Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 36

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 36
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 are no bonds presently outstanding under the first mortgage bond indenture, there are no consents
required or other restrictions on our ability to amend the first mortgage bond indenture for any purpose, including to permit the issuance
of a greater amount of first mortgage bonds than would be permitted under the existing terms of the first mortgage bond indenture.

The covenant regarding limitations on liens described
below will apply to a series of debt securities to the extent indicated in the related prospectus supplement. Any obligations under that
covenant are subject to termination upon defeasance. See “Legal Defeasance and Covenant Defeasance” below.

Also, as noted above, unless otherwise indicated
in a prospectus supplement, the indenture does not include a covenant which would afford holders of the debt securities protection in
the event of a highly leveraged or other transaction that may adversely affect them.

Limitations on Liens

The indenture provides that, so long as there remain
outstanding any debt securities of any series to which this limitation applies, and subject to termination as referred to above, we will
not, and will not permit any subsidiary to, create or suffer to be created or to exist any mortgage, pledge, security interest, or other
lien on any of our properties or assets now owned or later acquired to secure any indebtedness, without making effective provision so
that the debt securities of that series will be equally and ratably secured. The indenture defines the term “subsidiary” to
mean a corporation a majority of whose voting stock is owned by us or one of our subsidiaries. This restriction does not apply to or prevent
the creation or existence of:

| ● | the existing mortgage that will secure any first mortgage bonds that we may issue in the future under the first mortgage bond indenture     
 or any supplemental indenture subjecting any property to the lien of the mortgage or confirming the lien of the mortgage upon any property, 
 whether owned before or acquired after the date of the indenture;                                                                           |

| ● | liens on property existing at the time of acquisition or construction of the property (or created within one year after completion       
 of the acquisition or construction), whether by purchase, merger, construction or otherwise (or on the property of a subsidiary at the   
 date it became a subsidiary), or to secure the payment of all or any part of the purchase price or construction cost thereof, including  
 the extension of those liens to repairs, renewals, replacements, substitutions, betterments, additions