Document:

Exhibit
4.5

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  

 

THIS NOTE IS A GLOBAL NOTE REGISTERED IN THE NAME OF THE DEPOSITARY
(REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY AS PROVIDED IN THE
INDENTURE REFERRED TO BELOW, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

 

UNION ELECTRIC COMPANY

6.00% SENIOR SECURED NOTE DUE 2018

 

	
  CUSIP:

  	
  906548CF7

  	
   

  	
  NUMBER:
  1

  
	
  ISIN:

  	
  US906548CF73

  	
   

  	
   

  

 

	
  ORIGINAL
  ISSUE DATE: April 8, 2008

  	
  PRINCIPAL
  AMOUNT:  $250,000,000

  
	
   

  	
   

  
	
  INTEREST
  RATE: 6.00%

  	
  MATURITY
  DATE:  April 8, 2018

  

 

UNION ELECTRIC COMPANY, a corporation of the State of Missouri (the “COMPANY”),
for value received hereby promises to pay to CEDE & CO. or registered
assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000)
on the Maturity Date set forth above, and to pay interest thereon from April 8,
2008 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually in arrears on the April 1 and October 1
in each year, commencing October 1, 2008, at the per annum Interest Rate
set forth above, until the principal hereof is paid or made available for
payment, subject to certain interest rate increase provisions described
below.  No interest shall accrue on the
Maturity Date, so long as the principal amount of this Note is paid on the
Maturity Date.  The interest so payable
and punctually paid or duly provided for on any such Interest Payment Date
(except for interest payable on the Maturity Date set forth above or, if
applicable, upon redemption or acceleration) will, as provided in the Indenture
(as defined below), be paid to the Person in whose name this Note is registered
at the close of business on the Regular Record Date for such interest, which
shall be the March 15 or September 15, as the case may be, next
preceding such Interest Payment Date; provided that the first Interest Payment
Date for any part of this Note, the Original Issue Date of which is after a
Regular Record Date but prior to the applicable Interest Payment Date, shall be
the Interest Payment Date following the next succeeding Regular Record Date;
and provided that interest payable on the Maturity Date set forth above or, if
applicable, upon redemption or acceleration, shall be payable to the Person to
whom principal shall be payable.  Except
as otherwise provided in the Indenture, any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date and shall be paid to the Person in whose name this
Note 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 whereof shall
be given to Noteholders not more than fifteen days or fewer than ten days prior
to such Special Record Date.  Payment of
the principal of and interest and premium on this Note shall be payable
pursuant to Section 2.12(a) of the Indenture.

 

This Note is a
Global Note in respect of a duly authorized issue of 6.00% Senior Secured Notes
due 2018 (the “NOTES OF THIS SERIES”, which term includes any Global Notes
representing such Notes) of the Company issued and to be issued under an
Indenture dated as of August 15, 2002, between the Company and The Bank of
New York, as trustee (the “TRUSTEE”, which term includes any successor Trustee
under the Indenture) and indentures supplemental thereto (collectively, the “INDENTURE”).
Under the Indenture, one or more series of notes may be issued and, as used
herein, the term “Notes” refers to the Notes of this Series and any other
outstanding series of Notes.  Reference
is hereby made to the Indenture for a more 

 

 

complete
statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Noteholders and of
the terms upon which the Notes are and are to be authenticated and
delivered.  This Note has been issued in
respect of the series designated on the first page hereof in the aggregate
principal amount of $250,000,000.

 

The Notes will be
secured by first mortgage bonds (the “SENIOR NOTE FIRST MORTGAGE BONDS”)
delivered by the Company to the Trustee for the benefit of the Holders of the
Notes, issued under the Indenture of Mortgage or Deed of Trust, dated June 15,
1937, from the Company to The Bank of New York, as successor trustee (the “MORTGAGE
TRUSTEE”), as supplemented and modified (collectively, the “FIRST MORTGAGE”).  Reference is made to the First Mortgage and
the Indenture for a description of the rights of the Trustee as holder of the
Senior Note First Mortgage Bonds, the property mortgaged and pledged, the
nature and extent of the security and the rights of the holders of first
mortgage bonds, under the First Mortgage and the rights of the Company and of
the Mortgage Trustee in respect thereof, the duties and immunities of the
Mortgage Trustee and the terms and conditions upon which the Senior Note First
Mortgage Bonds are secured and the circumstances under which additional first
mortgage bonds may be issued.

 

So long as any of
the Notes of this Series are outstanding, the Company will not optionally
redeem, purchase or otherwise retire in full its outstanding First Mortgage
Bonds, and, therefore, the Release Date will not occur.

 

Each Note of this Series shall
be dated and issued as of the date of its authentication by the Trustee and
shall bear an Original Issue Date. Each Note issued upon transfer, exchange or
substitution of such Note shall bear the Original Issue Date of such
transferred, exchanged or substituted Note, as the case may be.

 

All or a portion
of the Notes of this Series may be redeemed at the option of the Company
at any time or from time to time.  The
redemption price for the Notes of this Series to be redeemed on any
redemption date will be equal to the greater of: (a) 100% of the principal
amount of the Notes of this Series being redeemed on the redemption date;
or (b) the sum of the present values of the remaining scheduled payments
of principal and interest on the Notes of this Series being redeemed on
that redemption date (not including any portion of any payments of interest
accrued to and including the redemption date) discounted to the redemption date
on a semiannual basis at the Adjusted Treasury Rate (as defined below) plus 40
basis points, as determined by the Reference Treasury Dealer (as defined
below); plus, in each case, accrued and unpaid interest thereon to and
including the redemption date. 
Notwithstanding the foregoing, installments of interest on Notes of this
Series that are due and payable on Interest Payment Dates falling on or
prior to a redemption date will be payable on the Interest Payment Date to the
Holder of this Note as of the close of business on the relevant Regular Record
Date.  The redemption price will be
calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

The Company shall
mail notice of any redemption at least 30 days but not more than 60 days before
the redemption date to each Holder of the Notes of this Series to be
redeemed.  Unless the Company defaults in
payment of the redemption price, on and after the redemption 

 

 

date,
interest will cease to accrue on the Notes of this Series or portions
thereof called for redemption.

 

“ADJUSTED TREASURY
RATE” means, with respect to any redemption date, the rate per annum equal to
the semiannual equivalent yield to maturity 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.

 

“COMPARABLE
TREASURY ISSUE” means the United States Treasury security selected by the
Reference Treasury Dealer as having a maturity comparable to the remaining term
of the Notes of this Series to be redeemed 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 such Notes of this Series.

 

“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, or (C) if
only one Reference Treasury Dealer Quotation is received, such quotation.

 

“REFERENCE
TREASURY DEALER” means (A) Goldman, Sachs & Co. or J.P. Morgan
Securities Inc. or their respective affiliates which are primary U.S.
Government securities dealers in the United States (each, a “Primary Treasury
Dealer”), and their respective successors; provided, however, that if any of
the foregoing shall cease to be a Primary Treasury Dealer, the Company shall
substitute therefor another Primary Treasury Dealer; and (B) any other
Primary Treasury Dealer(s) selected by the Trustee after consultation with
the Company.

 

“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 5:00 p.m. (New York City time) on the
third Business Day preceding such redemption date.

 

Interest payments
for this Note shall be computed and paid on the basis of a 360-day year of
twelve 30-day months (and for any partial periods shall be calculated on the
basis of the number of days elapsed in a 360-day year of twelve 30-day
months).  If any Interest Payment Date or
date on which the principal of this Note is required to be paid is not a
Business Day, then payment of principal, premium, if any, or interest need not
be made on such date but may be made on the next succeeding Business Day with
the same force and effect as if made on such Interest Payment Date or date on
which the principal of this Note is required to be paid and, in the case of
timely payment thereof, no interest shall accrue for the period from and after
such Interest Payment Date or the date on which the principal of this Note is
required to be paid.

 

The Company, at
its option, and subject to the terms and conditions provided in the Indenture,
will be discharged from any and all obligations in respect of the Notes (except
for 

 

 

certain
obligations including obligations to register the transfer or exchange of
Notes, replace stolen, lost or mutilated Notes, maintain paying agencies and
hold monies for payment in trust, all as set forth in the Indenture) if the
Company deposits with the Trustee money, U.S. Government Obligations which
through the payment of interest thereon and principal thereof in accordance
with their terms will provide money, or a combination of money and U.S.
Government Obligations, in any event in an amount sufficient, without
reinvestment, to pay all the principal of and any premium and interest on the
Notes on the dates such payments are due in accordance with the terms of the
Notes.

 

If an Event of
Default shall occur and be continuing, the principal of and interest on the
Notes may be declared due and payable in the manner and with the effect
provided in the Indenture and, upon such declaration, the Trustee shall demand
the redemption of the Senior Note First Mortgage Bonds to the extent provided
in the Indenture.

 

The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and
the modifications of the rights and obligations of the Company and the rights
of the Noteholders under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in
principal amount of the outstanding Notes. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange therefor or in lieu thereof whether or not
notation of such consent or waiver is made upon this Note.

 

As set forth in
and subject to the provisions of the Indenture, no Holder of any Notes will
have any right to institute any proceeding with respect to the Indenture or for
any remedy thereunder unless such Holder shall have previously given to the
Trustee written notice of a continuing Event of Default with respect to such
Notes, the Holders of not less than a majority in principal amount of the
outstanding Notes affected by such Event of Default shall have made written
request and offered reasonable indemnity to the Trustee to institute such
proceeding as Trustee and the Trustee shall have failed to institute such
proceeding within 60 days; provided that such limitations do not apply to a
suit instituted by the Holder hereof for the enforcement of payment of the
principal of and any premium, or interest on, this Note on or after the
respective due dates expressed here.

 

No reference
herein to the Indenture and to provisions of this Note or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of and any premium, and interest on, this
Note at the times, places and rates and the coin or currency prescribed in the
Indenture.

 

As provided in the
Indenture and subject to certain limitations therein set forth, this Note may
be transferred only as permitted by the legend hereto and the provisions of the
Indenture.

 

The Indenture and
the Notes shall be governed by, and construed in accordance with, the laws of
the State of New York without regard to conflicts of law principles thereof.

 

 

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

 

All terms used in
this Note which are defined in the Indenture shall have the meanings assigned
to them in the Indenture unless otherwise indicated herein.

 

 

IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed.

 

	
   

  	
  UNION ELECTRIC COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jerre E.
  Birdsong

  
	
   

  	
   

  
	
   

  	
  Title:

  	
    Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
  /s/ Ronald S.
  Gieseke

  
	
   

  	
   

  
	
   

  	
  Title:

  	
    Assistant Secretary

  
						

 

TRUSTEE’S CERTIFICATE

OF AUTHENTICATION

 

Dated:  April 8, 2008

 

This Note is one of the Notes of the series herein

designated, described or provided for in the within-

mentioned Indenture.

 

	
  The Bank of New York, As Trustee

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Pat
  Santivasci

  	
   

  	
   

  
	
     Authorized Signatory

  	
   

  
				

 

 

ABBREVIATIONS

 

The following
abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	
  TEN
  COM — as tenants in common

  	
  UNIF
  GIFT

  
	
   

  	
  MIN
  ACT -

  	
   

  	
  Custodian

  	
   

  	
   

  
	
   

  	
         (Cust)

  	
   (Minor)

  
	
  TEN
  ENT — as tenants by the

  	
   

  
	
  entireties

  	
  Under
  Uniform Gifts to Minors

  
	
   

  	
   

  
	
  JT
  TEN — as joint tenants with right

  	
   

  
	
  of
  survivorship and not as tenants in

  	
   

  
	
  common

  	
   

  
	
   

  	
  State

  
	
  Additional abbreviations may also be used

  
	
  though not in the above list.

  
	
   

  	
   

  	
   

  
									

 

FOR VALUE RECEIVED the undersigned hereby sell(s),

assign(s) and transfer(s) unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

 

 

Please print or typewrite name and address

including postal zip code of assignee

 

	
   

  	
   

  
	
  the within note and all rights thereunder, hereby

  irrevocably constituting and appointing attorney to

  transfer said note on the books of the 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 within instrument in
  every particular, without alteration or enlargement or any change whatever.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signature(s) must
  be guaranteed by a financial institution that is a member of the Securities
  Transfer Agents Medallion Program (“STAMP”), the Stock Exchange Medallion

  Program (“SEMP”) or the New York Stock Exchange, Inc. Medallion
  Signature Program (“MSP”).Exhibit
4.7

 

Executed in 21
Counterparts, No. 21.

 

SUPPLEMENTAL INDENTURE

 

DATED APRIL 1, 2008

 

UNION ELECTRIC  COMPANY

 

TO

 

THE BANK OF NEW YORK,

AS TRUSTEE

 

 

(SUPPLEMENTAL TO THE INDENTURE OF MORTGAGE AND DEED OF TRUST DATED JUNE
15, 1937, AS AMENDED, EXECUTED BY UNION ELECTRIC COMPANY TO THE BANK OF NEW
YORK, AS TRUSTEE)

 

 

First Mortgage
Bonds, Senior Notes

Series LL

 

This instrument was prepared by Steven R. Sullivan, Esq., Senior
Vice President, General Counsel and Secretary of Union Electric Company, 1901
Chouteau Avenue, St. Louis, Missouri 
63103, (314) 554-2098.

 

	
  WHEN RECORDED

  MAIL TO:

   

  Gerald L. Waters

  Union Electric Company

  1901 Chouteau Avenue

  St. Louis, MO 61303

  	
   

  

 

 

SUPPLEMENTAL INDENTURE,
dated the 1st day of April, Two thousand and eight (2008) made by and between
UNION ELECTRIC COMPANY, a corporation organized and existing under the laws of
the State of Missouri (hereinafter called the “Company”), party of the first
part, and The Bank of New York (successor trustee to Bank of America, National
Association, formerly Boatmen’s Trust Company), a bank existing under the laws
of the State of New York (hereinafter called the “Trustee”), as Trustee under
the Indenture of Mortgage and Deed of Trust dated June 15, 1937,
hereinafter mentioned, party of the second part:

 

WHEREAS, the Company has heretofore executed and
delivered to the Trustee its Indenture of Mortgage and Deed of Trust, dated June 15,
1937, as amended May 1, 1941, April 1, 1971, February 1, 1974, July 7,
1980, February 1, 2000 and August 15, 2002 (said Indenture of
Mortgage and Deed of Trust as so amended, being hereinafter referred to as the “Original
Indenture”), to secure the payment of the principal of and the interest (and
premium, if any) on all bonds at any time issued and outstanding thereunder,
and indentures supplemental thereto dated June 15, 1937, May 1, 1941,
March 17, 1942, April 13, 1945, April 27, 1945, October 1,
1945, April 11, 1947, April 13, 1949, September 13, 1950, December 1,
1950, September 20, 1951, May 1, 1952, March 1, 1954, May 1,
1955, August 31, 1955, April 1, 1956, July 1, 1956, August 1,
1957, February 1, 1958, March 1, 1958, November 5, 1958, March 16,
1959, June 24, 1959, December 11, 1959, August 17, 1960, September 1,
1960, October 24, 1960, June 30, 1961, July 1, 1961, August 9,
1962, September 30, 1963, November 1, 1963, March 12, 1965, April 1,
1965, April 14, 1966, May 1, 1966, February 17, 1967, March 1,
1967, February 19, 1968, March 15, 1968, August 21, 1968, April 7,
1969, May 1, 1969, September 12, 1969, October 1, 1969, March 26,
1970, April 1, 1970, June 12, 1970, January 1, 1971, April 1,
1971, September 15, 1971, December 3, 1973, February 1, 1974, April 25,
1974, February 3, 1975, March 1, 1975, June 11, 1975, May 12,
1976, August 16, 1976, April 26, 1977, October 15, 1977, November 7,
1977, December 1, 1977, August 1, 1978, October 12, 1979, November 1,
1979, July 7, 1980, August 1, 1980, August 20, 1980, February 1,
1981, October 8, 1981, August 27, 1982, September 1, 1982, December 15,
1982, March 1, 1983, June 21, 1984, December 12, 1984, June 11,
1985, March 1, 1986, May 1, 1986, May 1, 1990, December 1,
1991, December 4, 1991, January 1, 1992, September 30, 1992, October 1,
1992, December 1, 1992, February 1, 1993, February 18, 1993, May 1,
1993, August 1, 1993, October 1, 1993, January 1, 1994, February 1,
2000, August 15, 2002, March 5, 2003, April 1, 2003, July 15,
2003, October 1, 2003, February 1, 2004 (eight separate indentures
supplemental thereto), May 1, 2004, September 1, 2004, January 1,
2005, July 1, 2005, December 1, 2005 and June 1, 2007,
respectively, have heretofore been entered into between the Company and the
Trustee; and

 

WHEREAS, Bonds have heretofore been issued by
the Company under the Original Indenture as follows:

 

(1)           $80,000,000 principal amount of First
Mortgage and Collateral Trust Bonds, 3 3/4% Series due 1962, all of which
have been redeemed prior to the date of the execution hereof;

 

(2)           $90,000,000 principal amount of First
Mortgage and Collateral Trust Bonds, 3 3/8% Series due 1971, which are
described in the Supplemental Indenture dated May 1, 1941 (hereinafter
called the “Supplemental Indenture of May 1, 1941”), all of which have
been paid at maturity prior to the date of the execution hereof;

 

 

(3)           $13,000,000 principal amount of First
Mortgage and Collateral Trust Bonds, 2 3/4% Series due 1975 (herein called
the “Bonds of 1975 Series”), which are described in the Supplemental Indenture
dated October 1, 1945 (hereinafter called the “Supplemental Indenture of October 1,
1945”), all of which have been paid at maturity prior to the date of the
execution hereof;

 

(4)           $25,000,000 principal amount of First
Mortgage and Collateral Trust Bonds, 2 7/8% Series due 1980 (herein called
the “Bonds of 1980 Series”), which are described in the Supplemental Indenture
dated December 1, 1950 (hereinafter called the “Supplemental Indenture of December 1,
1950”), all of which have been paid at maturity prior to the date of the
execution hereof;

 

(5)           $30,000,000 principal amount of First
Mortgage and Collateral Trust Bonds, 3 1/4% Series due 1982 (herein called
the “Bonds of 1982 Series”), which are described in the Supplemental Indenture
dated May 1, 1952 (hereinafter called the “Supplemental Indenture of May 1,
1952”), all of which have been paid at maturity prior to the date of the
execution hereof;

 

(6)           $40,000,000 principal amount of First
Mortgage Bonds, 3 3/4% Series due 1986 (herein called the “Bonds of 1986
Series”), which are described in the Supplemental Indenture dated July 1,
1956 (hereinafter called the “Supplemental Indenture of July 1, 1956”),
all of which have been paid at maturity prior to the date of the execution
hereof;

 

(7)           $35,000,000 principal amount of First
Mortgage Bonds, 4 3/8% Series due 1988 (herein called the “Bonds of 1988
Series”), which are described in the Supplemental Indenture dated March 1,
1958 (hereinafter called the “Supplemental Indenture of March 1, 1958”),
all of which have been paid at maturity prior to the date of the execution
hereof;

 

(8)           $50,000,000 principal amount of First
Mortgage Bonds, 4 3/4% Series due 1990 (herein called the “Bonds of 1990
Series”), which are described in the Supplemental Indenture dated September 1,
1960 (hereinafter called the “Supplemental Indenture of September 1, 1960”),
all of which have been paid at maturity prior to the date of the execution
hereof;

 

(9)           $30,000,000 principal amount of First
Mortgage Bonds, 4 3/4% Series due 1991 (herein called the “Bonds of 1991
Series”), which are described in the Supplemental Indenture dated July 1,
1961 (hereinafter called the “Supplemental Indenture of July 1, 1961”),
all of which have been paid at maturity prior to the date of the execution
hereof;

 

(10)         $30,000,000 principal amount of First
Mortgage Bonds, 4 1/2% Series due 1993 (herein called the “Bonds of 1993
Series”), which are described in the Supplemental Indenture dated November 1,
1963 (hereinafter called the “Supplemental Indenture of November 1, 1963”),
all of which have been redeemed prior to the date of the execution hereof;

 

(11)         $35,000,000 principal amount of First
Mortgage Bonds, 4 1/2% Series due 1995 (herein called the “Bonds of 1995
Series”), which are described in the Supplemental Indenture dated April 1,
1965 (hereinafter called the “Supplemental Indenture of April 1, 1965”),
all of which have been paid at maturity prior to the date of the execution
hereof;

 

2

 

(12)         $30,000,000 principal amount of First
Mortgage Bonds, 5 1/2% Series due 1996 (herein called the “Bonds of 1996
Series”), which are described in the Supplemental Indenture dated May 1,
1966 (hereinafter called the “Supplemental Indenture of May 1, 1966”), all
of which have been paid at maturity prior to the date of the execution hereof;

 

(13)         $40,000,000 principal amount of First
Mortgage Bonds, 5 1/2% Series due 1997 (herein called the “Bonds of 1997
Series”), which are described in the Supplemental Indenture dated March 1,
1967 (hereinafter called the “Supplemental Indenture of March 1, 1967”),
all of which have been paid at maturity prior to the date of the execution
hereof;

 

(14)         $50,000,000 principal amount of First
Mortgage Bonds, 7% Series due 1998 (herein called the “Bonds of 1998
Series”), which are described in the Supplemental Indenture dated March 15,
1968 (hereinafter called the “Supplemental Indenture of March 15, 1968”),
all of which have been redeemed prior to the date of the execution hereof;

 

(15)         $35,000,000 principal amount of First
Mortgage Bonds, 7 3/8% Series due 1999 (herein called the “Bonds of May 1999
Series”), which are described in the Supplemental Indenture dated May 1,
1969 (hereinafter called the “Supplemental Indenture of May 1, 1969”), all
of which have been redeemed prior to the date of the execution hereof;

 

(16)         $40,000,000 principal amount of First
Mortgage Bonds, 8 1/4% Series due 1999 (herein called the “Bonds of October 1999
Series”), which are described in the Supplemental Indenture dated October 1,
1969 (hereinafter called the “Supplemental Indenture of October 1, 1969”),
all of which have been redeemed prior to the date of the execution hereof;

 

(17)         $100,000,000 principal amount of First
Mortgage Bonds, 9.95% Series due 1999 (herein called the “Bonds of November 1999
Series”), which are described in the Supplemental Indenture dated November 1,
1979 (hereinafter called the “Supplemental Indenture of November 1, 1979”),
all of which have been redeemed prior to the date of the execution hereof;

 

(18)         $60,000,000 principal amount of First
Mortgage Bonds, 9% Series due 2000 (herein called the “Bonds of 2000
Series”), which are described in the Supplemental Indenture dated April 1,
1970 (hereinafter called the “Supplemental Indenture of April 1, 1970”),
all of which have been redeemed prior to the date of the execution hereof;

 

(19)         $50,000,000 principal amount of First
Mortgage Bonds, 7 7/8% Series due 2001 (herein called the “Bonds of January 2001
Series”), which are described in the Supplemental Indenture dated January 1,
1971 (hereinafter called the “Supplemental Indenture of January 1, 1971”),
all of which have been redeemed prior to the date of the execution hereof;

 

(20)         $50,000,000 principal amount of First
Mortgage Bonds, 7 5/8% Series due 2001 (herein called the “Bonds of April 2001
Series”), which are described in the Supplemental Indenture dated April 1,
1971 (hereinafter called the “Supplemental 

 

3

 

Indenture of April 1,
1971”), all of which have been redeemed prior to the date of the execution hereof;

 

(21)         $60,000,000 principal amount of First
Mortgage Bonds, 8 1/8% Series due 2001 (herein called the “Bonds of October 2001
Series”), which are described in the Supplemental Indenture dated September 15,
1971 (hereinafter called the “Supplemental Indenture of September 15, 1971”),
all of which have been redeemed prior to the date of the execution hereof;

 

(22)         $70,000,000 principal amount of First
Mortgage Bonds, 8 3/8% Series due 2004 (herein called the “Bonds of 2004
Series”), which are described in the Supplemental Indenture dated February 1,
1974 (hereinafter called the “Supplemental Indenture of February 1, 1974”),
all of which have been redeemed prior to the date of the execution hereof;

 

(23)         $70,000,000 principal amount of First
Mortgage Bonds, 10 1/2% Series due 2005 (herein called the “Bonds of 2005
Series”), which are described in the Supplemental Indenture dated March 1,
1975 (hereinafter called the “Supplemental Indenture of March 1, 1975”),
all of which have been redeemed prior to the date of the execution hereof;

 

(24)         $70,000,000 principal amount of First
Mortgage Bonds, 8 7/8% Series due 2006 (herein called the “Bonds of 2006
Series”), which are described in the Supplemental Indenture dated August 16,
1976 (hereinafter called the “Supplemental Indenture of August 16, 1976”),
all of which have been redeemed prior to the date of the execution hereof;

 

(25)         $27,085,000 principal amount of First
Mortgage Bonds, 5.80% Environmental Improvement Series 1977, which are
described in the Supplemental Indenture dated October 15, 1977
(hereinafter called the “Supplemental Indenture of October 15, 1977”), all
of which have been redeemed prior to the date of the execution hereof;

 

(26)         $60,000,000 principal amount of First
Mortgage Bonds, 8 5/8% Series due 2007 (herein called the “Bonds of 2007
Series”), which are described in the Supplemental Indenture dated December 1,
1977 (hereinafter called the “Supplemental Indenture of December 1, 1977”),
all of which have been redeemed prior to the date of the execution hereof;

 

(27)         $55,000,000 principal amount of First
Mortgage Bonds, 9.35% Series due 2008 (herein called the “Bonds of 2008
Series”), which are described in the Supplemental Indenture dated August 1,
1978 (hereinafter called the “Supplemental Indenture of August 1, 1978”),
all of which have been redeemed prior to the date of the execution hereof;

 

(28)         $60,000,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 1980, which are described
in the Supplemental Indenture dated August 1, 1980 (hereinafter called the
“Supplemental Indenture of August 1, 1980”), all of which have been
redeemed prior to the date of the execution hereof;

 

4

 

(29)         $150,000,000 principal amount of First Mortgage
Bonds, 15 3/8% Series due 1991 (herein called the “Bonds of February 1991
Series”), which are described in the Supplemental Indenture dated February 1,
1981 (hereinafter called the “Supplemental Indenture of February 1, 1981”),
all of which have been redeemed prior to the date of the execution hereof;

 

(30)         $125,000,000 principal amount of First
Mortgage Bonds, 15% Series due 1992 (herein called the “Bonds of 1992
Series”), which are described in the Supplemental Indenture dated September 1,
1982 (hereinafter called the “Supplemental Indenture of September 1, 1982”),
all of which have been redeemed prior to the date of the execution hereof;

 

(31)         $100,000,000 principal amount of First
Mortgage Bonds, 13% Series due 2013 (herein called the “Bonds of 2013
Series”), which are described in the Supplemental Indenture dated March 1,
1983 (hereinafter called the “Supplemental Indenture of March 1, 1983”),
all of which have been redeemed prior to the date of the execution hereof;

 

(32)         $100,000,000 principal amount of First
Mortgage Bonds, 9 3/8% Series due 2016 (herein called the “Bonds of 2016
Series”), which are described in the Supplemental Indenture dated March 1,
1986 (hereinafter called the “Supplemental Indenture of March 1, 1986”),
all of which have been redeemed prior to the date of the execution hereof;

 

(33)         $100,000,000 principal amount of First
Mortgage Bonds, 8 7/8% Series due 1996 (herein called the “Bonds of 1996
Series”), which are described in the Supplemental Indenture dated May 1,
1986 (hereinafter called the “Supplemental Indenture of May 1, 1986”), all
of which have been redeemed prior to the date of the execution hereof;

 

(34)         $60,000,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 1990A, which are described
in the Supplemental Indenture dated May 1, 1990 (hereinafter called the “Supplemental
Indenture of May 1, 1990”), all of which have been redeemed prior to the
date of the execution hereof;

 

(35)         $125,000,000 principal amount of First
Mortgage Bonds, 8 3/4% Series due 2021 (herein called the “Bonds of 2021
Series”), which are described in the Supplemental Indenture dated December 1,
1991 (hereinafter called the “Supplemental Indenture of December 1, 1991”),
all of which have been redeemed prior to the date of the execution hereof;

 

(36)         $75,000,000 principal amount of First
Mortgage Bonds, 8.33% Series due 2002 (herein called the “Bonds of 2002
Series”), which are described in the Supplemental Indenture dated December 4,
1991 (hereinafter called the “Supplemental Indenture of December 4, 1991”),
all of which have been paid at maturity prior to the date of the execution
hereof;

 

(37)         $100,000,000 principal amount of First
Mortgage Bonds, 7.65% Series due 2003 (herein called the “Bonds of 2003
Series”), which are described in the Supplemental Indenture dated January 1,
1992 (hereinafter called the “Supplemental 

 

5

 

Indenture of January 1,
1992”), all of which have been paid at maturity prior to the date of the execution
hereof;

 

(38)         $204,000,000 aggregate principal amount
of First Mortgage Bonds, consisting of $100,000,000 principal amount of 6 3/4% Series due
1999 and $104,000,000 principal amount of 8 1/4% Series due 2022 (herein
called the “Bonds of 1999 Series” and “Bonds of 2022 Series”, respectively),
which are described in the Supplemental Indenture dated October 1, 1992
(hereinafter called the “Supplemental Indenture of October 1, 1992”), of
which the Bonds of 1999 Series have been paid at maturity prior to the
date of execution hereof and the Bonds of 2022 Series have been redeemed
prior to the date of the execution hereof;

 

(39)         $170,000,000 aggregate principal amount
of First Mortgage Bonds, consisting of $85,000,000 principal amount of 7 3/8% Series due
2004 and $85,000,000 principal amount of 8% Series due 2022 (herein called
the “Bonds of December 2004 Series” and “Bonds of December 2022
Series”, respectively, which are described in the Supplemental Indenture dated December 1,
1992, (hereinafter called the “Supplemental Indenture of December 1, 1992”),
of which the Bonds of December 2022 Series have been redeemed prior
to the date of the execution hereof  and
the Bonds of December 2004 Series have been paid at maturity prior to
the date of the execution hereof;

 

(40)         $188,000,000 principal amount of First
Mortgage Bonds, 6 7/8% Series due 2004 (herein called the “Bonds of August 2004
Series”), which are described in the Supplemental Indenture dated February 1,
1993 (hereinafter called the “Supplemental Indenture of February 1, 1993”),
all of which have been paid at maturity prior to the date of the execution
hereof;

 

(41)         $148,000,000 principal amount of First
Mortgage Bonds, 6 3/4% Series due 2008 (herein called the “Bonds of May 2008
Series”), which are described in the Supplemental Indenture dated May 1,
1993 (hereinafter called the “Supplemental Indenture of May 1, 1993”), all
of which are outstanding at the date of the execution hereof;

 

(42)         $75,000,000 principal amount of First
Mortgage Bonds, 7.15% Series due 2023 (herein called the “Bonds of 2023
Series”), which are described in the Supplemental Indenture dated August 1,
1993 (hereinafter called the “Supplemental Indenture of August 1, 1993”),
all of which have been redeemed prior to the date of the execution hereof;

 

(43)         $44,000,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 1993 (herein called the “Bonds
of 2028 Series”), which are described in the Supplemental Indenture dated October 1,
1993 (hereinafter called the “Supplemental Indenture of October 1, 1993”),
all of which are outstanding at the date of the execution hereof;

 

(44)         $100,000,000 principal amount of First
Mortgage Bonds, 7% Series due 2024 (herein called the “Bonds of 2024
Series”), which are described in the Supplemental Indenture dated January 1,
1994 (hereinafter called the “Supplemental Indenture of January 1, 1994”),
all of which have been redeemed prior to the date of the execution hereof;

 

6

 

(45)         $173,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series AA (herein called the “Bonds of 2012
Series”), which are described in the Supplemental Indenture dated August 15,
2002 (hereinafter called the “Supplemental Indenture of August 15, 2002”),
all of which are outstanding at the date of the execution hereof;

 

(46)         $184,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series BB (herein called the “Bonds of 2034
Series”), which are described in the Supplemental Indenture dated March 5,
2003 (hereinafter called the “Supplemental Indenture of March 5, 2003”),
all of which are outstanding at the date of the execution hereof;

 

(47)         $114,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series CC (herein called the “Bonds of 2015
Series”), which are described in the Supplemental Indenture dated April 1,
2003 (hereinafter called the “Supplemental Indenture of April 1, 2003”),
all of which are outstanding at the date of the execution hereof;

 

(48)         $200,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series DD (herein called the “Bonds of 2018
Series”), which are described in the Supplemental Indenture dated July 15,
2003 (hereinafter called the “Supplemental Indenture of July 15, 2003”),
all of which are outstanding at the date of the execution hereof;

 

(49)         $200,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series EE (herein called the “Bonds of 2013
Series”), which are described in the Supplemental Indenture dated October 1,
2003 (hereinafter called the “Supplemental Indenture of October 1, 2003”),
all of which are outstanding at the date of the execution hereof;

 

(50)         $60,000,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 2004A, which are
described in the Supplemental Indenture dated February 1, 2004
(hereinafter called the “Series 2004A Supplemental Indenture of February 1,
2004”), all of which are outstanding at the date of the execution hereof;

 

(51)         $50,000,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 2004B, which are
described in the Supplemental Indenture dated February 1, 2004
(hereinafter called the “Series 2004B Supplemental Indenture of February 1,
2004”), all of which are outstanding at the date of the execution hereof;

 

(52)         $50,000,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 2004C, which are
described in the Supplemental Indenture dated February 1, 2004
(hereinafter called the “Series 2004C Supplemental Indenture of February 1,
2004”), all of which are outstanding at the date of the execution hereof;

 

(53)         $63,000,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 2004D, which are
described in the Supplemental Indenture dated February 1, 2004
(hereinafter called the “Series 2004D Supplemental Indenture of February 1,
2004”), all of which are outstanding at the date of the execution hereof;

 

7

 

(54)         $63,500,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 2004E, which are
described in the Supplemental Indenture dated February 1, 2004
(hereinafter called the “Series 2004E Supplemental Indenture of February 1,
2004”), all of which are outstanding at the date of the execution hereof;

 

(55)         $60,000,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 2004F, which are
described in the Supplemental Indenture dated February 1, 2004
(hereinafter called the “Series 2004F Supplemental Indenture of February 1,
2004”), all of which are outstanding at the date of the execution hereof;

 

(56)         $42,585,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 2004G, which are
described in the Supplemental Indenture dated February 1, 2004
(hereinafter called the “Series 2004G Supplemental Indenture of February 1,
2004”), all of which are outstanding at the date of the execution hereof;

 

(57)         $47,500,000 principal amount of First
Mortgage Bonds, Environmental Improvement Series 2004H, which are
described in the Supplemental Indenture dated February 1, 2004
(hereinafter called the “Series 2004H Supplemental Indenture of February 1,
2004”), all of which are outstanding at the date of the execution hereof;

 

(58)         $104,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series FF (herein called the “Bonds of 2014
Series”), which are described in the Supplemental Indenture dated May 1,
2004 (hereinafter called the “Supplemental Indenture of May 1, 2004”), all
of which are outstanding at the date of the execution hereof;

 

(59)         $300,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series GG (herein called the “Bonds of 2019
Series”), which are described in the Supplemental Indenture dated September 1,
2004 (hereinafter called the “Supplemental Indenture of September 1, 2004”),
all of which are outstanding at the date of the execution hereof;

 

(60)         $85,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series HH (herein called the “Bonds of 2020
Series”), which are described in the Supplemental Indenture dated January 1,
2005 (hereinafter called the “Supplemental Indenture of January 1, 2005”),
all of which are outstanding at the date of the execution hereof;

 

(61)         $300,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series II (herein called the “Bonds of 2037
Series”), which are described in the Supplemental Indenture dated July 1,
2005 (hereinafter called the “Supplemental Indenture of July 1, 2005”),
all of which are outstanding at the date of the execution hereof;

 

(62)         $260,000,000 principal amount of First
Mortgage Bonds, Senior Notes Series JJ (herein called the “Bonds of 2016
Series”), which are described in the Supplemental Indenture dated December 1,
2005 (hereinafter called the “Supplemental Indenture of December 1, 2005”),
all of which are outstanding at the date of the execution hereof; and

 

8

 

(63)         $425,000,000 principal amount  of First Mortgage Bonds, Senior Notes, Series KK
(herein called the “Bonds of 2017 Series”), which are described in the
Supplemental Indenture dated June 1, 2007 (hereinafter called the “Supplemental
Indenture of June 1, 2007”), all of which are outstanding at the date of
the execution hereof;

 

and

 

WHEREAS, the Company on August 31, 1955
acquired all of the properties of Union Electric Power Company, the Subsidiary
as defined in Article I of the Original Indenture, upon the dissolution of
the Subsidiary; the Company, by Supplemental Indenture dated August 31,
1955, conveyed all of the properties so acquired (other than property of the
character defined as excepted property in the granting clauses of the Original
Indenture) to the Trustee upon the terms and trusts in the Original Indenture
and the indentures supplemental thereto set forth for the equal and
proportionate benefit and security of all present and future holders of the
Bonds and coupons issued and to be issued thereunder, all the shares of stock
of the Subsidiary were released from the lien of the Original Indenture; and
the Company became entitled to change the general designation of the Bonds so
as to omit the words “and Collateral Trust”; and

 

WHEREAS, the Articles of Incorporation of the
Company were duly amended on April 23, 1956, to change its corporate name
from “Union Electric Company of Missouri” to “Union Electric Company”; and

 

WHEREAS, the Articles of Agreement of the
Trustee were duly amended effective on January 4, 1982 to change its
corporate name from “St. Louis Union Trust Company” to “Centerre Trust Company
of St. Louis”, and further amended on December 9, 1988, to change its
corporate name from “Centerre Trust Company of St. Louis” to “Boatmen’s Trust
Company”; and

 

WHEREAS, that on March 13, 1998, Boatmen’s
Trust Company merged into NationsBank, National Association and effective July 5,
1999, changed its name to Bank of America, National Association; and

 

WHEREAS, that on February 1, 2000, The Bank
of New York, as transferee of the corporate trust business of Bank of America,
National Association (formerly known as Boatmen’s Trust Company), Trustee under
the Original Indenture, became successor Trustee under the Original Indenture;
and

 

WHEREAS, the Company is entitled at this time to
have authenticated and delivered additional Bonds on the basis of “property
additions” upon compliance with and pursuant to the provisions of Section 4
of Article III of the Original Indenture; and

 

WHEREAS, the Company has entered into an
Indenture dated as of August 15, 2002 (the “Senior Note Indenture”) with
The Bank of New York, as trustee (the “Senior Note Trustee”) providing for the
issuance from time to time of senior notes thereunder; and

 

WHEREAS, the Company desires by this
Supplemental Indenture to provide for the creation of, and the issuance to the
Senior Note Trustee of, a new series of Bonds under the Original Indenture as
security for $250,000,000 aggregate principal amount of the Company’s 6.00%
Senior Secured Notes due 2018 (the “Senior Notes”) to be issued under the
Senior Note 

 

9

 

Indenture, to have
the designation provided in Article I, Section 1 hereof (herein
called the “New Bonds”), and the Original Indenture provides that certain terms
and provisions, as determined by the Board of Directors of the Company, of the
Bonds of any particular series may be expressed in and provided by the
execution of an appropriate supplemental indenture; and

 

WHEREAS, the Original Indenture provides that
the Company and the Trustee may enter into indentures supplemental to the
Original Indenture specifically to convey, transfer and assign to the Trustee
and to subject to the lien of the Original Indenture additional properties
acquired by the Company; and

 

WHEREAS, the Company, in the exercise of the
powers and authority conferred upon and reserved to it under the provisions of
the Original Indenture and pursuant to appropriate resolutions of the Board of
Directors, has duly resolved and determined to make, execute and deliver to the
Trustee a Supplemental Indenture in the form hereof for the purposes herein
provided; and

 

WHEREAS, all conditions and requirements
necessary to make this Supplemental Indenture a valid, binding and legal
instrument have been done, performed and fulfilled and the execution and
delivery hereof have been in all respects duly authorized;

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

 

That, in consideration of
the premises and of the mutual covenants herein contained and of the acceptance
of this trust by the Trustee and of the sum of One Dollar duly paid by the
Trustee to the Company at or before the time of the execution of this
Supplemental Indenture, and of other valuable considerations, the receipt
whereof is hereby acknowledged, and in order further to secure the payment of
the principal of and interest (and premium, if any) on all Bonds at any time
issued and outstanding under the Original Indenture, according to their tenor
and effect, and to secure the Senior Notes, the Company has executed and
delivered this Supplemental Indenture and has granted, bargained, sold,
warranted, aliened, remised, released, conveyed, assigned, transferred,
mortgaged, pledged, set over and confirmed and by these presents does grant,
bargain, sell, warrant, alien, remise, release, convey, assign, transfer,
mortgage, pledge, set over and confirm unto The Bank of New York, as Trustee,
and to its successors in trust under the Original Indenture forever, all and singular
the following described properties (in addition to all other properties
heretofore subjected to the lien of the Original Indenture and not heretofore
released from the lien thereof) - that is to say:

 

FIRST.

 

ALL power houses, plants,
buildings and other structures, dams, dam sites, substations, heating plants,
gas works, holders and tanks, together with all and singular the electric,
heating, gas and mechanical appliances appurtenant thereto of every nature
whatsoever, now owned by the Company, including all and singular the machinery,
engines, boilers, furnaces, generators, dynamos, turbines and motors, and all
and every character of mechanical appliance for generating or producing
electricity, steam, gas and other agencies for light, heat, cold, or power or
other purposes, and all transmission and distribution systems used for the
transmission and distribution of electricity, steam, gas and other agencies for
light, heat, cold or power or any other purpose whatsoever, whether underground
or overhead, surface or otherwise, now owned by the Company, including all
poles, towers, posts, wires, cables, conduits, manholes, mains, pipes, tubes,
drains, furnaces, switchboards, transformers, conductors, insulators, supports,

 

10

 

meters, lamps, fuses,
junction boxes, regulator stations, and other electric, steam and gas fixtures
and apparatus; all of the aforementioned property being located in the City of
St. Louis, the counties of Adair, Audrain, Benton, Bollinger, Boone, Butler,
Caldwell, Callaway, Camden, Cape Girardeau, Clark, Clay, Clinton, Cole, Cooper,
Crawford, Daviess, Dunklin, Franklin, Gasconade, Howard, Iron, Jefferson, Knox,
Lewis, Lincoln, Livingston, Macon, Madison, Maries, Marion, Miller, Mississippi,
Moniteau, Montgomery, Morgan, New Madrid, Osage, Pemiscot, Perry, Pettis,
Phelps, Pike, Pulaski, Ralls, Randolph, Ray, Reynolds, Ripley, St. Charles, St.
Francois, Ste. Genevieve, St. Louis, Saline, Schuyler, Scott, Stoddard, Warren,
Washington, and Wayne, Missouri, the counties of Clay, Hancock, Henderson,
Madison, Marion, Perry, Piatt and St. Clair, Illinois, and the counties of Des
Moines, Henry, Johnson, Lee, and Washington, Iowa, upon real estate owned by
the Company, or occupied by it under rights to so occupy, which real estate is
described in, or added through the provisions of, the Indenture of Mortgage and
Deed of Trust dated June 15, 1937, the Supplemental Indentures dated May 1,
1941, March 17, 1942, April 13, 1945, April 27, 1945, October 1,
1945, April 11, 1947, April 13, 1949, September 13, 1950, December 1,
1950, September 20, 1951, May 1, 1952, March 1, 1954, May 1,
1955, August 31, 1955, April 1, 1956, July 1, 1956, August 1,
1957, February 1, 1958, March 1, 1958, November 5, 1958, March 16,
1959, June 24, 1959, December 11, 1959, August 17, 1960, September 1,
1960, October 24, 1960, June 30, 1961, July 1, 1961, August 9,
1962, September 30, 1963, November 1, 1963, March 12, 1965, April 1,
1965, April 14, 1966, May 1, 1966, February 17, 1967, March 1,
1967, February 19, 1968, March 15, 1968, August 21, 1968, April 7,
1969, May 1, 1969, September 12, 1969, October 1, 1969, March 26,
1970, April 1, 1970, June 12, 1970, January 1, 1971, April 1,
1971, September 15, 1971, December 3, 1973, February 1, 1974, April 25,
1974, February 3, 1975, March 1, 1975, June 11, 1975, May 12,
1976, August 16, 1976, April 26, 1977, October 15, 1977, November 7,
1977, December 1, 1977, August 1, 1978, October 12, 1979, November 1,
1979, July 7, 1980, August 1, 1980, August 20, 1980, February 1,
1981, October 8, 1981, August 27, 1982, September 1, 1982, December 15,
1982, March 1, 1983, June 21, 1984, December 12, 1984, June 11,
1985, March 1, 1986, May 1, 1986, May 1, 1990, December 1,
1991, December 4, 1991, January 1, 1992, September 30, 1992, October 1,
1992, December 1, 1992, February 1, 1993, February 18, 1993, May 1,
1993, August 1, 1993, October 1, 1993, January 1, 1994, February 1,
2000, August 15, 2002, March 5, 2003, April 1, 2003, July 15,
2003, October 1, 2003, February 1, 2004 (eight separate supplemental
indentures), May 1, 2004, September 1, 2004, January 1, 2005, July 1,
2005, December 1, 2005, June 1, 2007 and this Supplemental Indenture,
or attached to or connected with such real estate or transmission or
distribution systems of the Company leading from or into such real estate.

 

SECOND.

 

ALSO, (except as in the Original Indenture
expressly excepted) all franchises and all permits, ordinances, easements,
privileges, immunities and licenses, all rights to construct, maintain and
operate overhead, surface and underground systems for the distribution and
transmission of electricity, steam, gas or other agencies for the supply to
itself or others of light, heat, cold or power, all rights-of-way, all waters,
water rights and flowage rights and all grants and consents, now owned or,
subject to the provisions of Article XII of the Original Indenture, which
it may hereafter acquire.

 

ALSO, (except as in the Original Indenture
expressly excepted) all inventions, patent rights and licenses of every kind
now owned by the Company or, subject to the provisions of Article XII of
the Original Indenture, which it may hereafter acquire.

 

11

 

THIRD.

 

ALSO, subject to the provisions of Article XII
of the Original Indenture, all other property, real, personal and mixed (except
as therein or herein expressly excepted) of every nature and kind and
wheresoever situated now or hereafter possessed by or belonging to the Company,
or to which it is now, or may at any time hereafter be, in any manner entitled
at law or in equity.

 

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

 

SUBJECT,
HOWEVER, to the
exceptions and reservations and matters hereinabove recited, to existing
leases, to existing liens upon rights of way for transmission or distribution
line purposes, as defined in Article I of the Original Indenture, and any
extensions thereof, and subject to existing easements for streets, alleys,
highways, rights-of-way and railroad purposes over, upon and across certain of
the property hereinbefore described, and subject also to all the terms,
conditions, agreements, covenants, exceptions and reservations expressed or
provided in the deeds or other instruments respectively under and by virtue of
which the Company acquired the properties hereinabove described, and to
undetermined liens and charges, if any, incidental to construction or other
existing permitted liens as defined in Article I of the Original
Indenture;

 

IN TRUST,
NEVERTHELESS,
upon the terms and trusts in the Original Indenture and the indentures
supplemental thereto, including this Supplemental Indenture, set forth, for the
equal and proportionate benefit and security of all present and future holders
of the Bonds and coupons issued and to be issued thereunder, or any of them,
without preference of any of said Bonds and coupons of any particular series
over the Bonds and coupons of any other series, by reason of priority in the
time of the issue, sale or negotiation thereof, or by reason of the purpose of
issue or otherwise howsoever, except as otherwise provided in Section 2 of
Article IV of the Original Indenture.

 

AND IT IS
HEREBY COVENANTED, DECLARED AND AGREED, by and between the parties hereto, for the benefit of
those who shall hold the Bonds and coupons, or any of them to be issued under
the Original Indenture, as follows:

 

ARTICLE I

DESCRIPTION OF THE NEW BONDS

 

Section 1.               There is hereby created a new
series of Bonds to be executed, authenticated and delivered under and secured
by the Original Indenture which shall, subject to the provisions of Section 1
of Article II of the Original Indenture, be designated as “First Mortgage
Bonds, Senior Notes Series LL” (the “New Bonds”) of the Company.  The New Bonds shall be executed,
authenticated and delivered in accordance with the provisions of, and shall in
all respects be subject to all of the terms, conditions and covenants of, the
Original Indenture and shall be issued to, and registered in the name of, the
Senior Note Trustee under the Senior Note Indenture to secure any and all
obligations of the Company under the Senior Notes and any other series of
senior notes from time to time outstanding under the Senior Note Indenture.

 

12

 

The New Bonds shall
mature on April 1, 2018, and shall bear interest at the rate per annum set
forth in the form of the New Bond contained in Section 3 of this Article I,
payable semi-annually on the 1st day of April and the 1st day of October in
each year, commencing on October 1, 2008, and at maturity.  The New Bonds shall be payable as to
principal and interest in any coin or currency of the United States of America
which at the time of payment is legal tender for public and private debts, and
shall be payable, in immediately available funds, at the office of the Senior
Note Trustee.

 

Section 2.               The New Bonds shall not be
assignable or transferable except as permitted or required by Section 4.04
of the Senior Note Indenture.  Any such
transfer shall be effected at the principal office or place of business of the
Trustee under the Original Indenture. 
The New Bonds are exchangeable for the New Bonds of other denominations,
as in the Original Indenture provided, except that payment of a service charge
therefor will not be required by the Company.

 

Notwithstanding the
provisions of Section 6 of Article II of the Original Indenture, the
New Bonds shall be dated the date of authentication and shall bear interest
from the interest payment date to which interest on the New Bonds has been paid
next preceding the date thereof, unless such date is an interest payment date
to which interest has been paid, in which case they shall bear interest from
the date thereof, or unless the date thereof is prior to October 1, 2008,
in which case they shall bear interest from April 8, 2008; provided,
however, that, subject to the provisions of this Section with respect to
failure by the Company to pay any interest on an interest payment date, the
holder of any New Bond dated after a record date (as hereinafter defined) for
the payment of interest and prior to the date of payment of such interest shall
not be entitled to payment of such interest and shall have no claim against the
Company with respect thereto.

 

The person in whose name
any New Bond is registered at the close of business on any record date with
respect to any interest payment date shall be entitled to receive the interest
payable on such interest payment date notwithstanding the cancellation of such
Bond upon any transfer or exchange thereof subsequent to the record date and
prior to such interest payment date, except if and to the extent the Company
shall default in the payment of the interest due on such interest payment date,
in which case such defaulted interest shall be paid to the person in whose name
such Bond is registered on the date of payment of such defaulted interest or on
a subsequent record date for such payment if one shall have been established as
hereinafter provided.  A subsequent
record date may be established by the Company by notice mailed to the holders
of the New Bonds not less than ten days preceding such record date, which
record date shall be not more than thirty days prior to the subsequent interest
payment date.  The term “record date” as
used in this Section with respect to any regular interest payment date
shall mean the March 15 or September 15, as the case may be, next
preceding such interest payment date, or, if such March 15 or September 15
shall be a legal holiday in the State of New York or in the State of Missouri
or a day on which banking institutions in the Borough of Manhattan, The City of
New York, or the City of St. Louis, Missouri, are authorized by law to close,
the next preceding day which shall not be a legal holiday or a day on which
such institutions are so authorized to close.

 

Upon
any payment of the principal of, premium, if any, and interest on, all or any
portion of the Senior Notes, whether at maturity or prior to maturity by
redemption or otherwise or upon provision for the payment thereof having been
made in accordance with Section 5.01(a) of the Senior Note Indenture,
the New Bonds in a principal amount equal to the principal amount of such
Senior Notes shall, to the extent of such payment of principal, premium, if
any, and interest, be

 

13

 

deemed
paid and the obligation of the Company thereunder to make such payment shall be
discharged to such extent and, in the case of the payment of principal (and
premium, if any), such New Bonds shall be surrendered to the Company for
cancellation as provided in Section 4.08 of the Senior Note Indenture. The
Trustee may at any time and all times conclusively assume that the obligation
of the Company to make payments with respect to the principal of, premium, if
any, and interest on the Senior Notes, so far as such payments at the time have
become due, has been fully satisfied and discharged pursuant to the foregoing
sentence unless and until the Trustee shall have received a written notice from
the Senior Note Trustee signed by one of its officers stating (i) the
timely payment of principal, or premium, if any, or interest on, the Senior
Notes has not been made, (ii) that the Company is in arrears as to the
payments required to be made by it to the Senior Note Trustee pursuant to the
Senior Note Indenture, and (iii) the amount of the arrearage.

 

Section 3.               The New Bonds and the Trustee’s
certificate on the New Bonds shall be substantially in the following forms
respectively:

 

[FORM OF FACE OF NEW BOND]

 

	
  No.

  	
   

  	
   

  	
  $

  	
   

  	
   

  

 

NOTWITHSTANDING
ANY PROVISIONS HEREOF OR IN THE ORIGINAL INDENTURE THIS BOND IS NOT ASSIGNABLE
OR TRANSFERABLE EXCEPT AS PERMITTED OR REQUIRED BY SECTION 4.04 OF THE
INDENTURE DATED AS OF AUGUST 15, 2002, BETWEEN UNION ELECTRIC COMPANY AND THE
BANK OF NEW YORK, AS TRUSTEE.

 

UNION ELECTRIC COMPANY

(Incorporated under
the laws of the State of Missouri)

First Mortgage Bonds, Senior Notes Series LL

 

UNION
ELECTRIC COMPANY,
a corporation organized and existing under the laws of the State of Missouri
(hereinafter called the “Company”, which term shall include any successor
corporation as defined in the Amended Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to The Bank of New York, as
trustee under the Senior Note Indenture hereinafter referred to, or registered
assigns, the sum of                                                         
Dollars, on the 1st day of April, 2018 in any coin or currency of the United
States of America which at the time of payment is legal tender for public and
private debts, and to pay interest thereon, in like coin or currency, at the
rate of  SIX per centum (6.00%) per
annum, payable semi-annually, on April 1 and October 1 in each year
until maturity, commencing October 1, 2008, and at maturity or, if the
Company shall default in the payment of the principal hereof, until the Company’s
obligation with respect to the payment of such principal shall be discharged as
provided in the Amended Indenture referred to on the reverse hereof.  Such interest shall be payable from the April 1
or October 1 as the case may be, next preceding the date hereof to which
interest has not been paid, unless the date hereof is a April 1 or October 1
to which interest has been paid, in which case from the date hereof, or unless
the date hereof is prior to the first payment of interest, in which case from April 8,
2008.  The interest so payable will be
paid to the person in whose name this Bond, or the Bond in exchange or
substitution for which this Bond shall have been issued, shall have been
registered at the close of business on the March 15 or September15, as the
case may be, next preceding the

 

14

 

date of payment, subject
to certain exceptions set forth in the Amended Indenture.  The principal of, premium, if any, and interest on, this Bond are payable, in
immediately available funds, at the office of the Senior Note Trustee
hereinafter referred to.

 

Under an Indenture dated
as of August 15, 2002 (the “Senior Note Indenture”) between the Company
and The Bank of New York, as trustee (the “Senior Note Trustee”), the Company
will issue, concurrently with the issuance of this Bond, an issue of notes
under the Senior Note Indenture entitled “6.00% Senior Secured Notes due 2018”
(the “Senior Notes”).  Pursuant to Article IV
of the Senior Note Indenture, this Bond is issued to the Senior Note Trustee to
secure any and all obligations of the Company under the Senior Notes and any
other series of senior notes from time to time outstanding under the Senior
Note Indenture.  Payment of principal of,
or premium, if any, or interest on, the Senior Notes shall constitute payments
on this Bond as further provided herein and in the Supplemental Indenture dated
April 1, 2008 pursuant to which this Bond has been issued (the “Supplemental
Indenture”).

 

Upon any payment of the
principal of, premium, if any, and
interest on, all or any portion of the Senior Notes, whether at maturity or
prior to maturity by redemption or otherwise or upon provision for the payment
thereof having been made in accordance with Section 5.01(a) of the
Senior Note Indenture, a principal amount of this Bond equal to the principal
amount of such Senior Notes shall, to the extent of such payment of principal,
premium, if any, and interest, be deemed paid and the obligation of the Company
thereunder to make such payment shall be discharged to such extent and, in the
case of the payment of principal (and premium, if any), such bonds shall be
surrendered to the Company for cancellation as provided in Section 4.08 of
the Senior Note Indenture.  The Trustee
(as hereinafter defined) may at any time and all times conclusively assume that
the obligation of the Company to make payments with respect to the principal of, premium, if any, and interest on, the
Senior Notes, so far as such payments at the time have become due, has been
fully satisfied and discharged pursuant to the foregoing sentence unless and
until the Trustee shall have received a written notice from the Senior Note
Trustee signed by one of its officers stating (i) that timely payment of
principal of, premium, if any, or
interest on, the Senior Notes has not been made, (ii) that the Company is
in arrears as to the payments required to be made by it to the Senior Note
Trustee pursuant to the Senior Note Indenture, and (iii) the amount of the
arrearage.

 

For
purposes of Section 4.09 of the Senior Note Indenture, this Bond shall be
deemed to be the “Related Series of Senior Note First Mortgage Bonds” in
respect of the Senior Notes.

 

This Bond shall not be
entitled to any benefit under the Amended Indenture or any indenture
supplemental thereto, or become valid or obligatory for any purpose, until The
Bank of New York, the Trustee under the Amended Indenture, or a successor
trustee thereto under the Amended Indenture, or an agent therefor, shall have
signed the form of certificate endorsed hereon.

 

The provisions of this
Bond are continued on the reverse hereof and such continued provisions shall
for all purposes have the same effect as though fully set forth at this place.

 

IN WITNESS WHEREOF, Union
Electric Company has caused this Bond to be signed in its name by its Chairman
of the Board or President or a Vice President by manual signature or a
facsimile thereof, and its corporate seal (or a facsimile thereof) to be hereto
affixed and attested by its Secretary or an Assistant Secretary by manual
signature or a facsimile thereof.

 

15

 

	
  Dated,

  	
   

  
	
   

  	
  UNION
  ELECTRIC COMPANY,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Vice President

  
	
   

  	
   

  
	
  [CORPORATE SEAL]

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  
				

 

16

 

[FORM OF TRUSTEE’S CERTIFICATE]

 

This Bond is one of the Bonds, of the series
designated therein, described in the within-mentioned Amended Indenture and
Supplemental Indenture of April 1, 2008.

 

	
   

  	
  THE BANK OF NEW YORK, as

  
	
   

  	
  TRUSTEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Authorized
  Officer

  

 

[FORM OF
REVERSE OF NEW BOND]

 

This Bond is one of a
duly authorized issue of Bonds of the Company (herein called the “Bonds”), in
unlimited aggregate principal amount, of the series hereinafter specified, all
issued and to be issued under and equally secured by the Indenture of Mortgage
and Deed of Trust, dated June 15, 1937, executed by the Company to The
Bank of New York (successor trustee to Bank of America, National Association,
formerly Boatmen’s Trust Company), as trustee (herein called the “Trustee”), as
amended by indentures supplemental thereto dated May 1, 1941, April 1,
1971, February 1, 1974, July 7, 1980, February 1, 2000 and August 15,
2002, between the Company and the Trustee (said mortgage and deed of trust, as
so amended, being herein called the “Amended Indenture”), to which Amended
Indenture and all indentures supplemental thereto reference is hereby made for
a description of the properties mortgaged and pledged, the nature and extent of
the security, the rights of the bearers or registered owners of the Bonds and
of the Trustee in respect thereto, and the terms and conditions upon which the
Bonds are, and are to be, secured.  To
the extent permitted by, and as provided in, the Amended Indenture,
modifications or alterations of the Amended Indenture, or of any indenture
supplemental thereto, and of the rights and obligations of the Company and of
the holders of the Bonds may be made with the consent of the Company by an
affirmative vote of not less than 60% in amount of the Bonds entitled to vote
then outstanding, at a meeting of Bondholders called and held as provided in
the Amended Indenture, and by an affirmative vote of not less than 60% in
amount of the Bonds of any series entitled to vote then outstanding and
affected by such modification or alteration, in case one or more but less than
all of the series of Bonds then outstanding under the Amended Indenture are so
affected.  Additionally, the Company may
amend the Amended Indenture, as supplemented, by an appropriate written consent
of not less than 60% in aggregate principal amount of the Bonds outstanding
(and, if the rights of one or more, but less than all, series of Bonds then
outstanding are to be affected by action taken pursuant to such consent, then
also by consent of the holders of at least 60% in principal amount of each
series of Bonds so to be affected and outstanding hereunder) without a meeting
of such Bondholders.  No such
modification or alteration shall be made which will affect the terms of payment
of the principal of, or interest or premium on, this Bond, which are
unconditional.  The Bonds may be issued
in series, for various principal sums, may mature at different times, may bear
interest at different rates and may otherwise vary as in the Amended Indenture
provided.  This Bond is one of a series
designated as the “First Mortgage Bonds, Senior Notes Series LL” (herein
called the “Bonds of this Series”) of the Company, issued under and secured by
the Amended Indenture 

 

17

 

and described in the
indenture (hereinafter called the “New Supplemental Indenture”) dated April 1,
2008, between the Company and the Trustee, supplemental to the Amended
Indenture.

 

The Bonds of this Series are
not entitled to the benefit of any improvement, maintenance or analogous fund.

 

This
Bond is not redeemable except on the date, in the principal amount and for the
redemption price that correspond to the redemption date for, the principal
amount to be redeemed of, and the redemption price for, the Senior Notes, and
except upon written demand of the Senior Note Trustee following the occurrence
of an event of default under the Senior Note Indenture and the acceleration of
the Senior Notes, as provided in Section 8.01 of the Senior Note
Indenture.

 

In case an event of
default, as defined in the Amended Indenture, shall occur, the principal of all
the Bonds at any such time outstanding under the Amended Indenture may be
declared or may become due and payable, upon the conditions and in the manner
and with the effect provided in the Amended Indenture.  The Amended Indenture provides that such
declaration may in certain events be waived by the holders of a majority in
principal amount of the Bonds outstanding.

 

This Bond shall not be
assignable or transferable except as permitted or required by Section 4.04
of the Senior Note Indenture.  This Bond
is exchangeable by the registered owner hereof, in person or by duly authorized
attorney, on the books of the Company to be kept for that purpose at the office
of the Company in the City of St. Louis, Missouri, upon surrender and
cancellation of this Bond and on presentation of a duly executed written
instrument of transfer, and thereupon a new Bond or Bonds of the same series,
of the same aggregate principal amount and in authorized denominations will be
issued to the transferee or transferees in exchange herefor, without payment of
any charge other than stamp taxes and other governmental charges incident
thereto; and this Bond with or without others of like series, may in like
manner be exchanged for one or more new Bonds of the same series of other
authorized denominations but of the same aggregate principal amount; all
subject to the terms and conditions set forth in the Amended Indenture.

 

No recourse shall be had
for the payment of the principal of, premium,
if any, or the interest on, this Bond, or for any claim based hereon or
on the Amended Indenture or any indenture supplemental thereto, against any
incorporator, or against any stockholder, director or officer, past, present or
future, of the Company, or of any predecessor or successor corporation, either
directly or through the Company or any such predecessor or successor
corporation, whether for amounts unpaid on stock subscriptions or by virtue of
any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability, whether at common law,
in equity, by any constitution, statute or otherwise, of incorporators,
stockholders, directors or officers being released by every owner hereof by the
acceptance of this Bond and as part of the consideration for the issue hereof,
and being likewise released by the terms of the Amended Indenture.

 

[END OF FORM OF
REVERSE OF NEW BOND]

 

Section 4.     Until New Bonds in definitive form are
ready for delivery, the Company may execute, and upon its request in writing
the Trustee shall authenticate and deliver, in lieu thereof, New Bonds in
temporary form, as provided in Section 9 of Article II of the
Original Indenture.

 

18

 

ARTICLE II

ISSUE OF THE NEW BONDS

 

Section 1.     The principal amount of the New Bonds which may be
authenticated and delivered hereunder is limited to an amount equal to the
principal amount of the Senior Notes issued under the Senior Note Indenture and
secured thereby and are further subject to the limitations regarding the
principal amount of Bonds which may be issued under the Original Indenture set
forth therein.

 

Section 2.     The New Bonds in the aggregate principal amount of Two
Hundred Fifty Million Dollars ($250,000,000), being the initial issue of the
New Bonds, may forthwith at any time or from time to time be executed by the
Company and delivered to the Trustee and shall be authenticated by the Trustee
and delivered (either before or after the filing or recording hereof) to or
upon the order of the Company, upon compliance by the Company with the
applicable provisions of Article III and Article XVIII of the
Original Indenture.

 

Section 3.     For purposes of Section 4.09 of the Senior Note
Indenture, the New Bonds shall be deemed to be the “Related Series of
Senior Notes First Mortgage Bonds” in respect of the Senior Notes.

 

ARTICLE III

REDEMPTION OF THE NEW BONDS

 

Section 1.     The New Bonds are not redeemable except on the date,
in the principal amount and for the redemption price that correspond to the
redemption date for, the principal amount to be redeemed of, and the redemption
price for, the Senior Notes, and except as set forth in Section 2 of this Article III.

 

In the event that
the Company redeems any Senior Notes prior to maturity in accordance with the
provisions of the Senior Note Indenture, the Senior Note Trustee shall on the
same date deliver to the Company the New Bonds in principal amount
corresponding to the Senior Notes so redeemed, as provided in Section 4.08
of the Senior Note Indenture.  The
Company agrees to give the Senior Note Trustee notice of any such redemption of
the Senior Notes on or before the date fixed for any such redemption.  There shall be no improvement, maintenance or
analogous fund for the New Bonds.

 

Section 2.     Upon the occurrence of an Event
of Default under the Senior Note Indenture and the acceleration of the Senior
Notes, the New Bonds shall be redeemable in whole upon receipt by the Trustee
of a written demand (hereinafter called a “Redemption Demand”) from the Senior
Note Trustee stating that there has occurred under the Senior Note Indenture
both an Event of Default and a declaration of acceleration of payment of
principal, accrued interest and premium, if any, on the Senior Notes specifying
the last date to which interest on such Senior Notes has been paid (such date
being hereinafter referred to as the “Initial Interest Accrual Date”) and
demanding redemption of the New Bonds. 
The Company waives any right it may have to prior notice of such
redemption under the Original Indenture. 
Upon surrender of the New Bonds by the Senior Note Trustee to the
Trustee, the New Bonds shall be redeemed at a redemption price equal to the
principal amount thereof plus accrued interest thereon from the Initial
Interest Accrual Date to the

 

19

 

date
of the Redemption Demand; provided, however, that in the event of a rescission
or annulment of acceleration of the Senior Notes pursuant to the last paragraph
of Section 8.01(a) of the Senior Note Indenture, then any Redemption
Demand shall thereby be deemed to be rescinded by the Senior Note Trustee
although no such rescission or annulment shall extend to or affect any
subsequent default or impair any right consequent thereon.

 

ARTICLE IV

COVENANTS

 

The Company hereby
covenants, warrants and agrees;

 

Section 1.     That the Company is lawfully seized and possessed of
all of the mortgaged property described in the granting clauses of this
Supplemental Indenture; that it has good right and lawful authority to mortgage
the same as provided in this Supplemental Indenture; and that such mortgaged
property is, at the actual date of the issue of the New Bonds, free and clear
of any deed of trust, mortgage, lien, charge or encumbrance thereon or
affecting the title thereto prior to the Original Indenture, except as set
forth in the granting clauses of the Original Indenture or this Supplemental Indenture.

 

Section 2.     That, so long as any of the New Bonds are outstanding,
whenever any officers’ certificate is required to be filed or deposited with
the Trustee pursuant to Section 3(b) of Article III of the
Original Indenture upon an application for the authentication of additional
Bonds pursuant to Article III of the Original Indenture, such officers’
certificate shall include, in addition to the matters required to be stated
therein by said Section 3(b), the statement with respect to the net earnings
of the Company available for interest after property retirement appropriations
required by Section 2 of Article V of the Supplemental Indenture of July 1,
1956.

 

Section 3.     That, so long as any of the New Bonds are outstanding,
the Company will not apply for the authentication and delivery of additional
Bonds pursuant to Section 4 of Article III of the Original Indenture
or the withdrawal of cash from the trust estate or the reduction of the amount
of cash required to be paid into the trust estate or to satisfy the maintenance
and improvement funds under any provision of the Original Indenture or the
Supplemental Indentures creating prior series of Bonds, on the basis of the
amount of $15,000,000 excluded from net bondable value of property additions not
subject to an unfunded prior lien pursuant to Section 3 of Article V
of the Supplemental Indenture of October 1, 1945, or on the basis of the
amount of $7,500,000 excluded from net bondable value of property additions not
subject to an unfunded prior lien pursuant to Section 3 of Article V
of the Supplemental Indenture of July 1, 1956.

 

Section 4.     That, so long as any of the New Bonds are outstanding,
the Company will not issue or permit to be issued any prior lien bonds secured
by an unfunded prior lien in addition to the prior lien bonds secured by such
unfunded prior lien at the time of first acquisition by the Company of property
subject thereto (other than in lieu of lost, stolen or mutilated bonds or on
the exchange for bonds already outstanding of an equal principal amount of
other bonds of the same issue and the same series, if any, and of the same
maturity), except upon compliance with the provisions of Section 16 of Article IV
of the Original Indenture, nor unless the net earnings of the Company available
for interest after property retirement appropriations (determined as provided
in Section 2 of Article V of the Supplemental Indenture of July 1,
1956), for any twelve

 

20

 

consecutive calendar
months during the period of fifteen calendar months immediately preceding the
first day of the month in which the additional prior lien bonds are to be
issued, have been, in the aggregate, equal to not less than twice the annual
interest charges on the indebtedness specified in subparagraphs (i) and (ii) of
paragraph (1) of Section 2(a) of said Article V; provided
that, if the application for the issue of such additional prior lien bonds is
upon the basis of payment at maturity of prior lien bonds theretofore sold or
otherwise disposed of or the redemption or purchase thereof after a date two
years prior to the date of maturity, the additional requirement imposed by this
Section 4 with respect to net earnings of the Company available for
interest after property retirement appropriations shall not apply.  Any officers’ certificate with respect to net
earnings of the Company, required to be filed with the Trustee as a condition
precedent to the issue of such additional prior lien bonds, shall include, in
addition to the matters otherwise required to be stated therein, the matters
required to be stated in an officers’ certificate pursuant to paragraphs (1) and
(2) of Section 2(a) of said Article V.

 

Section 5.     That, so long as any of the New Bonds are outstanding,
the Company will not acquire, by purchase, merger or otherwise, any property
subject to a lien or liens which will on acquisition be an unfunded prior lien
or prior liens, except upon compliance with the provisions of Section 14
of Article IV of the Original Indenture, nor unless the net earnings of
such property available for interest after property retirement appropriations
(determined in the manner provided in Section 2 of Article V of the
Supplemental Indenture of July 1, 1956), for any twelve consecutive calendar
months during the period of fifteen calendar months immediately preceding the
first day of the month in which the first acquisition of property subject to
such lien or liens occurs, have been, in the aggregate, equal to not less than
twice the amount of annual interest charges, on all outstanding indebtedness
secured by such lien or liens.  Any
officers’ certificate with respect to net earnings of such property, required
to be filed with the Trustee as a condition precedent to the acquisition of
such property, shall include, in addition to the matters otherwise required to
be stated therein, the matters required to be stated in an officers’
certificate pursuant to Section 2 of said Article V applicable,
however, only to the net earnings of such property and to the indebtedness
secured by such liens to which such property is subject.

 

ARTICLE V

THE TRUSTEE

 

The Trustee hereby
accepts the trusts hereby declared and provided, and agrees to perform the same
upon the terms and conditions in the Original Indenture and in this
Supplemental Indenture set forth, and upon the following terms and conditions:

 

The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or the due execution hereof by the
Company or for or in respect of the recitals contained herein, all of which
recitals are made by the Company solely.

 

21

 

ARTICLE VI

MISCELLANEOUS PROVISIONS.

 

Section 1.     Except as otherwise defined herein, all terms
contained in this Supplemental Indenture shall, for all purposes thereof, have
the meanings given to such terms in Article I of the Original Indenture.

 

Section 2.     This Supplemental Indenture may be simultaneously
executed in any number of counterparts, each of which when so executed shall be
deemed to be an original; but such counterparts shall together constitute but
one and the same instrument.

 

22

 

IN WITNESS WHEREOF, said Union Electric
Company has caused this Supplemental Indenture to be executed on its behalf by
its Chairman of the Board or President or one of its Vice Presidents and its
corporate seal to be hereto affixed and said seal and this Supplemental
Indenture to be attested by its Secretary or one of its Assistant Secretaries;
and said The Bank of New York, in evidence of its acceptance of the trust
hereby created, has caused this Supplemental Indenture to be executed on its
behalf by its President or one of its Vice Presidents, and its corporate seal
to be hereto affixed and said seal and this Supplemental Indenture to be
attested by its Secretary, or one of its Assistant Secretaries; all as of the
1st day of April, Two thousand and eight.

 

	
  Attested:

  	
  UNION
  ELECTRIC COMPANY,

   1901 Chouteau Avenue
  St. Louis, Missouri 63103

  
	
   

  	
   

  
	
  /s/
  G. L. Waters

  	
   

  	
  By:

  	
  /s/
  Jerre E. Birdsong

  
	
  G.
  L. Waters

  Assistant
  Secretary

  	
  Name:
  Jerre E. Birdsong

  Title: Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signed, sealed and delivered by
   UNION ELECTRIC COMPANY
   in the presence of:

  	
   

  
	
   

  	
   

  
	
  /s/ Wayne Forbes

  	
   

  	
   

  
	
  Wayne Forbes

  	
   

  
	
   

  	
   

  
	
  /s/
  Carol A. Head

  	
   

  	
   

  
	
  Carol
  A. Head

  	
   

  
	
  As Witnesses

  	
   

  

 

23

 

	
  Attested:

  	
  THE
  BANK OF NEW YORK,

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Steven V. Vaccarello

  	
   

  	
  By:
  

  	
  /s/
  Pat Santivasci

  	
   

  
	
  Steven
  V. Vaccarello

  	
  Name:
  Pat Santivasci

  
	
  Vice
  President

  	
  Vice
  President

  
	
   

  	
   

  
	
  Signed, sealed and delivered by
   THE BANK OF NEW YORK
   in the presence of:

  	
   

  
	
   

  	
   

  
	
  /s/ H. William Weber

  	
   

  	
   

  
	
  H. William Weber

  	
   

  
	
   

  	
   

  
	
  /s/
  Michael Hieb

  	
   

  	
   

  
	
  Michael
  Hieb

  	
   

  
	
  As Witnesses

  	
   

  

 

24

 

	
  STATE OF MISSOURI,

  	
   

  	
  }

  
	
   

  	
   

  	
  }

  
	
  CITY OF ST. LOUIS,

  	
   

  	
  } SS.:

  

 

On this 1st day of April,
2008, before me appeared JERRE E. BIRDSONG,
to me personally known, who, being by me duly sworn, did say that he is a Vice
President and Treasurer of UNION ELECTRIC COMPANY,
a corporation, and that the seal affixed to the foregoing instrument is the
corporate seal of said corporation, and that said instrument was signed and
sealed in behalf of said corporation by authority of its Board of Directors,
and said JERRE E. BIRDSONG acknowledged said
instrument to be the free act and deed of said corporation.

 

IN
TESTIMONY WHEREOF,
I have hereto set my hand and affixed my official seal at my office, in the
City and State aforesaid, the day and year last above written.

 

 

	
   

  	
  /s/
  Danielle R. Moskop

  
	
   

  	
  Notary
  Public

  

 

 

25

 

	
  STATE OF NEW YORK,

  	
   

  	
  }

  
	
   

  	
   

  	
  }

  
	
  CITY OF NEW YORK,

  	
   

  	
  } SS.:

  

 

On this 1st day of April,
2008, before me appeared Pat Santivasci, to me personally known, who, being by
me duly sworn, did say that he is a Vice President of THE BANK OF
NEW YORK, a corporation, and that the seal affixed to the foregoing
instrument is the corporate seal of said corporation, and that said instrument
was signed and sealed in behalf of said corporation, as the trustee thereunder
by authority of its Board of Directors, and said  Pat Santivasci, acknowledged said instrument to be the
free act and deed of said corporation as the trustee under said instrument.

 

IN
TESTIMONY WHEREOF,
I have hereto set my hand and affixed my official seal at my office, in the
City and State aforesaid, the day and year last above written.

 

 

	
   

  	
  /s/ Raymond
  J. Keiser

  
	
   

  	
  Notary
  Public

  

 

 

26

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