder of a Note that evidences the same debt as
the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to paragraph (d), a Holder may revoke an
Act as to its Notes, but only if the Trustee receives the notice of revocation before the date the amendment or waiver or other
consequence of the act becomes effective.
(d)
The Company may, but is not obligated to, fix a record date (which need not be within the time limits otherwise prescribed
by Trust Indenture Act Section 316(c)) for the purpose of determining the Holders of Notes entitled to Act with respect to any
amendment or waiver or in any other regard, except that during the continuance of an Event of Default with respect to the Notes,
only the Trustee may set a record date as to notices of default, any declaration or acceleration or any other remedies or other
consequences of such Event of Default. If a record date is fixed with respect to the Notes, those Persons that were Holders of
Notes at such record date and only those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons
continue to be Holders of Notes after the record date. No Act will be valid or effective for more than 90 days after the record
date.
Section
10.03
Notices. (a) Any notice or communication to the Company will be deemed given if in writing (i) when delivered
in person or (ii) five days after mailing when mailed by first class mail, or (iii) when sent by facsimile transmission, with transmission
confirmed. Any notice to the Trustee will be effective only upon receipt. In each case the notice or communication should be addressed
as follows:
if to the Company:
DPL Inc.
1065 Woodman Drive
Dayton, OH 45432
Fax: (937) 259-7178
Attention: Treasurer
with a copy to:
DPL Inc.
One Monument Circle
Indianapolis, IN 46204
Fax: (317) 261-8066
Attention: Treasurer
if to the Trustee:
U.S. Bank National Association
10 W. Market Street, Suite 830
Indianapolis, IN 46204
Fax No.: (317) 636-1951
Attention: Global Corporate Trust Services
The Company or the Trustee by notice to
the other may designate additional or different addresses for subsequent notices or communications.
(b)
Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder will be
deemed given when mailed to the Holder at its registered address as it appears on the Register by first class mail, postage prepaid,
or, as to any Global Note registered in the name of DTC or its nominee, to DTC by electronic mail in accordance with DTC’s
applicable policies in effect from time to time. Copies of any notice or communication to a Holder, if given by the Company, will
be mailed to the Trustee at the same time. Defect in mailing a notice or communication to any particular Holder will not affect
its sufficiency with respect to other Holders. Notices will be deemed to have been given on the date of mailing or of publication
as aforesaid or, if published on different dates, on the date of the first such publication.
(c)
Where this Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed
with the Trustee, but such filing is not a condition precedent to the validity of any action taken in reliance upon such waivers.
Section
10.04 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the
Trustee to take any action under this Indenture, the Company will furnish to the Trustee:
(i) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for
in this Indenture relating to the proposed action have been complied with; and
(ii)
except with respect to the authentication of the Initial Notes on the Issue Date, an Opinion of Counsel stating that all
such conditions precedent have been complied with.
Section
10.05 Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with
a condition or covenant provided for in this Indenture must include:
(i) a statement that each person signing the certificate or opinion has read the covenant or condition and the related definitions;
(ii)
a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained
in the certificate or opinion is based;
(iii)
a statement that, in the opinion of each such person, that person has made such examination or investigation as is necessary
to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and
(iv)
a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with,
provided that an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect
to matters of fact.
Section
10.06
Payment Date Other Than a Business Day. If any payment with respect to a payment of any principal of, premium,
if any, or interest on any Note (including any payment to be made on any date fixed for redemption or purchase of any Note) is
due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business
Day with the same force and effect as if made on such date, and no interest will accrue for the intervening period.
Section
10.07
Governing Law. This Indenture and the Notes shall be governed by, and construed in accordance with, the laws
of the State of New York.
Section
10.08
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture
or loan or debt agreement of the Company or any Subsidiary of the Company, and no such indenture or loan or debt agreement may
be used to interpret this Indenture.
Section
10.09
Successors. All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements
of the Trustee in this Indenture will bind its successor.
Section
10.10
Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be
an original, but all of them together represent the same agreement.
Section
10.11
Separability. In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.
Section
10.12
Table of Contents and Headings. The Table of Contents, Cross-Reference Table and headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture
and in no way modify or restrict any of the terms and provisions of this Indenture.
Section
10.13
No Liability of Directors, Officers, Employees, Incorporators and Stockholders. No director, officer, employee,
incorporator, member or stockholder of the Company, as such, will have any liability for any obligations of the Company under the
Notes, or this Indenture or for any claim based on, in respect of, or by reason of, such obligations. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
Section
10.14
Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.
Section
10.15
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, epidemics, pandemics or other public health emergencies, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts
which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
SIGNATURES
IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed as of the date first written above.
| |
DPL INC. |
| |
as Company |
| |
|
| |
By: |
/s/ Gustavo Garavaglia |
| |
|
Name: Gustavo Garavaglia |
| |
|
Title: Chief Financial Officer |
Attest:
| By: |
/s/ John Haberl |
|
| |
Name: John Haberl |
|
| |
Title: Assistant Treasurer |
|
[Signature
Page to Indenture]
| |
U.S.
BANK NATIONAL ASSOCIATION
as Trustee |
| |
|
| |
By: |
/s/ Rebekah A. Foltz |
| |
|
Name: Rebekah A. Foltz |
| |
|
Title: Vice President |
[Signature
Page to Indenture]
EXHIBIT A
[FACE OF NOTE]
DPL Inc.
4.125% Senior Note Due 2025
[CUSIP] [144A]: 233293 AS8
[ISIN] [144A]: US233293AS84
[CUSIP] [Reg S]: U2605P AF3
[ISIN] [Reg S]: USU2605PAF37
[CUSIP] [AI]: 233293 AT6
[ISIN] [AI]: US233293AT67
[CUSIP] [Unrestricted]: 233293 AR0
[ISIN] [Unrestricted]: US233293AR02
Issue Date: _________
No.
$
DPL Inc., an Ohio corporation (the “Company”),
for value received, promises to pay to [Cede & Co.], or its registered assigns, the principal sum of Dollars
($ ) [or such other amount as indicated on the Schedule of Exchange of Notes
attached hereto] on July 1, 2025.
Interest Rate: 4.125% per annum
Interest Payment Dates: January 1
and July 1, commencing January 1, 2021.
Regular Record Dates: June 15 and
December 15.
Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which will for all purposes have the same effect as if set forth at this
place.
IN WITNESS WHEREOF, the Company has caused
this Note to be signed manually or by facsimile by its duly authorized officer.
| |
DPL INC. |
| |
|
| |
By: |
|
| |
|
Name: |
| |
|
Title: |
This is one of the 4.125% Senior Notes Due
2025 described in the Indenture referred to in this Note.
| |
U.S.
BANK NATIONAL ASSOCIATION
as Trustee |
| |
|
| |
By: |
|
| |
|
Authorized Signatory |
| |
|
|
| |
|
|
| |
Dated: |
|
[REVERSE SIDE OF NOTE]
DPL Inc.
4.125% Senior Note Due 2025
(1) Principal
and Interest.
The Company promises to pay the principal
of this Note on July 1, 2025.
The Company promises to pay interest on
the principal amount of this Note on each interest payment date, as set forth on the face of this Note, and at maturity at the
rate of 4.125% per annum.
Interest will be payable semiannually (to
the holders of record of the Notes at the close of business on the June 15 or December 15 immediately preceding the interest payment
date) on each interest payment date, commencing January 1, 2021.
Interest on this Note will accrue from the
most recent date to which interest has been paid on this Note (or, if there is no existing default in the payment of interest and
if this Note is authenticated between a regular record date and the next interest payment date, from such interest payment date)
or, if no interest has been paid, from the Issue Date. Interest will be computed on the basis of a 360-day year of twelve 30-day
months.
The Company will pay interest on overdue
principal, premium, if any, and, to the extent lawful, interest at a rate per annum that is 1% in excess of 4.125%. Interest not
paid when due and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders
on a special record date, which will be the 15th day preceding the date fixed by the Company for the payment of such interest,
whether or not such day is a Business Day. At least 15 days before a special record date, the Company will send to each Holder
and to the Trustee a notice that sets forth the special record date, the payment date and the amount of interest to be paid.
(2) Indenture.
This is one of the series of Notes designated
as “4.125% Senior Notes due 2025” (the “Notes”) issued under an indenture dated as of June 19, 2020
(as amended from time to time) (the “Indenture”) between the Company and U.S. Bank National Association, as
Trustee, (the “Trustee”). Capitalized terms used herein are used as defined in the Indenture unless otherwise
indicated. 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. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture
Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the
terms of this Note and the terms of the Indenture, the terms of the Indenture will control.
The Notes are general unsubordinated obligations
of the Company. This Indenture limits the original aggregate principal amount of the Initial Notes to $415,000,000, but Additional
Notes
may be issued pursuant to the Indenture, and the originally issued Notes and all such Additional Notes will be considered the
same series of Notes.
(3) Repurchase
of Notes Upon a Change of Control.
Upon the occurrence of a Change of Control
Triggering Event, the Holder of this Note will have the right to require the Company to repurchase all or any part (no note of
a principal amount of $2,000 or less will be repurchased in part) of this Note at a repurchase price in cash equal to 101% of the
principal amount of this Note plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, as further described
in the Indenture.
(4) Redemption;
Discharge Prior to Redemption or Maturity.
This Note is subject to optional redemption,
as further described in the Indenture. There is no sinking fund or mandatory redemption applicable to this Note.
If the Company deposits with the Trustee
money or U.S. Government Obligations sufficient to pay the then outstanding principal of, premium, if any, and accrued interest
on the Notes to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture or may be discharged
from certain of its obligations under certain provisions of the Indenture.
(5) Registered
Form; Denominations; Transfer; Exchange.
The Notes are in registered form without
coupons in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder may register
the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture,
there are certain periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note
or certain portions of a Note.
(6) Defaults
and Remedies.
If an Event of Default, as defined in the
Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all
the Notes to be due and payable. If a bankruptcy or insolvency default with respect to the Company occurs and is continuing, the
Notes automatically become due and payable. Holders of the Notes may not enforce the Indenture or the Notes except as provided
in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or Notes. Subject to certain
limitations, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of
remedies.
(7) Amendment
and Waiver.
Subject to certain exceptions, the Indenture
and the Notes may be amended, or default may be waived, with the consent of the Holders of a majority in principal amount of the
outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee
may
amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency.
(8) Authentication.
This Note is not valid until the Trustee
(or Authenticating Agent) signs the certificate of authentication on the other side of this Note.
(9) Abbreviations.
Customary abbreviations may be used in the
name of a Holder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=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).
The Company will furnish a copy of the Indenture
to any Holder upon written request and without charge.
[FORM OF TRANSFER NOTICE]
FOR VALUE RECEIVED the undersigned registered
holder hereby sell(s), assign(s) and transfer(s) unto
Insert Taxpayer Identification No.
Please print or typewrite name and address including zip code of assignee
the within Note and all rights thereunder, hereby irrevocably constituting and appointing
attorney to transfer said Note on the books of the Company with
full power of substitution in the premises.
[THE FOLLOWING PROVISION TO BE INCLUDED
ON ALL
CERTIFICATES BEARING A RESTRICTED LEGEND]
In connection with any transfer of this
Note occurring prior to June 19, 2021, the undersigned confirms that such transfer is made without utilizing any general solicitation
or general advertising and further as follows:
Check One
o (1) This
Note is being transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act
of 1933, as amended and certification in the form of Exhibit E to the Indenture is being furnished herewith.
o (2) This
Note is being transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933,
as amended, provided by Regulation S thereunder, and certification in the form of Exhibit D to the Indenture is being furnished
herewith.
¨
(3) This Note is being transferred pursuant to another provision of the Securities Act other than Rule 144A or Regulation
S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in IAI Global
Notes and Certificated Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws
of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):
(a)
¨ such Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act;
or
(b)
¨ such Transfer is being effected to the Company or a subsidiary thereof;
or
(c)
¨ such Transfer is being effected pursuant to an effective registration statement
under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act;
or
(d)
¨ such Transfer is being effected to an Institutional Accredited Investor and
pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule
904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation
D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in an IAI
Global Note or Certificated Notes and the requirements of the exemption claimed, which certification is supported
by
(1) a certificate executed by the Transferee in the form of Exhibit H to the Indenture and (2) if such Transfer is in respect
of a principal amount of Notes at the time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor
or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in
compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Certificated Note will be subject to the restrictions on transfer enumerated in the Restricted
Legend printed on the IAI Global Note and Certificated Notes and in the Indenture and the Securities Act.
or
o (4) This
Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the
conditions of transfer set forth in this Note and the Indenture. If none of the foregoing boxes is checked, the Trustee is not
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 the Indenture have been satisfied.
Date: ___________________________
NOTICE: The signature to this assignment must correspond
with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change
whatsoever.
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By: |
|
| |
|
To be executed by an executive officer |
1
Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Registrar, which requirements include membership or participation in the Note Transfer Agent 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.
OPTION OF HOLDER TO ELECT PURCHASE
If you wish to have this Note purchased by the Company pursuant
to a Change of Control Offer pursuant to Section 4.07 of the Indenture, check the Box:
o
If you wish to have a portion of this Note purchased by the
Company pursuant to a Change of Control Offer pursuant to Section 4.07 of the Indenture, state the amount (in principal amount):
$ .
Date:
| Your Signature: |
|
|
| |
(Sign exactly as your name appears on the other side of this Note) |
|
Signature Guarantee:2
2 Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Note Transfer agent 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.
EXHIBIT B
RESTRICTED LEGEND
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 AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE
SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”)) OR
(C)
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 COMPANY 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 THE COMPANY OR ITS AFFILIATES,
(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 TO A NON-U.S. PERSON IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,
(E)
IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000, TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, DELIVERS
TO THE TRUSTEE A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE) RELATING TO THE RESTRICTIONS
ON TRANSFER OF THIS NOTE, OR
(F)
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)(C), (D), (E) OR (F) ABOVE, THE COMPANY 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.
EXHIBIT C
DTC LEGEND
UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST
HEREIN.
TRANSFERS OF THIS GLOBAL NOTE ARE 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 NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.
EXHIBIT D
Regulation S
Certificate
______________, ____
U.S. Bank Global Corporate Trust – St. Paul
111 Fillmore Avenue East, 1st Floor
St. Paul, MN 55107
| Re: | DPL Inc.
4.125% Senior Notes due 2025 (the “Notes”)
Issued under the Indenture (the “Indenture”) dated as
of June 19, 2020, relating to the Notes |
Dear Sirs:
Terms are used in this Certificate as used
in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
except as otherwise stated herein.
[CHECK A OR B AS APPLICABLE.]
o A.
This Certificate relates to our proposed transfer of $________ principal amount of Notes issued under the Indenture. We hereby
certify as follows:
1. The
offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded from
the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by it for which it is acting
is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described
in Rule 902(g)(3)) and such offer and sale was not and will not be specifically targeted at an identifiable group of U.S. citizens
abroad.
2. Unless
the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was
originated, the buyer was outside the United States or we and any person acting on our behalf reasonably believed that the buyer
was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities
market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United
States.
3. Neither
we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the United States
with respect to the Notes.
4. The
proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.
5. If
we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed
transfer takes place during the Restricted Period (as defined in the Indenture), or we are an officer or director of the Company
or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the
provisions of Rule 904(b) of Regulation S.
o B.
This Certificate relates to our proposed exchange of $_________ principal amount of Notes issued under the Indenture for an equal
principal amount of Notes to be held by us. We hereby certify as follows:
1. At
the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded from
the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting was
excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule
902(g)(3); and we were not a member of an identifiable group of U.S. citizens abroad.
2. Unless
the circumstances described in paragraph 1 (ii) above are applicable, either (a) at the time our buy order was originated, we were
outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities
market and we did not prearrange the transaction in the United States.
3. The
proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.
You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate 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, |
| | |
| | [NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)] |
| | |
| | |
| | By: | |
| |
Name:
Title:
Address: |
Date: __________________________
EXHIBIT E
Rule 144A
Certificate
_______, ___
U.S. Bank Global Corporate Trust – St. Paul
111 Fillmore Avenue East, 1st Floor
St. Paul, MN 55107
| Re: | DPL Inc.
4.125% Senior Notes due 2025 (the “Notes”)
Issued under the Indenture (the “Indenture”) dated
as of June 19, 2020, relating to the Notes |
Ladies and Gentlemen:
TO BE COMPLETED BY PURCHASER IF
(1) ABOVE IS CHECKED.
This Certificate relates to:
[CHECK A OR B AS APPLICABLE. ]
o A.
Our proposed purchase of $________ principal amount of Notes issued under the Indenture.
o B.
Our proposed exchange of $________ principal amount of Notes issued under the Indenture for an equal principal amount of Notes
to be held by us.
We and, if applicable, each account for
which we are acting in the aggregate owned and invested more than $100,000,000 in securities of issuers that are not affiliated
with us (or such accounts, if applicable), as of _________, 20__, which is a date on or since close of our most recent fiscal year.
We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A
(“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”). If we
are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the
transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section
5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding
the Company as we have requested pursuant to Rule 144A(d)(4) or have determined not to request such information.
You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate 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, |
| | |
| | [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)] |
| | |
| | |
| | By: | |
| |
Name:
Title:
Address: |
Date: ___________________________
EXHIBIT F
[COMPLETE FORM I OR FORM
II AS APPLICABLE.]
[FORM I]
Certificate of Beneficial Ownership
| To: | U.S. Bank Global Corporate Trust – St. Paul
111 Fillmore Avenue East, 1st Floor
St. Paul, MN 55107 OR |
[Euroclear Bank SA/NV, as operator of the
Euroclear System] OR
[Clearstream Banking S.A.]
| Re: | DPL Inc.
4.125% Senior Notes due 2025 (the “Notes”)
Issued under the Indenture (the “Indenture”) dated as
of June 19, 2020, relating to the Notes |
Ladies and Gentlemen:
We are the beneficial owner of $__________
principal amount of Notes issued under the Indenture and represented by a Temporary Offshore Global Note (as defined in the Indenture).
We hereby certify as follows:
[CHECK A OR B AS APPLICABLE.]
o A.
We are a non-U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended).
o B.
We are a U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended) that purchased the Notes
in a transaction that did not require registration under the Securities Act of 1933, as amended.
You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate 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, |
| | |
| | [NAME OF BENEFICIAL OWNER] |
| | |
| | |
| | By: | |
| |
Name:
Title:
Address: |
Date: ___________________________
[FORM II]
Certificate of Beneficial Ownership
| To: | U.S. Bank Global Corporate Trust – St. Paul
111 Fillmore Avenue East, 1st Floor
St. Paul, MN 55107 |
| Re: | DPL Inc.
4.125% Senior Notes due 2025 (the “Notes”)
Issued under the Indenture (the “Indenture”) dated as
of June 19, 2020, relating to the Notes |
Ladies and Gentlemen:
This is to certify that based solely on
certifications we have received in writing, by tested telex or by electronic transmission from member organizations (“Member
Organizations”) appearing in our records as persons being entitled to a portion of the principal amount of Notes represented
by a Temporary Offshore Global Note issued under the above-referenced Indenture, that as of the date hereof, $___________ amount
of Notes represented by the Temporary Offshore Global Note being submitted herewith for exchange is beneficially owned by persons
that are either (i) non-U.S. persons (within the meaning of Regulation S under the Securities Act of 1933, as amended) or (ii)
U.S. persons that purchased the Notes in a transaction that did not require registration under the Securities Act of 1933, as amended.
We further certify that (i) we are not submitting
herewith for exchange any portion of such Temporary Offshore Global Note excepted in such Member Organization certifications and
(ii) as of the date hereof we have not received any notification from any Member Organization to the effect that the statements
made by such Member Organization with respect to any portion of such Temporary Offshore Global Note submitted herewith for exchange
are no longer true and cannot be relied upon as of the date hereof.
You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.
| |
Yours faithfully,
[EUROCLEAR BANK SA/NV, as operator of the Euroclear
System]
|
| | OR |
| | |
| | [CLEARSTREAM BANKING S.A.] |
| | |
| | |
| | By: | |
| |
Name:
Title:
Address: |
Date: ___________________________
EXHIBIT G
THIS NOTE IS A TEMPORARY GLOBAL NOTE. PRIOR
TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN
(1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE
FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED
AS USED IN REGULATION S UNDER THE SECURITIES ACT.
EXHIBIT H
FORM OF CERTIFICATE
FROM
ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
DPL Inc.
1065 Woodman Drive
Dayton, OH 45432
Fax: (937) 259-7178
Attention: Treasurer
U.S. Bank Global Corporate Trust – St. Paul
111 Fillmore Avenue East, 1st Floor
St. Paul, MN 55107
Re: 4.125% Senior Notes due 2025
Reference is hereby made to the Indenture,
dated as of June 19, 2020 (the “Indenture”), between DPL Inc., as issuer (the “Company”)
and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture.
In connection with our proposed purchase
of $____________ aggregate principal amount of:
(a) ¨
a beneficial interest in a Global Note, or
(b) ¨
a Certificated Note,
we confirm that:
1. We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).
2. We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein 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 the Notes or any interest therein, we will do
so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined therein), (C) 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 you and to the Company a signed letter
substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer
of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in
compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of
Regulation
S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective
registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Certificated Note
or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph
a notice advising such purchaser that resales thereof are restricted as stated herein.
3. We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and
the Company such certifications, legal opinions and other information as you 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 will 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 its investment.
5. We
are acquiring the Notes or beneficial interest therein purchased by us for our own 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.
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.
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[Insert Name of Accredited Investor] |
| |
|
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By: |
|
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|
Name: |
| |
|
Title: |
Dated: _______________________
