Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 38

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 38
---
 which we or a subsidiary has acquired or may in the future acquire any property, none of which, in the opinion of counsel, materially  
 adversely affects the operation of our properties and those of our subsidiaries, taken as a whole;                                     |

| ● | rights reserved to or vested in others to take or receive any part of the electricity, gas (either natural or artificial), steam or    
 any by-products generated or produced by or from any of our properties or with respect to any other rights concerning electricity, gas 
 (either natural or artificial) or steam supply, transportation or storage which are in use in the ordinary course of the electricity,  
 gas (either natural or artificial) or steam business;                                                                                  |

| ● | liens created or assumed by us or our subsidiaries in connection with the issuance of tax-exempt state and local bonds for purposes     
 of financing, in whole or in part, the acquisition or construction of property to be used by us or our subsidiaries, provided the liens 
 are limited to the property financed and the related real estate;                                                                       |

<div align='center'>6</div>

| ● | liens against our property or property of a subsidiary at the time a person consolidates with or merges into, or transfers all or              
 substantially all of its assets to, us or a subsidiary, provided that in the opinion of our board of directors or our management, as evidenced 
 by a certified board resolution or an officers’ certificate delivered to the trustee, the property acquired pursuant to the consolidation,     
 merger or asset transfer is adequate security for the lien; and                                                                                |

| ● | liens or encumbrances not otherwise permitted if, at the time of incurrence of and after giving effect to these liens or encumbrances,      
 the aggregate of all of our and our subsidiaries’ obligations secured thereby does not exceed 10% of tangible net worth. For this           
 purpose “tangible net worth” means common stockholders’ equity appearing on our most recent balance sheet, or consolidated                  
 balance sheet including our subsidiaries if we have one or more consolidated subsidiaries, prepared in accordance with generally accepted   
 accounting principles less intangible assets, other than intangible assets recoverable through rates as prescribed by applicable regulatory 
 authorities. (Section 4.06)                                                                                                                 |

Further, this restriction will not apply to or
prevent the creation or existence of leases made, or existing on property acquired, in the ordinary course of business. (Section 4.07)

Other Covenants

Any other restrictive coven