Company: WELPM
Filing Date: 2025-12-02
Form Type: 424B5
Source: 0001104659-25-117538
Chunk: 38

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-02
Form: 424B5
Chunk 38
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 of the purchase price or construction cost thereof, including  
 the extension of those liens to repairs, renewals, replacements, substitutions, betterments, additions, extensions and improvements then 
 or later made on the property subject to the lien;                                                                                       |

| ● | any extensions, renewals or replacements, or successive extensions, renewals or replacements, in whole or in part, of liens permitted 
 by either of the first two bullet points above;                                                                                       |

| ● | the pledge of any bonds or other securities at any time issued under any of the liens permitted by any of the first three bullet points 
 above; or                                                                                                                               |

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| ● | permitted encumbrances. (Section 4.07) |

“Permitted encumbrances” means liens
of the types customarily permitted by indentures for utility debt securities, including, among other items:

| ● | the pledge or assignment in the ordinary course of business of electricity, gas (either natural or artificial) or steam, accounts 
 receivable or customers’ installment paper;                                                                                       |

| ● | liens of |

| ● | taxes, assessments or governmental charges for the then current year and taxes, assessments or governmental charges not then delinquent, |

| ● | liens for workers’ compensation awards and similar obligations not then delinquent, |

| ● | mechanics’, laborers’, materialmen’s and similar liens not then delinquent, and |

| ● | liens of these types, whether or not delinquent, whose validity is being contested in good faith by us or a subsidiary; |

| ● | the lien of judgments covered by insurance, or upon appeal and covered, if necessary, by the filing of an appeal bond, or other judgment 
 liens not exceeding at any one time an aggregate of $1,000,000;                                                                          |

| ● | easements or reservations in respect of our property or property of a subsidiary for the purpose of roads, pipelines, utility transmission 
 and distribution lines or other rights-of-way and similar purposes;                                                                        |

| ● | zoning ordinances, regulations, reservations, restrictions, covenants, party wall agreements, conditions of record and other encumbrances, 
 other than to secure the payment of money, none of which, in the opinion of counsel, are such as to interfere with the proper operation    
 and development of the affected property for its intended use in our business or the business of our subsidiaries;