Document:

Exhibit 4.1

 

CERTIFIED COPY

OF

SECURITIES RESOLUTION NO. 16

OF

WISCONSIN ELECTRIC POWER COMPANY

 

I, Keith H. Ecke, Assistant Corporate Secretary of WISCONSIN ELECTRIC POWER COMPANY (the “Company”), do hereby certify that the attached is a true and correct copy of Securities Resolution No. 16 under the Indenture dated as of December 1, 1995 between the Company and U.S. Bank National Association, as successor to Firstar Trust Company, as Trustee, which has been duly adopted by the Executive Vice President and Chief Financial Officer of the Company pursuant to authorization delegated to him by the Board of Directors of the Company at a meeting duly called and held on December 4, 2014; that a quorum of said Board was present at said meetings and voted throughout; and I do further certify that said resolution has not been rescinded and remains in full force and effect.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said WISCONSIN ELECTRIC POWER COMPANY this 18th day of November 2015.

 

 

	
 
    	
/s/   Keith H. Ecke
    
	
 
    	
Keith   H. Ecke
    
	
 
    	
Assistant   Corporate Secretary
    
	
(CORPORATE   SEAL)
    	
 
    

 

 

4.30% DEBENTURES DUE DECEMBER 15, 2045

 

SECURITIES RESOLUTION NO. 16

OF

WISCONSIN ELECTRIC POWER COMPANY

 

The actions described below are taken by the Board (as defined in the Indenture referred to below) of WISCONSIN ELECTRIC POWER COMPANY (the “Company”), or by an Officer or committee of Officers pursuant to Board delegation, pursuant to resolutions adopted by the Board of Directors of the Company as of December 4, 2014 and Section 2.01 of the Indenture dated as of December 1, 1995 (the “Indenture”) between the Company and U.S. Bank National Association (as successor to Firstar Trust Company), as Trustee.  Terms used herein and not defined have the same meaning as in the Indenture.

 

RESOLVED, that a new series of Securities is authorized as follows:

 

1.                                      The title of the series is 4.30% Debentures due December 15, 2045 (“4.30% Debentures”).

 

2.                                      The form of the 4.30% Debentures shall be substantially in the form of Exhibit 1 hereto.

 

3.                                      The 4.30% Debentures shall have the terms set forth in Exhibit 1.

 

4.                                      The 4.30% Debentures shall have such other terms as are set forth in Exhibit 2 hereto.

 

5.                                      The 4.30% Debentures shall be sold to the underwriter(s) named in the prospectus supplement dated November 13, 2015 on the following terms:

 

Aggregate Principal Amount:  $250,000,000

Price to Public:  99.711%

Underwriting Discount:  0.875%

Closing Date:  November 18, 2015

 

This Securities Resolution shall be effective as of November 13, 2015.

 

 

EXHIBIT 1

 

	
No.
    	
$
    

 

WISCONSIN ELECTRIC POWER COMPANY

4.30% Debentures due December 15, 2045

 

WISCONSIN ELECTRIC POWER COMPANY

 

	
promises   to pay to
    	
 
    
	
 
    	
 
    
	
or   registered assigns
    	
 
    
	
the   principal sum of
    	
Dollars
    
	
on   December 15, 2045
    	
 
    

 

	
Interest   Payment Dates:
    	
June 15   and December 15
    
	
Record   Dates:
    	
June 1   and December 1
    

 

	
 
    	
Dated:
    
	
 
    	
 
    
	
U.S.   BANK NATIONAL
    	
WISCONSIN   ELECTRIC POWER COMPANY
    
	
ASSOCIATION
    	
 
    
	
Transfer   Agent and Paying Agent
    	
 
    

 

	
 
    	
by
    
	
 
    	
 
    
	
 
    	
 
    
	
Authenticated:
    	
[Title   of Authorized Officer]
    

 

 

	
U.S.   BANK NATIONAL
    	
 
    	
(CORPORATE   SEAL)
    
	
ASSOCIATION
    	
 
    	
 
    
	
Registrar,   by
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Authorized   Signature
    	
 
    	
[Assistant]   Secretary
    

 

 

WISCONSIN ELECTRIC POWER COMPANY

4.30% Debentures due December 15, 2045

 

1.                                      Interest.

 

Wisconsin Electric Power Company (the “Company”), a Wisconsin corporation, promises to pay interest on the principal amount of this Security at the rate per annum shown above.  The Company will pay interest semiannually on June 15 and December 15 of each year commencing June 15, 2016.  Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from November 18, 2015.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

2.                                      Method of Payment.

 

The Company will pay interest on the Securities to the persons who are registered holders of Securities at the close of business on the record date for the next interest payment date, except as otherwise provided in the Indenture.  Holders must surrender Securities to a Paying Agent to collect principal payments.  The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts.  The Company may pay principal and interest by check payable in such money.  It may mail an interest check to a holder’s registered address.

 

3.                                      Securities Agents.

 

Initially, U.S. Bank National Association will act as Paying Agent, Transfer Agent and Registrar.  The Company may change any Paying Agent or Transfer Agent without notice.  The Company or any Affiliate may act in any such capacity.  Subject to certain conditions, the Company may change the Trustee.

 

4.                                      Indenture.

 

The Company issued the securities of this series (the “Securities”) under an Indenture dated as of December 1, 1995 (the “Indenture”) between the Company and U.S. Bank National Association (as successor to Firstar Trust Company) (the “Trustee”).  The terms of the Securities include those stated in the Indenture and in the Securities Resolution establishing the Securities and those made part of the Indenture by the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb).  Securityholders are referred to the Indenture, the Securities Resolution and such Act for a statement of such terms.

 

5.                                      Redemption.

 

At any time prior to June 15, 2045 (the “Early Call Date”), the Securities will be redeemable in whole or in part from time to time, at the Company’s option, at a “make-whole” redemption price equal to (a) the greater of (i) 100% of the principal amount of the Securities being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed that would be due if such Securities matured on the Early Call Date but for the redemption

 

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(exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate applicable to the Securities plus 20 basis points, plus (b) accrued and unpaid interest to, but not including, the redemption date.  At any time on or after the Early Call Date, the Company may redeem the Securities, in whole or in part from time to time, at 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest to, but not including, the redemption date.

 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities being redeemed (assuming, for this purpose, that the Securities mature on the Early Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Securities.

 

“Comparable Treasury Price” means, with respect to any redemption date, (a) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after consultation with the Company.

 

“Reference Treasury Dealer” means each of Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, BMO Capital Markets Corp. and their respective successors, one primary U.S. government securities dealer in the City of New York, New York (a “Primary Treasury Dealer”) selected by U.S. Bancorp Investments, Inc. and two other Primary Treasury Dealers selected by the Company.  If any Reference Treasury Dealer shall cease to be a Primary Treasury Dealer, the Company will select another Primary Treasury Dealer which will be substituted for that dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding such redemption date.

 

“Treasury Rate” means, with respect to any redemption date, the rate per year equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date; provided that, if the Reference Treasury Dealers shall determine that there is no such Comparable Treasury Issue, such rate per year shall be equal to the estimated semiannual equivalent yield to maturity that a United States

 

3

 

Treasury security having a maturity comparable to the remaining term of the Securities to be redeemed (assuming, for this purpose, that the Securities mature on the Early Call Date) would bear, if such security were available, such estimate to be made by the Reference Treasury Dealers on the basis of interpolation, extrapolation and other accepted financial practices, taking into account (a) the yields to maturity of United States Treasury securities of other maturities, (b) yields to maturity of other U.S. dollar denominated debt securities having a maturity comparable to the remaining term of the Securities to be redeemed (assuming, for this purpose, that the Securities mature on the Early Call Date) and (c) applicable interest rate spreads between United States Treasury securities and such other debt securities, all as of 5:00 p.m., New York City time, on the third business day preceding such redemption date.

 

Procedures for the redemption of the Securities will be governed by Article 3 of the Indenture.

 

6.                                      Denominations, Transfer, Exchange.

 

The Securities are in registered form without coupons in denominations of $1,000 and whole multiples of $1,000.  The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture.  The Transfer Agent may require a holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or the Indenture.  The Transfer Agent need not exchange or register the transfer of any Security or portion of a Security selected for redemption.  Also, it need not exchange or register the transfer of any Securities for a period of 15 days before a selection of Securities to be redeemed.

 

7.                                      Persons Deemed Owners.

 

The registered holder of a Security may be treated as its owner for all purposes.

 

8.                                      Amendments and Waivers.

 

Subject to certain exceptions, the Indenture or the Securities may be amended with the consent of the holders of a majority in principal amount of the securities of all series affected by the amendment.  Subject to certain exceptions, a default on a series may be waived with the consent of the holders of a majority in principal amount of the series.

 

Without the consent of any Securityholder, the Indenture or the Securities may be amended, among other things, to cure any ambiguity, omission, defect or inconsistency; to provide for assumption of Company obligations to Securityholders; or to make any change that does not materially adversely affect the rights of any Securityholder.

 

9.                                      Restrictive Covenants.

 

The Securities are unsecured general obligations of the Company initially limited to $250,000,000 principal amount.  The Company may from time to time without notice to, or the consent of, the holders of the Securities, create and issue further securities of the same series, equal in rank to the Securities in all respects (or in all respects except for the

 

4

 

payment of interest accruing prior to the issue date of the new securities or, if applicable, the first payment of interest following the issue date of the new securities) so that the new securities may be consolidated and form a single series with the Securities and have the same terms as to status, redemption or otherwise as the Securities. The Indenture does not limit other unsecured debt.  Section 4.07 of the Indenture, which if applicable limits certain mortgages and other liens, will apply with respect to the Securities.  The limitations are subject to a number of important qualifications and exceptions.

 

10.                               Successors.

 

When a successor assumes all the obligations of the Company under the Securities and the Indenture, the Company will be released from those obligations.

 

11.                               Defeasance Prior to Redemption or Maturity.

 

Subject to certain conditions, the Company at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity.  U.S. Government Obligations are securities backed by the full faith and credit of the United States of America which are not callable at the issuer’s option or certificates representing an ownership interest in such Obligations.

 

12.                               Defaults and Remedies.

 

An Event of Default includes: default for 60 days in payment of interest on the Securities; default in payment of principal on the Securities; default for 60 days in the payment of any sinking fund obligation with respect to the Securities; default by the Company for a specified period after notice to it in the performance of any of its other agreements applicable to the Securities; certain events of bankruptcy or insolvency; and any other Event of Default provided for in the series.  If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the Securities may declare the principal of all the Securities to be due and payable immediately.

 

Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture.  The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities.  Subject to certain limitations, holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Securityholders notice of any continuing default (except a default in payment of principal or interest) if it determines that withholding notice is in their interests.  The Company must furnish an annual compliance certificate to the Trustee.

 

13.                               Trustee Dealings with Company.

 

U.S. Bank National Association, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the

 

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Company or its Affiliates, and may otherwise deal with those persons, as if it were not Trustee.

 

14.                               No Recourse Against Others.

 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Securityholder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.

 

15.                               Authentication.

 

This Security shall not be valid until authenticated by a manual signature of the Registrar.

 

16.                               Abbreviations.

 

Customary abbreviations may be used in the name of a Securityholder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), U/G/M/A (=Uniform Gifts to Minors Act), and U/T/M/A (=Uniform Transfers to Minors Act).

 

The Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture and the Securities Resolution, which contains the text of this Security in larger type.  Requests may be made to: Corporate Secretary, Wisconsin Electric Power Company, 231 West Michigan Street, P.O. Box 2046, Milwaukee, WI 53201.

 

6

 

EXHIBIT 2

 

WISCONSIN ELECTRIC POWER COMPANY

4.30% Debentures due December 15, 2045

 

Supplemental Terms

 

In addition to the terms set forth in Exhibit 1 to Securities Resolution No. 16, the 4.30% Debentures shall have the following terms:

 

Section 1. Definitions.  Capitalized terms used and not defined herein shall have the meaning given such terms in the Indenture.  The following is an additional definition applicable to the 4.30% Debentures:

 

“Depositary” means, with respect to the 4.30% Debentures, issued as one or more global Securities, The Depository Trust Company, New York, New York, or any successor thereto registered under the Securities Exchange Act of 1934 or other applicable statute or regulation.

 

Section 2. Securities Issuable as Global Securities.

 

(a)  The 4.30% Debentures shall be issued in the form of one or more permanent global Securities and shall, except as otherwise provided in this Section 2, be registered only in the name of the Depositary or its nominee.  Each global Security shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented by an authorized representative of The Depository Trust Company, a limited-purpose trust company organized under the New York Banking Law (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.”

 

(b)  If at any time (i) the Depositary with respect to the 4.30% Debentures notifies the Company that it is unwilling or unable to continue as Depositary for such global Security or (ii) the Depositary for the 4.30% Debentures shall no longer be eligible or in good standing under the Securities Exchange Act of 1934 or other applicable statute or regulation, the Company shall appoint a successor Depositary with respect to such global Security.  If a successor Depositary for such global Security is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Transfer Agent shall register the exchange of such global Security for an equal principal amount of Registered Securities in the manner provided in Section 2.07 of the Indenture.

 

 

(c)  The Transfer Agent shall register the transfer or exchange of a global Security for Registered Securities pursuant to Section 2.07 of the Indenture if (i) a Default or Event of Default shall have occurred and be continuing with respect to the 4.30% Debentures, or (ii) the Company determines that the 4.30% Debentures shall no longer be represented by global Securities.

 

(d)  In any exchange provided for in the preceding paragraphs (b) or (c), the Company will execute and the Registrar will authenticate and deliver Registered Securities.  Registered Securities issued in exchange for a global Security shall be in such names and denominations as the Depositary for such global Security shall instruct the Registrar.  The Registrar shall deliver such Registered Securities to the persons in whose names such Securities are so registered.

 

(e)  The 4.30% Debentures will trade in the Depositary’s Same-Day Funds Settlement System.  All payments of principal and interest on global Securities will be made by the Company in immediately available funds.

 

2EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 4 TO 
 AMENDED AND
RESTATED RECEIVABLES PURCHASE AGREEMENT 
 This AMENDMENT NO. 4, effective as of November 13, 2015 (this
“Amendment”), is made with respect to that certain Amended and Restated Receivables Purchase Agreement, dated as of November 18, 2011 (as amended, restated, supplemented or otherwise modified, the
“RPA”), among LPAC CORP., a Delaware corporation ( the “Company”), as seller, LENNOX INDUSTRIES INC., a Delaware corporation (“Lennox”), as master servicer thereunder (in such
capacity, the “Master Servicer”), VICTORY RECEIVABLES CORPORATION, a Delaware corporation, as a Purchaser, and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as administrative agent for the Investors (in such
capacity, the “Administrative Agent”), the purchaser agent for the BTMU Purchaser Group (in such capacity, the “BTMU Purchaser Agent”) and a BTMU Liquidity Bank and PNC BANK, NATIONAL ASSOCIATION,
as the purchaser agent for the PNC Purchaser Group (in such capacity, the “PNC Purchaser Agent”) and a PNC Liquidity Bank. Capitalized terms used and not otherwise defined in this Amendment shall have the meanings given
to such terms in the RPA. 
 Preliminary Statements 

(1) Each of the parties to the RPA desires to amend the RPA on the conditions set forth herein. 

(2) As of the date hereof and immediately prior to the effectiveness hereof, the PNC Liquidity Bank has assigned to the BTMU Purchaser and the
BTMU Liquidity Bank, as applicable, all of the PNC Liquidity Bank’s rights and obligations under the RPA, including, without limitation, the PNC Liquidity Bank’s ownership of each Asset Interest and its Purchaser Group Limit (the
“PNC Assignment”). 
 NOW, THEREFORE, the signatories hereto agree as follows: 

SECTION 1. Amendment to the RPA. Effective as of the date hereof in accordance with Section 2 of this Amendment, the RPA is
amended as follows: 
  

	 	(a)	After giving effect to the PNC Assignment, 

 (i) The PNC Purchaser Agent shall
no longer be a Purchaser Agent, the PNC Liquidity Bank shall no longer be a Liquidity Bank, and the PNC Purchaser Group shall no longer be a Purchaser Group, in each case, under the RPA. 

(ii) PNC, the PNC Liquidity Bank and the PNC Purchaser Agent shall no longer be a party to the RPA and shall have no further
rights or obligations under, or interests with respect to, the RPA; provided, that PNC, the PNC Liquidity Bank and the PNC Purchaser Agent shall continue to have the benefit of all indemnities and other agreements under the RPA which survive the
termination of the RPA; 
 (iii) Each reference in the RPA to PNC, PNC LIBO Rate, PNC LIBO Rate Reserve Percentage PNC LIBO
Rate (Reserved), PNC Liquidity Bank, PNC Purchaser Account, PNC Purchaser Agent, PNC Purchaser Group and PNC Purchaser Group Limit shall no longer be applicable and any section that relates to PNC, the PNC Liquidity Bank, the PNC Purchaser Agent or
the PNC Purchaser Group shall no longer be effective as it relates to PNC, the PNC Liquidity Bank, the PNC Purchaser Agent and the PNC Purchaser Group, respectively; and 

 (iv) The PNC Purchaser Group shall no longer have a Purchaser Group Limit and the
PNC Purchaser Group Limit shall be zero. 
 For the avoidance of doubt, each of the parties hereto hereby agrees and
acknowledges that, notwithstanding anything to the contrary contained in the RPA, (x) neither BTMUNY nor Victory shall be deemed to be a member of the PNC Purchaser Group and (y) BTMUNY shall in no event be deemed to be the PNC Purchaser
Agent, in either case, as a result of the PNC Assignment. 
 (b) The definition of “BTMU Purchaser Group Limit” contained in
APPENDIX A (DEFINITIONS) to the RPA is amended by deleting the table set forth therein in its entirety and inserting in lieu thereof the following table: 
  

					
	 Period
	  	BTMU Purchaser
Group Limit	 
	 Reporting Date in February until the date preceding the Reporting Date in March
	  	$	180,000,000	  
	 Reporting Date in March until the date preceding the Reporting Date in April
	  	$	180,000,000	  
	 Reporting Date in April until the date preceding the Reporting Date in May
	  	$	220,000,000	  
	 Reporting Date in May until the date preceding the Reporting Date in June
	  	$	220,000,000	  
	 Reporting Date in June until the date preceding the Reporting Date in July
	  	$	220,000,000	  
	 Reporting Date in July until the date preceding the Reporting Date in August
	  	$	220,000,000	  
	 Reporting Date in August until the date preceding the Reporting Date in September
	  	$	220,000,000	  
	 Reporting Date in September until the date preceding the Reporting Date in October
	  	$	220,000,000	  
	 Reporting Date in October until the date preceding the Reporting Date in November
	  	$	220,000,000	  
	 Reporting Date in November until the date preceding the Reporting Date in December
	  	$	220,000,000	  
	 Reporting Date in December until the date preceding the Reporting Date in January
	  	$	220,000,000	  
	 Reporting Date in January until the date preceding the Reporting Date in February
	  	$	180,000,000	  

 (c) The definition of “Funding Termination Date” contained in APPENDIX A (DEFINITIONS) to the RPA is
amended by deleting clause (i) thereof in its entirety and inserting in lieu thereof the following: 
 (i)
November 13, 2017, or such later date as may, from time to time, be agreed to in writing by the Agents; 

  
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 (d) The definition of “PNC Purchaser Group Limit” contained in APPENDIX A (DEFINITIONS)
to the RPA is amended by deleting such definition in its entirety and inserting in lieu thereof the following: 
 PNC Purchaser Group
Limit: At all times, an amount equal to zero. 
 SECTION 2. Effectiveness. This Amendment shall become effective as of the date
hereof at such time that: 
 (a) the PNC Assignment shall have become effective; 

(b) each of the Administrative Agent and the BTMU Purchaser Agent shall have received, in form and substance satisfactory to it, executed
counterparts of this Amendment; 
 (c) the BTMU Purchaser Agent shall have received an executed amendment and restatement of the Fee Letter
for such Purchaser Agent’s Purchaser Group (the “A&R Fee Letter”); 
 (d) the BTMU Purchaser Agent shall
have received payment of the BTMU Up-Front Fee, in accordance with the terms of, and as such term is defined in, the A&R Fee Letter; and 

(e) the Administrative Agent and each Purchaser Agent shall have received, in form and substance satisfactory to it, a copy of the resolutions
of the board of directors (or similar governing body) of the Seller and the Master Servicer approving this Amendment and the transactions contemplated hereby, certified by its secretary or any other authorized person. 

SECTION 3. Transaction Document. This Amendment shall be a Transaction Document under the RPA. 

SECTION 4. Representations and Warranties. 

(a) Each of the Company and the Master Servicer makes, as to itself (except where specifically provided otherwise therein), each of the
representations and warranties contained in Section 6.1 of the RPA (after giving effect to this Amendment). 
 SECTION 5.
Confirmation of RPA; No Other Modifications. 
 (a) Each reference in the RPA to “this Agreement” or “the
Agreement”, or “hereof,” “hereunder” or words of like import, and each reference in any other Transaction Document to the RPA, shall mean the RPA as amended by this Amendment, and as hereafter amended or restated. Except as
herein expressly amended, the RPA is ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms. 

SECTION 6. Affirmation and Consent of Lennox International. Lennox International hereby consents to this Amendment and hereby affirms
and agrees that the Assurance Agreement is, and shall continue to be, in full force and effect and is hereby ratified and affirmed in all respects. Upon the effectiveness of, and on and after the date of, the Amendment, each reference in the
Assurance Agreement to the RPA, “thereunder”, “thereof” or words of like import with respect to the RPA shall mean and be a reference to the RPA as amended by this Amendment, and as hereafter amended or restated. 

  
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 SECTION 7. Costs and Expenses. The Company agrees to pay on demand all reasonable costs
and expenses in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto. 

SECTION 8. GOVERNING LAW. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 9. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by the different parties hereto
in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Amendment. Delivery of an executed counterpart of a signature page to this Amendment by
facsimile or by electronic mail in portable document format (.pdf) shall be as effective as delivery of a manually executed counterpart of a signature page of this Amendment. 

[Remainder of this page intentionally left blank] 

  
 4 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

			
	LPAC CORP., as Company
		
	By:	 	 /s/ Richard Pelini

		 	Name: Richard Pelini
		 	Title: President, Treasurer
	
	 LENNOX INDUSTRIES INC., as an Originator and

as Master Servicer

		
	By:	 	 /s/ Richard Pelini

		 	Name: Richard Pelini
		 	Title: VP, Treasurer
	
	LENNOX INTERNATIONAL INC.
		
	By:	 	 /s/ Richard Pelini

		 	Name: Richard Pelini
		 	Title: VP, Treasurer
	
	 VICTORY RECEIVABLES CORPORATION,
 as
a Purchaser

		
	By:	 	 /s/ David DeAngelis

		 	Name: David V. DeAngelis
		 	Title: Vice President
	
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

NEW YORK BRANCH, as Administrative Agent

		
	By:	 	 /s/ Devang Sodha

		 	Name: Devang Sodha
		 	Title: Director

			
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

NEW YORK BRANCH, as BTMU Purchaser Agent

		
	By:	 	 /s/ Devang Sodha

		 	Name: Devang Sodha
		 	Title: Director
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Liquidity Bank
		
	By:	 	 /s/ Mark Maloney

		 	Name: Mark Maloney
		 	Title: Authorized Signatory
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as
PNC Purchaser Agent

		
	By:	 	 /s/ Michael Brown

		 	Name: Michael Brown
		 	Title: Senior Vice President
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Liquidity Bank

		
	By:	 	 /s/ Michael Brown

		 	Name: Michael Brown
		 	Title: Senior Vice President

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