Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 43

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 43
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 is payable; |

| ● | waive any default in payment of interest on or principal of a debt security or any default in respect of a provision that pursuant 
 to the indenture cannot be amended without the consent of each debt security holder affected; or                                   |

| ● | make any change in the sections of the indenture that require the consent of each debt security holder affected, except to increase     
 the amount of debt securities whose holders must consent to an amendment or waiver or to provide that other provisions of the indenture 
 cannot be amended or waived without the consent of each holder of debt securities affected by the amendment or waiver. (Sections 6.04   
 and 9.02)                                                                                                                               |

Without the consent of any debt security holder,
we may amend the indenture or the debt securities:

| ● | to cure any ambiguity, omission, defect or inconsistency; |

| ● | to provide for the assumption of our obligations to debt security holders by the surviving company in the event of a merger, consolidation 
 or transfer of all or substantially all of our assets requiring that assumption;                                                           |

| ● | to provide that specific provisions of the indenture will not apply to a series of debt securities not previously issued; |

| ● | to create a series of debt securities and establish its terms; |

| ● | to provide for a separate trustee for one or more series of debt securities; or |

| ● | to make any change that does not materially adversely affect the rights of any debt security holder. (Section 9.01) |

Legal Defeasance and Covenant Defeasance

Debt securities of a series may be defeased at
any time in accordance with their terms and as set forth in the indenture and described briefly below, unless the securities resolution
establishing the terms of the series otherwise provides. Any defeasance may terminate all of our obligations, with limited exceptions,
with respect to a series of debt securities and the indenture (“legal defeasance”), or it may terminate only our obligations
under any restrictive covenants which may be applicable to a particular series (“covenant defeasance”).

We may exercise our legal defeasance option even
though we have also exercised our covenant defeasance option. If we exercise our legal defeasance option, that series of debt securities
may not be accelerated because of an event of default. If we exercise our covenant defeasance option, that series of debt securities may
not be accelerated by reference to any restrictive covenants