Document:

Exhibit
4.3

 

	
  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

5.30% SENIOR SECURED NOTE DUE 2037

 

	
  CUSIP:

  	
  02360F
  AB 2

  	
   

  	
  NUMBER:  1

  
	
  ISIN:

  	
  US02360FAB22

  	
   

  	
   

  
	
  ORIGINAL
  ISSUE DATE:   July 21, 2005

  	
   

  	
  PRINCIPAL
  AMOUNT:  $300,000,000

  
	
   

  	
   

  	
   

  
	
  INTEREST
  RATE:  5.30%

  	
   

  	
  MATURITY
  DATE:  August 1, 2037

  

 

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 THREE HUNDRED MILLION DOLLARS
($300,000,000) on the Maturity Date set forth above, and to pay interest
thereon from July 21, 2005 or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually in arrears
on the February 1 and August 1 in each year, commencing February 1,
2006, at the per annum Interest Rate set forth above, until the principal
hereof is paid or made available for payment. 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 January 15 or July 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 5.30% Senior Secured Notes due 2037 (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 $300,000,000.

 

Prior to the Release Date (as hereinafter defined),
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.

 

From and after such time as all first mortgage bonds
(other than Senior Note First Mortgage Bonds) issued under the First Mortgage
have been retired through payment, redemption or otherwise at, before or after
the maturity thereof (the “Release Date”), the Senior Note First Mortgage Bonds
shall cease to secure the Notes in any manner. 
In certain circumstances prior to the Release Date as provided in the
Indenture, the Company is permitted to reduce the aggregate principal amount of
a series of Senior Note First Mortgage Bonds held by the Trustee, but in no
event prior to the Release Date to an amount less than the aggregate
outstanding principal amount of the series of Notes initially issued
contemporaneously with such Senior Note First Mortgage Bonds.

 

 

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 the redemption date) discounted to the redemption date on a
semiannual basis at the Adjusted Treasury Rate (as defined below) plus 20 basis
points, as determined by the Reference Treasury Dealer (as defined below);
plus, in each case, accrued and unpaid interest thereon to 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) Citigroup Global Markets Inc. or Lehman
Brothers Inc. or their respective affiliates which are primary U.S. Government
securities dealers in New York City (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:
  July 21, 2005

  	
   

  
	
   

  	
   

  
	
  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/
  Robert J. Dunn

  	
   

  	
   

  
	
  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 4.4

 

	
  WHEN RECORDED MAIL TO:

  
	
   

  
	
  Gerald L. Waters

  Union Electric Company

  1901 Chouteau Avenue

  St. Louis, MO 61303

  

 

Executed in 21
Counterparts, No. 21 .

 

SUPPLEMENTAL INDENTURE

 

DATED JULY 1, 2005

 

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 II

 

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.

 

 

SUPPLEMENTAL INDENTURE,
dated the 1st day of July, Two thousand and five (2005) 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 and January 1, 2005, 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; and

 

(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;

 

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

 

8

 

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 “refundable bonds” upon compliance with and
pursuant to the provisions of Section 6 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 $300,000,000 aggregate principal amount
of the Company’s 5.30% Senior Secured Notes due 2037 (the “Senior Notes”) to be
issued under the Senior Note 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;

 

9

 

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,
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 Hancock, Henderson, Madison, Marion, Perry, 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,

 

10

 

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 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.

 

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;

 

11

 

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 II” (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.

 

The New Bonds shall
mature on August 1, 2037, 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 February and the 1st day of August in
each year, commencing on February 1, 2006, 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 February 1, 2006,
in which case they shall bear interest from July 21, 2005; 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

 

12

 

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 January 15 or July 15, as the case may be, next
preceding such interest payment date, or, if such January 15 or July 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 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]

 

13

 

	
  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 II

 

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 August, 2037 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 FIVE AND THREE TENTHS per centum (5.30%) per annum, payable
semi-annually, on February 1 and August 1 in each year until maturity,
commencing February 1, 2006, 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 February 1
or August 1, as the case may be, next preceding the date hereof to which
interest has not been paid, unless the date hereof is a February 1 or August 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 July 21,
2005.  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 January 15 or July 15, as
the case may be, next preceding the 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 “5.30% Senior Secured Notes due 2037”
(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
July 1, 2005 pursuant to which this Bond has been issued (the “Supplemental
Indenture”).

 

14

 

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.

 

	
  Dated,

  	
   

  
	
   

  	
   

  
	
   

  	
  UNION ELECTRIC
  COMPANY,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
  [CORPORATE SEAL]

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  
					

 

15

 

[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 July 1, 2005.

 

	
   

  	
  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 II” (herein
called the “Bonds of this Series”) of the Company, issued under and secured by
the Amended Indenture and described in the indenture (hereinafter called the “New
Supplemental Indenture”) dated July 1, 2005, between the Company and the
Trustee, supplemental to the Amended Indenture.

 

16

 

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.

 

As provided in Section 4.11
of the Senior Note Indenture, from and after the Release Date (as defined in
the Senior Note Indenture), the obligations of the Company with respect to this
Bond shall be deemed to be satisfied and discharged, this Bond shall cease to
secure in any manner any Senior Notes outstanding under the Senior Note
Indenture, and, pursuant to Section 4.08 of the Senior Note Indenture, the
Senior Note Trustee shall forthwith deliver this Bond to the Company for
cancellation.

 

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]

 

17

 

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.

 

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 Three Hundred Million Dollars ($300,000,000),
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.

 

Section 4.               As
provided in Section 4.11 of the Senior Note Indenture, from and after the
Release Date (as defined in the Senior Note Indenture), the obligations of the
Company with respect to the New Bonds shall be deemed to be satisfied and discharged,
the New Bonds shall cease to secure in any manner any Senior Notes outstanding
under the Senior Note Indenture, and, pursuant to Section 4.08 of the
Senior Note Indenture, the Senior Note Trustee shall forthwith deliver the New
Bonds to the Company for cancellation.

 

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.

 

18

 

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 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

 

19

 

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 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.

 

20

 

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.

 

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.

 

21

 

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 July, Two thousand and five.

 

	
  Attested:

  	
  UNION
  ELECTRIC COMPANY,

  
	
   

  	
  1901 Chouteau Avenue

  
	
   

  	
  St. Louis, Missouri 63103

  
	
   

  	
   

  
	
  /s/
  G. L. Waters

  	
   

  	
  By:

  	
  /s/
  Jerre E. Birdsong 

  	
   

  
	
  G. L. Waters

  	
  Name:
  Jerre E. Birdsong 

  
	
  Assistant Secretary

  	
  Title:
  Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signed, sealed and delivered by

  UNION ELECTRIC COMPANY

  in the presence of:

  	
   

  
	
   

  	
   

  
	
  /s/
  Daphyne Bradley

  	
   

  	
   

  
	
  Daphyne Bradley

  	
   

  
	
   

  	
   

  
	
  /s/ Wayne K. Forbes

  	
   

  	
   

  
	
  Wayne K. Forbes

  	
   

  
	
  As Witnesses

  	
   

  

 

22

 

	
  Attested:

  	
  THE
  BANK OF NEW YORK,

  
	
   

  	
  911 Washington Avenue

  
	
   

  	
  St. Louis, Missouri  63101

  
	
   

  	
   

  
	
  /s/
  Ada L. Li

  	
   

  	
  By:

  	
  /s/
  Van K. Brown

  	
   

  
	
  Ada L. Li

  	
  Name:

  	
  Van
  K. Brown

  
	
  Assistant Treasurer

  	
   

  	
  Vice
  President 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed, sealed and delivered by 

  THE BANK OF NEW YORK

  in the presence of:

  	
   

  	
   

  
	
  /s/
  Barbara Bevelaqua

  	
   

  	
   

  
	
  Barbara Bevelaqua

  	
   

  
	
   

  	
   

  
	
  /s/
  Remo Reale

  	
   

  	
   

  
	
  Remo Reale

  	
   

  
	
  As Witnesses

  	
   

  
						

 

23

 

	
  STATE OF MISSOURI,

  	
  }

  	
   

  
	
   

  	
  } 

  	
  SS.:

  
	
  CITY OF ST. LOUIS,

  	
  }

  	
   

  

 

On this 18th day of July 2005,
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/ S. A.
  Kitchens

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  S. A. KITCHENS

  	
   

  
	
   

  	
  Notary Public – Notary Seal

  	
   

  
	
   

  	
  STATE OF MISSOURI

  	
   

  
	
   

  	
  St. Louis County

  	
   

  
	
   

  	
  My Commission Expires: July 9, 2007

  	
   

  

 

24

 

	
  STATE OF MISSOURI,

  	
  }

  	
   

  
	
   

  	
  } 

  	
  SS.:

  
	
  CITY OF ST. LOUIS,

  	
  }

  	
   

  

 

On this 15th day of July 2005,
before me appeared Van K. Brown, 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 Van K. Brown, 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/ William J.
  Cassels

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILLIAM J. CASSELS

  	
   

  
	
   

  	
  Notary Public, State of New York

  	
   

  
	
   

  	
  No. 01CA5027729

  	
   

  
	
   

  	
  Qualified in Bronx County

  	
   

  
	
   

  	
  Commission Expires May 18, 2006

  	
   

  

 

25

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