Document:

EX-4.(c).(3)

 Exhibit 4(c)(3) 

SUPPLEMENTAL AND RESTATED 
 TRUST
INDENTURE 
 FROM 
 NORTHERN
STATES POWER COMPANY 
 (A Wisconsin corporation) 

TO 
 FIRST WISCONSIN TRUST COMPANY

 TRUSTEE 
  

 
 DATED
March 1, 1991 
  
  

SECURING FIRST MORTGAGE BONDS OF 

NORTHERN STATES POWER COMPANY 

(Restating, amending and supplementing the 

Trust Indenture dated April 1, 1947, as previously 

supplemented through March 1, 1988) 

 CROSS-REFERENCE SHEET SHOWING THE LOCATION IN THE SUPPLEMENTAL 

AND RESTATED TRUST INDENTURE OF THE PROVISIONS INSERTED PURSUANT TO 

SECTIONS 310 THROUGH 318(a) INCLUSIVE OF THE 

TRUST INDENTURE ACT OF 1939 
  

							
	 Section of Trust
Indenture Act
	 	 Section of Indenture
	  	Page	 
	 310(a)(1)
	 	17.09	  	 	90	 
			
	 310(a)(2)
	 	17.09	  	 	90	 
	 310(a)(3)
	 	17.14(b)	  	 	96	 
			
	 310(a)(4)
	 	Not Applicable	  			
			
	 310(b)
	 	17.08	  	 	85	 
		 	17.10(a)	  	 	90	 
		 	17.10(d)	  	 	90	 
		 	17.10(e)	  	 	91	 
			
	 310(c)
	 	Not Applicable	  			
			
	 311(a)
	 	17.13	  	 	92	 
			
	 310(b)
	 	17.13	  	 	92	 
			
	 311(c)
	 	Not Applicable	  			
			
	 312(a)
	 	8.17	  	 	47	 
		 	17.17(a)	  	 	97	 
			
	 312(b)
	 	17.17(b)	  	 	98	 
			
	 312(c)
	 	17.17(c)	  	 	99	 
			
	 313(a)
	 	17.18(a)	  	 	99	 
			
	 313(b)
	 	17.18(b)	  	 	100	 
			
	 313(c)
	 	17.18(c)	  	 	100	 
			
	 313(d)
	 	17.18(d)	  	 	100	 
			
	 314(a)
	 	8.18	  	 	48	 
			
	 314(b)
	 	8.19	  	 	48	 
			
	 314(c)(1)
	 	1.03 - definition of Officer’s Certificate	  	 	14	 

  

							
			
		 	4.01(g)	  	 	32	 
		 	9.04(b)	  	 	51	 
		 	11.03(b)	  	 	57	 
		 	11.03(k)(2)	  	 	60	 
		 	11.10(c)	  	 	63	 
		 	18.01(c)	  	 	103	 
		 	21.08	  	 	112	 
		 	21.09	  	 	112	 
			
	 314(c)(2)
	 	1.03 - definition of Opinion of Counsel	  	 	14	 
		 	4.01(c)	  	 	31	 
		 	5.04(d)	  	 	36	 
		 	11.03(h)	  	 	59	 
		 	11.03(k)(5)(0)	  	 	60	 
		 	18.01(c)	  	 	103	 
		 	21.08	  	 	112	 
		 	21.09	  	 	112	 
			
	 314(c)(3)
	 	1.03 - definition of Accountant,	  	 	9	 
		 	Accountant’s Certificate	  	 	9	 
		 	Independent and	  	 	13	 
		 	Independent Accountant’s Certificate	  	 	13	 
		 	4.01(d)	  	 	31	 
		 	5.04	  	 	34	 
		 	5.05(c)	  	 	36	 
		 	5.07(b)	  	 	37	 
		 	5.07(c)	  	 	38	 
		 	5.07(d)	  	 	38	 
		 	9.02	  	 	50	 
		 	9.04(c)	  	 	51	 
		 	11.03(k)(6)	  	 	59	 
		 	11.10(d)	  	 	63	 
		 	21.08	  	 	112	 
		 	21.09	  	 	112	 
			
	 314(d)(1)
	 	1.03 - definition of Engineer,	  	 	12	 
		 	Engineer’s Certificate,	  	 	12	 
		 	Independent and	  	 	13	 
		 	Independent Engineer’s Certificate	  	 	13	 
		 	11.03(c)	  	 	57	 
		 	11.03(d)	  	 	58	 
		 	11.03(k)(3)	  	 	60	 
		 	11.03(k)(4)	  	 	60	 
			
	 314(d)(2)
	 	1.03 - definition of Engineer,	  	 	12	 
		 	Engineer’s Certificate,	  	 	12	 
		 	Independent and	  	 	13	 
		 	Independent Engineer’s Certificate	  	 	13	 

  

							
			
		 	11.03 (e)	  	 	58	 
			
		 	11.03(f)	  	 	58	 
			
	 314(d)(3)
	 	1.03 - definition of Engineer,	  	 	12	 
		 	Engineer’s Certificate,	  	 	12	 
		 	Independent and	  	 	13	 
		 	Independent Engineer’s Certificate	  	 	13	 
		 	5.04(a)	  	 	34	 
		 	5.04(b)	  	 	35	 
		 	7.02	  	 	42	 
		 	9.04	  	 	51	 
		 	11.03	  	 	57	 
		 	11.10	  	 	63	 
		 	17.01(d)	  	 	83	 
		 	21.08	  	 	112	 
		 	21.09	  	 	112	 
			
	 314(e)
	 	21.08	  	 	112	 
			
	 314(f)
	 	Not Applicable	  			
			
	 315(a)
	 	17.01(a)(1)	  	 	82	 
		 	17.01(a)(2)	  	 	82	 
			
	 315(b)
	 	17.02	  	 	83	 
			
	 315(c)
	 	17.01(b)	  	 	82	 
			
	 315(d)
	 	17.01(c)	  	 	82	 
			
	 315(e)
	 	14.15(b)	  	 	77	 
			
	 316(a)
	 	1.03 - definition of “Outstanding”	  	 	15	 
		 	14.05	  	 	74	 
		 	17.01(c)(3)	  	 	82	 
		 	19.02	  	 	106	 
			
	 316(a)(2)
	 	19.02	  	 	106	 
	 316(b)
	 	14.15(a)	  	 	76	 
		 	14.15(c)	  	 	77	 
		 	19.02(a)	  	 	106	 
			
	 316(c)
	 	15.05	  	 	79	 
			
	 317(a)(1)
	 	14.13	  	 	75	 
			
	 317(a)(2)
	 	14.04	  	 	73	 
			
	 317(b)
	 	8.16	  	 	46	 
			
	 318(a)
	 	21.13(a)	  	 	113	 

 TABLE OF CONTENTS 

(Definitions of certain capitalized words used in the Indenture are contained in Section 1.03) 

 

							
	 	  	 	  	PAGE	 
	 Parties
	  		  	 	1	 
	 Recitals
	  		  	 	1	 
	 Granting Clauses
	  	 	2	 
	 Exceptions from Lien of the Indenture
	  	 	3	 
	 Habendum
	  		  	 	3	 
	
	ARTICLE I.	 
	
	EFFECTIVE DATE; AMENDMENT AND RESTATEMENT OF ORIGINAL INDENTURE; DEFINITIONS.	 
			
	 Section 1.01 -
	  	 Effective Date
	  	 	5	 
			
	 Section 1.02 -
	  	 Amendment and Restatement of Original Indenture; deletion of provisions of supplemental Trust Indentures
	  	 	5	 
			
	 Section 1.03 -
	  	 Definitions
	  	 	8	 
	
	ARTICLE II.	 
	
	FORM AND EXECUTION OF BONDS.	 
			
	 Section 2.01 -
	  	 Amount of Bonds; Bonds to be issued in series; general provisions as to series
	  	 	23	 
			
	 Section 2.02 -
	  	 Form of Bonds
	  	 	23	 
			
	 Section 2.03 -
	  	 Payment of principal and interest
	  	 	24	 
			
	 Section 2.04 -
	  	 Bonds may contain tax reimbursement provision
	  	 	25	 
			
	 Section 2.05 -
	  	 Provisions of different series to be set forth in Bonds of particular series
	  	 	25	 
			
	 Section 2.06 -
	  	 Provision for conversion into other securities
	  	 	25	 
			
	 Section 2.07 -
	  	 Provision for creation of sinking or similar fund
	  	 	26	 
			
	 Section 2.08 -
	  	 Bonds to be issued as Registered Bonds without coupons; denominations thereof
	  	 	26	 

  
 -i- 

					
			
	 Section 2.09 -
	  	 Date of Bonds
	  	26
			
	 Section 2.10 -
	  	 Exchange and interchange provisions
	  	26
			
	 Section 2.11 -
	  	 Exchange of bonds; charge therefor
	  	26
			
	 Section 2.12 -
	  	 (a) Registration of Bonds; Bond Register
	  	27
		  	 (b) Trustee appointed Bond Registrar; transfer of Bonds
	  	27
		  	 (c) Provision for safekeeping and book-entry registration system
	  	27
			
	 Section 2.13 -
	  	 Execution of Bonds
	  	27
			
	 Section 2.14 -
	  	 Temporary Bonds
	  	27
			
	 Section 2.15 -
	  	 Lost, mutilated, destroyed or stolen Bonds
	  	28
			
	 Section 2.16 -
	  	 Bonds to be of tenor and effect provided; to be certified by Trustee
	  	28
			
	 Section 2.17 -
	  	 (a) Provision for exchange of Bonds for Bonds of Successor Corporation
	  	28
		  	 (b) Provision for exchange of old for new Bonds of any series if name is changed
	  	29
	
	ARTICLE III.
	
	[OMITTED]
	
	ARTICLE IV.
	
	PROVISIONS APPLICABLE GENERALLY TO ISSUANCE OF ALL ADDITIONAL BONDS.
			
	 Section 4.01 -
	  	 Documents to be delivered before or at the time of authentication of additional Bonds
	  	31
			
	 Section 4.02 -
	  	 No Bonds to be authenticated except as provided in Indenture
	  	32
	
	ARTICLE V.
	
	ISSUANCE OF BONDS UPON THE BASIS OF PERMANENT ADDITIONS.
			
	 Section 5.01 -
	  	 Bonds may be issued on a basis of Permanent Additions
	  	33

  
 -ii- 

					
			
	 Section 5.02 -
	  	 Cost and Fair Value of property to be certified to Trustee; Limitation on issuance of Bonds based on such Cost or Fair
Value
	  	33
			
	 Section 5.03 -
	  	 Net earnings requirement
	  	33
			
	 Section 5.04 -
	  	 Use of Permanent Additions; documents to be delivered to the Trustee for establishing Cost and Fair Value of Permanent
Additions; Amount of Established Permanent Additions
	  	34
			
	 Section 5.05 -
	  	 (a) No Permanent Additions certified under Section 5.04 to be subsequently included in a similar
certificate
	  	37
		  	 (b) No Amount of Established Permanent Additions used or applied for certain purposes to be used again for such
purposes
	  	37
			
	 Section 5.06 -
	  	 Documents to be delivered to the Trustee upon issuance of Bonds on basis of Amount of Established Permanent
Additions
	  	37
			
	 Section 5.07 -
	  	 Percentages of Amount of Established Permanent Additions to be applied for particular purposes under Indenture
	  	39
	
	ARTICLE VI.
	
	ISSUANCE OF BONDS UPON RETIREMENT OF BONDS.
			
	 Section 6.01 -
	  	 Issuance of Bonds on basis of retired Bonds
	  	40
			
	 Section 6.02 -
	  	 No Bonds to be issued more than one year prior to the Stated Maturity of retired Bonds, with certain exceptions
	  	40
			
	 Section 6.03 -
	  	 When Bond deemed retired
	  	40
	
	ARTICLE VII.
	
	ISSUANCE OF BONDS UPON DEPOSIT OF CASH WITH TRUSTEE.
			
	 Section 7.01 -
	  	 Issuance of Bonds on basis of deposit of cash with Trustee
	  	42
			
	 Section 7.02 -
	  	 Conditions for cash withdrawal
	  	42

  
 -iii- 

					
	
	ARTICLE VIII.
	 PARTICULAR COVENANTS OF THE COMPANY.

 

			
	 Section 8.01 -
	  	 Lawful possession and right to mortgaged property; maintain Lien of Indenture
	  	43
			
	 Section 8.02 -
	  	 Pay principal and interest on Bonds
	  	43
			
	 Section 8.03 -
	  	 Keep office or agency at places in which the principal of and interest on Bonds is
payable
	  	43
			
	 Section 8.04 -
	  	 Pay taxes and not permit encumbrances
	  	43
			
	 Section 8.05 -
	  	 Insurance
	  	43
		  	 (a) Keep property insured
	  	
		  	 (b) Trustee’s possession of insurance moneys
	  	44
		  	 (c) Company expenditure of insurance moneys
	  	44
		  	 (d) Trustee liability for insurance loss settlements
	  	44
			
	 Section 8.06 -
	  	 Keep property in good repair; maintain corporate existence and franchises
	  	44
			
	 Section 8.07 -
	  	 [Omitted]
	  	45
			
	 Section 8.08 -
	  	 Record Indenture
	  	45
			
	 Section 8.09 -
	  	 Covenant for further assurance
	  	45
			
	 Section 8.10 -
	  	 Keep proper books of account and records open to inspection of Trustee
	  	45
			
	 Section 8.11 -
	  	 Bankruptcy, insolvency and receivership
	  	46
			
	 Section 8.12 -
	  	 Authorized to execute and deliver Indenture and issue Bonds
	  	46
			
	 Section 8.13 -
	  	 Pay taxes imposed on issue of Bonds
	  	46
			
	 Section 8.14 -
	  	 Issue Bonds only in accordance with Indenture
	  	46
			
	 Section 8.15 -
	  	 Perform all conditions and obligations of any prior Lien
	  	46
			
	 Section 8.16 -
	  	 Paying Agents
	  	46
			
	 Section 8.17 -
	  	 Furnish lists of Bondholders to Trustee
	  	47
			
	 Section 8.18 -
	  	 Reporting
	  	48

  
 -vii- 

					
		  	 (a) File certain annual reports and information with Trustee
	  	48
		  	 (b) File additional information with Trustee and Commission
	  	48
		  	 (c) Transmit summaries of reports and information to Bondholders
	  	48
		  	 (d) Furnish annual certificate concerning compliance with Indenture conditions and
covenants
	  	48
			
	 Section 8.19 -
	  	 Provide Opinion of Counsel
	  	48
	
	ARTICLE IX.
	MAINTENANCE FUND.
			
	 Section 9.01 -
	  	 Maintenance Covenant
	  	50
			
	 Section 9.02 -
	  	 Documents to be filed with Trustee annually
	  	50
			
	 Section 9.03 -
	  	 Maintenance Fund may be applied to the purchase or redemption of Bonds
	  	51
			
	 Section 9.04 -
	  	 Requirements for withdrawal of cash from Maintenance Fund
	  	51
			
	 Section 9.05 -
	  	 Use of excess of Maintenance Fund credits
	  	51
			
	 Section 9.06 -
	  	 Status of Maintenance Fund on sale of mortgaged and pledged property
	  	52
	
	ARTICLE X.
	REDEMPTION OF BONDS.
			
	 Section 10.01 -
	  	 Redemption provisions
	  	53
			
	 Section 10.02 -
	  	 Redemption in part; Notice of redemption
	  	53
			
	 Section 10.03 -
	  	 Cash or Government Obligations to be deposited With Trustee
	  	54
			
	 Section 10.04 -
	  	 Disposal of cash or Government Obligations deposited, Bonds cease to bear interest and are deemed paid after Redemption
Date
	  	54
			
	 Section 10.05 -
	  	 Bonds paid, retired or redeemed to be cancelled
	  	54
			
	 Section 10.06 -
	  	 Redeemed Bonds are considered paid
	  	54

  
 -v- 

							
			
	 Section 10.07 -
	  	 Decision of Trustee is final
	  	 	54	 
	
	ARTICLE XI.	 
	POSSESSION, USE AND RELEASE OF MORTGAGED AND PLEDGED PROPERTY.	 
			
	 Section 11.01 -
	  	 Company to possess, use and enjoy property until Completed Default
	  	 	55	 
			
	 Section 11.02 -
	  	 Property which may be disposed of without Trustee’s consent
	  	 	55	 
			
	 Section 11.03 -
	  	 Documents to obtain release from Lien of the Indenture
	  	 	57	 
			
	 Section 11.04 -
	  	 Trustee to release, without compliance with Section 11.03, property of Fair Value less than $25,000 or 1% of the
aggregate principal amount of Bonds Outstanding, not exceeding annual limitation
	  	 	61	 
			
	 Section 11.05 -
	  	 Interest on obligations payable to Company; obligations or property received in exchange to be subject to Lien
	  	 	61	 
			
	 Section 11.06 -
	  	 Proceeds of property taken by eminent domain to be paid to Trustee
	  	 	62	 
			
	 Section 11.07 -
	  	 Trustee in possession may exercise powers of Company
	  	 	62	 
			
	 Section 11.08 -
	  	 Purchaser in good faith not bound to inquire into authority of Trustee
	  	 	62	 
			
	 Section 11.09 -
	  	 Proceeds of released property to constitute Release Fund
	  	 	62	 
			
	 Section 11.10 -
	  	 Disposition of money in Release Fund
	  	 	63	 
			
	 Section 11.11 -
	  	 Certain proceeds to be paid to the Company
	  	 	63	 
			
	 Section 11.12 -
	  	 Status of Release Fund on sale of mortgaged and pledged property
	  	 	63	 
			
	 Section 11.13 -
	  	 Release Fund may be applied to purchase Bonds
	  	 	63	 
			
	 Section 11.14 -
	  	 Release Fund may be applied to redemption of Bonds
	  	 	64	 

  
 -vi- 

							
			
	 Section 11.15 -
	  	 Certain amounts in Release Fund for 24 months to be applied to purchase or redemption of
Bonds
	  	 	64	 
			
	 Section 11.16 -
	  	 Bonds delivered under this Article are equivalent to cash
	  	 	64	 
			
	 Section 11.17 -
	  	 Moneys may be withdrawn from Release Fund on basis of Bonds delivered
	  	 	64	 
			
	 Section 11.18 -
	  	 Bonds delivered for Release Fund to be cancelled
	  	 	64	 
	
	ARTICLE XII.	 
	MEETINGS OF BONDHOLDERS.	 
			
	 Section 12.01 -
	  	 Purposes
	  	 	66	 
			
	 Section 12.02 -
	  	 Trustee may call meetings
	  	 	66	 
			
	 Section 12.03 -
	  	 Company or Bondholders may call meetings
	  	 	66	 
			
	 Section 12.04 -
	  	 Persons entitled to vote
	  	 	66	 
			
	 Section 12.05 -
	  	 Determination of voting rights; conduct and adjournment of meetings
	  	 	67	 
			
	 Section 12.06 -
	  	 Counting votes and recording action of meetings
	  	 	67	 
	
	ARTICLE XIII.	 
	SINKING FUNDS.	 
			
	 Section 13.01 -
	  	 Sinking Funds; Bonds delivered to Trustee equivalent to cash under Section 13.01
(a)
	  	 	69	 
			
	 Section 13.02 -
	  	 (a) Moneys to be applied to purchase or redemption of Bonds
	  	 	69	 
		  	 (b) Bonds to be selected by lot
	  	 	70	 
		  	 (c) Effect of deposit of money for redemption
	  	 	70	 
		  	 (d) Exchange of Coupon Bonds or Registered Bonds without coupon for unredeemed balance of principal of Registered Bonds
without coupons
	  	 	70	 
			
	 Section 13.03 -
	  	 Bonds purchased or redeemed to be cancelled
	  	 	70	 
	
	ARTICLE XIV.	 
	REMEDIES OF TRUSTEE AND BONDHOLDERS UPON DEFAULT.	 

  
 -vii- 

							
			
	 Section 14.01 -
	  	 Certain events to be Completed Defaults; Bonds may be declared due when a Completed Default exists
	  	 	71	 
			
	 Section 14.02 -
	  	 Entry, Possession and operation of mortgaged and pledged property by Trustee on Completed Default; application of income
collected by Trustee
	  	 	71	 
			
	 Section 14.03 -
	  	 Power of sale on Completed Default
	  	 	72	 
			
	 Section 14.04 -
	  	 Judicial proceedings and suits at law or in equity upon Completed Default; Trustee may file proof of claim; remedies
cumulative; failure to exercise right not waiver
	  	 	73	 
			
	 Section 14.05 -
	  	 Majority of Bondholders may direct Trustee
	  	 	74	 
			
	 Section 14.06 -
	  	 Appointment of a receiver as matter of right
	  	 	74	 
			
	 Section 14.07 -
	  	 All Bonds to become due in case of sale upon Completed Default
	  	 	74	 
			
	 Section 14.08 -
	  	 Bondholders or Trustee may bid for property; Bonds may be used for purchase price
	  	 	74	 
			
	 Section 14.09 -
	  	 Purchaser not obligated to see to application of proceeds of sale
	  	 	74	 
			
	 Section 14.10 -
	  	 Any sale to divest title of Company
	  	 	74	 
			
	 Section 14.11 -
	  	 Application of proceeds of sale
	  	 	75	 
			
	 Section 14.12
	  	 Company’s waiver of stay, extension and redemption etc.
	  	 	75	 
			
	 Section 14.13 -
	  	 Trustee to collect the whole amount due and payable; has power to sue therefor
	  	 	75	 
			
	 Section 14.14 -
	  	 Trustee may enforce rights without possession of Bonds
	  	 	76	 
			
	 Section 14.15 -
	  	 (a) Bondholder instituted actions or proceedings
	  	 	76	 
		  	 (b) In any suit under Indenture or against Trustee, court may require undertaking to pay costs and may assess reasonable
costs
	  	 	77	 
		  	 (c) Nothing in Indenture to impair Company’s obligation or to affect Bondholders’ right, to extent permitted
by law, to enforce payment, etc.
	  	 	77	 
			
	 Section 14.16 -
	  	 Company may waive period of grace
	  	 	77	 

  
 -viii- 

					
			
	 Section 14.17 -
	  	 Discontinuance or abandonment of proceedings
	  	77
			
	 Section 14.18 -
	  	 Rights, remedies and powers may be exercised only to extent that exercise does not violate any applicable provision of
law
	  	77
	
	ARTICLE XV.
	EVIDENCE OF RIGHTS OF BONDHOLDERS AND OWNERSHIP OF BONDS.
			
	 Section 15.01 -
	  	 Evidence of Bondholder action
	  	78
			
	 Section 15.02 -
	  	 Acknowledgements and proofs
	  	78
			
	 Section 15.03 -
	  	 Recognition of Bondholders
	  	79
			
	 Section 15.04 -
	  	 Revocation of Bondholder action; action of Bondholders to bind subsequent Holders
	  	79
			
	 Section 15.05 -
	  	 Record date
	  	79
	
	ARTICLE XVI.
	EFFECT OF MERGER, CONSOLIDATION, ETC ON THE LIEN OF INDENTURE.
			
	 Section 16.01 -
	  	 Consolidation or merger permitted under certain conditions
	  	80
			
	 Section 16.02 -
	  	 Successor Corporation entitled to issue Bonds; conditions thereof
	  	80
			
	 Section 16.03 -
	  	 Limit of Lien of the Indenture on property of Successor Corporation
	  	81
			
	 Section 16.04 -
	  	 Company may surrender powers
	  	81
	
	ARTICLE XVII.
	THE TRUSTEE.
			
	 Section 17.01 -
	  	 Duties, responsibilities and liabilities
	  	82
			
	 Section 17.02 -
	  	 Notice of Defaults
	  	83
			
	 Section 17.03 -
	  	 Actions and rights
	  	83
			
	 Section 17.04 -
	  	 Not responsible for recitals or issuance of Bonds or application of proceeds
	  	84
			
	 Section 17.05 -
	  	 May hold Bonds
	  	84

  
 -ix- 

							
			
	 Section 17.06 -
	  	 Money held in trust
	  	 	84	 
			
	 Section 17.07 -
	  	 Company commits to compensate, reimburse and indemnify Trustee; Trustee’s prior lien
	  	 	84	 
			
	 Section 17.08 -
	  	 (a) Requirement to eliminate conflicting interest or resign; Notice of Failure to comply with requirements of
subdivision (a)
	  	 	85	 
		  	 (b) Conflicting interest
	  	 	85	 
		  	 (c) Certain definitions
	  	 	88	 
		  	 (d) Voting Security calculations
	  	 	88	 
		  	 (e) Trustee may apply to Commission for stay of resignation
	  	 	89	 
			
	 Section 17.09 -
	  	 Eligible Trustee required
	  	 	90	 
			
	 Section 17.10 -
	  	 Resignation and removal; appointment of successor; notice to Bondholders
	  	 	90	 
			
	 Section 17.11 -
	  	 Acceptance of appointment by successor
	  	 	91	 
			
	 Section 17.12 -
	  	 Merger, conversion, consolidation or succession to business
	  	 	91	 
			
	 Section 17.13 -
	  	 (a) Preferential collection of claims against Company
	  	 	92	 
		  	 (b) Certain creditor relationships exempt from obligation to account
	  	 	94	 
		  	 (c) Certain definitions
	  	 	94	 
			
	 Section 17.14 -
	  	 Co-trustee and separate trustee
	  	 	95	 
			
	 Section 17.15 -
	  	 Authenticating Agent
	  	 	96	 
			
	 Section 17.16 -
	  	 Address where notices to be served on Company; notice of change of address of Trustee’s principal corporate trust
office
	  	 	97	 
			
	 Section 17.17 -
	  	 (a) Preservation of information by Trustee; destruction of information by Trustee and conditions thereof
	  	 	97	 
		  	 (b) Access of Bondholders to list, and conditions thereof
	  	 	98	 
		  	 (c) Trustee not accountable by reason of mailing information
	  	 	99	 
			
	 Section 17.18 -
	  	 (a) Annual information to be furnished to Bondholders by Trustee
	  	 	99	 
		  	 (b) Additional reports to Bondholders
	  	 	100	 
		  	 (c) Transmission of reports to Bondholders
	  	 	100	 

  
 -x- 

							
			
		  	 (d) Filings of reports with stock exchanges and Commission
	  	 	100	 
			
	 Section 17.19 -
	  	 Trustee may examine books, records and premises of Company
	  	 	101	 
			
	 Section 17.20 -
	  	 Trustee’s relationship with Paying Agents
	  	 	101	 
			
	 Section 17.21 -
	  	 Notice to Trustee to be notice to separate trustee or
co-trustee
	  	 	101	 
			
	 Section 17.22 -
	  	 Trustee entitled to file proofs of claim, etc. for its claims and Bondholders’
claim
	  	 	102	 
			
	 Section 17.23 -
	  	 Power of Trustee to do acts necessary and incidental to powers
	  	 	102	 
			
	 Section 17.24 -
	  	 Acknowledgement by Trustee of Permitted Encumbrances
	  	 	102	 
	
	ARTICLE XVIII.	 
	DEFEASANCE.	 
			
	 Section 18.01 -
	  	 Payment of indebtedness; satisfaction and discharge of Indenture
	  	 	103	 
			
	 Section 18.02 -
	  	 Application of deposited money
	  	 	104	 
	
	ARTICLE XIX.	 
	SUPPLEMENTAL TRUST INDENTURES; MODIFICATION OF INDENTURE.	 
			
	 Section 19.01 -
	  	 Supplemental Trust Indentures without consent of Bondholders
	  	 	105	 
			
	 Section 19.02 -
	  	 Supplemental Trust Indentures with consent of Bondholders
	  	 	106	 
			
	 Section 19.03 -
	  	 Conditions for Trustee’s execution of Supplemental Trust Indentures
	  	 	107	 
			
	 Section 19.04 -
	  	 Effect of Supplemental Trust Indentures
	  	 	108	 
			
	 Section 19.05 -
	  	 Conformity with Trust Indenture Act
	  	 	108	 
			
	 Section 19.06 -
	  	 Reference in Bonds to Supplemental Trust Indentures
	  	 	108	 

  
 -xi- 

							
	
	ARTICLE XX.	 
	IMMUNITY OF STOCKHOLDERS, OFFICERS AND DIRECTORS.	 
		
	 Immunity of stockholders, officers and directors
	  	 	109	 
	
	ARTICLE XXI.	 
	MISCELLANEOUS.	 
			
	 Section 21.01 -
	  	 Indenture for exclusive benefit of parties and Bondholders
	  	 	110	 
			
	 Section 21.02 -
	  	 Powers, privileges or rights of Company may be restricted or surrendered by instrument executed by Company
	  	 	110	 
			
	 Section 21.03 -
	  	 Withdrawal of money deposited for payment or redemption of Bonds
	  	 	110	 
			
	 Section 21.04 -
	  	 Interest on overdue principal or interest ceases on deposit with Trustee and notice
	  	 	111	 
			
	 Section 21.05 -
	  	 Company may specify that cash deposited with Trustee is to be held in trust
	  	 	111	 
			
	 Section 21.06 -
	  	 Investment of moneys by Trustee in certain securities; such securities to be held by Trustee as part of mortgaged and
pledged property
	  	 	111	 
			
	 Section 21.07 -
	  	 Destruction of Bonds on request of Company; certificate of destruction
	  	 	112	 
			
	 Section 21.08 -
	  	 Requirements as to certificates and opinions furnished by Company to Trustee
	  	 	112	 
			
	 Section 21.09 -
	  	 (a) Permissive basis for certificate or opinion by officer or others
	  	 	112	 
		  	 (b) Permissive basis for certificate or Opinion of Counsel
	  	 	112	 
		  	 (c) Additional certificates and opinions required concerning conditions precedent prior to Trustee acting at request of
Company
	  	 	113	 
			
	 Section 21.10 -
	  	 Company not relieved of furnishing documents required by other Articles
	  	 	113	 

  
 -xii- 

							
			
	 Section 21.11 -
	  	 Consent of Holders of Bonds issued on or subsequent to the date of Restated Indenture
	  	 	113	 
			
	 Section 21.12 -
	  	 Restated Indenture to be construed as a part of the Original Indenture, as
supplemented
	  	 	113	 
			
	 Section 21.13 -
	  	 (a) Trust Indenture Act to control
	  	 	113	 
		  	 (b) Severability of conditions contained
	  	 	113	 
			
	 Section 21.14 -
	  	 (a) Provision for execution in counterparts
	  	 	113	 
		  	 (b) Table of contents and descriptive headings of Articles not to affect meaning
	  	 	113	 
			
	 Section 21.15 -
	  	 Parties named include successors or assigns
	  	 	113	 
			
	 Section 21.16 -
	  	 Amount of obligations to be issued under Restated Indenture
	  	 	113	 
			
	 Section 21.17 -
	  	 Permissive basis for certificate or Opinion of Counsel as to title
	  	 	114	 
			
	 Section 21.18 -
	  	 Approval by Trustee of Engineer, appraiser or other expert, counsel or Accountant
	  	 	114	 
			
	 Section 21.19 -
	  	 Transmission of notice to Bondholders accomplished by mailing
	  	 	114	 
			
	 Section 21.20 -
	  	 Provisions as to the form that certificates of officers, etc. required under the indenture may
take
	  	 	115	 
			
	 Section 21.21 -
	  	 Applicable Law
	  	 	115	 
		
	 Signatures and Acknowledgements
	  	 	117	 
		
	 Schedule A
	  	 	A-1	 

  
 -xiii- 

 THIS SUPPLEMENTAL AND RESTATED TRUST INDENTURE, made as of March 1,
1991 by and between NORTHERN STATES POWER COMPANY, a corporation duly organized and existing under and by virtue of the laws of the State of Wisconsin, having its principal office in the city of Eau Claire, Wisconsin (the
“Company”), the party of the first part, and FIRST WISCONSIN TRUST COMPANY, a corporation duly organized and existing under and by virtue of the laws of the State of Wisconsin, having its principal office in the City of Milwaukee,
Wisconsin, as Trustee (the “Trustee”), party of the second part. 
 WHEREAS, the Company has executed and
delivered to the Trustee its Trust Indenture (the “1947 Indenture”), made as of April 1, 1947, whereby the Company granted, bargained, sold, warranted, released, conveyed, assigned, transferred, mortgaged, pledged, set over, and
confirmed to the Trustee, and to its respective successors in trust, all property, real, personal, and mixed, then owned or thereafter acquired or to be acquired by the Company (except as therein excepted from the lien thereof) and, subject to the
rights reserved by the Company under the provisions of the 1947 Indenture, to be held by the Trustee in trust in accordance with provisions of the 1947 Indenture for the equal pro rata benefit and security of each and every bond issued and to be
issued thereunder in accordance with the provisions thereof; and 
 WHEREAS, the Company has executed and delivered
to the Trustee the following additional Supplemental Trust Indentures which, in addition to conveying, assigning, transferring, mortgaging, pledging, setting over, and confirming to the Trustee, and its respective successors in said trust,
additional property acquired by it subsequent to the preparation of the next preceding Supplemental Trust Indenture and adding to the covenants, conditions, and agreements contained in the 1947 Indenture certain additional covenants, conditions, and
agreements to be observed by the Company, created the following series of Bonds: 
  

			
	 Date of Supplemental Trust Indenture
	  	 Designation of Series

	March 1, 1949	  	Series due March 1, 1979 (retired)
	June 1, 1957	  	Series due June 1, 1987 (retired)
	August 1, 1964	  	Series due August 1, 1994
	December 1, 1969	  	Series due December 1, 1999
	September 1, 1973	  	Series due October 1, 2003
	February 1, 1982	  	Pollution Control Series A (redeemed)
	March 1, 1982	  	Series due March 1, 2012 (redeemed)
	June 1, 1986	  	Series due July 1, 2016
	March 1, 1988	  	Series due March 1, 2018

 The 1947 Indenture and the foregoing Supplemental Trust Indentures are collectively referred to herein as the
“Original Indenture.” The Original Indenture, this Restated Indenture, any Subsequent Supplemental Trust Indentures and any Supplemental Trust Indentures executed after the Effective Date are collectively referred to herein as the
“Indenture”; and 
 WHEREAS, the Company has deemed it necessary and desirable to amend, restate and
supplement the Original Indenture as provided in Article I of this Restated Indenture; and 

  
 -1- 

 WHEREAS, this Restated Indenture shall become and be effective as provided
in Article I hereof; and 
 WHEREAS, each Holder of a Bond of any series not now Outstanding, which series shall be
originally authenticated by the Trustee and originally issued by the Company under the Indenture on or subsequent to the date of this Restated Indenture, by the acquisition, holding or ownership of such Bond, thereby consents and agrees to, and
shall be bound by, the provisions of this Restated Indenture on and after the Effective Date; and 
 WHEREAS, the
execution and delivery of this Restated Indenture have been duly authorized by the Company; and 
 WHEREAS, this
Restated Indenture is supplemental to the Original Indenture and shall not in any way extinguish or otherwise adversely affect the lien of the Original Indenture on the mortgaged and pledged property of the Company; and 

WHEREAS, capitalized terms previously used in these recitals or hereafter used in the granting clauses (and not
otherwise defined herein or therein) shall have the meanings assigned to them by Section 1.03; and 
 WHEREAS,
all things necessary to make this Restated Indenture a valid, binding and legal instrument for the security of the Bonds have been done and performed; 

GRANTING CLAUSES 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: The Company, in consideration of the premises and of one dollar to it duly
paid by the Trustee at or before the ensealing and delivery of these presents, the receipt of which is hereby acknowledged, and in order to secure the payment, both of the principal and interest, of all Bonds at any time Outstanding according to
their tenor and effect and the performance of and compliance with the covenants and conditions in this Indenture, has granted, bargained, sold, warranted, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed, and by
these presents does grant, bargain, sell, warrant, release, convey, assign, transfer, mortgage, pledge, set over and confirm unto the Trustee, and to its successors in said trust forever, all property, real, personal and mixed now owned or hereafter
acquired or to be acquired by the Company, and wherever situated (except as hereinafter excepted from the Lien Hereof) subject to the rights reserved by the Company and by other provisions of the Indenture, including (without in any manner limiting
or impairing by the enumeration of the same the scope and intent of the foregoing or of any general description contained in this Indenture) all lands, rights of way, other land rights, flowage and other water rights, reservoirs, dams, waterways,
docks, roads, and other land improvements; fossil, nuclear, hydro and other electric generating plants, including buildings and other structures, turbines, generators, boilers, reactors, nuclear fuel, other boiler plant equipment, condensing
equipment and all other generating equipment; substations; electric transmission and distribution systems, including structures, poles, towers, fixtures, conduits, insulators, wires, cables, transformers, services and meters; steam heating mains and
equipment; gas transmission and distribution systems, including structures, storage facilities, mains, compressor stations, purifier stations, pressure holders, governors, services and meters; office, shop and other buildings and structures,
furniture and equipment; apparatus and equipment of all 

  
 -2- 

 
other kinds and descriptions; all municipal and other franchises, all leaseholds, licenses, permits, privileges, patents and patent rights; parts or parcels of such real property and items of
other property being more specifically described and mentioned or enumerated in Schedule A, and in schedules marked Schedule A and annexed to the Original Indenture and to all Subsequent Supplemental Trust Indentures, except all Permanent Additions
owned by the Company on or after April 1, 1947, which have been removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service or property described in such schedules which has been released by the
Trustee from the Lien Hereof (reference to such schedules for a more specific description and enumeration of the property therein described and enumerated being hereby made with the same force and effect as if the same were incorporated herein at
length); 
 TOGETHER WITH all and singular the tenements, hereditaments and appurtenances belonging or in any way appertaining to the
aforesaid property or any part thereof with the reversion and reversions, remainder and remainders, tolls, rents and revenues, issues, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as
well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof. 

THERE ARE HEREBY EXCEPTED from the Lien of the Indenture, whether now owned or hereafter acquired by the Company, anything herein
contained to the contrary notwithstanding, (1) all shares of stock, bonds, notes, evidence of indebtedness and other securities other than such as may be or are required to be deposited with the Trustee in accordance with the provisions of the
Indenture; (2) cash on hand and in banks other than such as may be or is required to be deposited with the Trustee in accordance with the provisions of the Indenture; (3) contracts, claims, bills and accounts receivable and choses in
action other than such as may be or are required to be assigned to the Trustee in accordance with the provisions of the Indenture; (4) motor vehicles; (5) any stock of goods, wares and merchandise, equipment and supplies acquired for the
purpose of sale or lease in the usual course of business or for the purpose of consumption in the operation, construction or repair of any of the properties of the Company; and (6) parts or parcels of real property specifically described in a
schedule marked Schedule B and annexed to the 1947 Indenture. 
 It is hereby agreed by the Company that, except as hereinabove excepted
from the Lien Hereof, all the property, rights and franchises acquired by the Company after the Effective Date shall be as fully embraced within the Lien Hereof as if such property were now owned by the Company and were specifically described herein
and conveyed hereby. 
 The foregoing provisions, as they purport to subject to the Lien Hereof property hereafter acquired by any Successor
Corporation, are subject to the provisions of Article XVI relating to the effect of a consolidation or merger into another corporation or sale or lease of substantially all of the property of the Company. 

TO HAVE AND TO HOLD all said properties, real, personal and mixed, mortgaged, pledged, or conveyed by the Company as aforesaid, or
intended so to be, unto the Trustee and its successors and assigns forever; subject, however, to Permitted Encumbrances. 

  
 -3- 

 IN TRUST NEVERTHELESS, for the equal pro rata benefit and security of each and every Bond
issued and to be issued hereunder in accordance with the provisions of the Indenture, without preference, priority or distinction as to lien of any over the others by reason of priority in time of the issue, negotiation or maturity thereof; subject,
however, to the provisions of the Indenture and of any Supplemental Trust Indenture relating to any sinking fund or similar fund for the benefit of the Bonds of any particular series or of any portion of the Bonds of any series; it being intended
that the lien and security for all Bonds shall take effect from the execution and delivery of the Indenture, and that the security and Lien of the Indenture shall take effect from the date of execution and delivery thereof as though all of the Bonds
of all series were actually authenticated and delivered upon such date. 
 PROVIDED, that if the Company, its successors, or assigns,
shall pay or cause to be paid unto the Holders of the Bonds the principal and interest to become due in respect thereof, at the times and in the manner stipulated therein and herein, and shall keep, perform and observe each and every covenant and
promise expressed in the Bonds and expressed in the Indenture to be maintained, performed and observed by or on the part of the Company, then the Indenture and the estate and rights granted, shall cease, determine and be void, otherwise to be and
remain in full force and effect. 
 IT IS HEREBY COVENANTED, DECLARED AND AGREED, by the Company, that, after the Effective Date, all
Bonds previously or hereafter issued are to be issued, authenticated and delivered in accordance with, and that, after the Effective Date, all property subject or to become subject hereto is to be held subject to, the covenants, conditions, uses and
trusts set forth herein. The Company, for itself and its successors and assigns, does hereby declare, covenant and agree to and with the Trustee and its successor or successors in said trust, for the benefit of those who shall hold Bonds after the
Effective Date, as follows: 

  
 -4- 

 ARTICLE I. 

EFFECTIVE DATE; AMENDMENT AND RESTATEMENT OF 

ORIGINAL INDENTURE; DEFINITIONS. 

SECTION 1.01. The term “Effective Date” as used herein shall mean the date selected by the Company that is no earlier than
the date on which a Supplemental Trust Indenture is first recorded and filed in such manner and to such extent as may be required by law and which states that: (a) the Original Indenture Bonds shall have been retired through payment or
redemption (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVIII of the Original Indenture) at, before or after the maturity thereof, or (b) the Holders or Registered
Holders of the Original Indenture Bonds not so retired through payment or redemption (or deemed to be paid within the meaning of Article XVIII of the Original Indenture) in accordance with the requirements of Article XIX of the Original Indenture,
as amended pursuant to Article IV of the Supplemental Trust Indenture dated June 1, 1986, shall have approved and agreed to be bound by Section 1.02, Section 1.03, Article II and Articles IV through XXI of this Restated Indenture.

 SECTION 1.02. (a) Upon the Effective Date, Articles I through XXI of the 1947 Indenture shall be deleted and replaced by
Section 1.03, Article II and Articles IV through XXI of this Restated Indenture. 
 (b) Upon the Effective Date, the
General Form of Coupon Bond, the General Form of Coupon, the General Form of Registered Bond without Coupons, the Form of Trustee’s Certificate, the Form of Coupon Bond of Series due April 1, 1977, the Form of Coupon for Coupon Bonds of
Series due April 1, 1977, and the Form of Registered Bond without Coupons of Series due April 1, 1977, in the 1947 Indenture are deleted. 

(c) Upon the Effective Date, the Articles of the Supplemental Trust Indentures listed below shall be deleted: 

 

							
	 	 	 Date of Supplemental Trust Indenture
	  	 Articles Deleted
	  	 
		 	 March 1, 1949
	  	 Art. II
	  	
		 		  	 Art. III
	  	
				
		 	 June 1, 1957
	  	 Art. II
	  	
		 		  	 Art. III
	  	
				
		 	 December 1, 1969
	  	 Art. IV
	  	
				
		 	 February 1, 1982
	  	 Art. II
	  	
		 		  	 Art. III
	  	
		 		  	 Art. IV
	  	
				
		 	 March 1, 1982
	  	 Art. II
	  	
		 		  	 Art. III
	  	
		 		  	 Art. IV
	  	

  
 -5- 

							
		 	 June 1, 1986
	  		  	 Art. IV

				
		 	 March 1, 1988
	  		  	 Art. IV

 (d) on the Effective Date, the following clause in the recitals of the Supplemental Trust
Indentures dated March 1, 1949, June 1, 1957, August 1, 1964, December 1, 1969, September 1, 1973, February 1, 1982, March 1, 1982, June 1, 1986 and March 1, 1988 is deleted: 

“WHEREAS, Section 2.01 of the Original Indenture provides that bonds may be issued thereunder
in one or more series, each series to have such distinctive designation as the Board of Directors of the Company may select for such series; and” 

is replaced by the following clause: 

“WHEREAS, the Indenture provides that bonds may be issued thereunder in one or more series, each
series to have such distinctive designation as the Board of Directors of the Company may select for such series; and”. 

(e) On the Effective Date, the following clause in the recitals of the Supplemental Trust Indenture dated March 1, 1949
is deleted: 
 “WHEREAS, Sections 2.01, 4.01 and 21.03 of the Original Indenture provide in
substance that the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue
of the bonds of any series not expressly provided for in the Original Indenture and of assigning, conveying, mortgaging, pledging and transferring unto the Trustee additional property of the Company, and for any other purpose not inconsistent with
the terms of the Original Indenture; and” 
 is replaced by the following clause: 

“WHEREAS, the Indenture provides in substance that the Company and the Trustee may enter
into indentures supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not expressly provided
for in the Original Indenture and of conveying, assigning, transferring, mortgaging, pledging, setting over, and confirming to the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the
Indenture; and”. 
 (f) On the Effective Date, the following clause in the recitals of the Supplemental Trust
Indentures dated June 1, 1957, August 1, 1964, December 1, 1969, September 1, 1973, February 1, 1982, March 1, 1982, June 1, 1986 and March 1, 1988 is deleted: 

“WHEREAS, Sections 4.01 and 21.03 of the Original Indenture provide in substance that the
Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any 

  
 -6- 

 new series of bonds and of providing the terms and conditions of the issue of the bonds of any
series not expressly provided for in the Original Indenture and of assigning, conveying, mortgaging, pledging and transferring unto the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the
Original Indenture; and”. 
 and is replaced by the following clause: 

“WHEREAS, the Indenture provides in substance that the Company and the Trustee may enter into
indentures supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not expressly provided for in
the Original Indenture and of conveying, assigning, transferring, mortgaging, pledging, setting over, and confirming to the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the Indenture;
and”. 
 (g) On the Effective Date, the phrase “permissible encumbrances as defined in Section 1.09 of the
Original Indenture” referenced in Section 1.01 of the Supplemental Trust Indentures dated March 1, 1949, June 1, 1957, August 1, 1964, December 1, 1969, September 1, 1973, February 1, 1982, March 1, 1982,
June 1, 1986 and March 1, 1988 is deleted and the following phrase is inserted in lieu thereof: 
 “Permitted
Encumbrances as defined in the Indenture”. 
 (h) On the Effective Date, the phrase “shall be dated as in
Section 2.09 of the Original Indenture provided.” referenced in Section 2.01 of the Supplemental Trust Indenture dated August 1, 1964 is deleted and the following phrase is inserted in lieu thereof: 

“shall be dated as of the interest payment date of the Bonds of said series, next preceding the date of issue thereof,
unless issued on an interest payment date, in which event they shall be dated as of such date and shall bear interest from their date or if issued prior to an interest payment date in which event they shall be dated as of the date of coupon bonds of
such series.” 
 (i) On the Effective Date, the phrase “Section 10.02 of the Original Indenture”
referenced in Section 2.02 of the Supplemental Trust Indentures dated August 1, 1964, December 1, 1969, September 1, 1973, June 1, 1986 and March 1, 1988 is deleted wherever it appears and the following phrase is
inserted in each instance in lieu thereof: 
 “Section 10.02 of the Indenture”. 

(j) On the Effective Date, the phrase “Article XIII of the Original Indenture” referenced in Section 2.02 of the
Supplemental Trust Indentures dated August 1, 1964, December 1, 1969, September 1, 1973, June 1, 1986 and March 1, 1988 is deleted wherever it appears and the following phrase is inserted in each instance in lieu thereof:

 “ Article XIII of the Indenture”. 

  
 -7- 

 (k) On the Effective Date, the phrase “bearing interest as provided in
Section 2.09 of the Original Indenture thereupon” referenced in Section 2.03 of the Supplemental Trust Indentures dated December 1, 1969, September 1, 1973, June 1, 1986 and March 1, 1988 is deleted and the
following phrase is inserted in lieu thereof: 
 “bearing interest as provided in Section 2.01 hereof,” 

(1) On the Effective Date the phrase “dated and bearing interest as provided in Section 2.09 of the Original
Indenture; and upon payment, if the Company shall so require, of the charge therefor as provided in Section 2.11 of the Original Indenture.” referenced in Section 2.05 of the Supplemental Trust Indenture dated August 1, 1964 is
deleted and the following phrase inserted in lieu thereof: 
 “dated and bearing interest as provided in
Section 2.01 hereof, and upon payment, if the Company shall so require, of a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge required to be paid by the Company by reason of such exchange and in
addition may charge a sum not exceeding five dollars ($5.00) for each bond issued upon any such exchange, which shall be paid by the party requesting such exchange as a condition precedent to the exercise of the privilege of making such
exchange.” 
 (m) On the Effective Date, the phrase “bearing interest as provided in Section 2.09 of the
Original Indenture, and upon payment, if the Company shall so require, of the charge therefor provided in Section 2.11 of the Original Indenture;” referenced in Section 2.06 of the Supplemental Trust Indenture dated August 1,
1964 is deleted and the following phrase is inserted in lieu thereof: 
 “bearing interest as provided in
Section 2.01 hereof, and upon payment, if the Company shall so require, of a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge required to be paid by the Company by reason of such exchange and in
addition may charge a sum not exceeding five dollars ($5.00) for each bond issued upon any such exchange, which shall be paid by the party requesting such exchange as a condition precedent to the exercise of the privilege of making such
exchange.” 
 (n) On the Effective Date, Section 2.05 of the Supplemental Trust Indenture dated March 1, 1988
is deleted. 
 SECTION 1.03. Definitions. 

Certain terms, as used specifically in particular Articles of the Indenture, are defined in those Articles. 

For all purposes of the Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

A. The terms defined in this Section have the meanings assigned to them in this Section and include the plural
as well as the singular. 

  
 -8- 

 B. If the Indenture is qualified under the Trust Indenture Act,
all other terms used herein which are defined in said Act, either directly or by reference therein, have the meanings assigned to them therein. 

C. All accounting terms not otherwise defined herein have the meanings assigned to them, and all computations
herein provided for, shall be made in accordance with generally accepted accounting principles, except that the Company may conform to any order, rule or regulation of any regulatory authority having jurisdiction over the Company. 

D. Unless otherwise indicated, all references in this instrument to designated Articles, Sections, subsections,
paragraphs and clauses are to the designated Articles, Sections, subsections, paragraphs and clauses of this instrument as originally executed. 

E. Unless indicated, all references in this instrument to a particular article and section of the Original
Indenture are intended to refer to the specified article and section of the 1947 Indenture, subject to any amendments thereto contained in a Supplemental Trust Indenture. 

F. The words “herein”, “hereof” and “hereunder” and other words of similar import
refer to the Indenture as a whole and not to any particular Article, Section, subsection, paragraph or clause unless specifically stated to the contrary. 

“Accountant” means a Person engaged in the practice of accounting who (except as otherwise expressly provided
in the Indenture) may be employed by or affiliated with the Company. 
 “Accountant’s Certificate”
means a certificate, conforming to the applicable requirements of Sections 21.08 and 21.09, signed and verified by the President or a Vice President of the Company and by an Accountant, who may be such President or Vice President (in which case only
one signature shall be required), or who may otherwise be employed by the Company. 
 “Acquired Facility”
means any property which, within six months prior to the date of its acquisition by the Company, has been used or operated by a Person other than the Company in a business similar to that in which such property has been or is to be used or operated
by the Company. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control”, when used with respect to any specified Person, means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Amount of Established Permanent Additions” means the balance stated in each Engineer’s Certificate
delivered pursuant to paragraph (8) of subdivision (a) of Section 5.04. 

  
 -9- 

 “Application” means an application for the authentication and
delivery of Bonds, the release of property or the withdrawal of cash under any provision of the Indenture and shall consist of, and shall not be deemed complete until there shall have been delivered to the Trustee, such cash, Bonds, securities and
documents as are required by such provision to establish the right of the Company to the action applied for. The date of a particular Application shall be deemed to be the date of completion of such deliveries to the Trustee and not the date of any
particular document so delivered. 
 “Authenticating Agent”, when used with respect to any particular
series of Bonds, means any Person named as authenticating agent for said series in the provisions of the Indenture relating to said series and any successor authenticating agent. 

“Board of Directors” means either the Board of Directors of the Company or any committee of the Company
appointed by the Board of Directors of the Company, provided that such committee of the Company has been properly elected or appointed in accordance with law and the by-laws of the Company and has the power
requisite to take the action in question. 
 “Bondholder” means a Registered Holder of a Bond or, when used
with respect to a Coupon Bond, means the bearer of such Bond or, when used with respect to any coupon, shall mean the bearer thereof. 

“Bond Register” and “Bond Registrar” have the respective meanings stated in
Section 2.12. 
 “Bond” means any bond authenticated and delivered under the Indenture and, if
applicable unless the context otherwise requires, any coupons applicable thereto. 
 “Commission” means the
Securities and Exchange Commission, created under the Securities Exchange Act of 1934, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties theretofore assigned to it under the Trust
Indenture Act, then the body performing such duties at such time. 
 “Company” means the party of the first
part hereto, Northern States Power Company, a Wisconsin corporation, until a Successor Corporation shall have become such pursuant to the Indenture, and thereafter, “Company” shall mean such Successor Corporation. 

“Company Consent”, “Company Order” and “Company Request” mean,
respectively, a written consent, order or request signed in the name of the Company by the President, a Vice President, the Treasurer, an Assistant Treasurer or the Controller and attested by the Secretary or an Assistant Secretary of the Company,
and delivered to the Trustee. 
 “Completed Default” has the meaning stated in Section 14.01. 

“Completed Depreciable Property” means, as of any specified time of computation, an amount, determined in
accordance with generally accepted accounting principles, equal to the cost, as shown on the books of the Company, of the portion of the properties subject to the Lien Hereof that are currently depreciable. 

  
 -10- 

 “Cost”, as applied to Permanent Additions and used in any
certificate herein provided for, shall be computed as of any particular date to be the amounts paid, expended or incurred by the Company for such Permanent Additions and added to the utility plant or fixed capital accounts of the Company according
to the pertinent classification of accounts prescribed by any commission or other governmental authority to whose jurisdiction the Company at the time may be subject (or, in the absence of such a system, in accordance with generally accepted
accounting principles), and, in the case of an Acquired Facility, shall be deemed to include the cost of any franchises, contracts, operating agreements, other rights or intangible property acquired simultaneously therewith and related thereto, even
though no separate or distinct consideration shall have been paid for or apportioned to such franchises, contracts, operating agreements or other rights or property; provided that: 

(1) there shall be included in the Cost of Permanent Additions the principal amount of any monetary obligations
incurred or assumed by the Company which is directly related to the construction, acquisition or erection thereof or subject to which such Permanent Additions are acquired. 

(2) if the Company acquires any Permanent Additions in consideration, in whole or in part, of its own capital
stock, the reasonable value of such stock may, at the option of the Company, be included in the Cost of such Permanent Additions. The reasonable value of such stock shall be the value thereof as found or determined by a commission or other
governmental authority to whose jurisdiction the Company may be subject or, if no such finding or determination shall have been made, then the reasonable value of such stock shall be ascertained as follows: The Company shall appoint one or more
Independent appraisers, approved by the Trustee, to determine the reasonable value of such stock on the date or dates of its delivery, which determination shall be evidenced by a certificate, conforming to the requirements of Sections 21.08 and
21.09, signed by such Person so appointed and filed with the Trustee, stating the reasonable value of such stock in the opinion of such Person. Such certificate shall be conclusive evidence of the reasonable value of such stock for purposes of the
Indenture. 
 (3) if Permanent Additions consist of property owned by a Successor Corporation immediately
prior to the time it shall become such by consolidation, merger or sale, as provided in Section 16.01, the Cost to the Company shall be the ledger value of such property on the books of such Successor Corporation, less applicable reserves for
depreciation, retirements and depletion immediately prior to such consolidation, merger or sale. 
 “Coupon
Bond” means any coupon bond of the Series due August 1, 1994. 
 “Date Hereof” means
March 1, 1991. 
 “Default” means any event which has occurred and is continuing which, with the lapse
of time or giving of notice, or both, would constitute a Completed Default. 
 “Defaulted Interest” has the
meaning stated in Section 2.03. 
 “Depreciable Property” means, as of any specified time of
computation, an amount, determined in accordance with generally accepted accounting principles, equal to the cost, as 

  
 -11- 

 
shown on the books of the Company, of (i) the Completed Depreciable Property and (ii) properties subject to the Lien Hereof that are in the process of being constructed and will be
depreciable upon completion. 
 “Earnings Applicable to Bond Interest” for any applicable period means an
amount computed as follows: From Gross Revenues of the Company, plus losses sustained from the disposition, write down or write off of capital assets, subtract (1) all profit realized from the sale of capital assets; (2) deductions (other
than taxes measured by income and interest charges) for all operating expenses and other income deductions (including, to the extent not otherwise deducted, all losses sustained from the disposition, write down or write off of capital assets); and
(3) any amount by which the actual expenditures or charges of the Company for ordinary repairs and maintenance and charges for reserves, renewals, replacements, retirements depreciation and depletion are less than 2.50% of Completed Depreciable
Property, as of the end of such period. 
 “Effective Date” means that date defined in Section 1.01.

 “Engineer” means a Person who is (1) engaged in the engineering profession, (2) an appraiser
or (3) other expert who (except as otherwise expressly provided in the Indenture) may be employed by or affiliated with the Company and who shall be duly authorized to make such certificate or opinion. 

“Engineer’s Certificate” means a certificate, conforming to the applicable requirements of Sections
21.08 and 21.09, signed and verified by the President or a Vice President of the Company and by an Engineer who may be such President or Vice President (in which case only one signature shall be required), or who may otherwise be employed by the
Company. 
 “Fair Value”, when used with respect to any property (including obligations for the payment of
money or other securities), means the fair value thereof to the Company in the opinion of the Person making the determination. The Fair Value to the Company of any Permanent Additions consisting of an Acquired Facility (i) shall include an
amount for any franchises, contracts, operating agreements or other rights acquired simultaneously therewith and related thereto, even though no separate or distinct consideration shall have been paid for or apportioned to such franchises,
contracts, operating agreements or other rights, and (ii) shall include as an element of the value of such Permanent Additions a proper amount for the earnings capability of such Permanent Additions. 

If the Fair Value of any property, obligation or securities shall be stated both in an Engineer’s Certificate and in an
Independent Engineer’s Certificate, the Fair Value stated in the Independent Engineer’s Certificate shall be deemed to be the Fair Value of such property, obligations or securities for all purposes of the Indenture. 

“Government Obligations” means obligations which are full faith and credit obligations of the United States
of America or payment of which has been unconditionally guaranteed by the United States of America. 
 “Gross
Revenues” means and includes all operating revenues, other revenues and other income of the Company determined in accordance with generally accepted accounting principles. 

“Holder”, when used with respect to any Bond, means a Bondholder. 

  
 -12- 

 “Indenture” means the 1947 Indenture, as supplemented:
(i) by Supplemental Trust Indentures thereto dated March 1, 1949, June 1, 1957, August 1, 1964, December 1, 1969, September 1, 1973, February 1, 1982, March 1, 1982, June 1, 1986 and March 1, 1988,
(ii) by this Supplemental and Restated Trust Indenture dated March 1, 1991, (iii) by any Subsequent Supplemental Trust Indentures, and (iv) by any other Supplemental Trust Indentures or instruments supplemental to the Indenture entered
into pursuant to the applicable provisions hereof. 
 “1947 Indenture” means the Trust Indenture dated
April 1, 1947, from the Company to First Wisconsin Trust Company. 
 “Independent”, when used with
respect to any specified Person, means such a Person who (1) is in fact independent, (2) does not have any direct financial interest or any material indirect financial interest in the Company or in any other obligor upon the Bonds or in
any Affiliate of the Company or such other obligor and (3) is not connected with the Company, or such other obligor or any Affiliate of the Company or such obligor as an officer, employee, promoter, underwriter, trustee, partner, director or
Person performing similar functions. The term “employee” in this definition of Independent shall not include any Person, otherwise independent, by reason of having been employed for any purpose for which an Independent Person is necessary
under the provisions of the Indenture. Whenever it is herein provided that any Independent Person’s opinion or certificate shall be furnished to the Trustee, such Person shall be appointed by a Company Order and approved by the Trustee in the
exercise of reasonable care. Such opinion or certificate shall state that the signer has read this definition and that the signer is Independent within the meaning hereof. 

“Independent Accountant’s Certificate” means a certificate, conforming to the applicable requirements of
Sections 21.08 and 21.09, signed by an Independent Accountant or a firm of Independent Accountants who are Independent and are appointed by a Company Order and approved by the Trustee in the exercise of reasonable care. 

“Independent Engineer’s Certificate” means a certificate, conforming to the applicable requirements of
Sections 21.08 and 21.09, signed by an Independent Engineer appointed by a Company Order and approved by the Trustee in the exercise of reasonable care. 

“Interest Payment Date” means the Stated Maturity of an installment of interest on the Bonds. 

“Land” means, as of any specified time of computation, an amount, determined in accordance with generally
accepted accounting principles, equal to the cost, as shown on the books of the Company, of the portion of the properties subject to the Lien Hereof that consist of any interest in real property and are not currently depreciable. 

“Lien Hereof” and “Lien of the Indenture” mean the lien created by the Indenture (including
the after acquired property clauses of the Indenture) and the lien created by any concurrent or subsequent conveyance to the Trustee hereunder (whether made by the Company or any other Person), of any property which is a part of the security held by
the Trustee pursuant to the terms, trusts and conditions specified in the Indenture. 
 “Maintenance Fund”
means the fund created in Section 9.01. 

  
 -13- 

 “Maturity”, when used with respect to any Bond, means the date
on which the principal of such Bond becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration or call for redemption or otherwise. 

“Net Earnings Certificate” means an Accountant’s Certificate stating the amount of Earnings Applicable
to Bond Interest for a specified period, computed as provided herein, and describing, in reasonable detail, how the same has been calculated and, to that end, specifying the amounts deducted from Gross Revenues on account of the items required to be
deducted pursuant to the definition of Earnings Applicable to Bond Interest. When applicable the following rules shall be applied: 

(1) for purposes of calculating: (i) the interest requirements applicable to any Bonds, Prior Lien
Obligations or Permitted Indebtedness bearing interest at adjustable, floating or variable rates and (ii) the interest requirements applicable to any Bonds, Prior Lien Obligations or Permitted Indebtedness on which interest charges attributable
to such Bonds, Prior Lien Obligations or Permitted Indebtedness will not become payable until a date more than one year after the date of such calculation, the interest rate used shall be the higher of (x) the interest rate applicable to such
Bonds, Prior Lien Obligations or Permitted Indebtedness on the date of such calculation, or (y) the average interest rate payable on all Bonds Outstanding, Prior Lien Obligations and Permitted Indebtedness during the 12-month period immediately preceding the date of such calculation. 
 (2)
if any property is owned by the Company at the time of: (i) the authentication and delivery of any Bonds applied for or (ii) the withdrawal of any cash, either or both of which require a Net Earnings Certificate, then, although not owned
during the whole, or any part, of the period for which the computation of Earnings Applicable to Bond Interest is made, the net earnings or income of such property during the whole of such period (computed in the same manner as Earnings Applicable
to Bond Interest is computed), may at the option of the Company be included in Earnings Applicable to Bond Interest for all purposes of the Indenture; provided that if any such property has been acquired in exchange or substitution for property
released from the Lien Hereof or through the use of cash deposited with the Trustee under any of the provisions released from the Lien Hereof or through the use of cash deposited with the Trustee under any of the provisions hereof (other than cash
deposited in accordance with the provisions of Article VII as a basis for the issuance of Bonds) then the earnings from the property released or which is represented by such cash shall be excluded from Earnings Applicable to Bond Interest. 

“Officer’s Certificate” means a certificate, conforming to the applicable requirements of Sections 21.08
and 21.09, signed by the President, a Vice President, the Treasurer or an Assistant Treasurer, or the Controller and attested by the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. Whenever the Indenture requires
that an Officer’s Certificate also be signed by an Engineer or an Accountant or other expert, such Engineer, Accountant or other expert (except as otherwise expressly provided in the Indenture) may be employed by the Company and shall be
acceptable to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, conforming to the
applicable requirements of Sections 21.08 and 21.09, and who (except as otherwise expressly provided in the Indenture) may be counsel for the Company, and shall be acceptable to the Trustee. Any 

  
 -14- 

 
Opinion of Counsel given as to title to property may be based, in whole or in part, upon the documents and opinions described in Section 21.17. 

“Original Indenture” means the 1947 Indenture, as supplemented by Supplemental Trust Indentures thereto dated
March 1, 1949, June 1, 1957, August 1, 1964, December 1, 1969, September 1, 1973, February 1, 1982, March 1, 1982, June 1, 1986 and March 1, 1988.      

“Original Indenture Bonds” means all the Bonds of each series authenticated by the Trustee and originally
issued under the Original Indenture prior to the date of this Restated Indenture and the coupons, if any, pertaining to such Bonds. 

“Outstanding”, when used with respect to Bonds, means, as of the date determination, all Bonds theretofore
authenticated and delivered under the Indenture, except: 
 (1) Bonds theretofore cancelled by the Trustee or
delivered to the Trustee for cancellation; 
 (2) Bonds for which provisions for payment or redemption shall
have been made in accordance with Section 6.03 or for whose payment or redemption money, in the necessary amount, has been deposited with the Trustee or any Paying Agent in trust for the Holders of such Bonds, provided that, if such Bonds are
to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefor, satisfactory to the Trustee, has been made; and 

(3) Bonds in exchange for or in lieu of which other Bonds have been authenticated and delivered under the
Indenture; 
 provided that, in determining whether the Holders of the requisite principal amount of Bonds Outstanding have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, Bonds owned by the Company or any other obligor upon the Bonds or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not Outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Bonds which the Trustee knows to be so owned shall be so disregarded. Bonds so
owned which have been pledged in good faith may be regarded as Outstanding for such purposes if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act independently with respect to such Bonds and that the
pledgee is not the Company or any obligor upon the Bonds or any Affiliate of the Company or of such other obligor. 

“Paying Agent” means any Person meeting the requirements established by Section 17.20 who is authorized
by the Company to pay the principal of, premium, if any, or interest on any Bonds on behalf of the Company. 

“Permanent Additions” means all interests (fractional or otherwise) in property, real, personal or mixed
(including therein, without in any way limiting or impairing, by the enumeration of the same, the scope and intent of the foregoing except as hereinafter specifically limited, all lands, buildings, plants, power houses, dams, facilities that process
raw materials or waste materials into fuel for the purpose of producing energy, nuclear fuel, reservoirs, stations, lines, pipes, mains, conduits, cables, machinery, pumps, transmission lines, pipelines,
rights-of-

  
 -15- 

 
way, distribution systems, storage facilities, sub-stations, transformers, service systems, supply systems, wires, poles, cross-arms, apparatus of all
kinds and descriptions, improvements, extensions and additions, including operating public utility properties acquired as an entirety) which shall have been made, acquired, constructed or erected by the Company subsequent to April 1, 1947, or
which shall be in the process of construction or erection insofar as actually constructed or erected subsequent to April 1, 1947, and used or to be used in the business of (1) generating, manufacturing, storing, transporting, transmitting,
distributing or supplying electricity or other forms of energy, including but not limited to gas for light, heat, power, refrigeration or other purposes or steam for heating, processing or other energy purposes, or other forms of energy;
(2) acquiring, storing, transporting, transmitting, distributing or supplying water for use in generation of power; (3) selling, granting, leasing or licensing the right to use water (but not for the purpose of irrigation) or
(4) providing telephone or other communications services. 
 (a) Permanent Additions, as described above, need not
consist of a specific or completed development, plant, betterment, addition, extension, improvement or enlargement, but may include construction work in progress and property in the process of purchase insofar as the Company shall have acquired
title to such property, and may include the following: 
 (1) fractional interests in poles or other property
used for transmission or distribution; 
 (2) other interests (fractional or otherwise) in property owned
jointly or in common with any other Person or in other property used in connection with or relating to any such property owned jointly or in common, whether there are or are not other agreements or obligations on the part of the Company with respect
to any such property; 
 (3) engineering, economic, environmental, financial, geological and legal or other
studies, surveys and reports, preliminary to or associated with the acquisition or construction of any property included in the calculation of Depreciable Property. 

(b) The term Permanent Additions shall not include: 

(1) any property not subject to the Lien of the Indenture; 

(2) any land or equipment acquired, leased or used by the Company for the purpose of producing gas, oil, coal,
or natural gas or oil rights owned or under lease or gas wells or oil wells or equipment therefor, or coal mines or equipment therefor; 

(3) any shares of stock, bonds, notes, evidences or certificates of indebtedness or other securities; 

(4) goodwill, going concern value, contracts, agreements, franchises, licenses or permits, whether acquired as
such, separate and distinct from the property operated in connection therewith, or acquired as an incident thereto; 

(5) any stock of goods, wares and merchandise acquired for the purpose of consumption in the operation,
construction or repair of any of the properties of the Company and not chargeable to capital investment be generally accepted accounting 

  
 -16- 

 
principles or any merchandise or appliances held by the Company for sale to customers or others; 

(6) any property acquired, made or constructed by the Company for keeping or maintaining the property subject
to the Lien Hereof in good repair, working order and condition or merely to renew, replace or substitute for Retired Property or any property whose cost has not been charged, or is not properly chargeable, to a utility plant or fixed capital
account; 
 (7) any plant or system or other property in which the Company shall acquire only a leasehold
interest or any betterments, extensions or improvements or additions of, upon or to any plant or system or other property in which the Company shall own only a leasehold interest, unless the same shall be movable physical personal property which the
Company has the right to remove; or 
 (8) any property that is subject to an encumbrance of the type
described in paragraph (20) of the definition of Permitted Encumbrances. 
 “Permanent Additions of the
Company” means and includes property owned by the Company within the definition of Permanent Additions. 

“Permitted Encumbrances,” prior to the retirement through payment or redemption of the Original Indenture
Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVIII of the 1947 Indenture) means “permissible encumbrances” as defined in Section 1.09 of the 1947
Indenture, and thereafter means: 
 (1) as to the property specifically described in Granting Clauses of the
Indenture as of the Effective Date, the restrictions, exceptions, reservations, conditions, limitations and interests which are set forth or referred to in such descriptions and each of which fits one or more of the descriptions in the following
paragraphs of this definition, provided that such exceptions do not, in the aggregate, materially detract from the value of the property affected thereby and do not materially impair the use of such property for the purposes for which it is held by
the Company; 
 (2) liens for taxes, assessments and other governmental charges that are not delinquent; 

(3) liens for taxes, assessments and other governmental charges already delinquent which are currently being
contested in good faith by appropriate proceedings, provided that the Company shall have set aside on its books any reserves with respect thereto that are required by generally accepted accounting principles; 

(4) mechanics’ and materialmen’s liens not filed of record and similar charges, not delinquent, that
are incident to current construction and mechanics’ and materialmen’s liens incident to such construction which are filed of record but which are being contested in good faith and have not proceeded to judgment, provided that the Company
shall have set aside on its books any reserves with respect thereto that are required by generally accepted accounting principles; 

  
 -17- 

 (5) mechanics’, workmen’s, repairmen’s,
materialmen’s, warehousemen’s and carriers’ liens and other similar liens arising in the ordinary course of business for charges which are not delinquent, or which are being contested in good faith and have not proceeded to judgment,
provided that the Company shall have set aside on its books any reserves with respect thereto that are required by generally accepted accounting principles; 

(6) liens in respect of attachments, judgments or awards with respect to which the Company shall in good faith
currently be prosecuting an appeal or proceedings for review and with respect to which the Company shall have secured a stay of execution pending such appeal or proceedings for review, provided that the Company shall have set aside on its books any
reserves with respect thereto that are required by generally accepted accounting principles; 
 (7) easements
or reservations in any property of the Company for roads, public utilities or similar purposes, rights-of-way and easements over or in respect of any real property owned
by the Company and zoning ordinances, regulations and restrictions, provided that they do not materially impair the use of such property in the operation of the business of the Company; 

(8) minor defects, liens and encumbrances as to which an Opinion of Counsel states: (1) that they will not
interfere with the proper operation of the Company’s business and (2) (a) that any effect thereof upon the security of the Indenture, is adequately guarded against by bond or other designated indemnity or (b) that any effect thereof does
not materially affect the marketability of title to such property and does not materially impair the use of such property for the purposes for which it is held by the Company; 

(9) rights of Persons who are parties to agreements with the Company relating to property owned or used jointly
(in common) by the Company with such Persons, provided (a) that such rights do not materially impair the use of such jointly owned or used property in the normal operation of the Company’s business and do not materially affect the security
afforded by the Indenture for the Bonds Outstanding and (b) that such rights are not inconsistent with the rights of the Trustee under Article XIV (a waiver of a right to partition by all joint owners is binding upon the Trustee and is not
inconsistent with the provisions of Article XIV); 
 (10) liens existing at the Effective Date that secure
indebtedness neither created, assumed nor guaranteed by the Company nor on account of which it customarily pays interest, or, at the time of acquisition of property by the Company after the Effective Date, liens upon lands over which easements or rights-of-way are acquired by the Company, provided: (a) that such liens do not materially impair the use of such easements or rights-or-way for the purposes for which they are held by the Company or (b) that, in the Opinion of Counsel, the Company has power under eminent domain, or similar statutes, to remove such liens; 

(11) (a) leases existing at the Effective Date affecting property owned by the Company on the Effective Date;
(b) leases permitting the lessee to occupy or use any of 

  
 -18- 

 the mortgaged and pledged property in any manner that does not interfere in any
material respect with the use of such property for the purpose for which it is held by the Company and which will not have a material adverse impact on the security afforded by the Indenture; or (c) other leases relating to not more than 5% of
the sum of (i) Depreciable Property and (ii) Land; 
 (12) terminable or short-term leases or
permits for occupancy, which leases or permits expressly grant to the Company the right to terminate them at any time on not more than six months’ notice and which occupancy does not interfere with the operation of the business of the Company;

 (13) liens or privileges vested in any lessor, licensor or permittor for rent to become due or for other
obligations or acts to be performed, the payment of which rent or the performance of which other obligations or acts is required under leases, subleases, licenses or permits, so long as the payment of such rent or the performance of such other
obligations or acts is not delinquent; 
 (14) liens or privileges of any employees of the Company for salary
or wages earned but not yet payable; 
 (15) burdens of any law or governmental regulation or permit
requiring the Company to maintain certain facilities or perform certain acts as a condition of its occupancy of or interference with any public lands or any river or stream or navigable waters; 

(16) irregularities in or deficiencies of title to any right-of-way for telephone, telegraph or other communications lines, pipelines, power lines or appurtenances thereto, or other improvements thereon, and to any real estate used or to be used primarily for right-of-way purposes, provided that, in the Opinion of Counsel, the Company shall have obtained from the apparent owner of the lands or estates therein covered by any such right-of-way a sufficient right, by the terms of the instrument granting such right-of-way, to
the use thereof for the construction, operation or maintenance of the lines, appurtenances or improvements for which the same are used or are to be used, or provided that, in the Opinion of Counsel, the Company has power under eminent domain, or
similar statutes, to remove such irregularities or deficiencies; 
 (17) rights reserved to, or vested in,
any municipality or governmental or other public authority to control or regulate any property of the Company, or to use such property in any manner, which rights do not materially impair the use of such property for the purposes for which it is
held by the Company; 
 (18) obligations or duties, affecting the property of the Company, to any
municipality or governmental or other public authority with respect to any franchise, grant, license or permit; 

(19) rights which any municipal or governmental authority may have by virtue of any franchise, license,
contract or statute to terminate any franchise, license or other rights or to regulate the property and business of the Company; 

  
 -19- 

 (20) any mortgage, lien, charge or encumbrance prior or equal to
the Lien of the Indenture, other than a Prepaid Lien, existing at the date any property is acquired by the Company, provided that at the date of acquisition of such property: (a) no Default has occurred and is continuing; (b) the principal
amount of indebtedness outstanding under and secured by such mortgage, lien, charge or encumbrance shall not exceed 66-2/3% of the lesser of the Cost or Fair Value of the property so acquired (determined in
the same manner as the Cost or Fair Value to the Company of Permanent Additions); (c) each such mortgage, lien, charge or encumbrance shall apply only to the property originally subject thereto and fixed improvements erected on such real property or
affixed to such personal property or equipment used in connection with such real or personal property and that the Company shall cause to be closed all mortgages or other liens existing at the time of acquisition of any property hereafter acquired
by the Company and will permit no additional indebtedness to be issued thereunder or secured thereby, except for the replacement of any mutilated, lost or destroyed notes or bonds or to effect exchanges of notes or bonds of different denominations
or transfer of such notes or bonds, as may be permitted by the mortgage, lien, charge or encumbrance securing such notes or bonds; 

(21) Prepaid Liens; and 

(22) reservations of minerals and mineral rights existing at the time any real property is acquired by the
Company. 
 “Permitted Indebtedness” means any outstanding indebtedness which is secured by a mortgage,
lien, charge or encumbrance described in paragraph (20) of the definition of Permitted Encumbrances. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or political subsection thereof. 
 “Place of
Payment,” when used with respect to Bonds of any series, means a city or any political subdivision thereof in which the Company is required, by the Indenture, to maintain an office or agency for the payment of the principal of, premium, if
any, or interest on the Bonds of such series. 
 “Prepaid Lien” means any Prior Lien Obligation or
Permitted Indebtedness, for which the Company has deposited or caused to be deposited in trust, with the Trustee, or other banking institution specified in the documentation pertaining to such Prior Lien Obligation or Permitted Indebtedness, any
combination: 
 (i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the
option of the issuer), maturing as to principal and interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash 

that is necessary to pay and discharge the entire principal of, premium, if any, and interest on such Prior Lien Obligation or Permitted
Indebtedness to the date of maturity thereof 

  
 -20- 

 
or the redemption date, as the case may be; and, if such Prior Lien Obligation or Permitted Indebtedness is to be redeemed, the Company has made arrangements satisfactory to the Trustee for the
giving of notice of redemption at the expense of the Company. Upon the filing with the Trustee of an Accountant’s Certificate and an Opinion of Counsel stating that such Prior Lien Obligation or Permitted Indebtedness has been paid or reduced
or has been ascertained by judicial determination otherwise to be in whole or in part invalid, and specifying the amount of such payment, reduction or the extent of such invalidity, as the case may be, any cash and Government Obligations so
deposited shall be repaid to the Company proportionately to the extent of such payment, reduction or invalidity, as the case may be. 

“Prior Lien” means any mortgage, lien, charge or encumbrance on or pledge of or security interest in any of
the property of the Company subject to the Lien of the Indenture prior to or upon a parity with the Lien of the Indenture, other than Permitted Encumbrances. 

“Prior Lien Obligation” means any indebtedness and any evidence thereof secured by a Prior Lien. 

“Redemption Date,” when used with respect to any Bond to be redeemed, means the date fixed for such
redemption. 
 “Registered Bond” means any Bond registered in the Bond Register. 

“Registered Holder,” when used with respect to any Registered Bond, means the Person in whose name such Bond
is registered in the Bond Register. 
 “Regular Record Date” for the interest payable on any Interest
Payment Date on the Bonds of any series means the date specified in the provisions of the Supplemental Trust Indenture creating such series. 

“Release Fund” means the fund created by Section 11.09. 

“Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Responsible Officer,” when used with respect to the Trustee, means the chairman or vice-chairman of the
board of directors of the Trustee, the chairman or vice-chairman of the executive committee of said board, the president, any vice-president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, the cashier, any assistant
cashier, any trust officer or assistant trust officer, the controller, any assistant controller 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 matter, any other officer of the Trustee to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Restated Indenture” means the Supplemental and Restated Trust Indenture dated March 1, 1991. 

  
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 “Retired Property” shall mean (a) all Permanent Additions
owned by the Company on or after April 1, 1947, which have been removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service and (b) after the Date Hereof, the portion of all Permanent Additions
for which reductions have been made in the Cost at which such Permanent Additions have been recorded on the books of the Company, except reductions resulting from the transfer of any portion of the Cost of such Permanent Additions to some other
property account of the Company (until the Permanent Additions so transferred shall be retired from such other account) and except reductions, if any, resulting from depreciation or similar charges. 

“Sinking Fund” means any sinking fund or similar fund created pursuant to Section 2.07 or Article XIII.

 “Special Record Date” for the payment of any Defaulted Interest on Bonds means a date fixed by the
Trustee pursuant to Section 2.03. 
 “Stated Maturity,” when used with respect to any Bond, means each
date specified in such Bond as the fixed date on which the principal of and installments of interest on such Bond are due and payable. 

“Subsequent Supplemental Trust Indenture” means any indenture supplemental to the Indenture that is dated,
executed by the Company and delivered to the Trustee after the Date Hereof and prior to the Effective Date. 

“Successor Corporation” has the meaning stated in Section 16.02. 

“Supplemental Trust Indenture” means an indenture supplemental to the Indenture executed by the Company and
delivered to the Trustee. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as in force at
the Date Hereof. 
 “Trustee” means the party of the second part hereto, First Wisconsin Trust Company,
until a successor Trustee shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Trustee” shall mean such successor Trustee. 

“Vice President,” when used with respect to the Company or the Trustee, means any vice president, whether or
not designated by a number or a word added to the title. 

  
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 ARTICLE II. 

FORM AND EXECUTION OF BONDS. 

SECTION 2.01. The Indenture creates a continuing lien to secure the full and final payment of the principal of, premium, if any, and
interest on all Bonds which may be Outstanding. The aggregate principal amount of Bonds which may be issued, authenticated, delivered and Outstanding under the Indenture is not limited except as provided in Articles IV through VII and the provisions
of any Supplemental Trust Indenture creating any series of Bonds and except as may be limited by law. 
 At the option of
the Company, Bonds may be issued in one or more series. All Bonds of any one series shall be identical in form and language except for necessary or proper variation between temporary Bonds, Registered Bonds and Coupon Bonds or bonds of different
denominations and, in the case of Bonds of any series of serial maturity as to the date of maturity, and the prices, terms, and conditions of redemption thereof. Each series shall have such distinctive designation as the Board of Directors may
select for such series, and each Bond shall bear upon the face thereof the designation so selected for the series to which it belongs. Each series may bear interest at a fixed or variable rate or may bear no interest or may bear interest only upon
the occurrence of certain events described in the Bonds or the Supplemental Trust Indenture relating to the Bonds of that series. The form of the Bonds of each series created before the Effective Date shall conform to the applicable provisions of
the Original Indenture or any Subsequent Supplemental Trust Indenture relating thereto. The form of the Bonds of each series that is created on or after the Effective Date shall be established at the time of creation of the series by Resolution.
Subject to the qualifications contained in the preceding sentence and in Sections 2.02 through 2.17, the text of the Bonds and of the certificate of the Trustee upon all Bonds shall be as described in Section 2.02. The Bonds of any series,
whether temporary, Registered or Coupon, may contain such other terms, provisions, specifications and descriptive words, and may have such letters, words, numbers or other marks of identification or designation and such legends or endorsements
printed, lithographed or engraved thereon not inconsistent with the provisions hereof, as may be necessary or proper to comply with the rules of any broker’s board or exchange or with the order of any governmental body having jurisdiction, or
to conform to usage with respect thereto or as may be desired by the Board of Directors. 
 Before any Bonds of any series
that is created on or after the Effective Date shall be authenticated or delivered by the Trustee, a copy of the Resolutions creating the series shall be delivered by the Company to the Trustee. The Company also shall deliver to the Trustee a
Supplemental Trust Indenture in recordable form, which contains the particulars of the new series of Bonds as above set forth, and also contains provisions appropriate to give such Bonds the protection and security of the Indenture. 

SECTION 2.02. The form of Bonds of each series that is created on or after the Effective Date and the form of the Trustee’s
certificate of authentication shall be set forth in a Supplemental Trust Indenture. The Bonds of any one or more series that is created on or after the Effective Date may be expressed in one or more foreign languages, if also expressed in the
English language. The English text shall govern the construction thereof and both or all texts shall constitute only a single obligation. The English text of the Bonds and the Trustee’s certificate of authentication shall be in the form set
forth in a Supplemental Trust Indenture; 

  
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 provided that the form of each series of Bonds shall specify the descriptive title of such series
of Bonds (which title shall contain the words “First Mortgage Bonds”), the designation of such series, the rate or rates of interest, if any (or the method by which such rate or rates are determined), to be borne by the Bonds of such
series, the coin or currency in which payable (which need not be coin or currency of the United States of America), the Stated Maturities of principal and interest, and a place or places (which need not be in the United States of America), and the
means (which may include mail) for the payment of principal of, premium, if any, and interest on such Bonds, and the record dates for the payment of interest. Any series of Bonds that is created on or after the Effective Date also may have such
omissions or modifications or contain such other provisions not prohibited by the Indenture as may be set forth in a Supplemental Trust Indenture. Any portion of the text of any Bond may be set forth on the reverse side thereof, with an appropriate
reference thereto on the face of the Bond. 
 The definitive Bonds of each series shall be printed, lithographed, engraved
or produced by any combination of these methods or produced in any other manner permitted by the rules of any securities exchange on which the Bonds may be listed or, if not so listed, as determined by the Company but is subject to the provisions of
subdivision (c) of Section 2.12, all as determined by the officers executing such Bonds as evidenced by their execution thereof. 

SECTION 2.03. The principal of and interest on the Bonds shall be payable at the option of the Company at such place or places as shall
be set forth in such Bonds. 
 Interest on any Bond of any series that was created prior to the Effective Date shall be
payable to the Person specified in such Bond or in the provisions of the Supplemental Trust Indenture creating such series. 

Interest on any Bond of any series that is created on or after the Effective Date which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Bond is registered at the close of business on the Regular Record Date for such interest. At the option of the Company, interest on any such Bond may be
paid by check mailed to the Person entitled to such interest. 
 Any interest on any Bond of any series that is created on
or after the Effective Date which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Registered Holder on the relevant
Regular Record Date solely by virtue of such Holder having been such Holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in subdivision (a) or (b) below: 

(a) The Company may elect to make payment of any Defaulted Interest on the Bonds of any series to the Persons
in whose names such Bonds are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. Prior to the Trustee establishing any Special Record Date, the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the
proposed payment. Such money, when deposited, shall be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this subdivision (a) and 

  
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shall not be deemed part of the mortgaged and pledged property hereunder. The Company also shall notify the Trustee, in writing, of the amount of Defaulted Interest proposed to be paid on each
Bond and the date of the proposed payment. Such date of proposed payment shall enable the Trustee to comply with the next sentence hereof. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall
be (i) not more than 15 nor less than 10 days prior to the date of the proposed payment and (ii) not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of a
Bond of such series at his address, as it appears in the Bond Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as
aforesaid, such Defaulted Interest shall be paid to the Registered Holders of the Bonds of such series on such Special Record Date and shall no longer be payable pursuant to the following subdivision (b). 

(b) The Company may make payment of any Defaulted Interest on the Bonds of any series in any other lawful
manner not inconsistent with the requirements of any securities exchange on which such Bonds may be listed (or, if not so listed, in any other lawful manner) and upon such notice as may be or would be required by such exchange, if, after written
notice given by the Company to the Trustee of the proposed payment pursuant to this subdivision (b), such payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section 2.03, each Bond delivered upon transfer of or in exchange for on in
lieu of any other Bond shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond. 

SECTION 2.04. At the option of the Company, provision may be made with respect to the Bonds of any series for (a) the payment of
the principal thereof, interest thereon or both without deduction for taxes and (b) any taxes which shall be reimbursed by the Company in case of payment by the Bondholder, provided that the obligation to make any such reimbursement shall not
be deemed to be a part of the indebtedness secured by the Lien of the Indenture. Such provision may be limited to taxes imposed by any taxing authorities of a specified class and may exclude from its operation, or be limited to, any specified tax or
taxes or any portion thereof. 
 SECTION 2.05. The dates of issue, Stated Maturities of principal and interest and rates of interest
of the Bonds of each series, the designation of the series, and the descriptive title of the Bonds included therein and the terms and conditions, if any, upon which the Company may redeem any of such Bonds before its Stated Maturity, shall be as
designated in the form established for such series in accordance with the provisions hereof. 
 SECTION 2.06. The Company may, in the
Bonds of each series that is created on or after the Effective Date, stipulate and agree that the principal of such bonds may be converted, at the option of the Holders, into the capital stock or other securities, of any class of the Company, or of
any Successor Corporation, upon such terms and conditions as the Board of Directors may determine and may cause appropriate insertions to be made in the text of such Bonds for the 

  
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purpose of stating such agreement with respect to the conversion and the terms and conditions thereof. 

SECTION 2.07. In addition to the requirements of Article XIII applicable to any series of Bonds issued prior to the Effective Date, the
Company may, at the time of creation of any series of Bonds issued on or after the Effective Date, make suitable provision, in such manner as may be determined by the Board of Directors not inconsistent with the provisions hereof, for the payment to
the Trustee as or toward a sinking fund or similar fund for the payment, redemption, acquisition or retirement in any manner of the Bonds of such series or any portion thereof, and the Company also may provide, at any time, in such suitable manner
as may be determined by the Board of Directors not inconsistent with the provisions hereof, for the creation of an additional sinking fund or similar fund for the payment, redemption, acquisition or retirement in any manner of the Bonds, or any
portion thereof. 
 SECTION 2.08. Except as otherwise provided in any Supplemental Trust Indenture creating a series of Bonds, the
Bonds of any series shall be executed, authenticated and delivered as Registered Bonds without coupons and may be issued in denominations of $1,000 and such multiples thereof as the Board of Directors may authorize. 

SECTION 2.09. All Bonds of each series that is created on or after the Effective Date shall be dated their date of authentication.
Bonds of each series created prior to the Effective Date shall be dated in the manner specified in the Supplemental Trust Indenture creating such series. 

SECTION 2.10. The Bonds of any series, at the option of the Company, may contain provisions permitting the exchange or interchange of
Bonds, to wit: the exchange or interchange of Bonds for or with Bonds of other denominations; and the exchange of Bonds of one series for Bonds of another series of the same or later maturity. Such privileges of exchange or interchange may be made
subject to any conditions, limitations or restrictions which the Company shall cause to be specified in the Bonds so made exchangeable or interchangeable in the Supplemental Trust Indenture creating the series. The privilege of exchange or
interchange may be conferred upon the Holders of Bonds of one or more denominations and withheld from the Holders of Bonds of other denominations of the same series. 

Each Bond issued in exchange for or upon transfer of any other Bond shall be a valid obligation of the Company, evidence the
same debt, secured by the Lien Hereof and entitled to all benefits and protection hereof to the same extent as the Bond surrendered for such exchange or transfer. 

SECTION 2.11. In all cases of exchanges of Bonds contemplated by Section 2.10, the Bonds to be exchanged shall be surrendered at
the office or agency of the Company in such place or places as shall be designated for the purpose in such Bonds or in the Indenture or any Supplemental Trust Indenture and the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor the Bonds which the Bondholder making the exchange shall be entitled to receive. All Bonds so surrendered for exchange shall be cancelled by the Trustee. After the Effective Date, and before the Effective Date if so provided in a
Supplemental Trust Indenture creating a series of Bonds prior to the Effective Date, the Company may impose a reasonable service charge to cover its costs incurred in connection with any registration, transfer,

  
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or exchange, including registrations and transfers of Bonds under the provisions of Section 2.12. The Company may make a charge sufficient to reimburse it for any tax or taxes or other
governmental charge required to be paid by the Company by reason of such exchange or transfer. The Company shall not be obligated (a) to exchange any Bonds of any series that is created on or after the Effective Date for the 15-day period next preceding the day of the first mailing of a notice of redemption of Bonds of such series under Section 10.02 or (b) to exchange any such Bond so selected for redemption in whole or in
part. 
 SECTION 2.12. (a) The Company shall keep at the office of the Trustee and the Company’s office or agency in such other
place as shall be designated for the purpose in any Bond, books for the registration and transfer of Bonds (the “Bond Register”), which, at all reasonable times, shall be open for inspection by the Trustee, and, upon presentation for such
purpose at any office or agency, the Company will register or cause to be registered therein, and permit to be transferred thereon, under such reasonable regulations as it may prescribe, any Bonds entitled to be transferred at such office or agency.

 (b) The Trustee is hereby appointed “Bond Registrar” for the purposes of registering and transferring Bonds.
Upon the transfer of any Bond, the Company shall issue, in the name of the transferee or transferees, a new Bond of like form and the Trustee shall authenticate and deliver the same to him or them. The Company shall not be required (1) to issue
or transfer any Bond of any series that is created on or after the Effective Date during the 15 days next preceding the day of the first mailing of a notice of redemption of Bonds of such series under Section 10.02 or (2) to issue or
transfer any such Bond so selected for redemption in whole or in part. 
 (c) The Company may, at its option, provide for
alternative methods or forms for evidencing and recording the ownership of Bonds. As provided in Section 19.01, the Company may amend the Indenture to establish such alternative methods or forms. 

SECTION 2.13. All Bonds shall be executed on behalf of the Company by its President or one of its Vice Presidents and its corporate
seal shall be affixed thereunto, or printed, lithographed, or engraved thereon, in facsimile, and attested by its Secretary or one of its Assistant Secretaries. Any such signatures may be manual or facsimile signatures and may be imprinted or
otherwise reproduced. In case any of the officers who shall have signed any Bonds or attested the seal thereon shall cease to be such officers of the Company before the Bonds so signed and sealed shall have been authenticated by the Trustee or
delivered by the Company, such Bonds nevertheless may be issued, authenticated and delivered with same force and effect as though the Persons who signed such Bonds and attested the seal thereon had not ceased to be such officers of the Company. Any
Bond may be signed or attested on behalf of the Company by a person who at the actual date of the execution of such Bond shall be the proper officer of the Company, although at the date of such Bond such Person shall not have been an officer of the
Company. 
 SECTION 2.14. Until definitive Bonds are ready for delivery, there may be authenticated, delivered and issued in lieu
thereof, temporary printed, lithographed or typewritten Bonds in registered form substantially of the tenor of the Bonds described herein with appropriate variations, omissions or insertions. Such temporary Bonds may be of such denominations, as the
Company may determine. Until exchanged for definitive Bonds, such 

  
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temporary Bonds shall be entitled to the benefit and Lien of the Indenture. Without unnecessary delay, the Company will execute and furnish definitive Bonds to be exchanged for such temporary
Bonds upon surrender thereof to the Trustee or, at the option of the Holder, at the office of any Authenticating Agent appointed in accordance with Section 17.15. Upon such exchange, which the Company shall make without any charge therefor,
such temporary Bonds shall be destroyed by the Trustee. Upon the exchange and destruction of said Bonds, a certificate of such destruction shall be delivered to the Company pursuant to Section 21.07. Until such definitive Bonds are ready for
delivery, the Holder of temporary Bonds may, if provided by the terms thereof, exchange the same by surrendering such temporary Bonds to the Trustee for a like aggregate principal amount of temporary Bonds in such denominations as the Company may
determine to issue in exchange. 
 SECTION 2.15. Upon receipt by the Company and the Trustee of evidence satisfactory to them of the
loss, destruction, mutilation or theft of any Outstanding Bond and of indemnity satisfactory to them and upon surrender and cancellation of any mutilated Bond, the Company may execute, and the Trustee may authenticate and deliver, a new Bond of the
same series and maturity and of like tenor, to be issued in lieu of such lost, stolen, destroyed or mutilated Bond. Such new Bond in the discretion of the Company or the Trustee may bear the same serial number as the lost, destroyed, mutilated or
stolen Bond in lieu of which it is issued (in which case the new Bond may be marked “Duplicate” or be otherwise distinguished) or may bear a different serial number and such endorsement as may be agreed upon by the Company and the Trustee,
and which at the time may be necessary to conform to the requirements of any securities exchange. The Company and the Trustee may require the payment of a sum sufficient to reimburse them for all expenses in connection with the issue of each new
Bond under this Section 2.15. 
 SECTION 2.16. Subject to the qualifications herein set forth, the Bonds to be secured hereby
shall be substantially of the tenor and effect herein recited. No Bonds shall be secured hereby unless there shall be endorsed thereon the certificate by the Trustee that it is one of the Bonds described herein; and such certificate on any such Bond
shall be conclusive evidence that such Bond has been duly authenticated and delivered and is secured hereby. 
 SECTION 2.17. (a) If
the Company, pursuant to Article XVI, shall be consolidated with or merged into any other corporation or shall sell the mortgaged and pledged property as an entirety or substantially as an entirety, and the Successor Corporation resulting from such
consolidation, or into which the Company shall have been merged, or which shall have received a conveyance or transfer as aforesaid, shall have executed with the Trustee and caused to be recorded an indenture pursuant to Article XVI, any of the
Bonds issued prior to such consolidation, merger, conveyance or transfer may, at the request of the Successor Corporation, be exchanged for other Bonds of the same series and Maturity executed in the name and under the seal of the Successor
Corporation, with such changes in phraseology and form as may be appropriate but in substance of like tenor as the Bonds surrendered for such exchange, and of like principal amount; and the Trustee, upon the request of the Successor Corporation,
shall authenticate Bonds as specified in such request for the purpose of such exchange and shall deliver them upon surrender of the Bonds to be exchanged therefor. In case of any such exchange the Trustee shall forthwith cancel the surrendered Bonds
and, on the written request of 

  
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the Company, deliver the same to the Company. All bonds so executed in the name and under the seal of the Successor Corporation and authenticated and delivered shall in all respects have the same
legal rank and security as the Bonds executed in the name of the Company and surrendered upon such exchange with like effect as if the Bonds so delivered in the name of the Successor Corporation had been made, authenticated and issued hereunder on
the Date Hereof. 
 (b) The Company covenants and agrees that, if additional Bonds of any particular series of which Bonds
are at the time Outstanding shall at any time be authenticated and delivered in the name of a Successor Corporation, the Company will provide for the exchange of any Bonds of any such series previously issued for Bonds issued in the name of such
Successor Corporation, at the option of and without expense to the Holder. 

  
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 ARTICLE III. 

[Omitted] 

  
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 ARTICLE IV. 

PROVISIONS APPLICABLE GENERALLY TO ISSUANCE OF 

ALL ADDITIONAL BONDS. 

SECTION 4.01. No Bonds shall be authenticated and delivered by the Trustee under Articles V, VI or VII unless the Trustee shall have
received prior to or at the time of the authentication and delivery thereof: 
 (a) a written Application, dated not more
than 90 days preceding the date of the authentication and delivery of Bonds then applied for, executed in the name of the Company by the President or a Vice President stating the aggregate principal amount, the series thereof, the denomination and
form of the Bonds requested to be authenticated and delivered, and the Persons to whom or upon whose order such Bonds are to be delivered; 

(b) a Resolution authorizing such Application; 

(c) An Opinion of Counsel that (i) no consent of any governmental authority is requisite to the legal issue of the Bonds,
the authentication and delivery of which have been applied for, or that the issue of such Bonds has been duly authorized by any and all governmental authorities, the consent of which is requisite to the legal issue of such Bonds and specifying any
officially authenticated certificates or other documents by which such consent is or may be evidenced, (ii) all mortgage, registration and other similar taxes applicable to the Bonds applied for have been paid, or that provision for the payment
thereof has been made or that no such payment is required by law, (iii) the amount of indebtedness which may be incurred by the Company is not then limited by law or by any corporate action limiting the total authorized indebtedness of the
Company, or that the total amount of outstanding indebtedness of the Company, stated in the accompanying Accountant’s Certificate provided for in subdivision (d) of this Section 4.01, plus the aggregate principal amount of the Bonds
applied for in the accompanying Application, does not exceed the amount of indebtedness of the Company as then limited by law or by such corporate action, and (iv) all corporate action necessary to be taken by the Company to permit the legal
and valid issue and authentication and delivery of the Bonds which have been applied for has been duly had and taken; 
 (d)
Unless the Opinion of Counsel provided for in the foregoing subdivision (c) shall state that the amount of indebtedness which may be incurred by the Company is not then limited by law or by such corporate action, an Accountant’s
Certificate stating the total amount of indebtedness of the Company including the aggregate face amount of Bonds Outstanding; 

(e) The officially authenticated certificates or other documents, if any, specified in the Opinion of Counsel provided for in
the foregoing subdivision (c), and evidence satisfactory to the Trustee of the payment or provision for payment of any taxes therein referred to; 

(f) The Resolution and Supplemental Trust Indenture creating the series of which such Bonds are a part, if the Bonds, the
authentication and delivery of which are applied for, are not a part of any series then existing; 

  
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 (g) An Officer’s Certificate stating that no Default has occurred and is
continuing and that the granting of such Application will not result in a Default. 
 SECTION 4.02. The Trustee shall authenticate
and deliver Bonds only in accordance with the provisions of the Indenture. 

  
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 ARTICLE V. 

ISSUANCE OF BONDS UPON THE BASIS OF PERMANENT ADDITIONS. 

SECTION 5.01. Subject to the provisions of Article IV, Bonds may be executed by the Company and delivered to the Trustee and shall be
authenticated and delivered by the Trustee upon the basis of the acquisition or construction of Permanent Additions. Such additional Bonds shall be authenticated and delivered only in accordance with and subject to the conditions, provisions and
limitation set forth in Sections 5.02 through 5.07. 
 SECTION 5.02. No Bonds shall be authenticated and delivered under the
provisions of this Article V upon the basis of the acquisition or construction by the Company of any Permanent Additions until the Cost and Fair Value of such Permanent Additions shall have been certified to the Trustee as provided in
Section 5.04. The aggregate principal amount of Bonds that may be authenticated and delivered under the provisions of the Article V is limited to 66-2/3% of the Cost or Fair Value, whichever is less, of
the Permanent Additions forming the basis of the authentication and delivery thereof, provided that: (a) in each case, there shall be deducted from such Cost or Fair Value, as the case may be, the amounts removed from the fixed capital accounts
of the Company as and for the Cost of any Retired Property during the period from April 1, 1947 to a date not more than 90 days preceding the date of authentication and delivery of the Bonds applied for; (b) in the case of Retired Property
lost or destroyed by fire, or sold and released from the Lien of the Indenture, which is offset in whole or in part by cash, purchase money obligations deposited with the Trustee or property received in exchange for such Retired Property and made
subject to the Lien of the Indenture, the amount deducted on account of such Retired Property and made subject to the Lien of the Indenture, which in exchange for such Retired Property shall be only the amount by which the Cost therefor shall exceed
the aggregate amount of cash, the Fair Value of the purchase money obligations so deposited and the property received in such exchange; and (c) any such amounts which shall have been once deducted from the Cost or Fair Value of Permanent
Additions included in any certificate previously delivered to the Trustee (including certificates delivered, prior to the Effective Date, pursuant to the Original Indenture or any Subsequent Supplemental Trust Indenture), for the authentication and
delivery of Bonds, the withdrawal of cash or the release of property under any of the provisions of the Indenture, for the establishment of a credit to the Maintenance Fund or for the satisfaction of any sinking fund requirement relating to any
series of Bonds, need not be deducted again on any such subsequent Application. 
 In no event shall the Indenture be
construed to require the Company to deduct the Cost of Retired Property which was constructed, acquired or erected on or subsequent to April 1, 1947, but which has not at any time been included as a Permanent Addition in any Engineer’s
Certificate delivered to the Trustee under subdivision (a) of Section 5.04. 
 SECTION 5.03. No Bonds shall be
authenticated and delivered under this Article unless, as shown by a Net Earning’s Certificate, the Earnings Applicable to Bond Interest for a period of 12 consecutive calendar months within the 15 calendar months immediately preceding the date
of any Application for the authentication and delivery of Bonds is made shall have been, in the aggregate, at least twice the interest requirements for a period of one year upon (a) the Bonds 

  
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applied for, (b) the Bonds Outstanding on the date of such Application and (c) all Prior Lien Obligations and Permitted Indebtedness maturing more than one year after the date of such
calculation. 
 SECTION 5.04. The Company may deliver to the Trustee the documents described in the following subdivisions (a), (c)
and (d) and when applicable (b) or (e), each accompanied by the others, for the purpose of establishing the Cost and Fair Value of Permanent Additions and the Amount of Established Permanent Additions to be used for any of the following
purposes: 
 (i) authentication and delivery of Bonds under the provisions of this Article V; 

(ii) withdrawal of cash under Section 7.02; 

(iii) taking a credit to the Maintenance Fund under the provisions of subdivision (d) of Section 9.01; 

(iv) withdrawal of cash from the Maintenance Fund based on the Cost or Fair Value of any Permanent Additions under the
provisions of Section 9.04; 
 (v) withdrawal under the provisions of Section 11.10 of moneys in the Release Fund
or moneys which are required by any provision of the Indenture to be held, applied or disposed of by the Trustee in the same manner as moneys in the Release Fund; or 

(vi) application to a Sinking Fund of the Bonds of any series as and to the extent set forth in the subdivision (c) of
Section 13.01 for applications made pursuant thereto or as provided in the Supplemental Trust Indenture creating such series of Bonds. 

(a) An Engineer’s Certificate dated not more than 90 days preceding the delivery thereof to the Trustee: 

(1) stating, with respect to the first Engineer’s Certificate delivered on or after the Effective Date:
(i) the amount of Permanent Additions that has been certified to the Trustee prior to the Effective Date in accordance with the Original Indenture as supplemented by any Subsequent Supplemental Trust Indenture and that could have been used
immediately prior to the Effective Date as a basis for the authentication of Bonds under the Original Indenture as supplemented by Subsequent Supplemental Trust Indentures and (ii) that none of such Permanent Additions has been used for any of
the purposes set forth in Section 5.04 of the Original Indenture as supplemented by Subsequent Supplemental Trust Indentures and the amount set forth shall be the initial Amount of Established Permanent Additions; 

(2) stating that between dates specified in the certificate, the Company has made, acquired, constructed or
erected the Permanent Additions therein described; 
 (3) specifying such Permanent Additions and briefly
describing the same in such manner as to show conformity thereof with the definition of Permanent Additions set 

  
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forth in Section 1.03 and stating that no part of the Permanent Additions so described was included in any Engineer’s Certificate previously delivered to the Trustee under this
subdivision (a); 
 (4) stating that the signers, either personally or through one or more competent
assistants, have examined the Permanent Additions so specified; that such properties conform to the definition of Permanent Additions; that they are used or to be used in a business specified in said definition and that they do not include any
property excluded from the definition of Permanent Additions; 
 (5) stating the Cost and the Fair Value to
the Company of the property described in the Engineer’s Certificate and that the Cost, so stated, was the amount stated in the Accountant’s Certificate provided for in subdivision (c) of this Section 5.04; 

(6) stating whether or not any of the property described in the Engineer’s Certificate is an Acquired
Facility and specifying each such Acquired Facility and if the Fair Value of said Acquired Facility is, or are, as the case may be, not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds then Outstanding, that such
Fair Value in the Independent Engineer’s Certificate provided for in subdivision (b) of this Section 5.04 was included in the aggregate amount stated pursuant to paragraph (5) of this subdivision (a); 

(7) stating the amount removed from the utility plant or fixed capital accounts of the Company as and for the
Cost of all Retired Property (to the extent provided in Section 5.02) subsequent to April 1, 1947, to a date specified in the certificate, which shall be not more than 90 days preceding the date of the delivery of the certificate
(exclusive of amounts in respect of which appropriate deduction has been made in an Engineer’s Certificate or certificates or an Accountant’s Certificate or certificates previously delivered to the Trustee under this Section 5.04 or
under subdivision (d) of Section 5.06 or under another provision of the Indenture containing the statements and calculation required by subdivision (d) of Section 5.06 or, prior to the Effective Date, under the Original Indenture
as supplemented by Subsequent Supplemental Trust Indentures); and stating that such amount stated pursuant to this paragraph (7) was taken at the amount stated in the Accountant’s Certificate provided for in subdivision (c) of this
Section 5.04; 
 (8) stating an “Amount of Established Permanent Additions,” which is the
balance remaining after deducting from the lesser of Cost or Fair Value (as stated pursuant to paragraph (5) of this subdivision (a)), the amounts removed from the utility plant or fixed capital accounts (as stated pursuant to paragraph
(7) of this subdivision (a)). 
 (b) If any portion of the Permanent Additions described in the accompanying
Engineer’s Certificate, delivered pursuant to subdivision (a) of this Section 5.04, consists of an Acquired Facility of a Fair Value not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds then
Outstanding, then there shall be delivered to the Trustee an Independent Engineer’s Certificate, stating, in the opinion of the signer, the Fair Value of such Acquired 

  
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Facility (together with the Fair Value of any Acquired Facility which has been subjected to the Lien of the Indenture since the commencement of the then current calendar year, and for which an
Independent Engineer’s Certificate has not previously been furnished), determined as of a date not more than 90 days preceding the date of the delivery of the Independent Engineer’s Certificate to the Trustee. 

(c) An Accountant’s Certificate, dated not earlier than the date of the accompanying Engineer’s Certificate provided
for in subdivision (a) of this Section 5.04 stating in substance: 
 (1) the Cost of the Permanent
Additions described in such Engineer’s Certificate, pursuant to paragraph (3) of subdivision (a) of this Section 5.04; and if any portion of such Permanent Additions is stated in such Engineer’s Certificate to consist of an
Acquired Facility, the Cost of such Acquired Facility shall be specified; 
 (2) the amount removed from the
utility plant or fixed capital accounts of the Company as and for the Cost of all Retired Property (to the extent provided in Section 5.02) subsequent to April 1, 1947, to a date specified in the certificate which shall be the date
specified in the accompanying Engineer’s Certificate (exclusive of amounts in respect of which appropriate deduction has been made in an Engineer’s Certificate or certificates or an Accountant’s Certificate or certificates previously
delivered under this Section 5.04, under subdivision (d) of Section 5.06 or under another provision of the Indenture containing the statements and calculation required by subdivision (d) of Section 5.06 or, prior to the
Effective Date, under the Original Indenture as supplemented by Subsequent Supplemental Trust Indentures); and specifying by classes the amount of Retired Property previously characterized as Permanent Additions which has not been included in a
certificate previously delivered to the Trustee; and 
 (3) that no part of the Permanent Additions described
in the accompanying Engineer’s Certificate and no part of the Cost or Fair Value thereof, was included in any Engineer’s Certificate previously delivered to the Trustee under subdivision (a) of this Section 5.04. 

(d) An Opinion of Counsel, stating in the opinion of the signer that: 

(1) except for all Permanent Additions owned by the Company on or after April 1, 1947, which have been
removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service, the Company has title to all of the Permanent Additions specified in the accompanying Engineer’s Certificate, subject to Permitted
Encumbrances, or that, upon the delivery of instruments of conveyance, assignment or transfer specified in the Opinion of Counsel, it will have title to such properties, subject to Permitted Encumbrances; 

(2) except for all Permanent Additions owned by the Company on or after April 1, 1947, which have been
removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service, and subject to Permitted Encumbrances, all of the Permanent Additions specified in the accompanying Engineer’s Certificate are

  
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subject to the Lien of the Indenture and that none of such Permanent Additions is subject to any Prior Lien or, in the alternative, stating what, if any, documents should be delivered, recorded
or filed to subject such property to the Lien of the Indenture; 
 (3) except for all Permanent Additions
owned by the Company on or after April 1, 1947, which have been removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service, the Company has corporate authority to own the Permanent Additions
specified in the accompanying Engineer’s Certificate, subject to Permitted Encumbrances; and 
 If any of the Permanent
Additions specified in the accompanying Engineer’s Certificate include any property which is subject to any Permitted Encumbrances of the character described in paragraphs (8), (10), or (16) of the definition of Permitted Encumbrances, an
Opinion of Counsel also shall be provided as required in such paragraphs. 
 (e) The instruments of conveyance, assignment
and transfer, if any, specified in the Opinion of Counsel provided for in subdivision (d) of this Section 5.04 in accordance with paragraph (1) of said subdivision (d) or evidence satisfactory to the Trustee of the delivery
thereof to the Company and the documents, if any, stated in such Opinion of Counsel in accordance with paragraph (2) of said subdivision (d) or evidence satisfactory to the Trustee of the delivery or recording or filing. 

SECTION 5.05. (a) No Permanent Additions specified or described in any Engineer’s Certificate provided for in subdivision
(a) of Section 5.04 shall thereafter be included in any similar Engineer’s Certificate subsequently delivered to the Trustee. 

(b) No Amount of Established Permanent Additions used or applied for any of the purposes specified in Section 5.04 shall
be used or applied again for any such purposes, except to the extent permitted by Section 9.05. 
 SECTION 5.06. (a) No
Application by the Company to the Trustee for the authentication and delivery of Bonds under this Article shall be granted by the Trustee unless the Trustee shall have received: 

(a) The documents provided for in Section 4.01. 

(b) A Net Earnings Certificate stating the Amount of Earnings Applicable to Bond Interest for a specified period of 12
consecutive calendar months within the 15 calendar months immediately preceding the first day of the calendar month in which the accompanying Application for the authentication and delivery of Bonds is made and stating separately: (1) the
aggregate principal amount of (i) the Bonds applied for, (ii) all Bonds Outstanding at the date of said Application and (iii) the aggregate principal amount of all Prior Lien Obligations and Permitted Indebtedness maturing more than
one year after the date of such calculation; (2) the interest requirements for a period of one year on all such Bonds, Prior Lien Obligations and Permitted Indebtedness maturing more than one year after the date of such calculation; and
(3) the aggregate principal amount of Bonds authenticated and delivered since the commencement of 

  
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the then current calendar year, exclusive of (i) Bonds in connection with the authentication and delivery for which no Net Earnings Certificate was required and (ii) Bonds in connection
with the authentication and delivery for which an Independent Accountant’s Certificate has been previously delivered to the Trustee. 

(c) an Independent Accountant’s Certificate containing the statements required by subdivision (b) of this
Section 5.06, if (1) the aggregate principal amount of the Bonds stated in the Net Earnings Certificate provided for in subdivision (b) of this Section 5.06 to have been authenticated and delivered since the commencement of the
current calendar year, plus the principal amount of Bonds applied for, is equal to or exceeds 10% of the aggregate principal amount of all Bonds Outstanding, as stated in such Net Earnings Certificate, and (2) the
12-month period in respect of which Earnings Applicable to Bond Interest are stated in such Net Earnings Certificate is a period with respect to which an annual report is required to be filed by the Company
pursuant to Section 8.18. 
 (d) An Accountant’s Certificate containing a statement of the Amount of Established
Permanent Additions remaining available for the purposes set forth in Section 5.04 and stating; 
 (1)
The unapplied balance, if any, of the Amount of Established Permanent Additions (including any amounts attributable to subdivision (b) of Section 9.05) stated in the next preceding similar Accountant’s Certificate, if any, delivered
to the Trustee under the provisions of this subdivision (d) or under another provision of the Indenture containing the statements and calculation required by this subdivision (d); 

(2) The Amount of Established Permanent Additions stated in such of the Engineer’s Certificates delivered
to the Trustee under the provisions of subdivision (a) of Section 5.04 as have not been included in any similar Accountant’s Certificate previously delivered to the Trustee under this subdivision (d) or under another provision of
the Indenture containing the statements and calculation required by this subdivision (d), which it is desired then to include in the Accountant’s Certificate, taking such Engineer’s Certificates consecutively according to the dates
thereof; and specifying the respective dates of such Engineer’s Certificates; 
 (3) The aggregate of
the unapplied balance stated under paragraph (1) above and the Amount of Established Permanent Additions stated under paragraph (2) above; 

(4) The amount removed from the utility plant or fixed capital accounts of the Company as and for the Cost of
all Retired Property (to the extent provided in Section 5.02) subsequent to April 1, 1947, to a date specified in the Engineer’s certificate which shall be not more than 90 days preceding the authentication and delivery of the Bonds
applied for in the accompanying Application, exclusive of amounts in respect of which appropriate deduction has been made in an Engineer’s Certificate or a similar Accountant’s Certificate previously delivered to the Trustee under
Section 5.04, or this Section 5.06 or under another provision of the Indenture containing the statements and calculation required by this subdivision (d) or, prior to the Effective Date, under the Original Indenture as supplemented by
Subsequent Supplemental Trust Indentures; 

  
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 (5) The balance remaining after deducting the amount stated under
paragraph (4) above from the aggregate amount stated under paragraph (3) above, which remaining balance shall be the amount available to be applied for any of the purposes stated in Section 5.04 at the time of the delivery of the
Accountant’s Certificate to the Trustee; 
 (6) Such portion (determined pursuant to Section 5.07)
of the amount stated under paragraph (5) above that is to be applied to the authentication and delivery of Bonds (or, as the case may be, any other purpose permitted by Section 5.04) applied for in the accompanying Application; 

(7) The balance remaining after deducting the amount stated under paragraph (6) above from the balance
stated under paragraph (5) above, which remaining balance shall be the amount included in the next similar Accountant’s Certificate delivered to the Trustee as the unapplied balance of the Amount of Established Permanent Additions to be
stated therein in accordance with paragraph (1) of this subdivision (d); 
 (8) that no part of any
unapplied balance of the Amount of Established Permanent Additions included under paragraph (1) above, or of any Amount of Established Permanent Additions included under paragraph (2) above, has theretofore been applied for any of the
purposes stated in clauses (i) through (vi) in Section 5.04, except to the extent permitted by Section 9.05. 
 SECTION
5.07. In each case of the application of any Amount of Established Permanent Additions on account of items specified in paragraphs (i) or (ii) of Section 5.04, the amount so applied shall be 150% of the aggregate principal amount of
Bonds applied for and authenticated and delivered under this Article V, or of the cash applied for and withdrawn under Section 7.02, on any particular application; in each case of the application of any Amount of Established Permanent Additions
for any items specified in paragraphs (iii) through (v) of Section 5.04, the amount so applied shall be 100% of the amount of cash applied for and withdrawn on any particular application or credit taken at any particular time and, in the
case of the application of any such amount for any items specified in clause (vi) of Section 5.04, the amounts so applied shall be (a) 150% of the amount of credit to a Sinking Fund applied under subdivision (c) of Section 13.01
and (b) the percentage set forth in the Supplemental Trust Indenture creating the series of Bonds for any additional sinking fund requirement established for such series. 

  
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 ARTICLE VI. 

ISSUANCE OF BONDS UPON RETIREMENT OF BONDS. 

SECTION 6.01. Subject to the provisions of Article IV, the Company may issue and the Trustee shall authenticate and deliver Bonds, in
addition to those provided for in any other Section hereof, in an aggregate principal amount not exceeding the aggregate principal amount of any previously issued Bonds which shall have been retired, if the Trustee shall have received an
Officer’s Certificate stating the aggregate principal amount of Bonds in respect of whose retirement the Bonds applied for in the accompanying Application are to be authenticated and delivered and that such retired Bonds do not include the
Bonds retired or used as subsequently specified in this Section 6.01; provided that no Bond shall be issued in respect of any such retired Bond (a) which shall have been retired (1) through the use of cash deposited with the Trustee
pursuant to the provisions of Article VII, (2) through the use of cash constituting any part of the Release Fund, or which pursuant to the Indenture is to be held or disposed of or applied in the same manner as moneys in the Release Fund, or
(3) through the use of cash constituting a part of, or in lieu of the deposit of any such cash in, or through the operation of, the Maintenance Fund, or the Sinking Fund or other similar fund applicable to its retirement if the provisions
establishing such other similar fund prohibit such issuance or (b) whose retirement was previously used as a basis for the issuance of Bonds under this Section 6.01, or (c) which shall have been retired prior to the Effective Date and
which the Company would not have been permitted under Section 6.01 of the Original Indenture to use as a basis for the issuance of additional Bonds. 

SECTION 6.02. No Bond shall be issued in respect of any retired Bond more than one year prior to the final Stated Maturity of such
retired Bond unless: the Bond so issued bears no greater rate of interest than such retired Bond or, if the Bond so issued bears a greater rate of interest than such retired Bond, unless the Trustee shall have received a Net Earnings Certificate
complying with subdivision (b) of Section 5.06 and, when required, an Independent Accountant’s Certificate pursuant to subdivision (c) of Section 5.06 showing that the Earnings Applicable to Bond Interest meets the
requirements of Section 5.03. 
 SECTION 6.03. Any Bond (including, if applicable, any unmatured Coupons appertaining thereto)
shall be deemed retired if it shall have been paid or redeemed or surrendered to the Trustee and cancelled or destroyed (unless such surrender shall have been made in exchange for another Bond of the same series and evidencing the same indebtedness)
or if provision for the payment or redemption of such Bond shall have been made in the following manner: 
 (a) if the Bond
has been selected for redemption, the Trustee shall have given (or the Company shall have given to the Trustee, in form satisfactory to it, irrevocable instructions to give), on a date in accordance with the provisions of Section 10.02 and the
terms of such Bond notice of redemption of such Bond or portions thereof; 
 (b) there shall have been deposited with the
Trustee any combination: 

  
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 (i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the
option of the issuer), maturing as to principal and interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash 

that is necessary to pay when due the principal of, premium, if any, and interest due and to become due on such Bond on or prior to the
Redemption Date or Stated Maturity thereof, as the case may be; and 
 (c) if the Bond does not mature and is not to be
redeemed within the next succeeding 30 days, the Company shall have given the Trustee, in form satisfactory to the Trustee, irrevocable instructions to give, as soon as practicable, in the same manner as a notice of redemption is given pursuant to
Section 10.02, a notice to the Holder of such Bond stating that: (1) the deposit required by paragraph (b) above has been made with the Trustee; (2) such Bond is deemed to have been paid in accordance with this Section 6.03;
and (3) the Stated Maturity or Redemption Date upon which moneys are to be available for payment of the principal of, premium, if any, and interest on such Bond. 

  
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 ARTICLE VII. 

ISSUANCE OF BONDS UPON DEPOSIT OF CASH WITH TRUSTEE. 

SECTION 7.01. Subject to the provisions of Article IV, the Trustee shall authenticate and deliver Bonds if the Company shall deposit
cash with the Trustee in an amount equal to the principal amount of the Bonds requested to be authenticated and delivered and if the Trustee shall have received a Net Earnings Certificate as described in Section 5.03 showing that the Earnings
Applicable to Bond Interest for a period of 12 consecutive calendar months within the 15 calendar months immediately preceding the date of the Application for authentication and delivery of Bonds shall have been in the aggregate at least equivalent
to twice the interest requirements for a period of one year upon (a) the Bonds applied for, (b) all Bonds Outstanding on the date of such Application and (c) all Prior Lien Obligations and Permitted Indebtedness maturing more than one
year after the date of such calculation. 
 SECTION 7.02. All cash deposited with the Trustee under the provisions of
Section 7.01 shall be held by the Trustee as a part of the mortgaged and pledged property, but, whenever the Company shall become entitled to the authentication and delivery of Bonds under Articles V or VI, the Trustee, upon application by the
Company, evidenced by a Resolution, shall pay to the Company, in lieu of the Bonds to which the Company may then be so entitled, such cash equal to the aggregate principal amount of such Bonds without any limitation by reason of the amount of
Earnings Applicable to Bond Interest; and for such purpose (a) the requisite certificates and other documents delivered to the Trustee may contain such variations, omissions or insertions as may be appropriate in the light of the purpose for
which they are used, (b) Section 5.03 shall be inapplicable to the withdrawal of such cash pursuant to this Section 7.02 and (c) it shall not be necessary to deliver to the Trustee any Net Earnings Certificate or any Independent
Accountant’s Certificate with respect to Earnings Applicable to Bond Interest, or any of the documents provided for in Section 4.01 except subdivision (g). 

  
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 ARTICLE VIII. 

PARTICULAR COVENANTS OF THE COMPANY. 

The Company hereby covenants as follows: 

SECTION 8.01. That it lawfully possesses all the aforesaid mortgaged and pledged property; that it will maintain and preserve the Lien
of the Indenture on such mortgaged and pledged property in accordance with the terms hereof so long as any of the Bonds are Outstanding; that it has good right and lawful authority to mortgage and pledge such mortgaged and pledged property, as
provided by the Indenture; and that the mortgaged and pledged property is free and clear of all liens and encumbrances, except Permitted Encumbrances, and except as otherwise provided herein. 

SECTION 8.02. That it will duly and punctually pay the principal of, premium, if any, and interest on all the Bonds Outstanding
according to the terms thereof and of the Indenture. 
 SECTION 8.03. That it will maintain an office or agency (approved by the
Trustee), while any of the Bonds are Outstanding, at each Place of Payment, where notices, presentations and demands to or upon the Company in respect of the Bonds or the Indenture may be given or made, and for the payment of the principal of,
premium, if any, and interest on the Bonds. The Company will give the Trustee prompt written notice of any change in location of such office or agency. If the Company shall fail to maintain such office or agency in each Place of Payment, or to give
the Trustee written notice of the location thereof, the Trustee shall appoint in each such Place of Payment an agent of the Company for the foregoing purposes and the Trustee is hereby authorized and empowered to make such appointment on behalf of
the Company. In case of any such failure of the Company, any such notice, presentation or demand in respect of the Bonds or the Indenture may be given or made, unless other provision is expressly made herein, to or upon the Trustee at its principal
corporate trust office, and the Company hereby authorizes such presentation and demand to be made to and such notice to be served on the Trustee in such event. 

SECTION 8.04. That it will pay, when the same shall become payable, all taxes, assessments and other governmental charges lawfully
levied or assessed upon the mortgaged and pledged property, or upon any part thereof or upon any income therefrom, or upon the interest of the Trustee in the mortgaged and pledged property when the same shall become due, and will duly observe and
conform to all valid requirements of any governmental authority relative to any of the mortgaged and pledged property, and all covenants, terms and conditions upon or under which any of the mortgaged and pledged property is held and that, except as
herein otherwise provided, it will not permit, create or incur any lien to be existing hereafter upon the mortgaged and pledged property whether now owned or hereafter acquired, or any part thereof, or the income therefrom, equal to or prior to the
Lien of the Indenture, except Permitted Encumbrances. 
 SECTION 8.05. (a) That it will keep all the mortgaged and pledged property
of a character usually insured by companies engaged in a similar business and similarly situated, and which is at any time subject to the Lien of the Indenture, insured with reasonable deductibles and retentions against loss or damage by fire or
extended coverage perils, to such amount as such property is usually insured by companies similarly situated, either by means of policies issued by 

  
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reputable insurance companies or, in lieu of or supplementing such insurance in whole or in part, at the Company’s election, by means of some other method or plan of protection including an
insurance fund maintained by the Company alone or in conjunction with any other Person. All such insurance policies or alternative methods or plans of protection upon any part of the mortgaged and pledged property shall provide that the proceeds
thereof shall be payable to the Trustee. The Company agrees to deposit with the Trustee all proceeds from any insurance or alternative method or plan of protection received by the Company with respect to any such loss relating to the mortgaged and
pledged property. 
 Upon request, the Company will furnish to the Trustee a statement signed by the President, a Vice
President, the Treasurer or an Assistant Treasurer and attested by the Secretary or an Assistant Secretary of the Company showing: 

(i) the number of the policies of insurance in effect and the names of the issuing companies, 

(ii) the amount of such policies, 

(iii) the nature of the property covered by such policies, and 

stating that each such insurance policy or alternative method or plan of protection provides that losses thereunder for fire or extended
coverage perils are payable to the Trustee. In lieu of the statement described in the preceding sentence, the Company may deliver to the Trustee a certificate of one or more nationally known insurance brokers that he or they have examined the fire
and extended coverage insurance policies and alternative method or plans of protection in effect upon the property of the Company and that in his or their opinion the Company has fully complied with the provisions of this subdivision (a). 

(b) That all proceeds of any insurance or alternative method or plan of protection received by the Trustee, shall be held and
applied by the Trustee in the same manner and for the same purposes and shall be subject to the same conditions as moneys held in the Release Fund, except that, until a Completed Default shall occur and be continuing, any such proceeds received by
the Trustee for any single loss not exceeding $1,000,000 shall be paid promptly to the Company upon receipt by the Trustee of a Company Order directing such payment. 

(c) That all proceeds of any insurance or alternative method or plan of protection paid to the Company by the Trustee pursuant
to subdivision (b) of this Section 8.05 promptly shall be expended for Permanent Additions, or be applied to the rebuilding, renewal or replacement of the property damaged or destroyed. 

(d) That subject to Section 17.01, in case of any loss covered by any insurance policy or alternative method or plan of
protection, any appraisement or adjustment of such loss and settlement and payment of indemnity therefor, which shall be approved in an Officer’s Certificate, may be consented to and accepted by the Trustee, and the Trustee shall in no way be
liable or responsible for the collection of any insurance in case of any loss nor for consenting to or accepting any such appraisement, adjustment, settlement or payment of indemnity. 

SECTION 8.06. That the business of the Company will be continuously carried on and conducted in an efficient manner; that all property,
plants, appliances and equipment of the 

  
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Company classified as Permanent Additions subject to the Lien of the Indenture and used and useful in the carrying on of its business will be maintained in adequate repair, working order and
condition to the extent, in the Company’s opinion, it is economical to do so, and, if worn out, obsolete or severely damaged, it will be replaced or offset by other property of the character of Permanent Additions of at least equal value; that,
except as permitted under the provisions of Section 11.02, none of the rights, powers, franchises or privileges of the Company, subject to the Lien of the Indenture, whether now owned or hereafter acquired, will be allowed to lapse other than
by expiration of the term of duration thereof or be forfeited so long as the same shall be necessary for the carrying on of the business of the Company; that, except as permitted by Article XVI, it will maintain its corporate existence and right to
carry on business in the states in which its property and plants subject to the Lien of the Indenture, or any part thereof, may be located and will use reasonable efforts to obtain all necessary renewals and extensions thereof, and subject to the
provisions hereof, will diligently endeavor to maintain, preserve and renew all such rights, powers, privileges and franchises owned by it and necessary for carrying on the business of the Company; that it will at all times use all reasonable
diligence to provide service adequate to meet the reasonable requirements of the communities in which it may be operating; that, except to the extent herein expressly permitted, it will at no time commit or allow to be committed, any waste upon the
mortgaged and pledged property of the character of Permanent Additions, or do, or permit to be done, about, in or upon the mortgaged property, anything that may in any way tend to impair the value thereof, or to weaken, diminish or impair the
security afforded by the Indenture, and that it will fully and in due time comply with all laws and ordinances applicable to the Company or the mortgaged and pledged property. However, nothing herein contained shall be construed to prevent the
Company (a) from contesting in good faith the validity of any such laws or ordinances by necessary and appropriate legal proceedings or in such other manner as may be deemed advisable by the Company; (b) from ceasing to operate any of its
plants or any other properties if, in the judgment of the Company, it is advisable not to operate or maintain the same; (c) from selling or otherwise disposing of its mortgaged and pledged property subject to the provisions of Article XI; or
(d) from dismantling or taking such other action with respect to such plant or such other property as it deems proper and customary under the circumstances. 

SECTION 8.07. [Omitted] 

SECTION 8.08. That it will cause the Indenture and all indentures and instruments supplemental hereto to be kept, recorded and filed in
such manner and to such extent as may be required or permitted by law and in such places as may be required by law in order to make effective and maintain the Lien Hereof and to fully preserve and protect the security of the Bondholders and all
rights of the Trustee. 
 SECTION 8.09. That it will execute and deliver such further instruments and do such further acts as may be
necessary or proper to carry out the purposes of the Indenture, and to make subject to the Lien Hereof any property hereafter acquired and intended to be subject to the Lien of the Indenture, and to transfer to any new trustee the estate, powers,
instruments and any funds held in trust under the Indenture. 
 SECTION 8.10. That it will, at all times, keep or cause to be kept,
proper books of record and account in which full, true and correct entries will be made of all dealings or transactions of or in relation to the Bonds, plants, properties, business and affairs of the

  
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Company; that it will at any and all reasonable times, upon the written request of the Trustee, permit it, or its clerks, agents, or auditors, for that purpose duly authorized, to inspect the
books, accounts, papers, documents and memoranda of the Company, as well as its plants and properties, and to take from its books, accounts, papers, documents and memoranda such extracts as may be deemed necessary; that it will at any time, upon the
written request of the Trustee, furnish to the Trustee a full and complete statement of the property covered by the Lien Hereof or intended to be covered. 

SECTION 8.11. That it will not go into voluntary bankruptcy or insolvency, or apply for or consent to the appointment of a receiver of
itself or its property or make any general assignment for the benefit of its creditors, or allow any order adjudicating it to be bankrupt or insolvent or appointing a receiver of it or of its property, to be made and remain unvacated for a period of
90 days. 
 SECTION 8.12. That it is duly authorized under the laws of Wisconsin and under all other applicable provisions of law to
create and issue the Bonds and to execute and deliver the Indenture; that all corporate action required for the creation and issue of said Bonds and the execution of the Indenture has been duly and effectually taken, and that said Bonds when issued
and in the hands of the Holders thereof are and will be valid and enforceable obligations of the Company, and that the Indenture is and always will be a valid mortgage or deed of trust to secure the payment of said Bonds. 

SECTION 8.13. That upon the issue of each Bond it will pay all such taxes (which may legally be paid by the Company) as may be imposed
by any law, then in force applicable to and imposed upon the issue of such Bond, of the United States of America, of the States of Wisconsin and Michigan or of the several states in which its property and plants, or any part thereof may be located.

 SECTION 8.14. That it will not issue, or permit to be issued, any Bonds in any manner other than in accordance with the provisions
of the Indenture and that it will faithfully observe and perform all the conditions, covenants and requirements of the Indenture. 

SECTION 8.15. That it will duly and punctually perform all the conditions and obligations imposed on it by the terms of any Prior Lien
or any mortgage, lien, charge or encumbrance described in paragraph (20) of the definition of Permitted Encumbrances to the extent necessary to keep the security afforded by the Indenture substantially unimpaired and that it will not permit any
default under any such Prior Lien or mortgage, lien, charge or encumbrance to occur and continue for any grace period specified therein, if thereby the security afforded by the Indenture would be materially impaired or endangered. 

SECTION 8.16. That, if it shall act as its own Paying Agent, it will, on or before each due date of the principal of, premium, if any,
or interest on the Bonds, set aside and segregate and hold in trust for the benefit of Holders of such Bonds or the Trustee a sum sufficient to pay such principal of, premium, if any, or interest so becoming due, and the Company promptly will notify
the Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents, it will, on or
prior to each due date of the principal of, premium, if any, or interest on any Bonds, deposit with a Paying 

  
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Agent a sum sufficient to pay the principal of, premium, if any, or interest so becoming due, such sum to be held in trust for the benefit of the Holders of such Bonds or the Trustee, and (unless
such Paying Agent is the Trustee) the Company promptly will notify the Trustee of its action or failure so to act. 
 Moneys
so segregated or deposited and held in trust shall not be a part of the mortgaged and pledged property but shall constitute a separate trust fund for the benefit of the Persons entitled to such principal, premium or interest. Except in the case of
moneys so segregated by the Company when acting as its own Paying Agent, moneys held in trust by the Trustee or any other Paying Agent for the payment of the principal of, premium, if any, or interest on the Bonds need not be segregated from other
funds, except to the extent required by law. 
 The Company will cause each Paying Agent other than the Trustee, to execute
and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 8.16, that such Paying Agent will: 

(a) hold all sums held by it for the payment of principal of, premium, if any, or interest on Bonds in trust for the benefit of
the Holders of such Bonds or the Trustee until such sums shall be paid to the Holders or withdrawn for deposit with a successor Paying Agent or with the Trustee or until disposed of as herein provided; 

(b) give the Trustee notice of any default by the Company (or any other obligor upon the Bonds) in the making of any such
payment of principal, premium, if any, or interest; and 
 (c) at any time during the continuance of any such default, upon
the written request of the Trustee, promptly pay to the Trustee all sums so held in trust by such Paying Agent. 
 The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all money held in trust by the Company or such
Paying Agent pursuant to this Section 8.16, such money to be held by the Trustee upon the same trusts as those upon which such money was held by the Company or such Paying Agent; and, upon such payment by the Company, the Company shall be
discharged from such trust, and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Anything in this Section 8.16 to the contrary notwithstanding, any money deposited with the Trustee or any Paying Agent
or held by the Company in trust for the payment of the principal of, premium, if any, or interest on any Bond shall be subject to the provisions of Section 21.03. 

SECTION 8.17. That it will furnish or cause to be furnished to the Trustee between May 1 and May 31 in each year beginning
with the May following the Effective Date, and also between November 1 and November 30 in each year beginning with the November following the Effective Date, and at such other times as the Trustee may request in writing, a statement in
such form as the Trustee may reasonably require, containing all the information in the possession or control of the Company or of any of its Paying Agents as to the names and addresses of the Holders of Bonds obtained since the date as of which the
next previous statement, if any, was furnished, excluding from any such list the names and addresses received by the Trustee in its capacity as Bond Registrar. Each such statement shall be dated as of a date not earlier than the

  
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tenth day of the month next preceding the month during which said statement is furnished, and need not include information received after such date. 

SECTION 8.18. That it will: 

(a) file with the Trustee within 15 days after the Company is required to file the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may prescribe from time to time by rules and regulations) which the Company may be required to file with the
Commission pursuant to section 13 or section 15 (d) of the Securities Exchange Act of 1934, as amended; or, if the Company is not required to file information, documents or reports pursuant to either of such sections, that it will file with the
Trustee and the Commission, in accordance with any rules and regulations that may be prescribed by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to section 13 of the
Securities Exchange Act of 1934, as amended, in respect of a security listed and registered on a national securities exchange as may be prescribed in such rules and regulations; 

(b) file with the Trustee and the Commission, in accordance with such rules and regulations as may be prescribed by the
Commission and to which the Company shall be subject, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in the Indenture as may be required from time to time
by such rules and regulations, including in the case of annual reports (if required by such rules and regulations), certificates or opinions of independent public accountants (conforming to the requirements of Sections 21.08 and 21.09) as to
compliance with conditions or covenants (which compliance is subject to verification by accountants), but no such certificate or opinion shall be required as to any matter specified in clause (A), (B) or (C) of paragraph (3) of subsection
(c) of Section 314 of the Trust Indenture Act; and 
 (c) transmit to the Holders of Bonds in the manner and to the
extent provided in subdivision (c) of Section 17.18, such summaries of any information, documents and reports required to be filed by the Company pursuant to subdivisions (a) and (b) of this Section 8.18 as may be required by
rules and regulations prescribed by the Commission; and 
 (d) furnish to the Trustee, not less than annually, a brief
certificate from the principal executive officer, principal financial officer or principal accounting officer as to his knowledge of the Company’s compliance with all conditions and covenants under the Indenture. For purposes of this
subdivision (d), such compliance shall be determined without regard to any period of grace or requirement of notice provided under the Indenture. 

SECTION 8.19. That it will furnish to the Trustee: (a) promptly after the Effective Date and promptly after the execution of any
Supplemental Trust Indenture after the Effective Date, an Opinion of Counsel either stating that the Indenture has been properly recorded and filed so as to make effective the Lien of the Indenture intended to be created thereby, and reciting the
details of such action, or stating that no such action is necessary to make such Lien of the Indenture effective; and (b) by May 1 in each year after the Effective Date, an Opinion of Counsel either stating that such action has been taken
with respect to the recording, filing, re-recording and refiling of the Indenture as is necessary to maintain the Lien Hereof, and reciting the details of such action, or stating that no such action is
necessary to maintain such Lien of the 

  
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Indenture. Compliance with clauses (a) and (b) of this Section 8.19 shall be achieved if (1) the Opinion of Counsel herein required to be delivered to the Trustee shall state for
details: the time, place, and manner of such recording, re-recording, filing and refiling as the case might be and that, in the Opinion of Counsel (if such is the case) such receipt for record of filing makes
the Lien of the Indenture intended to be created thereby effective and (2) such Opinion of Counsel is delivered to the Trustee within such time, following the date and execution of this Restated Indenture and each Supplemental Trust Indenture,
as shall be practicable, giving due regard to the number and distance of the jurisdictions in which the Indenture or such Supplemental Trust Indenture is required to be recorded or filed. 

  
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 ARTICLE IX. 

MAINTENANCE FUND. 

SECTION 9.01. The Company covenants that, for each calendar year while any of the Bonds remain Outstanding, it will pay to the Trustee
on the next succeeding May 1, as a “Maintenance Fund,” an amount equal to 2.50% of Completed Depreciable Property as of the end of such calendar year; less, to the extent that the Company desires to include the same, the following
credits: 
 (a) all amounts expended during such calendar year for maintenance of all property included in the calculation of
Completed Depreciable Property owned by the Company; 
 (b) all expenditures or charges during such calendar year for
renewals or replacements of property included in the calculation of Completed Depreciable Property owned by the Company, or for retirements of property included in the calculation of Completed Depreciable Property owned by the Company to the extent
that the charges for such retirements have been offset by expenditures for acquisition, construction or erection of Permanent Additions; 

(c) the principal amount of all Bonds which have been retired or redeemed, except Bonds which have been retired or used in any
manner set forth in clause (a), (b) or (c) of Section 6.01; and 
 (d) any portion of an Amount of Established
Permanent Additions determined in accordance with Article V if it has not been previously applied to any other purpose specified in Section 5.04. 

The credits provided for in this Section 9.01 shall not include any amounts reserved for or accrued for depreciation or
obsolescence on the books of the Company in any such calendar year, except to the extent that charges or expenditures in paragraph (a) or (b) above include depreciation or charges related to equipment or materials used for maintenance, renewals
or replacements of property included in the calculation of Completed Depreciable Property. 
 SECTION 9.02. By May 1 of each
year, the Company shall deliver to the Trustee 
 (a) an Accountant’s Certificate stating (i) the amount of
Completed Depreciable Property of the Company at the end of the previous calendar year; (ii) the amount equal to 2.50% of the amount stated pursuant to clause (i) of this subdivision (a); (iii) to the extent that the Company desires to
include the same, the credits (separately stated) that are provided for under subdivisions (a), (b), (c) and (d) of Section 9.01; (iv) the credit balance, if any, provided for in Section 9.05; and (v) the remaining balance, if
any, of the amount set forth under clause (ii) of this subdivision (a) remaining after deducting the credits set forth under paragraphs (iii) and (iv); 

(b) if the Company includes in the Accountant’s Certificate provided for in subdivision (a) of this Section 9.02
any credit under subdivision (d) of Section 9.01, the Accountant’s Certificate also shall contain the statements and calculation provided for in subdivision (d) 

  
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of Section 5.06, with such changes therein as may be necessary to adapt the same to the purposes of this Section 9.02 and Section 9.01; and 

(c) an amount of cash or an aggregate principal amount of Bonds (except Bonds which have been retired or used in any manner set
forth in clause (a), (b) or (c) of Section 6.01), equal to the balance, if any, stated in the Accountant’s Certificate provided for in subdivision (a) of this Section 9.02 pursuant to clause (v) of said subdivision (a).

 SECTION 9.03. Any cash balance held in the Maintenance Fund, at the option and upon the request of the Company, expressed by a
Resolution, shall be applied by the Trustee to the purchase or redemption of Bonds in the manner provided for with reference to cash in the Release Fund as provided in Sections 11.13 and 11.14 but in no event shall such cash be considered as part of
the Release Fund for purposes of Section 11.15. At the option of the Company, any monies constituting any part of the Maintenance Fund may be withdrawn by the Company upon the delivery to the Trustee of Bonds (except Bonds which have been used
or retired in a manner set forth in clause (a), (b) or (c) of Section 6.01), of an aggregate principal amount equal to the amount of moneys so withdrawn. 

All Bonds purchased or otherwise acquired by or delivered to the Trustee for the Maintenance Fund shall forthwith be
cancelled, and the Trustee shall thereupon destroy such Bonds and deliver evidence of the destruction thereof to the Company, pursuant to Section 21.07. 

SECTION 9.04. Any cash deposited by the Company with the Trustee in the Maintenance Fund may be withdrawn by the Company upon the basis
of the Cost or Fair Value, whichever is less (after making the deductions provided for in Section 5.02 because of Retired Property), of Permanent Additions certified to the Trustee as provided in Article V and subject to the conditions of
Sections 5.05 and 5.07, but only upon delivery to the Trustee of: 
 (a) a Company Request, authorized by Resolution; 

(b) an Officer’s Certificate stating that no Default has occurred and is continuing, and that the granting of such Company
Request will not result in a Default; and 
 (c) an Accountant’s Certificate containing the statements and calculation
provided for in subdivision (d) of Section 5.06 with such changes therein as may be necessary to adapt the same to the purposes of this Section 9.04. 

SECTION 9.05. If the total amount of credits, applicable to the Maintenance Fund, specified in any Accountant’s Certificate filed
for any calendar year after 1990 shall exceed an amount equal to 2.50% of Completed Depreciable Property as of the end of such calendar year, the excess, if any, may be used: 

(a) as a credit balance to offset any deficiency for expenditures or charges as shown by any subsequent Accountant’s
Certificate or Certificates submitted pursuant to Section 9.02; or 

  
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 (b) to increase the Amount of Established Permanent Additions available for any
of the purposes described in paragraphs (i) through (vi) of Section 5.04, but only in an aggregate amount equal to the lesser of: (i) such excess credits or (ii) the Amount of Established Permanent Additions used, after calendar
year 1990, as a credit to the Maintenance Fund or for the withdrawal of cash from the Maintenance Fund. 
 The amount of excess Maintenance
Fund credits shall be reduced by the amount of any such excess credits applied for either of the purposes described in the foregoing clauses (a) and (b). 

SECTION 9.06. If the mortgaged and pledged property shall be sold either under the power of sale herein provided, or under decree of
court in a suit for the foreclosure of the Indenture, then any moneys at the time remaining in the Maintenance Fund shall be added to and dealt with as if it were a part of the proceeds of such sale. 

  
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 ARTICLE X. 

REDEMPTION OF BONDS. 

SECTION 10.01. Bonds that are, by their terms, redeemable before maturity may, at the option of the Company, be redeemed at such times,
in such amounts and at such prices as may be specified therein and in accordance with Sections 10.02 through 10.07. 
 SECTION 10.02.
In case of redemption of only part of the Bonds of any series, the particular Bonds so to be redeemed shall be selected by the Trustee by lot, in such manner as it shall elect. In any such selection by lot under this Section 10.2, each Bond
shall be represented by a separate number for each $1,000 of its principal amount. 
 Notice of intention to redeem Bonds of
any series, wholly or in part, shall be given, by or on behalf of the Company, by first class mail, postage prepaid, at least 30 days before the Redemption Date, to the Trustee and each Holder of a Bond to be redeemed at the address shown on the
Bond Register; but the failure to give such notice, or any defect in such notice so given, shall not affect the validity of the proceedings for the redemption of any Bond not affected by such failure or defect. All notices of redemption shall state
the Redemption Date and redemption price, the portion, if less than all, of the Bonds to be redeemed, the place at which the Bonds are to be surrendered for payment, which, unless otherwise stated, shall be the principal corporate trust office of
the Trustee, and that on the Redemption Date the redemption price will become due and payable on each such Bond (or the portion thereof to be redeemed) and interest thereon shall cease to accrue on and after such date. 

If only part of the Bonds of any particular series is to be redeemed, said notice of redemption shall specify the number of
such Registered Bonds to be redeemed in whole or in part. If any Bond is to be redeemed in part only, said notice shall specify the portion of the principal amount thereof to be redeemed and shall state that, upon presentation of such Bond for
redemption, a new Bond of the same series, of the same maturity and of an aggregate principal amount equal to the unredeemed portion of such Bond, will be issued in lieu thereof. 

In case of a redemption of any Bonds that are Coupon Bonds, such written notice of redemption shall also be given, by or on
behalf of the Company, by publication at least once in each of not less than three successive calendar weeks preceding the Redemption Date and in each case on any day in the week (the first publication to be at least thirty days, or such other
number of days as shall be fixed by the terms of the Bonds to be redeemed, before the Redemption Date) in one daily newspaper, in the English language, of general circulation published in Chicago, Illinois, and in one newspaper, in the English
language, of general circulation published in each other city, if any, in which the principal of any of the Bonds to be redeemed may be payable. 

In case only a portion of any Bond shall be called for redemption (it being understood that no Coupon Bond shall be called for
redemption in part absent contrary provisions in such Coupon Bond or the Supplemental Trust Indenture creating such Coupon Bond), the Company at its expense shall execute and the Trustee shall authenticate and deliver to the Holder of such

  
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Bond a new Bond of the same series and of the same maturity for the principal amount of the surrendered Bond, less the principal amount redeemed and paid. 

SECTION 10.03. If the Company shall give and complete notice of its intention to redeem any of the Bonds, the Company shall, and it
hereby covenants that it will, on or before the Redemption Date specified in such notice, deposit with the Trustee a sum of cash, Government Obligations or a combination thereof, which will provide sufficient cash to redeem all of such Bonds on such
Redemption Date. 
 SECTION 10.04. Cash, Government Obligations or a combination thereof deposited by the Company with the Trustee
under the provisions of this Article X for the redemption of any of the Bonds shall be deposited and held in a trust fund for the account of the respective Holders of the Bonds to be redeemed and shall be paid to them respectively, upon presentation
and surrender of such Bonds (including, if applicable, unmatured coupons appertaining thereto); and on and after such Redemption Date if the moneys for the redemption of said Bonds shall be on deposit as aforesaid, such Bonds shall cease to bear
interest, and such Bonds shall cease to be entitled to the benefits and security of and the Lien of the Indenture, and, if applicable, all unmatured coupons relating to such Bonds shall be void and deemed paid. 

SECTION 10.05. All Bonds paid, retired or redeemed under any of the provisions of this Article X shall be cancelled forthwith, and the
Trustee shall thereupon destroy such Bonds and deliver evidence of the destruction thereof to the Company in accordance with Section 21.07. 

SECTION 10.06. If there shall have been deposited with the Trustee any combination: 

(i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the option of the
issuer), maturing as to principal and interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash 

that is necessary to pay when due the principal of, premium, if any, and interest due and to become due on such Bond on or prior to the
Redemption Date thereof; and either the notice provided for in respect of the redemption of such Bonds shall have been duly given by the Trustee or irrevocable authorization shall have been given by the Company to the Trustee to give notice, on
behalf of the Company, as provided in Section 10.02, then the Company and the Trustee shall consider such Bonds (including, if applicable, all unmatured coupons appertaining thereto) redeemed from the Holder thereof and paid for purposes of
release and satisfaction of the Indenture. 
 SECTION 10.07. In case any question shall arise as to whether proper and sufficient
action shall have been taken for the redemption of Bonds, such question shall be decided by the Trustee and the decision of the Trustee shall, subject to Section 17.01, be final and binding upon all parties in interest. 

  
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 ARTICLE XI. 

POSSESSION, USE AND RELEASE OF MORTGAGED PROPERTY. 

SECTION 11.01. Until a Completed Default shall occur and be continuing, the Company shall be permitted, subject to the
provisions of this Article XI, to possess, use, manage, operate and enjoy the mortgaged and pledged property (except money and securities which are expressly required to be deposited with the Trustee); to collect, receive, use, invest and dispose of
the rents, issues, income, product and profits from all the mortgaged and pledged property, with power (in the ordinary course of business freely and without permission from or hindrance by the Trustee or the Bondholders) to use, consume and dispose
of materials and supplies; and, except as herein otherwise expressly provided to the contrary, to exercise any and all rights under or in relation to choses in action, leases and contracts. 

SECTION 11.02. (a) Until a Completed Default shall occur and be continuing, the Company may, without any release or consent by
the Trustee, or accountability thereto for any consideration received by the Company: 
 (1) sell or
otherwise dispose of, free from the Lien of the Indenture, any machinery, equipment, tools, implements or similar property subject to the Lien Hereof which may have become obsolete or unfit for use or no longer useful, necessary or profitable in the
conduct of business of the Company, upon replacing the same by or substituting for the same, other machinery, equipment, tools or implements, not necessarily of the same character but of at least equal value to that of such property disposed of;

 (2) cancel, or make changes or alterations in, or substitutions of, any and all contracts, leases, rights
of way and easements; 
 (3) surrender or assent to the modification of any franchise, license, governmental
consent or permit under which it may be operating, provided that, in the event of any such surrender or modification, the Company shall have (under some other franchise, license, governmental consent, permit or right, or under the modified
franchise, license, governmental consent or permit, or under a new franchise, license, governmental consent or permit) received in exchange therefor, authority which is sufficient, in the Opinion of Counsel, for the conduct of the same or an
extended business in the same or substantially the same or an extended territory for the same or substantially the same or an extended or unlimited period of time or until the maturity date of the last maturing series of Bonds at the time
Outstanding or for the most extended period or term then possible under existing laws or regulations or until it is no longer necessary or expedient to continue in the territory affected thereby; 

(4) surrender any franchise, license or governmental consent or permit now held or which may be held hereafter
by the Company or under which it now may be operating or may operate hereafter any of its properties or assent to or arrange for any modification or alteration of any of the terms hereof, provided that the Board of Directors determines by Resolution
that it is either no longer necessary or no longer in the best 

  
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interests of the Company and the Bondholders and that the value and efficiency of the mortgaged and pledged property as an entirety will not be impaired thereby, and a copy of such Resolution
shall be filed with the Trustee, and provided further that the Company shall still have power and authority, in the Opinion of Counsel, sufficient for the conduct of its business in the same or substantially the same territory; 

(5) grant rights-of-way and
easements over or in respect of any of the mortgaged and pledged property, of the nature described in the definition of Permitted Encumbrances, provided that such grant will not impair the use of such property for the purposes for which it is held
by the Company and will not have a material adverse impact on the security afforded by the Indenture; 
 (b) Until a
Completed Default shall occur and be continuing, and following the retirement through payment or redemption of the Original Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as
used in Article XVIII of the Original Indenture), the Company may, without any release or consent by the Trustee, or accountability thereto for any consideration received by the Company: 

(1) sell or otherwise dispose of, free of the Lien of the Indenture: 

(A) all vessels, boats, barges and other marine equipment, all railroad engines, cars and related equipment,
all airplanes, airplane engines and other flight equipment, and all accessories and supplies used in connection with any of the foregoing; 

(B) all office furniture and all leasehold interests in property owned by Persons other than the Company for
office purposes; and 
 (2) enter into leases permitting the lessee to occupy or use any of the mortgaged and
pledged property in any manner that does not interfere in any material respect with the use of such property for the purpose for which it is held by the Company and will not have a material adverse impact on the security afforded by the Indenture;
and 
 (3) surrender any franchise, license or governmental consent or permit now held or which may be held
hereafter by the Company or under which it now may be operating or may operate hereafter any of its properties or assent to or arrange for any modification or alteration of any of the terms thereof, provided that the Board of Directors determines by
Resolution that it is either no longer necessary or no longer in the best interest of the Company to continue to operate in the territory affected thereby or to comply with the terms and provisions of the franchise or governmental consent or permit
and such surrender or modification will not materially impair the value and efficiency of the mortgaged and pledged property as an entirety or be prejudicial in any material respect to the interests of the Bondholders. 

(c) The Trustee shall execute a written instrument to confirm any action taken by the Company under this Section 11.02,
upon receipt by the Trustee of (1) a Resolution requesting such written instrument and expressing any required opinions, (2) an Officer’s Certificate stating that no Default has occurred and is continuing and that said action was duly
taken in conformity with a designated subdivision of this Section 11.02 and (3) an Opinion of Counsel stating that said 

  
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action was duly taken by the Company in conformity with said subdivision and that the execution of such written instrument is appropriate to confirm such action under this Section 11.02.

 SECTION 11.03. Until a Completed Default shall occur and be continuing, the Company may sell, exchange or otherwise dispose
of any other of the mortgaged and pledged property, and the Trustee shall release the same from the Lien Hereof upon the submission by the Company to the Trustee of an Application and delivery to the Trustee of an Application and delivery to the
Trustee of the items listed in either (i) subdivisions (a) through (j) or (ii) subdivision (k) of this Section 11.03, as applicable: 

(a) A Resolution requesting such release and describing the applicable property; 

(b) An Officer’s Certificate stating that no Default has occurred and is continuing, and that the granting of such
Application will not result in a Default; 
 (c) An Engineer’s Certificate, dated not more than 90 days preceding the
date of the delivery of the Application for such release, stating in substance that the Company has sold, exchanged, or otherwise disposed of or intends to sell, exchange or otherwise dispose of the property or securities to be released, and
stating: 
 (1) a brief description of the property or securities, if any, to be released (which may be given
by reference to the Resolution requesting the release if such property is described therein) and stating whether such property is of the character of Permanent Additions; 

(2) a brief description of the consideration, if any, received or to be received by the Company for the
property or securities, if any, to be released, which consideration may consist in whole or in part of one or more of the following: 

(A) cash; 

(B) obligations secured by purchase money first mortgages upon the property to be released, provided that the
principal amount of such obligations does not exceed (i) individually, 66 2/3% of the Fair Value of the property to be released, and (ii) when added to the aggregate principal amount of all other such obligations theretofore received for
property released pursuant to this clause (B), and then held by the Trustee, 15% of the aggregate principal amount of the Bonds then Outstanding; or 

(C) any other property; 

provided that if the property to be released is of the character of Permanent Additions, then such other property referred to
in this clause (C) shall be of the character of Permanent Additions; 
 (3) the amount of cash, if any,
to be deposited by the Company pursuant to subdivision (j) of this Section 11.03; 
 (4) the Fair
Value of the property and securities to be released and stating, if such is the case, that the Fair Value of such property and securities is taken at the amount 

  
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stated in the Independent Engineer’s Certificate provided for in subdivision (d) of this Section 11.03; 

(5) the Fair Value of the property (other than cash) to be received in consideration for the property to be
released and (A) if such property is of the character of Permanent Additions, stating that the Fair Value of such property is taken at the amount stated in the Engineer’s Certificate provided for in paragraph (1) of subdivision
(g) of this Section 11.03 (or, if applicable, an Independent Engineer’s Certificate provided for in paragraph (2) of subdivision (g) of this Section 11.03), and (B) if any portion of such property to be received
consists of securities, stating that the Fair Value of such securities is taken at the amount stated in the Engineer’s Certificate provided for in subdivision (e) of this Section 11.03 (or, if applicable, at the amount stated in the
Independent Engineer’s Certificate provided for in subdivision (f) of this Section 11.03); and 

(6) that, in the opinion of the signer, such release will not impair the security under the Indenture in
contravention of the provisions thereof. 
 (d) If the Fair Value of the property or securities to be released, the amount of
any award or consideration received under Section 11.06, and the Fair Value of any other property or securities theretofore released under this Section 11.03, since the beginning of the then current calendar year, is shown by the
Engineer’s Certificates filed in connection with such releases to be 10% or more of the aggregate principal amount of Bonds at the time Outstanding, an Independent Engineer’s Certificate making the statements required by paragraphs
(4) and (6) of subdivision (c) of this Section 11.03; but no such Independent Engineer’s Certificate shall be required in the case of any release of property or securities, the Fair Value of which, as set forth in the
Engineer’s Certificate required by subdivision (c) of this Section 11.03, is less than $25,000 or less than 1% of the aggregate principal amount of the Bonds at the time Outstanding; 

(e) If any portion of the property to be received in consideration for the property to be released is shown by the
Engineer’s Certificate provided for in subdivision (c) of this Section 11.03 to consist of securities, an Engineer’s Certificate stating (1) the Fair Value of such securities; and (2) since the commencement of the
current calendar year, the Fair Value of all other securities made the basis for the (i) authentication and delivery of Bonds, (ii) the withdrawal of cash constituting part of the mortgaged and pledged property, and (iii) the release
of property or securities subject to the Lien of the Indenture. 
 (f) If any portion of the property to be received in
consideration for the property to be released is shown by the Engineer’s Certificate provided for in subdivision (c) of this Section 11.03 to consist of securities, and if the Fair Value of such securities, together with the Fair
Value of all other securities made the basis for the authentication and delivery of Bonds, withdrawal of cash, and release of property or securities since the beginning of the then current calendar year, as shown by the Engineer’s Certificate
provided for in subdivision (e) of this Section 11.03, is 10% or more of the aggregate principal amount of Bonds at the time Outstanding, then, in addition to the Engineer’s Certificate provided for in subdivision (e) of this
Section 11.03, the Company shall furnish to the Trustee an Independent Engineer’s Certificate stating, in the opinion of the signer, the Fair Value of such securities at the date of the Engineer’s Certificate provided for in
subdivision (c) of this Section 11.03; but no such Independent 

  
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Engineer’s Certificate shall be required if the Fair Value of the securities constituting consideration for the property then to be released, as set forth in the Engineer’s Certificate
provided for in subdivision (e) of this Section 11.03, is less than $25,000 or less than 1% of the aggregate principal amount of Bonds at the time Outstanding; 

(g) If the property to be received in consideration for the property to be released is of a character which would be included
within the definition of Permanent Additions: 
 (1) an Engineer’s Certificate containing the statements
required by paragraphs (3), (4), (5), and (6) of subdivision (a) of Section 5.04 with such changes therein as may be necessary to adapt the same to the purposes of this Article XI; 

(2) if any portion of such property described in the Engineer’s Certificate provided for in paragraph
(1) above consists of an Acquired Facility of a Fair Value of not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds at the time Outstanding, an Independent Engineer’s Certificate containing the statements
required by subdivision (b) of Section 5.04 with such changes therein as may be necessary to adapt the same to the purposes of this Article XI; and 

(3) an Opinion of Counsel and the instruments and documents or evidence respectively required by
subdivisions (d) and (e) of Section 5.04, with such changes therein as may be necessary to adapt the same to the purposes of this Article XI. 

(h) an Opinion of Counsel, with respect to any of the property consisting of an obligation to be received by the Company in
consideration for the property to be released, stating that such obligation is a valid obligation and, if such obligation is secured by a purchase money mortgage, that such mortgage is sufficient to afford a first lien (subject to Permitted
Encumbrances) upon the property to be released; and if the property to be released consists of or includes any franchise, an Opinion of Counsel that such release will not impair the right of the Company to operate any of its remaining properties
constituting the mortgaged and pledged properties; 
 (i) any cash, obligations or other securities or other property capable
of manual delivery described in the Engineer’s Certificate provided for in subdivision (c) of this Section 11.03, pursuant to paragraph (2) of said subdivision (c), to be the consideration for the property to be released; and

 (j) cash and Bonds delivered pursuant to Section 11.16, which taken together, equal the amount, if any, by which the
Fair Value of the property and securities, if any, to be released as stated in the Engineer’s Certificate provided for in subdivision (c) of this Section 11.03, pursuant to paragraph (4) of such subdivision (c), exceeds the total
of the cash received by the Trustee pursuant to subdivision (i) of this Section 11.03 and the Fair Value of the property and securities to be received in consideration therefor as described in said Engineer’s Certificate pursuant to
paragraph (5) of said subdivision (c). 
 (k) following the retirement through payment or redemption of the Original
Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVIII of the Original Indenture), and if the Fair Value of all mortgaged and pledged property of the character
of Permanent Additions, excluding Retired Property, 

  
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equals or exceeds an amount equal to 150% of the aggregate principal amount of Bonds Outstanding at the time of such release, the following: 

(1) a Resolution requesting such release and describing the applicable property; 

(2) an Officer’s Certificate, stating that no Default has occurred and is continuing, and that the
granting of such Application will not result in a Default; 
 (3) an Engineer’s Certificate, dated not
more than 90 days preceding the date of delivery of the Application for such release, stating: 
 (A) a brief
description of the property to be released (which may be given by reference to the Resolution requesting the release if such property is described therein) and stating whether such property is of the character of Permanent Additions; 

(B) a brief description of the consideration, if any, to be received by the Company for the property to be
released; 
 (C) the Fair Value of: 

(i) all of the mortgaged and pledged property that are Permanent Additions, excluding Retired Property, and

 (ii) the property to be released; and 

(D) that, in the opinion of the signer, such release will not impair the security under the Indenture in
contravention of the provisions thereof; 
 (4) if the aggregate of the Fair Value of the property to be
released, the amount of any award or consideration received under Section 11.06, and the Fair Value of any other property or securities theretofore released under this Section 11.03, since the beginning of the then current calendar year,
is shown by the Engineer’s Certificates filed in connection with such releases to be 10% or more of the aggregate principal amount of Bonds at the time Outstanding, an Independent Engineer’s Certificate making the statements required by
clause (ii) of subparagraph (C) and subparagraph (D) of paragraph (3) of this subdivision (k), but no such Independent Engineer’s Certificate shall be required in the case of any release of property or securities, the Fair
Value of which, as set forth in the Engineer’s Certificate required by paragraph (3) of this subsection (k), is less than $25,000 or less than 1% of the aggregate principal amount of the Bonds at the time Outstanding; 

(5) if any of the property to be received in consideration for the property to be released is of a character
which would be included within the definition of Permanent Additions: 
 (A) an Engineer’s Certificate
containing the statements required by paragraphs (3), (4), (5) and (6) of subdivision (a) of Section 5.04 with such 

  
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changes therein as may be necessary to adapt the same to the purposes of this Article XI; 

(B) if any portion of such property described in the Engineer’s Certificate provided for in subparagraph
(A) of this paragraph (5) consists of an Acquired Facility of a Fair Value of not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds at the time Outstanding, an Independent Engineer’s Certificate
containing the statements required by subdivision (b) of Section 5.04 with such changes therein as may be necessary to adapt the same to the purposes of this Article XI; and 

(C) an Opinion of Counsel and the instruments and documents or evidence respectively required by subsections
(d) and (e) of Section 5.04, with such changes therein as may be necessary to adapt the same to the purposes of this Article XI; and 

(6) an Accountant’s Certificate stating the aggregate principal amount of Bonds Outstanding at the time of
such release, and stating that the Fair Value of all of the Permanent Additions (excluding the mortgaged and pledged property to be released but including any Permanent Additions to be acquired by the Company with the proceeds of, or otherwise in
connection with, such release) stated in the Engineer’s Certificate filed pursuant to paragraph (3) or the Independent Engineer’s Certificate filed pursuant to paragraph (4), both of this subdivision (k), equals or exceeds an amount
equal to 150% of such aggregate principal amount of Bonds Outstanding. 
 SECTION 11.04. Until a Completed Default shall occur
and be continuing and upon receipt of a Company Request, the Trustee, without requiring compliance with any of the foregoing provisions of Section 11.03, shall release from the Lien Hereof any property, the Fair Value of which shall be stated
in an Engineer’s Certificate delivered to the Trustee simultaneously with said Company Request, provided that such Fair Value is less than $25,000 or less than 1% of the aggregate principal amount of Bonds Outstanding at the date of the
Engineer’s Certificate and which property, as stated in such Engineer’s Certificate, is not useful or necessary in the conduct of the business of the Company. Said Engineer’s Certificate shall also state that such release will not in
any material respect impair the security under the Indenture. The aggregate Fair Value of all property released pursuant to this Section 11.04 in any calendar year shall not exceed $500,000. The Company covenants that it will deposit with the
Trustee the consideration, if any, received by it upon the sale or other disposition of any property so released. The provisions of this Section 11.04 shall not be available if any portion of the property to be received in consideration for the
property of the Company to be released consists of securities. 
 SECTION 11.05. Interest on and principal of any obligation
received by the Trustee pursuant to the provisions of Section 11.03 may be collected by it, but, until a Completed Default shall occur and be continuing, interest as received by the Trustee on any such obligation thereof shall be paid over to
the Company. 
 Any new property acquired by exchange or purchase (other than cash received pursuant to subdivision
(k) of Section 11.03) to take the place of any property released under any 

  
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provision of this Article XI shall forthwith and without further conveyance become subject to the Lien of the Indenture; and the Company covenants that if so requested by the Trustee, it will
convey the same, or cause the same to be conveyed, to the Trustee by appropriate instruments of conveyance upon the trusts and for the purposes of the Indenture. 

SECTION 11.06. Should any of the mortgaged and pledged property be taken by exercise of the power of eminent domain or should
any governmental body or agency, at any time, exercise any right which it may have to require the Company to sell to it any part of said property, the Trustee shall accept any cash award therefor, and at the request of the Company, shall release the
property so taken or purchased, upon being furnished with an Opinion of Counsel to the effect that such property has been taken by exercise of the power of eminent domain or purchased by a governmental body or agency in the exercise of a right which
it had to purchase the same. The proceeds of all property so taken or purchased shall be paid over to the Trustee, to be held and applied by the Trustee in the same manner and on the same basis as moneys received by the Trustee pursuant to
Section 11.03. 
 SECTION 11.07. If all or substantially all of the mortgaged and pledged property, other than any money
and securities deposited by the Trustee, shall be in the possession of a trustee or receiver, lawfully appointed in any action or judicial proceeding for the foreclosure of the Indenture or for the enforcement of the rights of the Trustee or of the
Bondholders, the powers conferred upon the Company with respect to the sale or other disposition of the mortgaged and pledged property may be exercised by such trustee or receiver, and any request, certificate or appointment made or signed by such
receiver for such purpose shall be as effective as if made by the Company or Board of Directors or any of the officers of the Company herein provided. If the Trustee shall be in possession of the mortgaged and pledged property under any provision of
the Indenture, then such powers may be exercised by the Trustee in its discretion. 
 SECTION 11.08. No Person purchasing in
good faith property purporting to have been released hereunder shall be bound to ascertain the authority of the Trustee to execute the release, or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority;
nor shall any purchaser or grantee of any property or rights permitted by Sections 11.02, 11.03 or 11.04 to be sold, granted, exchanged or otherwise disposed of by the Company, be under obligation to ascertain or inquire into the authority of the
Company to make any such sale, grant, exchange or other disposition. Any release executed by the Trustee under this Article XI shall be sufficient for the purpose of the Indenture and shall constitute a good and valid release of the property therein
described from the Lien Hereof. 
 SECTION 11.09. The Release Fund shall consist of all moneys deposited with or received by
the Trustee pursuant to any Section of this Article XI (excluding any cash received by the Company pursuant to subsection (k) of Section 11.03) or in payment of or in exchange for any of the obligations deposited with or received by the
Trustee pursuant to the provisions of Sections 11.03 or 11.04 (except interest or dividends on said obligations or other securities) or which under any of the provisions of the Indenture are to be held, applied, or disposed of by the Trustee in the
same manner as moneys or cash in the Release Fund. The Release Fund shall be held by the Trustee in trust for the security of the Bonds Outstanding until withdrawn or paid out as provided in Sections 11.10 through 11.17. 

  
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 SECTION 11.10. Until a Completed Default shall occur and be continuing, at the
option of the Company any moneys constituting all or any part of the Release Fund shall be paid over to the Company by the Trustee in an amount equal to the Cost or Fair Value, whichever is less, of Permanent Additions certified to the Trustee as
provided in Article V, after making the deductions provided for in Section 5.02 for Retired Property and subject to the conditions of Sections 5.05 and 5.07 but only upon the delivery to the Trustee of: 

(a) A Company Order; 

(b) A Resolution authorizing such Company Order; 

(c) An Officer’s Certificate stating that no Default has occurred and is continuing, and that the granting of such Company
Order will not result in a Default; and 
 (d) An Accountant’s Certificate containing the statements and calculation
provided for in subdivision (d) of Section 5.06 with the changes necessary to adapt the same to the purposes of this Section 11.10. 

SECTION 11.11. Upon receipt of a Company Request in the form of an Officer’s Certificate and without requiring compliance
with any of the provisions of Section 11.10 (except subdivision (c) of Section 11.10), the Trustee shall pay over to the Company the proceeds of any sale of property, for which the consideration was less than $25,000, and the Company
covenants that moneys so paid over pursuant to this Section 11.11, promptly will be expended for property of the character of Permanent Additions. The aggregate amount withdrawn pursuant to this Section 11.11 in any calendar year shall not
exceed (i) $100,000 prior to the retirement through payment or redemption of the Original Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVIII of the
Original Indenture) and (ii) $500,000 thereafter. Withdrawals under this Section 11.11 shall be deducted from the Amount of Established Permanent Additions in the next succeeding Accountant’s Certificate filed under Section 11.10.

 SECTION 11.12. If the mortgaged and pledged property shall be sold, either under the power of sale herein provided, or
under decree of court in a suit for the foreclosure of the Indenture, then the Release Fund shall be added to and dealt with as if it were part of the proceeds of such sale. 

SECTION 11.13. Until a Completed Default shall have occurred and be continuing, upon Company Request, authorized by Resolution,
the Trustee shall to the extent that such Bonds are available for such purpose, apply all or any part of the cash held by it in the Release Fund to the purchase of Outstanding Bonds of one or more series as the Company may designate at the lowest
price obtainable, but such purchase price shall not exceed the current regular redemption price applicable to such Bonds. Upon the purchase by the Trustee of any Bond, as hereinabove provided, the Trustee shall notify the Company in writing thereof,
specifying the serial numbers and principal amount of the Bonds purchased and any amount of the accrued interest thereon paid or to be paid by the Trustee on such purchase, and the Company covenants that, upon the receipt by it of any such notice,
it immediately will pay to the Trustee, as an additional payment to the Release Fund, an amount in cash equal to such accrued interest on the 

  
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Bonds so purchased, or to be purchased, as specified in such notice to the end that the Release Fund shall not be diminished by the payment therefrom of interest. 

SECTION 11.14. Until a Completed Default shall have occurred and be continuing, and upon Company Request, authorized by Resolution, the
Trustee shall as soon as practicable apply all or any part of the cash held by it in the Release Fund to the redemption of Bonds, which are by their terms then redeemable, of one or more series as may be designated by the Company in the manner and
as provided for redemption of Bonds in Article X. In the event of each such redemption the Trustee promptly shall notify the Company in writing of the Bonds selected for redemption, specifying the amount of accrued interest payable in respect of the
Bonds to be redeemed upon such redemption. The Company covenants that it will give or cause to be given the notice provided for in respect of the redemption of such Bonds and will, on or prior to the date fixed for such redemption, deposit with the
Trustee an additional amount of cash equal to such accrued interest, to the end that the Release Fund shall not be diminished by the payment of interest therefrom. 

The provisions of this Section 11.14 and of Section 11.15 shall not grant the Company the power to redeem any Bond
that is not otherwise redeemable or to redeem any Bond at a price less than the price at which such Bond could be redeemed pursuant to Article X or pursuant to the terms of such Bond. 

SECTION 11.15. Until a Completed Default shall have occurred and be continuing, if the Release Fund exceeds $300,000 for a period of 24
months or more, and during that period the Company shall not have made a proper request for reimbursement pursuant to Section 11.10 or for the application of such balance to the purchase or redemption of Bonds pursuant to Section 11.13 or
11.14, respectively, then the balance in the Release Fund shall be applied by the Trustee without further action by, or election of, the Company to the purchase or redemption of Bonds (subject to the last paragraph of Section 11.14) in the
manner specified in Sections 11.13 and 11.14, choosing for such purpose Bonds of the series of the lowest current redemption price that may be then Outstanding and available for such purpose. In the event of each such application and upon written
notice from the Trustee, the Company shall give or cause to be given the notice provided for in respect of the redemption of such Bonds and shall pay to the trustee additional cash equal to any accrued interest that will be payable upon such
redemption. 
 SECTION 11.16. Until a Completed Default shall have occurred and be continuing, delivery by the Company to the
Trustee of Bonds (except Bonds which have been retired or used in any manner set forth in clause (a), (b) or (c) of Section 6.01), shall be deemed equivalent under this Article XI to payment of cash under Sections 11.03 and 11.04 equal to
the aggregate principal amount of the Bonds so delivered. 
 SECTION 11.17. Until a Completed Default shall have occurred and
be continuing, any moneys constituting part of the Release Fund may be withdrawn by the Company upon the delivery to the Trustee of Bonds (except Bonds which have been retired or used in any manner set forth in clause (a), (b) or (c) of
Section 6.01), of an aggregate principal amount equal to the amount of moneys so withdrawn. 
 SECTION 11.18. All Bonds
purchased or otherwise acquired by, or delivered to the Trustee for the Release Fund shall be cancelled forthwith, and the Trustee thereupon shall 

  
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destroy such Bonds and deliver evidence of such destruction to the Company, pursuant to Section 20.07. 

  
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 ARTICLE XII 

MEETINGS OF BONDHOLDERS. 

SECTION 12.01. A meeting of Holders of Bonds of any or all series may be called at any time pursuant to the provisions of this
Article XII for any of the following purposes: 
 (1) to give any notice to the Company or to the Trustee, or
to give any directions to the Trustee, or to waive any Completed Default and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article XIV; 

(2) to remove the Trustee and appoint a successor Trustee pursuant to the provisions of Article XVII; 

(3) to consent to the execution of a Supplemental Trust Indenture pursuant to the provisions of
Section 19.02; or 
 (4) to take any other action authorized to be taken by or on behalf of the Holders
of any specified percentage in aggregate principal amount of the Bonds of any or all series, as the case may be, under any other provisions of the Indenture or under applicable law. 

SECTION 12.02. The Trustee at any time may call a meeting of Holders of Bonds of any or all series to take any action specified
in Section 12.01, such meeting to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be
taken at such meeting, shall be given to Holders of Bonds of each series affected, in the manner and to the extent provided in subdivision (c) of Section 17.18, not less than 20 nor more than 180 days prior to the date fixed for the
meeting; provided that, if there shall be Outstanding any Coupon Bonds not registered as to principal, publication of such notice in the newspapers specified in Section 10.02 for a redemption of Coupon Bonds shall occur at least twice, with
each publication to be not less than 20 or more than 180 days prior to the date fixed for the meeting. 
 SECTION 12.03. If
the Company, pursuant to a Resolution, or the Holders of at least 25% in aggregate principal amount of the Bonds then Outstanding, shall have requested the Trustee in writing to call a meeting of Holders to take any action authorized in
Section 12.01, which request shall set forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the Company or
the Holders of at least 25% in aggregate principal amount of the Bonds then Outstanding may determine the time and the place for such meeting and may call such meeting by mailing (and, if applicable, publishing) notice thereof as provided in
Section 12.02. The Trustee shall be required to attend any such meeting properly called by the Company or Bondholders. 
 SECTION
12.04. To be entitled to vote at any meeting of Holders, a Person shall be a Holder of one or more Outstanding Bonds, of any or all series, as the case may be, with respect to which such meeting is being held or be a Person appointed by
an instrument in writing as 

  
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proxy by such Holder. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
 SECTION 12.05.
Notwithstanding any other provisions of the Indenture, the Trustee may establish such reasonable rules as it may deem advisable for any meeting of Holders in regard to: (a) proof of the holding of Bonds and of the appointment of proxies;
(b) the appointment and duties of inspectors of votes; (c) the submission and examination of proxies, certificates and other evidence of the right to vote; and (d) such other matters concerning the conduct of the meeting as the
Trustee shall determine. Except as otherwise permitted or required by any such rules, the holding of Bonds shall be proved in the manner specified in Section 15.02 and the appointment of any proxy shall be proved in the manner specified in
Section 15.02 or by having the signature of the Person executing the proxy witnessed or guaranteed by any bank or trust company satisfactory to the Trustee. 

The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have
been called by the Company or the Holders as provided in Section 12.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote of the meeting. 
 Subject to the provisions of
Section 12.04, at any meeting each Holder of Outstanding Bonds, with respect to which such meeting is being held, or proxy therefor shall be entitled to one vote for each $1,000 principal amount of Outstanding Bonds held or represented by each
Holder; provided that no vote shall be cast or counted at any meeting in respect of any Bonds challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote
except as a Holder or proxy. At any meeting of Holders, the presence of Persons holding or representing Bonds in an aggregate principal amount sufficient to take action on any business for which such meeting was called shall constitute a quorum.

 Any meeting of Holders duly called pursuant to the provisions of Section 12.02 or 12.03 may be adjourned from time
to time by vote of the Holders of a majority in aggregate principal amount of the Bonds represented at the meeting and entitled to vote, whether or not a quorum is then present at such meeting, and any meeting so adjourned may be continued without
further notice. 
 SECTION 12.06. The vote upon any resolution submitted to any meeting of Holders of Bonds with respect to
which such meeting is being held or represented by them shall be by written ballots on which shall be subscribed the signatures of the Holders or proxies and, if deemed appropriate by the Trustee, the serial number or numbers and principal amount of
the Bonds of each series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their notarized and sworn written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall
be attached to said record the original reports of the inspectors of votes on any vote 

  
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taken by ballot and affidavits by one or more Persons having knowledge of the facts, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in
Section 12.02. The record shall be signed and verified by the permanent chairman and secretary of the meeting. One of the duplicates shall be delivered to the Company. The other duplicate, with the ballots voted at the meeting attached thereto,
shall be delivered to the Trustee to be preserved by the Trustee. 
 Any record so signed and verified shall be conclusive
evidence of the matters therein stated. 

  
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 ARTICLE XIII. 

SINKING FUNDS. 

SECTION 13.01. (a) The Company covenants that on the first day of April of each year commencing one year after the date of the issuance
of the first Bonds of each series originally issued prior to the Effective Date, and so long as any of the Bonds of such series originally issued prior to the Effective Date are Outstanding, it will pay or cause to be paid to the Trustee for and as
a fund for the use and benefit of the Holders of Bonds of that series, a sum in lawful money of the United States of America equal to the amount required to redeem on the first day of June next following the date of such payment in accordance with
Section 13.02 one percent of the highest aggregate principal amount of Bonds of that series at any time Outstanding. Each such fund shall be the Sinking Fund for Bonds of the respective series originally issued prior to the Effective Date for
which it was or is to be paid and the aggregate of the Sinking Funds for all series shall be the Sinking Fund Requirement. On or after the Effective Date, the Company may, at the time of creation of any series of Bonds, establish a Sinking Fund
having similar or different terms as provided in Section 2.07. 
 (b) The delivery by the Company to the Trustee of
Bonds of any series (including, if applicable, unmatured coupons appertaining thereto), shall, for the purposes of a Sinking Fund for Bonds of that series, be deemed equivalent under this Section to the payment of cash equal to the amount required
to effect the redemption of the Bonds, so delivered on the first day of June next following such delivery. If any Bonds of any series have been redeemed or retired and no Bonds have been issued, cash withdrawn or credit taken under any of the
provisions of the Indenture on account of the redemption or retirement of such Bonds, the Company may deduct from any payment for the Sinking Fund for Bonds of that series an amount equivalent to the amount required to effect the redemption of a
like amount of Bonds of that series for the Sinking Fund for Bonds of that series on the first day of June next following, provided that the Company shall not thereafter issue any Bonds, withdraw any cash or take any credit under any of the
provisions of the Indenture on account of the redemption or retirement of such Bonds and such Bonds shall be cancelled. 

(c) The delivery by the Company to the Trustee of an Application to apply an Amount of Established Permanent Additions which
has not previously been applied to any other purpose specified in Section 5.04 or to a Sinking Fund established pursuant to this Article XIII shall for the purposes of such a Sinking Fund be deemed equivalent under this Section 13.01 to
the payment of cash equal to the amount required to effect the redemption on the first day of June next following, of Bonds of the series to which the Sinking Fund is applicable in an amount equal to 66-2/3%
of the Amount of Established Permanent Additions so applied. 
 SECTION 13.02. (a) As soon as possible, after each payment to a
Sinking Fund is made, the Trustee shall apply the moneys in such Sinking Fund to the purchase of Bonds of the series to which it is applicable in the open market, at the lowest price or prices obtainable, but not to exceed the price at which the
Bonds of such series are then redeemable for the Sinking Fund for Bonds of that series as hereinafter provided. If within 20 days after each payment to a Sinking Fund, the Trustee shall be unable to purchase Bonds of the series to which it is
applicable as aforesaid sufficient to reduce the amount of money held in the Sinking Fund for Bonds of that series to less than $10,000, the Trustee shall apply the Sinking Fund for Bonds of 

  
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that series or the balance thereof to the redemption, on the first day of June next following the receipt of such cash by the Trustee, of Bonds of such series. 

(b) The particular Bonds of any series to be redeemed for the Sinking Fund for Bonds of that series shall be selected by the
Trustee by lot, in such method as it shall elect. In any such selection by lot under this Section 13.02, each Bond shall be represented by a separate number for each $1,000 of its principal amount. The Trustee shall notify the Company in
writing of the series and the distinctive numbers of the Bonds to be redeemed for any Sinking Fund. The Trustee is hereby authorized and empowered to give or cause to be given on behalf of the Company, the notice required by Section 10.02 in
order to redeem Bonds for Sinking Fund purposes. 
 (c) On and after the commencement of notice of redemption of Bonds
pursuant to this Section 13.02, the Trustee shall (subject to the provision of Section 21.05 hereof) hold the moneys necessary to redeem the Bonds so to be redeemed as a separate trust fund for the account of the respective Holders thereof
and such moneys shall be paid to them respectively upon presentation and surrender of such Bonds (including, if applicable, unmatured coupons appertaining thereto); and after the Redemption Date, such Bonds shall cease to be entitled to the benefits
and security of and the Lien of Indenture, and, if applicable, all unmatured coupons relating to such Bonds shall be void and deemed paid. This section is in all respects subject to the provisions of Section 21.05, provided that on and after
commencement of notice of redemption of Bonds pursuant to this Section 13.02, such Bonds (including if applicable, unmatured coupons appertaining thereto) shall be deemed to have been redeemed from the Holders thereof and paid for the purpose
of release and satisfaction of the Indenture. 
 (d) If only a portion of any Bond shall be called for redemption by
operation of a Sinking Fund (it being understood that no Coupon Bond shall be called for redemption in part absent contrary provisions in such Coupon Bond or the Supplemental Trust Indenture creating such Coupon Bond), the Company at its expense
shall execute and the Trustee shall authenticate and deliver to the Holder of such Bond a new Bond of the same series and of the same maturity for the principal amount of the surrendered Bond, less the principal amount redeemed and paid. 

SECTION 13.03. All Bonds delivered to the Trustee in lieu of cash, or purchased by the Trustee, or redeemed by operation of a
Sinking Fund in accordance with the provisions of this Article XIII (including, if applicable unmatured coupons appertaining thereto) shall be cancelled by the Trustee. Bonds so cancelled shall not be reissued and no additional Bonds shall be
authenticated and delivered in substitution therefor or on account of the retirement thereof and no credit shall be taken or cash withdrawn under the provisions of the Indenture on the basis thereof. 

  
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 ARTICLE XIV. 

REMEDIES OF TRUSTEE AND BONDHOLDERS UPON DEFAULT. 

SECTION 14.01. Upon the occurrence of any one or more of the following events, a “Completed Default” shall exist: 

(a) default in the payment of the principal of or premium, if any, on any Bond when the same shall become due and payable,
whether at Stated Maturity or by declaration, or otherwise; or 
 (b) default continued for 30 days in the payment of any
interest upon any Bond; or 
 (c) default continued for 60 days in any Sinking Fund payment; or 

(d) default in the covenants of the Company with respect to bankruptcy, insolvency, assignment or receivership contained in
Section 8.11; or 
 (e) default continued for 60 days after notice to the Company from the Trustee in the performance of
any other covenant, agreement or condition contained herein; 
 and the Trustee may, and upon the written request of the Holders of 25% or
more in principal amount of the Bonds then Outstanding shall, declare the principal of all Bonds then Outstanding and the interest accrued thereon immediately due and payable, and such principal and interest thereupon shall be due and payable
immediately; subject to the right of the Holders of a majority in principal amount of the Bonds then Outstanding, by written notice to the Company and to the Trustee, to rescind and annul such declaration and destroy its effect at any time before
any sale hereunder if, before any such sale, (1) all agreements with respect to which default shall have been made shall be fully performed and (2) the reasonable expenses and charges of the Trustee, its agents and attorneys, all arrears
of interest upon all Bonds Outstanding and of all other indebtedness secured hereby (except (i) the principal of any Bonds not then due by their terms, and (ii) interest accrued on such Bonds since the last Interest Payment Date) shall
have been paid, or the amount thereof shall have been paid to the Trustee for the benefit of those entitled thereto. 
 No
rescission or annulment and no waiver of Completed Default shall extend to or affect any subsequent Completed Default or impair any right subsequently accruing with respect thereto. 

SECTION 14.02. Upon the occurrence of one or more Completed Defaults, the Company, upon demand of the Trustee, forthwith shall
surrender to the Trustee the actual possession of, and it shall be lawful for the Trustee, by such officer or agent as it may appoint, to take possession of all the mortgaged and pledged property (with the books, papers and accounts of the Company)
and to hold, operate and manage the same, and from time to time make all necessary repairs, and such alterations, additions and improvements as the Trustee shall deem appropriate, and to receive the rents, income, issues and profits thereof, and out
of the same to pay all proper costs and expenses of so taking, holding, operating and managing the same, including reasonable compensation to the Trustee, its agents and counsel, and any charges of the Trustee under the Indenture, and any taxes and
assessments and other charges prior to the Lien of 

  
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the Indenture, which the Trustee may deem it appropriate to pay, and all expenses of all such repairs, alterations, additions and improvements, and to apply the remainder of the moneys so
received by the Trustee, as follows: 
 (a) in case the principal of none of the Bonds shall have become due, to the payment
of the interest in default, in chronological order of the Stated Maturity of the installments of such interest, with interest (to the extent permitted by law) on the overdue installments thereof at the same rate that the Bonds themselves bear; such
payments to be made ratably to the Persons entitled thereto, without discrimination or preference, and thereafter, to the payment of all Sinking Fund payments then due and payable; 

(b) in case the principal of any Bonds shall have become due, by declaration or otherwise, first to the payment of interest in
default, in chronological order of the Stated Maturity of the installments of such interest, with interest (to the extent permitted by law) on the overdue installments of interest at the same rate that the Bonds themselves bear, and thereafter to
the payment of the principal of all Bonds then due, such payments to be made ratably to the persons entitled thereto without discrimination or preference. 

Whenever all that is due upon such installments of interest, and the principal of such Bonds and under any of the terms of the
Indenture shall have been paid and all defaults made good, the Trustee shall surrender possession to the Company, its successors or assigns; but with the same right of entry to exist upon any subsequent default. 

SECTION 14.03. Upon the occurrence of one or more Completed Defaults: (a) it shall be lawful for the Trustee by such
officer or agent as it may appoint, with or without entry (i) to sell all property subject to the Lien Hereof as an entirety, or in such parcels as the Holders of a majority in principal amount of the Bonds Outstanding shall in writing request,
or in the absence of such request, as the Trustee may determine, at public auction, at some convenient place in Milwaukee, Wisconsin, or such other place as may be required by law, or by order of court (having first given notice of such sale by
publication at least once on any day in each of not less than four successive calendar weeks immediately preceding the date fixed for any such sale in at least one daily newspaper of general circulation printed in the English language, published in
Milwaukee, Wisconsin, and in at least one daily newspaper of general circulation printed in the English language, published in the City and State of New York, and any other notice which may be required by law) (ii) to adjourn such sale in its
discretion by announcement at the time and place fixed for such sale without further notice, and upon such sale to make and deliver to the purchaser or purchasers a good and sufficient deed or deeds for the same, which sale shall be a perpetual bar,
both at law and in equity, against the Company, and all Persons lawfully claiming or who may claim by, through or under it and (b) the Trustee and its successors are irrevocably appointed the true and lawful attorney or attorneys of the
Company, in its name and stead, for the purpose of effectuating any such sale to execute and deliver all necessary deeds, bills of sale, assignments and transfers, and to substitute one or more Persons with like power, the Company hereby ratifying
and confirming all that the Trustee’s attorney or attorneys, or such substitute or substitutes, shall lawfully do by virtue hereof. Nevertheless, if so requested by the Trustee or by any purchaser, the Company shall ratify and confirm any such
sale or transfer by executing and delivering to the Trustee or to such purchaser or purchasers all proper conveyances, assignments, instruments of transfer and releases as may be designated in any such request. 

  
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 SECTION 14.04. In the event of a Completed Default, the Trustee shall have the
right and power to take appropriate judicial proceedings for the enforcement of its rights and the rights of the Bondholders. In case of a Completed Default, the Trustee may after entry, or without entry, proceed by suit or suits at law or in equity
to enforce payment of the Bonds then Outstanding and to foreclose the Indenture and to sell the property subject to the Lien of the Indenture under the judgment or decree of a court of competent jurisdiction; and it shall be obligatory upon the
Trustee to take action, either by such proceedings or by the exercise of its powers with respect to entry or sale, upon being requested to do so by the Holders of a majority in principal amount of the Bonds then Outstanding and upon being
indemnified as hereinafter provided. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Bonds or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of
whether the principal of the Bonds shall then be due and payable, as therein expressed or by declaration or otherwise, and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal, premium or
interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (a) to file and prove a claim
for the whole amount of principal of, premium, if any and interest owing and unpaid in respect of the Bonds Outstanding and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Bondholders allowed in such judicial proceeding; and 

(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Bondholder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Bondholders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 17.07. 

Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Bondholder any plan or reorganization, arrangement, adjustment or composition affecting the Bonds or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Bondholder in any such proceeding. 

No remedy by the terms of the Indenture conferred upon or reserved for the Trustee or for the Bondholders, is intended to be
exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter existing at law or in equity or by statute. 

  
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 No delay or omission to exercise any right or power accruing upon any Completed
Default shall impair any such right or power or shall be construed to be a waiver of any such Completed Default or acquiescence therein; and every such right and power may be exercised from time to time and as often as expedient. 

SECTION 14.05. Anything in the Indenture to the contrary notwithstanding, the Holders of a majority in principal amount of the Bonds
then Outstanding, at any time, by a written instrument, executed and delivered to the Trustee, may reasonably direct the method and place of conducting all proceedings to be taken for any sale of the property subject to the Lien of the Indenture, or
for the foreclosure of the Indenture, or for the appointment of a receiver or for the taking of any action authorized hereby or refraining therefrom; provided that such direction shall not be contrary to the provisions of law or of the Indenture.

 SECTION 14.06. In case of a Completed Default and upon the filing of a bill in equity or other commencement of judicial
proceedings to enforce the rights of the Trustee and of the Bondholders, the Trustee shall be to the extent permitted by law, entitled as a matter of right to the appointment of a receiver or receivers of the property subject to the Lien of the
Indenture, and of the income, rents, issues and profits thereof, pending such proceedings, with such powers as the court making such appointment shall confer. 

SECTION 14.07. Upon any sale being made either under the power of sale hereby given or under judgment or decree in any judicial
proceedings for the foreclosure or otherwise for the enforcement of the Indenture, the principal of all Bonds then Outstanding, if not previously due, shall immediately be due and payable. 

SECTION 14.08. Upon any sale made under the power of sale hereby given or under judgment or decree in any judicial proceedings for
foreclosure or otherwise for the enforcement of the Indenture, any Bondholder or Bondholders, or the Trustee, may bid for and purchase the property subject to the Lien of the Indenture and upon compliance with the terms of sale may hold, retain,
possess and dispose of such property without further accountability. To the extent permitted by law, any purchaser at any such sale may deliver any of the Bonds Outstanding in lieu of cash in a principal amount equal to the cash payable upon the
distribution of the net proceeds from such sale. Said Bonds, in case the amounts so available for payment to the Holders thereof shall be less than the amount due upon the Bonds, shall be returned to the Holders thereof after being properly stamped
to show partial payment of the Bonds. 
 SECTION 14.09. Upon any sale made under the power of sale hereby given or under judgment or
decree in any judicial proceedings for the foreclosure or otherwise for the enforcement of the Indenture, a receipt from the Trustee or the officer making such sale shall be a sufficient discharge to the purchaser for his purchase money. Such
purchaser, his assigns or personal representatives, after paying such purchase money and receiving such receipt of the Trustee or of such officer therefor, shall not be obliged to see to the application of such purchase money, or be in any way be
answerable for any loss, misapplication or nonapplication thereof. 
 SECTION 14.10. Any sale made under the power of sale hereby
given or under judgment or decree in any judicial proceedings for foreclosure or otherwise for the enforcement of the Indenture, shall operate to divest all right, title, interest, claim and demand whatsoever,

  
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 either at law or in equity, of the Company, of, in and to the property so sold, and shall be a
perpetual bar both at law and in equity against the Company, its successors and assigns and against any and all Persons claiming or who may claim the property sold or any part thereof, from, through or under the Company, its successors or assigns.
The purchaser of the Company’s interest in properties owned jointly or in common with others shall have the same right and status as possessed by the Company prior to any such sale, but only to the extent permitted by law and subject to the
provisions of any such judgment or decree. 
 SECTION 14.11. The proceeds of any sale made under the power of sale hereby given, or
under judgment or decree in any judicial proceeding for the foreclosure or otherwise for the enforcement of the Indenture, together with any other amounts of cash which may then be held by the Trustee, as part of the mortgaged and pledged property,
and which by any other provision hereof are to be added to or treated as a part of the proceeds of sale, shall be applied in the following order: 

First. To the payment of all taxes, assessments or Prior Liens, except those taxes, assessments or Prior Liens
subject to which such sales shall have been made, and of all the costs and expenses of such sale, including reasonable compensation to the Trustee, its agents and attorneys, and of all other sums payable to the Trustee as compensation for other
services hereunder and by reason of any expenses or liabilities incurred or advances made in connection with the management or administration of the trusts hereby created; 

Second. To the payment in full of the amounts then due and unpaid for principal and interest upon the Bonds
then Outstanding; and in case such proceeds shall be insufficient to pay in full the amounts so due and unpaid, then to the payment thereof ratably, with interest on the overdue principal and interest (to the extent permitted by law) at the rates
that the Bonds themselves bear, without preference or priority of principal over interest, or of interest over principal, or of any installment of interest over any other installment of interest; 

Third. To the Company, its successors or assigns, or to whomsoever may be lawfully entitled to receive the
same. 
 SECTION 14.12. In case of a Completed Default, neither the Company nor any one claiming through or under it shall or will
set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption laws now or hereafter in force in any locality where any of the property subject to the Lien of the Indenture may be situated, in order to prevent
or hinder the enforcement or foreclosure of the Indenture, or the absolute sale of the mortgaged and pledged property, or any part thereof, or the possession thereof by any purchaser, at any sale under this Article XIV, but the Company, for itself
and all who may claim through or under it, hereby waives (to the extent it may lawfully do so) the benefit of all such laws. The Company, to the extent it may lawfully do so, for itself and all who may claim through or under it, hereby waives any
and all right to have the mortgaged and pledged property marshalled upon any foreclosure hereof, and agrees that any court having jurisdiction to foreclose the Indenture may sell the mortgaged and pledged property subject to the Lien Hereof as an
entirety. 
 SECTION 14.13. The Company covenants that if default shall be made in the payment of the principal of or interest on any
of the Bonds when the same shall become payable, 

  
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whether at the Stated Maturity or by declaration as authorized by the Indenture, or in case of a sale as provided in Sections 14.03, 14.04 or 14.07, or otherwise, then, upon demand of the
Trustee, the Company will pay to the Trustee, for the benefit of the Holders of such Bonds so due and payable the whole amount due and payable on all such Bonds for principal and interest, with interest upon the overdue principal and interest. If
the Company shall fail to pay the same promptly upon such demand, the Trustee in its own name and as trustee of an express trust shall be entitled to sue for and to recover judgment for the whole amount so due and unpaid. 

The Trustee shall be entitled to sue for and recover judgment as aforesaid, either before, after or during the pendency of any
proceedings for the enforcement of the Lien of the Indenture, or otherwise for the enforcement of any of its rights, or the rights of the Bondholders. In case of a sale of any of the property subject to the Lien of the Indenture, and of the
application of the proceeds of sale to the payment of the debt hereby secured, the Trustee in its own name and as trustee of an express trust, shall be entitled to enforce payment of and to receive all amounts then remaining due and unpaid upon any
and all the Bonds then Outstanding, for the benefit of the Holders thereof, and the Trustee shall be entitled to recover judgment for any portion of the debt remaining unpaid, with interest. No recovery of any such judgment by the Trustee and no
levy of any execution upon any such judgment upon any of the property subject to the Lien of the Indenture or upon any other property shall affect, in any manner or to any extent, the Lien of the Indenture upon the mortgaged and pledged property, or
any rights, powers or remedies of the Trustee, or any lien, rights, powers or remedies of the Holders of the said Bonds, but such lien, rights, powers and remedies of the Trustee and of the Bondholders shall continue unimpaired. 

Any moneys collected or received by the Trustee under this Section 14.13, shall be applied by it first, to the payment of
its expenses, disbursements and compensation and the expenses, disbursements and compensation of its agents and attorneys, and, second, toward payment of the amounts then due and unpaid upon such Bonds, with respect to which such moneys shall have
been collected, ratably and without preference or priority of any kind, according to the amounts due and payable upon such Bonds at the date fixed by the Trustee for the distribution of such moneys, upon presentation of the several Bonds and upon
notation of such payment thereon, if partly paid, and upon surrender thereof, if fully paid. 
 SECTION 14.14. All rights of
action in favor of the Trustee, in respect of the Bonds or otherwise, may be enforced by the Trustee without the possession of any of the Bonds or the production thereof at any trial or other proceedings relative thereto. Any suit or proceeding
instituted by the Trustee shall be brought in its name as Trustee and any recovery of judgment shall be for the equal benefit of the Holders of the Bonds. 

SECTION 14.15. (a) No Holder of any Bond shall have any right to institute any suit, action or proceeding in equity or at law for the
foreclosure of the Indenture or for the execution of any trust hereof or for the appointment of a receiver or any other remedy hereunder, unless (i) such Holder shall have previously given to the Trustee written notice of the existence of a
Completed Default as herein provided; (ii) the Holders of 25% in principal amount of the Bonds then Outstanding also shall have made written request to the Trustee and shall have afforded it reasonable opportunity to proceed to exercise the
powers herein granted or to institute such action, suit or proceeding in its own name; and (iii) the Trustee shall have been offered adequate security and indemnity against the costs, expenses and liabilities to be incurred therein or thereby,
provided that such liabilities do not arise as the result of the Trustee’s negligence or 

  
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bad faith. No Bondholder shall be entitled to institute any such suit if and to the extent that the institution or prosecution of such suit or the entry of judgment therein would result, under
applicable law, in the surrender, impairment, waiver or loss of the Lien of the Indenture upon the mortgaged and pledged property, or any part thereof, as security for Bonds held by any other Bondholder. 

(b) In any suit for the enforcement of any right or remedy under the Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the court may in its discretion require any litigant party in such suit to file an undertaking to pay the costs of such suit and the court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided that the provisions of this subdivision (b) shall not apply to:
(i) any suit instituted by the Trustee, (ii) any suit instituted by any Bondholder, or group of Bondholders, holding in the aggregate more than 10% in principal amount of the Bonds Outstanding, or (iii) any suit instituted by any
Bondholder for the enforcement of the payment of the principal of or interest on any Bond, on or after the respective due dates expressed in such Bond. 

(c) Nothing contained in the Indenture shall affect or impair the absolute and unconditional obligation of the Company to pay
the principal of and interest on the Bonds in accordance with the terms thereof, to the respective Holders thereof (whether by lapse of time or call for redemption), nor affect or impair the right of action of each such Holder to enforce such
payment. 
 SECTION 14.16. The Company may, if permitted by law, waive any period of grace provided for in this Article XIV. 

SECTION 14.17. In case the Trustee shall have proceeded to enforce any right under the Indenture by foreclosure, entry or
otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the Company and the Trustee shall be restored to their former positions and
rights hereunder with respect to the property subject to the Lien of the Indenture, and all rights, remedies and powers of the Trustee shall continue as if no such proceedings had been taken. 

SECTION 14.18. All rights, remedies and powers provided for in this Article XIV may be exercised only to the extent that the
exercise thereof does not violate any applicable provision of law, and all the provisions of this Article XIV are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary
so that they will not render the Indenture invalid, unenforceable or not entitled to be recorded or filed under the provisions of any applicable law. 

  
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 ARTICLE XV. 

EVIDENCE OF RIGHTS OF BONDHOLDERS AND OWNERSHIP OF BONDS. 

SECTION 15.01. Whenever the Holders of a specified percentage in aggregate principal amount of Bonds are entitled to take any action
(including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be
evidenced: (a) by any instrument or any number of substantially concurrent instruments of similar tenor executed by the Holders in person or by agent or proxy, appointed in writing; (b) by the record of the Holders voting in favor thereof
at any meeting of such Holders duly called and held in accordance with the provisions of Article XII; or (c) by a combination of such instrument or instruments and any such record of such a meeting of such Holders. 

SECTION 15.02. Subject to the provisions of Sections 17.01 and 12.05, the fact and date of the execution of any instrument by a Holder
of Bonds or his agent or proxy may be proved by the certificate of any notary public or other officer authorized to take acknowledgements of deeds to be recorded within the United States of America or territories, commonwealths, or possessions
thereof that the Person executing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution sworn to before any such notary or other such officer, provided that the Trustee may require such
additional proof as it shall deem reasonable. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit also shall constitute sufficient proof of the authority of the Person executing the
same. Subject to Sections 17.01 and 12.05, the fact and date of the execution of any such instrument and the amount and numbers of Bonds of any series held by the Person so executing such instrument and the amount and numbers of any Bond for such
series also may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in any other manner which the Trustee may deem sufficient. 

The ownership and proof of holding of Registered Bonds shall be proved by the Bond Register or by a certificate of the Bond
Registrar. The fact of the holding by any Holder of a Bond of any series, and the identifying number of such Bond and the date of his holding the same, may be proved by the production of such Bond or by a certificate executed by any trust company,
bank, banker or recognized securities dealer satisfactory to the Trustee, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory. Each such certificate shall be dated and shall state that on the date thereof a Bond
of such series bearing a specified identifying number was deposited with or exhibited at such trust company, bank, banker or recognized securities dealer by the Person named in such certificate. Any such certificate may be issued in respect of one
or more Bonds of one or more series specified therein. The holding by the Person named in any such certificate of any Bonds or any series specified therein shall be presumed to continue for a period of one year from the date of such certificate
unless at the time of any determination of such holding (1) another certificate bearing a later date issued in respect of the same Bonds shall be produced, or (2) the Bond of such series specified in such certificate shall be produced by
some other Person, or (3) the Bond of such series specified in such certificate shall have ceased to be Outstanding. Subject to Section 17.01 and 12.05, the fact and date of the execution of any such instrument and the amount and number of
Bonds of any series held by the Person so executing such instrument and the amount and numbers of Bonds for such series also may be proved in accordance with such reasonable rules and 

  
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regulations as may be prescribed by the Trustee or in any other manner which the Trustee may deem sufficient. 

The record of a Holders’ meeting shall be proved in the manner provided in Section 12.06. 

SECTION 15.03. Prior to presentation for registration of transfer of any Bond, the Company, the Trustee, any Authenticating Agent, any
Paying Agent or any Bond Registrar may deem and treat the Holder of any coupon and the Holder of any Bond other than a Registered Bond, and the Person in whose name any Bond shall be registered upon the Bond Register as the absolute owner of such
Bond or coupon (whether or not such Bond or coupon shall be overdue) for the purpose of receiving payment of or interest on account thereof and for all other purposes. Neither the Company nor the Trustee nor any Authenticating Agent nor any Paying
Agent nor the Bond Registrar shall be affected by any notice to the contrary. All such payments made to any such Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the
liability for moneys payable upon any such Bond. 
 SECTION 15.04. At any time prior to, but not after, evidence is provided to the
Trustee, pursuant to Section 15.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Bonds specified in the Indenture in connection with any such action, any Holder of a Bond which is included in
the Bonds the Holders of which have joined in such action may, by filing a written notice with the Trustee at its office and upon proof of holding as provided in Section 15.02, revoke, such action so far as concerns such Bond. Except as
aforesaid in this Section 15.04, any such action taken by the Holder of any Bond pursuant to this Article XV shall be conclusive and binding upon such Holder, upon all future Holders and owners of such Bond and of any Bond issued in exchange or
substitution therefor, irrespective of whether any notation is regard thereto is made upon such Bond. Any action taken by the Holder of the percentage in aggregate principal amount of the Bond specified in the Indenture in connection with such
action shall be conclusively binding upon the Company, the Trustee and the Holders of the Bonds. 
 SECTION 15.05. The Company may
establish, by Resolution, a record date for purposes of determining the identity of Bondholders entitled to take any action under the Indenture (including the making of any demand or request, the giving of any notice, consent, vote or waiver or the
taking of any other action). The record date established by the Company under this Section 15.05 shall not be more than 90 days prior to the meeting or action requiring a determination of Bondholders. If no record date is established by the
Company under this Section 15.05, the record date for determining the identity of Bondholders entitled to take any action under the Indenture shall be 15 days prior to the date of mailing of the first notice to Bondholders relating to such
meeting or action. A determination of Bondholders entitled to notice of or to vote at a Bondholders’ meeting is effective for any adjournment of the meeting unless the Company, by Resolution, establishes a new record date, which must be done if
the meeting is adjourned to a date more than 120 days after the date fixed for the original meeting. 

  
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 ARTICLE XVI. 

EFFECT OF MERGER, CONSOLIDATION, ETC. ON THE LIEN OF THE INDENTURE 

SECTION 16.01. Nothing in the Indenture shall prevent any lawful consolidation or merger of the Company with or into any other
corporation, or any conveyance, transfer or lease, subject to the Lien of the Indenture, of all or substantially all of the mortgaged and pledged property as an entirety, to any corporation lawfully entitled to acquire or lease and operate the same;
provided (and the Company covenants and agrees), that such consolidation, merger, conveyance, transfer or lease shall be only upon terms that fully preserve and in no respect impair the efficiency or security of the Indenture or the Lien Hereof, or
any of the rights or powers of the Trustee or the Bondholders; and provided that any such lease shall be made expressly subject to immediate termination by: (i) the Company or the Trustee at any time during the continuance of a Completed
Default, and (ii) by the purchaser of the property so leased at any sale thereof, whether such sale be made under the power of sale hereby conferred or under judicial proceedings; and provided, further, that, upon any such consolidation,
merger, conveyance, transfer, or lease, the term of which extends beyond the Stated Maturity of any of the Bonds Outstanding, the due and punctual payment of the principal of and interest on all said Bonds according to their tenor and the due and
punctual performance and observance of all the covenants and conditions of the Indenture to be kept or performed by the Company, shall be assumed by the corporation formed by such consolidation or into which such merger shall have been made, or
acquiring all the mortgaged and pledged property as an entirety, as aforesaid, or by the lessee under any such lease the term of which extends beyond the Stated Maturity of any of the Bonds Outstanding. 

SECTION 16.02. If the Company, pursuant to Section 16.01, shall be consolidated with or merged into any other corporation,
or shall convey or transfer (subject to the Lien of the Indenture), all, or substantially all, the mortgaged and pledged property, as an entirety, then the successor corporation, formed by such consolidation, or into which the Company shall have
been merged, or which shall have received a conveyance or transfer as aforesaid (the “Successor Corporation”), upon executing an indenture with the Trustee, satisfactory to the Trustee, and causing the same to be recorded, whereby such
Successor Corporation shall assume and agree to pay, duly and punctually, the principal of and interest on the Bonds, and agree to perform and fulfill all the covenants and conditions of the Indenture binding upon the Company, shall (a) succeed
to and be substituted for the Company, with the same effect as if it had been named herein, and in the Bonds as the mortgagor or obligor company, (b) have and may exercise under the Indenture and the Bonds the same powers and rights as the
Company, and (without in any way limiting or impairing by the enumeration of the same the scope and intent of the foregoing general powers and rights) such Successor Corporation thereupon may cause to be executed, issued and delivered, either in its
own name or in the name of the Company, any or all of such Bonds which shall not theretofore have been executed by the Company and authenticated by the Trustee, and upon the order of such Successor Corporation in lieu of the Company, and subject to
the terms, conditions and restrictions prescribed in the Indenture, concerning the authentication and delivery of Bonds, the Trustee shall authenticate and deliver any such Bonds which shall have been previously signed and delivered by the officers
of the Company to the Trustee for authentication, and any such Bonds which such Successor Corporation shall 

  
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thereafter, in accordance with the provisions of the Indenture, cause to be executed and delivered to the Trustee for authentication. All the Bonds so issued shall in all respects have the same
legal right and security as the Bonds theretofore issued in accordance with the terms of the Indenture as though all of said Bonds had been authenticated and delivered at the date of the execution hereof; provided that as a condition precedent to
the execution by such Successor Corporation and the authentication and delivery by the Trustee of any such additional Bonds in respect of the construction or acquisition by the Successor Corporation of Permanent Additions, the indenture with the
Trustee to be executed and caused to be recorded by the Successor Corporation, as provided in this Section 16.02, shall contain a conveyance or transfer and mortgage in terms sufficient to include such Permanent Additions; and provided further
that the Lien of the Indenture and of the indenture so created and to be executed by such Successor Corporation shall have similar force, effect and standing as the Lien of the Indenture would have if the Company had not been consolidated with or
merged into such other corporation or had not conveyed or transferred, subject to the Indenture, all the mortgaged and pledged property as an entirety, as aforesaid, to such Successor Corporation, and had itself acquired or constructed such
Permanent Additions, and requested the authentication and delivery of Bonds under the provisions of the Indenture. 
 Until
a Completed Default shall occur and be continuing and subject to the provisions of Section 17.01, the Trustee may receive an Opinion of Counsel as conclusive evidence that any such indenture complies with the foregoing conditions and provisions
of this Section 16.02. 
 SECTION 16.03. If the Company, pursuant to Section 16.01, shall be consolidated with or merged
into any other corporation, or shall convey or transfer, subject to the Indenture, all or substantially all of the mortgaged and pledged property as an entirety as aforesaid, neither the Indenture nor the indenture with the Trustee to be executed
and caused to be recorded by the Successor Corporation as provided in Section 16.02, shall, unless such latter indenture shall otherwise provide (anything in the Indenture contained to the contrary notwithstanding), become or be a lien upon any
of the properties or franchises of the Successor Corporation except those acquired by it from the Company, and extensions and additions appurtenant to the property acquired from the Company, and such franchises, repairs and additional property as
may be acquired by the Successor Corporation in pursuance of the covenants herein contained to maintain, renew and preserve the franchises covered by the Indenture and to keep and maintain the mortgaged and pledged property in adequate repair,
working order and condition. 
 SECTION 16.04. At any time prior to the exercise of any power reserved by this Article XVI for the
Company or a purchasing or Successor Corporation, the Company may surrender any such power by delivery to the Trustee of an instrument in writing executed by its President or a Vice President under its corporate seal attested by its Secretary or an
Assistant Secretary, accompanied by the affidavit of its Secretary or an Assistant Secretary, that the execution of such instrument was duly authorized by its Board of Directors. Upon such delivery, the power so surrendered shall cease. 

  
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 ARTICLE XVII. 

THE TRUSTEE. 
 SECTION
17.01. (a) Except during the continuance of a Completed Default: 
 (1) the Trustee undertakes to
perform such duties and only such duties as are specifically set forth in the Indenture, and no implied covenants or obligations shall be read into the Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee which conform to the requirements of the Indenture; but in the case of any such certificate or opinion which by any provision hereof
is specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not it conforms as to form to the requirements of the Indenture. 

(b) If a Completed Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by the
Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use, under the circumstances, in the conduct of his own affairs. 

(c) No provision of the 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: 
 (1) this subdivision
(c) shall not be construed to limit the effect of subdivision (a) of this Section 17.01; 

(2) 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; 
 (3) 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 Outstanding Bonds relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or for exercising any trust or power conferred upon the Trustee; and 

(4) no provision of the 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 or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. Before taking any action under the Indenture, the Trustee may require that satisfactory indemnity be furnished to it for the reimbursement of all expenses to which it may be put and to protect it against all liability,
except liability which is adjudicated to have resulted from its negligence or willful default, by reason of any action so taken. 

  
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 (d) the Trustee shall use reasonable care in the selection or approval of any
Engineer, appraiser or other expert, counsel or Accountant required to be selected or approved by the Trustee. 
 (e) every
provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 17.01. 

SECTION 17.02. Within 90 days after the occurrence of any Default, the Trustee shall transmit notice of such Default, unless such
Default shall have been cured or waived, to the Bondholders in the manner and to the extent provided in subdivision (c) of Section 17.18; provided that (except in the case of a Default in the payment of the principal of, premium, if any,
or interest on any Bond or in the payment of any Sinking Fund installment), the Trustee shall be protected in withholding such notice if and so long as its board of directors, its executive committee or a trust committee of its board of directors or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Bondholders, and provided that in the case of any Default of the character specified in subdivision (d) of
Section 14.01, no such notice to Bondholders shall be given until at least 90 days after the occurrence thereof. 
 SECTION
17.03. Except as otherwise provided in Section 17.01: 
 (a) the Trustee may rely; and shall be protected in
acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party; 
 (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Resolution; 

(c) whenever in the administration of the Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, permitting or omitting any action, the Trustee (unless other evidence be specifically prescribed herein) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 

(d) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, permitted or omitted by the Trustee in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Indenture at the
request or direction of any of the Bondholders, unless such Bondholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such
request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document but the Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may 

  
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see fit. If the Trustee shall make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney; 

(g) the Trustee may execute any of the trusts or powers or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and 

(h) the Trustee shall not be personally liable, in case of entry by it upon the mortgaged and pledged property, for debts
contracted or liabilities or damages incurred in the management or operation of the mortgaged and pledged property. 
 SECTION 17.04.
The recitals contained herein and in the Bonds, except the certificate of authentication on the Bonds, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no
representations as to the value or condition of the Mortgaged and pledged property or any part thereof, or as to the title of the Company thereto or as to the security afforded thereby or hereby, or as to the validity or genuineness of any
securities at any time pledged and deposited with the Trustee hereunder, or as to the validity or genuineness of any securities at any time pledged and deposited with the Trustee hereunder, or as to the validity or sufficiency of the Indenture or of
the Bonds. The Trustee shall not be accountable for the use or application by the Company of Bonds or the proceeds thereof or of any money paid to the Company upon Company Order. 

SECTION 17.05. The Trustee, any Paying Agent, Bond Registrar, Authenticating Agent or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Bonds and, subject to Sections 17.08 and 17.13, if operative, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Bond
Registrar, Authenticating Agent or such other agent. 
 SECTION 17.06. Money held by the Trustee in trust hereunder need not
be segregated from other funds except to the extent provided herein or requested by the Company or required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as provided elsewhere herein and
except as otherwise agreed with the Company. 
 SECTION 17.07. The Company agrees: 

(a) to pay to the Trustee reasonable compensation for all services rendered by it hereunder (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (b) except as otherwise
provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with the Indenture (including the reasonable compensation and the expenses and
disbursements of its agents and counsel) except any such expense, disbursement or advance as may be attributable to the Trustee’s negligence or bad faith; 

(c) to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence
or bad faith on its part, arising out of or in connection with 

  
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the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder; and 
 (d) that all such payments and reimbursements shall be made with interest at the rate of
six percent per annum, accruing from the date such payments and reimbursements are billed by the Trustee, unless paid by the Company on or before a subsequent due date established by such billing. 

As security for the performance of the obligations of the Company under this Section 17.07, the Trustee shall be secured
under the Indenture by a lien prior to the Bonds, and for the payment of such compensation, expenses, reimbursements and indemnity the Trustee shall have the right to use and apply any moneys held by it under the Indenture as part of the mortgaged
and pledged property. 
 SECTION 17.08. Certain terms used in this Section 17.08 are defined in subsections (c) and (d).

 (a) If the Trustee has or shall acquire any conflicting interest, as defined in this Section 17.08, 

(1) then, within 90 days after ascertaining that it has such conflicting interest, and if the Default to which
such conflicting interest relates has not been cured or duly waived or otherwise eliminated before the end of such 90-day period, the Trustee shall either eliminate such conflicting interest or, except as
otherwise provided in this subdivision (a), resign, and the Company shall take prompt steps to have a successor appointed in the manner provided in Section 17.10; 

(2) if the Trustee shall fail to comply with the provisions of clause (1) of this subdivision (a), the
Trustee shall, within 10 days after the expiration of such 90-day period, transmit notice of such failure to the Bondholders in the manner and to the extent provided in subdivision (c) of
Section 17.18; and 
 (3) subject to the provisions of subdivision (b) of Section 14.15,
unless the Trustee’s duty to resign is stayed as provided in this subdivision (a), any Bondholder who has been a bona fide holder of Bonds for at least six months may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee, and the appointment of a successor, if the Trustee fails, after written request thereof by such Bondholder to comply with the provisions of clause (1) of this subdivision (a). 

(b) For the purposes of this Section 17.08, the Trustee shall be deemed to have a conflicting interest if a Default exists
and 
 (1) the Trustee is trustee under another indenture under which any other securities of the Company, or
certificates of interest or participation in any other securities of the Company, are Outstanding or is trustee for more than one Outstanding series of securities, under a single indenture of the Company (unless such other indenture is a collateral
trust indenture under which the only collateral consists of Bonds issued 

  
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under the Indenture). There shall be excluded from the operation of this paragraph any indenture or indentures under which (A) other securities of the Company, or (B) certificates of
interest or participation in other securities of the Company, are Outstanding, if the Company shall have sustained the burden of proving, on application to the Commission and after opportunity for hearing thereon, that trusteeship under the
Indenture and such other indenture or under more than one Outstanding series under a single indenture is not so likely to involve a material conflict of interest as to make it necessary in the public interest or for the protection of investors to
disqualify the Trustee from acting as such under one of such indentures or with respect to such series; or 

(2) the Trustee or any of its Directors or Executive Officers is an obligor upon the Bonds or an Underwriter
for the Company; or 
 (3) the Trustee directly or indirectly controls or is directly or indirectly
controlled by or is under direct or indirect common control with the Company or an Underwriter for the Company; or 

(4) the Trustee or any of its Directors or Executive Officers is a Director, officer, partner, employee,
appointee or representative of the Company or of an Underwriter for the Company (other than the Trustee itself) who is currently engaged in the business of underwriting, except that: (A) one individual may be a Director or an Executive Officer,
or both, of the Trustee and a Director or an Executive Officer, or both, of the Company but may not be at the same time an Executive Officer of both the Trustee and the Company; (B) if and so long as the number of Directors of the Trustee in
office is more than nine, one additional individual may be a Director or an Executive Officer, or both, of the Trustee and a Director of the Company; and (C) the Trustee may be designated by the Company or by any Underwriter for the Company to
act in the capacity of transfer agent, registrar, custodian, paying agent, fiscal agent, escrow agent, or depositary, or in any other similar capacity, or, subject to the provisions of paragraph (1) of this subdivision (b) to act as
trustee, whether under an indenture or otherwise; or 
 (5) 10% or more of the Voting Securities of the
Trustee is beneficially owned either by the Company or by any Director, partner, or Executive Officer thereof, or 20% or more of such Voting Securities is beneficially owned, collectively, by any two or more of such Persons; or 10% or more of the
Voting Securities of the Trustee is beneficially owned either by an Underwriter for the Company or by any Director, partner or Executive Officer thereof, or is beneficially owned, collectively, by any two or more such Persons; or 

(6) the Trustee is the beneficial owner of, or holds as collateral security for an obligation which is in
default in payment of principal for 30 days or more and such default shall not have been cured, (A) 5% or more of the Voting Securities or 10% or more of any other class of Security of the Company (not including the Bonds and Securities issued under
any other indenture under which the Trustee is also trustee) or (B) 10% or more of any class of Security of an Underwriter for the Company; or 

  
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 (7) the Trustee is the beneficial owner of, or holds as collateral security for
an obligation which is in default in payment of principal for 30 days or more and such default shall not have been cured, 5% or more of the Voting Securities of any Person who, to the knowledge of the Trustee, owns 10% or more of the Voting
Securities of, or controls directly or indirectly or is under direct or indirect common control with, the Company; or 
 (8)
the Trustee is the beneficial owner of, or holds as collateral security for an obligation which is in default in payment of principal for 30 days or more and such default shall not have been cured, 10% or more of any class of Security or any Person
who, to the knowledge of the Trustee, owns 50% or more of the Voting Securities of the Company; or 
 (9) the Trustee owns,
on the date of any Default or any anniversary of such Default while such Default continues, in the capacity of executor, administrator, testamentary or inter vivos trustee, guardian, committee or conservator, or in any other similar capacity, an
aggregate of 25% or more of the Voting Securities, or of any class of Security, of any Person, the beneficial ownership of a specified percentage of which would have constituted a conflicting interest under paragraph (6), (7) or (8) of this
subdivision (b). As to any such Securities of which the Trustee acquired ownership through becoming executor, administrator, or testamentary trustee of an estate which included them, the provisions of the preceding sentence shall not apply, for a
period of not more than two years from the date of such acquisition, to the extent that such Securities included in such estate do not exceed 25% of such Voting Securities or 25% of any such class of Securities. Promptly after the dates of any such
Default and annually in each succeeding year that such Default continues, the Trustee shall make a check of its holding of such Securities in any of the above-mentioned capacities as of such dates. If the Company fails to make payments in full of
the principal of, the premium, if any, or interest on, any of the Bonds when and as the same become due and payable, and such failure continues for 30 days thereafter, the Trustee shall make a prompt check of its holdings of such Securities in any
of the above-mentioned capacities as of the date of the expiration of such 30-day period, and after such date, notwithstanding the foregoing provisions of this paragraph (9), all such Securities so held by the
Trustee, with sole or joint control over such Securities vested in it, shall, but only so long as such failure shall continue, be considered as though beneficially owned by the Trustee for the purposes of paragraphs (6), (7) and (8) of this
subdivision (b). 
 (10) except under the circumstances described in paragraphs (1), (3), (4), (5) or (6) of subdivision
(b) of Section 17.13, the Trustee shall become a creditor of the Company. 
 For purposes of paragraph (1) of
this subdivision (b), the term “series of securities” or “series” means a series, class or group of securities issuable under an indenture pursuant to whose terms holders of one such series may vote to direct the indenture
trustee, or otherwise take action pursuant to a vote of such holders, separately from holders of another such series; provided that “series of securities” or “series” shall not include any series of securities issuable under an
indenture if all such series rank equally and are wholly unsecured. 
 The specification of percentages in paragraphs
(5) through (9) of this subdivision (b), shall not be construed to indicate that ownership of such percentages of the Securities of a Person is or is not necessary or sufficient to constitute direct or indirect control for the purposes of
paragraph (3) or (7) of this subdivision (b). 

  
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 For the purposes of paragraphs (6), (7), (8) and (9) of this subdivision
(b) only, “Security” and “Securities,” shall include only such securities as are generally known as corporate securities, but shall not include any note or other evidence of indebtedness issued to evidence an obligation to
repay moneys lent to a Person by one or more banks, trust companies or banking firms, or any certificate of interest or participation in any such note or evidence of indebtedness. The Trustee shall be deemed not to be the owner or holder of
(i) any Security which it holds as collateral security, as trustee or otherwise, for an obligation which is not in default in the payment of principal for 30 days or more, or (ii) any Security which it holds as collateral security under
the Indenture, irrespective of any Default, or (iii) any Security which it holds as agent for collection, or as custodian, escrow agent, or depositary, or in any similar representative capacity. 

(c) For the purposes of this Section 17.08 only: 

(1) “Company” means any obligor upon the Bonds. 

(2) “Director” means any director of a corporation, or any individual performing similar functions
with respect to any organization whether incorporated or unincorporated. 
 (3) “Executive Officer”
means the president, every vice president, every trust officer, the cashier, the secretary, or the treasurer of a corporation, and any individual customarily performing similar functions with respect to any organization whether incorporated or
unincorporated, but shall not include the chairman of the board of directors if not also one of the foregoing officers. 

(4) “Person” means an individual, a corporation, a partnership, an association, a joint-stock
company, a trust, an unincorporated organization, or a government or political subdivision thereof. As used in this paragraph, the term “trust” shall include only a trust where the interest or interests of the beneficiary or beneficiaries
are evidenced by a security. 
 (5) “Trustee” includes any separate or co-trustee appointed under Section 17.14. 
 (6) Underwriter,”
when used with reference to the Company, means every Person who, within one year prior to the time as of which the determination is made, was an underwriter of any security of the Company Outstanding at the time of the determination. 

(7) “Voting Security” means any security presently entitling the owner or holder thereof to vote in
the direction or management of the affairs of a Person, or any security issued under or pursuant to any trust, agreement or arrangement whereby a trustee or trustees or agent or agents for the owner or holder of such security are presently entitled
to vote in the direction or management of the affairs of a Person. 
 (d) The percentages of Voting Securities and other
securities specified in this Section 17.08 shall be calculated in accordance with the following provisions: 

  
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 (1) A specified percentage of the Voting Securities of any Person
referred to in this Section 17.08 (including the Trustee and the Company) means such amount of the Outstanding Voting Securities of such Person as entitles the holder thereof to cast such specified percentage of the aggregate votes which the
holders of all the Outstanding Voting Securities for such Person are entitled to cast in the direction or management of the affairs of such Person. 

(2) A specified percentage of a class of securities of a Person means such percentage of the aggregate amount
of securities of the class Outstanding. 
 (3) “Amount,” when used in regard to securities, means
the principal amount if relating to evidences of indebtedness, the number of shares if relating to capital shares, and the number of units if relating to any other kind of security. 

(4) “Outstanding,” means issued and not held by or for the account of the issuer. The following
securities shall be deemed not Outstanding within the meaning of this definition: 
 (A) securities of an
issuer held in a sinking fund for securities of the issuer of the same class; 
 (B) securities of an issuer
held in a sinking fund for another class of securities of the issuer, if the obligation evidenced by such other class of securities is not in default as to principal or interest or otherwise; 

(C) securities pledged by the issuer thereof as security for an obligation of the issuer not in default as to
principal or interest or otherwise; and 
 (D) securities held in escrow if placed in escrow by the issuer
thereof; 
 provided that any Voting Securities of an issuer shall be deemed Outstanding if any Person other than the issuer is entitled to
exercise the voting rights thereof. 
 (5) A security shall be deemed to be of the same class as another
security if both securities confer upon the holder thereof substantially the same rights and privileges; provided that, in the case of secured evidences of indebtedness, all of which are issued under a single indenture, differences only in the
interest rates or maturity dates of various series thereof shall not be deemed sufficient to constitute such series as different classes and provided that, in the case of unsecured evidences of indebtedness, differences in the interest rates of
maturity dates thereof shall not be deemed sufficient to constitute them securities of different classes, whether or not they are issued under a single indenture. 

(e) Except in the case of a default in the payment of the principal of or interest on any Bonds, or in the payment of any
Sinking Fund or similar fund, the Trustee shall not be required to resign as provided by this Section 17.08 if the Trustee shall have sustained the burden of proving, on application to the Commission and after opportunity for hearing thereon,
that (1) the Default may be cured or waived during a reasonable period and under the procedures described in such applications, and (2) a stay of the Trustee’s duty to resign will not be inconsistent with

  
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the interests of Holders of the Bonds. The filing of such an application shall automatically stay the performance of the duty to resign until the Commission orders otherwise. 

SECTION 17.09. There shall be at all times a Trustee which shall be a corporation organized and doing business under the laws of
the United States of America or of any state thereof or a corporation or other Person permitted to act as Trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least
$5,000,000, and subject to supervision or examination by federal or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then for
the purposes of this Section 17.09, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 

No obligor under the Bonds or Person directly or indirectly controlling, controlled by, or under common control with such
obligor shall serve as Trustee. 
 If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section 17.09, it shall resign immediately in the manner and with the effect specified in this Article XVII. 
 SECTION
17.10. (a) No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee under Section 17.11. 

(b) The Trustee may resign at any time by giving written notice to the Company. If an executed instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(c) The Trustee may be removed at any time by the Holders of a majority in principal amount of the Outstanding Bonds. 

(d) If at any time: 

(1) the Trustee, after this Indenture has been qualified under the Trust Indenture Act, shall fail to comply
with subdivision (a) of Section 17.08 after written request therefor by the Company or by any Bondholder who has been a bona fide Holder of a Bond for at least six months; or 

(2) the Trustee shall cease to be eligible pursuant to Section 17.09 and shall fail to resign after
written request therefor by the Company or by any such Bondholder; or 
 (3)(A) the Trustee shall become
incapable of acting; or (B) the Trustee shall be adjudged a bankrupt or insolvent; or (C) a receiver for the Trustee or of its property shall be appointed; or (D) any public offer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation; 

  
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 then, (i) the Company by Resolution may remove the Trustee, or (ii) subject to
subdivision (b) of Section 14.15, any Bondholder who has been a bona fide Holder of a Bond for at least six months may (on behalf of himself and all others similarly situated), petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee. 
 (e) If the Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Company, by Resolution, shall promptly appoint a successor Trustee. If all or substantially all of the mortgaged and pledged property shall be in the possession of a
lawfully appointed receiver or trustee, such receiver or Trustee, by written instrument, may similarly appoint a successor Trustee to fill such vacancy until a new Trustee shall be so appointed by the Bondholders. If, within one year after such
resignation, removal, incapability or the occurrence of such vacancy, a successor Trustee shall be appointed by the Holders of a majority in principal amount of the Outstanding Bonds, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and supersede the successor Trustee appointed by the Company or by such receiver or trustee. If no successor Trustee shall have been so appointed by the Company or the Bondholders and
accepted appointment as hereinafter provided, then, subject to subdivision (b) of Section 14.15, any Bondholder who has been a bona fide Holder of a Bond for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (f) The Company shall give
written notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee by first-class mail, postage prepaid, to the Bondholders as their names and addresses appear in the Bond Register. Each notice shall
include the name of the successor Trustee and the address of its principal corporate trust office. 
 SECTION 17.11. Every
successor Trustee shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment and thereupon the resignation or removal of the retiring Trustee shall become effective. Such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the estate, properties, rights, powers, trusts and duties of the retiring Trustee. On request of the Company or the successor Trustee, such retiring Trustee shall,
upon payment by the Company to the retiring Trustee for its charges, execute and deliver an instrument conveying and transferring to such successor Trustee upon the trusts herein expressed all the estates, properties, rights, powers and trusts of
the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held hereunder by such retiring Trustee, subject nevertheless to the Trustee’s lien, if any, provided for in Section 17.07.
Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such estates, properties, rights, powers and trusts. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be
qualified and eligible under this Article XVII. 
 SECTION 17.12. Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding 

  
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to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee, provided that such corporation shall be otherwise qualified and eligible under
this Article XVII, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

If any Bonds shall have been authenticated, but not delivered, by the Trustee then in office, any successor to such
authenticating Trustee (by merger, conversion or consolidation) may adopt such authentication and deliver the Bonds so authenticated with the same effect as if such successor Trustee had authenticated such Bonds. 

SECTION 17.13. Certain terms used in this Section 17.13 are defined in subdivision (c) of this Section 17.13.

 (a) Subject to subdivision (b) of this Section 17.13, if the Trustee shall be or shall become a secured or
unsecured creditor of the Company (either directly or indirectly) within three months prior to a Payment Default, or subsequent to such a Payment Default, then, unless and until such Payment Default shall be cured, the Trustee shall set apart and
hold in a special account for the benefit of the Trustee individually, the Bondholders and the holders of Other Indenture Securities: 

(1) an amount equal to any and all reductions in the amount due and owing upon any claim of the Trustee as such
creditor in respect to principal or interest, effected after the beginning of such three month period and valid against the Company and its other creditors, except any such reduction resulting from the receipt or disposition of any property
described in paragraph (2) of this subdivision (a), or from the exercise of any right of setoff which the Trustee could have exercised if a petition in bankruptcy has been filed by or against the Company upon the date of such Payment Default;
and 
 (2) all property received by the Trustee in respect to any claim as such creditor, either as security
therefor, or in satisfaction or composition thereof, or otherwise, after the beginning of such three month period, or an amount equal to the proceeds of any such property, if disposed of, subject, however, to the rights, if any, of the Company and
its other creditors in such property or such proceeds. 
 Nothing contained herein shall affect the right of the Trustee:

 (A) to retain for its own account (i) payments made on account of any such claim by any Person (other
than the Company) who is liable thereof, (ii) the proceeds from the bona fide sale of any such claim by the Trustee to a third Person and (iii) distributions made in cash, securities or other property in respect to claims filed against the
Company in bankruptcy or receivership or in proceedings for reorganization pursuant to the Federal Bankruptcy Act or applicable state law; or 

(B) to realize, for its own account, upon any property held by it as security for any such claim, if such
property was so held prior to the beginning of such three month period; or 

  
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 (C) to realize, for its own account, but only to the extent of
the claim hereinafter mentioned, upon any property held by it as security for any such claim, if such claim was created after the beginning of such three month period and such property was received as security therefor simultaneously with the
creation thereof, and if the Trustee shall sustain the burden of proving that at the time such property was so received the Trustee had no reasonable cause to believe that a Payment Default would occur within three months; or 

(D) to receive payment on any claim referred to in the foregoing subparagraph (B) or (C), against the
release of any property held as security for such claim as provided in the foregoing subparagraph (B) or (C), as the case may be, to the extent of the fair value of such property. 

For the purposes of the foregoing subparagraphs (B), (C) and (D), property substituted after the beginning of such three
month period for property held as security at the time of such substitution shall, to the extent of the fair value of the property released, have the same status as the property released and, to the extent that any claim referred to in any of such
subparagraphs is created in renewal of or in substitution for or for the purpose of repaying or refunding any pre-existing claim of the Trustee as such creditor, such claim shall have the same status as such pre-existing claim. 
 If the Trustee shall be required to account for the funds and
property held in such special account and the proceeds thereof, they shall be apportioned between the Trustee, the Bondholders and the holders of Other Indenture Securities in such manner that the Trustee, Bondholders and holders of such Other
Indenture Securities realize, as a result of payments from such special account and payments of “dividends” (as defined below) on claims filed against the Company in bankruptcy or receivership or in proceedings for reorganization pursuant
to the Federal Bankruptcy Act or applicable state law, the same percentage of their respective claims, figured before crediting to the claim of the Trustee anything on account of the receipt by it from the Company of the funds and property in such
special account and before crediting to the respective claims of the Trustee, Bondholders and holders of Other Indenture Securities dividends on claims filed against the Company in bankruptcy or receivership or in proceedings for reorganization
pursuant to the Federal Bankruptcy Act or applicable state law, but after crediting thereon receipt on account of the indebtedness represented by their respective claims from all sources other than from such dividends and from the funds and property
so held in such special account. As used in this paragraph, with respect to any claim, the term “dividends” shall include any distribution with respect to such claim, in bankruptcy or receivership or proceedings for reorganization pursuant
to the Federal Bankruptcy Act or applicable state law, whether such distribution is made in cash, securities, or other property, but shall not include any such distribution with respect to the secured portion, if any, of such claim. The court in
which such bankruptcy, receivership or proceeding for reorganization is pending shall have jurisdiction (A) to apportion between the Trustee, Bondholders and holders of Other Indenture Securities, in accordance with the provisions of this
paragraph, the funds and property held in such special account and proceeds thereof, or (B) in lieu of such apportionment, in whole or in part, to give to the provisions of this paragraph due consideration in determining the fairness of the
distributions to be made to the Trustee, Bondholders and holders of Other Indenture Securities with respect to their respective claims, in which event it shall not be necessary to liquidate or to appraise the

  
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value of any securities or other property held in such special account or as security for any such claim, or to make a special allocation of such distributions as between the secured and
unsecured portions of such claims, or otherwise to apply the provisions of this paragraph as a mathematical formula. 
 Any
Trustee which has resigned or been removed after the beginning of such three month period shall be subject to the provisions of this subdivision (a) as though such resignation or removal had not occurred. If any Trustee has resigned or been
removed prior to the beginning of such three month period, it shall be subject to the provisions of this subdivision (a) if and only if the following conditions exist: 

(i) the receipt of property or reduction of claim which would have given rise to the obligation to account if
such Trustee had continued as Trustee, occurred after the beginning of such three month period; and 
 (ii)
such receipt of property or reduction of claim occurred within three months after such resignation or removal. 
 (b) There
shall be excluded from the operation of subdivision (a) of this Section 17.13 a creditor relationship arising from: 

(1) the ownership or acquisition of securities issued under any indenture, or any security or securities having
a maturity of one year or more at the time of acquisition by the Trustee; or 
 (2) advances authorized by a
receivership or bankruptcy court of competent jurisdiction, or by the Indenture, for the purpose of preserving any property which shall at any time be subject to the Lien Hereof, or of discharging tax liens, or other Prior Liens or encumbrances on
the mortgaged and pledged property, if notice of such advance and of the circumstances surrounding the making thereof is given to the Bondholders at the time and in the manner provided in paragraph (2) of subdivision (a) of
Section 17.18 or paragraph (2) of subdivision (b) of Section 17.18; or 
 (3)
disbursements made in the ordinary course of business in the capacity of trustee under the Indenture or another Indenture or as transfer agent, registrar, custodian, paying agent, fiscal agent, depositary or other similar capacity; or 

(4) an indebtedness created as a result of services rendered or premises rented, or an indebtedness created as
a result of goods or securities sold in a Cash Transaction; or 
 (5) the ownership of stock or of the other
securities of a corporation organized under the provisions of Section 25(a) of the Federal Reserve Act, as amended, which is directly or indirectly a creditor of the Company; or 

(6) the acquisition, ownership, acceptance or negotiation of any drafts, bills of exchange, acceptances or
obligations which fall within the classification of Self-liquidating Paper. 
 (c) For purposes of this Section 17.13
only: 

  
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 (1) “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. 

(2) “Company” means any obligor under the Bonds. 

(3) “Other Indenture Securities” means securities, upon which the Company is an obligor, outstanding
under any other indenture (A) under which the Trustee is also trustee, (B) which contains provisions substantially similar to the provisions of this Section 17.13 and (C) under which a Payment Default exists at the time of the
apportionment of the funds and property held in such special account. 
 (4) “Payment Default”
means any failure to make payment in full of the principal of or interest on any of the Bonds or upon the Other Indenture Securities when and as such principal or interest becomes due and payable. 

(5) “Self-liquidating Paper” means any draft, bill of exchange, acceptance or obligation which is
made, drawn, negotiated or incurred by the Company 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 that the security is received by the Trustee simultaneously with
the creation of the creditor relationship with the Company arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 

(6) “Trustee” includes any separate or co-trustee appointed
under Section 17.14. 
 SECTION 17.14. For the purpose of meeting the legal requirements of any jurisdiction in which any
of the mortgaged and pledged property may at the time be located, the Company and the Trustee shall have power to appoint and, upon the written request of the Trustee or of the Holders of at least 25% in principal amount of the Bonds Outstanding,
the Company shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee either to act jointly with the Trustee as co-trustee of all or any part of the mortgaged and pledged property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to
vest in such Person in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section 17.14. If the Company does not join in such appointment within 15 days after the
receipt by it of a request so to do, or if a Completed Default has occurred and is continuing, the Trustee alone shall have power to make such appointment 

Should any written instrument from the Company be required by any such co-trustee or
separate trustee for more fully confirming to such co-trustee or separate trustee such property, title, right or power, then on request, it shall be executed, acknowledged and delivered by the Company. 

  
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 Every co-trustee or separate trustee
shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms: 
 (a) The Bonds
shall be authenticated and delivered, and all rights, powers, duties and obligations under the Indenture in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee,
shall be exercised by the Trustee. 
 (b) The rights, powers, duties and obligations hereby conferred or imposed upon the
Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee or separate trustee jointly, as
shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall
be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee. 

(c) The Trustee at any time by a written instrument executed by it, and with the concurrence of the Company evidenced by a
Resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section 17.14. If a Completed Default has occurred and is continuing, the Trustee, by a written
instrument executed by it, shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Company. Upon the written request of the Trustee, the
Company shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to effect any such resignation or removal. A successor to any co-trustee or
separate trustee so resigned or removed may be appointed in the manner provided in this Section 17.14. 
 (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Trustee, or any other such trustee. 

(e) Any act of Bondholders delivered to the Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. 
 SECTION 17.15. The Trustee shall, upon receipt of a Company
Request, promptly appoint an Authenticating Agent with power to act on its behalf and subject to its direction in the authentication and delivery of the Bonds of each series designated for such authentication by the Company and such appointment
shall contain provisions for such authentication in connection with transfers and exchanges under Sections 2.11, 2.12, 2.17, 10.02 and 16.02 or otherwise, as though the Authenticating Agent had been expressly authorized by those Sections or
otherwise to authenticate and deliver Bonds of such series. For all purposes of the Indenture, the authentication and delivery of Bonds by the Authenticating Agent pursuant to this Section 17.15 shall be deemed to be the authentication and
delivery of Bonds by the Trustee. Such Authenticating Agent shall at all times be a corporate bank or trust company organized and doing business under the laws of the United States or of any of its states, have a combined capital and surplus of at
least $5,000,000, be authorized under such laws to exercise corporate trust powers and be subject to supervision or examination by federal or state authority. If such corporation publishes reports of condition at least annually pursuant to law or
the requirements of such 

  
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authority, then for the purposes of this Section 17.15, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent published report of condition. 
 Any corporation into which any Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating
Agent, shall be the successor of the Authenticating Agent, if such successor corporation is otherwise eligible under this Section 17.15, without the execution or filing of any paper or further act on the part of the parties hereto, the
Authenticating Agent or such successor corporation. 
 Any Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and the Company. The Trustee may at any time and, upon Company Request, shall terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Company.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible under this Section 17.15, the Trustee, unless otherwise requested in writing by the Company,
shall promptly appoint a successor Authenticating Agent, shall give written notice of such appointment to the Company and shall mail notice of such appointment to all Bondholders of the applicable series as the names and addresses of such
Bondholders appear on the Bond Register. 
 The Trustee agrees to pay reasonable compensation to any Authenticating Agent
for its services and the Trustee shall be entitled to be reimbursed by the Company for such payments, subject to Section 17.07. The provisions of Sections 15.03, 17.04 and 17.05 shall be applicable to any Authenticating Agent. 

SECTION 17.16. Except as herein otherwise provided, any notice or demand which by any provision of the Indenture is required or
permitted to be given or served by the Trustee on the Company shall be deemed to have been sufficiently given and served, by being deposited, postage prepaid, in a post office letter box, addressed (until another address is filed by the Company with
the Trustee) as follows: to Northern States Power Company, 100 North Barstow Street, Eau Claire, Wisconsin 54702, Attention: Secretary or to the most recent address which shall have been filed by the Company with the Trustee. 

The Trustee shall promptly notify the Company in writing of any change of address of the Trustee’s principal corporate
trust office. Upon receipt of such notice, the Company shall give written notice of each change of address by first-class mail, postage prepaid, to the Bondholders as their names and addresses appear in the Bond Register. 

SECTION 17.17. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the
names and addresses of the Bondholders furnished to it as provided in Section 8.17 or received by it in the capacity of Paying Agent or Bond Registrar or filed with it by Bondholders pursuant to paragraph (2) of subdivision (c) of
Section 17.18; provided that the Trustee may; (1) destroy any statement furnished to it as provided in Section 8.17, upon receipt of a new statement so furnished to it in substitution therefor, (2) destroy any information
received by it as Paying Agent upon delivery to itself as Trustee, not earlier than 45 days after an Interest Payment Date, of a statement containing the 

  
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names and addresses of the Bondholders obtained from such information since the delivery of the next previous statement, if any, (3) destroy any statement delivered to itself as Trustee
which was compiled from information received by it as Paying Agent upon the receipt of a new statement so delivered and (4) destroy any information received by it from any Bondholder pursuant to paragraph (2) of subdivision (c) of
Section 17.18, but not until two years after receipt by the Trustee of such information. 
 (b) In case three or more
Bondholders (hereinafter in this Section 17.17 referred to as “Applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such Applicant has owned a Bond for at least six months preceding the
date of such application, and such application states that the Applicants desire to communicate with the other Bondholders with respect to their rights under the Indenture or under the Bonds, and each such application is accompanied by a copy of the
form of proxy or other communication which such Applicants proposed to transmit, then the Trustee shall, within five business days after the receipt of such application at its election, either: 

(1) afford to such Applicants access to the information preserved at the time by the Trustee in accordance with
the provisions of subdivision (a) of this Section 17.17; or 
 (2) inform such Applicants with the
approximate number of Bondholders whose names and addresses appear in the information preserved at the time by the Trustee, in accordance with the provisions of subdivision (a), of this Section 17.17, and the approximate cost of mailing to such
Bondholders the form of proxy or other communication, if any, specified in such application. 
 If the Trustee shall elect not to afford
such Applicants access to such information, the Trustee shall, upon the written request of such Applicants, mail to each Bondholder whose name and address appears in the information, preserved at the time by the Trustee in accordance with the
provisions of subdivision (a) of this Section 17.17, copies of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the materials to be mailed and of
payment or provision for the payment of the reasonable expenses of mailing, unless within five days after such tender the Trustee shall mail to such Applicants, and file with the Commission together with a copy of the material to be mailed, a
written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Bondholders, or would be in violation of applicable law. Such written statement shall specify the basis of such opinion.
After opportunity for hearing upon the objections specified in the written statements so filed, the Commission may, and if demanded by the Trustee or such Applicants shall, enter an order either sustaining one or more of such objections or refusing
to sustain any of them. If the Commission, after opportunity for a hearing upon objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one
or more of such objections, the Commission shall find, after notice and opportunity for a hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such
Bondholders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligations or duty respecting such application. 

  
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 (c) The Trustee shall not be held accountable by reason of the mailing of any
material pursuant to any request made under subsection (b) of this Section 17.17. 
 SECTION 17.18. (a) Within 60 days
after each May 15, the Trustee shall transmit to the Bondholders (as specified in subdivision (c) of this Section 17.18) a brief report, dated not more than 60 days prior to such transmission, with respect to any of the following
events which have occurred within the previous 12 months (but if no such event has occurred within such period no report need be transmitted): 

(1) any change to the eligibility and the qualifications of the Trustee under Sections 17.08 and 17.09; 

(2) the creation of or any material change to a relationship specified in subdivision (b) of
Section 17.08; 
 (3) the character and amount of any advances (and, if the Trustee elects so to state,
the circumstances surrounding the making thereof) made by the Trustee in its capacity as Trustee which remain unpaid on the date of such report, and for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Bonds,
on the mortgaged and pledged property (including property or funds held or collected by it as Trustee) if such remaining unpaid advances aggregate more than 1/2% of the principal amount of the Bonds Outstanding on the date of the report; 

(4) any change to the amount, interest rate, and maturity date of all other indebtedness owing by the Company
to the Trustee in its individual capacity on the date of the report, with a brief description of any property held as collateral security therefor, but excluding any indebtedness based upon a creditor relationship arising in any manner described in
paragraphs (2), (3), (4) or (6) of subdivision (b) of Section 17.13; 
 (5) any change to the
property and funds physically in the possession of the Trustee, in its capacity as Trustee, on the date of such report; 

(6) any release, or release and substitutions, of property subject to the Lien of the Indenture (and the
consideration therefor, if any) which the Trustee has not previously reported; except that if the aggregate value of such property released from the Lien of the Indenture as shown by the documents delivered to the Trustee in connection with the
release or release and substitution does not exceed an amount equal to 1% of the principal amount of the Bonds then Outstanding, the report need indicate only the number of such releases, the total value of property released as shown by said
documents, the aggregate amount of cash received and the aggregate value of property received in substitution therefor as shown by said documents; 

(7) any additional issue of Bonds which the Trustee had not reported previously; and 

(8) any action taken by the Trustee in the performance of its duties under the Indenture which it has not
previously reported and which in its opinion materially affects the Bonds or the mortgaged and pledged property; except for action related to a Default, 

  
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notice of which has been or is to be withheld by the Trustee in accordance with the provisions of Section 17.02. 

For purposes of this subdivision (a), the term “Company” means any obligor under the Bonds. 

(b) The Trustee shall transmit to the Bondholders as hereinafter provided, a brief report with respect to: 

(1) any release, or release and substitution, of property subject to the Lien Hereof (and the consideration
therefor, if any) unless the Fair Value of such property, as set forth in the Engineer’s Certificate or Independent Engineer’s Certificate delivered pursuant to the requirements of Section 11.03, is less than 10% of the principal
amount of Bonds Outstanding as stated in said Engineer’s Certificate, at the time of such release or such release and substitution; such report to be transmitted within 90 days after such release or such release and substitution, except that
this paragraph (1) shall not require transmission of a separate report with respect to any transaction which shall be reported, within 90 days after its consummation, pursuant to subdivision (a) of this Section 17.18; and 

(2) the character and amount of any advances (and, if the Trustee elects so to state, the circumstances
surrounding the making thereof) made by the Trustee since the date of the last report transmitted pursuant to the provisions of subdivision (a) of this Section 17.18 (or if no such report has yet been so transmitted, since the date of
execution of the Indenture), for the reimbursement of which the Trustee claims or may claim a lien or charge, prior to that of the Bonds on the mortgaged and pledged property (including property or funds held or collected by it as Trustee), and
which it has not previously reported pursuant to this paragraph (2), if such advances remaining unpaid, at any time, aggregate more than 10% of the principal amount of Bonds Outstanding at such time. Such report shall be transmitted within 90 days
after such time. 
 (c) Reports, pursuant to this Section 17.18, shall be transmitted by mail: 

(1) to all Bondholders, as their names and addresses appear in the Bond Register; 

(2) to all Holders of Bonds that have, within two years preceding such transmission, filed their names and
addresses with the Trustee for the purpose of receiving such reports; and 
 (3) except in the case of
reports pursuant to subdivision (b) of this Section 17.18, to each Bondholder whose name and address are preserved at the time by the Trustee, as provided in subdivision (a) of Section 17.17. 

(d) A copy of each report transmitted to Bondholders under the requirements of subdivision (a) or (b) of this
Section 17.18, at the time of such transmission, shall be filed with each stock exchange upon which the Bonds are then listed and with the Commission. 

  
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 SECTION 17.19. Upon submission of any Application by the Company for the payment of any
moneys held by the Trustee, or for the execution by the Trustee of any release, or upon any other Application submitted by the Company to the Trustee, or at any reasonable time, the Trustee, or its agent or attorneys shall be entitled to examine the
books, records and premises of the Company. 
 Unless satisfied, with or without such examination, of the truth and accuracy
of the matters stated in any Resolution, certificate, statement, opinion, report or order required to be delivered to the Trustee as a condition precedent to the granting of any Application, it shall be under no obligation to grant such Application.

 The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid
by the Company upon demand, with interest at the rate of six percent per annum, accruing from the date such expenses are billed by the Trustee unless paid by the Company or before a subsequent due date established by such billing. Until such
repayment, the Trustee shall have the benefit of the Lien Hereof in priority to the Bonds. 
 SECTION 17.20. The Trustee is
authorized to deposit, subject to recall, in trust for payment of the principal of, premium, if any, and interest on any Bonds, with any Paying Agent appointed by the Company for that purpose in accordance with the provisions of the Indenture
(provided that such Paying Agent shall be a corporation that is engaged in the business of banking or exercising corporate trust powers, shall have a capital and surplus of not less than $5,000,000, and shall be subject to supervision or examination
by federal, state, or District of Columbia authorities) such part of any moneys furnished to the Trustee for the purpose as shall, in the opinion of the Trustee, be necessary or desirable to provide for the payment by any such Paying Agent of the
principal of, premium, if any, or interest on any of the Bonds. The Trustee, subject to Section 17.01, shall be relieved of responsibility for the safety and application of such moneys while in the possession of the Paying Agent. In the event
that part of such moneys is recalled by the Trustee, it shall thereafter be held by the Trustee in trust as in the Indenture provided. Pursuant to an agreement between the Company and Trustee, the Trustee may credit to the Company interest upon any
such funds held by or deposited with the Trustee. 
 SECTION 17.21. Any notice, request or other writing, by or on behalf of the
Bondholders, delivered solely to the Trustee shall be deemed to have been delivered to all of the then trustees as if delivered to each of them. Every instrument appointing any trustee or trustees, other than a successor to the Trustee, shall refer
to the Indenture and the conditions expressed in this Section 17.21. Upon acceptance in writing by such trustee or trustees, he, they or it shall be vested with the rights, powers, estates or property specified in such instrument, either
jointly with the Trustee or separately, as may be provided therein, subject to all the trusts, conditions and provisions of the Indenture. Every such instrument shall be filed with the Trustee in the trust. Any separate trustee or trustees or any co-trustee or co-trustees may at any time by an instrument in writing appoint the Trustee, his, their or its agent, or attorney-in-fact, with full power and authority, to the extent which may be authorized by law, to do all acts and things and exercise all discretion authorized or permitted by him, them or it, for and on
behalf of him, them or it, and in his, their or its name. Any co-trustee may, as to the execution of releases or as to any action hereunder, whether discretionary or otherwise, act by attorney-in-fact. 

  
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 SECTION 17.22. In case of any receivership, insolvency, bankruptcy, or other
judicial proceedings affecting the Company, its creditors, its property or any other obligor on the Bonds, the Trustee shall be entitled to take the actions described in Section 14.04, without prejudice, however, to the right of any Bondholder
to file a claim on his own behalf. 
 SECTION 17.23. Whenever it is provided in the Indenture that the Trustee shall take any
action upon the happening of a specified event or upon the fulfillment of any condition or upon the request of the Company or of Bondholders, the Trustee in taking such action shall have full power to give any and all notices and to do any and all
acts necessary and incidental to such action. 
 SECTION 17.24. The Trustee shall execute a written instrument to confirm the
existence of a specific Permitted Encumbrance, upon receipt by the Trustee of: (i) a Resolution requesting such written instrument and expressing any required opinions, (ii) an Officer’s Certificate stating that no Default has
occurred and is continuing, specifying the particular paragraph of the definition of Permitted Encumbrances pursuant to which such written instrument is being requested and stating that the requirements of such paragraph have been satisfied; and
(iii) an Opinion of Counsel stating that the subject of the Company’s request constitutes a Permitted Encumbrance as described by such paragraph and that the execution by the Trustee of such written instrument is appropriate to confirm the
existence of such Permitted Encumbrance. 

  
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 ARTICLE XVIII. 

DEFEASANCE. 
 SECTION
18.01. Whenever the following conditions shall exist, namely: 
 (a) all Bonds theretofore authenticated and delivered
have been cancelled by the Trustee or delivered to the Trustee for cancellation, excluding: 
 (1) Bonds for
the payment of which money has been previously deposited in trust with the Trustee or a Paying Agent or segregated and held in trust by the Company, and thereafter such money was repaid to the Company or discharged from such trust as provided in
Section 21.03, 
 (2) Bonds alleged to have been destroyed, lost or stolen which have been replaced as
provided in Section 2.15, and 
 (3) Bonds, other than those referred to in the foregoing clauses
(1) and (2), for whose payment or redemption (under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company) the Company has deposited or caused to be
deposited with the Trustee in trust for the purpose any combination: 
 (i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the
option of the issuer), maturing as to principal and interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash 

that is necessary to pay and discharge the entire indebtedness of such Bonds for principal, premium, if any, and interest to the date of
maturity thereof in the case of Bonds which have become due and payable or to the Stated Maturity or Redemption Date thereof, as the case may be; 

(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

(c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each of which shall state
that all conditions precedent relating to the satisfaction and discharge of the Indenture have been complied with; then, upon Company Request authorized by a Resolution, the Indenture and the Lien Hereof, rights and interests created hereby shall
cease and become null and void (except as to any surviving rights of conversion, transfer or exchange of Bonds herein or therein provided for) and the Trustee and each co-trustee and separate trustee, if any,
then acting as such, and at the expense of the Company, shall execute and deliver a termination statement and such instruments of satisfaction and discharge as may be necessary and pay, assign, transfer and deliver to the Company all cash,
securities and other personal property then held by it as part of the mortgaged and pledged property. 

  
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 In the absence of a Company Request authorized by a Resolution as aforesaid, the
payment of all Outstanding Bonds shall not render the Indenture inoperative or prevent the Company from issuing Bonds thereafter as herein provided. 

Notwithstanding the satisfaction and discharge of the Indenture, the obligations of the Company to the Trustee under
Section 17.07 shall survive. 
 SECTION 18.02. Moneys deposited with the Trustee, pursuant to Section 18.01, shall
not be a part of the mortgaged and pledged property but shall constitute a separate trust fund for the benefit of the Persons entitled thereto. Subject to the provisions of Section 21.03, such moneys shall be applied by the Trustee for payment
(either directly or through any Paying Agent, including the Company acting as its own Paying Agent, as the Trustee may determine) to the Persons entitled thereto, of the principal, premium, if any, and interest for whose payment such moneys have
been deposited with the Trustee. 

  
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 ARTICLE XIX. 

SUPPLEMENTAL TRUST INDENTURES; MODIFICATION OF INDENTURE. 

SECTION 19.01. Without the consent of the Holders of any Bonds, the Company, when authorized by a Resolution, and the Trustee may enter
into one or more Supplemental Trust Indentures, in form satisfactory to the Trustee, for any of the following purposes: 

(a) to correct or amplify the description of any property at any time subject to the Lien of the Indenture, or to better
assure, convey and confirm unto the Trustee any property subject or required to be subjected to the Lien of the Indenture, or to subject to the Lien of the Indenture, additional property; or 

(b) to close the Indenture against the issuance of additional Bonds or to add to the conditions, limitations and restrictions
on the authorized amount, terms or purposes of issue, authentication and delivery of Bonds or of any series of Bonds, as set forth herein, or to add additional conditions, limitations and restriction to be observed thereafter; or 

(c) to create any series of Bonds and make such other provisions as provided in Section 2.01 and 2.02; or 

(d) to modify or eliminate any of the terms of the Indenture; provided that: 

(1) such Supplemental Trust Indenture shall expressly provide that any such modifications or eliminations shall
become effective only when there is no Bond Outstanding of any series created prior to the execution of such Supplemental Trust Indenture or when such modification or elimination are approved in accordance with Section 19.02; and 

(2) the Trustee may, in its discretion, decline to enter into any such Supplemental Trust Indenture which, in
its opinion, may not afford adequate protection to the Trustee when the same becomes operative; or 
 (e) to evidence the
succession of another corporation to the Company pursuant to Article XVI and the assumption by any such Successor Corporation of the Company’s covenants contained herein and in the Bonds; or 

(f) to add to the covenants of the Company for the benefit of the Holders of all or any series of Bonds or to surrender any
right or power herein conferred upon the Company; or 
 (g) to cure any ambiguity, to correct or supplement any provision
herein which may be inconsistent with any other provision herein or to make any other provisions, with respect to matters or questions arising under the Indenture, which shall not be inconsistent with the provisions of the Indenture, provided that
such action shall not have a material adverse impact on the security afforded by the Indenture; or 
 (h) to provide for
alternative methods or forms for evidencing and recording the ownership of Bonds and matters related thereto; or 
 (i) to
modify, eliminate or add to the provisions of the Indenture: 

  
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 (1) to such extent as shall be necessary to effect the
qualification of the Indenture under the Trust Indenture Act or under any similar federal statute hereafter enacted, or 

(2) to conform with any amendments to the Trust Indenture Act enacted after the Date Hereof which, in the
Opinion of Counsel would permit the provisions of the Indenture to be less restrictive or which would offer the Company greater flexibility or to add to the Indenture (A) such other provisions as may be expressly permitted by the Trust
Indenture Act, excluding, however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act as in effect at the Date Hereof or (B) any corresponding provision in any similar federal statute hereafter enacted; or 

(j) to provide for the issuance of coupon Bonds and to permit the exchange of Bonds from fully registered form to coupon form
and vice versa; or 
 (k) to provide the terms and conditions of the exchange or conversion, at the option of the Holders of
the Bonds of any series, of the Bonds of such series for or into Bonds of other series or stock or other securities of the Company or any other corporation; or 

(l) to reflect changes in generally accepted accounting principles; or 

(m) to provide for the joining of an individual trustee in order to comply with any legal requirements respecting trustees
under mortgages or deeds of trust of property in any state in which the mortgaged and pledged property is or may be situated in the future. 

SECTION 19.02. With consent of the Holders of not less than 66-2/3% (70% prior to the
retirement through payment or redemption of the Bonds of each series created and issued prior to June 1, 1986, including such Bonds “deemed to be paid” within the meaning of that term as used in Article XVIII of the Original
Indenture) in principal amount of the Bonds Outstanding (determined as provided in Article XV) which are affected by such Supplemental Trust Indenture, the Company, when authorized by a Resolution, and the Trustee may enter into a Supplemental
Trust Indenture for the purpose of (i) adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture, (ii) modifying in any manner the rights of the Holders of the Bonds under the Indenture, or
(iii) before any sale of the mortgaged and pledged property has been made under Article XIV or any judgment or decree for payment of money due has been obtained by the Trustee under Article XIV, waiving any Completed Default and its
consequences; provided that without the consent of the Holder of each Outstanding Bond affected thereby, no such Supplemental Trust Indenture shall: 

(a) change the Stated Maturity of the principal of, or any installment of interest on, any Bond, or reduce the principal amount
thereof or the interest thereon or any premium payable upon the redemption thereof, or change the coin or currency in which, any Bond, or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); or 
 (b) reduce
the percentage in principal amount of the Outstanding Bonds, the consent of whose Holders is required for (1) any Supplemental Trust Indenture, or (2) any waiver 

  
 -106- 

 
provided for in the Indenture of compliance with certain provisions of the Indenture or certain Completed Defaults hereunder and their consequences; or 

(c) modify any of the provisions of this Section 19.02 except to increase any percentage provided thereby or to provide
that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each Bond affected thereby; or 

(d) modify, in the case of the Bonds of any series convertible into other securities, any of the provisions of the Indenture in
such manner as to affect the conversion rights of the Holders of such Bonds; or 
 (e) (1) prior to the payment or redemption
of the Original Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVIII of the Original Indenture), permit the creation or existence of any Prior Lien with
respect to the mortgaged and pledged property or deprive any non-assenting Bondholder of the Lien of the Indenture upon the mortgaged and pledged property for the security of his Bonds; and (2) after the
payment or redemption of the Original Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVIII of the Original Indenture), permit the creation or existence of
any Prior Lien with respect to more than 50% of the sum of (i) Depreciable Property and (ii) Land after giving effect to the creation of such Prior Lien and the acquisition by the Company of the property subject to such Prior Lien, or
terminate the Lien of the Indenture on more than 50% of the sum of (i) Depreciable Property and (ii) Land; or 

(f) modify, in the case of Bonds of any series for which a Sinking Fund is provided, any of the provisions of the Indenture in
such manner as to effect the rights of the Holders of such Bonds to the benefits of such Sinking Fund. 
 The Trustee may,
in its discretion, determine whether or not any Bonds would be affected by any Supplemental Trust Indenture. Any such determination shall be conclusive upon the Holder of all Bonds, whether theretofore or thereafter authenticated and delivered.
Subject to Section 17.01, the Trustee shall not be liable for any such determination made in good faith. 
 It shall
not be necessary for any Bondholders under this Section 19.02 to approve the particular form of any proposed Supplemental Trust Indenture, but it shall be sufficient if they shall approve the substance thereof. 

SECTION 19.03. In executing, or accepting the additional trusts created by, any Supplemental Trust Indenture permitted by this
Article XIX or the modification thereby of the trusts created by the Indenture, the Trustee shall be entitled to receive, and, subject to Section 17.01, shall be fully protected in relying upon an Opinion of Counsel stating that the execution
of such Supplemental Trust Indenture is authorized or permitted by the Indenture. The Trustee may, but except to the extent required in the case of a Supplemental Trust Indenture entered into under subsection (i) of Section 19.01, shall
not be obligated to enter into any such Supplemental Trust Indenture which affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 

  
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 SECTION 19.04. Upon the execution of any Supplemental Trust Indenture pursuant to this
Article XIX, the Indenture shall be modified in accordance therewith and such Supplemental Trust Indenture shall form a part of the Indenture for all purposes; and every Holder of Bonds theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby. 
 SECTION 19.05. No Supplemental Trust Indenture pursuant to this Article XIX shall be entered into pursuant
to any authorization contained in the Indenture which shall not comply with the provisions of the Trust Indenture Act as then in effect unless no Bonds are then Outstanding and all Bonds to be issued under the Indenture as supplemented by such
Supplemental Trust Indenture either shall be themselves exempt from the provisions of the Trust Indenture Act or shall be issued in a transaction exempt therefrom. 

SECTION 19.06. Bonds authenticated and delivered after the execution of any Supplemental Trust Indenture pursuant to this
Article XIX may, and if required by the Trustee shall, bear a notation in form approved by the Trustee as to any matter provided for in such Supplemental Trust Indenture. If the Company shall so determine, new Bonds modified to conform, in the
opinion of the Trustee and the Board of Directors, to any such Supplemental Trust Indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Bonds. 

  
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 ARTICLE XX. 

IMMUNITY OF STOCKHOLDERS, OFFICERS AND DIRECTORS. 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Bond, or under or upon
any indebtedness hereby secured, or because of the creation of any indebtedness hereby secured, shall be available against any incorporator or past, present, or future stockholder, officer or director of the Company, or of any predecessor or
successor company of companies, or of any company or companies which may assume or guarantee the payment of the principal of or interest on any of the Bonds, either directly or through the Company by the enforcement of any assessment, or through any
receiver, or assignee, or through any trustee in bankruptcy or by any other legal or equitable proceedings, whether for amounts unpaid on stock subscriptions or for stock liability or any other liability or penalty, or on the ground of any
representation, implication or inference, arising from or concerning the capitalization of the Company, or of any predecessor, assignee, grantee, or successor company or companies, or otherwise, and whether by virtue of any statute, constitution,
contract, express or implied, rule of law, or otherwise; it being expressly agreed and understood that this Indenture and the obligations hereby secured are solely corporate obligations, and that no personal liability whatever shall attach to, or be
incurred by, the incorporators or past, present or future stockholders, officers or directors of the Company, or of any predecessor or successor company or companies, or of any company which may assume or guarantee the payment of the principal of or
interest on the Bonds because of the incurring of the indebtedness hereby authorized, or under or by reason of any of the obligations, covenants or agreements contained in the Indenture or in any of the Bonds, or to be implied therefrom; and that
any and all personal liability of every name and nature, and any and all rights and claims against every such incorporator and past, present or future stockholder, officer or director, whether arising at common law or in equity, or created or to be
created by statute or constitution, are hereby expressly released and waived as a condition of, and as a part of the consideration for, the execution of this Indenture and the issue of the Bonds and interest obligations hereby secured. 

  
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 ARTICLE XXI. 

MISCELLANEOUS. 

SECTION 21.01. Nothing in this Indenture, expressed or implied, is intended or shall be construed, to confer upon, or to give to, any
Person, other than the parties hereto and the Holders of the Bonds Outstanding, any right, remedy, or claim under or by reason of the Indenture or any covenant, condition or stipulation hereof. All of the covenants, conditions and stipulations,
contained in the Indenture, by and on behalf of the Company, shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of the Bonds Outstanding. 

SECTION 21.02. Any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any
provision of the Indenture, whether such power, privilege or right is in any way restricted or is unrestricted, may be waived or surrendered, in whole or in part, or subjected to any restriction (if at any time unrestricted) or to additional
restriction (if already restricted) by a Resolution and a written instrument executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to be recorded in all of the states in which any real
property, at the time subject to the Lien Hereof, shall be situated. Such Resolution and instrument, executed and acknowledged as aforesaid, shall be delivered to the Trustee. Thereupon, any modification of the provisions of these presents therein
set forth, authorized by this Section 21.02 shall be binding upon the parties hereto, their successors and assigns, and the Holders of the Bonds. 

SECTION 21.03. If any Bond shall not be presented for payment when the principal thereof becomes due, either at Stated Maturity or
otherwise, or at the Redemption Date, and the Company, shall have deposited, with the Trustee, in trust for the purpose, or left with it if previously so deposited, any combination: 

(i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the
option of the issuer), maturing as to principal and interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash 

that is necessary to pay when due the principal of, premium, if any, and interest due and to become due on such Bond on or prior to the
Redemption Date or Stated Maturity thereof, as the case may be, and for the use and benefit of the Holder thereof, then, interest on said Bond, and all liability of the Company to the Holder of said Bond for the payment of the principal of, premium,
if any and interest thereon, shall forthwith cease, determine and be completely discharged, subject to the provisions of the last paragraph of this Section 21.03. It shall be the duty of the Trustee to hold such funds, in trust, for the benefit
of the Holder of such Bond who, so long as funds remain on deposit with the Trustee shall be restricted exclusively to said funds for any claim of whatsoever nature on the part of such Holder under the Indenture or on said Bond by any Holder of any
such Bond. 
 If the Holder of any such Bond shall not claim, within five years after such Bond shall have become due and
payable, such deposited funds, for the payment thereof, the Trustee shall, upon Company Request and if it shall so require upon being furnished indemnity satisfactory to 

  
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it, shall pay to the Company such amount so deposited, if no Default has occurred and is continuing. The Trustee thereupon shall be relieved from all responsibility to the Holder thereof and the
Company shall be liable to the Holder only to the extent of the funds so returned to it. 
 SECTION 21.04. If the principal of any of
the Bonds shall not be punctually paid when due at Maturity, whether by declaration or a lapse of time, or if any installment of interest thereon shall not be punctually paid when due, then upon deposit with or receipt by the Trustee of moneys
sufficient to pay such overdue principal or any such overdue installment or installments of interest thereon, to the extent permitted by law, moneys sufficient to pay interest due and to become due thereon up to the date when interest upon such
overdue principal or installment or installments of interest shall cease (as herein provided), then interest on such overdue principal or installment or installments of interest thereon shall cease to accrue 15 days after the date of mailing a
notice by the Company by first class mail postage prepaid to each Holder of such Bonds, stating that said moneys have been so deposited or received. 

SECTION 21.05. Whenever the Company is required to deposit cash with the Trustee, it shall have the right, at the time of such deposit,
to specify that such cash is to be held by the Trustee in trust for the particular purpose for which it is deposited. 
 SECTION
21.06. Any cash which has been deposited with the Trustee for the purpose of paying the principal of, premium, if any, or interest on Bonds, for the purpose of securing the authentication of Bonds, for the purpose of effecting payment or
redemption of any Bonds, or which has been delivered to the Trustee by the Company for any of the purposes provided under the Indenture, upon Company Request, authorized by a Resolution, shall be invested or reinvested by the Trustee, as designated
by the Company and not disapproved by the Trustee, in any bonds or other general obligations (excluding revenue bonds) of the United States of America, any state, city or county thereof, which at the time of investment are lawful investments for
banks and trust companies under the laws of the state in which the Trustee has its principal corporate trust office and in other types of investments the Trustee has determined to be lawful, secure and efficient for the short-term investment of
deposits held in trust under the Indenture, including commingling with deposits under other trusts administered by the Trustee. Until a Completed Default shall have occurred and be continuing, interest on such bonds, obligations and investments
which may be received by the Trustee shall be paid forthwith to the Company. The Trustee shall not be required to make any such investment (a) after it has cancelled and discharged the Lien of the Indenture, (b) on or after the Stated
Maturity of any Bonds, with respect to any cash held to pay such Bonds, or (c) on or after the Redemption Date of any Bonds, with respect to any cash held for such redemption. In no event, shall the Trustee make any such investment or take any
of the actions pursuant to and permitted by this Section 21.06 with any cash or proceeds of any Government Obligations, which, in accordance with Sections 6.03, 10.06, 17.01 and 21.03, would cause Bonds to be deemed paid upon such cash or
Governmental Obligations or combination thereof being deposited with the Trustee. 
 Such bonds and obligations shall be
held by the Trustee subject to the same provisions and in the same manner as the cash used to purchase the same, but upon Company Request, the Trustee shall sell all or any designated part of the bonds, obligations and investments and the proceeds
of such sale shall be held by the Trustee subject to the same provisions hereof as the cash used by it to purchase the bonds, obligations and investments so sold. If, at any time, by reason of decrease in the market value of such bonds, obligations
or investments, or the financial 

  
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condition of the issuer, the Trustee shall be of the opinion that there is danger of the fund or funds invested in and represented by such bonds, obligations or investments being impaired, the
Trustee may notify the Company of its intention to sell all or certain of the bonds, obligations or investments so held by it and unless, within five days after the date of such notice, the Company shall deliver to the Trustee cash equal to the
price paid by the Trustee for such bonds, obligations or investments, the Trustee, without or despite a Company Request, may proceed to sell the bonds, or obligations or investments described in said notice, at public or private sale, for the best
price reasonably obtainable. The Trustee shall also be entitled, without request of or notice to the Company, to sell any bonds, or obligations or investments purchased with moneys deposited for the payment or redemption of Bonds and held by it in
order that the Trustee has the necessary funds available on the day prior to the date on which said Bonds are to be paid or redeemed. If such sale shall produce a sum less than the principal amount invested in the bonds, obligations or investments
so sold, the Company covenants that it will pay promptly to the Trustee such amount of cash, which combined with the net proceeds from such sale, will equal the principal amount invested in the bonds, obligations or investments so sold. If such sale
shall produce a sum greater than the principal amount invested in the bonds, obligations or investments so sold, the Trustee shall pay promptly to the Company an amount of cash equal to such excess. 

SECTION 21.07. The Trustee shall, on Company Request, destroy any Bonds cancelled by the Trustee and make duplicate certificates of
such destruction, retaining one such certificate and delivering the other to the Company. Each such certificate shall state the method of destruction and, subject to Section 17.01, shall be conclusive evidence of the payment and cancellation of
the Bonds therein mentioned for all purposes. 
 SECTION 21.08. Each certificate or opinion with respect to compliance with a
condition or covenant provided for in the Indenture (other than certificates provided pursuant to subdivision (d) of Section 8.18) shall include: (a) a statement that the Person making such certificate or opinion has read such
covenant or condition; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; and (c) a statement that, in the opinion
of such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether such condition, provision or covenant has been complied with; and (d) a statement as to whether or not, in
the opinion of such Person, such condition or covenant has been complied with. 
 SECTION 21.09. (a) Any certificate or opinion of an
officer of the Company or an Accountant or Engineer may be based, in so far as it relates to legal matters, upon a certificate or opinion of or upon representations by counsel, unless such officer, employee, Accountant or Engineer knows that the
certificates or opinion or representations with respect to the matters upon which his opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should have known were erroneous. 

(b) Any certificate or Opinion of Counsel may be based, in so far as it relates to factual matters or information which is in
possession of the Company, upon the certificate or opinion of or representations by an officer or employee of the Company, unless such counsel knows that the certificate or opinion or representations with respect to the matters upon which

  
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his opinion may be based as foresaid are erroneous, or in the exercise of reasonable care should have known were erroneous. 

(c) Prior to the Trustee taking of any action under the Indenture upon the request or the submission of an Application by the
Company, the Company shall deliver to the Trustee, in addition to or as part of any certificates herein required, an Officer’s Certificate and an Opinion of Counsel each stating that, in the opinion of the signer all conditions precedent to
such action which are required by the Indenture have been satisfied. 
 SECTION 21.10. Nothing in this Article XXI is intended or
shall be construed as relieving the Company from furnishing any certificate or other evidence required by the Indenture. 
 SECTION
21.11. Each Holder of a Bond of any series which shall be originally authenticated by the Trustee and originally issued by the Company on or subsequent to the Date Hereof, by the acquisition, holding or ownership of such Bond, thereby consents
and agrees to, and shall be bound by, the provisions of this Restated Indenture on and after the Effective Date. 
 SECTION 21.12.
This Restated Indenture shall be construed in connection with and as a part of the 1947 Indenture, as supplemented by Supplemental Trust Indentures dated March 1, 1949; June 1, 1957; August 1, 1964; December 1, 1969;
September 1, 1973; February 1, 1982; March 1, 1982; June 1, 1986; and March 1, 1988 and as supplemented prior to the Effective Date. 

SECTION 21.13. (a) If any provision of the Indenture limits, qualifies, or conflicts with the duties imposed by Sections 310 through
317 of the Trust Indenture Act, the imposed duties shall control. 
 (b) In case any one or more of the provisions contained
in the Indenture or in the Bonds should be invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in anyway be affected, impaired, prejudiced,
or disturbed anyway thereby. 
 SECTION 21.14. (a) This Restated Indenture may be executed simultaneously in several counterparts,
and all said counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. 

(b) The table of contents and the descriptive headings of the several Articles of this Restated Indenture were formulated, used
and inserted in this Indenture for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 

SECTION 21.15. Whenever in the Indenture either of the parties hereto is named or referred to, such reference shall be deemed to
include the successors or assigns of such party, and all the covenants and agreements in the Indenture by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of the respective successors and assigns of
such parties, whether so expressed or not. 
 SECTION 21.16. The amount of obligations to be issued immediately under this
Restated Indenture is none. 

  
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 SECTION 21.17. To the extent permitted by Sections 21.08, and 21.09, any Opinion of
Counsel given as to title to property may be based, in whole or in part (a) upon a certified abstract of title or any Torrens certificate, or upon any guaranty policy or certificate or opinion issued or rendered by any reputable Person engaged
in the business of examining or insuring or guaranteeing titles to property or upon the opinion of other counsel (provided that in such case such Opinion of Counsel shall state that the signer believes such other counsel giving such certificate or
opinion is reputable and one upon whom he may properly rely), (b) upon an Officer’s Certificate stating (1) what, if any, conditional sales contracts and chattel mortgages exist against any personal property as to which such Opinion of
Counsel is to be rendered, and what, if any, levies of execution or attachment or similar proceedings exist or are pending with respect to any thereof, and describing the property, if any, subject to such contracts or mortgages or as to which such
levies or proceedings exist or are pending, and (2) that all personal property as to which such Opinion of Counsel is to be rendered (other than the property, if any, described pursuant to clause (1) above) is owned by the Company free and
clear of all liens and encumbrances prior to or on a parity with the Lien of the Indenture (other than Permitted Encumbrances) and, if such property is affixed or attached to real estate, that such real estate has been acquired by the Company and
that an Opinion of Counsel as to title in respect thereto has been or is concurrently being furnished to the Trustee, or that such personal property is located on a street, road or highway, or upon other public property pursuant to a franchise,
license or permit, or upon private property pursuant to an easement or permit not expiring without the default or consent of the Company within 10 years following the date of such certificate or is so located on property of others under contractual
arrangement permitting its removal, (3) the location of any real or personal property of the Company, and (4) whether any Permitted Encumbrances of the kind referred to in paragraph (8) of the definition of Permitted Encumbrances in
Section 1.03 interfere with the proper operation of the Company’s business or (c) upon a duly executed and recorded deed of real estate or easement or interest therein, where such real estate, easement or interest therein is not
required as an integral part of the property of the Company or indispensable to its operations, if an Officer’s Certificate also states that no other Person is in possession of such real estate, easement or interest therein and that the loss of
the title thereto would not interfere with any of the necessary operations of the Company. 
 SECTION 21.18. Wherever the Trustee is
required to accept or approve, in the exercise of reasonable care, pursuant to subdivision (d) of Section 17.01 or otherwise, an Engineer, appraiser or other expert, counsel or Accountant, who is to furnish evidence of compliance with
conditions precedent in the Indenture for the authentication and delivery of additional Bonds, the withdrawal of cash or the release and substitution of property secured by the Lien of the Indenture or who is to furnish an opinion for any other
purpose under the Indenture, such approval or acceptance by the Trustee shall be deemed to have been given upon the taking of any action by the Trustee pursuant to and in accordance with the certificate or opinion so furnished by such Engineer,
appraiser, expert, counsel or Accountant. 
 SECTION 21.19. Whenever notice is required to be transmitted to the Bondholders by the
Trustee, or by the Company, unless otherwise herein specifically provided for, such notice shall be deemed to have been transmitted, and such requirements for the transmission of notice satisfied, upon the deposit by the transmitter with or in a
depository of the United States Postal Service of notice in a sealed envelope with prepaid first-class postage, and addressed to the 

  
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Person required to be notified in accordance with the last known address of that Person on the records of the transmitter as required to be kept pursuant to the Indenture. 

SECTION 21.20. Whenever in the Indenture provision is made for the delivery to the Trustee of any Officer’s Certificate,
Engineer’s Certificate, Accountant’s Certificate (including, where applicable, such certificate by an Independent Engineer or an Independent Accountant) or Opinion of Counsel, such provision may be satisfied by the delivery of more than
one certificate or opinion certifying separately to the various matters of fact or opinion required to be included in the certificate or opinion so provided for, and different Persons may certify as to different matters of fact or opinion so shown;
provided, that such separate certificates or opinions shall, taken together, contain all of the statements herein required and be signed by officers or Persons, by whom the certificate or opinions are required and authorized to be signed. Whenever
provision is made for the delivery to the Trustee of more than one such certificate or opinion such provision may be satisfied by the delivery of a single certificate or opinion by such Person certifying as to all the matters required to be shown by
any particular Section hereof or by separate certificates or opinions by two or more such Persons certifying separately the various matters of fact or opinion so required to be shown. 

SECTION 21.21. The Indenture shall be governed exclusively by the applicable laws of the State of Wisconsin. 

  
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 IN WITNESS WHEREOF, NORTHERN STATES POWER COMPANY, party of the first
part, has caused its corporate name and seal to be hereunto affixed and this Supplemental and Restated Trust Indenture to be signed by its President or a Vice President, and attested by its Secretary or an Assistant Secretary, for and in its behalf,
and FIRST WISCONSIN TRUST COMPANY, as Trustee, party of the second part, to evidence its acceptance of the trust hereby created, has caused its corporate name and seal to be hereunto affixed, and this Supplemental and Restated Trust Indenture to be
signed by its President, a Vice President, and attested by its Secretary or an Assistant Secretary, for and in its behalf, all done as of this 4th day of April, 1991. 

  
 -116- 

									
		 		 		 	 NORTHERN STATES POWER COMPANY,

				
		 		 		 	 /s/ E.J. McIntyre

		 		 		 	 By
	 	 E.J. McIntyre, President

					
	 Attest:
	 	 /s/ J.P. Moore, Jr.
	 		 		 	
		 	 J.P. Moore, Jr. Secretary
	 		 		 	
	
	 Executed by Northern States Power Company

        in the presence of:

		 		 		 		 	(CORPORATE SEAL)
				
	 /s/
	 		 		 	
				
	 /s/
	 		 		 	
				
		 		 		 	 FIRST WISCONSIN TRUST COMPANY,

				
		 		 		 	 /s/ Eugene R. Lee

		 		 		 	 By
	 	 Eugene R. Lee, Assistant Vice President.

					
	 Attest:
	 	 /s/ Robert D. Hertzenberg
	 		 		 	
		 	 Robert D. Hertzenberg, Assistant Secretary
	 		 		 	
	
	 Executed by First Wisconsin Trust

        Company in the presence of:

		 		 		 		 	(CORPORATE SEAL)
				
	 /s/ Pamela Warner
	 		 		 	
	 Pamela Warner
	 		 		 	

  
 -117- 

			
	STATE OF WISCONSIN	 	 )

		 	) SS.
	EAU CLAIRE COUNTY	 	 )

 On this 4th day of April, A.D. 1991, before me, Elisabeth L. Grahek, a Notary Public in and
for said County in the State aforesaid, personally appeared the within named E.J. McIntyre and J.P. Moore, Jr., to me personally known and to me known to be the President and Secretary, respectively, of Northern States Power Company, one of the
corporations described in and which executed the within and foregoing instrument, and who, being by me severally duly sworn, each for himself, did say that he, the said E.J. McIntyre, is the President, and he, the said J.P. Moore, Jr., is the
Secretary, of said Northern States Power Company, a corporation; that the seal affixed to the within and foregoing instrument is the corporate seal of said corporation, and that said instrument was executed in behalf of said corporation by authority
of its Board of Directors; and said E.J. McIntyre and J.P. Moore, Jr. each acknowledged said instrument to be the free act and deed of said corporation and that such corporation executed the same. 

WITNESS my hand and notarial seal this 4th day of April, A.D. 1991. 

 

							
		 		 		 	 /s/ Elizabeth L. Grahek

		 		 		 	Elizabeth L. Grahek
		 		 		 	Notary Public in Eau Claire County,
		 		 		 	State of Wisconsin
				
	(Notarial Seal)	 		 		 	
	        My commission expires April 24, 1994.	 		 		 	

  
 -118- 

			
	STATE OF WISCONSIN	 	 )

		 	) SS.
	MILWAUKEE COUNTY	 	 )

 On this 4th day of April, A.D. 1991, before me, J.M. Schalk, a Notary Public in and for said
County in the State aforesaid, personally appeared the within named EUGENE R. LEE and ROBERT D. HERTZENBERG, to me personally known and to me known to be the Assistant Vice President and Assistant Secretary, respectively, of First Wisconsin Trust
Company, one of the corporations described in and which executed the within and foregoing instrument, and who, being by me severally duly sworn, each for himself, did say that he, the said EUGENE R. LEE, is the President, and he, the said ROBERT D.
HERTZENBERG is the Assistant Secretary, of said First Wisconsin Trust Company, a corporation; that the seal affixed to the within and foregoing instrument is the corporate seal of said corporation, and that said instrument was executed in behalf of
said corporation by authority of its Board of Directors; and said EUGENE R. LEE and ROBERT D. HERTZENBERG each acknowledged said instrument to be the free act and deed of said corporation and that such corporation executed the same. 

WITNESS my hand and notarial seal 4th day of April, A.D. 1991. 

 

					
		 		 	 /s/ J.M. Schalk

		 		 	Notary Public in and for Milwaukee
		 		 	County, State of Wisconsin
	
	(Notarial Seal)
			
	My commission expires February 27, 1994.	 		 	

  
 -119- 

			
	STATE OF WISCONSIN	 	 )

		 	) SS.
	EAU CLAIRE COUNTY	 	 )

 E.J. McIntyre and J.P. Moore, Jr. being severally sworn, each for himself deposes and says
that he, the said E.J. McIntyre is President, and he, the said J.P. Moore, Jr. is the Secretary, of Northern States Power Company, the corporation described in and which executed the within and foregoing mortgage or deed of trust; and each for
himself further says that said mortgage or deed of trust was executed in good faith, and not for the purpose of hindering, delaying or defrauding any creditor of the said mortgagor. 

 

					
		 		 	 /s/ E.J. McIntyre

		 		 	 E.J. McIntyre, President

			
		 		 	 /s/ J.P Moore, Jr.

		 		 	 J.P. Moore, Jr., Secretary

	
	 Subscribed and sworn to before me 4th day of April 1, 1991.

			
		 		 	 /s/ Elizabeth L. Grahek

		 		 	 Elizabeth L. Grahek

			
		 		 	 Notary Public in and for Eau Claire County,

		 		 	 State of Wisconsin

			
	 My commission expires April 24, 1994.
	 		 	
	 (notarial seal)
	 		 	

  
 -120- 

			
	STATE OF WISCONSIN	 	 )

		 	) SS.
	MILWAUKEE COUNTY	 	 )

 EUGENE R. LEE and ROBERT D. HERTZENBERG being severally sworn, each for himself deposes and
says that he, the said EUGENE R. LEE, is Assistant Vice President, and he, the said ROBERT D. HERTZENBERG, as Assistant Secretary of First Wisconsin Trust Company, the corporation that executed the within and foregoing mortgage or deed of trust, as
mortgagee and trustee; and each for himself further says the said mortgage or deed of trust was executed in good faith, and not for the purpose of hindering, delaying or defrauding any creditor of the mortgagor. 

 

					
		 		 	 /s/ Eugene R. Lee

		 		 	Eugene R. Lee, Assistant Vice President
			
		 		 	 /s/ Robert D. Hertzenberg

		 		 	Robert D. Hertzenberg
	
	Subscribed and sworn to before me this 4th day of April 1, 1991.
			
		 		 	 /s/ J.M. Shalk

		 		 	Notary Public in and Milwaukee County,
		 		 	State of Wisconsin
			
	My commission expires February 27, 1994.	 		 	
			
		 		 	                                (notarial seal)

  
 -121- 

			
	STATE OF WISCONSIN	 	 )

		 	) SS.
	EAU CLAIRE COUNTY	 	 )

 The undersigned, Northern States Power Company, the Mortgagor described in the foregoing
instrument, hereby acknowledges that it has this day received from First Wisconsin Trust Company, the Mortgagee described therein, a full, true, complete and correct copy of said instrument with signatures, witnesses and acknowledgments thereon
shown. 
 Dated this 4th day of April, A.D. 1991. 
  

							
		 		 	NORTHERN STATES POWER COMPANY,
				
		 		 	By	 	 /s/ E.J. McIntyre

		 		 		 	E.J. McIntyre, President
				
	Attest:	 		 		 	
	 /s/ J.P. Moore, Jr.
	 		 		 	
	J.P. Moore, Jr. Secretary	 		 		 	
				
	(Corporate Seal)	 		 		 	

  
 -122- 

 SCHEDULE A 

The property referred to in the Granting Clauses in the foregoing Supplemental and Restated Trust Indenture from Northern
States Power Company to First Wisconsin Trust Company, as Trustee, dated March 1, 1991, includes parts or parcels of real property and other property hereinafter more specifically described. Such description, however, is not intended to limit
or impair the scope or intention of the general description contained in the Granting Clauses or elsewhere in this Restated Indenture. 
 I.

 PROPERTIES IN THE STATE OF WISCONSIN 

Site of Melby Centre 
 A parcel
of land in the Northeast Quarter (NE 1⁄4) of the Southeast Quarter
(SE 1⁄4) and the Northwest Quarter (NW 1⁄4) of the Southeast Quarter
(SE 1⁄4) of Section 34 Township 28 North of Range 9 West described as follows: 

Commencing at the Northeast corner of the Northeast Quarter (NE 1⁄4) of the Southeast Quarter (SE 1⁄4), thence North 88 degrees West 724.7 feet; thence South 1 degree West 33 feet to the
point of beginning; thence continuing South 1 degree West 733.63 feet; thence North 89 degrees West 660.09 feet; thence North 7 degrees 8 minutes East 362.80 feet; thence North 23 degrees 56 minutes West 198.50 feet; thence North 44 degrees West
145.1 feet; thence North 65 degrees West 114.40 feet to the Easterly line of Highway 53; thence North 44 degrees East along the Highway 110.75 feet to the Southerly line of Melby Street; thence East along Melby Street to the point of beginning. 

Together with all rights of grantor pursuant to a Pipeline easement granted by National Presto Industries, Inc., to Phillips of Wisconsin,
Inc., dated May 15, 1978 and recorded on June 23, 1978, in volume 474 of Records, page 2, as document number 399526. 

  
 A-1EX-4.(d).(3)

 Exhibit 4(d)(3) 

 
 PUBLIC
SERVICE COMPANY 
 OF COLORADO 

TO 
 MORGAN GUARANTY
TRUST COMPANY 
 OF NEW YORK 

Trustee 
  

 

Indenture 

Dated as of October 1, 1993 
  

 

 PUBLIC SERVICE COMPANY OF COLORADO 

Reconciliation and Tie between Trust Indenture Act of 1939 

                and Indenture, dated as of October 1,
1993             
  

			
	 Trust Indenture Act Section
	  	 Indenture Section(s)

	 §310(a)(1)
	  	1109
	 (a)(2)
	  	1109
	 (a)(3)
	  	1114(b)
	 (a)(4)
	  	Not Applicable
	 (b)
	  	1108, 1110
	 §311(a)
	  	1113
	 (b)
	  	1113
	 (c)
	  	1113
	 §312(a)
	  	1201
	 (b)
	  	1201
	 (c)
	  	1201
	 §313(a)
	  	1202
	 (b)
	  	1202
	 (c)
	  	1202
	 (d)
	  	1202
	 §314(a)
	  	1202, 610
	 (b)
	  	608
	 (c)(1)
	  	105
	 (c)(2)
	  	105
	 (c)(3)
	  	103
	 (d)
	  	803, 804, 810
	 (e)
	  	105
	 §315(a)
	  	1101, 1103
	 (b)
	  	1102
	 (c)
	  	1101
	 (d)
	  	1101
	 (e)
	  	1018
	 §316(a)
	  	1016, 1017
	 (a)(1)(A)
	  	1002, 1016
	 (a)(1)(B)
	  	1017
	 (a)(2)
	  	Not Applicable
	 (b)
	  	1012
	 §317(a)(1)
	  	1006
	 (a)(2)
	  	1009
	 (b)
	  	603
	 §318(a)
	  	110

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 Recital of the Company
	  	 	1	 
	 Granting Clauses
	  	 	1	 
	 Excepted Property
	  	 	3	 
	 ARTICLE ONE
	  			
	 Definitions and Other Provisions of General
Application
	  			
	 SECTION 101.
	  	General Definitions	  	 	5	 
		  	Accountant	  	 	6	 
		  	Act	  	 	6	 
		  	Adjusted Net Earnings	  	 	6	 
		  	Affiliate	  	 	6	 
		  	Annual Interest Requirements	  	 	6	 
		  	Authenticating Agent	  	 	6	 
		  	Authorized Officer	  	 	6	 
		  	Authorized Publication	  	 	6	 
		  	Authorized Purposes	  	 	7	 
		  	Board of Directors	  	 	7	 
		  	Board Resolution	  	 	7	 
		  	Business Day	  	 	7	 
		  	Class A Bondholder’s Certificate	  	 	7	 
		  	Class A Bonds	  	 	7	 
		  	Class A Mortgage	  	 	7	 
		  	Commission	  	 	7	 
		  	Company	  	 	8	 
		  	Company Request or Company Order	  	 	8	 
		  	Corporate Trust Office	  	 	8	 
		  	corporation	  	 	8	 
		  	Cost	  	 	8	 
		  	Defaulted Interest	  	 	8	 
		  	Discount Security	  	 	8	 
		  	interest	  	 	8	 
		  	Dollar or $	  	 	8	 
		  	Electric Utility Business	  	 	8	 
		  	Eligible Obligations	  	 	8	 
		  	Event of Default	  	 	8	 
		  	Expected Property	  	 	8	 
		  	Expert	  	 	8	 
		  	Expert’s Certificate	  	 	9	 
		  	Fair Value	  	 	9	 
		  	Funded Cash	  	 	9	 
		  	Funded Property	  	 	9	 
		  	Governmental Authority	  	 	9	 

  
 - iii - 

							
	 	  	Page	 
		  	Government Obligations	  	 	9	 
		  	Holder	  	 	10	 
		  	Indenture	  	 	10	 
		  	Independent	  	 	10	 
		  	Independent Expert’s Certificate	  	 	10	 
		  	Interest Payment Date	  	 	10	 
		  	Investment Securities	  	 	10	 
		  	Lien	  	 	11	 
		  	Maturity	  	 	11	 
		  	Mortgaged Property	  	 	11	 
		  	Net Earnings Certificate	  	 	11	 
		  	Officer’s Certificate	  	 	11	 
		  	Opinion of Counsel	  	 	11	 
		  	Outstanding	  	 	12	 
		  	Outstanding	  	 	13	 
		  	Paying Agent	  	 	13	 
		  	Periodic Offering	  	 	13	 
		  	Permitted Liens	  	 	13	 
		  	Person	  	 	15	 
		  	Place of Payment	  	 	15	 
		  	Predecessor Security	  	 	15	 
		  	Prepaid Lien	  	 	15	 
		  	Property Additions	  	 	16	 
		  	PSCO 1939 Mortgage	  	 	16	 
		  	Redemption Date	  	 	16	 
		  	Redemption Price	  	 	16	 
		  	Regular Record Date	  	 	16	 
		  	Required Currency	  	 	16	 
		  	Responsible Officer	  	 	16	 
		  	Retained Interests	  	 	16	 
		  	Retired Securities	  	 	16	 
		  	Securities	  	 	16	 
		  	Security Register 	  	 	16	 
		  	Security Registrar	  	 	16	 
		  	Special Record Date	  	 	17	 
		  	Stated Interest Rate	  	 	17	 
		  	Stated Maturity	  	 	17	 
		  	Successor Corporation	  	 	17	 
		  	Tranche	  	 	17	 
		  	Trust Indenture Act	  	 	17	 
		  	Trustee	  	 	17	 
		  	United States	  	 	17	 
	 SECTION 102.
	  	Funded Property; Funded Cash	  	 	17	 
	 SECTION 103.
	  	Net Earnings Certificate; Adjusted Net Earnings; Annual Interest Requirements	  	 	19	 
	 SECTION 104.
	  	Property Additions; Cost	  	 	22	 
	 SECTION 105.
	  	Compliance Certificates and Opinions	  	 	24	 

  
 - iv - 

							
	 	  	Page	 
	 SECTION 106.
	  	Form of Documents Delivered to Trustee	  	 	25	 
	 SECTION 107.
	  	Acts of Holders	  	 	26	 
	 SECTION 108.
	  	Notices, Etc. to Trustee and Company	  	 	27	 
	 SECTION 109.
	  	Notice to Holders of Securities; Waiver	  	 	28	 
	 SECTION 110.
	  	Conflict with Trust Indenture Act	  	 	28	 
	 SECTION 111.
	  	Effect of Headings and Tables of Contents	  	 	28	 
	 SECTION 112.
	  	Successors and Assigns	  	 	29	 
	 SECTION 113.
	  	Separability Clause	  	 	29	 
	 SECTION 114.
	  	Benefits of Indenture	  	 	29	 
	 SECTION 115.
	  	Governing Law	  	 	29	 
	 SECTION 116.
	  	Legal Holidays	  	 	29	 
	 SECTION 117.
	  	Investment of Cash Held by Trustee	  	 	29	 
		
	 ARTICLE TWO

Security Forms
	  			
	 SECTION 201.
	  	Forms Generally	  	 	30	 
	 SECTION 202.
	  	Form of Trustee’s Certificate of Authentication	  	 	30	 
		
	 ARTICLE THREE

The Securities
	  			
	 SECTION 301.
	  	Amount Unlimited; Issuable in Series	  	 	32	 
	 SECTION 302.
	  	Denominations	  	 	36	 
	 SECTION 303.
	  	Execution, Dating, Certificate of Authentication	  	 	36	 
	 SECTION 304.
	  	Temporary Securities	  	 	36	 
	 SECTION 305.
	  	Registration, Registration of Transfer and Exchange	  	 	37	 
	 SECTION 306.
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	 	38	 
	 SECTION 307.
	  	Payment of Interest; Interest Rights Preserved	  	 	39	 
	 SECTION 308.
	  	Persons Deemed Owners	  	 	40	 
	 SECTION 309.
	  	Cancellation by Security Registrar	  	 	40	 
	 SECTION 310.
	  	Computation of Interest	  	 	41	 
	 SECTION 311.
	  	Payment to Be in Proper Currency	  	 	41	 
		
	 ARTICLE FOUR

Issuance of Securities
	  			
	 SECTION 401.
	  	General	  	 	41	 
	 SECTION 402.
	  	Issuance of Securities on the Basis of Class A Bonds	  	 	44	 
	 SECTION 403.
	  	Issuance of Securities on the Basis of Property Additions	  	 	45	 
	 SECTION 404.
	  	Issuance of Securities on the Basis of Retired Securities	  	 	48	 
	 SECTION 405.
	  	Issuance of Securities on the Basis of Deposit of Cash	  	 	49	 
		
	 ARTICLE FIVE

Redemption of Securities
	  			
	 SECTION 501.
	  	Applicability of Article	  	 	50	 
	 SECTION 502.
	  	Election to Redeem; Notice to Trustee	  	 	50	 
	 SECTION 503.
	  	Selection of Securities to be Redeemed	  	 	50	 
	 SECTION 504.
	  	Notice of Redemption	  	 	51	 
	 SECTION 505.
	  	Securities Payable on Redemption Date	  	 	52	 
	 SECTION 506.
	  	Securities Redeemed in Part	  	 	52	 

  
 - v - 

							
	 	  	Page	 
	 ARTICLE SIX

Covenants
	  			
	 SECTION 601.
	  	Payment of Securities; Lawful Possession; Maintenance of Lien	  	 	53	 
	 SECTION 602.
	  	Maintenance of Office or Agency	  	 	53	 
	 SECTION 603.
	  	Money for Securities Payments to Be Held in Trust	  	 	54	 
	 SECTION 604.
	  	Corporate Existence	  	 	55	 
	 SECTION 605.
	  	Maintenance of Properties	  	 	55	 
	 SECTION 606.
	  	Payment of Taxes; Discharge of Liens	  	 	55	 
	 SECTION 607.
	  	Insurance	  	 	56	 
	 SECTION 608.
	  	Recording, Filing, etc.	  	 	59	 
	 SECTION 609.
	  	Waiver of Certain Covenants	  	 	60	 
	 SECTION 610.
	  	Annual Officer’s Certificate as to Compliance	  	 	60	 
		
	 ARTICLE SEVEN

Class A Bonds; Additional Class A Mortgage; Discharge of Class A Mortgage
	  			
	 SECTION 701.
	  	Registration and Ownership of Class A Bonds	  	 	60	 
	 SECTION 702.
	  	Payments on Class A Bonds	  	 	61	 
	 SECTION 703.
	  	Surrender of Class A Bonds	  	 	61	 
	 SECTION 704.
	  	No Transfer of Class A Bonds	  	 	62	 
	 SECTION 705.
	  	Voting of Class A Bonds	  	 	62	 
	 SECTION 706.
	  	Designation of Additional Class A Mortgages	  	 	63	 
	 SECTION 707.
	  	Discharge of Class A Mortgage	  	 	65	 
		
	 ARTICLE EIGHT

Possession, Use and Release of Mortgaged Property
	  			
	 SECTION 801.
	  	Quiet Enjoyment	  	 	69	 
	 SECTION 802.
	  	Dispositions without Release	  	 	69	 
	 SECTION 803.
	  	Release of Funded Property	  	 	69	 
	 SECTION 804.
	  	Release of Property Not Constituting Funded Property	  	 	73	 
	 SECTION 805.
	  	Release of Minor Properties	  	 	75	 
	 SECTION 806.
	  	Withdrawal or Other Application of Funded Cash; Purchase Money Obligations	  	 	76	 
	 SECTION 807.
	  	Release of Property Taken by Eminent Domain, etc.	  	 	78	 
	 SECTION 808.
	  	Alternative Release Provision	  	 	78	 
	 SECTION 809.
	  	Disclaimer or Quitclaim	  	 	79	 
	 SECTION 810.
	  	Miscellaneous	  	 	79	 
		
	 ARTICLE NINE

Satisfaction and Discharge
	  			
	 SECTION 901.
	  	Satisfaction and Discharge of Securities	  	 	80	 
	 SECTION 902.
	  	Satisfaction and Discharge of Indenture	  	 	82	 
	 SECTION 903.
	  	Application of Trust Money	  	 	83	 

  
 - vi - 

							
	 	  	Page	 
	 ARTICLE TEN

Events of Default; Remedies
	  			
	 SECTION 1001.
	  	Events of Default	  	 	84	 
	 SECTION 1002.
	  	Acceleration of Maturity; Rescission and Annulment	  	 	85	 
	 SECTION 1003.
	  	Entry Upon Mortgaged Property	  	 	86	 
	 SECTION 1004.
	  	Power of Sale; Suits for Enforcement	  	 	86	 
	 SECTION 1005.
	  	Incidents of Sale	  	 	87	 
	 SECTION 1006.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	88	 
	 SECTION 1007.
	  	Application of Money Collected	  	 	89	 
	 SECTION 1008.
	  	Receiver	  	 	90	 
	 SECTION 1009.
	  	Trustee May File Proofs of Claim	  	 	90	 
	 SECTION 1010.
	  	Trustee May Enforce Claims Without Possession of Securities	  	 	90	 
	 SECTION 1011.
	  	Limitation on Suits	  	 	91	 
	 SECTION 1012.
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	91	 
	 SECTION 1013.
	  	Restoration of Rights and Remedies	  	 	91	 
	 SECTION 1014.
	  	Rights and Remedies Cumulative	  	 	92	 
	 SECTION 1015.
	  	Delay or Omission Not Waiver	  	 	92	 
	 SECTION 1016.
	  	Control by Holders of Securities	  	 	92	 
	 SECTION 1017.
	  	Waiver of Past Defaults	  	 	92	 
	 SECTION 1018.
	  	Undertaking for Costs	  	 	93	 
	 SECTION 1019.
	  	Waiver of Appraisement and Other Laws	  	 	93	 
	 SECTION 1020.
	  	Defaults under Class A Mortgages	  	 	94	 
		
	 ARTICLE ELEVEN

The Trustee
	  			
	 SECTION 1101.
	  	Certain Duties and Responsibilities	  	 	94	 
	 SECTION 1102.
	  	Notice of Defaults	  	 	95	 
	 SECTION 1103.
	  	Certain Rights of Trustee	  	 	95	 
	 SECTION 1104.
	  	Not Responsible for Recitals or Issuance of Securities	  	 	96	 
	 SECTION 1105.
	  	May Hold Securities	  	 	97	 
	 SECTION 1106.
	  	Money Held in Trust	  	 	97	 
	 SECTION 1107.
	  	Compensation and Reimbursement	  	 	97	 
	 SECTION 1108.
	  	Disqualification; Conflicting Interests	  	 	98	 
	 SECTION 1109.
	  	Corporate Trustee Required; Eligibility	  	 	98	 
	 SECTION 1110.
	  	Resignation and Removal; Appointment of Successor	  	 	98	 
	 SECTION 1111.
	  	Acceptance of Appointment by Successor	  	 	100	 
	 SECTION 1112.
	  	Merger, Conversion, Consolidation or Succession to Business	  	 	100	 
	 SECTION 1113.
	  	Preferential Collection of Claims Against Company	  	 	101	 
	 SECTION 1114.
	  	Co-trustees and Separate Trustees	  	 	101	 
	 SECTION 1115.
	  	Appointment of Authenticating Agent	  	 	102	 
		
	 ARTICLE TWELVE

Lists of Holders; Reports by Trustee and Company
	  			
	 SECTION 1201.
	  	Lists of Holders	  	 	104	 
	 SECTION 1202.
	  	Reports by Trustee and Company	  	 	104	 
		
	 ARTICLE THIRTEEN

Consolidation, Merger, Conveyance or Other Transfer
	  			

  
 - vii - 

							
	 	  	Page	 
	 SECTION 1301.
	  	Company may Consolidate, etc., Only on Certain Terms	  	 	105	 
	 SECTION 1302.
	  	Successor Corporation Substituted	  	 	106	 
	 SECTION 1303.
	  	Extent of Lien Hereof on Property of Successor Corporation	  	 	107	 
	 SECTION 1304.
	  	Release of Company upon Conveyance or Other Transfer	  	 	107	 
	 SECTION 1305.
	  	Merger into Company; Extent of Lien Hereof	  	 	107	 
		
	 ARTICLE FOURTEEN

Supplemental Indentures
	  			
	 SECTION 1401.
	  	Supplemental Indentures Without Consent of Holders	  	 	108	 
	 SECTION 1402.
	  	Supplemental Indentures With Consent of Holders	  	 	109	 
	 SECTION 1403.
	  	Execution of Supplemental Indentures	  	 	111	 
	 SECTION 1404.
	  	Effect of Supplemental Indentures	  	 	111	 
	 SECTION 1405.
	  	Conformity With Trust Indenture Act	  	 	111	 
	 SECTION 1406.
	  	Reference in Securities to Supplemental Indentures	  	 	111	 
		
	 ARTICLE FIFTEEN

Meetings of Holders; Action Without Meeting
	  			
	 SECTION 1501.
	  	Purposes for Which Meetings May be Called	  	 	112	 
	 SECTION 1502.
	  	Call, Notice and Place of Meetings	  	 	112	 
	 SECTION 1503.
	  	Persons Entitled to Vote at Meetings	  	 	113	 
	 SECTION 1504.
	  	Quorum; Action	  	 	113	 
	 SECTION 1505.
	  	Attendance at Meetings; Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	114	 
	 SECTION 1506.
	  	Counting Votes and Recording Action of Meetings	  	 	115	 
	 SECTION 1507.
	  	Action Without Meeting	  	 	115	 
		
	 ARTICLE SIXTEEN

Immunity of Incorporators, Stockholders, Officers and Directors
	  			
	 SECTION 1601.
	  	Liability Solely Corporate	  	 	115	 
		
	 Signatures
	  	 	117	 
	 Acknowledgments
	  	 	118	 
		
	 Exhibit A
	  	 	A-1	 
	 Exhibit B
	  	 	B-1	 

 INDENTURE, dated as of October 1, 1993, between PUBLIC SERVICE
COMPANY OF COLORADO, a corporation organized and existing under the laws of the State of Colorado (herein called the “Company”), and MORGAN GUARANTY TRUST COMPANY OF NEW YORK, a banking corporation organized and existing under
the laws of the State of New York, Trustee. 
 Recital of the Company 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of
its bonds, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as contemplated herein, and to provide security for the payment of the principal of and premium, if any, and interest,
if any, on the Securities; and all acts necessary to make this Indenture a valid agreement of the Company have been performed. For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires,
capitalized terms used herein shall have the meanings assigned to them in Article One of this Indenture. 
 Granting Clauses 

NOW, THEREFORE, THIS INDENTURE WITNESSETH, that, in consideration of the premises and of the purchase of the Securities
by the Holders thereof, and in order to secure the payment of the principal of and premium, if any, and interest, if any, on all Securities from time to time Outstanding and the performance of the covenants therein and herein contained and to
declare the terms and conditions on which such Securities are secured, the Company hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms to the Trustee, and grants to the Trustee a security
interest in, the following: 
 Granting Clause First 

All right, title and interest of the Company, as of the date of the execution and delivery of this Indenture,
in and to property (other than Excepted Property), real, personal and mixed and wherever situated, in any case used or to be used in or in connection with the Electric Utility Business (whether or not such use is the sole use of such property),
including without limitation (a) all lands and interests in land used or to be used in or in connection with the Electric Utility Business which are subject to the Lien of and described or referred to in the PSCO 1939 Mortgage, which mortgage
(including the indentures supplemental thereto) is referred to in Exhibit A to this Indenture, except land and interests in land which have been specifically released from such Lien from time to time or are specifically excepted therefrom, and in
any event excluding all lands, interests in land and other properties described or referred to in Part Fifth, Part Sixth, Part Ninth and Part Tenth of the granting clauses of the PSCO 1939 Mortgage (including the indentures supplemental thereto);
(b) all other lands, easements, servitudes, licenses, permits, rights of way and other rights and interests in or relating to real property used or to be used in or in connection with the Electric Utility Business or relating to the occupancy or use
of such real property, subject, 

  
 - 2 - 

 however, to the exceptions and exclusions set forth in clause (a) above; (c)
all plants, generators, turbines, engines, boilers, fuel handling and transportation facilities, air and water pollution control and sewage and solid waste disposal facilities and other machinery and facilities for the generation of electric energy;
(d) all switchyards, lines, towers, substations, transformers and other machinery and facilities for the transmission of electric energy; (e) all lines, poles, conduits, conductors, meters, regulators and other machinery and facilities for
the distribution of electric energy; (f) all buildings, offices, warehouses and other structures used or to be used in or in connection with the Electric Utility Business; (g) all pipes, cables, insulators, ducts, tools, computers and
other data processing and/or storage equipment and other equipment, apparatus and facilities used or to be used in or in connection with the Electric Utility Business; (h) any or all of the foregoing properties in the process of construction;
and (i) all other property, of whatever kind and nature, ancillary to or otherwise used or to be used in conjunction with any or all of the foregoing or otherwise, directly or indirectly, in furtherance of the Electric Utility Business; 

Granting Clause Second 

Subject to the applicable exceptions permitted by Section 810(c), Section 1303 and
Section 1305, all property (other than Excepted Property) of the kind and nature described in Granting Clause First which may be hereafter acquired by the Company, it being the intention of the Company that all such property acquired by the
Company after the date of the execution and delivery of this Indenture shall be as fully embraced within and subjected to the Lien hereof as if such property were owned by the Company as of the date of the execution and delivery of this Indenture;

 Granting Clause Third 

Any Excepted Property, and any other property of the Company, real, personal or mixed, not described in
Granting Clauses First or Second, which may, from time to time after the date of the execution and delivery of this Indenture, by delivery or by an instrument supplemental to this Indenture, be subjected to the Lien hereof by the Company, the
Trustee being hereby authorized to receive the same at any time as additional security hereunder; it being understood that any such subjection to the Lien hereof of any Excepted Property and/or other property as additional security may be made
subject to such reservations, limitations or conditions respecting the use and disposition of such property or the proceeds thereof as shall be set forth in such instrument; and 

Granting Clause Fourth 

All other property of whatever kind and nature subjected or required to be subjected to the Lien of this
Indenture by any of the provisions hereof; 

  
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 Excepted Property 

Expressly excepting and excluding, however, from the Lien of this Indenture the following property of the Company, whether now
owned or hereafter acquired (herein sometimes called “Excepted Property”): 
 (a) all cash on hand or in
banks or other financial institutions, shares of stock, bonds, notes, evidences of indebtedness and other securities not hereafter paid or delivered to, deposited with or held by the Trustee hereunder or required so to be; 

(b) all contracts, leases and other agreements of whatsoever kind and nature, contract rights, bills, notes and other
instruments, accounts receivable, claims, credits, demands and judgments, governmental and other permits, allowances, licenses and franchises, patents, patent licenses and other patent rights, patent applications, trade names, trademarks,
copyrights, claims, credits, chooses in action and other intangibles, including, but not limited to, computer software; 

(c) all automobiles, buses, trucks, truck cranes, tractors, trailers and similar vehicles and movable equipment; all rolling
stock, rail cars and other railroad equipment, all vessels, boats, barges and other marine equipment, all airplanes, helicopters, aircraft engines and other flight equipment; and all parts, accessories and supplies used in connection with any of the
foregoing; 
 (d) all goods, stock in trade, wares and merchandise held for the purpose of sale or lease in the ordinary
course of business; all materials and supplies and other personal property which are consumable (otherwise than by ordinary wear and tear) in their use in the operation of the Mortgaged Property; all fuel, including nuclear fuel, whether or not any
such fuel is in a form consumable in the operation of the Mortgaged Property, including separate components of any fuel in the forms in which such components exist at any time before, during or after the period of the use thereof as fuel; all hand
and other portable tools and equipment; all furniture and furnishings; and all computers, machinery and telecommunication and other equipment used exclusively for corporate administrative or clerical purposes; 

(e) all coal, ore, gas, oil and other minerals and all timber, and all rights and interests in any of the foregoing, whether or
not such minerals or timber shall have been mined or extracted or otherwise separated from the land; and all electric energy, gas (natural or artificial), steam, water and other products generated, produced, manufactured, purchased or otherwise
acquired by the Company; 
 (f) all leasehold interests held by the Company as lessee; 

  
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 (g) all property, real, personal and mixed, which is: 

(i) located outside the State of Colorado; 

(ii) not specifically described or referred to in the Granting Clauses of this Indenture; and 

(iii) not specifically subjected or required to be subjected to the Lien of this Indenture by any provision
hereof; 
 provided, however, that (x) if, at any time after the occurrence of an Event of Default, the Trustee, or any
separate trustee or co-trustee appointed under Section 1114 or any receiver appointed pursuant to statutory provision or order of court, shall have entered into possession of all or substantially all of
the Mortgaged Property, all the Excepted Property described or referred to in the foregoing clauses (b), (c) and (d), then owned or held or thereafter acquired by the Company, to the extent that the same is used in connection with, or otherwise
relates or is attributable to, the Mortgaged Property, shall immediately, and, in the case of any Excepted Property described or referred to in clause (f), to the extent that the same is used in connection with, or otherwise relates or is
attributable to, the Mortgaged Property, upon demand of the Trustee or such other trustee or receiver, become subject to the Lien of this Indenture to the extent permitted by law, and the Trustee or such other trustee or receiver may, to the extent
permitted by law, at the same time likewise take possession thereof, and (y) whenever all Events of Default shall have been cured and the possession of all or substantially all of the Mortgaged Property shall have been restored to the Company,
such Excepted Property shall again be excepted and excluded from the Lien hereof to the extent set forth above; it being understood that the Company may, however, pursuant to Granting Clause Third, subject to the Lien of this Indenture any Excepted
Property, whereupon the same shall cease to be Excepted Property; 
 TO HAVE AND TO HOLD all such property, real,
personal and mixed, unto the Trustee, its successors in trust and their assigns forever; 
 SUBJECT, HOWEVER, to
(a) Liens existing at the date of the execution and delivery of this Indenture (including, but not limited to, the Lien of the PSCO 1939 Mortgage), (b) as to property acquired by the Company after the date of the execution and delivery of this
Indenture, Liens existing or placed thereon at the time of the acquisition thereof (including, but not limited to, the Lien of any Class A Mortgage and purchase money Liens), (c) with respect to any property, real, personal or mixed, which is,
at the date of the execution and delivery of this Indenture, used or to be used in or in connection with both (i) the business or businesses in which the Mortgaged Property is used and (ii) any other business or businesses, or is hereafter
acquired for or dedicated to such common use, such non-exclusive rights and interests in and to such property, which are hereby retained by the Company and reserved to the Company and its successors and their
assigns forever, as shall be requisite to, and commensurate with, the use of such property in or in connection with such other business and as shall not impair in any material respect the use of such property in or in connection with the business or
businesses in which the 

  
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 Mortgaged Property is used, including, but not limited to, in the case of real property, the
right to place or retain thereon or thereunder all apparatus, equipment, facilities and other property (including fixtures), of whatever kind and nature, necessary, desirable or appropriate for the conduct of such other business or businesses and
the right to enter and remain upon such real property for the purpose of operating, maintaining, repairing, renewing, replacing, improving, storing and/or removing any and all such apparatus, equipment, facilities and other property (such non-exclusive rights and interests, so retained and reserved, being hereinafter called “Retained Interests”), and (d) any other Permitted Liens, it being understood that, with respect to any
property which is now or hereafter becomes subject to the Lien of any Class A Mortgage, the Lien of this Indenture shall at all times be junior, subject and subordinate to the Lien of such Class A Mortgage; 

IN TRUST, NEVERTHELESS, for the equal and proportionate benefit and security of the Holders from time to time of all
Outstanding Securities without any priority of any such Security over any other such Security; 
 PROVIDED, HOWEVER,
that the right, title and interest of the Trustee in and to the Mortgaged Property shall cease, terminate and become void in accordance with, and subject to the conditions set forth in, Article Nine hereof, and if, thereafter, the principal of and
premium, if any, and interest, if any, on the Securities shall have been paid to the Holders thereof, or shall have been paid to the Company pursuant to Section 603 hereof, then and in that case this Indenture shall terminate, and the Trustee
shall execute and deliver to the Company such instruments as the Company shall require to evidence such termination; otherwise this Indenture, and the estate and rights hereby granted, shall be and remain in full force and effect; and 

IT IS HEREBY COVENANTED AND AGREED by and between the Company and the Trustee that all the Securities are to be
authenticated and delivered, and that the Mortgaged Property is to be held, subject to the further covenants, conditions and trusts hereinafter set forth, and the Company hereby covenants and agrees to and with the Trustee, for the benefit of all
Holders of the Securities, as follows: 
 ARTICLE ONE 

Definitions and Other Provisions of General Application 

SECTION 101. General Definitions. 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(a) the terms defined in this Article have the meanings assigned to them in this Article and include the plural
as well as the singular; 
 (b) all terms used herein without definition which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

  
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 (c) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting principles in the United States; and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any
computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States at the date of such computation or, at the election of the Company from time to time, at the date of the execution and
delivery of this Indenture; provided, however, that in determining generally accepted accounting principles applicable to the Company, effect shall be given, to the extent required, to any order, rule or regulation of any administrative agency,
regulatory authority or other governmental body having jurisdiction over the Company; and 
 (d) the words
“herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Accountant” means a Person engaged in the accounting profession or otherwise qualified to pass on accounting
matters (including, but not limited to, a Person certified or licensed as a public accountant, whether or not then engaged in the public accounting profession). 

“Act”, when used with respect to any Holder of a Security, has the meaning specified in Section 107.

 “Adjusted Net Earnings” has the meaning specified in Section 103. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct generally the management and policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Annual Interest Requirements” has the meaning specified in Section 103. 

“Authenticating Agent” means any Person (other than the Company or an Affiliate of the Company) authorized by
the Trustee to act on behalf of the Trustee to authenticate one or more series of Securities. 
 “Authorized
Officer” means the Chairman of the Board, the President, any Vice President, the Treasurer or the Corporate Secretary or any other duly authorized officer, agent or
attorney-in-fact of the Company named in an Officer’s Certificate signed by any of such corporate officers. 

“Authorized Publication” means a newspaper or financial journal of general circulation, printed in the
English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays; or, in the alternative, shall mean 

  
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 such form of communication as may have come into general use for the dissemination of information
of import similar to that of the information specified to be published by the provisions hereof. In the event that successive weekly publications in an Authorized Publication are required hereunder they may be made (unless otherwise expressly
provided herein) on the same or different days of the week and in the same or in different Authorized Publications. In case, by reason of the suspension of publication of any Authorized Publication, or by reason of any other cause, it shall be
impractical without unreasonable expense to make publication of any notice in an Authorized Publication as required by this Indenture, then such method of publication or notification as shall be made with the approval of the Trustee shall be deemed
the equivalent of the required publication of such notice in an Authorized Publication. 
 “Authorized
Purposes” means the authentication and delivery of Securities, the release of property and/or the withdrawal of cash under any of the provisions of this Indenture. 

“Board of Directors” means either the board of directors of the Company or any committee thereof duly
authorized to act in respect of matters relating to this Indenture. 
 “Board Resolution” means a copy of a
resolution certified by the Corporate Secretary or an Assistant Corporate Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the
Trustee. 
 “Business Day”, when used with respect to a Place of Payment or any other particular location
specified in the Securities or this Indenture, means any day, other than a Saturday or Sunday, which is not a day on which banking institutions or trust companies in such Place of Payment or other location are generally authorized or required by
law, regulation or executive order to remain closed, except as may be otherwise specified as contemplated by Section 301. 

“Class A Bondholder’s Certificate” has the meaning specified in Section 705.

 “Class A Bonds” means bonds or other obligations now or hereafter issued and
Outstanding under the PSCO 1939 Mortgage or any other Class A Mortgage or Mortgages. 

“Class A Mortgage” means the PSCO 1939 Mortgage and each other mortgage or deed of trust
or similar indenture (i) to which any corporation that is subsequently merged into or consolidated with the Company was a party at the time of such merger or consolidation or (ii)(A) which constitutes a Lien on property conveyed or otherwise
transferred to the Company and (B) the obligations of the mortgagor under which have been duly assumed by the Company, and, in the case of either (i) or (ii) above, which is hereafter designated an additional Class A Mortgage in an
indenture supplemental hereto executed and delivered in accordance with Section 706. 
 “Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or, if at any time after the date of the execution and delivery of this Indenture such Commission is not existing and
performing the duties now assigned to it under the Trust Indenture Act, then the body, if any, performing such duties at such time. 

  
 - 8 - 

 “Company” means the Person named as the “Company” in
the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” or “Company Order” means a written request or order signed in the name of
the Company by an Authorized Officer and delivered to the Trustee. 
 “Corporate Trust Office” means the
office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office at the date of the execution and delivery of this Indenture is located at 60 Wall Street, New York, New York 10260.

 “corporation” means a corporation, association, company, joint stock company or business trust. 

“Cost” with respect to Property Additions has the meaning specified in Section 104. 

“Defaulted Interest” has the meaning specified in Section 307. 

“Discount Security” means any Security which provides for an amount less than the principal amount thereof to
be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 1002. “interest” with respect to a Discount Security means interest, if any, borne by such Security at a Stated Interest Rate.

 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the
United States as at the time shall be legal tender for the payment of public and private debts. 
 “Electric Utility
Business” means the business of generating, purchasing, transmitting, distributing and/or selling electric energy. 

“Eligible Obligations” means: 

(a) with respect to Securities denominated in Dollars, Government Obligations; or 

(b) with respect to Securities denominated in a currency other than Dollars or in a composite currency, such
other obligations or instruments as shall be specified with respect to such Securities as contemplated by Section 301. 

“Event of Default” has the meaning specified in Section 1001. 

“Excepted Property” has the meaning specified in the granting clauses of this Indenture. 

“Expert” means a Person which is an engineer, appraiser or other expert and which, with respect to any
certificate to be signed by such Person and delivered to the Trustee, is 

  
 - 9 - 

 qualified to pass upon the matters set forth in such certificate. For purposes of this
definition, (a) “engineer” means a Person engaged in the engineering profession or otherwise qualified to pass upon engineering matters (including, but not limited to, a Person licensed as a professional engineer, whether or not
then engaged in the engineering profession) and (b) “appraiser” means a Person engaged in the business of appraising property or otherwise qualified to pass upon the Fair Value or fair market value of property. 

“Expert’s Certificate” means a certificate signed by an Authorized Officer and by an Expert (which
Expert (a) shall be selected either by the Board of Directors or by an Authorized Officer, the execution of such certificate by such Authorized Officer to be conclusive evidence of such selection, and (b) except as otherwise required in
Sections 403, 607, 707 and. 810, may be an employee or Affiliate of the Company duly authorized either by the Board of Directors or by an Authorized Officer) and delivered to the Trustee. The amount stated in any Expert’s Certificate as to the
Cost, Fair Value or fair market value of property shall be conclusive and binding upon the Company, the Trustee and the Holders of the Securities. 

“Fair Value”, with respect to property, means the fair value of such property as may be determined by
reference to (a) the amount which would be likely to be obtained in an arm’s-length transaction with respect to such property between an informed and willing buyer and an informed and willing seller,
under no compulsion, respectively, to buy or sell, (b) the amount of investment with respect to such property which, together with a reasonable return thereon, would be likely to be recovered through ordinary business operations or otherwise,
(c) the Cost, accumulated depreciation and replacement cost with respect to such property and/or (d) any other relevant factors; provided, however, that (x) the Fair Value of property shall be determined without deduction for any
Liens on such property prior to the Lien of this Indenture (except as otherwise provided in Section 803) and (y) the Fair Value to the Company of Property Additions shall not reflect any reduction relating to the fact that such Property
Additions may be of less value to a Person which is not the owner or operator of the Mortgaged Property or any portion thereof than to a Person which is such owner or operator. Fair Value may be determined, without physical inspection, by the use of
accounting and engineering records and other data maintained by the Company or otherwise available to the Expert certifying the same. 

“Funded Cash” has the meaning specified in Section 102. 

“Funded Property” has the meaning specified in Section 102. 

“Governmental Authority” means the government of the United States or of any State or Territory thereof or of
the District of Columbia or of any county, municipality or other political subdivision of any thereof, or any department, agency, authority or other instrumentality of any of the foregoing. 

“Government Obligations” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed
by, the United States entitled to the benefit of the full faith and credit thereof; and 

  
 - 10 - 

 (b) certificates, depositary receipts or other instruments which
evidence a direct ownership interest in obligations described in clause (a) above or in any specific interest or principal payments due in respect thereof; provided, however, that the custodian of such obligations or specific interest or
principal payments shall be a bank or trust company (which may include the Trustee or any Paying Agent) subject to Federal or State supervision or examination with a combined capital and surplus of at least $50,000,000; and provided, further, that
except as may be otherwise required by law, such custodian shall be obligated to pay to the holders of such certificates, depositary receipts or other instruments the full amount received by such custodian in respect of such obligations or specific
payments and shall not be permitted to make any deduction therefrom. 
 “Holder” means a Person in whose
name a Security is registered in the Security Register. 
 “Indenture” means this instrument as originally
executed and delivered and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities
established as contemplated by Section 301. 
 “Independent”, when applied to any Accountant or
Expert, means such a Person who (a) is in fact independent, (b) does not have any direct material financial interest in the Company or in any other obligor upon the Securities or in any Affiliate of the Company or of such other obligor,
(c) is not connected with the Company or such other obligor as an officer, employee, promoter, underwriter, trustee, partner, director or any person performing similar functions and (d) is approved by the Trustee in the exercise of
reasonable care. 
 “Independent Expert’s Certificate” means a certificate signed by an Independent
Expert and delivered to the Trustee. 
 “Interest Payment Date”, when used with respect to any Security,
means the Stated Maturity of an installment of interest on such Security. 
 “Investment Securities” means
any of the following obligations or securities on which neither the Company, any other obligor on the Securities nor any Affiliate of either is the obligor: (a) Government Obligations; (b) interest bearing deposit accounts (which may be
represented by certificates of deposit) in any national or state bank (which may include the Trustee or any Paying Agent) or savings and loan association which has outstanding securities rated by a nationally recognized rating organization in either
of the two highest rating categories (without regard to modifiers) for short term securities or in any of the three highest rating categories (without regard to modifiers) for long term securities; (c) bankers’ acceptances drawn on and
accepted by any commercial bank (which may include the Trustee or any Paying Agent) which has outstanding securities rated by a nationally recognized rating organization in either of the two highest rating categories (without regard to modifiers)
for short term securities or in any of the three highest rating categories (without regard to modifiers) for long term securities; (d) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed
by, any State or Territory of the United States or the District of Columbia, or any 

  
 - 11 - 

 political subdivision of any of the foregoing, which are rated by a nationally recognized rating
organization in either of the two highest rating categories (without regard to modifiers) for short term securities or in any of the three highest rating categories (without regard to modifiers) for long term securities; (e) bonds or other
obligations of any agency or instrumentality of the United States; (f) corporate debt securities which are rated by a nationally recognized rating organization in either of the two highest rating categories (without regard to modifiers) for
short term securities or in any of the three highest rating categories (without regard to modifiers) for long term securities; (g) repurchase agreements with respect to any of the foregoing obligations or securities with any banking or
financial institution (which may include the Trustee or any Paying Agent) which has outstanding securities rated by a nationally recognized rating organization in either of the two highest rating categories (without regard to modifiers) for short
term securities or in any of the three highest rating categories (without regard to modifiers) for long term securities; (h) securities issued by any regulated investment company (including any investment company for which the Trustee or any
Paying Agent is the advisor), as defined in Section 851 of the Internal Revenue Code of 1986, as amended, or any successor section of such Code or successor federal statute, provided that the portfolio of such investment company is limited to
obligations or securities of the character and investment quality contemplated in clauses (a) through (f) above and repurchase agreements which are fully collateralized by any of such obligations or securities; and (i) any other
obligations or securities which may lawfully be purchased by the Trustee in its capacity as such. 
 “Lien”
means any mortgage, deed of trust, pledge, security interest, encumbrance, easement, lease, reservation, restriction, servitude, charge or similar right and any other lien of any kind, including, without limitation, any conditional sale or other
title retention agreement, any lease in the nature thereof, any filing of, or agreement to give, any financing statement under the Uniform Commercial Code of any jurisdiction, and any defect, irregularity, exception or limitation in record title.

 “Maturity”, when used with respect to any Security, means the date on which the principal of such
Security or an installment of principal becomes due and payable as provided in such Security or in this Indenture, whether at the Stated Maturity, by declaration of acceleration, upon call for redemption or otherwise. 

“Mortgaged Property” means as of any particular time all property which at such time is subject to the Lien
of this Indenture. 
 “Net Earnings Certificate” has the meaning specified in Section 103. 

“Officer’s Certificate” means a certificate signed by an Authorized Officer and delivered to the
Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company or
other counsel acceptable to the Trustee. 

  
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 “Outstanding”, when used with respect to Securities, means, as
of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 

(a) Securities theretofore canceled or delivered to the Trustee for cancellation; 

(b) Securities deemed to have been paid for all purposes of this Indenture in accordance with Section 901
(whether or not the Company’s indebtedness in respect thereof shall be satisfied and discharged for any other purpose); and 

(c) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it and the Company that such Securities are held by
a bona fide purchaser or purchasers in whose hands such Securities are valid obligations of the Company; 
 provided, however, that in
determining whether or not the Holders of the requisite principal amount of the Securities Outstanding under this Indenture, or the Outstanding Securities of any series or Tranche, have given any request, demand, authorization, direction, notice,
consent or waiver hereunder or whether or not a quorum is present at a meeting of Holders of Securities, 

(x) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or
of such other obligor (unless the Company, such Affiliate or such obligor owns all Securities Outstanding under this Indenture, or all Outstanding Securities of each such series and each such Tranche, as the case may be, determined without regard to
this clause (x)) shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such
determination as to the presence of a quorum, only Securities which the Trustee knows to be so owned shall be so disregarded; provided, however, that Securities so owned which have been pledged in good faith may be regarded as Outstanding if it is
established to the reasonable satisfaction of the Trustee that the pledgee, and not the Company, any such other obligor or Affiliate of either thereof, has the right so to act with respect to such Securities and that the pledgee is not the Company
or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor; and provided, further, that in no event shall any Security which shall have been delivered to evidence or secure, in whole or in part, the
Company’s obligations in respect of other indebtedness be deemed to be owned by the Company if the principal of such Security is payable, whether at Stated Maturity or upon mandatory redemption, at the same time as the principal of such other
indebtedness is payable, whether at Stated Maturity or upon mandatory redemption or acceleration, but only to the extent of such portion of the principal amount of such Security as does not exceed the principal amount of such other indebtedness; and

  
 - 13 - 

 (y) the principal amount of a Discount Security that shall be
deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 1002; and

 provided, further, that, in the case of any Security the principal of which is payable from time to time without presentment or
surrender, the principal amount of such Security that shall be deemed to be Outstanding at any time for all purposes of this Indenture shall be the original principal amount thereof less the aggregate amount of principal thereof theretofore paid.

 “Outstanding”, when used with respect to Class A Bonds, has the meaning specified in the related
Class A Mortgage. 
 “Paying Agent” means any Person, including the Company, authorized by the Company
to pay the principal of and premium, if any, or interest, if any, on any Securities on behalf of the Company. 

“Periodic Offering” means an offering of Securities of a series from time to time any or all of the specific
terms of which Securities, including without limitation the rate or rates of interest, if any, thereon, the Stated Maturity or Maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Company or its
agents at or about the time of the issuance of such Securities, all as contemplated in Section 301 and clause (b) of Section 401. 

“Permitted Liens” means, at any time, any of the following: 

(a) Liens for taxes, assessments and other governmental charges or requirements which are not delinquent or
which are being contested in good faith by appropriate proceedings; 
 (b) mechanics’, workmen’s,
repairmen’s, materialmen’s, warehousemen’s and carriers’ Liens, Liens or privileges of any employees of the Company for salary or wages earned, but not yet payable, and other Liens, including without limitation Liens for
worker’s compensation awards, arising in the ordinary course of business for charges or requirements which are not delinquent or which are being contested in good faith and by appropriate proceedings; 

(c) Liens in respect of attachments, judgments or awards arising out of judicial or administrative proceedings
(i) in an amount not exceeding (A) Ten Million Dollars ($10,000,000) or, if greater, (B) three per centum (3%) of the sum of (1) the principal amount of the Securities then Outstanding and (2) the principal amount of
Class A Bonds then Outstanding other than Class A Bonds delivered to and held by the Trustee pursuant to Sections 402 and 701 or (ii) with respect to which the Company shall (X) in good faith be prosecuting an appeal or other
proceeding for review and with respect to which the Company shall have secured a stay of execution pending such appeal or other proceeding or (Y) have the right to prosecute an appeal or other proceeding for review; 

  
 - 14 - 

 (d) easements, leases, reservations or other rights of others in,
on, over, and/or across, and laws, regulations and restrictions affecting, and defects, irregularities, exceptions and limitations in title to, the Mortgaged Property or any part thereof; provided, however, that such easements, leases, reservations,
rights, laws, regulations, restrictions, defects, irregularities, exceptions and limitations do not in the aggregate materially impair the use by the Company of the Mortgaged Property considered as a whole for the purposes for which it is held by
the Company; 
 (e) defects, irregularities, exceptions and limitations in title to rights-of-way and/or to real estate used or to be used primarily for right-of-way purposes or
held under lease, easement, license or similar right; provided, however, that (i) the Company shall have obtained from the apparent owner or owners of the lands or estates therein covered by any such right-of-way a sufficient right, by the terms of the instrument granting such right-of-way, lease, easement, license or similar
right, to the use thereof for the purposes for which the Company acquired the same, (ii) the Company has power under eminent domain or similar statutes to remove such defects or irregularities or (iii) such defects, irregularities,
exceptions and limitations may be otherwise remedied without undue effort or expense; and defects, irregularities, exceptions and limitations in title to flood lands; 

(f) Liens securing indebtedness neither created, assumed nor guaranteed by the Company, nor on account of which
it customarily pays interest, existing at the date of the execution and delivery of this Indenture or, as to property hereafter acquired, at the time of the acquisition thereof by the Company, upon real estate or rights in or relating to real estate
acquired by the Company for the purpose of the transmission or distribution of electric energy, for the purpose of telephonic, telegraphic, radio, wireless or other electronic communication or otherwise for the purpose of obtaining rights-of-way; 
 (g) leases
existing at the date of the execution and delivery of this Indenture affecting properties owned by the Company at said date and renewals and extensions thereof and, with respect to leases affecting properties acquired by the Company after such date,
leases (i) which have respective terms of not more than ten (10) years (including extensions or renewals at the option of the tenant) or (ii) which do not materially impair the use by the Company of such properties for the respective
purposes for which they were acquired; 
 (h) Liens vested in lessors, licensors or permitters for rent to
become due or for other obligations or acts to be performed, the payment of which rent or the performance of which other obligations or acts is required under leases, subleases, licenses or permits, so long as the payment of such rent or the
performance of such other obligations or acts is not delinquent or is being contested in good faith and by appropriate proceedings; 

(i) controls, restrictions, obligations, duties and/or other burdens imposed by federal, state, municipal or
other law, or by rules, regulations or 

  
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 orders of Governmental Authorities, upon any property of the Company or the
operation or use thereof or upon the Company with respect to any of its property or the operation or use thereof or with respect to any franchise, grant, license, permit or public purpose requirement, or any rights reserved to or otherwise vested in
Governmental Authorities to impose any such controls, restrictions, obligations, duties and/or other burdens; 

(j) rights which Governmental Authorities may have by virtue of franchises, grants, licenses, permits or
contracts, or by virtue of law, to purchase, or designate a purchaser of or order the sale of, any property of the Company upon payment of cash or reasonable compensation therefor or to terminate franchises, licenses or other rights or to regulate
the property and business of the Company; 
 (k) rights and interests of Persons other than the Company
arising out of contracts, agreements and other instruments to which the Company is a party and which relate to the common ownership or joint use of property; and all Liens on the interests of Persons other than the Company in property owned in
common by such Persons and the Company if and to the extent that the enforcement of such Liens would not adversely affect the interests of the Company in such property in any material respect; 

(l) any Liens which have been bonded for the full amount in dispute or for the payment of which other adequate
security arrangements have been made; 
 (m) rights and interests granted pursuant to Section 802(c);

 (n) Retained Interests; and 

(o) Prepaid Liens. 

“Person” means any individual, corporation, partnership, joint venture, trust or unincorporated organization
or any Governmental Authority. 
 “Place of Payment”, when used with respect to the Securities of any
series, or any Tranche thereof, means the place or places, specified as contemplated by Section 301, at which, subject to Section 602, principal of and premium, if any, and interest, if any, on the Securities of such series or Tranche are
payable. 
 “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or
stolen Security shall be deemed (to the extent lawful) to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

“Prepaid Lien” means any Lien securing indebtedness for the payment, prepayment or redemption of which there
shall have been irrevocably deposited in trust with the 

  
 - 16 - 

 trustee or other holder of such Lien moneys and/or Investment Securities which (together with the
interest reasonably expected to be earned from the investment and reinvestment in Investment Securities of the moneys and/or the principal of and interest on the Investment Securities so deposited) shall be sufficient for such purpose; provided,
however, that if such indebtedness is to be redeemed or otherwise prepaid prior to the stated maturity thereof, any notice requisite to such redemption or prepayment shall have been given in accordance with the instrument creating such Lien or
irrevocable instructions to give such notice shall have been given to such trustee or other holder; and provided, further, that no Class A Mortgage shall be deemed to be a Prepaid Lien unless it shall have been satisfied and discharged and all
Class A Bonds issued thereunder shall be deemed to have been paid, all in accordance with the provisions thereof. 

“Property Additions” has the meaning specified in Section 104. 

“PSCO 1939 Mortgage” means the Indenture, dated as of December 1, 1939, between the Company and Guaranty
Trust Company of New York, now Morgan Guaranty Trust Company of New York, trustee, as heretofore and hereafter amended and supplemented. 

“Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such
redemption by or pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security
to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record
Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301. 

“Required Currency” has the meaning specified in Section 311. 

“Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee assigned by
the Trustee to administer its corporate trust matters. 
 “Retained Interests” has the meaning specified in
the Habendum of this Indenture. 
 “Retired Securities” means any Securities authenticated and delivered
under this Indenture which (a) no longer remain Outstanding by reason of the applicability of clause (a) or (b) in the definition of “Outstanding” (other than any Predecessor Security of any Security), (b) have not been made the
basis under any of the provisions of this Indenture of one or more Authorized Purposes and (c) have not been paid, redeemed, purchased or otherwise retired by the application thereto of Funded Cash. 

“Securities” means any bonds, notes and other evidences of indebtedness authenticated and delivered under
this Indenture. 
 “Security Register” and “Security Registrar” have the respective
meanings specified in Section 305. 

  
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 “Special Record Date” for the payment of any Defaulted Interest
on the Securities of any series means a date fixed by the Trustee pursuant to Section 307. 
 “Stated Interest
Rate” means a rate (whether fixed or variable) at which an obligation by its terms is stated to bear simple interest. Any calculation or other determination to be made under this Indenture by reference to the Stated Interest Rate on a
Security shall be made without regard to the effective interest cost to the Company of such Security and without regard to the Stated Interest Rate on, or the effective cost to the Company of, any other indebtedness the Company’s obligations in
respect of which are evidenced or secured in whole or in part by such Security. 
 “Stated Maturity”, when
used with respect to any obligation or any installment of principal thereof or interest thereon, means the date on which the principal of such obligation or such installment of principal or interest is stated to be due and payable (without regard to
any provisions for redemption, prepayment, acceleration, purchase or extension). 
 “Successor Corporation”
has the meaning set forth in Section 1301. 
 “Tranche” means a group of Securities which (a) are
of the same series and (b) have identical terms except as to principal amount and/or date of issuance. 

“Trust Indenture Act” means, as of any time, the Trust Indenture Act of 1939, or any successor statute, as in
effect at such time. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph
of this Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee, and, if at any time there is more than one Person
acting as trustee hereunder, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of such series. 

“United States” means the United States of America, its Territories, its possessions and other areas subject
to its political jurisdiction. 
 SECTION 102. Funded Property; Funded Cash. 

“Funded Property” means: 

(a) all Property Additions to the extent that the same shall have been designated in an Expert’s
Certificate delivered to the Trustee pursuant to Section 707(c) to be deemed to have been made the basis of the authentication and delivery of Securities then Outstanding; 

(b) all Property Additions to the extent that the same shall have been made the basis of the authentication and
delivery of Securities under this Indenture pursuant to Section 403; 

  
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 (c) all Property Additions to the extent that the same shall have
been made the basis of the release of property from the Lien of this Indenture pursuant to Section 803; 

(d) all Property Additions to the extent that the same shall have been substituted for Funded Property retired
pursuant to Section 802; 
 (e) all Property Additions to the extent that the same shall have been made
the basis of the withdrawal of cash held by the Trustee pursuant to Section 806; and 
 (f) all Property
Additions to the extent that the same shall have been used as the basis of a credit against, or otherwise in satisfaction of, the requirements of any sinking, improvement, maintenance, replacement or similar fund or analogous provision established
with respect to the Securities of any series, or any Tranche thereof, as contemplated by Section 301; provided, however, that any such Property Additions shall cease to be Funded Property when all of the Securities of such series or Tranche
shall have been paid. 
 In the event that in any certificate filed with the Trustee in connection with any of the
transactions referred to in clauses (a), (b), (c), (e) and (f) of this Section, only a part of the Cost or Fair Value of the Property Additions described in such certificate shall be required for the purposes of such certificate, then such
Property Additions shall be deemed to be Funded Property only to the extent so required for the purpose of such certificate. 

All Funded Property that shall be abandoned, destroyed, released or otherwise disposed of shall for the purpose of
Section 104 hereof be deemed Funded Property retired and for other purposes of this Indenture shall thereupon cease to be Funded Property but as in this Indenture provided may at any time thereafter again become Funded Property. Neither any
reduction in the Cost or book value of property recorded in the plant account of the Company, nor the transfer of any amount appearing in such account to intangible and/or adjustment accounts, otherwise than in connection with actual retirements of
physical property abandoned, destroyed, released or disposed of, and otherwise than in connection with the removal of such property in its entirety from plant account, shall be deemed to constitute a retirement of Funded Property. 

The Company may make allocations, on a pro-rata or other reasonable basis (including,
but not limited to, the designation of specific properties or the designation of all or a specified portion of the properties reflected in one or more generic accounts or subaccounts in the Company’s books of account), for the purpose of
determining the extent to which fungible properties, or other properties not otherwise identified, reflected in the same generic account or subaccount in the Company’s books of account constitute Funded Property or Funded Property retired. 

“Funded Cash” means: 

(a) cash, held by the Trustee hereunder, to the extent that it represents the proceeds of insurance on, or cash
deposited in connection with the release of, 

  
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 property, or the proceeds of the release of obligations secured by purchase money
Lien which obligations have been delivered to the Trustee pursuant to Article Eight and used as a credit in any application for the release of property hereunder, or the proceeds of payment to the Trustee on account of the principal of obligations
secured by purchase money Lien which obligations have been delivered to it pursuant to Article Eight and used as a credit in any application for the release of property hereunder, all subject, however, to the provisions of Section 607(c) and
Section 806; 
 (b) any cash deposited with the Trustee under Section 405; and 

(c) any cash received by the Trustee from the payment of the principal of Class A Bonds issued and
delivered to the Trustee hereunder. 
 SECTION 103. Net Earnings Certificate; Adjusted Net Earnings; Annual Interest Requirements.

 “Net Earnings Certificate” means a certificate signed by an Accountant who, except as otherwise required
in this Section, may be an employee or Affiliate of the Company, stating: 
 (a) the “Adjusted Net
Earnings” of the Company for a period of twelve (12) consecutive calendar months within the eighteen (18) calendar months immediately preceding the first day of the month in which the Company Order requesting the authentication
and delivery under this Indenture of Securities is delivered to the Trustee, specifying: 
 (i) its operating
revenues (which may include revenues of the Company subject when collected or accrued to possible refund at a future date), with the principal divisions thereof; 

(ii) its operating expenses, with the principal divisions thereof, except that there shall not be required to
be included in operating expenses (A) expenses for income, profits and other taxes measured by, or dependent on, net income, (B) provisions for reserves for renewals, replacements, depreciation, depletion or retirement of property (or any
expenditures therefor), or provisions for amortization of property, (C) expenses or provisions for interest (including the interest component of rent), for the amortization of debt discount, premium, expense or loss on reacquired debt, for any
maintenance and replacement, improvement or sinking fund or other device for the retirement of any indebtedness, or for other amortization, (D) expenses or provisions for any non-recurring charge to
income or retained earnings of whatever kind or nature (including without limitation the recognition of expense due to the non-recoverability of investment or expense), whether or not recorded as a non-recurring item in the Company’s books of account, or (E) provisions 

  
 - 20 - 

 for any refund of revenues previously collected or accrued by the Company subject
to possible refund; 
 (iii) the amount remaining after deducting the amount required to be stated in such
certificate by clause (ii) above from the amount required to be stated therein by clause (i) above; 

(iv) its other income (net) including, but not limited to, non-utility
operating income, net non-operating income and equity in the earnings of subsidiaries, and any allowance for funds used during construction and any allowance for funds used for conservation expenditures (or
any amounts analogous to either or both of such allowances, and including any portion of either or both of such allowances, or of any such analogous amounts, not included in “other income” in the Company’s books of account); 

(v) the sum of the amounts required to be stated in such certificate by clauses (iii) and (iv) above; 

(vi) the amount, if any, by which its other income (net) exceeds twenty per centum (20%) of the sum required to
be stated by clause (v) above; and 
 (vii) the Adjusted Net Earnings of the Company for such period of
twelve (12) consecutive calendar months (being the amount remaining after deducting in such certificate the amount required to be stated by clause (vi) above from the sum required to be stated by clause (v) above; and 

(b) the “Annual Interest Requirements”, being the interest requirements for one year, at the
respective Stated Interest Rates, if any, borne prior to Maturity, upon: 
 (i) all Securities Outstanding
hereunder at the date of such certificate, except any for the payment or redemption of which the Securities applied for are to be issued; provided, however, that, if the Outstanding Securities of any series or Tranche bear interest at a variable
rate or rates, then the interest requirement on the Securities of such series or Tranche shall be determined by reference to the rate or rates in effect on the date next preceding the date of such certificate; 

(ii) all Securities then applied for in pending Company Orders for new Securities, including the Company Order
in connection with which such certificate is made; provided, however, that if the Securities of any series or Tranche are to bear interest at a variable rate or rates, then the interest requirement on the Securities of such series or Tranche shall
be determined by reference to the rate or rates to be in effect at the time of the initial authentication and delivery of such Securities; and provided, 

  
 - 21 - 

 further, that the determination of the interest requirement on Securities of a
series subject to a Periodic Offering shall be further subject to the provisions of Section 401(d); 

(iii) all Class A Bonds Outstanding under Class A Mortgages at the date of such certificate, except
any delivered to and held by the Trustee pursuant to Sections 402 and 701 and except any for the payment or redemption of which the Securities applied for are to be issued; provided, however, that, if the Outstanding Class A Bonds of any series
bear interest at a variable rate or rates, then the interest requirement on the Class A Bonds of such series shall be determined by reference to the rate or rates in effect on the date next preceding the date of such certificate; and 

(iv) the principal amount of all other indebtedness (except (A) Class A Bonds delivered to and held
by the Trustee pursuant to Sections 402 and 701 and (B) indebtedness for the payment of which the Securities applied for are to be issued and indebtedness secured by a Prepaid Lien prior to the Lien of this Indenture upon property subject
to the Lien of this Indenture) outstanding on the date of such certificate and secured by Lien prior to the Lien of this Indenture upon property subject to the Lien of this Indenture, if such indebtedness has been issued, assumed or guaranteed by
the Company or if the Company customarily pays the interest thereon; provided, however, that if any such indebtedness bears interest at a variable rate or rates, then the interest requirement on such indebtedness shall be determined by reference to
the rate or rates in effect on the date next preceding the date of such certificate. 
 Notwithstanding anything herein to
the contrary, in calculating Adjusted Net Earnings in accordance with clause (a) above, (a) neither profits from the sale or other disposition of property, nor other non-recurring items of revenue or
income of any kind or nature, shall be taken into account and (b) neither losses from the sale or other disposition of property, nor non-recurring items of expense of any kind or nature, shall be required
to be taken into account. 
 If any of the property of the Company owned by it at the time of the making of any Net Earnings
Certificate (a) shall have been acquired during or after any period for which Adjusted Net Earnings of the Company are to be computed, (b) shall not have been acquired in exchange or substitution for property the net earnings of which have
been included in the Adjusted Net Earnings of the Company and (c) had been operated as a separate unit and items of revenue and expense attributable thereto are readily ascertainable by the Company, then the net earnings of such property
(computed in the manner in this Section provided for the computation of the Adjusted Net Earnings of the Company) during such period or such part of such period as shall have preceded the acquisition thereof, to the extent that the same have not
otherwise been included in the Adjusted Net Earnings of the Company, shall be so included. 
 In any case where a Net
Earnings Certificate is required as a condition precedent to the authentication and delivery of Securities, such certificate shall also be made and signed by 

  
 - 22 - 

 an Independent public Accountant if the aggregate principal amount of Securities then applied for
plus the aggregate principal amount of Securities authenticated and delivered hereunder since the commencement of the then current calendar year (other than those with respect to which a Net Earnings Certificate is not required, or with respect to
which a Net Earnings Certificate made and signed by an Independent public Accountant has previously been furnished to the Trustee) is ten per centum (10%) or more of the sum of (a) the aggregate principal amount of the Securities at the time
Outstanding and (b) the aggregate principal amount of the Class A Bonds at the time Outstanding other than Class A Bonds delivered to and held by the Trustee pursuant to Sections 402 and 701; but no Net Earnings Certificate shall
be required to be made and signed by an Independent public Accountant, and any such certificate may be made and signed by any Accountant, if such certificate relates to dates or periods not covered by annual reports required to be filed by the
Company, in the case of conditions precedent which depend upon a state of facts as of a date or dates or for a period or periods different from that required to be covered by such annual reports. 

SECTION 104. Property Additions; Cost. 

(a) “Property Additions” means, as of any particular time, any item, unit or element of property which at such
time is owned by the Company and is subject to the Lien of this Indenture; provided, however, that Property Additions shall not include: 

(i) goodwill, going concern value rights or intangible property except as provided in subsection (c) of
this Section; or 
 (ii) any property the cost of acquisition or construction of which is, in accordance with
generally accepted accounting principles, properly chargeable to an operating expense account of the Company. 
 (b) When
any Property Additions are certified to the Trustee as the basis of any Authorized Purpose (except as otherwise provided in Section 803 and Section 806), 

(i) there shall be deducted from the Cost or Fair Value to the Company thereof, as the case may be (as of the
date so certified), an amount equal to the Cost (or as to Property Additions of which the Fair Value to the Company at the time the same became Funded Property was less than the Cost as determined pursuant to this Section, then such Fair Value in
lieu of Cost) of all Funded Property of the Company retired to the date of such certification (other than the Funded Property, if any, in connection with the application for the release of which such certificate is filed) and not theretofore
deducted from the Cost or Fair Value to the Company of Property Additions theretofore certified to the Trustee, and 

(ii) there may, at the option of the Company, be added to such Cost or Fair Value, as the case may be, the sum
of 
 (A) the principal amount of any obligations secured by purchase money Lien and any cash (other than
proceeds of such purchase money obligations), not theretofore so added and which the Company then elects so to add, received by the Trustee representing the proceeds of 

  
 - 23 - 

 insurance on, or of the release or other disposition of, Funded Property retired;

 (B) ten-sevenths (10/7) of the principal amount of any Security or
Securities, or portion of such principal amount, not theretofore so added and which the Company then elects so to add, the right to the authentication and delivery of which under the provisions of Section 404 and Section 803(d)(iii) shall
at any time theretofore have been waived as the basis of the release of Funded Property retired; and 
 (C)
the Cost to the Company of any Property Additions (including Property Additions subject to the lien of a Class A Mortgage) not theretofore so added and which the Company then elects so to add, to the extent that the same shall have been
substituted for Funded Property retired (including Funded Property subject to the lien of a Class A Mortgage); 

provided, however, that the aggregate of the amounts added under clause (ii) above shall in no event exceed the amounts
deducted under clause (i) above. 
 (c) Except as otherwise provided in Section 803, the term “Cost”
with respect to Property Additions shall mean the sum of (i) any cash delivered in payment therefor or for the acquisition thereof, (ii) an amount equivalent to the fair market value in cash (as of the date of delivery) of any securities
or other property delivered in payment therefor or for the acquisition thereof, (iii) the principal amount of any obligations secured by prior Lien (other than a Class A Mortgage) upon such Property Additions outstanding at the time of the
acquisition thereof, (iv) the principal amount of any other obligations incurred or assumed in connection with the payment for such Property Additions or for the acquisition thereof and (v) any other amounts which, in accordance with
generally accepted accounting principles, are properly charged or chargeable to the plant or other property accounts of the Company with respect to such Property Additions as part of the cost of construction or acquisition thereof, including, but
not limited to, any allowance for funds used during construction or any similar or analogous amount; provided, however, that, notwithstanding any other provision of this Indenture, 

(x) with respect to Property Additions owned by a successor corporation immediately prior to the time it shall
have become such by consolidation or merger or acquired by a successor corporation in or as a result of a consolidation or merger (excluding, in any case, Property Additions owned by the Company immediately prior to such time), Cost shall mean the
amount or amounts at which such Property Additions are recorded in the plant or other property accounts of such successor corporation, or the predecessor corporation from which such Property Additions are acquired, as the case may be, immediately
prior to such consolidation or merger; 
 (y) with respect to Property Additions which shall have been
acquired (otherwise than by construction) by the Company without any consideration consisting of cash, securities or other property or the incurring or assumption of 

  
 - 24 - 

 indebtedness, no determination of Cost shall be required, and, wherever in this
Indenture provision is made for Cost or Fair Value, Cost with respect to such Property Additions shall mean an amount equal to the Fair Value to the Company thereof or, if greater, the aggregate amount reflected in the Company’s books of
account with respect thereto upon the acquisition thereof; and 
 (z) in no event shall the Cost of Property
Additions be required to reflect any depreciation or amortization in respect of such Property Additions, or any adjustment to the amount or amounts at which such Property Additions are recorded in plant or other property accounts due to the non-recoverability of investment or otherwise. 
 If any Property Additions are shown by
the Expert’s Certificate provided for in Section 403(b)(ii) to include property which has been used or operated by others than the Company in a business similar to that in which it has been or is to be used or operated by the Company, the
Cost thereof need not be reduced by any amount in respect of any goodwill, going concern value rights and/or intangible property simultaneously acquired for which no separate or distinct consideration shall have been paid or apportioned, and in such
case the term Property Additions as defined herein may include such goodwill, going concern value rights and intangible property. 

SECTION 105. Compliance Certificates and Opinions. 

Except as otherwise expressly provided in this Indenture, upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, it being understood that in the case of any such application or request as to which the furnishing of such
documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall
include: 
 (a) a statement that each Person signing such certificate or opinion has read such covenant or
condition and the definitions herein relating thereto; 
 (b) a brief statement as to the nature and scope of
the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of each such Person, such Person has made such examination or
investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

  
 - 25 - 

 (d) a statement as to whether, in the opinion of each such
Person, such condition or covenant has been complied with. 
 SECTION 106. Form of Documents Delivered to Trustee. 

(a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters
and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or
opinion is based are erroneous. 
 Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer of the Company and/or upon a certificate or opinion of an Accountant or Expert, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to such matters are erroneous. If, in order to render any Opinion of Counsel provided for herein, the signer thereof shall deem it necessary that additional facts or matters be stated in any Officer’s
Certificate or Expert’s Certificate provided for herein, then such certificate may state all such additional facts or matters as the signer of such Opinion of Counsel may request. In addition, in rendering any Opinion of Counsel provided for
herein, counsel may rely upon (i) opinions of other counsel to the Company, copies of which shall have been delivered to the Trustee, (ii) title insurance policies or commitments and reports, lien search certificates and other similar
evidences of the existence of Liens on property and (iii) with respect to any opinion regarding the validity or priority of the Lien of this Indenture on any Property Additions, a certificate or opinion of, or representations by, an officer or
officers of the Company regarding the title thereto or the existence of any Liens thereon. 
 Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

(b) Whenever, subsequent to the receipt by the Trustee of any Board Resolution, Officer’s Certificate, Expert’s
Certificate, Net Earnings Certificate, Opinion of Counsel or other document or instrument, a clerical, typographical or other inadvertent or unintentional error or omission shall be discovered therein, a new document or instrument may be substituted
therefor in corrected form with the same force and effect as if originally filed in the corrected form and, irrespective of the date or dates of the actual execution and/or delivery thereof, such substitute document or instrument shall be deemed to
have been executed and/or delivered as of the date or dates required with respect to the document or instrument for which it is substituted. Anything in this Indenture to the contrary notwithstanding, if any such corrective

  
 - 26 - 

 document or instrument indicates that action has been taken by or at the request of the Company
which could not have been taken had the original document or instrument not contained such error or omission, the action so taken shall not be invalidated or otherwise rendered ineffective but shall be and remain in full force and effect, except to
the extent that such action was a result of willful misconduct or bad faith. Without limiting the generality of the foregoing, any Securities issued under the authority of such defective document or instrument shall nevertheless be the valid
obligations of the Company entitled to the benefit of the Lien of this Indenture equally and ratably with all other Outstanding Securities, except as aforesaid. 

SECTION 107. Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, election, waiver or other action provided by this Indenture
to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing or, alternatively, may be embodied in and
evidenced by the record of Holders voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders duly called and held in accordance with the provisions of Article Fifteen, or a combination of such
instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the
Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments and so voting at
any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 1101) conclusive
in favor of the Trustee and the Company, if made in the manner provided in this Section. The record of any meeting of Holders shall be proved in the manner provided in Section 1506. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof or may
be proved in any other manner which the Trustee and the Company deem sufficient. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his
authority. 
 (c) The principal amount (except as otherwise contemplated in clause (y) of the proviso to the definition
of Outstanding) and serial numbers of Securities held by any Person, and the date of holding the same, shall be proved by the Security Register. 

(d) Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of a Holder shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security. 

  
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 (e) Until such time as written instruments shall have been delivered to the
Trustee with respect to the requisite percentage of principal amount of Securities for the action contemplated by such instruments, any such instrument executed and delivered by or on behalf of a Holder may be revoked with respect to any or all of
such Securities by written notice by such Holder or any subsequent Holder, proven in the manner in which such instrument was proven. 

(f) Securities of any series, or any Tranche thereof, authenticated and delivered after any Act of Holders may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any action taken by such Act of Holders. If the Company shall so determine, new Securities of any series, or any Tranche thereof, so modified as to conform, in the
opinion of the Trustee and the Company, to such action may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series or Tranche. 

(g) If the Company shall solicit from Holders any request, demand, authorization, direction, notice, consent, waiver or other
Act, the Company may, at its option, by Company Order, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no
obligation to do so. Any such record date shall be not less than ten (10), nor more than sixty (60), days prior to the date of the first solicitation by the Company. If such a record date is fixed, such request, demand, authorization, direction,
notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of the Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as
of the record date. 
 SECTION 108. Notices, Etc. to Trustee and Company. 

Any request, demand, authorization, direction, notice, consent, election, waiver or Act of Holders or other document provided
or permitted by this Indenture to be made upon, given or furnished to, or filed with, the Trustee by any Holder or by the Company, or the Company by the Trustee or by any Holder, shall be sufficient for every purpose hereunder (unless otherwise
expressly provided herein) if the same shall be in writing and delivered personally to an officer or other responsible employee of the addressee, or transmitted by facsimile transmission, telex or other direct written electronic means to such
telephone number or other electronic communications address as the parties hereto shall from time to time designate, or transmitted by registered mail, charges prepaid, to the applicable address set opposite such party’s name below or to such
other address as either party hereto may from time to time designate: 
 If to the Trustee, to: 

Morgan Guaranty Trust Company of New York 

    60 Wall Street 

    New York, New York 10260 

    Attention: Corporate Trust Administration 

  
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 If to the Company, to: 

Public Service Company of Colorado 

    1225 17th Street 

    Denver, Colorado 80202 

    Attention: Treasurer 

Any communication contemplated herein shall be deemed to have been made, given, furnished and filed if personally delivered,
on the date of delivery, if transmitted by facsimile transmission, telex or other direct written electronic means, on the date of transmission, and if transmitted by registered mail, on the date of receipt. 

SECTION 109. Notice to Holders of Securities; Waiver. 

Except as otherwise expressly provided herein, where this Indenture provides for notice to Holders of any event, such notice
shall be sufficiently given, and shall be deemed given, to Holders if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such Holder as it appears in the Security Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. 
 In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to
other Holders. 
 Any notice required by this Indenture may be waived in writing by the Person entitled to receive such
notice, either before or after the event otherwise to be specified therein, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver. 
 SECTION 110. Conflict with Trust Indenture Act. 

If any provision of this Indenture limits, qualifies or conflicts with another provision hereof which is required or deemed to
be included in this Indenture by, or is otherwise governed by, any provision of the Trust Indenture Act, such other provision shall control; and if any provision hereof otherwise conflicts with the Trust Indenture Act, the Trust Indenture Act shall
control. 
 SECTION 111. Effect of Headings and Table of Contents. 

The Article and Section headings in this Indenture and the Table of Contents are for convenience only and shall not affect the
construction hereof. 

  
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 SECTION 112. Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or
not. 
 SECTION 113. Separability Clause. 

In case any provision in this Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 114. Benefits of
Indenture. 
 Nothing in this Indenture or the Securities, express or implied, shall give to any Person, other than the
parties hereto, their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 115. Governing Law. 

This Indenture and the Securities shall be governed by and construed in accordance with the law of the State of New York
(including without limitation Section 5-1401 of the New York General Obligations Law or any successor to such statute), except to the extent that the Trust Indenture Act shall be applicable and except to
the extent that the law of any jurisdiction wherein any portion of the Mortgaged Property is located shall mandatorily govern the perfection, priority or enforcement of the Lien of this Indenture with respect to such portion of the Mortgaged
Property. 
 SECTION 116. Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at
any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities other than a provision in Securities of any series, or any Tranche thereof, or in the indenture supplemental hereto, Board Resolution or
Officer’s Certificate which establishes the terms of the Securities of such series or Tranche, which specifically states that such provision shall apply in lieu of this Section) payment of interest or principal and premium, if any, need not be
made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, and, if
such payment is made or duly provided for on such Business Day, no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to such Business Day.

 SECTION 117. Investment of Cash Held by Trustee. 

Any cash held by the Trustee or any Paying Agent under any provision of this Indenture shall, except as otherwise provided in
Article Nine, at the request of the Company evidenced by Company Order, be invested or reinvested in Investment Securities designated by the Company, and any interest on such Investment Securities shall be promptly paid over to the

  
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 Company as received free and clear of any Lien. Such Investment Securities shall be held subject
to the same provisions hereof as the cash used to purchase the same, but upon a like request of the Company shall be sold, in whole or in designated part, and the proceeds of such sale shall be held subject to the same provisions hereof as the cash
used to purchase the Investment Securities so sold. If such sale shall produce a net sum less than the cost of the Investment Securities so sold, the Company shall pay to the Trustee or any such Paying Agent, as the case may be, such amount in cash
as, together with the net proceeds from such sale, shall equal the cost of the Investment Securities so sold, and if such sale shall produce a net sum greater than the cost of the Investment Securities so sold, the Trustee or any such Paying Agent,
as the case may be, shall promptly pay over to the Company an amount in cash equal to such excess, free and clear of any Lien. 

Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, interest on Investment Securities
and any gain upon the sale thereof shall be held as part of the Mortgaged Property until such Event of Default shall have been cured or waived, whereupon such interest and gain shall be promptly paid over to the Company free and clear of any Lien.

 ARTICLE TWO 

Security Forms 

SECTION 201. Forms Generally. 

The definitive Securities of each series shall be in substantially the form or forms established in the indenture supplemental
hereto establishing such series, or in a Board Resolution establishing such series, or in an Officer’s Certificate pursuant to such a supplemental indenture or Board Resolution, in any case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. If the form or forms of Securities of any series are established in a Board Resolution
or in an Officer’s Certificate pursuant to a Board Resolution, such Board Resolution and Officer’s Certificate, if any, shall be delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 401 for
the authentication and delivery of such Securities. 
 The Securities of each series shall be issuable in registered form
without coupons. The definitive Securities shall be produced in such manner as shall be determined by the officers executing such Securities, as evidenced by their execution thereof. 

SECTION 202. Form of Trustee’s Certificate of Authentication. 

The Trustee’s certificate of authentication shall be in substantially the form set forth below: 

  
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 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	  
 as
Trustee

		
	 By:
	 	  

		 	         Authorized Signatory

  
 - 32 - 

 ARTICLE THREE 

The Securities 
 SECTION
301 Amount Unlimited; Issuable in Series. 
 The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. Subject to the last
paragraph of this Section, prior to the authentication and delivery of Securities of any series there shall be established by specification in a supplemental indenture or in a Board Resolution, or in an Officer’s Certificate pursuant to a
supplemental indenture or a Board Resolution: 
 (a) the title of the Securities of such series (which shall
distinguish the Securities of such series from Securities of all other series); 
 (b) any limit upon the
aggregate principal amount of the Securities of such series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of such series pursuant to Section 304, 305, 306, 506 or 1406 and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 

(c) the Persons (without specific identification) to whom interest on Securities of such series, or any Tranche
thereof, shall be payable on any Interest Payment Date, if other than the Persons in whose names such Securities (or one or more Predecessor Securities) are registered at the close of business on the Regular Record Date for such interest; 

(d) the date or dates on which the principal of the Securities of such series, or any Tranche thereof, is
payable or any formulary or other method or other means by which such date or dates shall be determined, by reference or otherwise (without regard to any provisions for redemption, prepayment, acceleration, purchase or extension); 

(e) the rate or rates at which the Securities of such series, or any Tranche thereof, shall bear interest, if
any (including the rate or rates at which overdue principal shall bear interest, if different from the rate or rates at which such Securities shall bear interest prior to Maturity, and, if applicable, the rate or rates at which overdue premium or
interest shall bear interest, if any), or any formulary or other method or other means by which such rate or rates shall be determined, by reference or otherwise; the date or dates from which such interest shall accrue; the Interest Payment Dates on
which such interest shall be payable and the Regular Record Date, if any, for the interest payable on such Securities on any Interest Payment Date; and the basis of computation of interest, if other than as provided in Section 310; 

  
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 (f) the place or places at which (i) the principal of and
premium, if any, and interest, if any, on Securities of such series, or any Tranche thereof, shall be payable, (ii) registration of transfer of Securities of such series, or any Tranche thereof, may be effected, (iii) exchanges of
Securities of such series, or any Tranche thereof, may be effected and (iv) notices and demands to or upon the Company in respect of the Securities of such series, or any Tranche thereof, and this Indenture may be served; the Security Registrar
for such series; and, if such is the case, that the principal of such Securities shall be payable without the presentment or surrender thereof; 

(g) the period or periods within which or the date or dates on which, the price or prices at which and the
terms and conditions upon which the Securities of such series, or any Tranche thereof, may be redeemed, in whole or in part, at the option of the Company; 

(h) the obligation or obligations, if any, of the Company to redeem or purchase the Securities of such series,
or any Tranche thereof, pursuant to any sinking fund or other mandatory redemption provisions or at the option of a Holder thereof and the period or periods within which or the date or dates on which, the price or prices at which and the terms and
conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and applicable exceptions to the requirements of Section 504 in the case of mandatory redemption or redemption at the option
of the holder; 
 (i) the denominations in which Securities of such series, or any Tranche thereof, shall be
issuable if other than denominations of $1,000 and any integral multiple thereof; 
 (j) the currency or
currencies, including composite currencies, in which payment of the principal of and premium, if any, and interest, if any, on the Securities of such series, or any Tranche thereof, shall be payable (if other than in Dollars); it being understood
that, for purposes of calculations under this Indenture (including calculations of Annual Interest Requirements contemplated by Section 103 and calculations of principal amount under Article Four), any amounts denominated in a currency other
than Dollars or in a composite currency shall be converted to Dollar equivalents by calculating the amount of Dollars which could have been purchased by the amount of such other currency based (i) on the average of the mean of the buying and
selling spot rates quoted by three banks which are members of the New York Clearing House Association selected by the Company in effect at 11:00 A.M. (New York time) in The City of New York on the fifth Business Day preceding the date of such
calculation or (ii) on such other quotations or alternative methods of determination as shall be selected by an Authorized Officer; 

(k) if the principal of or premium, if any, or interest, if any, on the Securities of such series, or any
Tranche thereof, are to be payable, at the election of the Company or a Holder thereof, in a coin or currency other than that in which 

  
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 the Securities are stated to be payable, the period or periods within which, and
the terms and conditions upon which, such election may be made; it being understood that, for purposes of calculations under this Indenture (including calculations of Annual Interest Requirements contemplated by Section 103 and calculations of
principal amount under Article Four), any such election shall be required to be taken into account, in the manner contemplated in clause (j) of this paragraph, only after such election shall have been made. 

(l) if the principal of or premium, if any, or interest, if any, on the Securities of such series, or any
Tranche thereof, are to be payable, or are to be payable at the election of the Company or a Holder thereof, in securities or other property, the type and amount of such securities or other property, or the formulary or other method or other means
by which such amount shall be determined, and the period or periods within which, and the terms and conditions upon which, any such election may be made; it being understood that all calculations under this Indenture (including calculations of
Annual Interest Requirements contemplated by Section 103 and calculations of principal amount under Article Four) shall be made on the basis of the fair market value of such securities or the Fair Value of such other property, in either case
determined as of the most recent practicable date, except that, in the case of any amount of principal or interest that may be so payable at the election of the Company or a Holder, if such election shall not yet have been made, such calculations
shall be made on the basis of the amount of principal or interest, as the case may be, that would be payable if no such election were made; 

(m) if the amount payable in respect of principal of or premium, if any, or interest, if any, on the Securities
of such series, or any Tranche thereof, may be determined with reference to an index or other fact or event ascertainable outside of this Indenture, the manner in which such amounts shall be determined (to the extent not established pursuant to
clause (e) of this paragraph); it being understood that all calculations under this Indenture (including calculations of Annual Interest Requirements contemplated by Section 103 and calculations of principal amount under Article Four)
shall be made on the basis of the amount that would be payable as principal if such principal were due, or on the basis of the interest rates in effect, as the case may be, on the date next preceding the date of such calculation; 

(n) if other than the principal amount thereof, the portion of the principal amount of Securities of such
series, or any Tranche thereof, which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 1002; 

(o) the terms, if any, pursuant to which the Securities of such series, or any Tranche thereof, may be
converted into or exchanged for shares of capital stock or other securities of the Company or any other Person; 

  
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 (p) the obligations or instruments, if any, which shall be
considered to be Eligible Obligations in respect of the Securities of such series, or any Tranche thereof, denominated in a currency other than Dollars or in a composite currency, and any additional or alternative provisions for the reinstatement of
the Company’s indebtedness in respect of such Securities after the satisfaction and discharge thereof as provided in Section 901; 

(q) if the Securities of such series, or any Tranche thereof, are to be issued in global form, (i) any
limitations on the rights of the Holder or Holders of such Securities to transfer or exchange the same or to obtain the registration of transfer thereof, (ii) any limitations on the rights of the Holder or Holders thereof to obtain certificates
therefor in definitive form in lieu of temporary form and (iii) any and all other matters incidental to such Securities; 

(r) if the Securities of such series, or any Tranche thereof, are to be issuable as bearer securities, any and
all matters incidental thereto which are not specifically addressed in a supplemental indenture as contemplated by clause (f) of Section 1401; 

(s) to the extent not established pursuant to clause (q) of this paragraph, any limitations on the rights
of the Holders of the Securities of such Series, or any Tranche thereof, to transfer or exchange such Securities or to obtain the registration of transfer thereof; and if a service charge will be made for the registration of transfer or exchange of
Securities of such series, or any Tranche thereof, the amount or terms thereof; 
 (t) any exceptions to
Section 116, or variation in the definition of Business Day, with respect to the Securities of such series, or any Tranche thereof; and 

(u) any other terms of the Securities of such series, or any Tranche thereof. 

With respect to Securities of a series subject to a Periodic Offering, the indenture supplemental hereto or the Board
Resolution which establishes such series, or the Officer’s Certificate pursuant to such supplemental indenture or Board Resolution, as the case may be, may provide general terms or parameters for Securities of such series and provide either
that the specific terms of Securities of such series, or any Tranche thereof, shall be specified in a Company Order or that such terms shall be determined by the Company or its agents in accordance with procedures specified in a Company Order as
contemplated by clause (b) of Section 401. 
 Anything herein to the contrary notwithstanding, the Trustee shall
be under no obligation to authenticate and deliver Securities of any series the terms of which, established as contemplated by this Section, would affect the Trustee’s rights, duties, obligations or immunities. 

  
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 SECTION 302. Denominations. 

Unless otherwise provided as contemplated by Section 301 with respect to any series of Securities, or any Tranche thereof,
the Securities of each series shall be issuable in denominations of $1,000 and any integral multiple thereof. 
 SECTION 303. Execution,
Dating, Certificate of Authentication. 
 Unless otherwise provided as contemplated by Section 301 with respect to
any series of Securities, or any Tranche thereof, the Securities shall be executed on behalf of the Company by an Authorized Officer, and may have the corporate seal of the Company affixed thereto or reproduced thereon and attested by any other
Authorized Officer. The signature of any or all of these officers on the Securities may be manual or facsimile. 

Securities bearing the manual or facsimile signatures of individuals who were at the time of execution Authorized Officers of
the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

Unless otherwise specified as contemplated by Section 301 with respect to any series of Securities, or any Tranche
thereof, each Security shall be dated the date of its authentication. 
 Unless otherwise specified as contemplated by
Section 301 with respect to any series of Securities, or any Tranche thereof, no Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of
authentication substantially in the form provided for herein executed by the Trustee or an Authenticating Agent by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has
been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder to the Company, or any Person acting on its
behalf, but shall never have been issued and sold by the Company, and the Company shall deliver such Security to the Security Registrar for cancellation or shall cancel such Security and deliver evidence of such cancellation to the Trustee, in each
case as provided in Section 309, together with a written statement (which need not comply with Section 105 and need not be accompanied by an Officer’s Certificate or an Opinion of Counsel) stating that such Security has never been
issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits hereof. 

SECTION 304. Temporary Securities. 

Pending the preparation of definitive Securities of any series, or any Tranche thereof, the Company may execute, and upon
Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed, photocopied or otherwise produced, in any authorized denomination, substantially of the tenor of the
definitive Securities in lieu of which they are issued, with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may 

  
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 determine, as evidenced by their execution of such Securities; provided, however, that temporary
Securities need not recite specific redemption, sinking fund, conversion or exchange provisions. 
 Except as otherwise
specified as contemplated by Section 301 with respect to the Securities of any series, or any Tranche thereof, after the preparation of definitive Securities of such series or Tranche, the temporary Securities of such series or Tranche shall be
exchangeable, without charge to the Holder thereof, for definitive Securities of such series or Tranche upon surrender of such temporary Securities at the office or agency of the Company maintained pursuant to Section 602 in a Place of Payment
for such Securities. Upon such surrender of temporary Securities, the Company shall, except as aforesaid, execute and the Trustee shall authenticate and deliver in exchange therefor definitive Securities of the same series and Tranche, of authorized
denominations and of like tenor and aggregate principal amount. 
 Until exchanged in full as hereinabove provided,
temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and Tranche and of like tenor authenticated and delivered hereunder. 

SECTION 305. Registration, Registration of Transfer and Exchange. 

The Company shall cause to be kept in each office designated pursuant to Section 602, with respect to the Securities of
each series, or any Tranche thereof, a register (all registers kept in accordance with this Section being collectively referred to herein as the “Security Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities of such series or Tranche and the registration of transfer thereof. The Company shall designate one Person to maintain the Security Register for the Securities of each series on
a consolidated basis, and such Person is referred to herein, with respect to such series, as the “Security Registrar.” Anything herein to the contrary notwithstanding, the Company may designate one or more of its offices as an office in
which a register with respect to the Securities of one or more series, or any Tranche or Tranches thereof, shall be maintained, and the Company may designate itself the Security Registrar with respect to one or more of such series. The Security
Register shall be open for inspection by the Trustee and the Company at all reasonable times. 
 Except as otherwise
specified as contemplated by Section 301 with respect to the Securities of any series, or any Tranche thereof, upon surrender for registration of transfer of any Security of such series or Tranche at the office or agency of the Company
maintained pursuant to Section 602 in a Place of Payment for such series or Tranche, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of the same series and Tranche, of authorized denominations and of like tenor and aggregate principal amount. 
 Except as
otherwise specified as contemplated by Section 301 with respect to the Securities of any series, or any Tranche thereof, any Security of such series or Tranche may be exchanged at the option of the Holder, for one or more new Securities of the
same series and Tranche, of authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at any such office or agency. Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall 

  
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 authenticate and deliver, the Securities which the Holder making the exchange is entitled to
receive. 
 All Securities delivered upon any registration of transfer or exchange of Securities shall be valid obligations
of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company, the
Trustee or the Security Registrar) be duly endorsed or shall be accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee or the Security Registrar, as the case may be, duly executed by the Holder thereof or
his attorney duly authorized in writing. 
 Unless otherwise specified as contemplated by Section 301 with respect to
Securities of any series, or any Tranche thereof, no service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 506 or 1406 not involving any transfer. 

The Company shall not be required to execute or to provide for the registration of transfer of or the exchange of
(a) Securities of any series, or any Tranche thereof, during a period of fifteen (15) days immediately preceding the date notice is to be given identifying the serial numbers of the Securities of such series or Tranche called for
redemption or (b) any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same series, and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the ownership of and the
destruction, loss or theft of any Security and (b) such security or indemnity as may be reasonably required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that
such Security is held by a Person purporting to be the owner of such Security, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and
Tranche, and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 Notwithstanding
the foregoing, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed 

  
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 in relation thereto and any other reasonable expenses (including the fees and expenses of the
Trustee) connected therewith. 
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone other than the Holder of such new Security, and
any such new Security shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of such series duly issued hereunder. 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 SECTION 307. Payment of Interest; Interest
Rights Preserved. 
 Unless otherwise specified as contemplated by Section 301 with respect to the Securities of any
series, or any Tranche thereof, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest. 
 Any interest on any Security of any
series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the related Regular Record Date by
virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below. 

(a) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the
Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a date (herein called a “Special Record Date”) for the payment of such Defaulted Interest, which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more
than thirty (30) days and not less than ten (10) days prior to the date of the proposed payment and not less than twenty-five (25) days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly
notify the Company of such Special Record 

  
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 Date and, in the name and at the expense of the Company, shall, not less than
fifteen (15) days prior to such Special Record Date, cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at
the address of such Holder as it appears in the Security Register. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose
names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date. 

(b) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful
manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing
provisions of this Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Security. 
 SECTION 308. Persons Deemed Owners. 

The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name any Security is
registered as the absolute owner of such Security for the purpose of receiving payment of principal of and premium, if any, and (subject to Sections 305 and 307) interest, if any, on such Security and for all other purposes whatsoever, whether
or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

SECTION 309. Cancellation by Security Registrar. 

All Securities surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person
other than the Security Registrar, be delivered to the Security Registrar and, if not theretofore canceled, shall be promptly canceled by the Security Registrar. The Company may at any time deliver to the Security Registrar for cancellation any
Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever or which the Company shall not have issued and sold, and all Securities so delivered shall be promptly canceled by the Security
Registrar. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Security Registrar shall be
disposed of in accordance with a Company Order delivered to the Security Registrar and the Trustee, and the Security Registrar shall promptly deliver a certificate of disposition to the Trustee and the Company unless, by a Company Order, similarly
delivered, the Company shall direct that canceled Securities be returned to it. The Security Registrar shall 

  
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 promptly deliver evidence of any cancellation of a Security in accordance with this
Section 309 to the Trustee and the Company. 
 SECTION 310. Computation of Interest. 

Except as otherwise specified as contemplated by Section 301 for Securities of any series, or any Tranche thereof,
interest on the Securities of each series shall be computed on the basis of a three hundred sixty (360) day year consisting of twelve (12) thirty (30) day months and on the basis of the actual number of days elapsed within any month in
relation to the deemed thirty (30) days of such month. 
 SECTION 311. Payment to Be in Proper Currency. 

In the case of the Securities of any series, or any Tranche thereof, denominated in any currency other than United States
Dollars or in a composite currency (the “Required Currency”), except as otherwise specified with respect to such Securities as contemplated by Section 301, the obligation of the Company to make any payment of the principal thereof, or
the premium, if any, or interest, if any, thereon, shall not be discharged or satisfied by any tender by the Company, or recovery by the Trustee, in any currency other than the Required Currency, except to the extent that such tender or recovery
shall result in the Trustee timely holding the full amount of the Required Currency then due and payable. If any such tender or recovery is in a currency other than the Required Currency, the Trustee may take such actions as it considers appropriate
to exchange such currency for the Required Currency. The costs and risks of any such exchange, including without limitation the risks of delay and exchange rate fluctuation, shall be borne by the Company, the Company shall remain fully liable for
any shortfall or delinquency in the full amount of Required Currency then due and payable, and in no circumstances shall the Trustee be liable therefor except in the case of its negligence or willful misconduct. 

ARTICLE FOUR 
 Issuance
of Securities 
 SECTION 401. General. 

Subject to the provisions of Section 402, 403, 404 or 405, whichever may be applicable, the Trustee shall authenticate and
deliver Securities of a series, for original issue, at one time or from time to time in accordance with the Company Order referred to below, upon receipt by the Trustee of: 

(a) the instrument or instruments establishing the form or forms and terms of such series, as provided in
Sections 201 and 301; 
 (b) a Company Order requesting the authentication and delivery of such Securities
and, to the extent that the terms of such Securities shall not have been established in an indenture supplemental hereto or in a Board Resolution, or in an Officer’s Certificate pursuant to a supplemental indenture or Board Resolution, all as
contemplated by Sections 201 and 301, either (i) establishing 

  
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 such terms or (ii) in the case of Securities of a series subject to a
Periodic Offering, specifying procedures, acceptable to the Trustee, by which such terms are to be established (which procedures may provide for authentication and delivery pursuant to oral or electronic instructions from the Company or any agent or
agents thereof, which oral instructions are to be promptly confirmed electronically or in writing), in either case in accordance with the instrument or instruments delivered pursuant to clause (a) above; 

(c) the Securities of such series, executed on behalf of the Company by an Authorized Officer; 

(d) a Net Earnings Certificate showing the Adjusted Net Earnings of the Company for the period therein
specified to have been not less than an amount equal to twice the Annual Interest Requirements therein specified, all in accordance with the provisions of Section 103; provided, however, that the Trustee shall not be entitled to receive a Net
Earnings Certificate hereunder with respect to Securities which are to have no Stated Interest Rate prior to Maturity; and provided, further, that, with respect to Securities of a series subject to a Periodic Offering, other than Securities of such
series theretofore authenticated and delivered, as to which no Stated Interest Rate shall then have been established, (i) it shall be assumed in such Net Earnings Certificate that none of such Securities shall have a Stated Interest Rate in
excess of a maximum rate to be stated therein, and, in such event, no Securities which would have a Stated Interest Rate at the time of the initial authentication and delivery thereof in excess of such maximum rate shall be authenticated and
delivered under the authority of such Net Earnings Certificate and (ii) the Trustee shall be entitled to receive such Net Earnings Certificate only once, at or prior to the time of the first authentication and delivery of such Securities; 

(e) an Opinion of Counsel to the effect that: 

(i) the form or forms of such Securities have been duly authorized by the Company and have been established in
conformity with the provisions of this Indenture; 
 (ii) the terms of such Securities have been duly
authorized by the Company and have been established in conformity with the provisions of this Indenture; and 

(iii) such Securities, when authenticated and delivered by the Trustee and issued and delivered by the Company
in the manner and subject to any conditions specified in such Opinion of Counsel, will have been duly issued under this Indenture and will constitute valid obligations of the Company, entitled to the benefit of the Lien of this Indenture equally and
ratably with all other Securities then Outstanding; 

  
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 provided, however, that, with respect to Securities of a series subject to a
Periodic Offering, the Trustee shall be entitled to receive such Opinion of Counsel only once at or prior to the time of the first authentication and delivery of such Securities (provided that such Opinion of Counsel addresses the authentication and
delivery of all such Securities) and that, in lieu of the opinions described in clauses (ii) and (iii) above, Counsel may opine that: 

(x) when the terms of such Securities shall have been established pursuant to a Company Order or Orders or
pursuant to such procedures as may be specified from time to time by a Company Order or Orders, all as contemplated by and in accordance with the instrument or instruments delivered pursuant to clause (a) above, such terms will have been duly
authorized by the Company and will have been established in conformity with the provisions of this Indenture; and 

(y) such Securities, when authenticated and delivered by the Trustee in accordance with this Indenture and the
Company Order or Orders or the specified procedures referred to in paragraph (x) above and issued and delivered by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will have been duly issued under
this Indenture and will constitute valid obligations of the Company, entitled to the benefit of the Lien of this Indenture equally and ratably with all other Securities then Outstanding; 

(f) an Officer’s Certificate to the effect that, to the knowledge of the signer, no Event of Default has
occurred and is continuing; provided, however, that with respect to Securities of a series subject to a Periodic Offering, either (i) such an Officer’s Certificate shall be delivered at the time of the authentication and delivery of each
Security of such series or (ii) the Officer’s Certificate delivered at or prior to the time of the first authentication and delivery of the Securities of such series shall state that the statements therein shall be deemed to be made at the
time of each, or each subsequent, authentication and delivery of Securities of such series; and 
 (g) such
other Opinions of Counsel, certificates and other documents as may be required under Section 402, 403, 404 or 405, whichever may be applicable to the authentication and delivery of the Securities of such series. 

With respect to Securities of a series subject to a Periodic Offering, the Trustee may conclusively rely, as to the
authorization by the Company of any of such Securities, the forms and terms thereof, the validity thereof and the compliance of the authentication and delivery thereof with the terms and conditions of this Indenture, upon the Opinion or Opinions of
Counsel and the certificates and other documents delivered pursuant to this Article Four at or prior to the time of the first authentication and delivery of Securities of such series until any of such opinions, certificates or other documents have
been superseded or revoked or expire by their terms. In connection with the authentication and delivery of Securities of a series subject to a Periodic Offering, the Trustee shall be entitled to assume that the Company’s instructions to 

  
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 authenticate and deliver such Securities do not violate any applicable law or any applicable
rule, regulation or order of any Governmental Authority having jurisdiction over the Company. 
 SECTION 402. Issuance of Securities on
the Basis of Class A Bonds. 
 (a) Securities of any one or more series may be authenticated and delivered on the
basis of, and in an aggregate principal amount not exceeding, the aggregate principal amount of Class A Bonds issued and delivered to the Trustee for such purpose. 

(b) Securities of any series shall be authenticated and delivered by the Trustee on the basis of the issuance and delivery to
the Trustee of Class A Bonds upon receipt by the Trustee of: 
 (i) Class A Bonds (A) maturing (or
being subject to mandatory redemption) on such dates and in such principal amounts that, at each Stated Maturity of the Securities of such series (or the Tranche thereof then to be authenticated and delivered), there shall mature (or be redeemed)
Class A Bonds equal in principal amount to the Securities of such series or Tranche then to mature and (B) containing, in addition to any mandatory redemption provisions applicable to all Class A Bonds Outstanding under the related
Class A Mortgage and any mandatory redemption provisions contained therein pursuant to clause (A) above, mandatory redemption provisions correlative to the provisions, if any, for the mandatory redemption (pursuant to a sinking fund or
otherwise) of the Securities of such series or Tranche or for the redemption thereof at the option of the Holder; it being expressly understood that such Class A Bonds (X) may, but need not, bear interest, any such interest to be payable
at the same times as interest on the Securities of such series or Tranche, (Y) may, but need not, contain provisions for the redemption thereof at the option of the Company, any such redemption to be made at a redemption price or prices not
less than the principal amount thereof and (Z) shall be held by the Trustee in accordance with Article Seven; 

(ii) the documents with respect to the Securities of such series specified in Section 401; provided,
however, that no Net Earnings Certificate shall be required to be delivered if there shall be delivered an Officer’s Certificate to the effect that such Class A Bonds have been authenticated and delivered under the related Class A
Mortgage on the basis of retired Class A Bonds; and 

  
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 (iii) an Opinion of Counsel to the effect that: 

(A) the form or forms of such Class A Bonds have been duly authorized by the Company and have been
established in conformity with the provisions of the related Class A Mortgage; 
 (B) the terms of such
Class A Bonds have been duly authorized by the Company and have been established in conformity with the provisions of the related Class A Mortgage; and 

(C) such Class A Bonds have been duly issued under the related Class A Mortgage and constitute valid
obligations of the Company, entitled to the benefit of the Lien of such Class A Mortgage equally and ratably with all other Class A Bonds then Outstanding under such Class A Mortgage. 

provided, however, that, with respect to Securities of a series subject to a Periodic Offering, the Trustee shall be entitled
to receive such Opinion of Counsel only once at or prior to the time of the first authentication and delivery of such Securities and that, in lieu of the opinions described in clauses (B) and (C) above, Counsel may opine that: 

(X) when the terms of such Class A Bonds shall have been established in accordance with the instrument or
instruments creating the series of which such Class A Bonds are a part, such terms will have been duly authorized by the Company and will have been established in conformity with the provisions of the related Class A Mortgage; and 

(Y) such Class A Bonds, when authenticated and delivered by the trustee under the related Class A
Mortgage in accordance with such instrument or instruments and issued and delivered by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will have been duly issued under such Class A Mortgage, and
will constitute valid obligations of the Company, entitled to the benefit of the Lien of such Class A Mortgage equally and ratably with all other Class A Bonds then Outstanding under such Class A Mortgage. 

SECTION 403. Issuance of Securities on the Basis of Property Additions. 

(a) Securities of any one or more series may be authenticated and delivered on the basis of Property Additions which do not
constitute Funded Property in a principal amount not exceeding seventy per centum (70%) of the balance of the Cost or the Fair Value to the Company of such Property Additions (whichever shall be less) after making any deductions and any additions
pursuant to Section 104(b). 

  
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 (b) Securities of any series shall be authenticated and delivered by the Trustee
on the basis of Property Additions upon receipt by the Trustee of: 
 (i) the documents with respect to the
Securities of such series specified in Section 401; 
 (ii) an Expert’s Certificate dated as of a
date not more than ninety (90) days prior to the date of the Company Order requesting the authentication and delivery of such Securities, 

(A) describing all property constituting Property Additions and designated by the Company, in its discretion,
to be made the basis of the authentication and delivery of such Securities (such description to be made by reference, at the election of the Company, either to specified items, units and/or elements of property or portions thereof, on a percentage
or Dollar basis, or to properties reflected in specified accounts or subaccounts in the Company’s books of account or portions thereof, on a Dollar basis), and stating the Cost thereof; 

(B) stating that all such property constitutes Property Additions; 

(C) stating that such Property Additions are desirable for use in the conduct of the business of the Company;

 (D) stating that such Property Additions, to the extent of the Cost or Fair Value to the Company thereof
(whichever is less) to be made the basis of the authentication and delivery of such Securities, do not constitute Funded Property; 

(E) stating, except as to Property Additions acquired, made or constructed wholly through the delivery of
securities or other property, that the amount of cash forming all or part of the Cost thereof was equal to or more than an amount to be stated therein; 

(F) briefly describing, with respect to any Property Additions acquired, made or constructed in whole or in
part through the delivery of securities or other property, the securities or other property so delivered and stating the date of such delivery; 

(G) stating what part, if any, of such Property Additions includes property which within six months prior to
the date of acquisition thereof by the Company had been used or operated by others than the Company in a business similar to that in which it has been or is to be used or operated by the Company and stating whether or not, in the judgment of the
signers, the Fair Value thereof to the Company, as of the date of such certificate, is less than Twenty-five Thousand Dollars ($25,000) and whether or not such Fair Value is less than one per centum (1%) of the 

  
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 sum of (x) the aggregate principal amount of Securities then Outstanding and
(y) the aggregate principal amount of Class A Bonds then Outstanding other than Class A Bonds delivered to and then held by the Trustee pursuant to Sections 402 and 701; 

(H) stating, in the judgment of the signers, the Fair Value to the Company, as of the date of such certificate,
of such Property Additions, except any thereof with respect to the Fair Value to the Company of which a statement is to be made in an Independent Expert’s Certificate pursuant to clause (iii) below; 

(I) stating the amount required to be deducted under Section 104(b)(i) and the amount elected to be added
under clauses (A), (B) and (C) of Section 104(b)(ii) in respect of Funded Property retired of the Company; and 

(J) stating that the Liens, if any, of the character described in clause (d) of the definition of
Permitted Liens to which any property included in such Property Additions is subject do not, in the judgment of the signers, materially impair the use by the Company of the Mortgaged Property considered as a whole for the purposes for which it is
held by the Company; 
 (iii) in case any Property Additions are shown by the Expert’s Certificate
provided for in clause (ii) above to include property which, within six months prior to the date of acquisition thereof by the Company, had been used or operated by others than the Company in a business similar to that in which it has been or
is to be used or operated by the Company and such certificate does not show the Fair Value thereof to the Company, as of the date of such certificate, to be less than Twenty-five Thousand Dollars ($25,000) or less than one per centum (1%) of the sum
of (A) the aggregate principal amount of Securities then Outstanding and (B) the aggregate principal amount of Class A Bonds then Outstanding other than Class A Bonds delivered to and then held by the Trustee pursuant to Sections
402 and 701, an Independent Expert’s Certificate stating, in the judgment of the signer, the Fair Value to the Company, as of the date of such Independent Expert’s Certificate, of (X) such Property Additions which have been so used or
operated and (at the option of the Company) as to any other Property Additions included in the Expert’s Certificate provided for in clause (ii) above and (Y) in case such Independent Expert’s Certificate is being delivered in
connection with the authentication and delivery of Securities, any property so used or operated which has been subjected to the Lien of this Indenture since the commencement of the then current calendar year as the basis for the authentication and
delivery of Securities and as to which an Independent Expert’s Certificate has not previously been furnished to the Trustee; 

(iv) in case any Property Additions are shown by the Expert’s Certificate provided for in clause
(ii) above to have been acquired, made or 

  
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 constructed in whole or in part through the delivery of securities or other
property, an Expert’s Certificate stating, in the judgment of the signers, the fair market value in cash of such securities or other property at the time of delivery thereof in payment for or for the acquisition of such Property Additions; 

(v) an Opinion of Counsel to the effect that: 

(A) this Indenture constitutes an effective Lien on all the Property Additions to be made the basis of the
authentication and delivery of such Securities, and the Lien of this Indenture on such Property Additions is, or upon the delivery of, and/or the filing and/or recording in the proper places and manner of, the instruments of conveyance, assignment
or transfer, if any, specified in said opinion, will be, subject to no Lien thereon prior to the Lien of this Indenture except Permitted Liens; and 

(B) the Company has corporate authority to operate such Property Additions; and 

(vi) copies of the instruments of conveyance, assignment and transfer, if any, specified in the Opinion of
Counsel provided for in clause (v) above. 
 SECTION 404. Issuance of Securities on the Basis of Retired Securities. 

(a) Subject to the provisions of subsection (c) of this Section, Securities of any one or more series may be authenticated
and delivered on the basis of, and in an aggregate principal amount not exceeding the aggregate principal amount of, Retired Securities. 

(b) Securities of any series shall be authenticated and delivered by the Trustee on the basis of Retired Securities upon
receipt by the Trustee of: 
 (i) the documents with respect to the Securities of such series specified in
Section 401; provided, however, that no Net Earnings Certificate shall be required to be delivered; and 

(ii) an Officer’s Certificate stating that: 

(A) Retired Securities, specified by series, in an aggregate principal amount not less than the aggregate
principal amount of Securities to be authenticated and delivered, have theretofore been authenticated and delivered and, as of the date of such Officer’s Certificate, constitute Retired Securities and are the basis for the authentication and
delivery of such Securities; and 
 (B) either (1) such Retired Securities were not authenticated and
delivered on the basis of Class A Bonds pursuant to Section 402 or (2) if such Retired Securities were so authenticated and delivered on the basis of Class A Bonds, such Retired Securities did not become such before the 

  
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 satisfaction and discharge of the Class A Mortgage under which such
Class A Bonds were issued pursuant to the provisions thereof. 
 SECTION 405. Issuance of Securities on the Basis of Deposit of
Cash. 
 (a) Securities of any one or more series may be authenticated and delivered on the basis of, and in an aggregate
principal not exceeding the amount of, any deposit with the Trustee of cash for such purpose. 
 (b) Securities of any series
shall be authenticated and delivered by the Trustee on the basis of the deposit of cash when the Trustee shall have received, in addition to such deposit, the documents with respect to the Securities of such series specified in Section 401.

 (c) All cash deposited with the Trustee under the provisions of this Section, and all cash required by Section 702
(a) to be applied in accordance with the provisions of this Section, shall be held by the Trustee as a part of the Mortgaged Property and may be withdrawn from time to time by the Company, upon application of the Company to the Trustee, in an amount
equal to the aggregate principal amount of Securities to the authentication and delivery of which the Company shall be entitled under any of the provisions of this Indenture by virtue of compliance with all applicable provisions of this Indenture
(except as hereinafter in this subsection (c) otherwise provided). 
 Upon any such application for withdrawal, the
Company shall comply with all applicable provisions of this Indenture relating to the authentication and delivery of Securities except that the Company shall not in any event be required to deliver the documents specified in Section 401. 

Any withdrawal of cash under this subsection (c) shall operate as a waiver by the Company of its right to the
authentication and delivery of the Securities on which it is based and such Securities may not thereafter be authenticated and delivered hereunder. Any Property Additions which have been made the basis of any such right to the authentication and
delivery of Securities so waived shall have the status of Funded Property and shall be deemed to have been made the basis of the withdrawal of such cash; any Retired Securities which have been made the basis of any such right to the authentication
and delivery of Securities so waived shall be deemed to have been made the basis of the withdrawal of such cash; and any Class A Bonds which have been made the basis of any such right to the authentication and delivery of Securities so waived
shall be deemed to have been made the basis of the withdrawal of such cash. 
 (d) If at any time the Company shall so
direct, any sums deposited with the Trustee under the provisions of this Section may be used or applied to the purchase, redemption or payment of Securities in the manner and subject to the conditions provided in clauses (d) and (e) of
Section 806; provided, however, that, none of such cash shall be applied to the payment of more than the principal amount of any Securities so purchased, redeemed or paid, except to the extent that the aggregate principal amount of all
Securities theretofore, and of all Securities then to be, purchased, redeemed and/or paid with cash deposited under this Section is not less than the aggregate cost for principal, premium, if any, interest, if any, and brokerage commission, if any,

  
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 on or with respect to all Securities theretofore, and on or with respect to all Securities then
to be, purchased, redeemed and/or paid with cash so deposited. 
 ARTICLE FIVE 

Redemption of Securities 

SECTION 501. Applicability of Article. 

Securities of any series, or any Tranche thereof, which are redeemable before their Stated Maturity shall be redeemable in
accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of such series or Tranche) in accordance with this Article. 

SECTION 502. Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or an Officer’s Certificate.
The Company shall, at least forty-five (45) days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount
of such Securities to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture or (b) pursuant to an
election of the Company which is subject to a condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction or condition. 

SECTION 503. Selection of Securities to Be Redeemed. 

If less than all the Securities of any series, or any Tranche thereof, are to be redeemed, the particular Securities to be
redeemed shall be selected by the Security Registrar from the Outstanding Securities of such series or Tranche not previously called for redemption, by such method as shall be provided for any particular series, or, in the absence of any such
provision, by such method of random selection as the Security Registrar shall deem fair and appropriate and which may, in any case, provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of
such series or Tranche or any integral multiple thereof) of the principal amount of Securities of such series or Tranche of a denomination larger than the minimum authorized denomination for Securities of such series or Tranche; provided, however,
that if, as indicated in an Officer’s Certificate, the Company shall have offered to purchase all or any principal amount of the Securities then Outstanding of any series, or any Tranche thereof, and less than all of such Securities as to which
such offer was made shall have been tendered to the Company for such purchase, the Security Registrar, if so directed by Company Order, shall select for redemption all or any principal amount of such Securities which have not been so tendered. 

The Security Registrar shall promptly notify the Company and the Trustee in writing of the Securities selected for redemption
and, in the case of any Securities selected to be redeemed in part, the principal amount thereof to be redeemed. 

  
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 For all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

SECTION 504. Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 109 to the Holders of the Securities to be redeemed
not less than 30 nor more than 60 days prior to the Redemption Date. 
 All notices of redemption shall state: 

(a) the Redemption Date, 

(b) the Redemption Price, 

(c) if less than all the Securities of any series or Tranche are to be redeemed, the identification of the
particular Securities to be redeemed and the portion of the principal amount of any Security to be redeemed in part, 

(d) that on the Redemption Date the Redemption Price, together with accrued interest, if any, to the Redemption
Date, will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 

(e) the place or places where such Securities are to be surrendered for payment of the Redemption Price and
accrued interest, if any, unless it shall have been specified as contemplated by Section 301 with respect to such Securities that such surrender shall not be required; 

(f) that the redemption is for a sinking or other fund, if such is the case, 

(g) such other matters as the Company shall deem desirable or appropriate. 

With respect to any notice of redemption of Securities at the election of the Company, unless, upon the giving of such notice,
such Securities shall be deemed to have been paid in accordance with Section 901, such notice may state that such redemption shall be conditional upon the receipt by the Paying Agent or Agents for such Securities, on or prior to the date fixed
for such redemption, of money sufficient to pay the principal of and premium, if any, and interest, if any, on such Securities and that if such money shall not have been so received such notice shall be of no force or effect and the Company shall
not be required to redeem such Securities. In the event that such notice of redemption contains such a condition and such money is not so received, the redemption shall not be made and within a reasonable time thereafter notice shall be given, in
the manner in which the notice of redemption was given, that such money was not so received and such redemption was not required to be made, and the Paying 

  
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 Agent or Agents for the Securities otherwise to have been redeemed shall promptly return to the
Holders thereof any of such Securities which had been surrendered for payment upon such redemption. 
 Notice of redemption
of Securities to be redeemed at the election of the Company, and any notice of non-satisfaction of a condition for redemption as aforesaid, shall be given by the Company or, at the Company’s request, by
the Security Registrar in the name and at the expense of the Company. Notice of mandatory redemption of Securities shall be given by the Security Registrar in the name and at the expense of the Company. 

SECTION 505. Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, and the conditions, if any, set forth in such notice having been
satisfied, the Securities or portions thereof so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless, in the case of an unconditional notice of
redemption, the Company shall default in the payment of the Redemption Price and accrued interest, if any) such Securities or portions thereof, if interest-bearing, shall cease to bear interest. Upon surrender of any such Security for redemption in
accordance with such notice, such Security or portion thereof shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; provided, however, that no such surrender shall be a condition to
such payment if so specified as contemplated by Section 301 with respect to such Security; and provided, further, that, except as otherwise specified as contemplated by Section 301 with respect to such Security, any installment of interest
on any Security the Stated Maturity of which is on or prior to the Redemption Date shall be payable to the Holder of such Security, or one or more Predecessor Securities, registered as such at the close of business on the related Regular Record Date
according to the terms of such Security and subject to the provisions of Section 307. 
 SECTION 506. Securities Redeemed in Part.

 Upon the surrender of any Security which is to be redeemed only in part at a Place of Payment therefor (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge, a new Security or Securities of the same series and Tranche, of any authorized denomination requested by such Holder and of like tenor
and in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

  
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 ARTICLE SIX 

Covenants 
 SECTION
601. Payment of Securities; Lawful Possession; Maintenance of Lien. 
 (a) The Company shall pay the principal of and
premium, if any, and interest, if any, on the Securities of each series in accordance with the terms of such Securities and this Indenture. 

(b) At the date of the execution and delivery of this Indenture, the Company is lawfully possessed of the Mortgaged Property
and has good right and lawful authority to mortgage and pledge the Mortgaged Property. 
 (c) The Company shall maintain and
preserve the Lien of this Indenture so long as any Securities shall remain Outstanding. 
 SECTION 602. Maintenance of Office or Agency.

 The Company shall maintain in each Place of Payment for the Securities of each series, or any Tranche thereof, an
office or agency where payment of such Securities shall be made, where the registration of transfer or exchange of such Securities may be effected and where notices and demands to or upon the Company in respect of such Securities and this Indenture
may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency and prompt notice to the Holders of any such change in the manner specified in
Section 109. If at any time the Company shall fail to maintain any such required office or agency in respect of Securities of any series, or any Tranche thereof, or shall fail to furnish the Trustee with the address thereof, payment of such
Securities shall be made, registration of transfer or exchange thereof may be effected and notices and demands in respect thereof may be served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
for all such purposes in any such event. 
 The Company may also from time to time designate one or more other offices or
agencies with respect to the Securities of one or more series, or any Tranche thereof, for any or all of the foregoing purposes and may from time to time rescind such designations; provided, however, that, unless otherwise specified as contemplated
by Section 301 with respect to the Securities of such series or Tranche, no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency for such purposes in each Place of Payment for
such Securities in accordance with the requirements set forth above. The Company shall give prompt written notice to the Trustee, and prompt notice to the Holders in the manner specified in Section 109, of any such designation or rescission and
of any change in the location of any such other office or agency. 
 Anything herein to the contrary notwithstanding, any
office or agency required by this Section may be maintained at an office of the Company, in which event the Company shall perform all functions to be performed at such office or agency. 

  
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 SECTION 603. Money for Securities Payments to Be Held in Trust. 

If the Company shall at any time act as its own Paying Agent with respect to the Securities of any series, or any Tranche
thereof, it shall, on or before each due date of the principal of and premium, if any, and interest, if any, on any of such Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal
and premium or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided. The Company shall promptly notify the Trustee of any failure by the Company (or any other obligor on such Securities)
to make any payment of principal of or premium, if any, or interest, if any, on such Securities. 
 Whenever the Company
shall have one or more Paying Agents for the Securities of any series, or any Tranche thereof, it shall, on or before each due date of the principal of and premium, if any, and interest, if any, on such Securities, deposit with such. Paying Agents
sums sufficient (without duplication) to pay the principal and premium or interest so becoming due, such sums to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the
Trustee) the Company shall promptly notify the Trustee of any failure by it so to act. 
 The Company shall cause each
Paying Agent for the Securities of any series, or any Tranche thereof, other than the Company or the Trustee, to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of
this Section, that such Paying Agent shall: 
 (a) hold all sums held by it for the payment of the principal
of and premium, if any, or interest, if any, on such Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(b) give the Trustee notice of any failure by the Company (or any other obligor upon such Securities) to make
any payment of principal of or premium, if any, or interest, if any, on such Securities; and 
 (c) at any
time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent and furnish to the Trustee such information as it possesses regarding the names and
addresses of the Persons entitled to such sums. 
 The Company may at any time pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent and, if so stated in a
Company Order delivered to the Trustee, in accordance with the provisions of Article Nine; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of and premium, if any, or interest, if any, on 

  
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 any Security and remaining unclaimed for two years after such principal and premium, if any, or
interest, if any, has become due and payable shall be paid to the Company on Company Request, or, if then held by the Company, shall be discharged from such trust; and, upon such payment or discharge, the Holder of such Security shall, as an
unsecured general creditor and not as the Holder of an Outstanding Security, look only to the Company for payment of the amount so due and payable and remaining unpaid, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment to the Company, may at the expense of the Company cause to be
mailed, on one occasion only, notice to such Holder that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such mailing, any unclaimed balance of such money
then remaining will be paid to the Company. 
 SECTION 604. Corporate Existence. 

Subject to the rights of the Company under Article Thirteen, the Company shall do or cause to be done all things necessary to
preserve and keep its corporate existence in full force and effect. 
 SECTION 605. Maintenance of Properties. 

The Company shall cause (or, with respect to property owned in common with others, make reasonable effort to cause) the
Mortgaged Property, as an operating system or systems, to be maintained and kept in good condition, repair and working order and shall cause (or, with respect to property owned in common with others, make reasonable effort to cause) to be made such
repairs, renewals, replacements, betterments and improvements thereof, as, in the judgment of the Company, may be necessary in order that the operation of the Mortgaged Property, considered as an operating system or systems, may be conducted in
accordance with common industry practice; provided, however, that nothing in this Section shall prevent the Company from discontinuing, or causing the discontinuance of, the operation and maintenance of any of its properties if such discontinuance
is, in the judgment of the Company, desirable in the conduct of its business. 
 SECTION 606. Payment of Taxes; Discharge of Liens.

 The Company shall pay all taxes and assessments and other governmental charges lawfully levied or assessed upon the
Mortgaged Property, or upon any part thereof, or upon the interest of the Trustee in the Mortgaged Property, before the same shall become delinquent, and shall make reasonable effort to observe and conform in all material respects to all valid
requirements of any Governmental Authority relative to any of the Mortgaged Property and all covenants, terms and conditions upon or under which any of the Mortgaged Property is held; and the Company shall not suffer any Lien to be hereafter created
upon the Mortgaged Property, or any part thereof, prior to the Lien hereof, other than Permitted Liens and other than, in the case of property hereafter acquired, purchase money Liens and any other Liens existing or placed thereon at the time of the
acquisition thereof (including, but not limited to, the Lien of any Class A Mortgage); provided, however, that nothing in this Section contained shall require the Company (i) to observe or conform to any requirement of Governmental
Authority or to cause to 

  
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 be paid or discharged, or to make provision for, any such Lien, or to pay any such tax,
assessment or governmental charge so long as the validity thereof shall be contested in good faith and by appropriate legal proceedings, (ii) to pay, discharge or make provisions for any tax, assessment or other governmental charge, the
validity of which shall not be so contested if adequate security for the payment of such tax, assessment or other governmental charge and for any penalties or interest which may reasonably be anticipated from failure to pay the same shall be given
to the Trustee or (iii) to pay, discharge or make provisions for any Liens existing on the Mortgaged Property at the date of execution and delivery of this Indenture. 

SECTION 607. Insurance. 

(a) The Company shall (i) keep or cause to be kept all the property subject to the Lien of this Indenture insured against
loss by fire, to the extent that property of similar character is usually so insured by companies similarly situated and operating like properties, to a reasonable amount, by reputable insurance companies, the proceeds of such insurance (except as
to any loss of materials and supplies and except as to any particular loss less than (A) Ten Million Dollars ($10,000,000) or, if greater, (B) three per centum (3%) of the sum of (1) the principal amount of Securities Outstanding on
the date of such particular loss and (2) the principal amount of the Class A Bonds Outstanding on the date of such particular loss, other than Class A Bonds delivered to and held by the Trustee hereunder) to be made payable, subject
to applicable law, to the Trustee as the interest of the Trustee may appear, to the trustee of a Class A Mortgage, or to the trustee or other holder of any other Lien prior hereto upon property subject to the Lien hereof, if the terms thereof
require such payment or (ii) in lieu of or supplementing such insurance in whole or in part, adopt some other method or plan of protection against loss by fire at least equal in protection to the method or plan of protection against loss by
fire of companies similarly situated and operating properties subject to similar fire hazards or properties on which an equal primary fire insurance rate has been set by reputable insurance companies; and if the Company shall adopt such other method
or plan of protection, it shall, subject to applicable law (and except as to any loss of materials and supplies and except as to any particular loss less than (X) Ten Million Dollars ($10,000,000) or, if greater, (Y) three per centum (3%)
of the sum of (1) the principal amount of Securities Outstanding on the date of such particular loss and (2) the principal amount of the Class A Bonds Outstanding on the date of such particular loss, other than Class A Bonds
delivered to and held by the Trustee pursuant to Sections 402 and 701) pay to the Trustee on account of any loss covered by such method or plan an amount in cash equal to the amount of such loss less any amounts otherwise paid to the Trustee, to the
trustee of a Class A Mortgage, or to the trustee or other holder of any other Lien prior hereto upon property subject to the Lien hereof, if the terms thereof require such payment. Any cash so required to be paid by the Company pursuant to any
such method or plan shall for the purposes of this Indenture be deemed to be proceeds of insurance. In case of the adoption of such other method or plan of protection, the Company shall also furnish to the Trustee a certificate of an actuary or
other qualified person appointed by the Company with respect to the adequacy of such method or plan. 
 Anything herein to
the contrary notwithstanding, the Company may have fire insurance policies with (i) a deductible provision in a dollar amount per occurrence not exceeding (A) Ten Million Dollars ($10,000,000) or, if greater, (B) three per centum (3%)
of the sum of (1) the principal amount of the Securities Outstanding on the date such policy goes into 

  
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 effect and (2) the principal amount of the Class A Bonds Outstanding on the date such
policy goes into effect, other than Class A Bonds delivered to and held by the Trustee pursuant to Sections 402 and 701, and/or (ii) co-insurance or self insurance provisions with a dollar amount per
occurrence not exceeding thirty per centum (30%) of the loss proceeds otherwise payable; provided, however, that the dollar amount described in clause (i) above may be exceeded to the extent such dollar amount per occurrence is below the
deductible amount in effect as to fire insurance (X) on property of similar character insured by companies similarly situated and operating like property or (Y) on property as to which an equal primary fire insurance rate has been set by
reputable insurance companies. 
 (b) All moneys paid to the Trustee by the Company in accordance with this Section or
received by the Trustee as proceeds of any insurance, in either case on account of a loss on or with respect to Funded Property, shall, subject to the requirements of any Class A Mortgage or other Lien prior hereto upon property subject to the
Lien hereof, be held by the Trustee and, subject as aforesaid, shall be paid by it to the Company to reimburse the Company for an equal amount expended or committed for expenditure in the rebuilding, renewal and/or replacement of the property
destroyed or damaged, upon receipt by the Trustee of: 
 (i) a Company Request requesting such payment, 

(ii) an Expert’s Certificate stating the amounts so expended or committed for expenditure and the nature
of such rebuilding, renewal and/or replacement and the Fair Value to the Company of the property rebuilt or renewed or to be rebuilt or renewed, and/or of the replacement property, and if 

(A) within six months prior to the date of acquisition thereof by the Company, such property has been used or
operated, by a person or persons other than the Company, in a business similar to that in which it has been or is to be used or operated by the Company, and 

(B) the Fair Value to the Company of such property as set forth in such Expert’s Certificate is not less
than Twenty-five Thousand Dollars ($25,000) and not less than one per centum (1%) of the sum of (x) the principal amount of the Securities at the time Outstanding and (y) the principal amount of Class A Bonds Outstanding at the time,
other than Class A Bonds delivered to and held by the Trustee pursuant to Sections 402 and 701, 
 the Expert making
such certificate shall be an Independent Expert, and 
 (iii) an Opinion of Counsel stating that, in the
opinion of the signer, the property so rebuilt or renewed or to be rebuilt or renewed, and/or the replacement property, is or will be subject to the Lien hereof to the same extent as was the property so destroyed or damaged. 

Any such money not so applied within thirty-six (36) months after its receipt by
the Trustee, or in respect of which notice in writing of intention to apply the same to the work of rebuilding or renewal then in progress and uncompleted shall not have been given to the Trustee 

  
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 by the Company within such thirty-six (36) months,
or which the Company shall at any time notify the Trustee is not to be so applied, shall thereafter be withdrawn, used or applied in the manner, to the extent and for the purposes, and subject to the conditions, provided in Section 806. 

Anything in this Indenture to the contrary notwithstanding, if property on or with respect to which a loss occurs constitutes
Funded Property in part only, the Company may, at its election, obtain the reimbursement of insurance proceeds attributable to the part of such property which constitutes Funded Property under this subsection (b) and obtain the reimbursement of
insurance proceeds attributable to the part of such property which does not constitute Funded Property under subsection (c) of this Section 607. 

(c) All moneys paid to the Trustee by the Company in accordance with this Section or received by the Trustee as proceeds of
any insurance, in either case on account of a loss on or with respect to property which does not constitute Funded Property, shall, subject to the requirements of any Class A Mortgage or other Lien prior hereto upon property subject to the Lien
hereof, be held by the Trustee and, subject as aforesaid, shall be paid by it to the Company upon receipt by the Trustee of: 

(i) a Company Request requesting such payment; 

(ii) an Expert’s Certificate stating: 

(A) that such moneys were paid to or received by the Trustee on account of a loss on or with respect to
property which does not constitute Funded Property; and 
 (B) if true, either (I) that the aggregate
amount of the Cost or Fair Value to the Company (whichever is less) of all Property Additions which do not constitute Funded Property (excluding, to the extent of such loss, the property on or with respect to which such loss was incurred), after
making deductions therefrom and additions thereto of the character contemplated by Section 104, is not less than zero or (II) that the amount of such loss does not exceed the aggregate Cost or Fair Value to the Company (whichever is less)
of Property Additions acquired, made or constructed on or after the ninetieth (90th) day prior to the date of the Company Request requesting such payment; or 

(C) if neither of the statements contemplated in subclause (B) above can be made, the amount by which zero
exceeds the amount referred to in subclause (B)(I) above (showing in reasonable detail the calculation thereof); and 

(iii) if the Expert’s Certificate required by clause (ii) above contains neither of the statements
contemplated in clause (ii)(B) above, an amount in cash, to be held by the Trustee as part of the Mortgaged Property, equal to the amount shown in clause (ii)(C) above. 

  
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 To the extent that the Company shall be entitled to withdraw proceeds of
insurance pursuant to this subsection (c), such proceeds shall be deemed not to constitute Funded Cash. 
 (d) Whenever
under the provisions of this Section the Company is required to deliver moneys to the Trustee and at the same time shall have satisfied the conditions set forth herein for payment of moneys to the Trustee, there shall be paid to or retained by the
Trustee or paid to the Company, as the case may be, only the net amount. 
 SECTION 608. Recording, Filing, etc. 

The Company shall cause this Indenture and all indentures and instruments supplemental hereto (or notices, memoranda or
financing statements as may be recorded or filed to place third parties on notice thereof) to be promptly recorded and filed and re-recorded and re-filed in such manner
and in such places, as may be required by law in order fully to preserve and protect the security of the Holders of the Securities and all rights of the Trustee, and shall furnish to the Trustee: 

(a) promptly after the execution and delivery of this Indenture and of each supplemental indenture, an Opinion
of Counsel either stating that in the opinion of such counsel this Indenture or such supplemental indenture (or notice, memorandum or financing statement in connection therewith) has been properly recorded and filed, so as to make effective the Lien
intended to be created hereby or thereby, and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to make such Lien effective. The Company shall be deemed to be in compliance with this
subsection (a) if (i) the Opinion of Counsel herein required to be delivered to the Trustee shall state that this Indenture or such supplemental indenture (or notice, memorandum or financing statement in connection therewith) has been received
for record or filing in each jurisdiction in which it is required to be recorded or filed and that, in the opinion of counsel (if such is the case), such receipt for record or filing makes effective the Lien intended to be created by this Indenture
or such supplemental indenture, and (ii) such opinion is delivered to the Trustee within such time, following the date of the execution and delivery of this Indenture or such supplemental indenture, as shall be practicable having due regard to
the number and distance of the jurisdictions in which this Indenture or such supplemental indenture is required to be recorded or filed; and 

(b) on or before June 1 of each year, beginning June 1, 1994, an Opinion of Counsel stating either
(i) that in the opinion of the signer such action has been taken, since the date of the most recent Opinion of Counsel furnished pursuant to this subsection (b) or the first Opinion of Counsel furnished pursuant to subsection (a) of
this Section, with respect to the recording, filing, re-recording, and re-filing of this instrument and of each indenture supplemental to this Indenture (or notice,
memorandum or financing statement in connection therewith), as is necessary to maintain the Lien hereof, and reciting the details of 

  
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 such action, or (ii) that in the opinion of such counsel no such action is
necessary to maintain such Lien. 
 The Company shall execute and, deliver such supplemental indenture or indentures and
such further instruments and do such further acts as may be necessary or proper to carry out the purposes of this Indenture and to make subject to the Lien hereof any property hereafter acquired, made or constructed, intended to be subject to the
Lien hereof, and to transfer to any new trustee or trustees or co-trustee or co-trustees, the estate, powers, instruments or funds held in trust hereunder. 

SECTION 609. Waiver of Certain Covenants. 

The Company may omit in any particular instance to comply with any term, provision or condition set forth in
(a) Section 602 or any additional covenant or restriction specified with respect to the Securities of any series, or any Tranche thereof, as contemplated by Section 301 if before the time for such compliance the Holders of at least a
majority in aggregate principal amount of the Outstanding Securities of all series and Tranches with respect to which compliance with Section 602 or such additional covenant or restriction is to be omitted, considered as one class, shall, by
Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition and (b) Section 604, 605, 606, 607 or 608 or Article Thirteen if before the time for such compliance
the Holders of at least a majority in principal amount of Securities Outstanding under this Indenture shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition;
but, in either case, no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and effect. 
 SECTION 610. Annual Officer’s Certificate
as to Compliance. 
 Not later than June 1 in each year, commencing June 1, 1994, the Company shall deliver to
the Trustee an Officer’s Certificate which need not comply with Section 105, executed by the principal executive officer, the principal financial officer or the principal accounting officer of the Company, as to such officer’s
knowledge of the Company’s compliance with all conditions and covenants under this Indenture, such compliance to be determined without regard to any period of grace or requirement of notice under this Indenture. 

ARTICLE SEVEN 

Class A Bonds; Additional Class A Mortgages; 

Discharge of Class A Mortgage 

SECTION 701. Registration and Ownership of Class A Bonds. 

Class A Bonds issued and delivered to the Trustee pursuant to Section 402 shall be registered in the name of the
Trustee or its nominee and shall be owned and held by the Trustee, subject to the provisions of this Indenture, for the benefit of the Holders of all Securities 

  
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 from time to time Outstanding, and the Company shall have no interest therein. The Trustee shall
be entitled to exercise all rights of securityholders under each Class A Mortgage either in its discretion or as otherwise provided in this Article or in Article Ten. 

SECTION 702. Payments on Class A Bonds. 

(a) Any payment by the Company of principal of or premium or interest on any Class A Bonds held by the Trustee shall be
applied by the Trustee to the payment of any principal, premium or interest, as the case may be, in respect of the Securities which is then due, and, to the extent of such application, the obligation of the Company hereunder to make such payment in
respect of the Securities shall be deemed to have been satisfied and discharged. 
 If, at the time of any such payment of
principal of Class A Bonds, there shall be no principal then due in respect of the Securities, such payment in respect of the Class A Bonds shall be deemed to constitute Funded Cash and shall be held by the Trustee as part of the Mortgaged
Property, to be withdrawn, used or applied in the manner, to the extent and for the purposes, and subject to the conditions, provided in Section 405(c); and thereafter the Securities authenticated and delivered on the basis of such Class A
Bonds shall, to the extent of such payment of principal, be deemed to have been authenticated and delivered on the basis of the deposit of cash. 

If, at the time of any such payment of premium or interest on Class A Bonds, there shall be no premium or interest, as
the case may be, then due in respect of the Securities, such payment in respect of the Class A Bonds shall be remitted to the Company upon receipt by the Trustee of a Company Order requesting the same, together with an Officer’s
Certificate stating that no Event of Default has occurred and is continuing; provided, however, that, if an Event of Default shall have occurred and be continuing, such proceeds shall be held as part of the Mortgaged Property until such Event of
Default shall have been cured or waived. 
 (b) Any payment by the Company hereunder of principal of or premium or interest
on Securities which shall have been authenticated and delivered upon the basis of the issuance and delivery to the Trustee of Class A Bonds (other than by the application of the proceeds of a payment in respect of such Class A Bonds)
shall, to the extent thereof, be deemed, for all purposes of this Indenture, to satisfy and discharge the obligation of the Company, if any, to make a payment of principal, premium or interest, as the case may be, in respect of such Class A
Bonds which is then due. 
 SECTION 703. Surrender of Class A Bonds. 

At the time any Securities which shall have been authenticated and delivered on the basis of the issuance and delivery to the
Trustee of Class A Bonds cease to be Outstanding (other than as a result of the application of the proceeds of the payment or redemption of such Class A Bonds), the Trustee shall surrender to, or upon the order of, the Company an equal
principal amount of such Class A Bonds. 

  
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 SECTION 704. No Transfer of Class A Bonds. 

Anything in this Indenture to the contrary notwithstanding, the Trustee shall not sell, assign or otherwise transfer any
Class A Bonds issued and delivered to it pursuant to Section 402 except to a successor trustee under this Indenture. The Company may take such actions as it shall deem necessary, desirable or appropriate to effect compliance with such
restrictions on transfer, including the placing of a legend on each Class A Bond and the issuance of stop-transfer instructions to the trustee under the related Class A Mortgage or any other transfer agent thereunder. 

SECTION 705. Voting of Class A Bonds. 

The Trustee shall, as the holder of Class A Bonds Outstanding under each Class A Mortgage, attend such meeting or
meetings of bondholders under such Class A Mortgage or, at its option, deliver its proxy in connection therewith, as relate to matters with respect to which it is entitled to vote or consent. So long as no Event of Default hereunder shall have
occurred and be continuing, either at any such meeting or meetings, or otherwise when the consent of the holders of the Class A Bonds Outstanding under any Class A Mortgage is sought without a meeting, the Trustee shall vote as holder of
such Class A Bonds, or shall consent with respect thereto, as follows: 
 (a) the Trustee shall vote all
Class A Bonds Outstanding under the PSCO 1939 Mortgage then held by it, or consent with respect thereto, in favor of any or all amendments or modifications of the PSCO 1939 Mortgage of substantially the same tenor and effect as any or all of
those set forth in Exhibit B to this Indenture; and 
 (b) with respect to any other amendments or
modifications of the PSCO 1939 Mortgage and to any amendments or modifications of any other Class A Mortgage, the Trustee shall vote all Class A Bonds Outstanding under such Class A Mortgage then held by it, or consent with respect
thereto, proportionately with the vote or consent of the holders of all other Class A Bonds Outstanding under such Class A Mortgage the holders of which are eligible to vote or consent, as indicated in a Class A Bondholder’s
Certificate delivered to the Trustee; provided, however, that the Trustee shall not so vote in favor of, or so consent to, any amendment or modification of a Class A Mortgage which, if it were an amendment or modification of this Indenture,
would require the consent of Holders, without the prior consent, obtained in the manner prescribed in Section 1402, of Holders of Securities which would be required under said Section 1402 for such an amendment or modification of this
Indenture. 
 For purposes of this Section, “Class A Bondholder’s Certificate” means a certificate
signed by the temporary chairman, the temporary secretary, the permanent chairman, the permanent secretary, or an inspector of votes at any meeting or meetings of bondholders under a Class A Mortgage, or by the trustee under such Class A
Mortgage in the case of consents of such bondholders which are sought without a meeting, which states what the signer thereof reasonably believes will be the proportionate votes or consents of the holders of all Class A 

  
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 Bonds (other than the Class A Bonds delivered to and held by the Trustee pursuant to
Sections 402 and 701) outstanding under such Class A Mortgage and counted for the purposes of determining whether such bondholders have approved or consented to the matter put before them. 

SECTION 706. Designation of Additional Class A Mortgages. 

(a) In the event that, after the date of the execution and delivery of this Indenture, a corporation which was the mortgagor
under a mortgage, deed of trust or similar indenture qualified under the Trust Indenture Act shall have merged into or consolidated with the Company, or shall have conveyed or otherwise transferred property to the Company subject to the Lien of such
a mortgage, deed of trust or similar indenture and the Company shall have duly assumed and agreed to perform and pay all the obligations of the mortgagor thereunder, such mortgage, deed of trust or similar indenture may be designated an additional
Class A Mortgage upon delivery to the Trustee of the following: 
 (i) a Company Order authorizing the
designation of such mortgage, deed of trust or similar indenture as an additional Class A Mortgage; 

(ii) an Officer’s Certificate (A) stating that no event has occurred and is continuing which entitles
the trustee under such mortgage, deed of trust or similar indenture to accelerate the maturity of the obligations outstanding thereunder, (B) reciting the aggregate principal amount of obligations theretofore issued under such mortgage, deed of
trust or similar indenture and the aggregate principal amount of obligations then outstanding thereunder and (C) either (1) stating that all obligations then outstanding under such mortgage, deed of trust or similar indenture that were issued
on the basis of property additions were issued in principal amounts that did not exceed seventy per centum (70%) of the balance of the cost or fair value of such property additions to the issuer thereof (whichever was less) after making deductions
and additions similar to those provided for in Section 104 hereof or contemplated in Section 4 of Article I and subdivision (3) of Section 6 of Article III of the PSCO 1939 Mortgage, or (2) in the event that the statements
contained in clause (1) above cannot be made, stating that the Company has irrevocably waived its right to the authentication and delivery of further obligations under such mortgage, deed of trust or similar indenture (I) on any basis, in
a principal amount equal to the excess of (x) the aggregate principal amount of obligations then outstanding under such mortgage, deed of trust or similar indenture which were issued on the basis of property additions or on the basis of the
retirement of obligations which were issued (whether directly or indirectly when considered in light of the successive issuance and retirement of obligations) on the basis of property additions over (y) an amount equal to seventy per centum
(70%) of the aggregate dollar amount of property additions certified as the basis for the issuance of such obligations then outstanding and (II) on the basis of property additions, in a principal amount exceeding seventy per centum (70%) of the
balance of the Cost or Fair Value to the Company thereof (whichever shall be less) after making deductions and. additions similar to those provided for in Section 104; and 

  
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 (iii) an Opinion or Opinions of Counsel to the effect that
(A) the corporation that was the mortgagor under such mortgage, deed of trust or similar indenture has been duly and lawfully merged into or consolidated with the Company or has duly and lawfully conveyed or otherwise transferred property to
the Company; (B) such mortgage, deed of trust or similar indenture is qualified under the Trust Indenture Act; (C) the Company has duly assumed and agreed to perform and pay the obligations of the mortgagor under such mortgage, deed of
trust or similar indenture; (D) such mortgage, deed of trust or similar indenture constitutes a Lien upon the property described therein prior to the Lien of this Indenture; (E) this Indenture constitutes an effective Lien on the property
described in such mortgage, deed of trust or similar indenture of the character described in Granting Clause First, and in any subsequent generic grant of unspecified property as contemplated in Granting Clause Third, acquired by the Company from
such corporation by virtue of such merger, consolidation, conveyance or other transfer, and the Lien of this Indenture upon such property is, or upon the delivery of, and/or the filing and/or the recording in the proper places and manner of, the
instruments of conveyance, assignment or transfer, if any, specified in such opinion, will be, subject to no Lien thereon prior to the Lien of this Indenture except the Lien of such mortgage, deed of trust or similar indenture, Permitted Liens, the
Lien of the PSCO 1939 Mortgage and Liens of the character permitted to exist or to be hereafter created under Section 606; (F) the terms of such mortgage, deed of trust or similar indenture, as then in effect, do not permit the further issuance
of obligations thereunder except on the basis of property additions of a character substantially similar to Property Additions, the retirement of outstanding obligations, the deposit of prior lien obligations or the deposit of cash; (G) either
(1) such mortgage, deed of trust or similar indenture does not, by its terms, permit the further issuance of obligations thereunder upon the basis of property additions in a principal amount exceeding seventy per centum (70%) of the balance of the
Cost or the Fair Value to the Company thereof (whichever shall be less) after making deductions and additions similar to those provided for in Section 104, or, if such is not the case, (2) that the waivers contemplated by clause (ii)(C)(2)
above have been duly made; (H) in the case of a conveyance or other transfer to the Company of property subject to the Lien of such mortgage, deed of trust or similar indenture, no Person (other than the Company) has the right to issue or
redeem obligations secured by, or to obtain the release of property from the Lien of, such mortgage, deed of trust or similar indenture; and (I) the indenture supplemental hereto referred to in clause (i) of subsection (b) of this
Section complies with the requirements of said clause (i), and the indenture supplemental to such mortgage, deed of trust or similar indenture referred to in clause (ii) of subsection (b) of this Section complies with the requirements of
said clause (ii). 
 (b) At such time as there shall have been executed and delivered and properly recorded and filed: 

(i) an indenture supplemental hereto (A) in which such mortgage, deed of trust or similar indenture has
been designated as an additional Class A 

  
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 Mortgage and (B) by which the Company has specifically imposed the Lien of
this Indenture upon properties of the character described in Granting Clause First, and in any subsequent generic grant of unspecified property as contemplated in Granting Clause Third, acquired by the Company from such corporation by virtue of the
merger, consolidation, conveyance or other transfer (and later improvements, extensions and additions thereto and renewals and replacements thereof) as contemplated by Section 1305(b) and 

(ii) an indenture supplemental to such mortgage, deed of trust or similar indenture by which such mortgage,
deed of trust or similar indenture has been amended to provide that a matured event of default thereunder shall include an Event of Default hereunder and/or a matured event of default under any other Class A Mortgage (other than any such
matured event of default which (A) is of similar kind or character to the Event of Default described in clause (c) of Section 1001 and (B) has not resulted in the acceleration of Class A Bonds Outstanding under such
Class A Mortgage); provided, however, that the waiver or cure of such Event of Default or matured event of default and the rescission and annulment of the consequences thereof shall constitute a waiver of the corresponding event of default
under such mortgage, deed of trust or similar indenture and a rescission and annulment of the consequences thereof; 
 then such mortgage,
deed of trust or similar indenture and all obligations issued and outstanding thereunder shall for all purposes hereof be treated as a Class A Mortgage and as Class A Bonds, respectively, to the full and same extent as if specifically
identified in Article One. 
 SECTION 707. Discharge of Class A Mortgage. 

The Trustee shall surrender for cancellation to the trustee under any Class A Mortgage all Class A Bonds then held by
the Trustee issued under such Class A Mortgage upon receipt by the Trustee of: 
 (a) a Company Order
requesting such surrender for cancellation of such Class A Bonds; 
 (b) an Officer’s Certificate
to the effect that no Class A Bonds are Outstanding under such Class A Mortgage other than Class A Bonds held by the Trustee hereunder and that promptly upon such surrender such Class A Mortgage will be satisfied and discharged
pursuant to the terms thereof; 
 (c) an Expert’s Certificate 

(i) describing all property constituting Property Additions designated by the Company, in its discretion, to be
deemed, on and after the date of such surrender for cancellation and for all purposes of this Indenture, to have been made the basis of the authentication and delivery of all Securities then Outstanding which shall have been authenticated and
delivered under Section 402 on the basis of Class A Bonds authenticated and delivered under such Class A Mortgage, such Property Additions to 

  
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 have, in the aggregate, a Cost (or as to Property Additions of which the Fair
Value to the Company specified pursuant to subclause (viii) or clause (d) below is less than the Cost thereof, then such Fair Value in lieu of Cost) not less than ten-sevenths (10/7) of the aggregate
principal amount of such Securities (such description to be made by reference, at the election of the Company, either to specified items, units and/or elements of property or portions thereof, on a percentage or Dollar basis, or to properties or
portions thereof reflected in specified accounts or subaccounts in the Company’s books of account, on a Dollar basis), and stating the Cost thereof; 

(ii) stating that all such property constitutes Property Additions; 

(iii) stating that such Property Additions are desirable for use in the conduct of the business of the Company;

 (iv) stating that such Property Additions, to the extent of the Cost (or as to Property Additions of which
the Fair Value to the Company specified pursuant to subclause (viii) or clause (d) below is less than the Cost thereof, then such Fair Value in lieu of Cost) to the Company to be deemed to have been made the basis of the authentication and
delivery of such Securities, do not constitute Funded Property; 
 (v) stating, except as to Property
Additions acquired, made or constructed wholly through the delivery of securities or other property, that the amount of cash forming all or part of the Cost thereof was equal to or more than an amount to be stated therein; 

(vi) briefly describing, with respect to any Property Additions acquired, made or constructed in whole or in
part through the delivery of securities or other property, the securities or other property so delivered and stating the date of such delivery; 

(vii) stating what part, if any, of such Property Additions included property which within six months prior to
the date of acquisition thereof by the Company had been used or operated by others than the Company in a business similar to that in which it has been or is to be used or operated by the Company and stating whether or not, in the judgment of the
signers, the Fair Value to the Company thereof, as of the date of such certificate, is less than Twenty-five Thousand Dollars ($25,000) and whether or not the Fair Value to the Company thereof, as of such date, is less than one per centum (1%) of
the sum of (x) the aggregate principal amount of Securities then Outstanding and (y) the aggregate principal amount of Class A Bonds then Outstanding other than Class A Bonds delivered to and then held by the Trustee pursuant to
Sections 402 and 701; 

  
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 (viii) stating, in the judgment of the signers, the Fair Value to
the Company, as of the date of such certificate, of such Property Additions, except any thereof with respect to the Fair Value to the Company of which a statement is to be made in an Independent Expert’s Certificate pursuant to clause
(d) below; provided, however, that if any such Property Additions shall have theretofore been certified to the trustee under such Class A Mortgage in connection with the authentication and delivery of Class A Bonds 

(A) which are held by the Trustee as of the date of such certificate; or 

(B) the retirement of which shall have theretofore been made the basis (whether directly or indirectly when
considered in light of the issuance and retirement of successive issues of Class A Bonds) of the authentication and delivery of Class A Bonds then held by the Trustee, 

then there may be stated, in lieu of the Fair Value to the Company of such Property Additions as of the date of such
certificate, the Fair Value to the Company thereof as so certified to the trustee under such Class A Mortgage; and 

(ix) stating that the Liens, if any, of the character described in clause (d) of the definition of
Permitted Liens to which any property included in such Property Additions is subject do not, in the judgment of the signers, materially impair the use by the Company of the Mortgaged Property considered as a whole for the purposes for which it is
held by the Company; 
 (d) in case any Property Additions are shown by the Expert’s Certificate
provided for in clause (c) above to include property which, within six months prior to the date of acquisition thereof by the Company, had been used or operated by others than the Company in a business similar to that in which it has been or is
to be used or operated by the Company and such certificate does not show the Fair Value to the Company thereof, as of the date of such certificate, to be less than Twenty-five Thousand Dollars ($25,000) or less than one per centum (1%) of the sum of
(i) the aggregate principal amount of Securities then Outstanding and (ii) the aggregate principal amount of Class A Bonds then Outstanding other than Class A Bonds delivered to and then held by the Trustee pursuant to Sections
402 and 701, an Independent Expert’s Certificate stating, in the judgment of the signer, the Fair Value to the Company, as of the date of such Independent Expert’s Certificate, of (x) such Property Additions which have been so used or
operated and (at the option of the Company) as to any other Property Additions included in the Expert’s Certificate provided for in clause (c) above and (y) any property so used or operated which has been subjected to the Lien of this
Indenture since the commencement of the then current calendar year as the basis 

  
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 for the authentication and delivery of Securities and as to which an Independent
Expert’s Certificate has not previously been furnished to the Trustee; 
 (e) in case any Property
Additions are shown by the Expert’s Certificate provided for in clause (c) above to have been acquired, made or constructed in whole or in part through the delivery of securities or other property, an Expert’s Certificate stating, in
the judgment of the signers, the fair market value in cash of such securities or other property at the time of delivery thereof in payment for or for the acquisition of such Property Additions; 

(f) an Opinion of Counsel to the effect that: 

(i) this Indenture constitutes an effective Lien on all the Property Additions to be deemed to have been made
the basis of the authentication and delivery of Securities then Outstanding which shall have been authenticated and delivered under Section 402 on the basis of Class A Bonds authenticated and delivered under such Class A Mortgage, and
the Lien of this Indenture on such Property Additions is, or upon (x) the delivery of, and/or the filing and/or recording in the, proper places and manner of, the instruments of conveyance, assignment or transfer, if any, specified in said
opinion and/or (y) the satisfaction and discharge of such Class A Mortgage will be, subject to no Lien thereon prior to the Lien of this Indenture except Permitted Liens; and 

(ii) the Company has corporate authority to operate such Property Additions; 

(g) an Opinion of Counsel to the effect that upon satisfaction and discharge of such Class A Mortgage the
Lien of this Indenture on the property formerly subject to the Lien of such Class A Mortgage, to the extent the same is part of the Mortgaged Property, will be subject to no Lien prior to the Lien of this Indenture except Permitted Liens and
Liens of the character permitted to exist or to be hereafter created under Section 606; and 
 (h)
copies of the instruments of conveyance, assignment and transfer, if any, specified in the Opinion of Counsel provided for in clause (f) above. 

Upon the surrender by the Trustee of Class A Bonds as contemplated in this Section, the Securities authenticated and
delivered on the basis of such Class A Bonds shall be deemed to have been authenticated and delivered upon the basis of Property Additions. 

  
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 ARTICLE EIGHT 

Possession, Use and Release of Mortgaged Property 

SECTION 801. Quiet Enjoyment. 

Unless one or more Events of Default shall have occurred and be continuing, the Company shall be permitted to possess, use and
enjoy the Mortgaged Property (except, to the extent not herein otherwise provided, such cash and securities as are expressly required to be deposited with the Trustee). 

SECTION 802. Dispositions without Release. 

Unless an Event of Default shall have occurred and be continuing, the Company may at any time and from time to time, without
any release or consent by, or report to, the Trustee: 
 (a) sell or otherwise dispose of, free from the Lien
of this Indenture, any machinery, apparatus, equipment, frames, towers, poles, wire, pipe, cable, conduit, mains, tubes, drains, valves, tools, implements or furniture, or any other fixtures or personalty, then subject to the Lien hereof, which
shall have become old, inadequate, obsolete, worn out, unfit, unadapted, unserviceable, undesirable or unnecessary for use in the operations of the Company upon replacing the same by, or substituting for the same, similar or analogous property, or
other property performing a similar or analogous function or otherwise obviating the need therefor, having a Fair Value at least equal to that of the property sold or otherwise disposed of and subject to the Lien hereof, subject to no Liens prior
hereto except Liens to which the property sold or otherwise disposed of was subject and Permitted Liens; 

(b) cancel or make changes or alterations in or substitutions for any and all easements, servitudes, rights of
way and similar rights and/or interests; and 
 (c) grant, free from the Lien of this Indenture, easements,
ground leases or rights of way in, upon, over and/or across the property or rights of way of the Company for the purpose of roads, pipe lines, transmission lines, distribution lines, communication lines, railways, removal of coal or other minerals
or timber, and other like purposes, or for the joint or common use of real property, rights of way, facilities and/or equipment; provided, however, that such grant shall not materially impair the use of the property or rights of way for the purposes
for which such property or rights of way are held by the Company. 
 SECTION 803. Release of Funded Property. 

Unless an Event of Default shall have occurred and be continuing, the Company may obtain the release of any part of the
Mortgaged Property, or any interest therein, which constitutes Funded Property, except cash then held by the Trustee (provided, however, that obligations secured by purchase money Lien deposited with the Trustee shall not be released except as
provided in 

  
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 Section 806), and the Trustee shall release all its right, title and interest in and to the
same from the Lien hereof, upon receipt by the Trustee of: 
 (a) a Company Order requesting the release of
such property; 
 (b) an Officer’s Certificate stating that, to the knowledge of the signer, no Event of
Default has occurred and is continuing; 
 (c) an Expert’s Certificate made and dated not more than
ninety (90) days prior to the date of such Company Order: 
 (i) describing the property to be released;

 (ii) stating the Fair Value, in the judgment of the signers, of the property to be released; 

(iii) stating the Cost of the property to be released (or, if the Fair Value to the Company of such property at
the time the same became Funded Property was less than the Cost thereof, then such Fair Value, in the judgment of the signers, in lieu of Cost); 

(iv) stating that (except in any case where a Governmental Authority has ordered the Company to divest itself
of such property) such release is, in the judgment of the signers, desirable in the conduct of business of the Company; and 

(v) stating that, in the judgment of the signers, such release will not impair the security under this
Indenture in contravention of the provisions hereof; 
 (d) an amount in cash to be held by the Trustee as
part of the Mortgaged Property, equal to the amount, if any, by which the amount referred to in clause (c)(iii) above exceeds the aggregate of the following items: 

(i) the aggregate principal amount, subject to the limitation stated below in this clause (d), of any
obligations delivered to the Trustee, to be held as part of the Mortgaged Property, consisting of obligations secured by purchase money Lien upon the property to be released; 

(ii) the Cost or Fair Value to the Company (whichever is less), after making any deductions and any additions
pursuant to Section 104, of any Property Additions not constituting Funded Property described in an Expert’s Certificate, dated not more than ninety (90) days prior to the date of the Company Order requesting such release and
complying with Section 403(b)(ii), delivered to the Trustee; provided, however, that the deductions and additions contemplated by Section 104 shall not be required to be made if such Property Additions were acquired, made or

  
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 constructed on or after the ninetieth (90th) day preceding the date of such
Company Order; 
 (iii) an amount equal to ten-sevenths (10/7) of the
aggregate principal amount of Securities to the authentication and delivery of which the Company shall be entitled under the provisions of Section 404, by virtue of compliance with all applicable provisions of Section 404 (except as
hereinafter in this Section otherwise provided); provided, however, that such release shall operate as a waiver by the Company of the right to the authentication and delivery of such Securities and, to such extent, no such Securities may thereafter
be authenticated and delivered hereunder; and any Securities which were the basis of such right to the authentication and delivery of Securities so waived shall be deemed to have been made the basis of such release of property; 

(iv) the aggregate principal amount, subject to the limitations stated below in this clause (d), of any
obligations secured by purchase money Lien upon the property to be released and/or any amount in cash that, in either case, is evidenced to the Trustee by a certificate of the trustee or other holder of a Lien prior to the Lien of this Indenture to
have been received by such trustee or other holder in accordance with the provisions of such Lien in consideration for the release of such property or any part thereof from such Lien; 

(v) an amount equal to ten-sevenths (10/7) of the aggregate principal
amount of any Outstanding Securities delivered to the Trustee; and 
 (vi) any taxes and expenses incidental
to any sale, exchange, dedication or other disposition of the property to be released; 
 provided, however, that (x) no
obligations secured by purchase money Lien upon any property being released from the Lien hereof shall be used as a credit in connection with such release unless all obligations secured by such purchase money Lien shall be delivered to the Trustee
or to the trustee or other holder of a Lien upon such property prior to the Lien of this Indenture; (y) the aggregate credit which may be used pursuant to subclause (i) and subclause (iv) of this clause (d) in respect of
obligations secured by purchase money Lien upon property being released shall not exceed seventy per centum (70%) of the Fair Value of the property to be released, as specified in such Expert’s Certificate; and (z) no obligations secured
by purchase money Lien shall be used as a credit in connection with the release of property hereunder, if the aggregate credit in respect of such obligations to be used by the Company pursuant to subclause (i) and subclause (iv) of this
clause (d) plus the aggregate credits used by the Company pursuant to said subclause (i) and subclause (iv) in connection with all previous releases of property from the Lien hereof on the basis of purchase money obligations
theretofore delivered to and then held by the Trustee or the trustee or 

  
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 other holder of a Lien prior to the Lien of this Indenture shall, immediately
after the release then being applied for, exceed twenty-five per centum (25%) of the sum of (A) the aggregate principal amount of Securities then Outstanding and (B) the aggregate principal amount of Class A Bonds then Outstanding
other than Class A Bonds delivered to and then held by the Trustee pursuant to Sections 402 and 701; 

(e) if the release is on the basis of Property Additions or on the basis of the right to the authentication and
delivery of Securities under Section 404, all documents contemplated by the next following full paragraph in this Section; and 

(f) if any obligations secured by purchase money Lien upon the property to be released are included in the
consideration for such release and are delivered to the Trustee or to the trustee or other holder of a Lien prior to the Lien of this Indenture in connection with such release, an Opinion of Counsel stating that, in the opinion of the signer, such
obligations are valid obligations, entitled to the benefit of such Lien equally and ratably with all other obligations then secured thereby, and that the purchase money Lien securing the same constitutes a valid Lien upon the property to be
released, subject to no Lien prior thereto except Permitted Liens and such Liens, if any, as shall have existed thereon immediately prior to such release as Liens prior to the Lien of this Indenture. 

If and to the extent that the release of property is, in whole or in part, based upon Property Additions (as permitted under
the provisions of clause (d)(ii) of this Section), the Company shall, subject to the provisions of said clause (d)(ii) and except as hereafter in this paragraph provided, comply with all applicable provisions of this Indenture as if such Property
Additions were to be made the basis of the authentication and delivery of Securities equal in principal amount to seventy per centum (70%) of the Cost (or, as to property of which the Fair Value to the Company at the time the same became Funded
Property was less than the Cost thereof, such Fair Value in lieu of Cost) of that portion of the property to be released which is to be released on the basis of such Property Additions, as shown by the Expert’s Certificate required by clause
(c) of this Section; provided, however, that the Cost of any Property Additions received or to be received by the Company in whole or in part as consideration in exchange for the property to be released shall for all purposes of this Indenture
be deemed to be the amount stated in the Expert’s Certificate provided for in clause (c) of this Section to be the Fair Value of the property to be released (x) plus the amount of any cash and the fair market value of any other
consideration, further to be stated in such Expert’s Certificate, paid and/or delivered or to be paid and/or delivered by, and the amount of any obligations assumed or to be assumed by, the Company in connection with such exchange as additional
consideration for such Property Additions and/or (y) less the amount of any cash and the fair market value to the Company of any other consideration, which shall also be stated in such Expert’s Certificate, received or to be received by
the Company in connection with such exchange in addition to such Property Additions. If and to the extent that the release of property is in whole or in part based upon the right to the authentication and delivery of Securities under
Section 404 (as permitted under the provisions of clause (d)(iii) of this Section), the Company shall, except as hereafter in this paragraph provided, comply with all applicable provisions of Section 404 relating to such

  
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 authentication and delivery. Notwithstanding the foregoing provisions of this paragraph, in no
event shall the Company be required to deliver the documents specified in Section 401. 
 If (a) any property to
be released from the Lien of this Indenture under any provision of this Article (other than Section 807) is subject to a Lien prior to the Lien hereof and is to be sold, exchanged, dedicated or otherwise disposed of subject to such prior Lien
and (b) after such release, such prior Lien will not be a Lien on any property subject to the Lien hereof, then the Fair Value of such property to be released shall be deemed, for all purposes of this Indenture, to be the value thereof
unencumbered by such prior Lien less the principal amount of the indebtedness secured by such prior Lien. 
 Any Outstanding
Securities deposited with the Trustee pursuant to clause (d) of this Section shall forthwith be canceled by the Trustee. Any cash and/or obligations so deposited with the Trustee, and the proceeds of any such obligations, shall be held as part
of the Mortgaged Property and shall be withdrawn, released, used or applied in the manner, to the extent and for the purposes, and subject to the conditions, provided in Section 806. 

All purchase money obligations and the Liens securing the same delivered to the Trustee pursuant to this Section shall be duly
assigned to the Trustee. The Company shall cause any such purchase money Lien and the assignment thereof to be promptly recorded and filed in such place or places as shall be required by law in order fully to preserve and protect the security
afforded thereby and shall furnish to the Trustee an Opinion of Counsel stating that, in the opinion of the signer, such purchase money Lien and the assignment thereof have been properly recorded and filed so as to make effective the Lien intended
to be created thereby. Should any re-recording or re-filing be necessary at any time or from time to time, the Company shall likewise cause the same to be duly effected
and shall, in each case, furnish to the Trustee an Opinion of Counsel similar to the foregoing. The Trustee shall deliver to the Company any purchase money Lien and/or assignment thereof whenever required for the purpose of recording or filing or re-recording or re-filing, as evidenced by an Opinion of Counsel, and the same shall be promptly returned to the Trustee when such purposes shall have been accomplished. 

Anything in this Indenture to the contrary notwithstanding, if property to be released constitutes Funded Property in part
only, the Company shall obtain the release of the part of such property which constitutes Funded Property under this Section 803 and obtain the release of the part of such property which does not constitute Funded Property under
Section 804. In such event, (a) the application of Property Additions in the release under this Section 803 as contemplated in clause (d)(ii) in the first paragraph thereof shall be taken into account in clause (v) or clause
(vi), whichever may be applicable, of the Expert’s Certificate described in clause (c) in Section 804 and (b) the Trustee shall, at the election of the Company, execute and deliver a separate instrument of release with respect to
the property released under each of such Sections or a consolidated instrument of release with respect to the property released under both of such Sections considered as a whole. 

SECTION 804. Release of Property Not Constituting Funded Property. 

Unless an Event of Default shall have occurred and be continuing, the Company may obtain the release of any part of the
Mortgaged Property, or any interest therein, which is 

  
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 not Funded Property, and the Trustee shall release all its right, title and interest in and to
the same from the Lien hereof, upon receipt by the Trustee of: 
 (a) a Company Order requesting the release
of such property; 
 (b) an Officer’s Certificate stating that, to the knowledge of the signer, no Event
of Default has occurred and is continuing; 
 (c) an Expert’s Certificate, made and dated not more than
ninety (90) days prior to the date of such Company Order: 
 (i) describing the property to be released;

 (ii) stating the Fair Value, in the judgment of the signers, of the property to be released; 

(iii) stating the Cost of the property to be released; 

(v) stating that the property to be released is not Funded Property; 

(vi) if true, stating either (A) that the aggregate amount of the Cost or Fair Value to the Company
(whichever is less) of all Property Additions which do not constitute Funded Property (excluding the property to be released), after making deductions therefrom and additions thereto of the character contemplated by Section 104, is not less
than zero or (B) that the Cost or Fair Value (whichever is less) of the property to be released does not exceed the aggregate Cost or Fair Value to the Company (whichever is less) of Property Additions acquired, made or constructed on or after
the ninetieth (90th) day prior to the date of the Company Order requesting such release; 
 (vi) if neither
of the statements contemplated in subclause (v) above can be made, stating the amount by which zero exceeds the amount referred to in subclause (v)(A) above (showing in reasonable detail the calculation thereof); 

(vii) stating that (except in any case where a Governmental Authority has ordered the Company to divest itself
of such property) such release is, in the opinion of the signers, desirable in the conduct of the business of the Company; 

(viii) stating that, in the judgment of the signers, such release will not impair the security under this
Indenture in contravention of the provisions hereof; and 
 (d) if the Expert’s Certificate required by
clause (c) above contains neither of the statements contemplated in clause (c)(v) above, an amount in cash, 

  
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 to be held by the Trustee as part of the Mortgaged Property, equal to the amount,
if any, by which the lower of (i) the Cost or Fair Value (whichever is less) of the property to be released and (ii) the amount shown in clause (c)(vi) above exceeds the aggregate of items of the character described in subclauses
(iii) and (v) of clause (d) of Section 803 then to be used as a credit under this Section 804 (subject, however, to the same limitations and conditions with respect to such items as are set forth in Section 803). 

Any Outstanding Securities deposited with the Trustee pursuant to clause (d) above shall forthwith be canceled by the
Trustee. 
 SECTION 805. Release of Minor Properties. 

Notwithstanding the provisions of Sections 803 and 804, unless an Event of Default shall have occurred and be continuing, the
Company may obtain the release from the Lien hereof of any part of the Mortgaged Property, or any interest therein, and the Trustee shall whenever from time to time requested by the Company in a Company Order, and without requiring compliance with
any of the provisions of Section 803 or 804, release from the Lien hereof all the right, title and interest of the Trustee in and to the same provided that the aggregate Fair Value of the property to be so released on any date in a given
calendar year, together with all other property released pursuant to this Section 805 in such calendar year, shall not exceed (a) Ten Million Dollars ($10,000,000) or, if greater, (b) three per centum (3%) of the sum of (i) the
aggregate principal amount of Securities then Outstanding and (ii) the aggregate principal amount of Class A Bonds then Outstanding other than Class A Bonds delivered to and then held by the Trustee pursuant to Sections 402 and 701.
Prior to the granting of any such release, there shall be delivered to the Trustee (x) an Officer’s Certificate stating that, to the knowledge of the signer, no Event of Default has occurred and is continuing and (y) an Expert’s
Certificate stating, in the judgment of the signers, the Fair Value of the property to be released, the aggregate Fair Value of all other property. theretofore released pursuant to this Section 805 in such calendar year and, as to Funded
Property, the Cost thereof (or, if the Fair Value to the Company of such property at the time the same became Funded Property was less than the Cost thereof, then such Fair Value, in the judgment of the signers, in lieu of Cost), and that, in the
judgment of the signers, the release thereof will not impair the security under this Indenture in contravention of the provisions hereof. On or before December 31st of each calendar year, the Company shall deposit with the Trustee an amount in cash
equal to the aggregate Cost of the properties constituting Funded Property so released during such year (or, if the Fair Value to the Company of any particular property at the time the same became Funded Property was less than the Cost thereof, then
such Fair Value in lieu of Cost); provided, however, that no such deposit shall be required to be made hereunder to the extent that cash or other consideration shall, as indicated in an Officer’s Certificate delivered to the Trustee, have been
deposited with the trustee or other holder of a Class A Mortgage or other Lien prior to the Lien of this Indenture in accordance with the provisions thereof. Any cash deposited with the Trustee under this Section may thereafter be withdrawn,
used or applied in the manner, to the extent and for the purposes, and subject to the conditions, provided in Section 806. 

  
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 SECTION 806. Withdrawal or Other Application of Funded Cash; Purchase Money Obligations.

 Subject to the provisions of Section 405 and Section 702(a) and except as hereafter in this Section
provided, unless an Event of Default shall have occurred and be continuing, any Funded Cash held by the Trustee, and any other cash which is required to be withdrawn, used or applied as provided in this Section, 

(a) may be withdrawn from time to time by the Company to the extent of the Cost or the Fair Value to the
Company (whichever is less) of Property Additions not constituting Funded Property, after making any deductions and additions pursuant to Section 104, described in an Expert’s Certificate, dated not more than ninety (90) days prior to
the date of the Company Order requesting such withdrawal and complying with Section 403(b)(ii), delivered to the Trustee; provided, however, that the deductions and additions contemplated by Section 104 shall not be required to be made if
such Property Additions were acquired, made or constructed on or after the ninetieth (90th) day preceding the date of such Company Order; 

(b) may be withdrawn from time to time by the Company in an amount equal to
ten-sevenths (10/7) of the aggregate principal amount of Securities to the authentication and delivery of which the Company shall be entitled under the provisions of Section 404 hereof, by virtue of
compliance with all applicable provisions of Section 404 (except as hereinafter in this Section otherwise provided); provided, however, that such withdrawal of cash shall operate as a waiver by the Company of the right to the authentication and
delivery of such Securities and, to such extent, no such Securities may thereafter be authenticated and delivered hereunder; and any such Securities which were the basis of such right to the authentication and delivery of Securities so waived shall
be deemed to have been made the basis of such withdrawal of cash; 
 (c) may be withdrawn from time to time
by the Company in an amount equal to ten-sevenths (10/7) of the aggregate principal amount of any Outstanding Securities delivered to the Trustee; 

(d) may, upon the request of the Company, be used by the Trustee for the purchase of Securities in the manner,
at the time or times, in the amount or amounts, at the price or prices (not exceeding ten-sevenths (10/7) of the principal amount thereof) and otherwise as directed or approved by the Company; or 

(e) may, upon the request of the Company, be applied by the Trustee to the payment (or provision therefor
pursuant to Article Nine) at Stated Maturity of any Securities or to the redemption (or similar provision therefor) of any Securities which are, by their terms, redeemable, in each case of such series as may be designated by the Company, any such
redemption to be in the manner and as provided in Article Five. 

  
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 Such moneys shall, from time to time, be paid or used or applied by the Trustee,
as aforesaid, upon the request of the Company in a Company Order, and upon receipt by the Trustee of an Officer’s Certificate stating that, to the knowledge of the signer, no Event of Default has occurred and is continuing. If and to the extent
that the withdrawal of cash is based upon Property Additions (as permitted under the provisions of clause (a) above), the Company shall, subject to the provisions of said clause (a) and except as hereafter in this paragraph provided,
comply with all applicable provisions of this Indenture as if such Property Additions were made the basis for the authentication and delivery of Securities equal in principal amount to seventy per centum (70%) of the cash so to be withdrawn. If and
to the extent that the withdrawal of cash is based upon the right to the authentication and delivery of Securities (as permitted under the provisions of clause (b) above), the Company shall, except as hereafter in this paragraph provided,
comply with all applicable provisions of Section 404 relating to such authentication and delivery. Notwithstanding the foregoing provisions of this paragraph, in no event shall the Company be required to deliver the documents specified in
Section 401. 
 All obligations secured by a purchase money Lien delivered to the Trustee in consideration of the
release of property from the Lien of this Indenture shall be released from the Lien of this Indenture and delivered to or upon the order of the Company, together with the evidence of such purchase money Lien, upon payment by the Company to the
Trustee of an amount in cash equal to the amount of credit used by the Company in respect of such obligations in connection with the release of such property from the Lien of this Indenture less the aggregate amount theretofore paid to the Trustee
(by the Company, the obligor or otherwise) in respect of the principal of such obligations. 
 The principal of and interest
on any such obligations secured by purchase money Lien held by the Trustee shall be collected by the Trustee as and when the same become payable. The interest received by the Trustee on any such obligations shall be deemed not to constitute Funded
Cash and shall be remitted to the Company, and any payments received by the Trustee on account of the principal of any such obligations in excess of the amount of credit used by the Company in respect of such obligations upon the release of any
property from the Lien hereof shall be deemed not to constitute Funded Cash and shall also be remitted to the Company; provided, however, that if an Event of Default shall have occurred and be continuing, such proceeds shall be held as part of the
Mortgaged property until such Event of Default shall have been cured or waived. 
 The Trustee shall have and may exercise
all the rights and powers of any owner of such obligations and of all substitutions therefor and, without limiting the generality of the foregoing, may collect and receive all insurance moneys payable to it under any of the provisions thereof and
apply the same in accordance with the provisions thereof, may consent to extensions thereof at a higher or lower rate of interest, may join in any plan or plans of voluntary or involuntary reorganization or readjustment or rearrangement and may
accept and hold hereunder new obligations, stocks or other securities issued in exchange therefor under any such plan. Any discretionary action which the Trustee may be entitled to take in connection with any such obligations or substitutions
therefor shall be taken, so long as no Event of Default shall have occurred and be continuing, in accordance with a Company Order, and, during the continuance of an Event of Default, in its own discretion. 

  
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 Any Securities received by the Trustee pursuant to the provisions of this Section
shall forthwith be canceled by the Trustee. 
 SECTION 807. Release of Property Taken by Eminent Domain, etc. 

Should any of the Mortgaged Property, or any interest therein, be taken by exercise of the power of eminent domain or be sold
to an entity possessing the power of eminent domain under a threat to exercise the same, and should the Company elect not to obtain the release of such property pursuant to other provisions of this Article Eight, the Trustee shall, upon request of
the Company evidenced by a Company Order, release from the Lien hereof all its right, title and interest in and to the property so taken or sold (or with respect to an interest in property, subordinate the Lien hereof to such interest), upon
receiving (a) an Opinion of Counsel to the effect that such property has been taken by exercise of the power of eminent domain or has been sold to an entity possessing the power of eminent domain under threat of an exercise of such power,
(b) an Officer’s Certificate stating the amount of net proceeds received or to be received for such property so taken or sold, and the amount so stated shall be deemed to be the Fair Value of such property for the purpose of any notice to
the Holders of Securities, (c) if any portion of such property constitutes Funded Property, an Expert’s Certificate stating the Cost thereof (or, if the Fair Value to the Company of such portion of such property at the time the same became
Funded Property was less than the Cost thereof, then such Fair Value, in the judgment of the signers, in lieu of Cost) and (d) if any portion of such property constitutes Funded Property, a deposit by the Company of an amount in cash equal to
the amount of the Cost or Fair Value stated in the Expert’s Certificate delivered pursuant to clause (c) above; provided, however, that the amount required to be so deposited shall not exceed the portion of the net proceeds received or to
be received for such property so taken or sold which is allocable on a pro-rata or other reasonable basis to the portion of such property constituting Funded Property; and provided, further, that no such
deposit shall be required to be made hereunder if the proceeds of such taking or sale shall, as indicated in an Officer’s Certificate delivered to the Trustee, have been deposited with the trustee or other holder of a Class A Mortgage or
other Lien prior to the Lien of this Indenture. Any cash deposited with the Trustee under this Section may thereafter be withdrawn, used or applied in the manner, to the extent and for the purposes, and subject to the conditions, provided in
Section 806. 
 SECTION 808. Alternative Release Provision. 

Anything in this Indenture to the contrary notwithstanding, unless an Event of Default shall have occurred and be continuing,
the Company may obtain the release of any part of the Mortgaged Property which is subject to the Lien of a Class A Mortgage (except cash or obligations secured by purchase money Lien), without compliance with any of the provisions of
Section 803, 804 or 805, by delivery to the Trustee of an Officer’s Certificate stating that, to the knowledge of the signer, no Event of Default has occurred and is continuing, an Expert’s Certificate as to the Fair Value of the
property to be released and a copy of a release of such part of the Mortgaged Property from the Lien of such Class A Mortgage executed by the trustee thereunder. 

  
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 SECTION 809. Disclaimer or Quitclaim. 

In case the Company has sold, exchanged, dedicated or otherwise disposed of, or has agreed or intends to sell, exchange,
dedicate or otherwise dispose of, or a Governmental Authority has ordered the Company to divest itself of, any property of a character excepted from the Lien hereof, or the Company desires to disclaim or quitclaim title to property to which the
Company does not purport to have title, the Trustee shall, from time to time, execute such instruments of disclaimer or quitclaim as may be appropriate upon receipt by the Trustee of the following: 

(a) an Officer’s Certificate describing the property to be disclaimed or quitclaimed; and 

(b) an Opinion of Counsel stating the signer’s opinion that such property is not subject to the Lien
hereof or required to be subject thereto by any of the provisions hereof. 
 SECTION 810. Miscellaneous. 

(a) The Expert’s Certificate as to the Fair Value of property to be released from the Lien of this Indenture in accordance
with any provision of this Article, and as to the nonimpairment, by reason of such release, of the security under this Indenture in contravention of the provisions hereof, shall be made by an Independent Expert if the Fair Value of such property and
of all other property released since the commencement of the then current calendar year, as set forth in the certificates required by this Indenture, is ten per centum (10%) or more of the sum of (a) the principal amount of the Securities at
the time Outstanding and (b) the principal amount of the Class A Bonds at the time Outstanding other than Class A Bonds delivered to and held by the Trustee pursuant to Sections 402 and 701; but such Expert’s Certificate shall
not be required to be made by an Independent Expert in the case of any release of property if the Fair Value thereof, as set forth in the certificates required by this Indenture, is less than Twenty-five Thousand Dollars ($25,000) or less than one
per centum (1%) of the sum of (x) the principal amount of the Securities at the time Outstanding and (y) the principal amount of the Class A Bonds at the time Outstanding other than Class A Bonds delivered to and held by the
Trustee pursuant to Sections 402 and 701. To the extent that the Fair Value of any property to be released from the Lien of this Indenture shall be stated in an Independent Expert’s Certificate, such Fair Value shall not be required to be
stated in any other Expert’s Certificate delivered in connection with such release. 
 (b) If the Mortgaged Property
shall be in the possession of a receiver or trustee, lawfully appointed, the powers hereinbefore conferred upon the Company with respect to the release of any part of the Mortgaged Property or any interest therein or the withdrawal of cash may be
exercised, with the approval of the Trustee, by such receiver or trustee, notwithstanding that an Event of Default may have occurred and be continuing, and any request, certificate, appointment or approval made or signed by such receiver or trustee
for such purposes shall be as effective as if made by the Company or any of its officers or appointees in the manner herein provided; and if the Trustee shall be in possession of the Mortgaged Property under any

  
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 provision of this Indenture, then such powers may be exercised by the Trustee in its discretion
notwithstanding that an Event of Default may have occurred and be continuing. 
 (c) If any property released from the Lien
of this Indenture as provided in Section 803, 804 or 805 shall continue to be owned by the Company after such release, this Indenture shall not become or be, or be required to become or be, a Lien upon such property or any improvement,
extension or addition to such property or renewals, replacements or substitutions of or for any part or parts of such property unless the Company shall execute and deliver to the Trustee an indenture supplemental hereto, in recordable form,
containing a grant, conveyance, transfer and mortgage thereof. 
 (d) Notwithstanding the occurrence and continuance of an
Event of Default, the Trustee, in its discretion, may release from the Lien hereof any part of the Mortgaged Property or permit the withdrawal of cash, upon compliance with the other conditions specified in this Article in respect thereof. 

(e) No purchaser in good faith of property purporting to have been released hereunder shall be bound to ascertain the authority
of the Trustee to execute the release, or to inquire as to any facts required by the provisions hereof for the exercise of this authority; nor shall any purchaser or grantee of any property or rights permitted by this Article to be sold, granted,
exchanged, dedicated or otherwise disposed of, be under obligation to ascertain or inquire into the authority of the Company to make any such sale, grant, exchange, dedication or other disposition. 

ARTICLE NINE 

Satisfaction and Discharge 

SECTION 901. Satisfaction and Discharge of Securities. 

Any Security or Securities, or any portion of the principal amount thereof, shall be deemed to have been paid for all purposes
of this Indenture, and the entire indebtedness of the Company in respect thereof shall be satisfied and discharged, if there shall have been irrevocably deposited with the Trustee or any Paying Agent (other than the Company), in trust: 

(a) money (including Funded Cash not otherwise applied pursuant to Section 806) in an amount which shall
be sufficient, or 
 (b) in the case of a deposit made prior to the Maturity of such Securities or portions
thereof, Eligible Obligations, which shall not contain provisions permitting the redemption or other prepayment thereof at the option of the issuer thereof, the principal of and the interest on which when due, without any regard to reinvestment
thereof, will provide moneys which, together with the money, if any, deposited with or held by the Trustee or such Paying Agent, shall be sufficient, or 

(c) a combination of (a) or (b) which shall be sufficient,

  
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 to pay when due the principal of and premium, if any, and interest, if any, due and to become due
on such Securities or portions thereof; provided, however, that in the case of the provision for payment or redemption of less than all the Securities of any series or Tranche, such Securities or portions thereof shall have been selected by the
Security Registrar as provided herein and, in the case of a redemption, the notice requisite to the validity of such redemption shall have been given or irrevocable authority shall have been given by the Company to the Trustee to give such notice,
under arrangements satisfactory to the Trustee; and provided, further, that the Company shall have delivered to the Trustee and such Paying Agent: 

(x) if such deposit shall have been made prior to the Maturity of such Securities, a Company Order stating that
the money and Eligible Obligations deposited in accordance with this Section shall be held in trust, as provided in Section 903; 

(y) if Eligible Obligations shall have been deposited, an Opinion of Counsel to the effect that such
obligations constitute Eligible Obligations and do not contain provisions permitting the redemption or other prepayment at the option of the issuer thereof, and an opinion of an Independent public Accountant of nationally recognized standing,
selected by the Company, to the effect that the other requirements set forth in clause (b) above have been satisfied; and 

(z) if such deposit shall have been made prior to the Maturity of such Securities, an Officer’s
Certificate stating the Company’s intention that upon delivery of such Officer’s Certificate, its indebtedness in respect of such Securities or portions thereof will have been satisfied and discharged as contemplated in this Section. 

Upon the deposit of money or Eligible Obligations, or both, in accordance with this Section, together with the documents
required by clauses (x), (y) and (z) above, the Trustee shall, upon Company Request, acknowledge in writing that such Securities or portions thereof are deemed to have been paid for all purposes of this Indenture and that the entire
indebtedness of the Company in respect thereof has been satisfied and discharged as contemplated in this Section. In the event that all of the conditions set forth in the preceding paragraph shall have been satisfied in respect of any Securities or
portions thereof except that, for any reason, the Officer’s Certificate specified in clause (z) shall not have been delivered, such Securities or portions thereof shall nevertheless be deemed to have been paid for all purposes of this
Indenture, and the Holders of such Securities or portions thereof shall nevertheless be no longer entitled to the benefit of the Lien of this Indenture or of any of the covenants of the Company under Article Six (except the covenants contained in
Sections 602 and 603) or any other covenants made in respect of such Securities or portions thereof as contemplated by Section 301, but the indebtedness of the Company in respect of such Securities or portions thereof shall not be deemed to
have been satisfied and discharged prior to Maturity for any other purpose; and, upon Company Request, the Trustee shall acknowledge in writing that such Securities or portions thereof are deemed to have been paid for all purposes of this Indenture.

 If payment at Stated Maturity of less than all of the Securities of any series, or any Tranche thereof, is to be provided
for in the manner and with the effect provided in this Section, 

  
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 the Security Registrar shall select such Securities, or portions of principal amount thereof, in
the manner specified by Section 503 for selection for redemption of less than all the Securities of a series or Tranche. 

In the event that Securities which shall be deemed to have been paid for purposes of this Indenture, and, if such is the case,
in respect of which the Company’s indebtedness shall have been satisfied and discharged, all as provided in this Section, do not mature and are not to be redeemed within the sixty (60) day period commencing with the date of the deposit of
moneys or Eligible Obligations, as aforesaid, the Company shall, as promptly as practicable, give a notice, in the same manner as a notice of redemption with respect to such Securities, to the Holders of such Securities to the effect that such
deposit has been made and the effect thereof. 
 Notwithstanding that any Securities shall be deemed to have been paid for
purposes of this Indenture, as aforesaid, the obligations of the Company and the Trustee in respect of such Securities under Sections 304, 305, 306, 504, 602, 603, 1107 and 1115 and this Article Nine shall survive. 

The Company shall pay, and shall indemnify the Trustee or any Paying Agent with which Eligible Obligations shall have been
deposited as provided in this Section against, any tax, fee or other charge imposed on or assessed against such Eligible Obligations or the principal or interest received in respect of such Eligible Obligations, including, but not limited to, any
such tax payable by any entity deemed, for tax purposes, to have been created as a result of such deposit. 
 Anything
herein to the contrary notwithstanding, (a) if, at any time after a Security would be deemed to have been paid for purposes of this Indenture, and, if such is the case, the Company’s indebtedness in respect, thereof would be deemed to have
been satisfied and discharged, pursuant to this Section (without regard to the provisions of this paragraph), the Trustee or any Paying Agent, as the case may be, shall be required to return the money or Eligible Obligations, or combination thereof,
deposited with it as aforesaid to the Company or its representative under any applicable Federal or State bankruptcy, insolvency or other similar law, such Security shall thereupon be deemed retroactively not to have been paid and any satisfaction
and discharge of the Company’s indebtedness in respect thereof shall retroactively be deemed not to have been effected, and such Security shall be deemed to remain Outstanding and (b) any satisfaction and discharge of the Company’s
indebtedness in respect of any Security shall be subject to the provisions of the last paragraph of Section 603. 
 SECTION 902.
Satisfaction and Discharge of Indenture. 
 This Indenture shall upon Company Request cease to be of further effect
(except as hereinafter expressly provided), and the Trustee, at the expense of the Company, shall execute such instruments as the Company shall reasonably request to evidence and acknowledge the satisfaction and discharge of this Indenture, when:

 (a) no Securities remain Outstanding hereunder; and 

(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company;

  
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 provided, however, that if, in accordance with the last paragraph of Section 901, any
Security, previously deemed to have been paid for purposes of this Indenture, shall be deemed retroactively not to have been so paid, this Indenture shall thereupon be deemed retroactively not to have been satisfied and discharged, as aforesaid, and
to remain in full force and effect, and the Company shall execute and deliver such instruments as the Trustee shall reasonably request to evidence and acknowledge the same. 

Notwithstanding the satisfaction and discharge of this Indenture as aforesaid, the obligations of the Company and the Trustee
under Sections 304, 305, 306, 504, 602, 603, 1107 and 1115 and this Article Nine shall survive. 
 Upon satisfaction and
discharge of this Indenture as provided in this Section, the Trustee shall release, quit claim and otherwise turn over to the Company the Mortgaged Property (other than money and Eligible Obligations held by the Trustee pursuant to Section 903)
and shall execute and deliver to the Company such deeds and other instruments as, in the judgment of the Company, shall be necessary, desirable or appropriate to effect or evidence such release and quitclaim and the satisfaction and discharge of the
Lien of this Indenture. 
 SECTION 903. Application of Trust Money. 

Neither the Eligible Obligations nor the money deposited pursuant to Section 901, nor the principal or interest payments
on any such Eligible Obligations, shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of and premium, if any, and interest, if any, on the Securities or portions of principal amount
thereof in respect of which such deposit was made, all subject, however, to the provisions of Section 603; provided, however, that any cash received from such principal or interest payments on such Eligible Obligations, if not then needed for
such purpose, shall, to the extent practicable, be invested in Eligible Obligations of the type described in clause (b) in the first paragraph of Section 901 maturing at such times and in such amounts as shall be sufficient to pay when due
the principal of and premium, if any, and interest, if any, due and to become due on such Securities or portions thereof on and prior to the Maturity thereof, and interest earned from such reinvestment shall be paid over to the Company as received,
free and clear of the Lien of this Indenture; and provided, further, that any moneys held in accordance with this Section on the Maturity of all such Securities in excess of the amount required to pay the principal of and premium, if any, and
interest, if any, then due on such Securities shall be paid over to the Company free and clear of the Lien of this Indenture; and provided, further, that if an Event of Default shall have occurred and be continuing; moneys to be paid over to the
Company pursuant to this Section shall be held as part of the Mortgaged Property until such Event of Default shall have been waived or cured. 

  
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 ARTICLE TEN 

Events of Default; Remedies 

SECTION 1001. Events of Default. 

“Event of Default”, wherever used herein with respect to the Securities, means any one of the following events: 

(a) failure to pay interest, if any, on any Security within sixty (60) days after the same becomes due and
payable; or 
 (b) failure to pay the principal of or premium, if any, on any Security within three
(3) Business Days after its Maturity; or 
 (c) failure to perform or breach of any covenant or warranty
of the Company in this Indenture (other than a covenant or warranty a default in the performance of which or breach of which is elsewhere in this Section specifically dealt with) for a period of ninety (90) days after there has been given, by
registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least thirty-three per centum (33%) in principal amount of the Securities then Outstanding, a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder, unless the Trustee, or the Trustee and the Holders of a principal amount of Securities not less than the principal amount of
Securities the Holders of which gave such notice, as the case may be, shall agree in writing to an extension of such period prior to its expiration; provided, however, that the Trustee, or the Trustee and the Holders of such principal amount of
Securities, as the case may be, shall be deemed to have agreed to an extension of such period if corrective action is initiated by the Company within such period and is being diligently pursued; or 

(d) the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Company a bankrupt or insolvent, or approving
as properly filed a petition by one or more Persons other than the Company seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official for the Company or for any substantial part of its property, or ordering the winding up or liquidation of its affairs, and any such decree or order for relief or any such other
decree or order shall have remained unstayed and in effect for a period of ninety (90) consecutive days; or 

(e) the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State
bankruptcy, insolvency, 

  
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 reorganization or other similar law or of any other case or proceeding to be
adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in a case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar
law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the
filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the authorization of such action by the Board of Directors; or 

(f) the occurrence of a matured event of default under any Class A Mortgage (other than any such matured
event of default which (i) is of similar kind or character to the Event of Default described in clause (c) above and (ii) has not resulted in the acceleration of the Class A Bonds Outstanding under such Class A Mortgage);
provided, however, that, anything in this Indenture to the contrary notwithstanding, the waiver or cure of such event of default under such Class A Mortgage and the rescission and annulment of the consequences thereof shall constitute a waiver
of the corresponding Event of Default hereunder and a rescission and annulment of the consequences thereof. 
 SECTION 1002. Acceleration
of Maturity; Rescission and Annulment. 
 If an Event of Default shall have occurred and be continuing, then in every
such case the Trustee or the Holders of not less than thirty-three per centum (33%) in principal amount of the Securities then Outstanding may declare the principal amount (or, if any of the Securities are Discount Securities, such portion of the
principal amount of such Securities as may be specified in the terms thereof as contemplated by Section 301) of all Securities then Outstanding to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by Holders), and upon receipt by the Company of notice of such declaration such principal amount (or specified amount), together with premium, if any, and accrued interest, if any, thereon, shall become immediately due and payable. 

At any time after such a declaration of acceleration of the maturity of the Securities then Outstanding shall have been made,
but before any sale of any of the Mortgaged Property has been made and before a judgment or decree for payment of the money due shall have been obtained by the Trustee as provided in this Article, the Event or Events of Default giving rise to such
declaration of acceleration shall, without further act, be deemed to have been waived, and such declaration and its consequences shall, without further act, be deemed to have been rescinded and annulled, if 

  
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 (a) the Company shall have paid or deposited with the Trustee a
sum sufficient to pay 
 (i) all overdue interest, if any, on all Securities then Outstanding; 

(ii) the principal of and premium, if any, on any Securities then Outstanding which have become due otherwise
than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities; and 

(iii) all amounts due to the Trustee under Section 1107; 

and 

(b) any other Event or Events of Default, other than the non-payment of
the principal of Securities which shall have become due solely by such declaration of acceleration, shall have been cured or waived as provided in Section 1017. 

No such rescission shall affect any subsequent Event of Default or impair any right consequent thereon. 

SECTION 1003. Entry Upon Mortgaged Property. 

If an Event of Default shall have occurred and be continuing, the Company, upon demand of the Trustee and if and to the extent
permitted by law, shall forthwith surrender to the Trustee the actual possession of, and the Trustee, by such officers or agents as it may appoint, may enter upon and take possession of, the Mortgaged Property; and the Trustee may hold, operate and
manage the Mortgaged Property and make all needful repairs and such renewals, replacements, betterments and improvements as to the Trustee shall seem prudent; and the Trustee may receive the rents, issues, profits, revenues and other income of the
Mortgaged Property; and, after deducting the costs and expenses of entering, taking possession, holding, operating and managing the Mortgaged Property, as well as payments for insurance and taxes and other proper charges upon the Mortgaged Property
prior to the Lien of this Indenture and reasonable compensation to itself, its agents and counsel, the Trustee may apply the same as provided in Section 1007. Whenever all that is then due in respect of the principal of and premium, if any, and
interest, if any, on the Securities and under any of the terms of this Indenture shall have been paid and all defaults hereunder shall have been cured, the Trustee shall surrender possession of the Mortgaged Property to the Company. 

SECTION 1004. Power of Sale; Suits for Enforcement. 

If an Event of Default shall have occurred and be continuing, the Trustee, by such officers or agents as it shall appoint, with
or without entry, in its discretion may, subject to the provisions of Section 1016 and if and to the extent permitted by law: 

(a) sell, subject to any mandatory requirements of applicable law, the Mortgaged Property as an entirety, or in
such parcels as the Holders of a majority in principal amount of the Securities then Outstanding shall in writing request, or 

  
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 in the absence of such request, as the Trustee may determine, to the highest
bidder at public auction at such place and at such time (which sale may be adjourned by the Trustee from time to time in its discretion by announcement at the time and place fixed for such sale, without further notice) and upon such terms as the
Trustee may fix and briefly specify in a notice of sale to be published once in each week for four successive weeks prior to such sale in an Authorized Publication in each Place of Payment for the Securities of each series; or 

(b) proceed to protect and enforce its rights and the rights of the Holders of Securities under this Indenture
by sale pursuant to judicial proceedings or by a suit, action or proceeding in equity or at law or otherwise, whether for the specific performance of any covenant or agreement contained in this Indenture or in aid of the execution of any power
granted in this Indenture or for the foreclosure of this Indenture or for the enforcement of any other legal, equitable or other remedy, as the Trustee, being advised by counsel, shall deem most effectual to protect and enforce any of the rights of
the Trustee or the Holders of Securities. 
 SECTION 1005. Incidents of Sale. 

Upon any sale of any of the Mortgaged Property, whether made under the power of sale hereby given or pursuant to judicial
proceedings, to the extent permitted by law: 
 (a) the principal amount (or, if any of the Securities are
Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof as contemplated by Section 301) of all Outstanding Securities, if not previously due, shall at once become and be immediately
due and payable, together with premium, if any, and accrued interest, if any, thereon; 
 (b) any Holder or
Holders of Securities or the Trustee may bid for and purchase the property offered for sale, and upon compliance with the terms of sale may hold, retain and possess and dispose of such property, without further accountability, and may, in paying the
purchase money therefor, deliver any Outstanding Securities or claims for interest thereon in lieu of cash to the amount which shall, upon distribution of the net proceeds of such sale, be payable thereon, and such Securities, in case the amounts so
payable thereon shall be less than the amount due thereon, shall be returned to the Holders thereof after being appropriately stamped to show partial payment; 

(c) the Trustee may make and deliver to the purchaser or purchasers a good and sufficient deed, bill of sale
and instrument of assignment and transfer of the property sold; 
 (d) the Trustee is hereby irrevocably
appointed the true and lawful attorney of the Company, in its name and stead, to make all necessary deeds, bills of sale and instruments of assignment and transfer of the property so sold; and for that purpose it may execute all necessary deeds,
bills of sale and instruments 

  
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 of assignment and transfer, and may substitute one or more persons, firms or
corporations with like power, the Company hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof; but, if so requested by the Trustee or by any purchaser, the Company shall
ratify and confirm any such sale or transfer by executing and delivering to the Trustee or to such purchaser or purchasers all proper deeds, bills of sale, instruments of assignment and transfer and releases as may be designated in any such request;

 (e) all right, title, interest, claim and demand whatsoever, either at law or in equity or otherwise, of
the Company of, in and to the property so sold shall be divested and such sale shall be a perpetual bar both at law and in equity against the Company, its successors and assigns, and against any and all persons claiming or who may claim the property
sold or any part thereof from, through or under the Company; and 
 (f) the receipt of the Trustee or of the
officer making such sale shall be a sufficient discharge to the purchaser or purchasers at such sale for his or their purchase money and such purchaser or purchasers and his or their assigns or personal representatives shall not, after paying such
purchase money and receiving such receipt, be obliged to see to the application of such purchase money, or be in anywise answerable for any loss, misapplication or non-application thereof. 

SECTION 1006. Collection of Indebtedness and Suits for Enforcement by Trustee. 

If an Event of Default described in clause (a) or (b) of Section 1001 shall have occurred and be continuing, the
Company shall, upon demand of the Trustee, pay to it, for the benefit of the Holders of the Securities with respect to which such Event of Default shall have occurred, the whole amount then due and payable on such Securities for principal and
premium, if any, and interest, if any, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 1107. 

If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an
express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and
collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

The Trustee shall, to the extent permitted by law, be entitled to sue and recover judgment as aforesaid either before, during
or after the pendency of any proceedings for the enforcement of the Lien of this Indenture, and in case of a sale of the Mortgaged Property or any part thereof and the application of the proceeds of sale as aforesaid, the Trustee, in its own name
and as trustee of an express trust, shall be entitled to enforce payment of, and to receive, all amounts then remaining due and unpaid upon the Securities then Outstanding for principal, premium, if any, and interest, if any, for the benefit of the
Holders thereof, and shall be entitled 

  
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 to recover judgment for any portion of the same remaining unpaid, with interest as aforesaid. No
recovery of any such judgment by the Trustee and no levy of any execution upon any such judgment upon any of the Mortgaged Property or any other property of the Company shall affect or impair the Lien of this Indenture upon the Mortgaged Property or
any part thereof or any rights, powers or remedies of the Trustee hereunder, or any rights, powers or remedies of the Holders of the Securities. 

SECTION 1007. Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article, including any rents, profits, revenues and other income collected
pursuant to Section 1003 (after the deductions therein provided) and any proceeds of any sale (after deducting the costs and expenses of such sale, including a reasonable compensation to the Trustee, its agents and counsel, and any taxes,
assessments or Liens prior to the Lien of this Indenture, except any thereof subject to which such sale shall have been made), whether made under any power of sale herein granted or pursuant to judicial proceedings, and any money collected by the
Trustee under Sections 702 and 806, together with, in the case of an entry or sale or as otherwise provided herein, any other sums then held by the Trustee as part of the Mortgaged Property, shall be applied in the following order, to the extent
permitted by law, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or premium, if any, or interest, if any, upon presentation of the Securities and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid: 
 First: To the payment of all undeducted amounts
due the Trustee under Section 1107; 
 Second: To the payment of the whole amount then due and unpaid upon the
Outstanding Securities for principal and premium, if any, and interest, if any, in respect of which or for the benefit of which such money has been collected; and in case such proceeds shall be insufficient to pay in full the whole amount so due and
unpaid upon such Securities, then to the payment of such principal and interest, if any, thereon without any preference or priority, ratably according to the aggregate amount so due and unpaid, with any balance then remaining to the payment of
premium, if any, and, if so specified as contemplated by Section 301 with respect to the Securities of any series, or any Tranche thereof, interest, if any, on overdue premium, if any, and overdue interest, if any, ratably as aforesaid, all to
the extent permitted by applicable law; provided, however, that any money collected by the Trustee pursuant to Sections 702 and 806 in respect of interest and Section 1003 shall first be applied to the payment of interest accrued on the
principal of Outstanding Securities; and 
 Third: To the payment of the remainder, if any, to the Company or to
whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 

  
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 SECTION 1008. Receiver. 

If an Event of Default shall have occurred and, during the continuance thereof, the Trustee shall have commenced judicial
proceedings to enforce any right under this Indenture, the Trustee shall, to the extent permitted by law, be entitled, as against the Company, without notice or demand and without regard to the adequacy of the security for the Securities or the
solvency of the Company, to the appointment of a receiver of the Mortgaged Property. 
 SECTION 1009. Trustee May File Proofs of
Claim. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of
the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise, 
 (a) to file and prove a claim for the
whole amount of principal, premium, if any, and interest, if any, owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for amounts due to the Trustee under Section 1107) and of the Holders allowed in such judicial proceeding, and 

(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to
distribute the same; 
 and 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, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amounts due it under
Section 1107. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities 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 1010. Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or on the Securities may be prosecuted and enforced by the Trustee without
the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment
shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered. 

  
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 SECTION 1011. Limitation on Suits. 

No Holder shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder shall
have previously given written notice to the Trustee of a continuing Event of Default; 
 (b) the Holders of
not less than a majority in aggregate principal amount of the Securities then Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c) such Holder or Holders shall have offered to the Trustee reasonable indemnity against the costs, expenses
and liabilities to be incurred in compliance with such request; 
 (d) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity shall have failed to institute any such proceeding; and 

(e) no direction inconsistent with such written request shall have been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Securities then Outstanding; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except
in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
 SECTION 1012. Unconditional Right of
Holders to Receive Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder
of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium, if any, and (subject to Section 307) interest, if any, on such Security on the Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

SECTION 1013. Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, and Trustee and
such Holder shall be restored severally and respectively to their former positions hereunder and 

  
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 thereafter all rights and remedies of the Trustee and such Holder shall continue as though no
such proceeding had been instituted. 
 SECTION 1014. Rights and Remedies Cumulative. 

Except as otherwise provided in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to
the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Anything in this Article to the contrary notwithstanding, the availability of the remedies set forth herein (on an individual
or cumulative basis) and the procedures set forth herein relating to the exercise thereof shall be subject to the law of any jurisdiction wherein the Mortgaged Property or any part thereof is located to the extent that such law is mandatorily
applicable, and, if and to the extent that any provision of this Article conflicts with any provision of such applicable law, such provision of law shall control. 

SECTION 1015. 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 shall
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 1016. Control by Holders of Securities.

 If an Event of Default shall have occurred and be continuing, the Holders of a majority in principal amount of the
Securities then Outstanding shall have the right to 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; provided, however, that 

(a) such direction shall not be in conflict with any rule of law or with this Indenture, and could not involve
the Trustee in personal liability in circumstances where indemnity would not, in the Trustee’s sole discretion, be adequate, and 

(b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction. 
 SECTION 1017. Waiver of Past Defaults. 

Before any sale of any of the Mortgaged Property and before a judgment or decree for payment of the money due shall have been
obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount of the Securities 

  
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 then Outstanding may on behalf of the Holders of all the Securities then Outstanding waive any
past default hereunder and its consequences, except a default 
 (a) in the payment of the principal of or
premium, if any, or interest, if any, on any Security Outstanding, or 
 (b) in respect of a covenant or
provision hereof which under Section 1402 cannot be modified or amended without the consent of the Holder of each Outstanding Security of any series or Tranche affected. 

Upon any such waiver, such default shall cease to exist, and any and all Events of Default arising therefrom shall be deemed
to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

SECTION 1018. Undertaking for Costs. 

The Company and the Trustee agree, and each Holder of Securities by its acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, 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, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 10% in aggregate principal amount of the Securities then Outstanding, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or premium, if any, or interest, if any,
on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 

SECTION 1019. Waiver of Appraisement and Other Laws. 

To the full extent that it may lawfully so agree, the Company shall not at any time set up, claim or otherwise seek to take the
benefit or advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in effect, in order to prevent or hinder the enforcement of this Indenture or the absolute sale of the Mortgaged Property, or any part thereof,
or the possession thereof, or any part thereof, by any purchaser at any sale under this Article; and the Company, for itself and all who may claim under it, so far as it or they now or hereafter may lawfully do so, hereby waives the benefit of all
such laws. The Company, for itself and all who may claim under it, waives, to the extent that it may lawfully do so, all right to have the Mortgaged Property marshalled upon any foreclosure of the Lien hereof, and agrees that any court having
jurisdiction to foreclose the Lien of this Indenture may order the sale of the Mortgaged Property as an entirety. 

  
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 SECTION 1020. Defaults under Class A Mortgages. 

In addition to every other right and remedy provided herein, the Trustee may exercise any right or remedy available to the
Trustee in its capacity as owner and holder of Class A Bonds which arises as a result of a default or matured event of default under any Class A Mortgage, whether or not an Event of Default shall then have occurred and be continuing. 

ARTICLE ELEVEN 
 The
Trustee 
 SECTION 1101. Certain Duties and Responsibilities. 

(a) Except during the continuance of an Event of Default, 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) 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
provisions 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. 

(b) In case an Event of Default shall have occurred and be continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his 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: 
 (1) this subsection shall not be
construed to limit the effect of subsection (a) of this Section; 
 (2) 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; 

(3) 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 Outstanding Securities, as 

  
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 provided herein, 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 

(4) 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 it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

SECTION 1102. Notice of Defaults. 

The Trustee shall give the Holders notice of any default hereunder in the manner and to the extent required to do so by the
Trust Indenture Act, unless such default shall have been cured or waived; provided, however, that in the case of any default of the character specified in Section 1001(c), no such notice to Holders shall be given until at least 75 days after
the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time, or both, would become, an Event of Default. 

The Trustee shall give to the trustee under each Class A Mortgage a copy of each notice of default given to the Holders
pursuant to this Section. In addition, the Trustee shall give to the Holders copies of each notice of default under any Class A Mortgage given to the Trustee in its capacity as owner and holder of Class A Bonds issued and outstanding
thereunder. 
 SECTION 1103. Certain Rights of Trustee. 

Subject to the provisions of Section 1101 and to the applicable provisions of the Trust Indenture Act: 

(a) the Trustee may rely and shall 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 party or parties; 
 (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order, or as otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be
proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence is 

  
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 specifically prescribed herein) may, in the absence of bad faith on its part,
rely upon an Officer’s Certificate; 
 (d) the Trustee may consult with counsel and the written advice
of such counsel or any Opinion of Counsel shall 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; 

(e) the Trustee shall 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 Holder pursuant to this Indenture, unless such Holder shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall (subject to applicable legal requirements) be
entitled to examine, during normal business hours, the books, records and premises of the Company, personally or by agent or attorney; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and 

(h) the Trustee shall not be charged with knowledge of any Event of Default unless either (i) a
Responsible Officer of the Trustee shall have actual knowledge of the Event of Default or (ii) written notice of such Event of Default shall have been given to the Trustee by the Company, any other obligor on the Securities or by any Holder of
such Securities or, in the case of an Event of Default described in Section 1001(f), by the trustee under the related Class A Mortgage. 

SECTION 1104. Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities (except the Trustee’s certificates of authentication) shall be taken
as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.
Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. 

  
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 SECTION 1105. May Hold Securities. 

Each of the Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in
its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 1108 and 1113, may otherwise deal with the Company with the same rights it would have if it were not such Trustee, Authenticating Agent,
Paying Agent, Security Registrar or other agent. 
 SECTION 1106. Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds, except to the extent required by law. The
Trustee shall be under no liability for interest on or investment of any money received by it hereunder except as expressly provided herein or otherwise agreed with, and for the sole benefit of, the Company. 

SECTION 1107. Compensation and Reimbursement. 

The Company shall 

(a) pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder
(which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(b) except as otherwise expressly provided herein, reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except to the
extent that any such expense, disbursement or advance may be attributable to its negligence, wilful misconduct or bad faith; and 

(c) indemnify the Trustee and hold it harmless from and against any loss, liability or expense reasonably
incurred by it arising out of or in connection with the acceptance or administration of the trust or trusts hereunder or the performance of its duties hereunder, including the reasonable costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence, wilful misconduct or bad faith. 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a Lien prior to
the Securities upon the Mortgaged Property collected by the Trustee as such other than property and funds held in trust under Section 903 (except as otherwise provided in Section 903). “Trustee” for purposes of this Section shall
include any predecessor Trustee; provided, however, that the negligence, wilful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 

  
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 SECTION 1108. Disqualification; Conflicting Interests. 

If the Trustee shall have or acquire any conflicting interest within the meaning of the Trust Indenture Act, it shall either
eliminate such conflicting interest or resign to the extent, in the manner and with the effect, and subject to the conditions, provided in the Trust Indenture Act and this Indenture, For purposes of Section 310(b)(1) of the Trust Indenture Act
and to the extent permitted thereby, the Trustee, in its capacity as trustee in respect of the Securities of any series, shall not be deemed to have a conflicting interest arising from its capacity as trustee in respect of the Securities of any
other series. 
 SECTION 1109. Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder which shall be 

(a) a corporation organized and doing business under the laws of the United States of America, any State or
Territory thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or State authority, or

 (b) if and to the extent permitted by the Commission by rule, regulation or order upon application, a
corporation or other Person organized and doing business under the laws of a foreign government, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 or the U.S. Dollar
equivalent of the applicable foreign currency and subject to supervision or examination by authority of such foreign government or a political subdivision thereof substantially equivalent to supervision or examination applicable to United States
institutional trustees, 
 and, in either case, qualified and eligible under this Article and the Trust Indenture Act. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article. 
 SECTION 1110. Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 1111. 

(b) The Trustee may resign at any time by giving written notice thereof to the Company. If the instrument of acceptance by a
successor Trustee required by Section 1111 shall not have been delivered to the Trustee within 30 days after the giving of such notice of 

  
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 resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee. 
 (c) The Trustee may be removed at any time by Act of the Holders of a majority in
principal amount of the Securities then Outstanding delivered to the Trustee and to the Company. 
 (d) If at any time: 

(i) the Trustee shall fail to comply with Section 1108 after written request therefor by the Company or by
any Holder who has been a bona fide Holder for at least six months, or 
 (ii) the Trustee shall cease to be
eligible under Section 1109 and shall fail to resign after written request therefor by the Company or by any such Holder, or 

(iii) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver
of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (x) the Company by a Board Resolution may remove the Trustee or (y) subject to Section 1018, any Holder
who has been a bona fide Holder for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee or Trustees.

 (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any cause (other than as contemplated in clause (y) in subsection (d) of this Section), the Company, by a Board Resolution, shall take prompt steps to appoint a successor Trustee or Trustees and shall comply with the applicable
requirements of Section 1111. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a majority in principal amount of the
Securities then Outstanding delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 1111, become
the successor Trustee and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by
Section 1111, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee.

 (f) So long as no event which is, or after notice or lapse of time, or both, would become, an Event of Default shall have
occurred and be continuing, if the Company shall have delivered to the Trustee (i) a Board Resolution appointing a successor Trustee, effective as of a date specified therein, and (ii) an instrument of acceptance of such appointment,
effective as of such date, by such successor Trustee in accordance with Section 1111, the Trustee shall be 

  
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 deemed to have resigned as contemplated in subsection (b) of this Section, the successor
Trustee shall be deemed to have been appointed pursuant to subsection (e) of this Section and such appointment shall be deemed to have been accepted as contemplated in Section 1111, all as of such date, and all other provisions of this
Section and Section 1111 shall be applicable to such resignation, appointment and acceptance except to the extent inconsistent with this subsection (f). 

(g) The Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor
Trustee by mailing written notice of such event by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee and the address of its
corporate trust office. 
 SECTION 1111. Acceptance of Appointment by Successor. 

(a) In case of the appointment hereunder of a successor Trustee, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of all sums owed to it, execute
and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder. 
 (b) Upon request of any such successor Trustee, the Company shall execute any instruments which fully vest in
and confirm to such successor Trustee all rights, powers and trusts referred to in subsection (a) of this Section. 

(c) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be
qualified and eligible under this Article. 
 SECTION 1112. Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor
Trustee had itself authenticated such Securities. 

  
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 SECTION 1113. Preferential Collection of Claims Against Company. 

If the Trustee shall be or become a creditor of the Company or any other obligor upon the Securities (other than by reason of a
relationship described in Section 311(b) of the Trust Indenture Act), the Trustee shall be subject to any and all applicable provisions of the Trust Indenture Act regarding the collection of claims against the Company or such other obligor. For
purposes of Section 311(b) of the Trust Indenture Act: 
 (a) the term “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; 

(b) the term “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation
which is made, drawn, negotiated or incurred by the Company 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 with the Company arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation: 

SECTION 1114. Co-trustees and Separate Trustees. 

At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any of the Mortgaged
Property may at the time be located, the Company and the Trustee shall have power to appoint, and, upon the written request of the Trustee or of the Holders of at least thirty-three per centum (33%) in principal amount of the Securities then
Outstanding, the Company shall for such purpose join with the Trustee in the execution and delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee either to act as co-trustee, jointly with the Trustee, of all or any part of the Mortgaged Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of
appointment, and to vest in such Person or Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Company does not join in such appointment
within 15 days after the receipt by it of a request so to do, or if an Event of Default shall have occurred and be continuing, the Trustee alone shall have power to make such appointment. 

Should any written instrument or instruments from the Company be required by any
co-trustee or separate trustee so appointed to more fully confirm to such co-trustee or separate trustee such property, title, right or power, any and all such
instruments shall, on request, be executed, acknowledged and delivered by the Company. 

  
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 Every co-trustee or separate trustee
shall, to the extent permitted by law, but to such extent only, be appointed subject to the following conditions: 

(a) the Securities shall be authenticated and delivered, and all rights, powers, duties and obligations
hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely, by the Trustee; 

(b) the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any
property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Trustee or by the Trustee and such co-trustee or separate trustee jointly, as shall be provided
in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or
unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee; 

(c) the Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Company,
may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, if an Event of Default shall have occurred and be continuing, the Trustee shall have power to
accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Company. Upon the written request of the Trustee, the Company shall join with the Trustee, in the
execution and delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed
in the manner provided in this Section; 
 (d) no co-trustee or
separate trustee hereunder shall be personally liable by reason of any act or omission of the Trustee, or any other such trustee hereunder; and 

(e) any Act of Holders delivered to the Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. 
 SECTION 1115. Appointment of Authenticating Agent. 

The Trustee may appoint an Authenticating Agent or Agents with respect to the Securities of one or more series, or any Tranche
thereof, which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series or Tranche issued upon original issuance, exchange, registration of transfer or partial redemption thereof or pursuant to Section 306,
and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a 

  
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 certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States, any State or Territory thereof or the District of Columbia or the Commonwealth of
Puerto Rico, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent
shall resign immediately in the manner and with the effect specified in this Section. 
 Any corporation into which an
Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Company. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this
Section, and the Trustee shall be entitled to be reimbursed for such payments in accordance with, and subject to the provisions of, Section 1107. 

The provisions of Sections 308, 1104 and 1105 shall be applicable to each Authenticating Agent. 

If an appointment with respect to the Securities of one or more series, or any Tranche thereof, shall be made pursuant to this
Section, the Securities of such series or Tranche may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication substantially in the following form: 

  
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 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	  
 As
Trustee

		
	 By
	 	  

		 	 As Authenticating Agent

		
	 By
	 	  

		 	 Authorized Signatory

 If all of the Securities of a series may not be originally issued at one time, and if
the Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so
requested by the Company in writing (which writing need not comply with Section 105 and need not be accompanied by an Opinion of Counsel), shall appoint, in accordance with this Section and in accordance with such procedures as shall be
acceptable to the Trustee, an Authenticating Agent having an office in a Place of Payment designated by the Company with respect to such series of Securities. 

ARTICLE TWELVE 
 Lists
of Holders; Reports by Trustee and Company 
 SECTION 1201. Lists of Holders. 

Semiannually, not later than June 30 and December 31 in each year, commencing June 30, 1994, and at such other
times as the Trustee may request in writing, the Company shall furnish or cause to be furnished to the Trustee information as to the names and addresses of the Holders, and the Trustee shall preserve such information and similar information received
by it in any other capacity and afford to the Holders access to information so preserved by it, all to such extent, if any, and in such manner as shall be required by the Trust Indenture Act; provided, however, that no such list need be furnished so
long as the Trustee shall be the Security Registrar. 
 SECTION 1202. Reports by Trustee and Company. 

Not later than July 15 in each year, commencing July 15, 1994, the Trustee shall transmit to the Holders and the
Commission a report, dated as of the next preceding May 15, with respect to any events and other matters described in Section 313(a) of the Trust Indenture Act, in such manner and to the extent required by the Trust Indenture Act. The
Trustee shall transmit to the Holders and the Commission, and the Company shall file with the Trustee (within thirty (30) days after filing with the Commission in the case of reports which pursuant to the Trust Indenture Act must be filed with
the Commission and furnished to the Trustee) and 

  
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 transmit to the Holders, such other information, reports and other documents, if any, at such
times and in such manner, as shall be required by the Trust. Indenture Act. 
 ARTICLE THIRTEEN 

Consolidation, Merger, Conveyance or Other Transfer 

SECTION 1301. Company may Consolidate, etc., Only on Certain Terms. 

The Company shall not consolidate with or merge into any other corporation, or convey or otherwise transfer or lease, subject
to the Lien of this Indenture, the Mortgaged Property as or substantially as an entirety to any Person, unless: 

(a) such consolidation, merger, conveyance or other transfer or lease shall be on such terms as shall fully
preserve in all material respects the Lien and security of this Indenture and the rights and powers of the Trustee and the Holders of the Securities hereunder; 

(b) the corporation formed by such consolidation or into which the Company is merged or the Person which
acquires by conveyance or other transfer, or which leases, the Mortgaged Property as or substantially as an entirety shall be a corporation organized and existing under the laws of the United States of America, any State or Territory thereof or the
District of Columbia (such corporation being hereinafter sometimes called the “Successor Corporation”) and shall execute and deliver to the Trustee an indenture supplemental hereto, in form recordable and satisfactory to the
Trustee, which: 
 (i) in the case of a consolidation, merger, conveyance or other transfer, or in the case
of a lease if The term thereof extends beyond the last Stated Maturity of the Securities then Outstanding, contains an assumption by the Successor Corporation of the due and punctual payment of the principal of and premium, if any, and interest, if
any, on all the Securities then Outstanding and the performance and observance of every covenant and condition of this Indenture to be performed or observed by the Company, and 

(ii) in the case of a consolidation, merger, conveyance or other transfer, contains a grant, conveyance,
transfer and mortgage by the Successor Corporation, of the same tenor of the Granting Clauses herein, 
 (A)
confirming the Lien of this Indenture on the Mortgaged Property (as constituted immediately prior to the time such transaction became effective) and subjecting to the Lien of this Indenture all property, real, personal and mixed, thereafter acquired
by the Successor Corporation which shall constitute an improvement, extension or addition to the Mortgaged Property (as so constituted) or a renewal, replacement or substitution of or for any part thereof, and, at the election of the Successor
Corporation, 

  
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 (B) subjecting to the Lien of this Indenture such property,
real, personal or mixed, in addition to the property described in subclause (A) above, then owned or thereafter acquired by the Successor Corporation as the Successor Corporation shall, in its sole discretion, specify or describe therein, 

and the Lien confirmed or created by such grant, conveyance, transfer and mortgage shall have force, effect and standing
similar to those which the Lien of this Indenture would have had if the Company had not been a party to such consolidation, merger, conveyance or other transfer or lease and had itself, after the time such transaction became effective, purchased,
constructed or otherwise acquired the property subject to such grant, conveyance, transfer and mortgage; 

(c) in the case of a lease, such lease shall be made expressly subject to termination by the Company or by the
Trustee at any time during the continuance of an Event of Default, and also by the purchaser of the property so leased at any sale thereof hereunder, whether such sale be made under the power of sale hereby conferred or pursuant to judicial
proceedings; and 
 (d) the Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each of which shall state that such consolidation, merger, conveyance or other transfer or lease, and such supplemental indenture, comply with this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with. 
 SECTION 1302. Successor Corporation Substituted. 

Upon any consolidation or merger or any conveyance or other transfer, subject to the Lien of this Indenture, of the Mortgaged
Property as or substantially as an entirety in accordance with Section 1301, the Successor Corporation shall succeed to, and be substituted for, and may exercise every power and right of, the Company under this Indenture with the same effect as
if such Successor Corporation had been named as the “Company” herein. Without limiting the generality of the foregoing: 

(a) all property of the Successor Corporation then subject to the Lien of this Indenture, of the character
described in Section 104, shall constitute Property Additions; 
 (b) the Successor Corporation may
execute and deliver to the Trustee, and thereupon the Trustee shall, subject to the provisions of Article Four, authenticate and deliver, Securities upon any basis provided in Article Four; and 

(c) the Successor Corporation may, subject to the applicable provisions of this Indenture, cause Property
Additions to be applied to any other Authorized Purpose. 

  
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 All Securities so executed by the Successor Corporation, and authenticated and delivered by the
Trustee, shall in all respects be entitled to the benefit of the Lien of this Indenture equally and ratably with all Securities executed, authenticated and delivered prior to the time such consolidation, merger, conveyance or other transfer became
effective. 
 SECTION 1303. Extent of Lien Hereof on Property of Successor Corporation. 

Unless, in the case of a consolidation, merger, conveyance or other transfer contemplated by Section 1301, the indenture
supplemental hereto contemplated in clause (b)(ii) in Section 1301, or any other indenture, contains a grant, conveyance, transfer and mortgage by the Successor Corporation as described in subclause (B) thereof, neither this Indenture nor
such supplemental indenture shall become or be, or be required to become or be, a Lien upon any of the properties then owned or thereafter acquired by the Successor Corporation except properties acquired from the Company in or as a result of such
transaction and improvements, extensions and additions to such properties and renewals, replacements and substitutions of or for any part or parts of such properties. 

SECTION 1304. Release of Company upon Conveyance or Other Transfer. 

In the case of a conveyance or other transfer contemplated in Section 1301, upon the satisfaction of all the conditions
specified in Section 1301 the Company (such term being used in this Section without giving effect to such transaction) shall be released and discharged from all obligations and covenants under this Indenture and on and under all Securities then
Outstanding unless the Company shall have delivered to the Trustee an instrument in which it shall waive such release and discharge. 

SECTION 1305. Merger into Company; Extent of Lien Hereof. 

(a) Nothing in this Indenture shall be deemed to prevent or restrict any consolidation or merger after the consummation of
which the Company would be the surviving or resulting corporation or any conveyance or other transfer or lease, subject to the Lien of this Indenture, of any part of the Mortgaged Property which does not constitute the entirety, or substantially the
entirety, thereof. 
 (b) Unless, in the case of a consolidation or merger described in subsection (a) of this Section,
an indenture supplemental hereto shall otherwise provide, this Indenture shall not become or be, or be required to become or be, a Lien upon any of the properties acquired by the Company in or as a result of such transaction or any improvements,
extensions or additions to such properties or any renewals, replacements or substitutions of or for any part or parts of such properties. 

  
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 ARTICLE FOURTEEN 

Supplemental Indentures 

SECTION 1401. Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holders, the Company and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(a) to evidence the succession of another Person to the Company and the assumption by any such successor of the
covenants of the Company herein and in the Securities, all as provided in Article Thirteen; or 
 (b) to add
one or more covenants of the Company or other provisions for the benefit of all Holders or for the benefit of the Holders of, or to remain in effect only so long as there shall be Outstanding, Securities of one or more specified series, or one or
more specified Tranches thereof, or to surrender any right or power herein conferred upon the Company; or 

(c) to correct or amplify the description of any property at any time subject to the Lien of this Indenture; or
better to assure, convey and confirm unto the Trustee any property subject or required to be subjected to the Lien of this Indenture; or to subject to the Lien of this Indenture additional property (including property of Persons other than the
Company), to specify any additional Permitted Liens with respect to such additional property and to modify Section 802 in order to specify therein any additional items with respect to such additional property; or 

(d) to change or eliminate any provision of this Indenture or to add any new provision to this Indenture;
provided, however, that if such change, elimination or addition shall adversely affect the interests of the Holders of Securities of any series or Tranche in any material respect, such change, elimination or addition shall become effective with
respect to such series or Tranche only when no Security of such series or Tranche remains Outstanding; or 

(e) to establish the form or terms of Securities of any series or Tranche as contemplated by Sections 201 and
301; or 
 (f) to provide for the authentication and delivery of bearer securities and coupons appertaining
thereto representing interest, if any, thereon and for the procedures for the registration, exchange and replacement thereof and for the giving of notice to, and the solicitation of the vote or consent of, the holders thereof, and for any and all
other matters incidental thereto; or 
 (g) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee or by a co-trustee or separate trustee; or 

  
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 (h) to provide for the procedures required to permit the Company
to utilize, at its option, a non-certificated system of registration for all, or any series or Tranche of, the Securities; or 

(i) to change any place or places where (1) the principal of and premium, if any, and interest, if any, on
all or any series of Securities, or any Tranche thereof, shall be payable, (2) all or any series of Securities, or any Tranche thereof, may be surrendered for registration of transfer, (3) all or any series of Securities, or any Tranche
thereof, may be surrendered for exchange and (4) notices and demands to or upon the Company in respect of all or any series of Securities, or any Tranche thereof, and this Indenture may be served; or 

(j) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent
with any other provision herein; or to make any other changes to the provisions hereof or to add other provisions with respect to matters or questions arising under this Indenture, provided that such other changes or additions shall not adversely
affect the interests of the Holders of Securities of any series or Tranche in any material respect. 
 Without limiting the
generality of the foregoing, if the Trust Indenture Act as in effect at the date of the execution and delivery of this Indenture or at any time thereafter shall be amended and 

(x) if any such amendment shall require one or more changes to any provisions hereof or the inclusion herein of
any additional provisions, or shall by operation of law be deemed to effect such changes or incorporate such provisions by reference or otherwise, this Indenture shall be deemed to have been amended so as to conform to such amendment to the Trust
Indenture Act, and the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to evidence such amendment hereof; or 

(y) if any such amendment shall permit one or more changes to, or the elimination of, any provisions hereof
which, at the date of the execution and delivery hereof or at any time thereafter, are required by the Trust Indenture Act to be contained herein or are contained herein to reflect any provisions of the Trust Indenture Act as in effect at such date,
this Indenture shall be deemed to have been amended to effect such changes or elimination, and the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to evidence such amendment hereof. 

SECTION 1402. Supplemental Indentures With Consent of Holders. 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Securities of all series then
Outstanding under this Indenture, considered as one class, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to, or changing in any manner or 

  
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 eliminating any of the provisions of, this Indenture; provided, however, that if there shall be
Securities of more than one series Outstanding hereunder and if a proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all, of such series, then the consent only of the Holders
of a majority in aggregate principal amount of the Outstanding Securities of all series so directly affected, considered as one class, shall be required; and provided, further, that if the Securities of any series shall have been issued in more than
one Tranche and if the proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all, of such Tranches, then the consent only of the Holders of a majority in aggregate principal
amount of the Outstanding Securities of all Tranches so directly affected, considered as one class, shall be required; and provided, further, that no such supplemental indenture shall: 

(a) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any
Security, or reduce the principal amount thereof or the rate of interest thereon (or the amount of any installment of interest thereon) or change the method of calculating such rate or reduce any premium payable upon the redemption thereof, or
reduce the amount of the principal of any Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 1002, or change the coin or currency (or other property), in which any
Security or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity of any Security (or, in the case of redemption, on or after the Redemption
Date), without, in any such case, the consent of the Holder of such Security; or 
 (b) permit the creation
of any Lien (not otherwise permitted hereby) ranking prior to the Lien of this Indenture with respect to all or substantially all of the Mortgaged Property or terminate the Lien of this Indenture on all or substantially all of the Mortgaged
Property, or deprive the Holders of the benefit of the Lien of this Indenture, without, in any such case, the consent of the Holders of all Securities then Outstanding; or 

(c) reduce the percentage in principal amount of the Outstanding Securities of any series, or any Tranche
thereof, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with any provision of this Indenture or of any default hereunder and its
consequences, or reduce the requirements of Section 1504 for quorum or voting, without, in any such case, the consent of the Holder of each Outstanding Security of such series or Tranche; or 

(d) modify any of the provisions of this Section, Section 609 or Section 1017 with respect to the
Securities of any series, or any Tranche thereof (except to increase the percentages in principal amount referred to in this Section or such other Sections or to provide that other provisions of this Indenture cannot be modified or waived), without,
in any such case, the consent of the Holder of each Outstanding Security of such series or Tranche; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to

  
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 changes in the references to “the Trustee” and concomitant changes in
this Section, or the deletion of this proviso, in accordance with the requirements of Section 1401(g). 
 A supplemental indenture
which (x) changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of the Holders of, or which is to remain in effect only so long as there shall be Outstanding, Securities
of one or more specified series, or one or more Tranches thereof, or (y) modifies the rights of the Holders of Securities of such series or Tranches with respect to such covenant or other provision, shall be deemed not to affect the rights
under this Indenture of the Holders of Securities of any other series or Tranche. 
 It shall not be necessary for any Act
of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

SECTION 1403. Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 1101) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, immunities or liabilities under this
Indenture or otherwise. 
 SECTION 1404. Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article this Indenture shall be modified in accordance therewith,
and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. Any supplemental indenture permitted by this
Article may restate this Indenture in its entirety, and, upon the execution and delivery thereof, any such restatement shall supersede this Indenture as theretofore in effect for all purposes. 

SECTION 1405. Conformity With Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.

 SECTION 1406. Reference in Securities to Supplemental Indentures. 

Securities of any series, or any Tranche thereof, authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series, or any
Tranche thereof, so modified as to conform, in the opinion of the Trustee and the Company, 

  
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 to any such supplemental indenture may be prepared and executed by the Company and authenticated
and delivered by the Trustee in exchange for Outstanding Securities of such series or Tranche. 
 ARTICLE FIFTEEN 

Meetings of Holders; Action Without Meeting 

SECTION 1501. Purposes for Which Meetings May Be Called. 

A meeting of Holders of Securities of one or more, or all, series, or any Tranche or Tranches thereof, may be called at any
time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such
series or Tranches. 
 SECTION 1502. Call, Notice and Place of Meetings. 

(a) The Trustee may at any time call a meeting of Holders of Securities of one or more, or all, series, or any Tranche or
Tranches thereof, for any purpose specified in Section 1501, to be held at such time and (except as provided in subsection (b) of this Section) at such place in the Borough of Manhattan, The City of New York, as the Trustee shall
determine, or, with the approval of the Company, at any other place. Notice of every such meeting, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the
manner provided in Section 109, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 
 (b)
The Trustee may be asked to call a meeting of the Holders of Securities of one or more, or all, series, or any Tranche or Tranches thereof, by the Company or by the Holders of thirty-three per centum (33%) in aggregate principal amount of all of
such series and Tranches, considered as one class, for any purpose specified in Section 1501, by written request setting forth in reasonable detail the action proposed to be taken at the meeting. If the Trustee shall have been asked by the
Company to call such a meeting, the Company shall determine the time and place for such meeting and may call such meeting by giving notice thereof in the manner provided in subsection (a) of this Section, or shall direct the Trustee, in the
name and at the expense of the Company, to give such notice. If the Trustee shall have been asked to call such a meeting by Holders in accordance with this subsection (b), and the Trustee shall not have given the notice of such meeting within 21
days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Holders of Securities of such series and Tranches in the amount above specified, may determine the time and the place in
the Borough of Manhattan, The City of New York, or in such other place as shall be determined or approved by the Company, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of
this Section. 
 (c) Any meeting of Holders of Securities of one or more, or all, series, or any Tranche or Tranches thereof,
shall be valid without notice if the Holders of all Outstanding Securities of such series or Tranches are present in person or by proxy and if representatives of the Company and the Trustee are present, or if notice is waived in writing before or
after the 

  
 - 113 - 

 meeting by the Holders of all Outstanding Securities of such series, or any Tranche or Tranches
thereof, or by such of them as are not present at the meeting in person or by proxy, and by the Company and the Trustee. 
 SECTION 1503.
Persons Entitled to Vote at Meetings. 
 To be entitled to vote at any meeting of Holders of Securities of one or more,
or all, series, or any Tranche or Tranches thereof, a Person shall be (a) a Holder of one or more Outstanding Securities of such series or Tranches, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of
one or more Outstanding Securities of such series or Tranches by such Holder or Holders. The only Persons who shall be entitled to attend any meeting of Holders of Securities of any series or Tranche shall be the Persons entitled to vote at such
meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

SECTION 1504. Quorum; Action. 

The Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of the series and Tranches
with respect to which a meeting shall have been called as hereinbefore provided, considered as one class, shall constitute a quorum for a meeting of Holders of Securities of such series and Tranches; provided, however, that if any action is to be
taken at such meeting which this Indenture expressly provides may be taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of such series and Tranches, considered as one
class, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series and Tranches, considered as one class, shall constitute a quorum. In the absence of a quorum within one hour of the time
appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series and Tranches, be dissolved. In any other case the meeting may be adjourned for such period as may be determined by the chairman of
the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for such period as may be determined by the chairman of the meeting prior to the
adjournment of such adjourned meeting. Except as provided by Section 1505(e), notice of the reconvening of any meeting adjourned for more than 30 days shall be given as provided in Section 109 not less than ten days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such series and Tranches which shall
constitute a quorum. 
 Except as limited by Section 1402, any resolution presented to a meeting or adjourned meeting
duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in aggregate principal amount of the Outstanding Securities of the series and Tranches with respect to which such
meeting shall have been called, considered as one class; provided, however, that, except as so limited, any resolution with respect to any action which this Indenture expressly provides may be taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of such series and Tranches, considered as one class, may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the

  
 - 114 - 

 affirmative vote of the Holders of such specified percentage in principal amount of the
Outstanding Securities of such series and Tranches, considered as one class. 
 Any resolution passed or decision taken at
any meeting of Holders of Securities duly held in accordance with this Section shall be binding on all the Holders of Securities of the series and Tranches with respect to which such meeting shall have been held, whether or not present or
represented at the meeting. 
 SECTION 1505. Attendance at Meetings; Determination of Voting Rights; Conduct and Adjournment of Meetings.

 (a) Attendance at meetings of Holders of Securities may be in person or by proxy; and, to the extent permitted by law,
any such proxy shall remain in effect and be binding upon any future Holder of the Securities with respect to which it was given unless and until specifically revoked by the Holder or future Holder of such Securities before being voted. 

(b) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of Securities in regard to proof of the holding of such Securities and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be
proved in the manner specified in Section 107 and the appointment of any proxy shall be proved in the manner specified in Section 107. Such regulations may provide that written instruments appointing proxies, regular on their face, may be
presumed valid and genuine without the proof specified in Section 107 or other proof. 
 (c) The Trustee shall, by an
instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 1502(b), in which case the Company or the Holders of Securities of the series and
Tranches calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in aggregate
principal amount of the Outstanding Securities of all series and Tranches represented at the meeting, considered as one class. 

(d) At any meeting each Holder or proxy shall be entitled to one vote for each $1,000 principal amount of Outstanding
Securities held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote, except as a Holder of a Security or proxy. 
 (e) Any meeting duly
called pursuant to Section 1502 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of all series and Tranches represented at the

  
 - 115 - 

 meeting, considered as one class; and the meeting may be held as so adjourned without further
notice. 
 SECTION 1506. Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders shall be by written ballots on which shall be subscribed the
signatures of the Holders or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities, of the series and Tranches with respect to which the meeting shall have been called, held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written
reports of all votes cast at the meeting. A record of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote
by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 1502 and, if applicable,
Section 1504. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

SECTION 1507. Action Without Meeting. 

In lieu of a vote of Holders at a meeting as hereinbefore contemplated in this Article, any request, demand, authorization,
direction, notice, consent, waiver or other action may be made, given or taken by Holders by written instruments as provided in Section 107. 

ARTICLE SIXTEEN 

Immunity of Incorporators, Stockholders, Officers and Directors 

SECTION 1601. Liability Solely Corporate. 

No recourse shall be had for the payment of the principal of or premium, if any, or interest, if any, on any Securities, or any
part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant or agreement under this Indenture, against any incorporator, shareholder, officer or director,
as such, past, present or future of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that this Indenture and all the Securities are solely corporate obligations, and that no personal liability whatsoever shall attach to, or
be incurred by, any incorporator, shareholder, officer or director, past, present or future, of the Company or of any predecessor or successor corporation, either directly or indirectly through the Company or any predecessor or successor
corporation, because of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or to be implied herefrom or 

  
 - 116 - 

 therefrom, and that any such personal liability is hereby expressly waived and released as a
condition of, and as part of the consideration for, the execution of this Indenture and the issuance of the Securities. 
  

 

  
 - 117 - 

 This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. 
 IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written. 
  

			
	 PUBLIC SERVICE COMPANY OF COLORADO

		
	 By:
	 	 /s/ Ralph Sargent III

		 	      Ralph Sargent III

		 	      Vice President Finance

		 	      Planning & Communication and Treasurer

	
	MORGAN GUARANTY TRUST COMPANY OF NEW YORK, Trustee
		
	 By:
	 	 /s/ Norma R. Pane

		 	      Norma R. Pane

		 	      Vice President

  
 - 118 - 

	
	 STATE OF COLORADO     )

	
                   
                                         
                    ) ss.:

	 CITY AND COUNTY OF DENVER     )

 On the 30th day of September, 1993 before me personally came Ralph Sargent III, to me known,
who, being by me duly sworn, did depose and say that he is the Vice President Finance, Planning and Communication, and Treasurer of Public Service Company of Colorado, one of the corporations described in and which executed the foregoing instrument
and that he signed his name thereto by authority of the Board of Directors of said corporation. 
  

	
	 /s/ Jo Lynn Rife

	         Notary Public

	
	 Jo Lynn Rife

	 Notary Public, State of Colorado

	 Commission Expires April 12, 1994

  
 - 119 - 

	
	 STATE OF NEW YORK     )

	
                   
                                         
    ) ss.:

	 COUNTY OF NEW YORK     )

 On the 30th day of September, 1993, before me personally came Norma R. Pane, to me known, who,
being by me duly sworn, did depose and say that she is a Vice President of Morgan Guaranty Trust Company of New York, the banking corporation described in and which executed the foregoing instrument and that she signed her name thereto by authority
of the Board of Directors of said corporation. 
  

	
	 /s/ Thomas J. Courtney

	         Notary Public

	
	 Thomas J. Courtney

	 Notary Public, State of New York

	 No. 24-4996233

	 Qualified in Kings County

	 Commission Expires May 11, 1994

  
 A-1 

 Exhibit A 

RECORDING INFORMATION RELATING TO PSCO 1939 MORTGAGE 

By the Indenture, dated as of October 1, 1993 (the “Indenture”), and subject to the terms and provisions
thereof, Public Service Company of Colorado (the “Company”) has granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed to Morgan Guaranty Trust Company of New York, the trustee
thereunder, among other things, all right, title and interest of the Company in and to lands and interests in land used or to be used in or in connection with the business of generating, purchasing, transmitting, distributing and/or selling electric
energy (whether or not such is the sole use of such property) which are subject to the lien of the Indenture, dated as of December 1, 1939, of the Company to Guaranty Trust Company of New York (now Morgan Guaranty Trust Company of New York), as
amended and supplemented by various indentures supplemental thereto (as so amended and supplemented, the “PSCO 1939 Mortgage”), except land and interests in land which have been specifically released from the lien of the PSCO 1939 Mortgage
from time to time or are specifically excepted therefrom, and in any event excluding all lands, interests in land and other properties described or referred to in Part Fifth, Part Sixth, Part Ninth and Part Tenth of the granting clauses of the PSCO
1939 Mortgage (including the aforesaid supplemental indentures), and except to the extent, if any, that such lands and interests in land constitute Excepted Property (as defined in the Indenture), and subject to such prior Liens as are described or
referred to in the Indenture. 
 The PSCO 1939 Mortgage (including the indentures supplemental thereto) has been heretofore
recorded and filed on the respective dates and in the respective places in the State of Colorado set forth on the following pages: 
  

  
 A-2 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

	Adams	  	Original	  	39	  	11	  	29	  	259	  	390	  	
		  	Supplemental	  	43	  	05	  	27	  	288	  	254	  	
		  	Supplemental	  	44	  	05	  	29	  	298	  	192	  	
		  	Supplemental	  	45	  	05	  	14	  	306	  	313	  	
		  	Supplemental	  	47	  	04	  	18	  	334	  	502	  	
		  	Supplemental	  	47	  	07	  	11	  	340	  	1	  	
		  	Supplemental	  	48	  	06	  	11	  	358	  	457	  	
		  	Supplemental	  	50	  	05	  	10	  	394	  	523	  	
		  	Supplemental	  	51	  	04	  	25	  	418	  	465	  	
		  	Supplemental	  	51	  	10	  	05	  	428	  	461	  	
		  	Supplemental	  	52	  	04	  	29	  	441	  	113	  	
		  	Supplemental	  	53	  	04	  	29	  	464	  	29	  	
		  	Supplemental	  	54	  	05	  	04	  	496	  	266	  	
		  	Supplemental	  	54	  	10	  	06	  	516	  	394	  	
		  	Supplemental	  	55	  	05	  	03	  	547	  	468	  	
		  	Supplemental	  	56	  	05	  	01	  	606	  	142	  	
		  	Supplemental	  	57	  	05	  	23	  	659	  	369	  	
		  	Supplemental.	  	58	  	04	  	25	  	707	  	428	  	
		  	Supplemental	  	59	  	04	  	30	  	775	  	166	  	
		  	Supplemental	  	60	  	05	  	09	  	843	  	448	  	
		  	Supplemental	  	61	  	05	  	11	  	908	  	278	  	
		  	Supplemental	  	61	  	10	  	06	  	940	  	378	  	
		  	Supplemental	  	62	  	03	  	20	  	972	  	500	  	
		  	Supplemental	  	64	  	06	  	22	  	1158	  	384	  	
		  	Supplemental	  	66	  	05	  	25	  	1297	  	110	  	
		  	Supplemental	  	67	  	07	  	27	  	1378	  	62	  	
		  	Supplemental	  	68	  	07	  	25	  	1451	  	375	  	
		  	Supplemental	  	69	  	05	  	16	  	1516	  	265	  	
		  	Supplemental	  	70	  	05	  	11	  	1596	  	275	  	
		  	Supplemental	  	70	  	09	  	10	  	1627	  	219	  	
		  	Supplemental	  	72	  	08	  	08	  	1811	  	473	  	
		  	Supplemental	  	73	  	06	  	18	  	1870	  	365	  	
		  	Supplemental	  	74	  	04	  	23	  	1925	  	672	  	
		  	Supplemental	  	75	  	11	  	06	  	2027	  	886	  	
		  	Supplemental	  	77	  	06	  	07	  	2148	  	373	  	
		  	Supplemental	  	77	  	12	  	16	  	2198	  	890	  	
		  	Supplemental	  	81	  	07	  	01	  	2567	  	89	  	
		  	Supplemental	  	82	  	05	  	18	  	2644	  	806	  	
		  	Supplemental	  	82	  	05	  	18	  	2644	  	831	  	
		  	Supplemental	  	82	  	06	  	07	  	2650	  	540	  	
		  	Supplemental	  	83	  	06	  	09	  	2755	  	2	  	
		  	Supplemental	  	84	  	06	  	19	  	2885	  	508	  	
		  	Supplemental	  	85	  	06	  	03	  	3007	  	390	  	
		  	Supplemental	  	87	  	03	  	27	  	3292	  	955	  	
		  	Supplemental	  	87	  	06	  	25	  	3334	  	672	  	
		  	Supplemental	  	90	  	09	  	12	  	3710	  	587	  	
		  	Supplemental	  	91	  	02	  	11	  	3750	  	292	  	
		  	Supplemental	  	92	  	05	  	01	  	3898	  	260	  	
		  	Supplemental	  	93	  	06	  	16	  	4092	  	117	  	
		  	Supplemental	  	93	  	08	  	31	  	4140	  	1	  	
	Alamosa	  	2nd Supplemental	  	41	  	06	  	25	  	84	  	60	  	
		  	7th Supplemental	  	46	  	05	  	21	  	92	  	475	  	
		  	8th Supplemental	  	47	  	04	  	16	  	96	  	16	  	

  

  
 A-3 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Original	  	39	  	12	  	04	  	81	  	321	  	
		  	Supplemental	  	47	  	06	  	30	  	98	  	187	  	
		  	Supplemental	  	50	  	05	  	10	  	104	  	340	  	
		  	Supplemental	  	51	  	10	  	06	  	110	  	287	  	
		  	Supplemental	  	54	  	10	  	07	  	123	  	361	  	
		  	Supplemental	  	58	  	04	  	23	  	135	  	277	  	
		  	Supplemental	  	59	  	05	  	08	  	146	  	172	  	
		  	Supplemental	  	61	  	10	  	06	  	159	  	266	  	
		  	Supplemental	  	64	  	06	  	25	  	172	  	108	  	
		  	Supplemental	  	66	  	05	  	27	  	183	  	156	  	
		  	Supplemental	  	67	  	08	  	01	  	188	  	294	  	
		  	Supplemental	  	74	  	04	  	23	  	227	  	215	  	
		  	Supplemental	  	82	  	05	  	20	  	289	  	58	  	
		  	Supplemental	  	82	  	05	  	20	  	289	  	81	  	
		  	Supplemental	  	82	  	06	  	08	  	289	  	321	  	
		  	Supplemental	  	83	  	06	  	10	  	297	  	2	  	
		  	Supplemental	  	84	  	06	  	19	  	304	  	759	  	
		  	Supplemental	  	85	  	06	  	04	  	312	  	1	  	
		  	Supplemental	  	87	  	03	  	30	  	346	  	13	  	
		  	Supplemental	  	87	  	06	  	26	  	350	  	277	  	
		  	Supplemental	  	90	  	09	  	13	  	404	  	127	  	
		  	Supplemental	  	91	  	02	  	12	  	411	  	119	  	
		  	Supplemental	  	92	  	05	  	04	  	437	  	305	  	
		  	Supplemental	  	93	  	06	  	16	  	466	  	48	  	
		  	Supplemental.	  	93	  	09	  	01	  	471	  	248	  	
	Arapahoe	  	2nd Supplemental	  	41	  	06	  	26	  	451	  	409	  	
		  	3rd Supplemental	  	42	  	06	  	11	  	466	  	156	  	
		  	6th Supplemental	  	45	  	05	  	16	  	519	  	86	  	
		  	8th Supplemental	  	47	  	04	  	21	  	575	  	363	  	
		  	Original	  	39	  	12	  	01	  	425	  	288	  	
		  	Supplemental	  	47	  	06	  	26	  	581	  	29	  	
		  	Supplemental	  	48	  	06	  	12	  	611	  	280	  	
		  	Supplemental	  	48	  	10	  	25	  	621	  	380	  	
		  	Supplemental	  	49	  	05	  	20	  	637	  	181	  	
		  	Supplemental	  	50	  	05	  	17	  	675	  	222	  	
		  	Supplemental	  	51	  	05	  	07	  	717	  	318	  	
		  	Supplemental	  	51	  	10	  	05	  	735	  	1	  	
		  	Supplemental	  	52	  	04	  	29	  	755	  	280	  	
		  	Supplemental	  	53	  	05	  	05	  	803	  	161	  	
		  	Supplemental	  	54	  	05	  	13	  	857	  	558	  	
		  	Supplemental	  	54	  	10	  	06	  	880	  	274	  	
		  	Supplemental	  	56	  	05	  	08	  	966	  	19	  	
		  	Supplemental	  	57	  	05	  	23	  	1016	  	205	  	
		  	Supplemental	  	58	  	04	  	25	  	1061	  	1	  	
		  	Supplemental	  	59	  	04	  	30	  	1125	  	137	  	
		  	Supplemental	  	60	  	05	  	09	  	1189	  	19	  	
		  	Supplemental	  	61	  	05	  	11	  	1258	  	374	  	
		  	Supplemental	  	61	  	10	  	06	  	1293	  	66	  	
		  	Supplemental	  	62	  	03	  	21	  	1326	  	365	  	
		  	Supplemental	  	64	  	06	  	22	  	1525	  	427	  	
		  	Supplemental	  	66	  	05	  	23	  	1666	  	585	  	
		  	Supplemental	  	67	  	07	  	27	  	1719	  	546	  	
		  	Supplemental	  	68	  	07	  	25	  	1769	  	184	  	

  

  
 A-4 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	70	  	05	  	11	  	1863	  	738	  	
		  	Supplemental	  	70	  	09	  	10	  	1884	  	129	  	
		  	Supplemental	  	71	  	02	  	18	  	1909	  	337	  	
		  	Supplemental	  	72	  	08	  	08	  	2044	  	692	  	
		  	Supplemental	  	73	  	06	  	18	  	2138	  	260	  	
		  	Supplemental	  	75	  	11	  	06	  	2390	  	126	  	
		  	Supplemental	  	76	  	06	  	09	  	2456	  	221	  	
		  	Supplemental	  	77	  	06	  	07	  	2598	  	202	  	
		  	Supplemental	  	77	  	12	  	16	  	2697	  	433	  	
		  	Supplemental	  	79	  	11	  	19	  	3121	  	477	  	
		  	Supplemental	  	82	  	05	  	19	  	3627	  	266	  	
		  	Supplemental	  	82	  	05	  	19	  	3627	  	291	  	
		  	Supplemental	  	82	  	06	  	07	  	3637	  	645	  	
		  	Supplemental	  	83	  	06	  	19	  	3918	  	94	  	
		  	Supplemental	  	84	  	06	  	20	  	4189	  	299	  	
		  	Supplemental	  	85	  	06	  	03	  	4454	  	124	  	
		  	Supplemental	  	87	  	03	  	27	  	5090	  	678	  	
		  	Supplemental	  	87	  	06	  	10	  	5205	  	552	  	
		  	Supplemental	  	90	  	09	  	12	  	6005	  	656	  	
		  	Supplemental	  	91	  	02	  	13	  	6096	  	326	  	
		  	Supplemental	  	92	  	05	  	01	  	6458	  	165	  	
		  	Supplemental	  	93	  	06	  	18	  	6988	  	223	  	
		  	Supplemental	  	93	  	08	  	31	  		  		  	93-116232
	Archuletta	  	Original	  	93	  	09	  	03	  		  		  	0093004967
		  	Supplemental	  	93	  	09	  	03	  		  		  	0093004971
		  	Supplemental	  	93	  	09	  	03	  		  		  	0093004969
	Bent	  	Supplemental	  	81	  	07	  	01	  	360	  	572	  	
		  	Supplemental	  	82	  	05	  	20	  	366	  	308	  	
		  	Supplemental	  	82	  	05	  	20	  	366	  	333	  	
		  	Supplemental	  	82	  	06	  	07	  	366	  	511	  	
		  	Supplemental	  	83	  	06	  	10	  	370	  	771	  	
		  	Supplemental	  	84	  	06	  	21	  	374	  	635	  	
		  	Supplemental	  	85	  	06	  	03	  	378	  	489	  	
		  	Supplemental	  	87	  	03	  	27	  	384	  	504	  	
		  	Supplemental	  	87	  	06	  	25	  	385	  	347	  	
		  	Supplemental	  	90	  	09	  	12	  	408	  	339	  	
		  	Supplemental	  	91	  	02	  	11	  	411	  	243	  	
		  	Supplemental	  	92	  	05	  	01	  	422	  	181	  	
		  	Supplemental	  	93	  	06	  	16	  	430	  	157	  	
		  	Supplemental	  	93	  	09	  	01	  	432	  	83	  	
		  	Original	  	93	  	09	  	22	  	434	  	1	  	
		  	Supplemental	  	93	  	09	  	22	  	433	  	1	  	
	Boulder	  	2nd Supplemental	  	41	  	06	  	27	  	705	  	335	  	
		  	3rd Supplemental	  	42	  	06	  	25	  	716	  	457	  	
		  	4th Supplemental	  	43	  	05	  	25	  	729	  	290	  	
		  	5th Supplemental	  	44	  	05	  	31	  	744	  	267	  	
		  	Original	  	39	  	11	  	29	  	679	  	1	  	
		  	Supplemental	  	47	  	06	  	30	  	811	  	207	  	
		  	Supplemental	  	48	  	06	  	10	  	828	  	228	  	
		  	Supplemental	  	48	  	10	  	25	  	836	  	416	  	
		  	Supplemental	  	49	  	05	  	23	  	847	  	74	  	
		  	Supplemental	  	50	  	05	  	11	  	868	  	13	  	
		  	Supplemental	  	51	  	04	  	25	  	886	  	359	  	

  

  
 A-5 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	53	  	04	  	29	  	926	  	363	  	
		  	Supplemental	  	54	  	10	  	06	  	961	  	129	  	
		  	Supplemental	  	57	  	05	  	23	  	1045	  	45	  	
		  	Supplemental	  	58	  	04	  	25	  	1072	  	526	  	
		  	Supplemental	  	59	  	04	  	30	  	1108	  	34	  	
		  	Supplemental	  	60	  	05	  	09	  	1143	  	27	  	
		  	Supplemental	  	61	  	05	  	11	  	1182	  	263	  	
		  	Supplemental	  	61	  	10	  	05	  	1202	  	122	  	
		  	Supplemental	  	62	  	03	  	21	  	1223	  	117	  	
		  	Supplemental	  	64	  	06	  	22	  	Film 505	  		  	758886
		  	Supplemental	  	66	  	05	  	23	  	Film 570	  		  	815947
		  	Supplemental	  	67	  	08	  	01	  	Film 609	  		  	853735
		  	Supplemental	  	68	  	07	  	25	  	641	  		  	885546
		  	Supplemental	  	69	  	05	  	16	  	Film 668	  		  	913274
		  	Supplemental	  	70	  	05	  	12	  	Film 698	  		  	942958
		  	Supplemental	  	70	  	09	  	15	  	Film 709	  		  	954421
		  	Supplemental	  	72	  	08	  	09	  	Film 783	  		  	29676
		  	Supplemental	  	74	  	04	  	23	  	Film 851	  		  	100506
		  	Supplemental	  	76	  	06	  	08	  	Film 926	  		  	179322
		  	Supplemental	  	77	  	06	  	08	  	Film 965	  		  	226467
		  	Supplemental	  	77	  	12	  	20	  	Film 989	  		  	257222
		  	Supplemental	  	79	  	11	  	19	  	Film 1092	  		  	371001
		  	Supplemental	  	80	  	03	  	26	  	Film 1110	  		  	389173
		  	Supplemental	  	82	  	05	  	18	  	Film 1207	  		  	494980
		  	Supplemental	  	82	  	05	  	18	  	Film 1207	  		  	494981
		  	Supplemental	  	82	  	06	  	07	  	Film 1209	  		  	497496
		  	Supplemental	  	83	  	06	  	09	  	Film 1256	  		  	554662
		  	Supplemental	  	84	  	06	  	20	  	Film 1308	  		  	628636
		  	Supplemental	  	85	  	06	  	03	  	Film 1356	  		  	691564
		  	Supplemental	  	87	  	03	  	30	  	Film 1465	  		  	837031
		  	Supplemental	  	87	  	06	  	26	  	Film 1482	  		  	859443
		  	Supplemental	  	90	  	09	  	13	  	Film 1643	  		  	01063929
		  	Supplemental	  	91	  	02	  	11	  	Film 1661	  		  	01087294
		  	Supplemental	  	92	  	05	  	01	  		  		  	01181150
		  	Supplemental	  	93	  	06	  	16	  		  	1	  	01304329
		  	Supplemental	  	93	  	09	  	01	  		  	1	  	01332731
	Chaffee	  	3rd Supplemental	  	42	  	07	  	07	  	242	  	72	  	
		  	Original	  	39	  	12	  	04	  	238	  	85	  	
		  	Supplemental	  	47	  	06	  	30	  	254	  	169	  	
		  	Supplemental	  	51	  	04	  	28	  	267	  	50	  	
		  	Supplemental	  	52	  	04	  	29	  	273	  	45	  	
		  	Supplemental	  	57	  	05	  	24	  	292	  	54	  	
		  	Supplemental	  	59	  	05	  	04	  	305	  	241	  	
		  	Supplemental	  	67	  	07	  	31	  	358	  	750	  	
		  	Supplemental	  	77	  	06	  	08	  	409	  	375	  	
		  	Supplemental	  	78	  	05	  	18	  	416	  	337	  	
		  	Supplemental	  	82	  	05	  	18	  	449	  	502	  	
		  	Supplemental	  	82	  	05	  	18	  	449	  	527	  	
		  	Supplemental	  	82	  	06	  	07	  	449	  	832	  	
		  	Supplemental	  	83	  	06	  	09	  	457	  	485	  	
		  	Supplemental	  	84	  	06	  	19	  	465	  	674	  	
		  	Supplemental	  	85	  	06	  	03	  	472	  	182	  	
		  	Supplemental	  	87	  	03	  	30	  	487	  	496	  	

  

  
 A-6 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	87	  	06	  	26	  	489	  	435	  	
		  	Supplemental	  	90	  	09	  	13	  	512	  	976	  	
		  	Supplemental	  	91	  	02	  	11	  	515	  	568	  	
		  	Supplemental	  	92	  	05	  	04	  	524	  	549	  	
		  	Supplemental	  	93	  	06	  	16	  	535	  	221	  	
		  	Supplemental	  	93	  	09	  	01	  	538	  	1	  	
	Clear Creek	  	4th Supplemental	  	43	  	05	  	25	  	222	  	591	  	
		  	6th Supplemental	  	45	  	05	  	14	  	230	  	179	  	
		  	Original	  	39	  	11	  	29	  	222	  	238	  	
		  	Supplemental	  	41	  	03	  	31	  	222	  	430	  	
		  	Supplemental	  	47	  	06	  	28	  	240.	  	1	  	
		  	Supplemental	  	56	  	05	  	04	  	251	  	414	  	
		  	Supplemental	  	57	  	05	  	24	  	257	  	1	  	
		  	Supplemental	  	66	  	05	  	26	  	294	  	218	  	
		  	Supplemental	  	67	  	07	  	27	  	300	  	31	  	
		  	Supplemental	  	69	  	05	  	16	  	312	  	642	  	
		  	Supplemental	  	70	  	09	  	10	  	320	  	445	  	
		  	Supplemental	  	72	  	08	  	08	  	333	  	683	  	
		  	Supplemental	  	74	  	04	  	23	  	346	  	539	  	
		  	Supplemental	  	77	  	12	  	16	  	372	  	384	  	
		  	Supplemental	  	82	  	05	  	18	  	415	  	568	  	
		  	Supplemental	  	82	  	05	  	18	  	415	  	593	  	
		  	Supplemental	  	82	  	06	  	08	  	415	  	969	  	
		  	Supplemental	  	83	  	06	  	08	  	422	  	854	  	
		  	Supplemental	  	84	  	06	  	19	  	430	  	909	  	
		  	Supplemental	  	85	  	06	  	03	  	438	  	391	  	
		  	Supplemental	  	87	  	03	  	27	  	452	  	953	  	
		  	Supplemental	  	87	  	06	  	25	  	454	  	923	  	
		  	Supplemental	  	90	  	09	  	12	  	477	  	049	  	
		  	Supplemental	  	91	  	02	  	11	  	480	  	71	  	
		  	Supplemental	  	92	  	05	  	01	  	489	  	263	  	
		  	Supplemental	  	93	  	06	  	16	  	501	  	256	  	
		  	Supplemental	  	93	  	08	  	31	  		  		  	162997
	Conejos	  	Original	  	39	  	12	  	04	  	164	  	222	  	
		  	Supplemental	  	47	  	07	  	09	  	182	  	475	  	
		  	Supplemental	  	51	  	10	  	08	  	191	  	596	  	
		  	Supplemental	  	54	  	05	  	05	  	196	  	261	  	
		  	Supplemental	  	54	  	10	  	07	  	196	  	384	  	
		  	Supplemental	  	59	  	05	  	05	  	205	  	538	  	
		  	Supplemental	  	64	  	06	  	25	  	222	  	81	  	
		  	Supplemental	  	66	  	05	  	26	  	227	  	101	  	
		  	Supplemental	  	67	  	08	  	01	  	231	  	413	  	
		  	Supplemental	  	68	  	07	  	26	  	237	  	11	  	
		  	Supplemental	  	82	  	05	  	19	  	305	  	293	  	
		  	Supplemental	  	82	  	05	  	19	  	305	  	318	  	
		  	Supplemental	  	82	  	06	  	10	  	305	  	500	  	
		  	Supplemental	  	83	  	06	  	10	  	311	  	184	  	
		  	Supplemental	  	84	  	06	  	19	  	316	  	305	  	
		  	Supplemental	  	85	  	06	  	03	  		  	467	  	188925
		  	Supplemental	  	87	  	03	  	31	  	332	  	164	  	
		  	Supplemental	  	87	  	06	  	26	  	333	  	1	  	
		  	Supplemental	  	90	  	09	  	12	  	344	  	118	  	
		  	Supplemental	  	91	  	02	  	11	  	345	  	204	  	

  

  
 A-7 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	92	  	05	  	04	  	349	  	179	  	
		  	Supplemental	  	93	  	06	  	17	  	353	  	456	  	
		  	Supplemental	  	93	  	09	  	01	  	354	  	249	  	
	Costilla	  	Original	  	39	  	12	  	04	  	145	  	67	  	
		  	Supplemental	  	47	  	07	  	02	  	150	  	420	  	
		  	Supplemental	  	64	  	06	  	25	  	184	  	407	  	
		  	Supplemental	  	66	  	05	  	26	  	187	  	229	  	
		  	Supplemental	  	82	  	05	  	19	  	225	  	773	  	
		  	Supplemental	  	82	  	05	  	19	  	225	  	798	  	
		  	Supplemental	  	82	  	06	  	10	  	226	  	212	  	
		  	Supplemental	  	83	  	06	  	10	  	233	  	11	  	
		  	Supplemental	  	84	  	06	  	19	  	237	  	966	  	
		  	Supplemental	  	85	  	06	  	03	  	241	  	802	  	
		  	Supplemental	  	87	  	03	  	30	  	249	  	281	  	
		  	Supplemental	  	87	  	06	  	26	  	250	  	326	  	
		  	Supplemental	  	90	  	09	  	13	  	262	  	971	  	
		  	Supplemental	  	91	  	02	  	11	  	264	  	497	  	
		  	Supplemental	  	92	  	05	  	04	  	270	  	209	  	
		  	Supplemental	  	93	  	06	  	16	  	285	  	269	  	
		  	Supplemental	  	93	  	09	  	01	  	289	  	305	  	
	Crowley	  	Original	  	92	  	06	  	18	  	241	  	795	  	
		  	Supplemental	  	92	  	06	  	18	  	242	  	1	  	
		  	Supplemental	  	93	  	06	  	16	  	243	  	586	  	
		  	Supplemental	  	93	  	08	  	31	  	243	  	927	  	
	Delta	  	Original	  	92	  	06	  	19	  	686	  	348	  	
		  	Supplemental	  	92	  	06	  	19	  	686	  	648	  	
		  	Supplemental	  	93	  	06	  	17	  	703	  	192	  	
		  	Supplemental	  	93	  	09	  	01	  	707	  	95	  	
	Denver	  	3rd Supplemental	  	42	  	05	  	27	  	5635	  	292	  	
		  	4th Supplemental	  	43	  	05	  	24	  	5735	  	88	  	
		  	5th Supplemental	  	44	  	05	  	23	  	5778	  	108	  	
		  	6th Supplemental	  	45	  	05	  	12	  	5902	  	569	  	
		  	7th Supplemental	  	46	  	05	  	20	  	6045	  	217	  	
		  	8th Supplemental	  	47	  	04	  	16	  	6195	  	285	  	
		  	Original	  	39	  	11	  	29	  	5370	  	1	  	
		  	Supplemental	  	47	  	06	  	27	  	6233	  	235	  	
		  	Supplemental	  	48	  	06	  	09	  	6399	  	236	  	
		  	Supplemental	  	48	  	10	  	25	  	6459	  	462	  	
		  	Supplemental	  	49	  	05	  	16	  	6544	  	564	  	
		  	Supplemental	  	50	  	05	  	09	  	6719	  	523	  	
		  	Supplemental	  	51	  	04	  	24	  	6913	  	192	  	
		  	Supplemental	  	51	  	10	  	05	  	6998	  	439	  	
		  	Supplemental	  	52	  	04	  	29	  	7105	  	99	  	
		  	Supplemental	  	53	  	01	  	09	  	7239	  	3	  	
		  	Supplemental	  	53	  	04	  	28	  	7290	  	198	  	
		  	Supplemental	  	54	  	05	  	03	  	7467	  	432	  	
		  	Supplemental	  	54	  	10	  	06	  	7549	  	247	  	
		  	Supplemental	  	55	  	05	  	03	  	7669	  	2	  	
		  	Supplemental	  	56	  	05	  	01	  	7864	  	483	  	
		  	Supplemental	  	57	  	05	  	23	  	8040	  	547	  	
		  	Supplemental	  	58	  	04	  	25	  	8176	  	367	  	
		  	Supplemental	  	59	  	04	  	30	  	8346	  	268	  	
		  	Supplemental	  	60	  	05	  	09	  	8508	  	363	  	

  
 A-8 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	61	  	05	  	11	  	8671	  	455	  	
		  	Supplemental	  	61	  	10	  	05	  	8745	  	12	  	
		  	Supplemental	  	62	  	03	  	20	  	8818	  	61	  	
		  	Supplemental	  	64	  	06	  	22	  	9256	  	262	  	
		  	Supplemental	  	66	  	05	  	23	  	9602	  	417	  	
		  	Supplemental	  	67	  	07	  	26	  	9762	  	487	  	
		  	Supplemental	  	68	  	07	  	26	  	9908	  	459	  	
		  	Supplemental	  	69	  	05	  	15	  	32	  	403	  	
		  	Supplemental	  	70	  	05	  	08	  	173	  	632	  	
		  	Supplemental	  	70	  	09	  	09	  	222	  	288	  	
		  	Supplemental	  	72	  	08	  	03	  	541	  	597	  	
		  	Supplemental	  	73	  	06	  	15	  	714	  	75	  	
		  	Supplemental	  	74	  	04	  	23	  	868	  	204	  	
		  	Supplemental	  	75	  	01	  	10	  	996	  	314	  	
		  	Supplemental	  	75	  	11	  	04	  	1148	  	18	  	
		  	Supplemental	  	76	  	06	  	09	  	1260	  	280	  	
		  	Supplemental	  	77	  	06	  	07	  	1452	  	684	  	
		  	Supplemental	  	78	  	05	  	19	  	1667	  	670	  	
		  	Supplemental	  	80	  	03	  	25	  	2129	  	10.	  	
		  	Supplemental	  	82	  	05	  	18	  	2586	  	124	  	
		  	Supplemental	  	82	  	05	  	18	  	2586	  	149	  	
		  	Supplemental	  	82	  	06	  	08	  	2598	  	329	  	
		  	Supplemental	  	83	  	06	  	08	  	2829	  	279	  	
		  	Supplemental	  	84	  	06	  	22	  	3130	  	346	  	
		  	Supplemental	  	85	  	06	  	04	  		  	467	  	022091
		  	Supplemental	  	87	  	03	  	27	  	Film 0148	  		  	109778
		  	Supplemental	  	87	  	07	  	07	  	Film 0215	  		  	155736
		  	Supplemental	  	90	  	09	  	14	  		  		  	R-90-0084791
		  	Supplemental	  	91	  	02	  	11	  		  		  	R-91-0010640
		  	Supplemental	  	92	  	05	  	11	  		  		  	R-92-0051383
		  	Supplemental	  	93	  	06	  	17	  		  		  	93-0077115
		  	Supplemental	  	93	  	09	  	02	  		  		  	93-00119030
	Dolores	  	Original	  	92	  	06	  	19	  	254	  	92	  	
		  	Supplemental	  	92	  	06	  	19	  	254	  	390	  	
		  	Supplemental	  	93	  	06	  	16	  	259	  	1	  	
		  	Supplemental	  	93	  	09	  	01	  	259	  	450	  	
	Douglas	  	Original	  	57	  	04	  	18	  	120	  	199	  	
		  	Supplemental	  	57	  	04	  	18	  	120	  	342	  	
		  	Supplemental	  	57	  	05	  	24	  	121	  	65	  	
		  	Supplemental	  	58	  	04	  	23	  	124	  	143	  	
		  	Supplemental	  	59	  	05	  	04	  	128	  	232	  	
		  	Supplemental	  	60	  	05	  	09	  	132	  	19	  	
		  	Supplemental	  	61	  	05	  	11	  	137	  	237	  	
		  	Supplemental	  	61	  	10	  	06	  	140	  	102	  	
		  	Supplemental	  	62	  	03	  	21	  	142	  	316	  	
		  	Supplemental	  	64	  	06	  	22	  	157	  	441	  	
		  	Supplemental	  	66	  	05	  	23	  	170	  	99	  	
		  	Supplemental	  	67	  	07	  	27	  	177	  	356	  	
		  	Supplemental	  	68	  	07	  	25	  	185	  	264	  	
		  	Supplemental	  	70	  	05	  	11	  	204	  	159	  	
		  	Supplemental	  	72	  	08	  	09	  	234	  	84	  	
		  	Supplemental	  	73	  	06	  	18	  	248	  	149	  	
		  	Supplemental	  	77	  	12	  	19	  	321	  	245	  	

  
 A-9 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	82	  	05	  	19	  	441	  	956	  	
		  	Supplemental	  	82	  	05	  	19	  	441	  	981	  	
		  	Supplemental	  	82	  	06	  	08	  	443	  	435	  	
		  	Supplemental	  	83	  	06	  	08	  	477	  	1049	  	
		  	Supplemental	  	84	  	06	  	19	  	525	  	869	  	
		  	Supplemental	  	85	  	06	  	03	  	576	  	936	  	
		  	Supplemental	  	87	  	03	  	27	  	709	  	42	  	
		  	Supplemental	  	87	  	06	  	26	  	730	  	1	  	
		  	Supplemental.	  	90	  	09	  	12	  	0930	  	0833	  	
		  	Supplemental	  	91	  	02	  	11	  	0954	  	0030	  	
		  	Supplemental	  	92	  	05	  	01	  	1050	  	50	  	
		  	Supplemental	  	93	  	06	  	16	  	1131	  	1075	  	
		  	Supplemental	  	93	  	08	  	31	  	1145	  	1318	  	
	Eagle	  	3rd Supplemental	  	42	  	08	  	18	  	128	  	292	  	
		  	6th Supplemental	  	45	  	05	  	14	  	132	  	1	  	
		  	8th Supplemental	  	47	  	04	  	16	  	132	  	545	  	
		  	Original	  	39	  	12	  	01	  	124	  	411	  	
		  	Supplemental	  	47	  	06	  	30	  	134	  	173	  	
		  	Supplemental	  	64	  	06	  	24	  	183	  	47	  	
		  	Supplemental	  	66	  	05	  	27	  	197	  	37	  	
		  	Supplemental	  	67	  	07	  	31	  	205	  	205	  	
		  	Supplemental	  	70	  	05	  	11	  	217	  	607	  	
		  	Supplemental	  	74	  	04	  	23	  	234	  	319	  	
		  	Supplemental	  	75	  	11	  	06	  	242	  	889	  	
		  	Supplemental	  	82	  	05	  	19	  	340	  	657	  	
		  	Supplemental	  	82	  	05	  	19	  	340	  	658	  	
		  	Supplemental	  	82	  	06	  	09	  	341	  	427	  	
		  	Supplemental	  	83	  	06	  	09	  	361	  	271	  	
		  	Supplemental	  	84	  	06	  	20	  	387	  	777	  	
		  	Supplemental	  	85	  	06	  	03	  	415	  	900	  	
		  	Supplemental	  	87	  	03	  	30	  	459	  	932	  	
		  	Supplemental	  	87	  	06	  	26	  	465	  	91	  	
		  	Supplemental	  	90	  	09	  	13	  	537	  	496	  	
		  	Supplemental	  	91	  	02	  	11	  	547	  	00077	  	
		  	Supplemental	  	92	  	05	  	01	  	579	  	87	  	
		  	Supplemental	  	93	  	06	  	17	  	611	  	173	  	
		  	Supplemental	  	93	  	09	  	01	  	618	  	342	  	
	El Paso	  	Original	  	66	  	04	  	06	  	2125	  	686	  	
		  	Supplemental	  	66	  	05	  	26	  	2133	  	323	  	
		  	Supplemental	  	68	  	07	  	26	  	2245	  	531	  	
		  	Supplemental	  	77	  	12	  	16	  	2990	  	805	  	
		  	Supplemental	  	82	  	05	  	20	  	3567	  	1	  	
		  	Supplemental	  	82	  	05	  	20	  	3567	  	26	  	
		  	Supplemental	  	82	  	06	  	09	  	3573	  	893	  	
		  	Supplemental	  	83	  	06	  	22	  	3743	  	661	  	
		  	Supplemental	  	84	  	06	  	19	  	3884	  	901	  	
		  	Supplemental	  	85	  	06	  	03	  	5016	  	0903	  	
		  	Supplemental	  	87	  	03	  	27	  	5338	  	669	  	
		  	Supplemental	  	87	  	07	  	15	  	5395	  	474	  	
		  	Supplemental	  	90	  	09	  	13	  	5773	  	142	  	
		  	Supplemental	  	91	  	02	  	11	  	5812	  	751	  	
		  	Supplemental	  	92	  	05	  	01	  	5971	  	631	  	
		  	Supplemental	  	93	  	06	  	16	  	6195	  	169	  	

  
 A-10 

															
	 County
	  	 Indenture
	  	 Yr
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Book
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		  	Supplemental	  	93	  	08	  	31	  	6248	  	51	  	
	Elbert	  	Original	  	66	  	04	  	19	  	259	  	1	  	
		  	Supplemental	  	66	  	05	  	23	  	259	  	452	  	
		  	Supplemental	  	77	  	12	  	16	  	311	  	350	  	
		  	Supplemental	  	82	  	05	  	18	  	347	  	390	  	
		  	Supplemental	  	82	  	05	  	18	  	347	  	415	  	
		  	Supplemental	  	82	  	06	  	08	  	347	  	912	  	
		  	Supplemental	  	83	  	06	  	08	  	357	  	122	  	
		  	Supplemental	  	84	  	06	  	19	  	369	  	235	  	
		  	Supplemental	  	85	  	06	  	03	  	381	  	223	  	
		  	Supplemental	  	87	  	03	  	27	  	404	  	530	  	
		  	Supplemental	  	87	  	07	  	10	  	408	  	26	  	
		  	Supplemental	  	90	  	09	  	12	  	439	  	324	  	
		  	Supplemental	  	91	  	02	  	11	  	442	  	849	  	
		  	Supplemental	  	92	  	05	  	01	  	455	  	747	  	
		  	Supplemental	  	93	  	06	  	16	  	472	  	852	  	
		  	Supplemental	  	93	  	08	  	31	  	477	  	365	  	
	Fremont	  	Original	  	59	  	03	  	28	  	403	  	99	  	
		  	Supplemental	  	59	  	05	  	04	  	404	  	334	  	
		  	Supplemental	  	59	  	05	  	28	  	403	  	241	  	
	Garfield	  	8th Supplemental	  	47	  	04	  	17	  	218	  	525	  	
		  	Original	  	39	  	12	  	01	  	196	  	197	  	
		  	Supplemental	  	47	  	06	  	27	  	227	  	255	  	
		  	Supplemental	  	51	  	05	  	12	  	258	  	340	  	
		  	Supplemental	  	56	  	05	  	03	  	292	  	474	  	
		  	Supplemental	  	57	  	05	  	28	  	301	  	19	  	
		  	Supplemental	  	58	  	04	  	29	  	308	  	341	  	
		  	Supplemental	  	61	  	05	  	15	  	334	  	121	  	
		  	Supplemental	  	61	  	10	  	06	  	337	  	82	  	
		  	Supplemental	  	62	  	03	  	23	  	340	  	143	  	
		  	Supplemental	  	64	  	06	  	24	  	359	  	9	  	
		  	Supplemental	  	66	  	06	  	03	  	376	  	453	  	
		  	Supplemental	  	67	  	07	  	28	  	386	  	397	  	
		  	Supplemental	  	70	  	05	  	11	  	410	  	212	  	
		  	Supplemental	  	70	  	09	  	10	  	413	  	95	  	
		  	Supplemental	  	74	  	04	  	24	  	458	  	360	  	
		  	Supplemental	  	75	  	11	  	07	  	480	  	434	  	
		  	Supplemental	  	77	  	12	  	16	  	503	  	846	  	
		  	Supplemental.	  	82	  	05	  	19	  	599	  	715	  	
		  	Supplemental	  	82	  	05	  	19	  	599	  	740	  	
		  	Supplemental	  	82	  	06	  	07	  	600	  	718	  	
		  	Supplemental	  	83	  	06	  	09	  	628	  	646	  	
		  	Supplemental	  	84	  	06	  	20	  	651	  	731	  	
		  	Supplemental	  	85	  	06	  	05	  	670	  	21	  	
		  	Supplemental	  	87	  	03	  	30	  	708	  	316	  	
		  	Supplemental	  	87	  	07	  	23	  	717	  	14	  	
		  	Supplemental	  	90	  	09	  	13	  	788	  	803	  	
		  	Supplemental	  	91	  	02	  	11	  	798	  	534	  	
		  	Supplemental	  	92	  	05	  	01	  	830	  	594	  	
		  	Supplemental	  	93	  	06	  	18	  	866	  	137	  	
		  	Supplemental	  	93	  	09	  	01	  	874	  	188	  	
	Gilpin	  	Original	  	39	  	11	  	29	  	214	  	110	  	
		  	Supplemental	  	41	  	04	  	03	  	214	  	405	  	

  
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	  	 Indenture
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		  	Supplemental	  	47	  	06	  	28	  	220	  	231	  	
		  	Supplemental	  	68	  	10	  	14	  	260	  	370	  	
		  	Supplemental	  	77	  	12	  	16	  	309	  	40	  	
		  	Supplemental	  	82	  	05	  	18	  	345	  	032	  	
		  	Supplemental	  	82	  	05	  	18	  	345	  	057	  	
		  	Supplemental	  	82	  	06	  	07	  	345	  	254	  	
		  	Supplemental	  	83	  	06	  	08	  	353	  	119	  	
		  	Supplemental	  	84	  	06	  	19	  	361	  	143	  	
		  	Supplemental	  	85	  	06	  	03	  	368	  	345	  	
		  	Supplemental	  	87	  	03	  	27	  	383	  	39	  	
		  	Supplemental	  	87	  	06	  	25	  	385	  	42	  	
		  	Supplemental	  	90	  	09	  	12	  	506	  	363	  	
		  	Supplemental	  	91	  	07	  	09	  	513	  	322	  	
		  	Supplemental	  	92	  	05	  	05	  	525	  	160	  	
		  	Supplemental	  	93	  	06	  	16	  	544	  	343	  	
		  	Supplemental	  	93	  	08	  	31	  	549	  	320	  	
	Grand	  	Original	  	39	  	11	  	30	  	88	  	55	  	
		  	Supplemental	  	47	  	06	  	28	  	96	  	496	  	
		  	Supplemental	  	77	  	12	  	16	  	241	  	512	  	
	Gunnison	  	Original	  	39	  	12	  	05	  	262	  	1	  	
		  	Supplemental	  	47	  	07	  	02	  	276	  	389	  	
	Huerfano	  	Original	  	92	  	03	  	17	  	14M	  	670	  	
		  	Supplemental	  	92	  	03	  	17	  	14M	  	669	  	
		  	Supplemental	  	92	  	05	  	01	  	15M	  	203	  	
		  	Supplemental	  	93	  	06	  	16	  	19M	  	542	  	
		  	Supplemental	  	93	  	08	  	31	  	20M	  	680	  	
	Jefferson	  	2nd Supplemental	  	41	  	06	  	26	  	440	  	424	  	
		  	3rd Supplemental	  	42	  	06	  	04	  	457	  	102	  	
		  	5th Supplemental	  	44	  	05	  	23	  	489	  	74	  	
		  	Original	  	39	  	12	  	11	  	415	  	175	  	
		  	Supplemental	  	47	  	06	  	30	  	570	  	153	  	
		  	Supplemental	  	48	  	06	  	12	  	604	  	20	  	
		  	Supplemental	  	48	  	10	  	25	  	617	  	119	  	
		  	Supplemental	  	49	  	05	  	20	  	636	  	88	  	
		  	Supplemental	  	51	  	05	  	07	  	717	  	333	  	
		  	Supplemental	  	51	  	10	  	05	  	736	  	105	  	
		  	Supplemental	  	52	  	04	  	29	  	759	  	24	  	
		  	Supplemental	  	53	  	05	  	06	  	806	  	254	  	
		  	Supplemental	  	54	  	10	  	06	  	880	  	244	  	
		  	Supplemental	  	56	  	05	  	07	  	993	  	538	  	
		  	Supplemental	  	57	  	05	  	23	  	1062	  	40	  	
		  	Supplemental	  	58	  	04	  	25	  	1116	  	357	  	
		  	Supplemental	  	59	  	04	  	30	  	1190	  	216	  	
		  	Supplemental	  	60	  	05	  	09	  	1271	  	380	  	
		  	Supplemental	  	61	  	05	  	11	  	1367	  	256	  	
		  	Supplemental	  	61	  	10	  	05	  	1411	  	423	  	
		  	Supplemental	  	62	  	03	  	21	  	1458	  	416	  	
		  	Supplemental	  	64	  	06	  	22	  	1720	  	369	  	
		  	Supplemental	  	66	  	05	  	23	  	1873	  	682	  	
		  	Supplemental	  	67	  	07	  	28	  	1955	  	375	  	
		  	Supplemental	  	68	  	07	  	25	  	2035	  	289	  	
		  	Supplemental	  	69	  	05	  	16	  	2103	  	747	  	
		  	Supplemental	  	70	  	05	  	08	  	2179	  	234	  	

  
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	  	 Indenture
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		  	Supplemental	  	70	  	09	  	03	  	2205	  	897	  	
		  	Supplemental	  	71	  	02	  	17	  	2238	  	854	  	
		  	Supplemental	  	72	  	08	  	08	  	2407	  	730	  	
		  	Supplemental	  	73	  	06	  	18	  	2517	  	694	  	
		  	Supplemental	  	74	  	04	  	23	  	2614	  	842	  	
		  	Supplemental	  	75	  	11	  	05	  	2787	  	261	  	
		  	Supplemental	  	76	  	06	  	08	  	2861	  	199	  	
		  	Supplemental	  	77	  	06	  	07	  	3014	  	381	  	
		  	Supplemental	  	77	  	12	  	16	  	3117	  	765	  	
		  	Supplemental	  	78	  	05	  	18	  		  		  	78044373
		  	Supplemental.	  	78	  	10	  	24	  		  		  	78097779
		  	Supplemental	  	79	  	11	  	19	  		  		  	79105148
		  	Supplemental	  	82	  	05	  	18	  		  		  	82033499
		  	Supplemental	  	82	  	05	  	18	  		  		  	82033500
		  	Supplemental	  	82	  	06	  	07	  		  		  	82038276
		  	Supplemental	  	83	  	07	  	05	  		  		  	83061932
		  	Supplemental	  	84	  	06	  	20	  		  		  	84057410
		  	Supplemental.	  	85	  	06	  	03	  		  		  	85051093
		  	Supplemental	  	87	  	03	  	27	  		  		  	87039522
		  	Supplemental	  	87	  	06	  	25	  		  		  	87082901
		  	Supplemental	  	90	  	09	  	13	  		  		  	90078782
		  	Supplemental	  	91	  	02	  	15	  		  		  	91013342
		  	Supplemental	  	92	  	05	  	01	  		  		  	92050398
		  	Supplemental	  	93	  	06	  	16	  		  	1	  	93085511
		  	Supplemental	  	93	  	08	  	31	  		  		  	93133337
	Kiowa	  	Original	  	92	  	06	  	18	  	403	  	655	  	
		  	Supplemental	  	92	  	06	  	18	  	403	  	502	  	
		  	Supplemental	  	93	  	06	  	16	  	407	  	647	  	
		  	Supplemental	  	93	  	08	  	31	  	408	  	408	  	
	La Plata	  	Original	  	92	  	03	  	17	  		  	453	  	624311
		  	Supplemental	  	92	  	03	  	17	  		  	453	  	624311
		  	Supplemental	  	92	  	05	  	11	  		  		  	627022
		  	Supplemental	  	93	  	06	  	16	  		  	1	  	648129
		  	Supplemental	  	93	  	09	  	01	  		  		  	653012
	Lake	  	6th Supplemental	  	45	  	05	  	14	  	299	  	8	  	
		  	Original	  	39	  	12	  	04	  	284	  	1	  	
		  	Supplemental	  	47	  	06	  	28	  	296	  	279	  	
		  	Supplemental	  	50	  	05	  	10	  	307	  	149	  	
		  	Supplemental	  	51	  	04	  	26	  	312	  	6	  	
		  	Supplemental	  	64	  	06	  	30	  	355	  	387	  	
		  	Supplemental	  	66	  	05	  	25	  	366	  	49	  	
		  	Supplemental	  	67	  	07	  	31	  	372	  	154	  	
		  	Supplemental	  	68	  	07	  	26	  	376	  	299	  	
		  	Supplemental	  	69	  	05	  	16	  	380	  	124	  	
		  	Supplemental	  	82	  	05	  	18	  	459	  	420	  	
		  	Supplemental	  	82	  	05	  	18	  	459	  	445	  	
		  	Supplemental	  	82	  	06	  	07	  	459	  	637	  	
		  	Supplemental	  	83	  	06	  	08	  	464	  	466	  	
		  	Supplemental	  	84	  	06	  	19	  	469	  	365	  	
		  	Supplemental	  	85	  	06	  	03	  	472	  	824	  	
		  	Supplemental	  	87	  	03	  	27	  	480	  	831	  	
		  	Supplemental	  	87	  	06	  	25	  	481	  	825	  	
		  	Supplemental	  	90	  	09	  	12	  	494	  	44	  	

  
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	  	 Indenture
	  	 Yr
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		  	Supplemental	  	91	  	07	  	09	  	497	  	87	  	
		  	Supplemental	  	92	  	05	  	01	  	500	  	247	  	
		  	Supplemental	  	93	  	06	  	16	  	505	  	12	  	
		  	Supplemental	  	93	  	08	  	31	  	505	  	850	  	
	Larimer	  	3rd Supplemental	  	42	  	08	  	04	  	742	  	148	  	
		  	Original	  	39	  	12	  	01	  	705	  	99	  	
		  	Supplemental	  	47	  	07	  	01	  	836	  	447	  	
		  	Supplemental	  	48	  	06	  	09	  	854	  	29	  	
		  	Supplemental	  	51	  	04	  	25	  	911	  	132	  	
		  	Supplemental	  	57	  	05	  	24	  	1044	  	333	  	
		  	Supplemental	  	59	  	05	  	04	  	1091	  	527	  	
		  	Supplemental	  	61	  	05	  	11	  	1141	  	45	  	
		  	Supplemental	  	61	  	10	  	06	  	1153	  	343	  	
		  	Supplemental	  	64	  	06	  	22	  	1253	  	25	  	
		  	Supplemental	  	66	  	05	  	25	  	1329	  	578	  	
		  	Supplemental	  	67	  	07	  	27	  	1367	  	697	  	
		  	Supplemental	  	68	  	07	  	26	  	1390	  	21	  	
		  	Supplemental	  	70	  	05	  	11	  	1432	  	427	  	
		  	Supplemental	  	71	  	02	  	17	  	1453	  	220	  	
		  	Supplemental	  	72	  	08	  	09	  	1515	  	737	  	
		  	Supplemental	  	75	  	11	  	06	  	1671	  	0591	  	
		  	Supplemental	  	76	  	06	  	10	  	1704	  	12	  	
		  	Supplemental	  	78	  	10	  	24	  	1901	  	56	  	
		  	Supplemental	  	79	  	11	  	19	  	2006	  	81	  	
		  	Supplemental	  	82	  	05	  	18	  	2167	  	1263	  	
		  	Supplemental	  	82	  	05	  	18	  	2167	  	1288	  	
		  	Supplemental	  	82	  	06	  	07	  	2170	  	1399	  	
		  	Supplemental	  	83	  	06	  	08	  	2223	  	258	  	
		  	Supplemental	  	84	  	06	  	20	  	2277	  	476	  	
		  	Supplemental	  	85	  	06	  	03	  		  		  	85026195
		  	Supplemental	  	87	  	03	  	27	  		  		  	87017223
		  	Supplemental	  	87	  	06	  	25	  		  		  	87037038
		  	Supplemental	  	90	  	09	  	12	  		  		  	90041914
		  	Supplemental	  	91	  	02	  	15	  		  		  	91006463
		  	Supplemental	  	92	  	05	  	01	  		  		  	92023919
		  	Supplemental	  	93	  	06	  	16	  		  		  	93040059
		  	Supplemental	  	93	  	08	  	31	  		  		  	93063091
	Logan	  	6th Supplemental	  	45	  	05	  	12	  	348	  	58	  	
		  	Original	  	39	  	12	  	01	  	330	  	1	  	
		  	Supplemental	  	47	  	06	  	30	  	365	  	144	  	
		  	Supplemental	  	48	  	06	  	09	  	370	  	485	  	
		  	Supplemental	  	51	  	10	  	05	  	410	  	72	  	
		  	Supplemental	  	56	  	05	  	01	  	478	  	336	  	
		  	Supplemental	  	57	  	05	  	24	  	491	  	550	  	
		  	Supplemental	  	66	  	05	  	25	  	607	  	1	  	
		  	Supplemental	  	67	  	07	  	27	  	619	  	177	  	
		  	Supplemental	  	68	  	07	  	29	  	628	  	140	  	
		  	Supplemental	  	69	  	05	  	16	  	637	  	369	  	
		  	Supplemental	  	82	  	05	  	19	  	765	  	766	  	
		  	Supplemental	  	82	  	05	  	19	  	765	  	791	  	
		  	Supplemental	  	82	  	06	  	07	  	766	  	270	  	
		  	Supplemental	  	83	  	06	  	09	  	775	  	980	  	
		  	Supplemental	  	84	  	06	  	19	  	787	  	106	  	

  
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		  	Supplemental	  	85	  	06	  	03	  	798	  	383	  	
		  	Supplemental	  	87	  	03	  	27	  	817	  	117	  	
		  	Supplemental	  	87	  	06	  	26	  	819	  	482	  	
		  	Supplemental	  	90	  	09	  	13	  	846	  	692	  	
		  	Supplemental	  	91	  	07	  	09	  	852	  	805	  	
		  	Supplemental	  	92	  	05	  	01	  	859	  	519	  	
		  	Supplemental	  	93	  	06	  	16	  	870	  	809	  	
		  	Supplemental	  	93	  	08	  	31	  	873	  	196	  	
	Mesa	  	8th Supplemental	  	47	  	04	  	17	  	462	  	256	  	
		  	Original	  	39	  	12	  	01	  	383	  	292	  	
		  	Supplemental	  	47	  	06	  	30	  	476	  	169	  	
		  	Supplemental	  	48	  	06	  	09	  	488	  	492	  	
		  	Supplemental	  	50	  	05	  	10	  	525	  	149	  	
		  	Supplemental	  	51	  	04	  	25	  	546	  	368	  	
		  	Supplemental	  	51	  	10	  	08	  	555	  	50	  	
		  	Supplemental	  	53	  	05	  	02	  	582	  	569	  	
		  	Supplemental	  	54	  	10	  	07	  	620	  	366	  	
		  	Supplemental	  	55	  	05	  	03	  	642	  	262	  	
		  	Supplemental	  	57	  	05	  	27	  	710	  	39	  	
		  	Supplemental	  	58	  	04	  	25	  	731	  	149	  	
		  	Supplemental	  	59	  	05	  	02	  	755	  	460	  	
		  	Supplemental	  	60	  	05	  	09	  	779	  	311	  	
		  	Supplemental	  	61	  	05	  	12	  	803	  	101	  	
		  	Supplemental	  	61	  	10	  	06	  	812	  	19	  	
		  	Supplemental	  	62	  	03	  	22	  	821	  	309	  	
		  	Supplemental	  	66	  	05	  	27	  	897	  	1	  	
		  	Supplemental	  	67	  	07	  	28	  	911	  	533	  	
		  	Supplemental	  	68	  	07	  	26	  	925	  	150	  	
		  	Supplemental	  	73	  	06	  	18	  	998	  	294	  	
		  	Supplemental	  	75	  	11	  	12	  	1051	  	704	  	
		  	Supplemental	  	77	  	12	  	19	  	1130	  	921	  	
		  	Supplemental	  	79	  	11	  	19	  	1230	  	573	  	
		  	Supplemental	  	82	  	05	  	19	  	1373	  	106	  	
		  	Supplemental	  	82	  	05	  	19	  	1373	  	81	  	
		  	Supplemental	  	82	  	06	  	11	  	1377	  	99	  	
		  	Supplemental	  	83	  	06	  	30	  	1442	  	227	  	
		  	Supplemental	  	84	  	06	  	20	  	1498	  	607	  	
		  	Supplemental	  	85	  	06	  	03	  	1541	  	315	  	
		  	Supplemental	  	87	  	03	  	30	  	1634	  	920	  	
		  	Supplemental	  	87	  	07	  	23	  	1653	  	610	  	
		  	Supplemental	  	90	  	09	  	13	  	1803	  	653	  	
		  	Supplemental	  	91	  	07	  	10	  	1846	  	167	  	
		  	Supplemental	  	92	  	05	  	04	  	1897	  	560	  	
		  	Supplemental	  	93	  	06	  	16	  	1984	  	381	  	
		  	Supplemental	  	93	  	09	  	01	  	2003	  	879	  	
	Moffat	  	Original	  	92	  	03	  	18	  	649	  	521	  	
		  	Supplemental	  	92	  	03	  	18	  	649	  	822	  	
		  	Supplemental	  	92	  	05	  	01	  	653	  	287	  	
		  	Supplemental	  	93	  	06	  	17	  	670	  	8	  	
		  	Supplemental	  	93	  	09	  	01	  	672	  	916	  	
	Montezuma	  	Original	  	92	  	06	  	19	  	658	  	612	  	
		  	Supplemental	  	92	  	06	  	19	  	659	  	001	  	
		  	Supplemental	  	93	  	06	  	16	  	674	  	203	  	

  
 A-15 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	93	  	09	  	01	  	677	  	726	  	
	Montrose	  	Original	  	92	  	03	  	17	  	831	  	271	  	
		  	Supplemental	  	92	  	03	  	17	  	831	  	572	  	
		  	Supplemental	  	92	  	05	  	01	  	834	  	311	  	
		  	Supplemental	  	93	  	06	  	17	  	855	  	85	  	
		  	Supplemental	  	93	  	09	  	01	  	859	  	820	  	
	Morgan	  	Original	  	39	  	12	  	01	  	380	  	28	  	
		  	Supplemental	  	47	  	07	  	05	  	448	  	50	  	
		  	Supplemental	  	54	  	10	  	13	  	540	  	470	  	
		  	Supplemental	  	55	  	05	  	07	  	555	  	157	  	
		  	Supplemental	  	56	  	05	  	02	  	574	  	187	  	
		  	Supplemental	  	62	  	03	  	23	  	660	  	167	  	
		  	Supplemental	  	64	  	07	  	02	  	684	  	916	  	
		  	Supplemental	  	66	  	05	  	27	  	696	  	202	  	
		  	Supplemental	  	68	  	07	  	26	  	709	  	121	  	
		  	Supplemental	  	75	  	11	  	06	  	755	  	360	  	
		  	Supplemental	  	77	  	06	  	07	  	772	  	204	  	
		  	Supplemental	  	78	  	10	  	24	  	785	  	963	  	
		  	Supplemental	  	79	  	11	  	19	  	798	  	561	  	
		  	Supplemental	  	80	  	03	  	26	  	801	  	661	  	
		  	Supplemental	  	81	  	07	  	01	  	817	  	606	  	
		  	Supplemental	  	82	  	05	  	19	  	830	  	1	  	
		  	Supplemental	  	82	  	05	  	19	  	830	  	26	  	
		  	Supplemental	  	82	  	06	  	09	  	830	  	942	  	
		  	Supplemental	  	83	  	06	  	08	  	843	  	876	  	
		  	Supplemental	  	84	  	06	  	19	  	856	  	923	  	
		  	Supplemental	  	85	  	06	  	03	  	868	  	887	  	
		  	Supplemental	  	87	  	03	  	27	  	889	  	587	  	
		  	Supplemental	  	87	  	06	  	26	  	892	  	752	  	
		  	Supplemental	  	90	  	09	  	13	  	925	  	433	  	
		  	Supplemental	  	91	  	07	  	10	  	934	  	362	  	
		  	Supplemental	  	92	  	05	  	01	  	942	  	907	  	
		  	Supplemental	  	93	  	06	  	16	  	955	  	702	  	
		  	Supplemental	  	93	  	08	  	31	  	958	  	349	  	
	Ouray	  	Original	  	92	  	03	  	18	  	221	  	83	  	
		  	Supplemental	  	92	  	03	  	18	  	221	  	233	  	
		  	Supplemental	  	92	  	05	  	01	  	221	  	368	  	
		  	Supplemental	  	93	  	06	  	17	  	221	  	402	  	
		  	Supplemental	  	93	  	09	  	01	  	221	  	429	  	
	Park	  	Original	  	39	  	12	  	04	  	126	  	159	  	
		  	Supplemental	  	47	  	06	  	27	  	138	  	153	  	
		  	Supplemental	  	68	  	07	  	26	  	200	  	702	  	
		  	Supplemental	  	71	  	02	  	17	  	209	  	911	  	
		  	Supplemental	  	82	  	05	  	18	  	339	  	515	  	
		  	Supplemental	  	82	  	05	  	18	  	339	  	540	  	
		  	Supplemental	  	82	  	06	  	08	  	340	  	248	  	
		  	Supplemental	  	83	  	06	  	08	  	354	  	313	  	
		  	Supplemental	  	84	  	06	  	22	  	369	  	608	  	
		  	Supplemental	  	85	  	06	  	03	  	382	  	158	  	
		  	Supplemental	  	87	  	03	  	27	  	409	  	447	  	
		  	Supplemental	  	87	  	07	  	13	  	413	  	600	  	
		  	Supplemental	  	90	  	09	  	12	  	453	  	543	  	
		  	Supplemental	  	91	  	07	  	09	  	464	  	02	  	

  
 A-16 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	92	  	05	  	01	  	476	  	327	  	
		  	Supplemental	  	93	  	06	  	16	  	496	  	446	  	
		  	Supplemental	  	93	  	08	  	31	  	501	  	471	  	
	Pitkin	  	Original	  	39	  	12	  	02	  	167	  	165	  	
		  	Supplemental	  	47	  	06	  	27	  	175	  	1	  	
		  	Supplemental	  	57	  	05	  	28	  	181	  	348	  	
		  	Supplemental	  	64	  	06	  	24	  	207	  	447	  	
		  	Supplemental	  	70	  	05	  	11	  	248	  	390	  	
		  	Supplemental	  	82	  	05	  	19	  	426	  	628	  	
		  	Supplemental	  	82	  	05	  	19	  	426	  	653	  	
		  	Supplemental	  	82	  	06	  	09	  	427	  	681	  	
		  	Supplemental	  	83	  	06	  	09	  	446	  	614	  	
		  	Supplemental	  	84	  	06	  	28	  	468	  	739	  	
		  	Supplemental	  	85	  	06	  	03	  	487	  	57	  	
		  	Supplemental	  	87	  	03	  	30	  	532	  	394	  	
		  	Supplemental	  	87	  	06	  	26	  	540	  	256	  	
		  	Supplemental	  	90	  	09	  	13	  	629	  	440	  	
		  	Supplemental	  	91	  	07	  	10	  	651	  	99	  	
		  	Supplemental	  	92	  	05	  	01	  	676	  	412	  	
		  	Supplemental	  	93	  	06	  	18	  	715	  	374	  	
		  	Supplemental	  	93	  	09	  	02	  	723	  	52	  	
	Prowers	  	Original	  	92	  	03	  	18	  		  		  	456758
		  	Supplemental	  	92	  	03	  	18	  		  		  	456759
		  	Supplemental	  	92	  	05	  	01	  		  		  	457365
		  	Supplemental	  	93	  	06	  	16	  		  	1	  	461535
		  	Supplemental	  	93	  	08	  	31	  		  		  	462324
	Pueblo	  	Original	  	66	  	03	  	16	  	1590	  	911	  	
		  	Supplemental	  	66	  	05	  	27	  	1596	  	317	  	
		  	Supplemental	  	71	  	02	  	18	  	1685	  	820	  	
		  	Supplemental	  	73	  	06	  	18	  	1752	  	556	  	
		  	Supplemental	  	74	  	04	  	23	  	1779	  	489	  	
		  	Supplemental	  	75	  	11	  	06	  	1829	  	08	  	
		  	Supplemental	  	77	  	12	  	19	  	1914	  	503	  	
		  	Supplemental	  	78	  	05	  	18	  	1935	  	64	  	
		  	Supplemental	  	82	  	05	  	20	  	2115	  	520	  	
		  	Supplemental	  	82	  	05	  	20	  	2115	  	545	  	
		  	Supplemental	  	82	  	06	  	09	  	2117	  	838	  	
		  	Supplemental	  	83	  	06	  	08	  	2159	  	11	  	
		  	Supplemental	  	84	  	06	  	20	  	2203	  	913	  	
		  	Supplemental	  	85	  	06	  	03	  	2244	  	407	  	
		  	Supplemental	  	87	  	03	  	27	  	2339	  	500	  	
		  	Supplemental	  	87	  	06	  	25	  	2353	  	887	  	
		  	Supplemental	  	90	  	09	  	12	  	2514	  	781	  	
		  	Supplemental	  	91	  	02	  	11	  	2531	  	216	  	
		  	Supplemental	  	92	  	05	  	01	  	2590	  	655	  	
		  	Supplemental	  	93	  	06	  	17	  	2662	  	717	  	
		  	Supplemental	  	93	  	09	  	01	  	2677	  	883	  	
	Rio Blanco	  	Original	  	92	  	06	  	19	  	497	  	01	  	
		  	Supplemental	  	92	  	06	  	19	  	497	  	302	  	
		  	Supplemental	  	93	  	06	  	17	  	504	  	274	  	
		  	Supplemental	  	93	  	09	  	01	  	505	  	850	  	
		  	Original	  	39	  	12	  	04	  	200	  	175	  	
		  	Supplemental	  	42	  	07	  	20	  	203	  	191	  	

  
 A-17 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	47	  	07	  	02	  	217	  	247	  	
		  	Supplemental	  	51	  	04	  	27	  	225	  	223	  	
		  	Supplemental	  	53	  	05	  	01	  	225	  	475	  	
		  	Supplemental	  	54	  	10	  	07	  	234	  	75	  	
		  	Supplemental	  	57	  	05	  	24	  	247	  	405	  	
		  	Supplemental	  	60	  	05	  	10	  	263	  	90	  	
		  	Supplemental	  	66	  	05	  	26	  	302	  	1	  	
		  	Supplemental	  	69	  	05	  	16	  	316	  	962	  	
		  	Supplemental	  	70	  	05	  	11	  	319	  	466	  	
		  	Supplemental	  	70	  	09	  	10	  	320	  	439	  	
		  	Supplemental	  	71	  	02	  	18	  	322	  	322	  	
		  	Supplemental	  	82	  	05	  	19	  	375	  	487	  	
		  	Supplemental	  	82	  	05	  	19	  	375	  	512	  	
		  	Supplemental	  	82	  	06	  	10	  	375	  	846	  	
		  	Supplemental	  	83	  	06	  	10	  	381	  	902	  	
		  	Supplemental	  	84	  	06	  	19	  	389	  	4	  	
		  	Supplemental	  	85	  	06	  	03	  	396	  	634	  	
		  	Supplemental	  	87	  	03	  	30	  	409	  	94	  	
		  	Supplemental	  	87	  	07	  	09	  	411	  	138	  	
		  	Supplemental	  	90	  	09	  	13	  	431	  	88	  	
		  	Supplemental	  	91	  	02	  	11	  	433	  	443	  	
		  	Supplemental	  	92	  	05	  	05	  	440	  	353	  	
		  	Supplemental	  	93	  	06	  	16	  	447	  	820	  	
		  	Supplemental	  	93	  	09	  	01	  	449	  	10	  	
	Routt	  	Original	  	92	  	05	  	04	  	673	  	1287	  	
		  	Supplemental	  	78	  	10	  	24	  	463	  	84A	  	
		  	Supplemental	  	82	  	05	  	19	  	563	  	745	  	
		  	Supplemental	  	82	  	05	  	19	  	563	  	770	  	
		  	Supplemental	  	82	  	06	  	08	  	564	  	807	  	
		  	Supplemental	  	83	  	06	  	09	  	585	  	66	  	
		  	Supplemental	  	84	  	06	  	19	  	597	  	1469	  	
		  	Supplemental	  	85	  	06	  	03	  	606	  	1642	  	
		  	Supplemental	  	87	  	03	  	27	  	624	  	1561	  	
		  	Supplemental	  	87	  	06	  	26	  	627	  	515	  	
		  	Supplemental	  	90	  	09	  	14	  	657	  	1147	  	
		  	Supplemental	  	91	  	02	  	12	  	661	  	0278	  	
		  	Supplemental	  	92	  	05	  	04	  	673	  	1287	  	
		  	Supplemental	  	92	  	05	  	04	  	673	  	1287	  	
		  	Supplemental	  	93	  	06	  	17	  	686	  	410	  	
		  	Supplemental	  	93	  	08	  	31	  	688	  	1161	  	
	Saguache	  	Original	  	39	  	12	  	11	  	209	  	33	  	
		  	Supplemental	  	47	  	07	  	02	  	220	  	37	  	
		  	Supplemental	  	49	  	05	  	20	  	220	  	359	  	
		  	Supplemental	  	55	  	05	  	03	  	242	  	429	  	
		  	Supplemental	  	56	  	05	  	04	  	277	  	318	  	
		  	Supplemental	  	57	  	05	  	29	  	280	  	490	  	
		  	Supplemental	  	66	  	05	  	25	  	332	  	95	  	
		  	Supplemental	  	81	  	07	  	02	  	400	  	779	  	
		  	Supplemental	  	82	  	05	  	19	  	405	  	219	  	
		  	Supplemental	  	82	  	05	  	19	  	405	  	244	  	
		  	Supplemental	  	82	  	06	  	10	  	405	  	511	  	
		  	Supplemental	  	83	  	06	  	10	  	410	  	868	  	
		  	Supplemental	  	84	  	06	  	19	  	417	  	400	  	

  
 A-18 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Supplemental	  	85	  	06	  	03	  	422	  	880	  	
		  	Supplemental	  	87	  	03	  	30	  	435	  	15	  	
		  	Supplemental	  	87	  	06	  	29	  	436	  	794	  	
		  	Supplemental	  	90	  	09	  	13	  	464	  	439	  	
		  	Supplemental	  	91	  	02	  	11	  	467	  	222	  	
		  	Supplemental	  	92	  	05	  	04	  	475	  	403	  	
		  	Supplemental	  	93	  	06	  	16	  	483	  	768	  	
		  	Supplemental	  	93	  	09	  	01	  	485	  	877	  	
	San Juan	  	Original	  	92	  	03	  	18	  	239	  	637	  	
		  	Supplemental	  	92	  	03	  	18	  	239	  	938	  	
		  	Supplemental	  	92	  	05	  	04	  	240	  	20	  	
		  	Supplemental	  	93	  	06	  	17	  	240	  	442	  	
		  	Supplemental	  	93	  	09	  	01	  	240	  	554	  	
		  	Original	  	92	  	03	  	17	  	489	  	180	  	
		  	Supplemental	  	92	  	03	  	17	  	489	  	28	  	
		  	Supplemental	  	92	  	05	  	04	  	491	  	644	  	
		  	Supplemental	  	93	  	06	  	17	  	512	  	704	  	
		  	Supplemental	  	93	  	09	  	01	  	516	  	776	  	
	Sedgwick	  	Original	  	39	  	12	  	01	  	77	  	195	  	
	Summit.	  	2nd Supplemental	  	41	  	06	  	25	  	127	  	404	  	
		  	Original	  	39	  	12	  	04	  	127	  	96	  	
		  	Supplemental	  	47	  	06	  	27	  	138	  	1	  	
		  	Supplemental	  	53	  	05	  	01	  	144	  	365	  	
		  	Supplemental	  	54	  	05	  	04	  	145	  	319	  	
		  	Supplemental	  	56	  	05	  	01	  	150	  	40	  	
		  	Supplemental	  	64	  	06	  	24	  	174	  	132	  	
		  	Supplemental	  	66	  	05	  	26	  	185	  	29	  	
		  	Supplemental	  	67	  	07	  	28	  	187	  	101	  	
		  	Supplemental	  	68	  	07	  	26	  	190	  	851	  	
		  	Supplemental	  	72	  	08	  	08	  	223	  	125	  	
		  	Supplemental	  	74	  	04	  	23	  	252	  	381	  	
		  	Supplemental	  	75	  	11	  	06	  	271	  	426	  	
		  	Supplemental	  	78	  	05	  	18	  		  		  	176169
		  	Supplemental	  	79	  	11	  	19	  		  		  	199744
		  	Supplemental	  	82	  	05	  	18	  		  		  	239902
		  	Supplemental	  	82	  	05	  	18	  		  		  	239903
		  	Supplemental	  	82	  	06	  	08	  		  		  	240794
		  	Supplemental	  	83	  	06	  	08	  		  		  	257651
		  	Supplemental	  	84	  	06	  	19	  		  		  	279471
		  	Supplemental	  	85	  	06	  	03	  		  		  	297850
		  	Supplemental	  	87	  	03	  	27	  		  		  	334692
		  	Supplemental	  	87	  	06	  	25	  		  		  	338670
		  	Supplemental	  	90	  	09	  	12	  		  		  	392394
		  	Supplemental	  	91	  	02	  	11	  		  		  	399604
		  	Supplemental	  	92	  	05	  	01	  		  		  	421242
		  	Supplemental	  	93	  	06	  	16	  		  		  	444981
		  	Supplemental	  	93	  	08	  	31	  		  		  	449816
	Teller	  	Original	  	68	  	05	  	24	  	318	  	196	  	
		  	Supplemental	  	68	  	07	  	26	  	320	  	132	  	
	Washing ton	  	Original	  	39	  	12	  	01	  	273	  	46	  	
		  	Supplemental	  	47	  	06	  	27	  	325	  	367	  	
	Weld	  	4th Supplemental	  	43	  	05	  	27	  	1111	  	134	  	
		  	6th Supplemental	  	45	  	05	  	17	  	1154	  	543	  	

  
 A-19 

															
	 County
	  	 Indenture
	  	 Yr
	  	 Mo
	  	 Day
	  	 Reference:

Book
	  	 Page
	  	 Reception No

		  	Original	  	39	  	12	  	01	  	1053	  	272	  	
		  	Supplemental	  	47	  	06	  	27	  	1207	  	1	  	
		  	Supplemental	  	50	  	05	  	10	  	1270	  	215	  	
		  	Supplemental	  	51	  	05	  	05	  	1302	  	185	  	
		  	Supplemental	  	54	  	10	  	13	  	1401	  	499	  	
		  	Supplemental	  	59	  	05	  	06	  	1531	  	47	  	
		  	Supplemental	  	60	  	05	  	12	  	1557	  	586	  	
		  	Supplemental	  	61	  	05	  	17	  	1584	  	585	  	
		  	Supplemental	  	62	  	03	  	28	  	1610	  	88	  	
		  	Supplemental	  	64	  	06	  	29	  	518	  		  	1439543
		  	Supplemental	  	66	  	05	  	25	  	568	  		  	1489835
		  	Supplemental	  	67	  	07	  	27	  	584	  		  	1506105
		  	Supplemental	  	68	  	07	  	26	  	597	  		  	1519072
		  	Supplemental	  	69	  	05	  	16	  	609	  		  	1531461
		  	Supplemental	  	70	  	05	  	11	  	625	  		  	1547001
		  	Supplemental	  	70	  	09	  	10	  	632	  		  	1554411
		  	Supplemental	  	71	  	02	  	17	  	640	  		  	1562332
		  	Supplemental	  	72	  	08	  	08	  	673	  		  	1595081
		  	Supplemental	  	73	  	06	  	18	  	693	  		  	1615478
		  	Supplemental	  	74	  	04	  	23	  	713	  		  	1634907
		  	Supplemental	  	75	  	11	  	06	  	752	  		  	1674032
		  	Supplemental	  	77	  	12	  	23	  	818	  		  	1739612
		  	Supplemental	  	78	  	05	  	18	  	832	  		  	1753851
		  	Supplemental	  	79	  	11	  	19	  	887	  		  	1809486
		  	Supplemental	  	82	  	05	  	19	  	968	  	744	  	
		  	Supplemental	  	82	  	05	  	19	  	968	  	769	  	
		  	Supplemental	  	82	  	06	  	07	  	969	  	1577	  	
		  	Supplemental	  	83	  	06	  	28	  	1000	  	1337	  	
		  	Supplemental	  	84	  	06	  	19	  	1034	  		  	1971026
		  	Supplemental	  	85	  	06	  	03	  	1071	  	1648	  	
		  	Supplemental	  	87	  	03	  	27	  	1151	  	0039	  	
		  	Supplemental	  	87	  	06	  	25	  	1161	  	1096	  	
		  	Supplemental	  	90	  	09	  	13	  	1276	  	1258	  	
		  	Supplemental	  	91	  	02	  	11	  	1290	  	0430	  	
		  	Supplemental	  	92	  	05	  	01	  	1334	  	1742	  	
		  	Supplemental	  	93	  	06	  	16	  	1387	  	1832	  	
		  	Supplemental	  	93	  	08	  	31	  	1399	  	1539	  	

  
 A-20 

 PSCO UCC FINANCING STATEMENTS 

COLORADO SECRETARY OF STATE 
  

					
	 File No.
	  	 File Date
	  	 Indenture/

Supplement Date

	872015237	  	4/24/67	  	12/1/39
	872015238	  	4/24/67	  	3/14/41
	872015239	  	4/24/67	  	5/14/41
	872015240	  	4/24/67	  	4/28/42
	872015241	  	4/24/67	  	4/14/43
	872015242	  	4/24/67	  	4/27/44
	872015243	  	4/24/67	  	 4/12/45
 (or 4/18/45)

	872015244	  	4/24/67	  	4/23/46
	872015245	  	4/24/67	  	4/9/47
	872015246	  	4/24/67	  	6/1/47
	872015247	  	4/24/67	  	4/1/48
	872015248	  	4/24/67	  	4/20/48
	872015249	  	4/24/67	  	10/1/48
	872015250	  	4/24/67	  	4/20/49
	872015251	  	4/24/67	  	4/24/50
	872015252	  	4/24/67	  	4/18/51
	872015253	  	4/24/67	  	10/14/51
	872015254	  	4/24/67	  	4/21/52
	872015255	  	4/24/67	  	12/1/52
	872015256	  	4/24/67	  	4/15/53
	872015757	  	4/24/67	  	4/19/54
	872015258	  	4/24/67	  	10/1/54
	872015259	  	4/24/67	  	4/18/55
	872015260	  	4/24/67	  	4/24/56
	872015261	  	4/24/67	  	5/1/57
	872015262	  	4/24/67	  	4/10/58

  
 A-21 

					
	 File No.
	  	 File Date
	  	 Indenture/

Supplement Date

	872015263	  	4/24/67	  	5/1/59
	872015264	  	4/24/67	  	4/18/60
	872015265	  	4/24/67	  	 4/18/61
 (or 4/19/61)

	872015266	  	4/24/67	  	10/1/61
	872015267	  	4/24/67	  	3/1/62
	872015268	  	4/24/67	  	6/1/64
	872015269	  	4/24/67	  	5/1/66
	872019516	  	7/24/67	  	7/1/67
	872035860	  	7/23/68	  	7/1/68
	872048980	  	5/13/69	  	4/25/69
	872068249	  	5/28/70	  	4/21/70
	872076896	  	10/27/70	  	9/9/70
	872084496	  	3/12/71	  	2/1/71
	872121425	  	8/3/72	  	8/1/72
	148491	  	6/15/73	  	6/1/73
	174424	  	4/10/74	  	3/1/74
	872198180	  	1/10/75	  	12/1/74
	148491	  	10/31/75	  	10/1/75
	214803	  	5/28/76	  	4/28/76
	281789	  	7/29/77	  	4/28/77
	872302833	  	2/2/78	  	11/1/77
	872314333	  	5/12/78	  	4/28/78
	872334109	  	10/17/78	  	10/1/78
	872397891	  	11/8/79	  	10/1/79
	425757	  	4/29/80	  	3/1/80
	512889	  	9/9/81	  	4/28/81
	554019	  	5/6/82	  	9/1/81
	554020	  	5/6/82	  	12/1/81
	557959	  	5/26/82	  	4/29/82

  
 A-22 

					
	 File No.
	  	 File Date
	  	 Indenture/

Supplement Date

	629716	  	6/1/83	  	5/1/83
	717495	  	6/14/84	  	4/30/84
	801194	  	5/15/85	  	5/1/85
	989452	  	5/13/87	  	11/1/86
	997157	  	6/10/87	  	5/1/87
	922063863.	  	9/4/92	  	7/11/90
	922063862	  	9/4/92	  	12/1/90
	932027993	  	4/14/93	  	3/1/92
	932070223	  	9/23/93	  	4/1/93
	932070222	  	9/23/93	  	6/1/93

  
 B-1 

 Exhibit B 

MODIFICATIONS OF PSCO 1939 MORTGAGE 

1. (a) The modification of the definition of “property additions” contained in Section 4 of Article I of the
PSCO 1939 Mortgage to read as follows: 
 “‘Property additions’ shall mean any new or
additional property (including separate and distinct units, plants, systems and properties and undivided interests therein), and improvements, extensions, additions or betterments to or about the plants or properties of the Company, purchased,
constructed or otherwise acquired by the Company and in every case used or useful or to be used in the business of producing, generating, manufacturing, transporting, transmitting, distributing or supplying energy or fuel in any form, including
without limitation electricity, gas (either natural or artificial) or solar or geothermal energy, or water or steam, for any and all purposes; provided , however , that 

1. Property additions, as so defined, without limitation of the general import of such term, shall include:

 a. Improvements, extensions, additions or betterments to or about the properties of the Company, in the
process of construction or erection insofar as actually constructed or erected by the Company; 
 b. Property
purchased, constructed or otherwise acquired by the Company, to renew, replace or in substitution for old, worn out, retired, discontinued or abandoned property; 

c. Property acquired by the Company subject to prior liens; 

2. Property additions, as so defined, shall not include: 

a. Any shares of stock, bonds, evidences of indebtedness, other securities, contracts, leases or chooses in
action; 
 b. Going concern value or goodwill acquired by the Company [, except when acquired simultaneously
with a public utility system and without payment or apportionment of any separate or distinct consideration therefor]; 1 

c. Any natural gas wells or natural gas leases or natural gas gathering and transmission lines or pipes or
other works on property used in the production distribution system owned by the Company, except any natural gas transmission line used for the transmission of natural gas for distribution by the Company when such natural gas transmission line
connects any distribution system owned by the Company with a source of supply of natural gas (either gas wells or 
  

 

	1 	 The bracketed language would be included only if the modifications described in paragraph 13 herein were
adopted. 

  
 B-2 

 gathering lines or another transmission line) or when such natural gas
transmission line connects two or more municipalities served or to be served with natural gas by the Company; 

d. Any plant or system in which the Company shall acquire only a leasehold interest, or any improvements,
extensions or additions upon or to any plant or system in which the Company shall own only a leasehold interest; provided, however, that with respect to any plant or system purchased, constructed or otherwise acquired by the Company which is located
on real property in which the Company shall have acquired only a leasehold interest, any part of such plant or system which is personal property under the laws of the jurisdiction in which such real property is located shall be a property addition,
and that any part of such plant or system which is a fixture or other accession to land under the laws of such jurisdiction shall be a property addition if the term of such leasehold or the term of any extension or extensions thereof at the option
of the Company shall extend beyond the last maturity date of any bonds then outstanding under this Indenture and also beyond the last maturity date of any bonds then being issued in whole or in part on the basis of the certification to the Trustee
of such part of such plant or system; 
 e. Any property acquired, made or constructed by the Company in
keeping or maintaining the mortgaged property in good repair, working order and condition, whose cost is not properly chargeable to plant or plant addition account; 

f. Any goods, wares, merchandise, equipment, materials or supplies acquired for the purpose of sale or resale
in the usual course of business or for the purpose of consumption in the operation of any of the properties of the Company; 

g. Any property (other than space satellites) which is located outside the territorial limits of the United
States of America or its coastal waters or the Dominion of Canada or its coastal waters [or the United Mexican States or its coastal waters]. 2 

‘Space satellites’ shall mean any form of space satellites, space stations and other analogous
facilities (including without limitation solar power satellites, stations and other analogous facilities), whether or not in the Earth’s atmosphere.” 

; and 

 

	2 	 The Trustee shall vote in favor of, or consent to, the modification described in this paragraph whether or not
the bracketed language is contained therein. 

  
 B-3 

 (b) The modification of the introduction to Clause (B) of subdivision
(3) of Section 6 of Article III of the PSCO 1939 Mortgage to read as follows: 
 “(B)
specifying the property additions purchased, constructed or otherwise acquired by the Company since the date of the most recent certificate referred to in the preceding Clause (A) and stating whether, and if so to what extent, such property
additions consist of funded property; and as to such property additions:”. 
 2. (a) The further modification of
Section 4 of Article I of the PSCO 1939 Mortgage by inserting the following immediately before the definition of “net property additions”: 

“Anything in this Indenture to the contrary notwithstanding, the term ‘property additions’ shall
include nuclear fuel. ‘Nuclear fuel’ shall mean (a) any fuel element, including nuclear fuel and associated means (and any similar or analogous device or substance), whether or not classified as fuel and whether or not chargeable to
operating expenses, comprising or intended to comprise, or formerly comprising, the core, or other part, of a nuclear reactor or any similar or analogous device, (b) any fuel element, including nuclear fuel and associated means (and any similar
or analogous device or substance) while in the process of fabrication or preparation and special nuclear or other materials held for use in such fabrication or preparation, (c) any substances or materials formerly comprising such nuclear fuel
and associated means (or any similar or analogous device or substance) and which substances or materials are undergoing or have undergone reprocessing and (d) uranium, thorium, plutonium, and any other substance or material from time to time
used or selected for use by the Company as fuel material, or as potential fuel material, in a nuclear reactor or any similar or analogous device.”; 

(b) The modification of Section 3 of Article I of the PSCO 1939 Mortgage to insert the following at the end of, and as a
part of, the definition of “permitted encumbrances”: 
 “(j) Any controls, liens,
restrictions, regulations, easements, exceptions or reservations of any governmental authority applying particularly to nuclear fuel.” 

; and 
 (c) The
modification of subdivision (1) of Section 5 of Article VII of the PSCO 1939 Mortgage by inserting after the word “implements” each time it appears in said subdivision (1) the words “nuclear fuel” preceded by a
comma in the first instance and followed by a comma in the third instance. 
 3. The modification of Sections 2 and 5 of
Article I of the PSCO 1939 Mortgage by deleting the words “and verified” following the word “signed” from the definitions of “engineer’s certificate”, “independent engineer’s certificate”,
“Treasurer’s certificate” and “net earnings certificate”. 

  
 B-4 

 4. The modification of Section 2 of Article I of the PSCO 1939 Mortgage by
deleting therefrom the definitions of “authorized Denver newspaper” and “authorized New York newspaper” and substituting in lieu thereof the following: 

“‘Authorized Denver newspaper’ shall mean a newspaper or financial journal of general
circulation in the City and County of Denver, Colorado, and ‘authorized New York newspaper’ shall mean a newspaper or financial journal of general circulation in the Borough of Manhattan, The City of New York, and which, in either case, is
printed in the English language and is customarily published on each business day. Any successive weekly publication of notice required hereunder may be made, unless otherwise expressly provided herein, on the same or different days of the week and
in the same or different newspapers or financial journals. If publication of any notice in the manner herein described is not available upon reasonable terms, then such publication in lieu thereof as shall be made with the approval of the Trustee
(or, if there be no trustee hereunder, the Company) shall constitute a sufficient publication of notice.”. 
 5. (a) The
deletion of all of the following, and any and all references thereto, which shall be in force and effect at the date of any meeting or meetings of bondholders under the PSCO 1939 Mortgage: Section 8 of Article IV of the PSCO 1939 Mortgage and
Article Two of the supplemental indentures to the PSCO 1939 Mortgage, dated, respectively, as of October 1, 1948, October 1, 1951, October 1, 1954, May 1, 1957, May 1, 1959, October 1, 1961, March 1, 1962,
June 1, 1964, May 1, 1966, July 1, 1967, July 1, 1968, September 1, 1970, February 1, 1971, August 1, 1972, June 1, 1973, October 1, 1975, and November 1, 1977; 

or, in the alternative 
 (b)(i)
The modification of the first paragraph of Section 8 of Article IV of the PSCO 1939 Mortgage, prior to the enumeration therein of certain credits, to read as follows: 

“SECTION 8.—That, so long as any of the Bonds of the 1977 Series shall remain outstanding, the
Company will, for each calendar year, beginning January 1, 1948 (hereinafter sometimes called the ‘accounting period’), pay to the Trustee on or before the 1st day of May next succeeding the close of each accounting period, as a
Maintenance and Replacement Fund, an amount in cash (hereinafter sometimes called the ‘Standard of Expenditure’) not less than the lower of (a) ten per centum (10%) of the gross operating revenues (as hereinafter defined) of the
Company derived from the mortgaged property during such accounting period or (b) two per centum (2%) of the cost of the depreciable property of the Company subject to the lien of this Indenture, less the accumulated provision for depreciation,
at the end of such accounting period, provided, however, that the amount of such payment shall be reduced by the following credits, to the extent that the Company desires to take the same, stated in the Treasurer’s certificate hereinafter in
this Section provided for:” 
 ; and 

  
 B-5 

 (ii) the modification of the penultimate paragraph of Section 8 of Article
IV of the PSCO 1939 Mortgage to read as follows: 
 “The term ‘gross operating revenues’ for
the purposes of this Section is hereby defined as the amounts received or accrued from the sale of electric, gas and steam services, after deducting amounts equal to the cost to the Company of fuel in any form used or to be used to provide such
services and charged to operating expenses, including the cost of acquisition and transportation thereof, and amounts equal to the cost of electric current or gas or steam purchased for exchange or resale and rentals paid or incurred for electric or
gas generating, transmitting and/or distributing properties leased, and adding thereto the amounts received or accrued as rentals or fixed charges for the use by others (or the use by the Company for the account of others) of generating,
transmission and distribution facilities owned by the Company (with all interdepartmental items eliminated); provided , however , that there shall be excluded from such operating revenues any revenue derived from the sale of goods,
wares and merchandise, equipment, materials or supplies acquired by the Company for the purpose of sale or resale or leasing to its customers in the ordinary course and conduct of its business; and further provided , that any such operating
revenues which are in controversy as a result of any litigation, or which have been impounded in such litigation, shall be included in the gross operating revenues for the purpose of this computation only after, and in the year in which, any such
operating revenues in controversy or impounded are recovered or, at the option of the Company, after, and in the year in which, it shall have been finally determined that such operating revenues belong to the Company.”. 

6. The modification of clause (e) of subdivision (7) of Section 6 of Article III of the PSCO 1939 Mortgage to
read as follows: 
 “(e) that the Company has corporate authority and all necessary permission from
governmental authorities to acquire and own such property additions;”. 
 7. The modification of subdivision (9) of
Section 6 of Article III of the PSCO 1939 Mortgage to read as follows: 
 “(9) An engineer’s
certificate, made and dated not more than 30 days prior to the date of such application, stating that the signers have no knowledge of and do not believe that there have been, since the date of the engineer’s certificate specified in
subdivision (3) above, property retirements in an amount in excess of the cost to the Company of property additions purchased, constructed or otherwise acquired since said date;”. 

  
 B-6 

 8. (a) The modification of Clause (A)(1). of Section 5 of Article I of the
PSCO 1939 Mortgage to read as follows: 
 “(1) The aggregate of the gross operating revenues derived
from the electric, gas and steam business of the Company, whether or not collected by the Company subject to possible refund at a future date;” 

; and 

(b) The modification of Clause (A)(4) of Section 5 of Article I of the PSCO 1939 Mortgage to read as follows: 

“(4) The net operating revenue derived by the Company from all sources other than the electric, gas and
steam businesses, whether or not collected by the Company subject to possible refund at a future date.”. 
 9. The
modification of Clause (A)(3) of Section 5 of Article I of the PSCO 1939 Mortgage to read as follows: 

“(3) The net non-operating income of the Company, which shall be
deemed to include, without limitation, an amount equal to the total amount of the allowance for funds used during construction, or any similar or analogous amount, included in the utility plant accounts of the Company as part of the cost of
construction; and”. 
 10. (a) The modification of Section 5 of Article III of the PSCO 1939 Mortgage to read as
follows: 
 “SECTION 5.—No bonds shall be authenticated and delivered upon the basis of property
additions unless as shown by a net earnings certificate the net earnings of the Company for the period therein referred to shall have been at least equivalent to 2 times the annual interest requirements as shown by such net earnings
certificate.”; 
 or, in the alternative 

(b) The modification of Section 5 of Article III of the PSCO 1939 Mortgage to read as follows: 

“SECTION 5.—No bonds shall be authenticated and delivered upon the basis of property additions unless
as shown by a net earnings certificate the net earnings of the Company for the period therein referred to shall have been either (a) at least equivalent to 2 3 times the annual interest requirements as shown by such net earnings certificate or
(b) at least equivalent to fifteen per centum (15%) 3 
  

 

	3 	 If a higher amount or percentage, or both, are proposed by the Company, the Trustee shall vote in favor of, or
consent to, such higher amount or percentage, or both. 

  
 B-7 

 of the aggregate principal amount of bonds and other indebtedness the annual
interest requirements in respect of which are shown in such net earnings certificate.”. 
 11. The deletion of
Section 15 of Article IV of the PSCO 1939 Mortgage and all references thereto. 
 12. The modification of the first
paragraph of Section 5 of Article IV of the PSCO 1939 Mortgage to read as follows: 
 “SECTION
5.—That it will keep all the insurable mortgaged property insured against fire and other risks to the extent usually insured against by companies owning and operating similar property, by reputable insurance companies or, at the Company’s
election, with respect to all or any part of the property, by means of an adequate insurance fund set aside and maintained by it out of its own earnings or in conjunction with other companies through an insurance fund, trust or other agreement (the
adequacy of such insurance fund, trust or other agreement, to be evidenced by a certificate, to be filed with the Trustee, of an actuary or other qualified person selected by the Company and satisfactory to the Trustee). Any insurance policy may
contain deductible provisions in a dollar amount per occurrence equal to the deductible amount usually contained in insurance policies or other arrangements for insurance of other companies owning and operating similar property, provided that the
dollar amount of such deductible provisions may in any event be at least equal to three per centum (3%) 4 of the aggregate principal amount of bonds outstanding hereunder. Any loss from fire and
such other risks, except any loss of merchandise, materials and supplies and except any other loss less than an amount equal to three per centum (3%) 4 of the aggregate principal amount of bonds
outstanding hereunder, shall be made payable to the Trustee hereunder as its interest may appear and be paid to the Trustee, and shall be held and applied as hereinafter provided (unless required by the terms of any prior lien to be paid to the
trustee or other holder thereof). On or prior to the last day of December in each year, and at any other time upon the written request of the Trustee, the Company will furnish to the Trustee a Treasurer’s certificate stating in substance that
the Company has complied with all the terms and conditions of this Section and with the terms and conditions of any and all insurance policies, containing a detailed statement of the insurance then in effect upon the property of the Company on a
date therein specified (which date shall be within 30 days of the filing of such certificate) and, except in respect of property insured by means of an insurance fund, trust or other agreement as permitted by this Section, showing the numbers of the
policies of insurance in effect and the names of the issuing companies, the amounts of such policies, the deductible provisions of such policies and the property covered by such policies; and, in case any of the 

 

	4 	 If a higher percentage is proposed by the Company, the Trustee shall vote in favor of, or consent to, such
higher percentage. 

  
 B-8 

 property shall at the time be insured by means of an insurance fund, trust or
other agreement, as permitted by this Section, the Company shall, at the time of furnishing each such Treasurer’s certificate, also furnish to the Trustee a certificate, as described above, with respect to the adequacy of such insurance fund,
trust or other agreement.”. 
 13. The modification of Clause (B)(h) of subdivision (3), and subdivision (4), of
Section 6 of Article III of the PSCO 1939 Mortgage to delete therefrom the phrase “(except going concern value or good will)”. 

14. The modification of Section 4 of Article VII of the PSCO 1939 Mortgage to read as follows: 

“SECTION 4.—Unless an event of default as defined in Section 1 of Article VIII hereof shall have
occurred and shall be continuing, the Trustee shall, whenever from time to time requested by the Company, such request to be evidenced by a certified resolution delivered to the Trustee, and without requiring compliance with any of the foregoing
provisions of Section 3 of this Article, release from the lien hereof any part of the mortgaged property (except any cash or prior lien bonds held by the Trustee) which the Company has sold or agreed to sell, provided the aggregate value of
such property so released without such compliance in any period of 12 consecutive calendar months shall not exceed the greater of the sum of $10,000,000 5 or three per centum (3%) 5 of the
aggregate principal amount of bonds at the time outstanding. Such release shall be made upon receipt by the Trustee of (1) a written request of the Company for the release of any property, describing the same in reasonable detail, (2) an
engineer’s certificate, made and dated not more than 60 days prior to the filing of such written request, stating the then fair value, in the opinion of the signer, of the property to be released, and stating that such release, in the opinion
of the signer, will not impair the security of this Indenture in contravention of the provisions hereof, and (3) a certificate of the Company and an opinion of counsel as to compliance with conditions precedent. The Company covenants that it
will deposit with the Trustee, to be dealt with in the manner provided in Section 9 of this Article, the consideration received by it upon the sale of any such property so released (to the extent that the same shall not have been required to be
paid or delivered to the Trustee or other holder of a prior lien and a Treasurer’s certificate to that effect shall have been furnished to the Trustee).”. 

15. (a) The modification of the first paragraph of Section 4 of Article IV of the PSCO 1939 Mortgage to delete therefrom
the phrases “all valid requirements of any governmental authority relative to any of the mortgaged property, and” and “to observe or conform to any requirement of governmental authority or”; 

or, in the alternative 
  

 

	5 	 If a lower amount or percentage is proposed by the Company, the Trustee shall vote in favor of, or consent to,
such lower amount or percentage. 

  
 B-9 

 (b) The modification of the first paragraph of Section 4 of Article IV of
the PSCO 1939 Mortgage to add, immediately after the proviso contained therein, the following: 
 “; and
provided , further , that nothing in this Section 4 contained shall require the Company to observe or conform to any requirement of governmental authority so long as the Company shall be in good faith doing all things
technologically and economically feasible and prudent on its part to observe or conform to such requirement, unless thereby any part of the mortgaged property may be lost or forfeited;”. 

16. (a) The modification of the first sentence of Article XII of the PSCO 1939 Mortgage to read as follows: 

“SECTION 1.—The Trustee shall at all times be a bank or trust company which is organized and doing
business under the laws of the United States or of any State or Territory or the District of Columbia, with a combined capital and surplus of at least $5,000,000 6 , and authorized under such laws
to exercise corporate trust powers and subject to supervision or examination by Federal, State, Territorial or District of Columbia authority, if there be such a bank or trust company willing and able to accept the trust upon reasonable and
customary terms.”, 
 (b) The modification of Section 22 of Article XII of the PSCO 1939 Mortgage to read as
follows: 
 “SECTION 22.—The duties, liabilities, rights, privileges and immunities of the Trustee
in relation to the holders of the bonds shall be governed exclusively by the laws of the jurisdiction in which the principal office of the Trustee is located.” 

; and 

(c) The modification of the first paragraph of Section 3 of Article IV of the PSCO 1939 Mortgage to read as follows: 

“SECTION 3.—That it will keep one or more financial offices or agencies where notices, presentations
and demands to or upon the Company in respect of bonds of any one or more series or their coupons or this Indenture may be given or made, where payment of the principal of or premium, if any, or interest on the bonds of any one or more series shall
be made and where books for the registration and transfer of bonds shall be kept (which books, at all reasonable times, shall be open for inspection by the Trustee). The Company will from time to time give the Trustee written notice of the location
of each such office or agency, and in case the Company shall fail to maintain any such office or agency 
  

 

	6 	 If a higher amount is proposed by the Company, the Trustee shall vote in favor of, or consent to, such higher
amount. 

  
 B-10 

 or to give the Trustee written notice of the location thereof, any such notice,
presentation or demand in respect of the bonds or coupons or this Indenture may be given or made, unless other provision is expressly made herein, to or upon the Trustee at its principal office and the Company hereby authorizes such presentation and
demand to be made to and such notice to be served on the Trustee in such event; and the principal of and premium, if any, and interest on the bonds shall in such event be payable at said office of the Trustee.”. 

17. The modification of Section 1 of Article VIII of the PSCO 1939 Mortgage by deleting clauses (a), (b), (c), (d), (e),
(f), (g) and (h) thereof and substituting therefor the following: 
 “(a) failure to pay interest,
if any, on any bond hereby secured within sixty (60) days after the same becomes due and payable; or 

(b) failure to pay the principal of or premium, if any, on any bond hereby secured within three
(3) business days after its maturity; or 
 (c) failure to pay any interest upon, or principal (whether
at maturity as therein expressed or by declaration, or otherwise) of any outstanding prior lien bonds continued beyond the expiration of the period of grace, if any, specified in the prior lien securing the same; or 

(d) failure to pay any installment of any sinking fund required by the terms of this Indenture or of any
indenture supplemental hereto to be paid by the Company to the Trustee to be applied by the Trustee to the purchase or redemption of any of the bonds hereby secured for a period of sixty (60) days after the same becomes due and payable; or 

(e) failure to perform or breach of any covenant or warranty of the Company in this Indenture (other than a
covenant or warranty a default in the performance of which or breach of which is elsewhere in this Section specifically dealt with) for a period of ninety (90) days after there has been given, by registered or certified mail, to the Company by
the Trustee, or to the Company and the Trustee by the holders of at least thirty-three per centum (33%) in principal amount of the bonds then outstanding, a written notice specifying such default or breach and requiring it to be remedied, unless the
Trustee, or the Trustee and the holders of a principal amount of bonds not less than the principal amount of bonds the holders of which gave notice, as the case may be, shall agree in writing to an extension of such period prior to its expiration;
provided, however, that the Trustee, or the Trustee and the holders of such principal amount of bonds, as the case may be, shall be deemed to have agreed to an extension of such period if corrective action is initiated by the Company within such
period and is being diligently pursued; or 
 (f) the entry by a court having jurisdiction in the premises of
(i) a decree or order for relief in respect of the Company in an involuntary case or proceeding 

  
 B-11 

 under any applicable federal or state bankruptcy, insolvency, reorganization or
other similar law or (ii) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition by one or more Persons other than the Company seeking reorganization, arrangement, adjustment or composition of
or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official for the Company or for any substantial part of its property, or
ordering the winding up or liquidation of its affairs, and any such decree or order for relief or any such other decree or order shall have remained unstayed and in effect for a period of ninety (90) consecutive days; or 

(g) the commencement by the Company of a voluntary case or proceeding under any applicable federal or state
bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in a case or
proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or
similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the
authorization of such action by the Board of Directors of the Company; or 
 (h) the occurrence of
(x) an “Event of Default” under the Indenture, dated as of October 1, 1993, of the Company to Morgan Guaranty Trust Company of New York, trustee, as amended and supplemented (the “1993 Mortgage”) and/or (y) a
matured event of default under any Class A Mortgage (as defined in the 1993 Mortgage) other than any such matured event of default which (1) is of similar kind or character to the “Event of Default” described in clause
(c) of Section 1001 of the 1993 Mortgage and (2) has not resulted in the acceleration of Class A Bonds (as defined in the 1993 Mortgage) outstanding under such Class A Mortgage; provided, however, that, anything in this
Indenture to the contrary notwithstanding, the waiver or cure of such “Event of Default” or event of default and the rescission and annulment of the consequences thereof shall constitute a waiver of the corresponding completed default
under this Indenture and a rescission and amendment of the consequences thereof.”. 
 18. (a) The modification of
Section 4 of Article III of the PSCO 1939 Mortgage by changing the percentage set forth in the first sentence thereof from “60%” to “70% “; 

(b) The modification of Section 4 of Article I of the PSCO 1939 Mortgage by changing the percentages set forth in clause
(2) of subparagraph (A) of the definition of “net 

  
 B-12 

 property additions” and in clause (2) of the first paragraph preceding the definition
of “Property retirements” thereof from “166-2/3%” to “ten-sevenths (10/7)”; 

(c) The modification of Section 9 of Article III of the PSCO 1939 Mortgage by changing the percentages set forth in the
first sentence of the first paragraph thereof and in the second paragraph thereof from “166-2/3%” to “ten-sevenths (10/7)”; 

(d) The modification of Section 8 of Article IV of the PSCO 1939 Mortgage by changing the percentages set forth in
subdivisions (2) and (3) of the first paragraph and in the third and fourth paragraphs thereof from “166-2/3%” to “ten-sevenths (10/7)” and the
percentages set forth in subdivision (4) of the first paragraph and in the fifth paragraph thereof from “60%” to “70 %”; 

(e) The modification of Section 15 of Article IV of the PSCO 1939 Mortgage by changing the percentages set forth in
subdivision (A) of the first paragraph thereof from “166- 2/3%” to “ten-sevenths (10/7)” and the percentages set forth in subdivision (A) of the first paragraph and in the second
paragraph thereof from “60%” to “70%”; 
 (f) The modification of Section 23 of Article IV of the
PSCO 1939 Mortgage by changing the percentage set forth in subsection (e)f thereof from “60%” to “70%”; 

(g) The modification of Section 3 of Article VII of the PSCO 1939 Mortgage by changing the percentage set forth in clause
(ii) thereof from “60%” to “70%”; and 
 (h) The modification of Section 9 of Article VII of
the PSCO 1939 Mortgage by changing the percentages set forth in subdivision (1) of the first paragraph and in the second paragraph thereof from “166-2/3%” to
“ten-sevenths (10/7).” 
 19. The deletion of Section 17 of Article IV
of the PSCO 1939 Mortgage and all references thereto. 

 The foregoing Indenture of Public Service Company of Colorado, 

Dated as of October 1, 1993, was recorded or filed as follows: 

 

											
	 COUNTY
	  	 DATE
	  	 TIME
	  	 REFERENCE
	  	 	  	 
	Adams	  	Oct. 13, 1993	  	01:35 P.M.	  	Reception No. B1183903	  	Book 4170,	  	Page 324
	Alamosa	  	Oct. 12, 1993	  	03:00 P.M.	  	Reception No. 265666	  	Book 475,	  	Page 160
	Arapahoe	  	Oct. 13, 1993	  	04:07 P.M.	  	Reception No. 141032	  	Book 7186,	  	Page 383
	Archuletta	  	Oct. 12, 1993	  	0221 P.M.	  	Reception No. 93006202	  	Book     ,	  	Page     
	Bent	  	Oct. 12, 1993	  	11:35 A.M.	  	Reception No. 278521	  	Book 435,	  	Page 1
	Boulder	  	Oct. 13, 1993	  	03:04 P.M.	  	Reception No. 01347991	  	Film 1888,	  	Page
	Chaffee	  	Oct. 14, 1993	  	11:00 A.M.	  	Reception No. 269673	  	Book 539,	  	Page 518
	Clear Creek	  	Oct. 12, 1993	  	02:25 P.M.	  	Reception No. 163701	  	Book 505,	  	Page 631
	Conejos	  	Oct. 13, 1993	  	09:56 A.M.	  	Reception No. 205693	  	Book 354,	  	Page 776
	Costilla	  	Oct. 13, 1993	  	09:00 A.M.	  	Reception No. 191898	  	Book 291,	  	Page 117
	Crowley	  	Oct. 13, 1993	  	08:40 A.M.	  	Reception No. 148850	  	Book 244,	  	Page 195
	Delta	  	Oct. 13, 1993	  	09:37 A.M.	  	Reception No. 471619	  	Book 709,	  	Page 50
	Denver	  	Oct. 12, 1993	  	11:24 A.M.	  	Reception No. 9300139814	  	Book     ,	  	Page     
	Dolores	  	Oct. 14, 1993	  	12:50 P.M.	  	Reception No. 133132	  	Book 260,	  	Page 300
	Douglas	  	Oct. 12, 1993	  	03:08 P.M.	  	Reception No. 9348340	  	Book 1154,	  	Page 1
	Eagle	  	Oct. 12, 1993	  	04:48 P.M.	  	Reception No. 518046	  	Book 621,	  	Page 978
	Elbert	  	Oct. 12, 1993	  	03:01 P.M.	  	Reception No. 313722	  	Book 480,	  	Page 183
	El Paso	  	Oct. 12, 1993	  	01:38 P.M.	  	Reception No. 002368410	  	Book 6282,	  	Page 51
	Fremont	  	Oct. 12, 1993	  	01:30 P.M.	  	Reception No. 608790	  	Book 1154,	  	Page 31
	Garfield	  	Oct. 12; 1993	  	02:20 P.M.	  	Reception No. 453596	  	Book 878,	  	Page 193
	Gilpin	  	Oct. 12, 1993	  	02:20 P.M.	  	Reception No. 79260	  	Book 551,	  	Page 413
	Grand	  	Oct. 12, 1993	  	12:45 P.M.	  	Reception No. 93010260	  	Book     ,	  	Page     
	Gunnison	  	Oct. 12, 1993	  	04:30 P.M.	  	Reception No. 446179	  	Book 733,	  	Page 1

											
	Huerfano	  	Oct. 12, 1993	  	11:15 A.M.	  	Reception No. 9244	  	Book 21M,	  	Page 316
	Jefferson	  	Oct. 13, 1993	  	09:30 A.M.	  	Reception No. 93163438	  	Book     ,	  	Page     
	Kiowa	  	Oct. 12, 1993	  	01:00 P.M.	  	Reception No. 249124	  	Book 409,	  	Page 40
	La Plata	  	Oct. 12, 1993	  	03:38 P.M.	  	Reception No. 655580	  	Book     ,	  	Page     
	Lake	  	Oct. 12, 1993	  	03:00 P.M.	  	Reception No. 305501	  	Book 506,	  	Page 635
	Larimer	  	Oct. 13, 1993	  	10:23 A.M.	  	Reception No. 93075587	  	Book     ,	  	Page     
	Logan	  	Oct. 12, 1993	  	01:10 P.M.	  	Reception No. 606328	  	Book 874,	  	Page 484
	Mesa	  	Oct. 12, 1993	  	12:06 P.M.	  	Reception No. 1656362	  	Book 2014,	  	Page 129
	Moffat	  	Oct. 12, 1993	  	11:00 A.M.	  	Reception No. 350044	  	Book     ,	  	Page     
	Montezuma	  	Oct. 13, 1993	  	10:10 A.M.	  	Reception. No. 435373	  	Book 0679,	  	Page 756
	Montrose	  	Oct. 12, 1993	  	03:06 P.M.	  	Reception No. 591244	  	Book 862,	  	Page 281
	Morgan	  	Oct. 12, 1993	  	12:54 P.M.	  	Reception No. 738426	  	Book 959-60,	  	Page 857
	Ouray	  	Oct. 13, 1993	  	11:08 A.M.	  	Reception No. 154688	  	Book 221,	  	Page 500
	Park	  	Oct. 14, 1993	  	10:00 A.M.	  	Reception No. 417879	  	Book 504,	  	Page 365
	Pitkin	  	Oct. 14, 1993	  	03:56 P.M.	  	Reception No. 362054	  	Book 726,	  	Page 791
	Prowers	  	Oct. 12, 1993	  	02:00 P.M.	  	Reception No. 462785	  	Book     ,	  	Page     
	Pueblo	  	Oct. 12, 1993	  	11:54 A.M.	  	Reception No. 1021381	  	Book 2685,	  	Page 768
	Rio Blanco	  	Oct. 12, 1993	  	02:18 P.M.	  	Reception No. 249980	  	Book 506,	  	Page 838
	Rio Grande	  	Oct. 13, 1993	  	11:46 A.M.	  	Reception No. 337091	  	Book 450,	  	Page 43
	Routt	  	Oct. 12, 1993	  	11:12 A.M.	  	Reception No 428347	  	Book 689,	  	Page 2575
	Saguache	  	Oct. 13, 1993	  	11:05 A.M.	  	Reception No. 304092	  	Book 486,	  	Page 625
	San Juan	  	Oct. 13, 1993	  	10:27 A.M.	  	Reception No. 136438	  	Book 240,	  	Page 702
	San Miguel	  	Oct. 12, 1993	  	04:05 P.M.	  	Reception No. 287896	  	Book 518,	  	Page 813
	Sedgewick	  	Oct. 12, 1993	  	02:15 P.M.	  	Reception No. 179877	  	Book 203,	  	Page 55
	Summit	  	Oct. 12, 1993	  	01:40 P.M.	  	Reception No. 453148	  	Book     ,	  	Page     
	Teller	  	Oct. 13, 1993	  	08:00 A.M.	  	Reception No. 412373	  	Book 698,	  	Page 104

											
	 Washington
	  	 Oct. 12, 1993
	  	 11:20 A.M.
	  	 Reception No. 802111
	  	 Book 925,
	  	 Page 955

	 Weld
	  	 Oct. 13, 1993
	  	 09:54 A.M.
	  	 Reception No. 2354434
	  	 Book 1406,
	  	 Page 1

	 Colorado Sec.

of State
	  	 Oct. 8, 1993
	  	 10:22 A.M.
	  	 Reception No. 932073751
	  	 Book     ,
	  	 Page

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