Document:

ex10_8.htm

Exhibit 10.8

 

STOCK AWARD AGREEMENT

 

This STOCK AWARD AGREEMENT (“Agreement”), dated June 15, 2011 (the “Effective Date”), by and between Avatar Holdings Inc., a Delaware corporation (the “Company”) and Allen Anderson (the “Participant”).

 

1.          AWARD.  Pursuant to the provisions of the Avatar Holdings Inc. Amended and Restated 1997 Incentive and Capital Accumulation Plan (2011 Restatement), as the same may be further amended, restated, modified or supplemented (the “Plan”), the Committee (as defined in the Plan, the “Committee”) hereby awards to the Participant, on the Effective Date, Ninety Thousand (90,000) shares of Common Stock (collectively, the “Shares”) subject to the terms and conditions of the Plan and the terms and conditions set forth herein, including forfeiture provisions and provisions restricting transfer.  While the Shares are unvested, the Shares shall be referred to herein as “Restricted Stock.”  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Plan.  The Shares (as defined below) are intended to constitute a Performance-Based Award within the meaning of the Plan.

 

2.          TERMS AND CONDITIONS.  The award evidenced by this Agreement is subject to the following terms and conditions:

 

(a)           Recording of Ownership.  Participant’s ownership of the Restricted Stock shall be recorded through book entry, bearing the legend pursuant to the provisions of this Agreement, and shall remain so recorded until the restrictions thereon shall have lapsed, at which time the legend shall be removed.

 

(b)           Stock Dividends and Stock Splits.  In the event the Participant receives a stock dividend on the Restricted Stock or the Restricted Stock is split or the Participant receives any other shares, securities, moneys or property representing a dividend on the Restricted Stock (other than regular cash dividends on and after the date of this Agreement) or representing a distribution or return of capital upon or in respect of the Restricted Stock or any part thereof, or resulting from a split-up, reclassification or other like changes of the Restricted Stock, or otherwise received in exchange therefore, and any warrants, rights or options issued to the Participant in respect of the Restricted Stock (collectively “RS Property”), the Participant will also immediately deposit with and deliver to the Company any of such RS Property, including any certificates representing shares duly endorsed in blank or accompanied by stock powers duly executed in blank, and such RS Property shall be subject to the same restrictions, including those of this Section 2, as the shares of Restricted Stock with regard to which they are issued and shall herein be encompassed within the term “Restricted Stock” and the term “Shares.”

 

(c)           Rights with Respect to Restricted Stock.  Upon issuance in the Participant’s name pursuant to Section 2(a) above, the Restricted Stock will constitute issued and outstanding shares of Common Stock for all corporate purposes.  From and after the date of issuance, the Participant will have the right to vote the Restricted Stock, to receive and retain all regular cash dividends payable to holders of Common Stock of record on and after the issuance of the Restricted Stock (although such dividends shall be treated, to the extent required by law, as additional compensation for tax purposes if paid on Restricted Stock) and to exercise all other rights, powers and privileges of a holder of Common Stock with respect to the Restricted Stock, with the exceptions that (i) the Participant will not be entitled to delivery of the stock certificate or certificates representing the Restricted Stock until all the vesting requirements with respect thereto shall have been fulfilled, (ii) the Company (or its designated agent) will retain custody of the stock certificate or certificates, if any, representing the Restricted Stock and the other RS Property until all the vesting requirements with respect thereto shall have been fulfilled, (iii) no RS Property shall bear interest or be segregated in separate accounts during the applicable restriction period, and (iv) except as set forth in the Plan or this Agreement, the Participant may not sell, assign, transfer, pledge, exchange, encumber or otherwise dispose of the Restricted Stock (other than by will or the laws of descent and distribution) until all the vesting requirements with respect thereto shall have been fulfilled.

 

  

 

  

 

(d)           Each reference contained in this Agreement to:

 

“Change in Control” shall mean any of the following events:

 

(A)  A person or entity or group of persons or entities, acting in concert, shall become the direct or indirect beneficial owner (within the meaning of Rule 13d-3 of the Exchange Act) of securities of the Company representing fifty-one percent (51%) or more of the combined voting power of the issued and outstanding common stock of the Company (a “Significant Owner”), unless such shares are originally issued to such Significant Owner by the Company; or

 

(B)  The majority of the Board is no longer comprised of the incumbent directors who constitute the Board on the Effective Date1 (as defined in Section 22(a) of the Plan) and any other individual(s) who becomes a director subsequent to the Effective Date of the Plan whose initial election or nomination for election as a director, as the case may be, was approved by at least a majority of the directors who comprised the incumbent directors as of the date of such election or nomination; or

 

(C)  A sale of all or substantially all of the assets of the Company; or

 

(D)  The Board shall approve any merger, consolidation, or like business combination or reorganization of the Company, the consummation of which would result in the occurrence of any event described in clause (C) above, and such transaction shall have been consummated.

 

“Performance Goals” shall mean: (A) the identification of, and submission to the Board of a plan for the disposition of, material non-core assets of the Company; (B) the commencement of a plan for a material reduction in general administrative and overhead costs; (C) the submission to the Board of a strategic plan for the Company to achieve positive cash flows and earnings; and (D) the commencement of the relocation of the Company’s corporate offices (including the leasing of new space and a plan for the disposition of the premises in Coral Gables).

 

1 Solely for purposes of Section 3(d) hereof, the term “Effective Date” shall have the meaning ascribed to it in Section  22(a) of the Plan.

 

  

2

  

 

“Common Stock” shall mean common stock, par value $1.00 per share, of the Company.

 

“Employment Agreement” shall mean the Participant’s employment agreement with the Company, dated June 15, 2011, as amended or restated from time to time.

 

“Material Capital Transaction” shall mean any sale, disposition, merger, acquisition, reorganization, consolidation, split-up, spin-off, combination, exchange of shares, or other similar corporate transaction involving the Company (each, a “Transaction”), where the value of the Transaction is equal to or exceeds one-third of the sum of (A) the total equity value of the Company based on fully diluted shares of Common Stock outstanding including any shares of Common Stock to be issued in such transaction and (B) total outstanding debt.

 

3.           VESTING.

 

(a)           General.  Subject to Section 4 hereof, shares of Restricted Stock shall vest and cease to be Restricted Stock upon the satisfaction of the performance based vesting requirements of Section 3(b).

 

(b)           Performance Based Vesting.  The Restricted Stock shall vest, as set forth in this Section 3(b), on the earlier of (i) January 1, 2012, or (ii) the date the Participant's employment with the Company terminates.  The Restricted Stock shall only vest to the extent (expressed as a percentage) the Performance Goals have been met on such applicable date, as determined in good faith by the Committee.  Except as provided in Section 4(b), the Committee shall make such determination no later than January 15, 2012.

 

4.           TERMINATION OF EMPLOYMENT; CHANGE IN CONTROL; MATERIAL CAPITAL TRANSACTION; EXPIRATION OF AWARD.

 

(a)           Except as otherwise provided in this Section 4, upon any termination of employment with the Company, the Participant shall forfeit to the Company, without compensation, all the shares of Restricted Stock which have not vested on the date of such termination of employment with the Company.

 

(b)           In the event of a termination of employment prior to December 31, 2011, the Restricted Stock shall vest only to the extent (expressed as a percentage) the Performance Goals have been met on of before the date the Participant's employment with the Company terminates.  The Committee shall make such determination no later than 15 days following the Participant's termination of employment. Any remaining unvested Restricted Stock shall be forfeited to the Company, without compensation.

 

(c)           In the event Change in Control occurs during the “Term” (as defined in the Employment Agreement), the Restricted Stock shall fully vest at the time of the Change in Control.

 

  

3

  

 

(d)           In the event a Material Capital Transaction occurs during the “Term” (as defined in the Employment Agreement), in connection with which the Company terminates the Participant’s employment, provided that the Participant is willing to remain employed through the date on which a replacement Chief Executive Officer commences employment with the Company, the Restricted Stock shall vest in full as of the date of such termination.

 

(e)           Notwithstanding anything to the contrary herein, the Participant shall forfeit to the Company, without compensation, all the shares of Restricted Stock which have not vested on or before June 30, 2014.

 

5.          TAXES.

 

(a)           Generally.  The Participant agrees that, subject to Section 5(b) below, (i) no later than the date on which any Restricted Stock shall have become taxable to the Participant as compensation, the Participant will pay to the Company, or make arrangements satisfactory to the Company regarding payment of, any federal, state or local, domestic or foreign taxes of any kind required by law to be withheld with respect to any Restricted Stock which shall have become so taxable, and (ii) the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to any Restricted Stock which shall have become so taxable.

 

(b)           Section 83(b) Election.  If the Participant properly elects within thirty (30) days after the award of the Restricted Stock in accordance with Code Section 83(b) to include in gross income for federal income tax purposes in the year of issuance the fair market value of such Restricted Stock, the Participant shall pay to the Company or make arrangements satisfactory to the Company to pay to the Company upon such election, any federal, state or local taxes required to be withheld with respect to such Restricted Stock.  If the Participant shall fail to make such payment, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to such Restricted Stock.  The Participant acknowledges that it is the Participant’s sole responsibility, and not the Company’s, to file timely and properly the election under Section 83(b) of the Code and any corresponding provisions of state tax laws if the Participant elects to utilize such election.

 

6.          LEGENDS.  All certificates representing the Shares shall have endorsed thereon any legend required to be placed thereon by applicable laws as well as the following legend:

 

“The shares of common stock represented hereby are subject to terms and conditions (including forfeiture and restrictions on transfer) set forth in the employment agreement, as the same may be amended, restated modified or supplemented, between Avatar Holdings Inc. and the registered owner of the shares represented hereby (or such owner’s predecessor in interest) which agreement is binding upon any and all owners of any interests in such shares. The shares of common stock represented hereby may be transferred only upon specific instructions from Avatar Holdings Inc.”

 

  

4

  

 

7.          POWER OF ATTORNEY.  The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full power of substitution, of the Participant for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof.  The Company’s appointment as attorney-in-fact is irrevocable and coupled with an interest.  The Company, as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of the Restricted Stock and other RS Property, and the Participant hereby ratifies and confirms all that the Company, as said attorney-in-fact, shall do by virtue hereof.  Nevertheless, the Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose.

 

8.          REGULATORY COMPLIANCE AND LISTING.  The issuance or delivery of any stock certificates representing shares of Common Stock issuable pursuant to this Agreement may be postponed by the Committee for such period as may be required to comply with any applicable requirements under the federal or state securities laws, any applicable listing requirements of any national securities exchange or securities association, and any applicable requirements under any other law, rule or regulation applicable to the issuance or delivery of such shares, and the Company shall not be obligated to deliver any such shares of Common Stock to the Participant if delivery thereof would constitute a violation of any provision of any law or of any regulation of any governmental authority or any national securities exchange or securities association.

 

9.          INVESTMENT REPRESENTATIONS AND RELATED MATTERS.  The Participant hereby represents that the Common Stock issuable pursuant to this Agreement is being acquired for investment and not for sale or with a view to distribution thereof.  The Participant acknowledges and agrees that any sale or distribution of shares of Common Stock issued pursuant to this Agreement may be made only pursuant to either (a) a registration statement on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), which registration statement has become effective and is current with regard to the shares being sold, or (b) a specific exemption from the registration requirements of the Securities Act that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory to counsel for the Company, prior to any such sale or distribution.  The Participant hereby consents to such action as the Committee or the Company deems necessary or appropriate from time to time to prevent a violation of, or to perfect an exemption from, the registration requirements of the Securities Act or to implement the provisions of this Agreement, including but not limited to placing restrictive legends on certificates evidencing shares of Common Stock issued pursuant to this Agreement and delivering stop transfer instructions to the Company’s stock transfer agent.

 

10.          NO RIGHT TO CONTINUED EMPLOYMENT.  This Agreement does not confer upon the Participant any right to continued employment by the Company or any of its subsidiaries or affiliated companies, nor shall it interfere in any way with the right of the Participant’s employer to terminate the Participant’s employment at any time for any reason or no reason.

 

  

5

  

 

11.          CONSTRUCTION.  The Plan and this Agreement will be construed by and administered under the supervision of the Committee, and all determinations of the Committee will be final and binding on the Participant.

 

12.          NOTICES.  Any notice required or permitted under this Agreement shall be deemed given when delivered personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, (i) to the Participant at the last address specified in Participant’s employment records, or such other address as the Participant may designate in writing to the Company, or (ii) to the Company, Avatar Holdings Inc., 201 Alhambra Circle, 12th Floor, Coral Gables, Florida 33134, Attention: Corporate Secretary, or such other address as the Company may designate in writing to the Participant.

 

13.          FAILURE TO ENFORCE NOT A WAIVER.  The failure of either party hereto to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

 

14.          GOVERNING LAW.  This Agreement shall be governed by and construed according to the laws of the State of Delaware, without regard to the conflicts of laws provisions thereof.

 

15.          INCORPORATION OF PLAN.  The Plan is hereby incorporated by reference and made a part of this Agreement, and this Agreement shall be subject to the terms of the Plan, as the Plan may be amended from time to time.

 

16.          COUNTERPARTS.  This Agreement may be executed in two or more counterparts, each of which shall be an original but all of which together shall represent one and the same agreement.

 

17.          MISCELLANEOUS.  This Agreement cannot be modified or terminated orally.  This Agreement, the Employment Agreement and the Plan contain the entire agreement between the parties relating to the subject matter hereof.  The section headings herein are intended for reference only and shall not affect the interpretation hereof.

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.

 

	 	 	AVATAR HOLDINGS INC.	 
	 	 	 	 
	
 

	 	By: 	/s/ Patricia Kimball Fletcher	 
	 	 	Name: Patricia Kimball Fletcher	 
	 	 	

Title: Executive Vice President, General 

Counsel and Secretary

	 
	 	 	 	 
	 	 	           /s/ Allen Anderson	 
	 	 	                        Allen Anderson	 

 

 

6ex4_01.htm

EXHIBIT 4.01

 

PUBLIC SERVICE COMPANY

OF COLORADO

 

TO

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

Supplemental Indenture No. 21

 

Dated as of August 1, 2011

 

Supplemental to the Indenture

dated as of October 1, 1993

 

 

Establishing the Securities of Series No. 22,

designated 4.75% First Mortgage Bonds, Series No. 22 due 2041

  

 

  

SUPPLEMENTAL INDENTURE NO. 21, dated as of August 1, 2011, between PUBLIC SERVICE COMPANY OF COLORADO, a corporation duly organized and existing under the laws of the State of Colora do (hereinafter sometimes called the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor trustee (hereinafter sometimes called the “Trustee”) to Morgan Guaranty Trust Company of New York under the Indenture, dated as of October 1, 1993 (hereinafter called the “Original Indenture”), as previously supplemented and as further supplemented by this Supplemental Indenture No. 21.  The Original Indenture and any and all indentures and all other instruments supplemental thereto are hereinafter sometimes collectively called the “Indenture”.

 

Recitals of the Company

 

The Original Indenture was authorized, executed and delivered by the Company to provide for the issuance from time to time of its Securities (such term and all other capitalized terms used herein without definition having the meanings assigned to them in the Original Indenture), to be issued in one or more series as contemplated therein, and to provide security for the payment of the principal of and premium, if any, and interest, if any, on the Securities.  The Original Indenture has been recorded in the office of the Clerk and Recorder of each county in the State of Colorado in which the Company owns real property that is used in or in connection with the Electric Utility Business, as more fully set forth in Schedule A hereto.

 

The Company has heretofore executed and delivered to the Trustee the Supplemental Indentures referred to in Schedule B hereto for the purpose of establishing various series of Securities and appointing previous successor Trustees.

 

The Company desires to establish a new series of Securities to be designated “4.75% First Mortgage Bonds, Series No. 22 due 2041,” such series of Securities to be hereinafter sometimes called “Series No. 22.”

 

The Company has duly authorized the execution and delivery of this Supplemental Indenture No. 21 to establish the Securities of Series No. 22 and has duly authorized the issuance of such Securities; and all acts necessary to make this Supplemental Indenture No. 21 a valid agreement of the Company, and to make the Securities of Series No. 22 valid obligations of the Company, have been performed.

 

Granting Clauses

 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE NO. 21 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 contained therein and in the Indenture 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 Supplemental Indenture No. 21, 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 interest in land described or referred to in Schedule C hereto; (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 however, to the exceptions and exclusions set forth in clause (a) of Granting Clause First of the Original Indenture; (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;

 

  

1

  

Granting Clause Second

 

Subject to the applicable exceptions permitted by Section 810(c), Section 1303 and Section 1305 of the Original Indenture, 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 Supplemental Indenture No. 21 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 Supplemental Indenture No. 21;

 

Granting Clause Fourth

 

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

 

This Instrument shall constitute a financing statement under the Colorado Uniform Commercial Code (the “UCC”) to be filed in the real estate records, and is filed as a fixture filing under the UCC covering goods which are, or are to become, fixtures on the real property described herein, in the Original Indenture and all supplements to the Original Indenture;

 

Excepted Property

 

Expressly excepting and excluding, however, from the Lien and operation of the Indenture all Excepted Property of the Company, whether now owned or hereafter acquired;

 

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 the Original Indenture, (b) as to property acquired by the Company after the date of the execution and delivery of the Original 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) Retained Interests and (d) any other Permitted Liens, it being understood that, with respect to any property which was at the date of execution and delivery of the Original Indenture or thereafter became or hereafter becomes subject to the Lien of any Class A Mortgage, the Lien of the Indenture shall at all times be junior, subject and subordinate to the Lien of such Class A Mortgage;

 

  

2

  

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 of the Original Indenture, 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 of the Original Indenture, then and in that case the 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 the Indenture, and the estate and rights thereby granted shall be and remain in full force and effect; and

 

THE PARTIES HEREBY FURTHER COVENANT AND AGREE as follows:

 

ARTICLE ONE

 

Securities of Series No. 22

 

There are hereby established the Securities of Series No. 22, which shall have the terms and characteristics set forth below (the lettered subdivisions set forth below corresponding to the lettered subdivisions of Section 301 of the Original Indenture):

 

(a)           the title of the Securities of Series No. 22 shall be “4.75% First Mortgage Bonds, Series No. 22 due 2041”;

 

(b)           the Securities of Series No. 22 shall initially be authenticated and delivered in the aggregate principal amount of $250,000,000.  The Securities of Series No. 22 may be reopened and additional Securities of Series No. 22 may be issued in excess of the amount initially authenticated and delivered, provided that such additional Securities of Series No. 22 will contain the same terms (including the Stated Maturity and interest payment terms), except for the public offering price and issue date, as the other Securities of Series No. 22.  Any such additional Securities of Series No. 22, together with the Securities of Series No. 22 initially authenticated, shall constitute a single series for purposes of the Indenture and shall be limited to an aggregate principal amount of $750,000,000;

 

(c)           interest on the Securities of Series No. 22 shall be payable to the Persons in whose names such Securities are registered at the close of business on the Regular Record Date for such interest, except as otherwise expressly provided in the form of such Securities attached as Exhibit A hereto;

 

(d)           the principal of the Securities of Series No. 22 shall be payable on August 15, 2041, the Stated Maturity for Series No. 22;

 

  

3

  

(e)           the Securities of Series No. 22 shall bear interest at a rate of 4.75% per annum; interest shall accrue on the Securities of Series No. 22 from August 9, 2011 or the most recent date to which interest has been paid or duly provided for; the Interest Payment Dates for such Securities shall be February 15 and August 15 in each year, commencing February 15, 2012, and the Regular Record Dates with respect to the Interest Payment Dates for such Securities shall be February 1 and August 1 in each year, respectively (whether or not a Business Day);

 

(f)            the Corporate Trust Office of U.S. Bank National Association in New York, New York shall be the place at which (i) the principal of, premium, if any, and interest, if any, on the Securities of Series No. 22 shall be payable, (ii) registration of transfer of such Securities may be effected, (iii) exchanges of such Securities may be effected and (iv) notices and demands to or upon the Company in respect of such Securities and the Indenture may be served; and U.S. Bank National Association shall be the Security Registrar for such Securities; provided, however, that the Company reserves the right to change, by one or more Officer’s Certificates, any such place or the Security Registrar; and provided, further, that the Company reserves the right to designate, by one or more Officer’s Certificates, its principal office in Denver, Colorado, as any such place or itself as the Security Registrar;

 

(g)           the Securities of Series No. 22 shall be redeemable at the option of the Company at any time prior to February 15, 2041, in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount thereof to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on such Securities to be redeemed (excluding the portion of any such interest accrued to but excluding the Redemption Date), discounted to but excluding the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield plus 15 basis points, plus, in each case, accrued and unpaid interest to but excluding the Redemption Date.  At any time on or after February 15, 2041, the Company may redeem the Securities of Series No. 22, in whole or in part, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date. For purposes hereof, the following defined terms shall have the meaning ascribed to them:

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Securities of Series No. 22 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 comparable maturity to the remaining term of the Securities of Series No. 22.

 

“Comparable Treasury Price” means (i) the average of the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the Trustee obtains fewer than four Reference Treasury Dealer Quotations for the Redemption Date, the average of all of the Reference Treasury Dealer Quotations for such Redemption Date.

 

“Independent Investment Banker” means BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, or Mizuho Securities USA Inc., or their respective successors or, if such firms or their successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Company.

 

  

4

  

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States.

 

“Reference Treasury Dealer” means (1) each of BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, and Mizuho Securities USA Inc. and any other Primary Treasury Dealer designated by, and not affiliated with, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, or Mizuho Securities USA Inc. or their respective successors, provided, however, that if BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, or Mizuho Securities USA Inc. or any of their respective designees ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (2) any other Primary Treasury Dealer selected by the Company after consultation with an Independent Investment Banker.

 

“Reference Treasury Dealer Quotations” means, for any Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, 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 Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the Redemption Date.

 

“Treasury Yield” means, for any Redemption Date (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Yield will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using 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.  The Treasury Yield for any Redemption Date shall be calculated on the third Business Day preceding such Redemption Date.

 

(h)            not applicable;

 

(i)             the Securities of Series No. 22 shall be issuable in denominations of $1,000 and multiples thereof;

 

(j)             not applicable;

 

(k)            not applicable;

 

(l)             not applicable;

 

(m)           not applicable;

 

(n)           not applicable;

 

  

5

  

(o)           not applicable;

 

(p)           not applicable;

 

(q)           the Securities of Series No. 22 are to be initially registered in the name of Cede & Co., as nominee for The Depository Trust Company (the “Depositary”).  Such Securities shall not be transferable or exchangeable, nor shall any purported transfer be registered, except as follows:

 

(i)            such Securities may be transferred in whole, and appropriate registration of transfer effected, if such transfer is by such nominee to the Depositary, or by the Depositary to another nominee thereof, or by any nominee of the Depositary to any other nominee thereof, or by the Depositary or any nominee thereof to any successor securities depositary or any nominee thereof; and

 

(ii)           such Securities may be exchanged for definitive Securities registered in the respective names of the beneficial holders thereof, and thereafter shall be transferable without restriction, if:

 

(A)           the Depositary, or any successor securities depositary, shall have notified the Company and the Trustee that it is unwilling or unable to continue to act as securities depositary with respect to such Securities or the Depositary has ceased to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and the Trustee shall not have been notified by the Company within ninety (90) days of the identity of a successor securities depositary with respect to such Securities; or

 

(B)           the Company shall have delivered to the Trustee a Company Order to the effect that such Securities shall be so exchangeable on and after a date specified therein; or

 

(C)           (1) an Event of Default shall have occurred and be continuing, (2) the Trustee shall have given notice of such Event of Default pursuant to Section 1102 of the Original Indenture, and (3) there shall have been delivered to the Company and the Trustee an Opinion of Counsel to the effect that the interests of the beneficial owners of such Securities in respect thereof will be materially impaired unless such owners become Holders of definitive Securities;

 

(r)            not applicable;

 

(s)           no service charge shall be made for the registration of transfer or exchange of the Securities of Series No. 22; provided, however, that the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the exchange or transfer;

 

(t)            not applicable;

 

  

6

  

 

	
  

	
(u)

	
(i)             If the Company shall have caused the Company’s indebtedness in respect of any Securities of Series No. 22 to have been satisfied and discharged prior to the Maturity of such Securities, as provided in Section 901 of the Original Indenture, the Company shall, promptly after the date of such satisfaction and discharge, give a notice to each Person who was a Holder of any of such Securities on such date stating (A)(1) the aggregate principal amount of such Securities and (2) the aggregate amount of any money (other than amounts, if any, deposited in respect of accrued interest on such Securities) and the aggregate principal amount of, the rate or rates of interest on, and the aggregate fair market value of, any Eligible Obligations deposited pursuant to Section 901 of the Original Indenture with respect to such Securities and (B) that the Company will provide (and the Company shall promptly so provide) to such Person, or any beneficial owner of such Securities holding through such Person (upon written request to the Company sent to an address specified in such notice), such other information as such Person or beneficial owner, as the case may be, reasonably may request in order to enable it to determine the federal income tax consequences to it resulting from the satisfaction and discharge of the Company’s indebtedness in respect of such Securities.  Thereafter, the Company shall, within forty-five (45) days after the end of each calendar year, give to each Person who at any time during such calendar year was a Holder of such Securities a notice containing (X) such information as may be necessary to enable such Person to report its income, gain or loss for federal income tax purposes with respect to such Securities or the assets held on deposit in respect thereof during such calendar year or the portion thereof during which such Person was a Holder of such Securities, as the case may be (such information to be set forth for such calendar year as a whole and for each month during such year) and (Y) a statement to the effect that the Company will provide (and the Company shall promptly so provide) to such Person, or any beneficial owner of such Securities holding through such Person (upon written request to the Company sent to an address specified in such notice), such other information as such Person or beneficial owner, as the case may be, reasonably may request in order to enable it to determine its income, gain or loss for federal income tax purposes with respect to such Securities or such assets for such year or portion thereof, as the case may be.  The obligation of the Company to provide or cause to be provided information for purposes of income tax reporting by any Person as described in the first two sentences of this paragraph shall be deemed to have been satisfied to the extent that the Company has provided or caused to be provided substantially comparable information pursuant to any requirements of the Internal Revenue Code of 1986, as amended from time to time (the “Code”) and United States Treasury regulations thereunder.

 

(ii)           Notwithstanding the provisions of subparagraph (i) above, the Company shall not be required to give any notice specified in such subparagraph or to otherwise furnish any of the information contemplated therein if the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize income, gain or loss for federal income tax purposes as a result of the satisfaction and discharge of the Company’s indebtedness in respect of such Securities and such Holders will be subject to federal income taxation on the same amounts and in the same manner and at the same times as if such satisfaction and discharge had not occurred.

 

(iii)           Anything in this clause (u) to the contrary notwithstanding, the Company shall not be required to give any notice specified in subparagraph (i) or to otherwise furnish the information contemplated therein or to deliver any Opinion of Counsel contemplated by subparagraph (ii) if the Company shall have caused Securities of Series No. 22 to be deemed to have been paid for purposes of the Indenture, as provided in Section 901 of the Original Indenture, but shall not have effected the satisfaction and discharge of its indebtedness in respect of such Securities pursuant to such Section.

 

  

7

  

 

(v)           The Securities of Series No. 22 shall be substantially in the form attached hereto as Exhibit A and shall have such further terms as are set forth in such form.

 

ARTICLE TWO

 

Miscellaneous Provisions

 

This Supplemental Indenture No. 21 is a supplement to the Original Indenture.  As previously supplemented and further supplemented by this Supplemental Indenture No. 21, the Original Indenture is in all respects ratified, approved and confirmed, and the Original Indenture, all previous supplements thereto and this Supplemental Indenture No. 21 shall together constitute one and the same instrument.

 

  

8

  

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture No. 21 to be duly executed as of the day and year first above written.

 

 

	  	
PUBLIC SERVICE COMPANY OF COLORADO

	  	  	 
	  	  	  
	  	
By:

	
/s/ George E. Tyson II

	  	  	  
	  	  	
Name:        George E. Tyson II

	  	  	
Title:          Vice President and Treasurer

 

 

	
STATE OF MINNESOTA

	
)

	
  

	
) ss:

	
COUNTY OF HENNEPIN

	
)

 

The foregoing was acknowledged before me this 2nd day of August, 2011, by George E. Tyson II, the Vice President and Treasurer of Public Service Company of Colorado, a corporation organized under the laws of Colorado, on behalf of the corporation.

 

Witness my hand and official seal.

 

My commission expires:  January 31, 2015

	  	
/s/ Sharon M. Quellhorst

	  	
Name:   Sharon M. Quellhorst

	  	
              Notary Public

  

9

  

	 	
U.S. BANK NATIONAL ASSOCIATION,

Trustee

	 	  	  
	 	  	  
	 	
By:

	
/s/ K. Wendy Kumar

	 	  	
Name:      K. Wendy Kumar

	 	  	
Title:        Vice President

 

 

	
STATE OF NEW YORK

	
)

	
  

	
) ss:

	
COUNTY OF QUEENS

	
)

 

 

On the 2nd day of August, 2011, before me personally came K. Wendy Kumar, to me known, who, being by me duly sworn, did depose and say that she is a Vice President of U.S. Bank National Association, the banking association described in and which executed the foregoing instrument; and that she signed her name thereto by authority of the Board of Directors of said banking association.

 

	  	
/s/ Carolyn R. Sinclair

	  	
Name:  Carolyn R. Sinclair

	  	
Notary Public, State of New York

 

  

10

  

EXHIBIT A

 

FORM OF SECURITY

(See legend at the end of this Security for

restrictions on transfer)

PUBLIC SERVICE COMPANY OF COLORADO

First Mortgage Bond, Series No. 22

	
Original Interest Accrual Date

Interest Rate:

Stated Maturity:

Interest Payment Dates:

Regular Record Dates:

	  	
August 9, 2011

4.75% per annum

August 15, 2041

February 15 and August 15

February 1 and August 1

This Security is not a Discount Security

within the meaning of the within-mentioned Indenture

 

	
Principal Amount

	 	
Registered No.

	
$

	 	  

 

PUBLIC SERVICE COMPANY OF COLORADO, a corporation duly organized and existing under the laws of the State of Colorado (herein called the “Company,” which term includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to

 

, or registered assigns, the principal sum of

 

Dollars on the Stated Maturity specified above, and to pay interest thereon from the Original Interest Accrual Date specified above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on the Interest Payment Dates specified above in each year, commencing February 15, 2012 and at Maturity, at the Interest Rate per annum specified above, until the principal hereof is paid or duly provided for.  The interest so payable, and paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date specified above (whether or not a Business Day) next preceding such Interest Payment Date.  Notwithstanding the foregoing, interest payable at Maturity shall be paid to the Person to whom principal shall be paid.  Except as otherwise provided in said Indenture, any such interest not so paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities of this series not less than 15 days prior to such Special Record Date, or be paid in such other manner as permitted by the Indenture.

 

  

EXHIBIT A - 1

  

Payment of the principal of this Security and interest hereon at Maturity shall be made upon presentation of this Security at the Corporate Trust Office of U.S. Bank National Association in New York, New York or at such other office or agency as may be designated for such purpose by the Company from time to time.  Payment of interest on this Security (other than interest at Maturity) shall be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, except that if such Person shall be a securities depositary, such payment may be made by such other means in lieu of check as shall be agreed upon by the Company, the Trustee and such Person.  Payment of the principal of and interest on this Security, as aforesaid, shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts.

 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and issuable in one or more series under and equally secured by an Indenture, dated as of October 1, 1993 (such Indenture as originally executed and delivered and as supplemented or amended from time to time thereafter, together with any constituent instruments establishing the terms of particular Securities, being herein called the “Indenture”), between the Company and U.S. Bank National Association (formerly First Trust of New York, National Association) as successor trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the property mortgaged, pledged and held in trust, the nature and extent of the security and the respective rights, limitations of rights, duties and immunities of the Company, the Trustee and the Holders of the Securities thereunder and of the terms and conditions upon which the Securities are, and are to be, authenticated and delivered and secured.  The acceptance of this Security shall be deemed to constitute the consent and agreement by the Holder hereof to all of the terms and provisions of the Indenture.  This Security is one of the series designated above.

 

If any Interest Payment Date or the Stated Maturity shall not be a Business Day (as hereinafter defined), payment of the amounts due on this Security on such date may be made on the next succeeding Business Day; and, if such payment is made or duly provided for on such Business Day, no interest shall accrue on such amounts for the period from and after such Interest Payment Date or Stated Maturity, as the case may be, to such Business Day.

 

This Security shall be redeemable at the option of the Company at any time prior to February 15, 2041, in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount hereof to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Security to be redeemed (excluding the portion of any such interest accrued to but excluding the Redemption Date), discounted to but excluding the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield plus 15 basis points, plus, in each case, accrued and unpaid interest to but excluding the Redemption Date.  At any time on or after February 15, 2041, the Securities shall be redeemable, in whole or in part, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date. For purposes hereof, the following defined terms shall have the meaning ascribed to them:

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of this Security 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 comparable maturity to the remaining term of this Security.

 

“Comparable Treasury Price” means (i) the average of the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations for such Redemption Date or (ii) if the Trustee obtains fewer than four Reference Treasury Dealer Quotations for the Redemption Date, the average of all of the Reference Treasury Dealer Quotations for such Redemption Date.

 

  

EXHIBIT A - 2

  

“Independent Investment Banker” means BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, or Mizuho Securities USA Inc., or their respective successors or, if such firms or  successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Company.

 

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States.

 

“Reference Treasury Dealer” means (1) each of BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, and Mizuho Securities USA Inc. and any other Primary Treasury Dealer designated by, and not affiliated with, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, or Mizuho Securities USA Inc. or their respective successors, provided, however, that if BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, or Mizuho Securities USA Inc. or any of their respective designees ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (2) any other Primary Treasury Dealer selected by the Company after consultation with an Independent Investment Banker.

 

 “Reference Treasury Dealer Quotations” means, for any Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, 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 Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the Redemption Date.

 

“Treasury Yield” means, for any Redemption Date (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Yield will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using 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.  The Treasury Yield for any Redemption Date shall be calculated on the third Business Day preceding such Redemption Date.

 

If an Event of Default shall occur and be continuing, the principal of this Security may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions as therein provided, the Trustee to enter into one or more supplemental indentures for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture 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 the Indenture, considered as one class; provided, however, that if there shall be Securities of more than one series Outstanding under the Indenture 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 the Indenture permits the Trustee to enter into one or more supplemental indentures for limited purposes without the consent of any Holders of Securities.  The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities then Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

  

EXHIBIT A - 3

  

As provided in the Indenture and subject to certain limitations therein set forth, this Security or any portion of the principal amount hereof will be deemed to have been paid for all purposes of the Indenture and to be no longer Outstanding thereunder, and, at the election of the Company, the Company’s entire indebtedness in respect thereof will be satisfied and discharged, if there has been irrevocably deposited with the Trustee or any Paying Agent (other than the Company), in trust, money in an amount which will be sufficient and/or Eligible Obligations, the principal of and interest on which when due, without regard to any reinvestment thereof, will provide moneys which, together with moneys so deposited, will be sufficient to pay when due the principal of and interest on this Security when due.

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office of U.S. Bank National Association in New York, New York or such other office or agency as may be designated by the Company from time to time, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series of authorized denominations and of like tenor and aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this series are issuable only as registered Securities, without coupons, and in denominations of $1,000 and multiples thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of the same series, of any authorized denominations, as requested by the Holder surrendering the same, and of like tenor upon surrender of the Security or Securities to be exchanged at the office of U.S. Bank National Association, in New York, New York or such other office or agency as may be designated by the Company from time to time.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the absolute owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

  

EXHIBIT A - 4

  

The Indenture and the Securities shall be governed by and construed in accordance with the laws 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 of 1939, as then in effect or any successor statute shall be applicable and except to the extent that the law of any jurisdiction wherein any portion of the property mortgaged pursuant to the Indenture or any indenture supplemental thereto is located shall mandatorily govern the perfection, priority or enforcement of the lien of the Indenture and all indentures supplemental thereto with respect to such portion of the mortgaged property.

 

As used herein, “Business Day” means any day, other than a Saturday or Sunday, which is not a day on which banking institutions or trust companies in The City of New York, New York, or other city in which is located any office or agency maintained for the payment of principal or interest on this Security, are authorized or required by law, regulation or executive order to remain closed.  All other terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

As provided in the Indenture, no recourse shall be had for the payment of the principal of or interest 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 the Indenture, against, and no personal liability whatsoever shall attach to, or be incurred by, 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 the Indenture and all the Securities are solely corporate obligations 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 the Indenture and the issuance of the Securities.

 

Unless the certificate of authentication hereon has been executed by the Trustee or an Authenticating Agent by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

  

EXHIBIT A - 5

  

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and its corporate seal to be hereunto affixed and attested.

 

	  	  	 	PUBLIC SERVICE COMPANY OF COLORADO
	  	  	 	  	  
	  	  	 	
By:

	 
	  	  	 	  	
Vice President and Treasurer

	  	  	 	  	  
	
Attest:

	  	 	  	  
	  	
Assistant Secretary

	 	  	  

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	 Dated:	 	 	 	 
	 	 	 	 	 
	  	
U.S. BANK

NATIONAL ASSOCIATION,

as Trustee

	
OR

	  	
U.S. BANK

NATIONAL ASSOCIATION,

as Trustee

	  	  	  	  	  
	
By

	  	  	
By:

	  
	  	
Authorized Officer

	  	  	
as Authenticating Agent

	  	  	  	  	  
	  	  	  	
By:

	  
	  	  	  	  	
Authorized Officer

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York Corporation (“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.

 

This Security may not be transferred or exchanged, nor may any purported transfer be registered, except (i) this Security may be transferred in whole, and appropriate registration of transfer effected, if such transfer is by Cede & Co., as nominee for The Depository Trust Company (the “Depositary”), to the Depositary, or by the Depositary to another nominee thereof, or by any nominee of the Depositary to any other nominee thereof, or by the Depositary or any nominee thereof to any successor securities depositary or any nominee thereof; and (ii) this Security may be exchanged for definitive Securities registered in the respective names of the beneficial holders hereof, and thereafter shall be transferable without restrictions if:  (A) the Depositary, or any successor securities depositary, shall have notified the Company and the Trustee that it is unwilling or unable to continue to act as securities depositary with respect to the Securities and the Trustee shall not have been notified by the Company within ninety (90) days of the identity of a successor securities depositary with respect to the Securities; or (B) the Company shall have delivered to the Trustee a Company Order to the effect that the Securities shall be so exchangeable on and after a date specified therein or (C) (1) an Event of Default shall have occurred and be continuing, (2) the Trustee shall have given notice of such Event of Default pursuant to Section 1102 of the Original Indenture and (3) there shall have been delivered to the Company and the Trustee an Opinion of Counsel to the effect that the interests of the beneficial owners of such Securities in respect thereof will be materially impaired unless such owners become Holders of definitive Securities.

______

 

  

EXHIBIT A - 6

  

 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

 

 

[please insert social security or other identifying number of assignee]

 

[please print or typewrite name and address of assignee]

 

 

the within Security of PUBLIC SERVICE COMPANY OF COLORADO and does hereby irrevocably constitute and appoint __________________________________ , Attorney, to transfer said Security on the books of the within-mentioned Company, with full power of substitution in the premises.

	
Dated:

	  	  

 

Notice: The signature to this assignment must correspond with the name as written upon the face of the Security in every particular without alteration or enlargement or any change whatsoever.

  

EXHIBIT A - 7

  

SCHEDULE A

The following table sets forth recording information relating to the recordation, in each of the specified Colorado counties, of the Indenture dated as of October 1, 1993, granted by Public Service Company of Colorado to Morgan Guaranty Trust Company of New York, Trustee (recording information for Supplemental Indentures is not shown in this table):

	
COUNTY

	  	
DATE

	  	
TIME

	  	
RECEPTION NUMBER

	  	
BOOK/FILM

	  	
PAGE

	 	 	 	 	 	 	 	 	 	 	 
	
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

	
Archuleta

	  	
Oct. 12, 1993

	  	
02:21 P.M.

	  	
Reception No. 93006202

	  	  	  	  
	
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

	  	  
	
Broomfield

	  	
Sept. 12, 2002

	  	
02:47 P.M.

	  	
Reception No. 20020l33l3

	  	  	  	  
	
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

	  	  	  	  
	
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

	  	  	  	  

  

SCHEDULE A - 1

  

	COUNTY	 	DATE	 	TIME	 	RECEPTION NUMBER	 	BOOK/FILM	 	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

	  	  	  	  
	
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

	  	  	  	  
	
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

	  	  	  	  
	
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

	  	  	  	  
	
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

	  	  	  	  
	
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

	  	  	  	  
	
Teller

	  	
Oct. 13, 1993

	  	
08:00 A.M.

	  	
Reception No. 412373

	  	
Book 698

	  	
Page 104

  

SCHEDULE A - 2

  

 

	COUNTY	 	DATE	 	TIME	 	RECEPTION NUMBER	 	BOOK/FILM	 	PAGE
	 	 	 	 	 	 	 	 	 	 	 
	
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

 

  

SCHEDULE A - 3

  

 

Schedule B

 

Supplemental Indentures

	
Date of

Supplemental

Indenture

	  	
Series of Bonds

	  	
Principal

Amount Issued

	  	
Principal

Amount

Outstanding

	 	 	 	 	 	 	 
	
November 1, 1993

	  	
Series No. 1

	  	
$134,500,000

	  	
None

	
January 1, 1994

	  	
Series No. 2 due 2001

and

Series No. 2 due 2024

	  	
$102,667,000

 

$110,000,000

	  	
None

 

None

	
September 2, 1994

(Appointment of Successor Trustee)

	  	
None

	  	
None

	  	
None

	
May 1, 1996

	  	
Series No. 3

	  	
$125,000,000

	  	
None

	
November 1, 1996

	  	
Series No. 4

	  	
$250,000,000

	  	
None

	
February 1, 1997

	  	
Series No. 5

	  	
$150,000,000

	  	
None

	
April 1, 1998

	  	
Series No. 6

	  	
$250,000,000

	  	
None

	
August 15, 2002

	  	
Series No. 7

	  	
$48,750,000

	  	
$48,750,000

	
September 1, 2002

	  	
Series No. 8

	  	
$600,000,000

	  	
None

	
September 15, 2002

	  	
Series No. 9

	  	
$530,000,000

	  	
None

	
April 1, 2003

	  	
Series No. 10

	  	
$600,000,000

	  	
$600,000,000

	
March 1, 2003

	  	
Series No. 11

	  	
$250,000,000

	  	
None

	
September 15, 2003

	  	
Series No. 12

	  	
$250,000,000

	  	
$250,000,000

	
May 1, 2003

	  	
Series No. 13

	  	
$350,000,000

	  	
None

	
September 1, 2003

	  	
Series No. 14

	  	
$300,000,000

	  	
None

	
September 1, 2003

	  	
Series No. 15

	  	
$275,000,000

	  	
$275,000,000

	
August 1, 2005

	  	
Series No. 16

	  	
$129,500,000

	  	
$129,500,000

	
August 1, 2007

	  	
Series No. 17

	  	
$350,000,000

	  	
$350,000,000

	
August 1, 2008

	  	
Series No. 18 due 2018

and

Series No. 19 due 2038

	  	
$300,000,000

 

$300,000,000

	  	
$300,000,000

 

$300,000,000

	
May 1, 2009

	  	
Series No. 20 due 2019

	  	
$400,000,000

	  	
$400,000,000

	
November 1, 2010

	  	
Series No. 21 due 2020

	  	
$400,000,000

	  	
$400,000,000

  

SCHEDULE B - 1

  

Schedule C

 

DESCRIPTION OF PROPERTY

 

The following properties are in the State of Colorado and the counties thereof:

Adams County

Blue Spruce Energy Center

Lots 1 and 2, Block 1,

Blue Spruce Energy Subdivision Filing No. 1,

County of Adams, State of Colorado.

Weld County

Rocky Mountain Energy Center

Parcel 1 (Plant Site):

 

All of that certain parcel of land described in Reception No 2960526 as being the "Permit Property Power Generation Facility Site", recorded June 12, 2002, Weld County clerk and Recorders Office being in the South half of Section 31, Township 2 North, Range 64 West of the 6th Principal Meridian, Weld County, Colorado, being additional described as follows:

 

COMMENCING at the Southwest corner of said Section 31, whence the West Quarter corner of said Section 31 bears N00°26'03"W a distance of 2693.62 feet;

THENCE N67°54'50"E a distance of 1642.88 feet to the POINT OF BEGINNING being the southwest corner of said parcel of land described as being the "Permit Property Power Generation Facility Site";

THENCE N00°31'26"W a distance of 1961.35 feet;

THENCE N89°30'04"E a distance of 1966.30 feet;

THENCE S00°33'39"E a distance of 1958.51 feet;

THENCE S89°25'06"W a distance of 1967.57 feet to the POINT OF BEGINNING.

 

Parcel 2 (Entry and Utility Easement):

 

Easement granted by a document entitled "Easement Agreement" dated June 23, 2004 by and between Anacapa Land Company, LLC as Grantor and Rocky Mountain Energy Center, LLC a Delaware limited liability company as Grantee, recorded June 25, 2004 at Reception No. 3192977, Official Records of Weld County, Colorado; affecting the following property:

 

A portion of land being in the Southeast Quarter of Section 31, Township 2 North, Range 64 West of the 6th Principal Meridian, Weld County, Colorado, being more particularly described as follows:

 

COMMENCING at the Southeast corner of said Section 31, whence the East Quarter corner of said Section 31 bears N00°05'20"E a distance of 2654.89 feet;

THENCE N00°05'20"E a distance of 1135.47 feet to the POINT OF BEGINNING.

THENCE N88°40'42"W a distance of 544.81 feet;

  

SCHEDULE C - 1

  

THENCE S89°15'05"W tangent with the following described curve a distance of 660.53 feet; THENCE along the arc of a curve to the right, having a central angle of 43°54'59", a radius of 330.00 feet, a chord bearing N68°47'25"W a distance of 246.79 feet, and an arc distance of 252.94 feet;

THENCE N46°49'56"W tangent with the last and following described curves a distance of 96.67 feet;

THENCE along the arc of a curve to the left, having a central angle of 43°43'43", a radius of 75.00 feet, a chord bearing N68°41'47"W a distance of 55.86 feet, and an arc distance of 57.24 feet;

THENCE S89°26'21"W tangent with the last described curve a distance of 61.25 feet;

THENCE N00°33'39"W along the easterly line of that parcel of land described as "Permit Property Power Generation Facility Site" at Reception No. 2960526 recorded June 12, 2002 in the Weld County Clerk and Recorders Office, a distance of 75.00 feet;

THENCE N89°26'21"E tangent with the following described curve a distance of 61.25 feet; THENCE along the arc of a curve to the right, having a central angle of 43°43'43", a radius of 150.00 feet, a chord bearing S68°41'47"E a distance of 111.72 feet, and an arc distance of 114.48 feet;

THENCE S46°49'56"E tangent with the last and following described curves a distance of 96.67 feet;

THENCE along the arc of a curve to the left, having a central angle of 43°54'59", a radius of 255.00 feet, a chord bearing S68°47'25"E a distance of 190.70 feet, and an arc distance of 195.45 feet;

THENCE N89°15'05"E tangent with the last described curve a distance of 661.88 feet;

THENCE S88°40'42"E a distance of 544.55 feet;

THENCE S00°05'20"W a distance of 75.02 feet to the POINT OF BEGINNING.

 

Parcel 3 (Emergency Access Easement –  Anacapa)

 

Easement and right-of-way on, over, under and across the following described land, as reserved by Rocky Mountain Energy Center, LLC in the Assignment Agreement and Quit Claim Deed recorded September 9, 2003 at Reception No. 3104531 and Correction Quit Claim Deed recorded October 29, 2003 at Reception NO. 3121568; affecting the following property:

 

A parcel of land being Forty Six (46.00') feet in width, Twenty Three (23.00') feet on each side of the following described centerline of existing roadway, being in the East half of Section 31, Township 2 North, Range 64 West of the 6th Principal Meridian, Weld County, Colorado, being more particularly described as follows:

 

COMMENCING at the Northeast corner of said Section 31, whence the North Quarter corner of said Section 31 bears S88°53'24"W a distance of 2641.04 feet;

 

THENCE S88°53'24"W along the northerly line of said East Half of Section 31 a distance of 1281.13 feet to the POINT OF BEGINNING;

 

THENCE the following five (5) courses along said existing roadway centerline:

	
  

	
1)

	
S00°34'26"E a distance of 560.09 feet;

	
  

	
2)

	
Thence S00°23'59"W a distance of 1594.10 feet;

	
  

	
3)

	
Thence S00°11'10"W tangent with the following described curve a distance of 1345.89 feet;

	
  

	
4)

	
Thence along the arc of a curve to the right, having a central angle of 41°09'41", a radius of 335.00 feet, a chord bearing S20°46'00"W a distance of 235.52 feet, and an arc distance of 240.66 feet;

	
  

	
5)

	
Thence S41°20'50"W tangent with the last described curve a distance of 287.73 feet to the POINT OF TERMINATION, whence the Southeast corner of said Section 31 bears S48°52'12"E a distance of 2065.78 feet;

Sidelines are shortened or lengthened to intersect the said northerly line of the East Half of Section 31.

  

SCHEDULE C - 2

  

EXCEPT that portion thereof lying within the 38.751 acre parcel reserved by Rocky Mountain Energy Center, LLC by corrected Assignment Agreement and Quit Claim Deed recorded October 29, 2003 at Reception No. 3121568.

 

Parcel 3A (Emergency Access Easement – 38.751 acre parcel):

 

Easement granted by a document entitled "Easement Agreement" dated June 23, 2004 by and between Anacapa Land Company, LLC as Grantor and Rocky Mountain Energy Center, LLC a Delaware limited. liability company as Grantee, recorded June 25, 2004 at Reception No. 3192977, Official Records of Weld County, Colorado; affecting the following property:

 

A parcel of land being Forty Six (46.00') feet in width, twenty three (23.00') feet on each side of the following described centerline of existing roadway, being in the Southeast Quarter of Section 31, Township 2 North, Range 64 West of the 6th Principal Meridian, Weld County, Colorado, being more particularly described as follows:

 

COMMENCING at the East Quarter corner of said Section 31, whence the Southeast corner of said Section 31 bears S00°05'20"W a distance of 2654.89 feet;

THENCE S80°12'l5"W a distance of 1303.45 feet to the easterly prolongation of the northerly line of that parcel of land described as "Permit Property Power Generation Facility Site" at Reception No. 2960526 recorded June 12, 2002 in the Weld County Clerk and Recorders Office, also being on the existing Emergency Access Easement centerline reserved by Reception No. 3104531  and reserved by corrected Assignment Agreement and Quit Claim Deed Recorded October 29, 2003 at Reception No. 3121568, all recorded in the Weld County Clerk and Recorders Office, being the POINT OF BEGINNING;

THENCE S00°11'10"W tangent with the following described curve a distance of 638.37 feet;

THENCE along the arc of a curve to the right, having a central angle of 41°09'41", a radius of 335.00 feet, a chord bearing of S20°46'00"W a distance of 235.52 feet, and an arc distance of 240.66 feet;

THENCE S41°20'50"W tangent with the last described curve a distance of 287.73 feet;

THENCE S89°33'57"W to the easterly line of said parcel of land described as "Permit Property Power Generation Facility Site", a distance of 61.69 feet being the POINT OF TERMINATION.

Sidelines are shortened or lengthened to intersect the easterly prolongation of the northerly line of said "Permit Property Power Generation Facility Site", and the easterly line of said "Permit Property Power Generation Facility Site".

 

 

SCHEDULE C - 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]