Document:

EX-4.4

 Exhibit 4.4 
 INTERCREDITOR AND COLLATERAL 
 TRUST AGREEMENT 

INTERCREDITOR AND COLLATERAL TRUST AGREEMENT, dated as of             , 2013
(this “Agreement”), among MIDAMERICAN ENERGY COMPANY, an Iowa corporation (together with any successor or assignee, the “Company”); THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a banking association organized
and existing under the laws of the United States of America, as Trustee under the Mortgage Bond Indenture referred to below; and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a banking association organized and existing under the laws of the
United States of America, as collateral trustee (in such capacity, together with its successors in such capacity, the “Collateral Trustee”) for the Secured Parties (as defined below). 

WHEREAS, the Company is party to (a) an Indenture, dated as of
            , 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Mortgage Bond Indenture”), between the Company and The Bank of New York
Mellon Trust Company, N.A., as Trustee (the “Mortgage Bond Trustee”), pursuant to which the Company is issuing and may in the future issue bonds in various series (the “Mortgage Bonds” and, collectively with the
Mortgage Bond Indenture, the “Mortgage Bond Documents”), (b) an Indenture, dated as of October 1, 2006 (as supplemented by the First Supplemental Indenture dated as of October 6, 2006, the Second Supplemental
Indenture dated as of June 29, 2007, the Third Supplemental Indenture dated as of March 25, 2008 and as further amended, restated, supplemented or otherwise modified from time to time, the “2006 Notes Indenture”) between
the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “2006 Indenture Trustee”), pursuant to which the Company has issued its 5.80% Notes due 2036, 5.95% Notes due 2017 and 5.30% Notes due 2018 in an
aggregate principal amount of $950,000,000 Outstanding (as defined in the Mortgage Bond Indenture) as of the date of this Agreement (the “2006 Indenture Notes” and, collectively with the 2006 Notes Indenture, the “2006
Indenture Notes Documents”), and (c) an Indenture, dated as of February 8, 2002 (as supplemented by the First Supplemental Indenture dated as of February 8, 2002, the Second Supplemental Indenture dated as of January 14,
2003, the Third Supplemental Indenture dated as of October 1, 2004, the Fourth Supplemental Indenture dated as of November 1, 2005 and as further amended, restated, supplemented or otherwise modified from time to time, the “2002
Notes Indenture” and together with the 2006 Notes Indenture, the “Equal and Ratable Notes Indentures”) between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York), as Trustee (the
“2002 Indenture Trustee”), pursuant to which the Company has issued its 6.750% Notes due 2031, 4.650% Notes due 2014 and 5.750% Notes due 2035 in an aggregate principal amount of $1,050,000,000 Outstanding as of the date of this
Agreement (the “2002 Indenture Notes” and, collectively with the 2002 Notes Indenture, the “2002 Indenture Notes Documents”; the 2002 Indenture Notes and 2006 Indenture Notes collectively being the “Equal
and Ratable Notes”); 
 WHEREAS, pursuant to the provisions of the Equal and Ratable Notes Indentures, the Company may
not create or assume any mortgage, pledge or other lien or encumbrance upon any Principal Facility (as defined below) or any interest it may have therein, without equally and ratably securing the Equal and Ratable Notes Obligations (as defined
below); 

 WHEREAS, all or a substantial portion of the Mortgaged Property (as defined in the Mortgage
Bond Indenture; being referred to hereinafter as the “Shared Collateral”), which is intended by the Company to secure the Mortgage Bond Obligations, consists of Principal Facilities and/or interests of the Company therein, and thus
is subject to the requirements of the Equal and Ratable Notes Indentures described in the immediately preceding clause; and 

WHEREAS, in order for the Company to grant liens on the Shared Collateral to secure the Mortgage Bond Obligations and the Equal and
Ratable Notes Obligations, the Mortgage Bond Trustee and the Company have requested and hereby direct the Collateral Trustee to enter into this Agreement to enable the Company to comply with the provisions of the Equal and Ratable Notes Indentures.

 NOW, THEREFORE, to equally and ratably secure the Equal and Ratable Notes Obligations and the Mortgage Bond Obligations, the
parties hereto hereby agree as follows: 
 Section 1. Definitions, Etc. 

(a) Defined Terms. As used herein, the following terms shall have the following respective meanings: 

“2002 Indenture Notes” has the meaning assigned to such term in the preamble to this Agreement.

 “2002 Indenture Notes Documents” has the meaning assigned to such term in the preamble to
this Agreement. 
 “2002 Indenture Notes Obligations” means the obligations of the Company in
respect of the due and punctual payment of the principal of, any premium on, any interest on (including, to the extent legal permitted, all interest accrued thereon after the commencement of any insolvency or liquidation proceeding, including any
applicable post-default rate, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding), and any other amounts payable in respect of the 2002 Indenture Notes in full when due, whether at stated maturity, by
required prepayment, declaration, acceleration, demand or otherwise (including payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a) (and any
successor provision thereof); provided however that “2002 Indenture Notes Obligations” shall not in any event include any obligations in respect of debt securities issued under the 2002 Notes Indenture after the date hereof.

 “2002 Indenture Trustee” has the meaning assigned to such term in the preamble to this
Agreement. 
 “2002 Notes Indenture” has the meaning assigned to such term in the preamble to
this Agreement. 

  
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 “2006 Indenture Notes” has the meaning assigned to such
term in the preamble to this Agreement. 
 “2006 Indenture Notes Documents” has the meaning
assigned to such term in the preamble to this Agreement. 
 “2006 Indenture Notes Obligations”
means the obligations of the Company in respect of the due and punctual payment of the principal of, any premium on, any interest on (including, to the extent legal permitted, all interest accrued thereon after the commencement of any insolvency or
liquidation proceeding, including any applicable post-default rate, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding), and any other amounts payable in respect of the 2006 Indenture Notes in full when due,
whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11
U.S.C. § 362(a) (and any successor provision thereof); provided however that “2006 Indenture Notes Obligations” shall not in any event include any obligations in respect of debt securities issued under the 2006 Notes Indenture
after the date hereof. 
 “2006 Indenture Trustee” has the meaning assigned to such term in the
preamble to this Agreement. 
 “2006 Notes Indenture” has the meaning assigned to such term in
the preamble to this Agreement. 
 “Bankruptcy Event” means the occurrence of any one or more of
the following events: 
 (a) by decree of a court of competent jurisdiction the Company is adjudicated a bankrupt
or insolvent, or an order is made by such court for the winding up or liquidation of the affairs of the Company or approving a petition seeking reorganization or arrangement of the Company under the bankruptcy law or other law or statute of the
United States of America or of any State, or, by order of such court, a trustee or liquidator or receiver is appointed for the Company or for the property of the Company, and such decree or order shall continue in effect for a period of 90 days; or

 (b) the Company files a petition for voluntary bankruptcy, or consents to the filing of any such petition, or
makes an assignment for the benefit of creditors, or consents to the appointment of a trustee or liquidator or receiver of the Company or of all or a substantial part of the Mortgaged Property, or files a petition or answer or consent seeking
reorganization or arrangement under the bankruptcy law or other law or statute of the United States of America or of any State, or consents to the filing of any such petition, or files a petition to take advantage of any debtors’ act.

 “Collateral Trustee” has the meaning assigned to such term in the preamble to this Agreement.

  
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 “Collateral Trustee’s Fees” means all fees, costs and
expenses of the Collateral Trustee of the type described in Section 4.03. 
 “Company” has
the meaning assigned to such term in the preamble to this Agreement. 
 “Debt Instruments”
means, collectively, (i) the 2002 Indenture Notes of each series and the 2002 Notes Indenture, (ii) the 2006 Indenture Notes of each series and the 2006 Notes Indenture and (iii) the Mortgage Bonds of each series and the Mortgage Bond
Indenture. 
 “Debt Trustees” means, collectively, the 2002 Indenture Trustee, the 2006
Indenture Trustee and the Mortgage Bond Trustee. 
 “Distribution Date” means the date on which
any funds are distributed by the Collateral Trustee in accordance with the provisions of Section 3.01. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“Equal and Ratable Notes” has the meaning assigned to such term in the preamble to this Agreement.

 “Equal and Ratable Notes Documents” means, collectively, the 2002 Indenture Notes Documents
and the 2006 Indenture Notes Documents. 
 “Equal and Ratable Notes Indentures” has the meaning
assigned to such term in the preamble to this Agreement. 
 “Equal and Ratable Notes
Obligations” means, collectively, the 2002 Indenture Notes Obligations and the 2006 Indenture Notes Obligations. 
 “Event of Default” means (i) any “Default” under and as defined in the Mortgage Bond Indenture, (ii) any “Event of Default” under and as defined in the 2002 Notes
Indenture and (iii) any “Event of Default” under and as defined in the 2006 Notes Indenture. 

“Governmental Obligations” means securities which are (a) (i) direct obligations of the United
States of America where the payment or payments thereunder are supported by the full faith and credit of the United States of America or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the
United States of America where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or (b) depository receipts issued by a bank (as defined in
Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any such Governmental Obligation or a specific payment of interest on or principal of or other amount with respect to any such Governmental Obligation held
by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the Governmental Obligation or the specific payment of interest on or principal of or other amount with respect to the Governmental Obligation evidenced by such depository receipt. 

  
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 “Investment Securities” means any of the following
obligations or securities on which none of the Company, MidAmerican Energy Holdings Company nor any other subsidiary of MidAmerican Energy Holdings Company thereof is the obligor: (i) Governmental Obligations; (ii) interest bearing deposit
accounts (which may be represented by certificates of deposit) in national or state banks (which may include the Collateral Trustee or any Paying Agent) or savings and loan associations having outstanding securities rated by a nationally recognized
rating organization in either of the two (2) highest rating categories (without regard to modifiers) for short term securities or in any of the three (3) highest rating categories (without regard to modifiers) for long term securities;
(iii) bankers’ acceptances drawn on and accepted by commercial banks (which may include the Collateral Trustee or any Paying Agent) having outstanding securities rated by a nationally recognized rating organization in either of the two
(2) highest rating categories (without regard to modifiers) for short term securities or in any of the three (3) highest rating categories (without regard to modifiers) for long term securities; (iv) direct obligations of, or
obligations the principal of and interest on which are unconditionally guaranteed by, any State or Territory of the United States of America or the District of Columbia, or any political subdivision of any of the foregoing, which are rated in any of
the three highest rating categories (without regard to modifiers) by a nationally recognized statistical rating organization; (v) bonds or other obligations of any agency or instrumentality of the United States of America; (vi) corporate
debt securities rated in any of the two (2) highest rating categories by a nationally recognized statistical rating organization (without regard to modifiers) for short term securities or in any of the three (3) highest rating categories
(without regard to modifiers) for short term securities; (vii) repurchase agreements with respect to any of the foregoing obligations or securities with banking or financial institutions (which may include the Collateral Trustee or any Paying
Agent) having outstanding securities rated by a nationally recognized rating organization in either of the two (2) highest rating categories (without regard to modifiers) for short term securities or in any of the three (3) highest rating
categories (without regard to modifiers) for long term securities; (viii) securities issued by any regulated investment company (including any investment company for which the Collateral Trustee or any Paying Agent is the advisor), as defined
in Section 851 of the Internal Revenue Code of 1986, as amended, or any successor section of such Code or successor federal statute, provided that the portfolio of such investment company is limited to obligations that are bonds, notes,
certificates of indebtedness, treasury bills or other securities now or hereafter issued, which are guaranteed as to principal and interest by the full faith and credit of the United States of America, which portfolio may include repurchase
agreements which are fully collateralized by any of the foregoing obligations and (ix) any other obligations or securities which may be lawfully purchased by the Collateral Trustee in its capacity as such. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing) relating to such asset. 

  
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 “Mortgage” means the Mortgage, Security Agreement, Fixture
Filing and Financing Statement, dated as of                 , 2013, made by the Company in favor of Collateral Trustee, as originally executed and as it may from time to
time be supplemented or amended by one or more Supplemental Mortgages. 
 “Mortgage Bonds” has
the meaning assigned to such term in the preamble to this Agreement. 
 “Mortgage Bond
Documents” has the meaning assigned to such term in the preamble to this Agreement. 
 “Mortgage
Bond Indenture” has the meaning assigned to such term in the preamble to this Agreement. 

“Mortgage Bond Obligations” means the obligations of the Company in respect of the due and punctual
payment of the principal of, any premium on, any interest on (including, to the extent legal permitted, all interest accrued thereon after the commencement of any insolvency or liquidation proceeding, including any applicable post-default rate, even
if such interest is not enforceable, allowable or allowed as a claim in such proceeding), and any other amounts payable in respect of the Mortgage Bonds (whether now existing or hereinafter issued) in full when due, whether at stated maturity, by
required prepayment, declaration, acceleration, demand or otherwise (including payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a) (and any
successor provision thereof). 
 “Mortgage Bond Trustee” has the meaning assigned to such term
in the preamble to this Agreement. 
 “Mortgaged Property” has the meaning assigned to such term
in the Mortgage Bond Indenture. 
 “Paying Agent” has the meaning assigned thereto in the
Mortgage Bond Indenture. 
 “Person” means any individual, corporation, association, company,
limited liability company, business trust, partnership, limited liability partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Principal Facility” has the meaning assigned thereto in the 2002 Notes Indenture and the 2006 Notes
Indenture. 
 “Prior Lien” has the meaning assigned thereto in Mortgage Bond Indenture.

  
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 “Requisite Secured Parties” means, at any time, Persons
holding at such time a majority in principal amount of the sum of (a) the Mortgage Bonds of all series then Outstanding (as the term “Outstanding” is defined in the Mortgage Bond Indenture), (b) the 2006 Indenture Notes of all
series then Outstanding (as the term “Outstanding” is defined in the 2006 Notes Indenture) and (c) the 2002 Indenture Notes of all series then Outstanding (as the term “Outstanding” is defined in the 2002 Notes Indenture).
For purposes hereof, the Collateral Trustee shall be entitled to conclusively rely and act upon a certification from (i) the Mortgage Bond Trustee as to the aggregate amount of Mortgage Bonds of all series Outstanding at any time, (ii) the
2006 Indenture Trustee as to the aggregate amount of 2006 Indenture Notes of all series Outstanding at any time and (iii) the 2002 Indenture Trustee as to the aggregate amount of 2002 Indenture Notes of all series Outstanding at any time.

 “Responsible Officer” when used with respect to this Agreement means any officer of the
Collateral Trustee assigned by the Collateral Trustee to administer its corporate trust matters and who shall have direct responsibility for the administration of this Agreement. 

“Secured Obligations” means, collectively, (i) the Mortgage Bond Obligations, (ii) the 2006
Indenture Notes Obligations, (iii) the 2002 Indenture Notes Obligations and (iv) the obligations of the Company to the Collateral Trustee hereunder or under each other Shared Security Document. 

“Secured Parties” means, collectively, (i) the Mortgage Bond Trustee, for its benefit and the
benefit of the holders from time to time of the Mortgage Bonds, (ii) the 2002 Indenture Trustee, for its benefit and the benefit of the holders from time to time of the 2002 Indenture Notes, (iii) the 2002 Indenture Trustee, for its
benefit and the benefit of the holders from time to time of the 2002 Indenture Notes and (iv) the Collateral Trustee. 
 “Shared Collateral” has the meaning assigned to such term in the preamble to this Agreement. 
 “Shared Security Documents” means, collectively, the Mortgage, each Supplemental Mortgage and any other mortgages, deeds of trust, pledge agreements, security agreements, assignment
agreements or other instruments providing for collateral security on Shared Collateral from time to time executed by the Company in favor of the Collateral Trustee. 

“Specified Mortgage Bond Secured Parties” means the holders of Mortgage Bonds constituting the required
composition of such holders pursuant to Section 12.15(a) of the Mortgage Bond Indenture. 

“Supplemental Mortgage” means a mortgage supplementing or amending the Mortgage, entered into by the
Company in favor of the Collateral Trustee in accordance with this Agreement, the Mortgage and the Mortgage Bond Indenture. 

  
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 “Triggering Event” means the occurrence of any of the
following: (i) the failure to pay the principal amount of the 2002 Indenture Notes, the 2006 Indenture Notes or Mortgage Bonds of any series, upon final maturity, after expiration of any relevant grace period, (ii) the occurrence of a
Bankruptcy Event, (iii) the acceleration of the principal amount of the Secured Obligations under the terms of any of the 2002 Indenture Notes Documents, the 2006 Indenture Notes Documents or the Mortgage Bond Documents or (iv) the
issuance of any direction by the Mortgage Bond Trustee to the Collateral Trustee, following the occurrence and during the continuance of any Default (as defined in the Mortgage Bond Indenture), to commence exercise of foreclosure or similar remedies
under the Shared Security Documents. 
 “Trust Estate” means the right, title and interest of
the Collateral Trustee in, to and under the Shared Security Documents and the collateral security described therein. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York. 
 (b) Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be
construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in the Mortgage Bond Documents), (ii) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer
to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement, (v) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights and (vi) references herein to the “security of this Indenture” include a reference to the Mortgage which provides security for our obligations under this Indenture and any Bonds issued hereunder. 

Section 2. Declaration and Acceptance of Trust; Remedies. 

2.01 Declaration and Acceptance of Trust. The Collateral Trustee hereby declares, and the Company agrees, that the Collateral
Trustee holds the Trust Estate as trustee in trust under this Agreement for the equal and ratable benefit of the Secured Parties as provided herein. The Collateral Trustee is appointed the Collateral Trustee hereunder by the Mortgage Bond Trustee
and by acceptance of the benefits of this Agreement and the Shared Security Documents, each Secured Party (whether or not a signatory hereto) (i) consents and agrees to the appointment of the Collateral Trustee as trustee hereunder,
(ii) confirms that the Collateral Trustee shall have the authority to act as the exclusive agent of such Secured Party for enforcement of any remedies under or with respect to the Shared Security Documents and the giving or withholding of any
consent or approval relating to any Shared Collateral or the 

  
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Company’s obligations with respect thereto and (iii) agrees that, except as expressly provided in this Agreement, such Secured Party shall not take any action to enforce any of such
remedies or give any such consents or approvals. 
 2.02 Determinations Relating to Shared Collateral. In the event
(i) the Collateral Trustee shall at any time receive any written request from the Company under a Shared Security Document for consent or approval with respect to any matter or thing relating to any Shared Collateral or the Company’s
obligations with respect thereto or (ii) there shall be due to or from the Collateral Trustee under the provisions of any Shared Security Document any performance or the delivery of any instrument or (iii) a Responsible Officer of the
Collateral Trustee shall receive notice of any nonperformance by the Company of any covenant or any breach of any representation or warranty set forth in any Shared Security Document, then, in each such event, the Collateral Trustee shall advise the
Mortgage Bond Trustee of the matter or thing as to which consent has been requested or the performance or instrument or other document required to be delivered or the nonperformance or breach of which the Collateral Trustee has received notice. The
Mortgage Bond Trustee shall at all times have the exclusive authority to direct the Collateral Trustee’s response to any of the events or circumstances contemplated in clauses (i), (ii) or (iii) above. 

2.03 Remedies. 
 (a) Notice of Triggering Event. If the Collateral Trustee at any time receives notice of a Triggering Event, it shall promptly notify each Debt Trustee and the Company in writing that a Triggering
Event has occurred. 
 (b) Directions to Collateral Trustee. Except as otherwise expressly provided herein, the Mortgage
Bond Trustee shall at all times (whether before or after the occurrence of a Triggering Event) have the right and authority to direct the time, method and place of conducting any proceeding for the exercise of any right or remedy available to the
Collateral Trustee with respect to the Shared Collateral, or of exercising any trust or power conferred on the Collateral Trustee, or for the taking of any other action authorized by the instruments comprising the Trust Estate (including the making
of any determinations to be made by the Collateral Trustee thereunder); provided however that (i) Specified Mortgage Bond Secured Parties shall have the right at any time, to the extent permitted by Section 12.15(a) and the other
provisions of the Mortgage Bond Indenture, to give such direction to the Collateral Trustee upon prior written notice to the Mortgage Bond Trustee and the Collateral Trustee of the exercise of such rights under Section 12.15(a) of the Mortgage
Bond Indenture, (ii) following the occurrence of a Triggering Event, Requisite Secured Parties shall have the right at any time to give such direction to the Collateral Trustee upon prior written notice to the Mortgage Bond Trustee and the
Collateral Trustee and, thereafter, shall have the exclusive right and authority to direct the Collateral Trustee as to such matters and (iii) nothing in this Section 2.03 shall impair the right of the Collateral Trustee in its discretion
to take any action deemed proper by the Collateral Trustee and which is not inconsistent with such direction by the Mortgage Bond Trustee , Specified Mortgage Bond Secured Parties or Requisite Secured Parties, as applicable. 

2.04 Receipt of Funds. In the event any Secured Party shall receive any funds which, under this Agreement, belong to the
Collateral Trustee or any other Secured Party, such 

  
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Secured Party shall remit such funds promptly to the Collateral Trustee for distribution by the Collateral Trustee or to such other Secured Party, as the case may be, and prior to such remittance
shall hold such funds in trust for the Collateral Trustee or such other Secured Party, as the case may be. 
 2.05 Nature of
Secured Parties’ Rights. All of the Secured Parties shall be bound by any instruction or direction given by the Mortgage Bond Trustee, the Specified Mortgage Bond Secured Parties or the Requisite Secured Parties, as applicable, pursuant to
this Section 2. 
 Section 3. Application of Certain Amounts. 

3.01 Application of Proceeds. (a) Except as otherwise herein expressly provided, the proceeds of any collection, sale or
other realization of all or any part of the Shared Collateral pursuant to any of the Shared Security Documents, and any other cash constituting Shared Collateral at the time held by the Collateral Trustee under this Agreement, shall be held in trust
by the Collateral Trustee and applied as soon as practicable after receipt as follows: 
 First, to the
Collateral Trustee in an amount equal to the Collateral Trustee’s Fees which are unpaid as of the applicable Distribution Date (and to any Secured Party which has theretofore advanced or paid any such Collateral Trustee’s Fees in an amount
equal to the amount thereof so advanced or paid by such Secured Party) and to the payment of all taxes, assessments or Prior Liens (except any taxes, assessments or Prior Liens subject to which such collection, sale or other realization shall have
been made); 
 Second, after and giving effect to the payment in full of the amounts referred to in clause
first above (but subject to Section 3.04), to the Secured Parties equally and ratably, each in proportion to the amount of Secured Obligations then held by them (whether or not then due and payable), until all the Secured Obligations
have been paid in full (or monies set aside for such payment in full as provided in the next paragraph); and 

Finally, after payment in full of all Secured Obligations, to the Company or its successors or assigns or as a
court of competent jurisdiction may direct, 
 If at any time any moneys collected or received by the Collateral Trustee are
distributable pursuant to clause second above to the 2002 Indenture Trustee or the 2006 Indenture Trustee, and if either the 2002 Indenture Trustee or the 2006 Indenture Trustee shall notify the Collateral Trustee in writing that no provision
is made under the applicable Equal and Ratable Notes Indenture for the application by the 2002 Indenture Trustee or 2006 Indenture Trustee, as applicable, of such moneys and that the applicable Equal and Ratable Notes Indenture does not effectively
provide for the receipt and the holding by the 2002 Indenture Trustee or 2006 Indenture Trustee of such moneys pending the application thereof, then the Collateral Trustee, after receipt of such moneys pending the application thereof, and after
receipt of such notification, shall at the direction of the 2002 Indenture Trustee or 2006 Indenture Trustee acting, respectively, at the direction of the holders of a majority in aggregate principal amount of the 2002 Indenture Notes and the 2006
Indenture Notes, as the case may be, invest such amounts in investments constituting Investment Securities as directed by the 2002 Indenture Trustee or 2006 Indenture Trustee, as applicable, maturing within 90 days after they are acquired by the
Collateral Trustee or, in the absence of such instruction or in the event of conflicting instructions, hold such 

  
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moneys uninvested and shall hold all such amounts so distributable and all such investments and the net proceeds thereof in trust solely for the 2002 Indenture Trustee and/or 2006 Indenture
Trustee (each, in its capacity as trustee) and for no other purpose until such time as the 2002 Indenture Trustee and/or 2006 Indenture Trustee shall request in writing the delivery thereof by the Collateral Trustee for application pursuant to the
applicable Equal and Ratable Notes Indenture. The Collateral Trustee shall not be responsible for selecting particular investments, any diminution in funds resulting from any such investment or any liquidation or any liquidation thereof prior to
maturity. 
 (b) For the purpose of this Section 3.01, “proceeds” of Shared Collateral includes any and all cash,
securities and other property realized from collection, foreclosure or other enforcement of the Collateral Trustee’s Liens upon the Shared Collateral (including distributions of Shared Collateral in satisfaction of any Secured Obligations) or
distributed in any bankruptcy case or insolvency or liquidation proceeding in respect of any claim upon any Secured Obligation that is allowed or enforceable therein as a claim secured by Shared Collateral pursuant to the Shared Security Documents.
If any Secured Party collects or receives any proceeds from a foreclosure, collection or other enforcement or proceeds of any title or other insurance that should have been applied to the payment of the Secured Obligations in accordance with
Section 3.01(a) above, such Secured Party will forthwith deliver the same to the Collateral Trustee, for the benefit of the Secured Parties, to be applied in accordance with Section 3.01(a). 

3.02 Reliance by Collateral Trustee; Payments. The Collateral Trustee shall be entitled to conclusively rely upon a certificate
from: (i) the Mortgage Bond Trustee as to the aggregate amount of Mortgage Bond Obligations that on any Distribution Date are held by any Secured Party and as to the amount thereof that are due and payable, and shall remit the amount of any
cash to be applied pursuant to clause second of Section 3.01 to the Mortgage Bond Obligations that are then due and payable directly to the Mortgage Bond Trustee; (ii) the 2006 Indenture Trustee as to the aggregate amount of 2006
Note Obligations that on any Distribution Date are held by any holder of 2006 Indenture Notes and as to the amount thereof that are due and payable, and shall, except to the extent provided in the second paragraph of Section 3.01, remit the
amount of any cash to be applied pursuant to clause second of Section 3.01 to the 2006 Note Obligations that are then due and payable directly to the 2006 Indenture Trustee; and (iii) the 2002 Indenture Trustee as to the aggregate
amount of 2002 Note Obligations that on any Distribution Date are held by any holder of 2002 Indenture Notes and as to the amount thereof that are due and payable, and shall, except to the extent provided in the second paragraph of
Section 3.01, remit the amount of any cash to be applied pursuant to clause second of Section 3.01 to the 2002 Note Obligations that are then due and payable directly to the 2002 Indenture Trustee; provided that nothing in
this Section 3.02 shall prevent the Company from contesting any amounts claimed by any Debt Trustee in any such certification. 
 3.03 Payment Provisions. For the purposes of applying the provisions of Section 3.01, all interest to be paid on any of the Secured Obligations pursuant to the terms of any Debt Instrument
shall, as among the Secured Parties and irrespective of whether such interest is or would be recognized or allowed in any bankruptcy or similar proceeding, be treated as a Secured Obligation for purposes hereof. 

  
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 3.04 Transfer of Certain Amounts Received as Shared Collateral. Anything herein or in
any of the other Shared Security Documents to the contrary notwithstanding, so long as no Triggering Event shall have occurred and be continuing, (a) in the event that the Collateral Trustee receives any proceeds of insurance with respect to
any Shared Collateral as provided in Section 7.11 of the Mortgage Bond Indenture, if directed by the Mortgage Bond Trustee to remit such amounts to the Company pursuant to Section 7.11 of the Mortgage Bond Indenture, the Collateral Trustee
shall promptly remit such amounts to the Company; or (b) in the event the Collateral Trustee is instructed by the Mortgage Bond Trustee to remit any other amounts, or return any securities or instruments, that have been delivered to the
Collateral Trustee from the Company or the Mortgage Bond Trustee to be held as Shared Collateral (for the avoidance of doubt, not including proceeds referred to in Section 3.01), for application pursuant to Section 11.01 of the Mortgage
Bond Indenture or other applicable provisions of the Mortgage Bond Indenture, the Collateral Trustee shall promptly remit or return such amounts or other property to the Mortgage Bond Trustee for application as provided in the Mortgage Bond
Indenture. 
 3.05 Certain Securities and Instruments Held by Collateral Trustee. 

(a) The Collateral Trustee shall use reasonable efforts to collect the principal of and interest on any Governmental Obligations and
purchase money obligations secured by a purchase money mortgage which are delivered to the Collateral Trustee pursuant to the terms of the Mortgage Bond Indenture, as and when such principal and interest become payable. Unless the Company is in
default in the payment of any principal of or interest on any Outstanding Mortgage Bonds or any Event Default shall be continuing, the interest received by the Collateral Trustee on any such obligation shall be paid over to the Company, and any
payments received by the Collateral Trustee on account of the principal of any such obligation in excess (as evidenced by a certificate of an officer of the Company) of the amount of credit used by the Company in respect of such obligation upon the
release of any Mortgaged Property from the Lien of the Mortgage shall also be paid to the Company. 
 (b) With respect to any
obligations secured by a purchase money mortgage which are delivered to the Collateral Trustee pursuant to the terms of the Mortgage Bond Indenture, and all substitutions therefor, the Collateral Trustee shall have and may exercise all the rights
and powers of an owner of such obligations and substitutions and, without limiting the generality of the foregoing, may collect and receive all insurance moneys payable to it under any provision thereof and apply the same in accordance with the
provisions thereof, may consent to extensions thereof at a higher or lower rate of interest, may join in any plan or plans of voluntary or involuntary reorganization or readjustment or rearrangement and may accept and hold under this Agreement new
obligations, stocks or other securities issued in exchange therefor under any such plan, and any discretionary action which the Collateral Trustee may be entitled to take in connection with any such obligations or substitutions therefor shall be
taken, so long as no Default (as defined in the Mortgage Bond Indenture) has occurred and is continuing, in accordance with the written request of the Company, evidenced by a certificate of an officer of the Company, or, while a Default (as defined
in the Mortgage Bond Indenture) is continuing, in the discretion of the Collateral Trustee, provided that the Collateral Trustee shall have no obligation to exercise any such discretion unless it receives instructions satisfactory to it from
the Mortgage Bond Trustee. 

  
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 3.06 Moneys, Securities and Instruments to be Held in Trust; Investment of Moneys Held in
Trust. 
 (a) All cash, instruments and securities (including Governmental Obligations and purchase money obligations
secured by a purchase money mortgage, as provided in Section 3.05) received by the Collateral Trustee pursuant to the terms hereof, the Mortgage Bond Indenture or the Shared Security Documents shall, until withdrawn, used, invested or applied
as provided in this Agreement, be held in trust for the purposes for which such cash or other property was received, but need not be segregated from other funds except as directed by the Company or as and to the extent required by law. 

(b) After compliance with any applicable legal requirements, the Collateral Trustee may deposit all or any part of cash received by it as
Collateral Trustee in certificates of deposit or demand accounts, to its credit as Collateral Trustee in its own banking department or, with the consent of the Company, in any bank or trust company having a combined capital and surplus of not less
than Fifty Million Dollars ($50,000,000). If such bank or trust company publishes reports of condition at least annually, pursuant to law or the requirement of any federal, state or District of Columbia supervising or examining authority, then for
the purposes of this paragraph the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in the most recent report of condition so published. So long as no Default (as defined
in the Mortgage Bond Indenture) is continuing, the Collateral Trustee shall pay to the Company any interest earned on any such certificate or account. 
 (c) When so directed by a certificate of an officer of the Company, the Collateral Trustee shall invest all or any part of such cash received by it in any Investment Securities; and the Collateral
Trustee, when so directed by a certificate of an officer of the Company, shall sell or repurchase all or any part of such Investment Securities. Such Investment Securities shall be held by the Collateral Trustee as part of the Mortgaged
Property; provided, however, that the proceeds of such Investment Securities representing interest shall be paid or credited to the Company and shall not constitute Mortgaged Property. If any such sale or any payment on the
maturity of any such Investment Securities held by the Collateral Trustee, shall produce a net sum less than the cost (including accrued interest and investment expenses) of such Investment Securities sold or paid, the Company will promptly pay to
the Collateral Trustee such amount of cash as will, with the net proceeds of such sale or such payment, equal the cost (including accrued interest and investment expenses) of such Investment Securities so sold or paid; and if any such sale or any
payment at the maturity of any such Investment Securities held by the Collateral Trustee, shall produce a net sum greater than the cost (including accrued interest and investment expenses) of such Investment Securities so sold or paid the Collateral
Trustee shall, if no Event Default is continuing, pay to the Company the amount of such excess. The Company will also pay to the Collateral Trustee all brokers’ fees and other expenses reasonably incurred by the Collateral Trustee in
connection with its investment of such cash and the sale of such Investment Securities. 
 (d) The Collateral Trustee shall
allow interest on any cash held by it under this Agreement and deposited by it in its banking department, at the current rate or rates, if any, from time to time paid by it on similar deposits of like size and nature over like periods of time,
unless in a particular instance the Collateral Trustee and the Company shall otherwise agree.

  
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Interest so allowed and interest received by the Collateral Trustee from deposits in other banks and trust companies of cash which is a part of the Mortgaged Property made pursuant to in
paragraph (b) above, except as otherwise herein provided in respect of particular cash, shall, if no Default (as defined in the Mortgage Bond Indenture) is continuing, be paid or credited to the Company by the Collateral Trustee. 

(e) When so directed by a certificate of an officer of the Company, the Collateral Trustee shall establish one or more accounts for the
deposit and/or investment of monies received by it, including a separate account from which all cash payable by the Collateral Trustee on behalf of the Company shall be paid and into which cash shall be deposited by the Company, or by the Collateral
Trustee on behalf of the Company from other accounts or investments held or managed by the Collateral Trustee, as needed, so that such account shall be operated with a zero balance. 

Section 4. Agreements with Collateral Trustee. 
 4.01 Delivery of Debt Instruments. On or before the date hereof, the Company shall have delivered to the Collateral Trustee a true and complete copy of the Mortgage Bond Indenture and each of the
Equal and Ratable Notes Indentures, in each case, as in effect on the date hereof. Promptly upon the execution thereof, the Company shall deliver to the Collateral Trustee a true and complete copy of any and all amendments, modifications or
supplements to the Mortgage Bond Indenture or the Equal and Ratable Notes Indentures. 
 4.02 Information. With respect
to the Mortgage Bonds, the 2006 Indenture Notes and the 2002 Indenture Notes, the Company (or, in the case of the Mortgage Bonds, the Mortgage Bond Trustee) shall deliver to the Collateral Trustee within 30 days after request by the Collateral
Trustee, a list setting forth (as of the date of such request) (i) the aggregate principal amount outstanding thereunder and (ii) the interest rate or rates then in effect thereunder. In addition, the Company shall furnish to the
Collateral Trustee within 30 days of a request therefor a list (as of the date of such request) setting forth the name and address of each party to whom notices must be sent under the Mortgage Bond Indenture, the 2006 Indenture Notes Documents and
the 2002 Indenture Notes Documents. The Company will promptly notify the Collateral Trustee of each change in the identity of any Debt Trustee. 
 4.03 Expenses; Indemnity; Damage Waiver. 
 (a) Costs and Expenses.
The Company agrees to pay (i) to the Collateral Trustee, from time to time upon demand, compensation for its services hereunder and for administering the Trust Estate, as heretofore or from time to time agreed upon in writing between the
Collateral Trustee and the Company, (ii) all out-of-pocket expenses incurred by the Collateral Trustee and its affiliates, including the reasonable fees, charges
and disbursements of counsel for the Collateral Trustee, in connection with the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (iii) all out-of-pocket expenses incurred or required to be advanced by the Collateral Trustee in connection with the administration of the Trust Estate or the preservation, protection or
defense of the Shared Collateral or the Trust Estate or the Collateral Trustee’s rights under this Agreement and in and to the Shared Collateral and the Trust Estate, (iv) all
out-of-pocket expenses incurred by the 

  
 14 

 
Collateral Trustee, including the fees, charges and disbursements of any counsel for the Collateral Trustee, in connection with the enforcement or protection of its rights in connection with this
Agreement, including its rights under this Section 4.03, including in connection with any workout, restructuring or negotiations in respect thereof and (v) all costs, expenses, taxes, assessments and other charges incurred in connection
with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any other document referred to therein. 
 (b) Indemnification. The Company agrees to indemnify the Collateral Trustee, the Mortgage Bond Trustee and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee,
incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of
their respective obligations hereunder or the consummation of the transactions contemplated hereby, or (ii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. The benefits of this Section 4.03 shall survive the termination of this
Agreement and resignation or removal of the Collateral Trustee. 
 (c) Payments. All amounts due under this
Section 4.03 shall be payable promptly after written demand therefor. 
 Section 5. The Collateral Trustee.

 5.01 Certain Duties. The Collateral Trustee’s duties in respect of the Trust Estate shall include the taking of
action with respect to applications of the Company or others for consents, waivers, releases or other matters relating to the Trust Estate or the Shared Collateral as is explicitly required of the Collateral Trustee pursuant to the terms hereunder
and the prosecution following any Event of Default of any action or proceeding or the taking of any nonjudicial remedial action as shall be determined to be required pursuant to the provisions of Sections 2.02 and 2.03. The Collateral
Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Shared Collateral in its possession, under the UCC or otherwise, shall be to deal with such Collateral in the same manner as it customarily deals with
similar collateral of other parties held by it. 
 5.02 Exculpatory Provisions. 

(a) No Representations. The Collateral Trustee shall not be responsible in any manner whatsoever for the correctness of any
recitals, statements, representations or warranties herein contained. The Collateral Trustee makes no representations as to the value or condition of the Trust Estate or any part thereof, or as to the title of the Company thereto or as to the
security 

  
 15 

 
afforded by the Shared Security Documents or this Agreement or as to the validity, execution (except its own execution thereof), enforceability, legality or sufficiency of the Shared Security
Documents or this Agreement or of the Secured Obligations, and the Collateral Trustee shall incur no liability or responsibility with respect to any such matters. The Collateral Trustee shall not be responsible for insuring the Trust Estate or for
the payment of taxes, charges, assessments or Liens upon the Trust Estate or otherwise as to the maintenance of the Trust Estate, including as to the preparation or filing of any UCC financing statements. The Collateral Trustee shall be deemed to
have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution
in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Trustee in good faith. 

(b) Limitations upon Duties. The Collateral Trustee shall not be required to ascertain or inquire as to the performance by the
Company or any other Person of any of the covenants or agreements contained herein, in the Shared Security Documents or in any Debt Instrument or any other agreement or instrument referred to therein. Whenever it is necessary for the Collateral
Trustee to ascertain the amount of Secured Obligations then held by a Secured Party, the Collateral Trustee may conclusively rely on a certificate of the Company or the relevant Debt Trustee as to such amount. 

(c) Limitations upon Liability. The Collateral Trustee shall not be personally liable for any action taken or omitted to be taken
by it in accordance with this Agreement, the Shared Security Documents or any Debt Instrument, except for such actions or omissions that are determined by a court of competent jurisdiction by final and nonappealable judgment to have been caused by
the gross negligence or willful misconduct of the Collateral Trustee. The Collateral Trustee and its affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Company and its Subsidiaries as though the
Collateral Trustee were not the collateral trustee hereunder. The Collateral Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Agreement. In no event shall the Collateral Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss
of profit) irrespective of whether the Collateral Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Collateral Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Collateral Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Collateral Trustee at the Corporate Trust Office of the Collateral Trustee,
and such notice references this Agreement. 
 5.03 Delegation of Duties. The Collateral Trustee may execute any of the
trusts or powers hereof and perform any duty hereunder either directly or by or through agents or attorneys-in-fact and shall not be responsible nor liable for the negligence of any such agent or attorney-in-fact appointed by it with due care
hereunder. 

  
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 5.04 Reliance by Collateral Trustee. 

(a) Reliance upon Certificates of Company. Whenever in the administration of the trusts of this Agreement the Collateral Trustee
shall deem it necessary or advisable that a matter be proved or established in connection with the taking of any action hereunder by the Collateral Trustee, such matter (unless other evidence in respect thereof be herein or in the Shared Security
Documents specifically prescribed) may be deemed to be conclusively provided or established by a certificate of an officer of the Company delivered to the Collateral Trustee, and such officers’ certificate shall be full warranty to Collateral
Trustee for any action taken, suffered or omitted in reliance thereon. 
 (b) Consultation with Counsel. The Collateral
Trustee may consult with counsel of its own selection (which may be in-house counsel for the Collateral Trustee) and the advice of such counsel or any opinion of counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon in respect of any action taken or suffered by it hereunder in accordance therewith. The Collateral Trustee shall have the right at any time to seek instructions
concerning the administration of the Trust Estate from any court of competent jurisdiction. 
 (c) Reliance upon Resolutions,
Etc. The Collateral Trustee may conclusively rely, and shall be fully protected in acting, upon any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document (whether in its
original, electronic or facsimile form) which it has no reason to believe to be other than genuine and to have been signed or presented by the proper party or parties or, in the case of electronic versions, telecopies and telexes, to have been sent
by the proper party or parties. The Collateral Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Collateral Trustee and
conforming to the requirements of this Agreement or the Shared Security Documents. 
 (d) Conflict or Doubt in Actions to be
Taken. In the event any disagreement between or among any of the Debt Trustees and/or the holders of different classes or series of Debt Instruments shall result in a proceeding in a court of competent jurisdiction being instituted with respect
to the proper action to be taken by the Collateral Trustee hereunder, and an order shall be issued enjoining the Collateral Trustee from taking any action hereunder or under any Shared Security Document, the Collateral Trustee shall be entitled to
refrain from taking action hereunder and to retain the Trust Estate until the Collateral Trustee shall have received a replacement or supplemental order of such court with respect to the action to be taken. In addition, in the event that the
Collateral Trustee in good faith is in doubt as to what action it should take hereunder, the Collateral Trustee shall be entitled to refrain from taking action hereunder and to retain the Trust Estate until the Collateral Trustee shall have received
a direction from the Mortgage Bond Trustee (or, as applicable, by the other appropriate instructing parties as provided in Section 2.03(b)) with respect to the action to be taken. 

5.05 Limitations on Duties of Collateral Trustee. The Collateral Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in accordance with the direction of the Mortgage Bond Trustee (or, as applicable, by the other appropriate instructing parties as provided in Section 2.03(b)). Except as herein otherwise expressly provided, the

  
 17 

 
Collateral Trustee shall not be under any obligation to take any action which is discretionary with the Collateral Trustee under the provisions hereof except upon the written request of the
Mortgage Bond Trustee (or except as otherwise provided in Section 2.03(b)). Upon reasonable prior notice, the Collateral Trustee shall make available for inspection and copying during normal business hours by any Secured Party each certificate
or other paper furnished to the Collateral Trustee by the Company or any Debt Trustee under or in respect of this Agreement, the Shared Security Documents or any portion of the Trust Estate. 

5.06 Moneys to be Held in Trust. All moneys received by the Collateral Trustee under or pursuant to any provision of this
Agreement shall be held in trust for the purposes for which they were paid or are held. 
 5.07 Resignation and Replacement
of Collateral Trustee. 
 (a) Resignation. The Collateral Trustee may at any time, by giving 60 days’ prior
written notice to the Company and the Mortgage Bond Trustee, resign and be discharged of the responsibilities hereby created, such resignation to become effective upon the earlier of (i) 60 days from the date of such notice and (ii) the
appointment of a successor collateral trustee or collateral trustees by the Mortgage Bond Trustee (with such successor to be chosen in consultation with, and reasonably satisfactory to, the Company, so long as no Event of Default has occurred and is
continuing). If no successor collateral trustee or collateral trustees shall be appointed and approved within 60 days from the date of the giving of the aforesaid notice of resignation, the Collateral Trustee (notwithstanding the termination of all
of its other duties and obligations hereunder by reason of such resignation), the Mortgage Bond Trustee or the Company may at the expense of the Company, apply to any court of competent jurisdiction to appoint a successor collateral trustee or
collateral trustees (which may be an individual or individuals) to act until such time, if any, as a successor collateral trustee or collateral trustees shall have been appointed as above provided. Any successor collateral trustee or collateral
trustees so appointed by such court shall immediately and without further act be superseded by any successor collateral trustee or collateral trustees approved by the Mortgage Bond Trustee as above provided. In connection with the foregoing, the
Company hereby agrees with the Secured Parties to pay the fees, costs and expenses of any successor Collateral Trustee, and to provide indemnification to any successor Collateral Trustee, to the same extent as it provides the same to the predecessor
Collateral Trustee. 
 (b) Appointment of Successor Collateral Trustee. If at any time the Collateral Trustee shall
resign, fail to qualify to act as Collateral Trustee or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of Collateral Trustee for any other cause, a successor collateral trustee or collateral trustees may
be appointed by the Mortgage Bond Trustee (with such successor to be chosen in consultation with, and reasonably satisfactory to, the Company, so long as no Event of Default has occurred and is continuing), and the powers, duties, authority and
title of the predecessor collateral trustee or collateral trustees terminated and canceled without procuring the resignation of such predecessor collateral trustee or collateral trustees, and without any other formality (except as may be required by
applicable law) other than appointment and designation of a successor collateral trustee or collateral trustees in writing, duly acknowledged, delivered to the predecessor collateral trustee or collateral trustees and each of the Debt Trustees, and
filed for record in each public office, if any, in which this Agreement is required to be filed. 

  
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 (c) Rights of Successor Collateral Trustee. The appointment and designation referred
to in Section 5.07(b) shall, after any required filing, be full evidence of the right and authority to make the same and of all the facts therein recited, and this Agreement shall vest in such successor collateral trustee or collateral
trustees, without any further act, deed or conveyance, all of the estate and title of its predecessor or their predecessors, and upon such filing for record the successor collateral trustee or collateral trustees shall become fully vested with all
the estates, properties, rights, powers, trusts, duties, authority and title of its predecessor or their predecessors; but such predecessor or predecessors shall, nevertheless, on the written request of the Mortgage Bond Trustee or any successor
collateral trustee or collateral trustees, execute and deliver an instrument transferring to such successor or successors all the estates, properties, rights, powers, trusts, duties, authority and title of such predecessor or predecessors hereunder,
take all steps reasonably necessary to assign the Liens and security interests in the Shared Collateral to the successor collateral trustee and shall deliver all securities, instruments, moneys and other Shared Collateral held by it or them to such
successor collateral trustee or collateral trustees. 
 (d) Filings at Expense of Company. Any required filing for record
of the instrument appointing a successor collateral trustee as hereinabove provided shall be made by and at the expense of the Company. 
 5.08 Qualifications of Successors to Collateral Trustee. Except as permitted by Section 5.07, any successor to the Collateral Trustee appointed pursuant to Section 5.07 shall be a bank or
trust company in good standing and having power so to act, incorporated under the laws of the United States of America or any State thereof or the District of Columbia, and having its principal corporate trust office within the forty-eight
contiguous States, and shall also have capital, surplus and undivided profits of not less than $500,000,000. 
 5.09 Merger
of Collateral Trustee. Any Person into which the Collateral Trustee may be merged, or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Collateral Trustee shall be a party, or any Person
acquiring all or substantially all of the corporate trust business of the Collateral Trustee, shall be the Collateral Trustee under this Agreement without the execution or filing of any paper or any further act on the part of the parties hereto.

 5.10 Appointment of Additional and Separate Collateral Trustee. Whenever (i) the Collateral Trustee or the
Mortgage Bond Trustee shall deem it necessary or prudent in order to conform to any law of any jurisdiction in which all or any part of the Shared Collateral shall be situated or to make any claim or bring any suit with respect to or in connection
with the Shared Collateral, or (ii) the Collateral Trustee shall be advised by counsel that it is so necessary or prudent in the interest of the Secured Parties, then in any such case, the Collateral Trustee shall execute and deliver from time
to time all instruments and agreements necessary or proper to constitute another bank or trust company or one or more Persons approved by the Collateral Trustee either to act as additional trustee or trustees of all or any part of the Trust Estate,
jointly with the Collateral Trustee, or to act as separate trustee or trustees of all or any part of the Trust 

  
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Estate, in any such case with such powers as may be provided in such instruments or agreements, and to vest in such bank, trust company or Person as such additional trustee or separate trustee,
as the case may be, any property, title, right or power of the Collateral Trustee deemed necessary or advisable by the Collateral Trustee. The fees and expense of any such additional trustee or trustees shall be paid by the Company. 

Section 6. Release of Trust Estate and Shared Collateral; Expiration of Certain Rights. 

6.01 Release of Trust Estate; Expiration of Certain Rights. Notwithstanding any contrary provision herein, the Trust Estate shall
be assigned and released to (i) the Mortgage Bond Trustee for the benefit of the holders of Mortgage Bond Obligations on the earlier of (a) the date on which all the 2002 Indenture Notes Obligations and 2006 Indenture Notes Obligations
shall have been paid in full to the holders thereof, (b) the occurrence of a legal defeasance or covenant defeasance in respect of the Equal and Ratable Notes Indentures which removes or otherwise eliminates any provisions requiring equal and
ratable security for the holders of the 2006 Indenture Notes and 2002 Indenture Notes, (c) the date on which the Equal and Ratable Notes Indentures cease to require that the Shared Collateral must secure any Equal and Ratable Notes Obligations
equally and ratably or (d) the date that the provisions of the Equal and Ratable Notes Indentures that require equal and ratable security shall be held to be invalid, void or unenforceable by the final judgment of a court of competent
jurisdiction, no longer subject to appeal or review, or (ii) the Company on the date on which all the Mortgage Bond Obligations have been paid in full, the Mortgage Bond Trustee has given written notice thereof to the Collateral Trustee and all
the Collateral Trustee’s Fees have been paid in full. 
 6.02 Releases of Shared Collateral. 

(a) The Lien of the Shared Security Documents may, at any time, be released in whole or in part by the Collateral Trustee as provided in
Section 1.07 of the Mortgage or otherwise pursuant to (i) if no Triggering Event has occurred and is continuing, written directions signed by the Mortgage Bond Trustee, or (ii) if a Triggering Event has occurred and is continuing, written
directions from the Requisite Secured Parties, provided, in each case, that no such release shall be effected in such a manner so that fewer than all, but not all, of the Secured Parties continue to be entitled to the benefits of such Lien
(or become entitled to the benefits of a substitute Lien) without each of the Secured Parties hereunder being equally and ratably secured on the respective property subject to such Lien (to the extent such property is Shared Collateral), unless the
terms of the Debt Instruments applicable to such Secured Parties do not require that such Secured Parties be equally and ratably secured by the relevant Lien, as reflected in an opinion of counsel to such effect delivered to the Collateral Trustee.
No such release shall require any consent or approval by any other Secured Party. 

  
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 (b) For the avoidance of doubt, if (i) the Shared Security Documents provide for a
release of the Collateral Trustee’s Lien over all or any part of the Shared Collateral upon a disposition of such Collateral, (ii) such disposition complies with the terms of the Mortgage Bond Indenture or is directed in connection with
the exercise of rights and remedies pursuant to Section 2.03(b) and (iii) upon such disposition, the Collateral Trustee’s Lien over such Shared Collateral would automatically be released under the Shared Security Documents, then such
release shall be deemed permitted under this Agreement without the consent of the Collateral Trustee or any other Secured Party hereunder and the Collateral Trustee shall be authorized to execute and deliver any acknowledgment or other document
reasonably requested by the Company to evidence such release. 
 6.03 Amendments of Shared Security Documents. The
Mortgage Bond Trustee shall have the exclusive authority to direct the Collateral Trustee to amend, supplement or waive, or to permit the Company to amend, supplement or waive, any provision of the Shared Security Documents without any consent or
approval of, or prior notice to, any other Secured Party; provided however that (i) the Collateral Trustee shall not be obligated to execute or permit any such amendment, supplement or waiver that affects the Collateral Trustee’s
own rights, duties or immunities under this Agreement or the Shared Security Documents and (ii) any such amendment, supplement or waiver that would materially and adversely affect the rights of the holders of the 2002 Indenture Notes or the
2006 Indenture Notes to equally and ratably share in the security provided for herein and in the Shared Security Documents, to the extent such equal and ratable sharing is required by the 2002 Notes Indenture or 2006 Notes Indenture, as applicable,
shall be joined in, or consented to in writing, by the 2002 Indenture Trustee or the 2006 Indenture Trustee, as the case may be. To determine that, under the foregoing clause (ii), it is not necessary for each of the 2002 Indenture Trustee and 2006
Indenture trustee to join in, or consent in writing to, such amendment, supplement or waiver, the Collateral Trustee and the 2002 Indenture Trustee and/or 2006 Indenture Trustee shall each be provided with (and shall be entitled to rely upon) an
opinion of counsel of the Company to the effect that such amendment would not materially and adversely affect the rights of the holders of the 2002 Indenture Notes and/or 2006 Indenture Notes, as the case may be, to equally and ratably share in the
security provided for herein and in the Shared Security Documents, to the extent such equal and ratable sharing is required by the 2002 Notes Indenture or 2006 Notes Indenture, as applicable. Notwithstanding the foregoing, it is agreed that any
amendment, supplement or waiver with respect to the Shared Security Documents in the nature of, and solely to the extent constituting, a release of the Lien of the Shared Security Documents over any Shared Collateral, shall be governed by
Section 6.02(a) and not this Section 6.03. 
 Section 7. Miscellaneous. 

7.01 Equal and Ratable Security. This Agreement is intended to comply with the provisions of the Equal and Ratable Notes Documents
to secure the Equal and Ratable Notes Obligations equally and ratably with the Mortgage Bond Obligations in respect of the Shared Collateral. It is agreed that this Agreement and the Shared Security Documents are intended to secure, and provide for
security for, the Equal and Ratable Notes Obligations on an equal and 

  
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ratable basis with the Mortgage Bond Obligations with respect to the Shared Collateral, so long as, and to the extent, required with respect to any series of Equal and Ratable Notes, and this
Agreement and the Shared Security Documents shall be construed and enforced to give effect to such intention. It is agreed that the foregoing shall be given effect notwithstanding (i) the time of incurrence of the Mortgage Bond Obligations or
any series of Equal and Ratable Notes Obligations, (ii) the order or method of attachment or perfection of any Liens on any Shared Collateral securing the Mortgage Bond Obligations or any series of Equal and Ratable Notes Obligations,
(iii) the time or order of filing or recording of financing statements or other documents filed or recorded to perfect any Lien upon any Shared Collateral, (iv) the time of taking of possession or control over any Shared Collateral,
(v) that any Lien granted under the Shared Security Documents on any Shared Collateral may not have been perfected or may be or have become subordinated, by equitable subordination or otherwise, to any other Lien on the Shared Collateral, or
(vi) the rules for determining priority under any law governing the relative priorities of Liens. Any and all rights not herein expressly given to the 2002 Indenture Trustee and/or 2006 Indenture Trustee are expressly reserved to the Mortgage
Bond Trustee, it being understood that in the absence of a requirement to provide equal and ratable security set forth in the Equal and Ratable Notes Documents, this Agreement would not have been accepted by the Mortgage Bond Trustee or the holders
of the Mortgage Bonds. 
 7.02 Amendments, Supplements and Waivers. This Agreement may be amended at any time by an
instrument in writing signed by the parties hereto; provided however that (i) the 2002 Indenture Trustee or the 2006 Indenture Trustee must join in any such instrument to the extent that the same would materially and adversely affect the
rights of the holders of the 2002 Indenture Notes or 2006 Indenture Notes, as the case may be, to equally and ratably share in the security provided for herein and in the Shared Security Documents, to the extent such equal and ratable sharing is
required by the 2002 Notes Indenture or 2006 Notes Indenture, as applicable, and (ii) the Collateral Trustee shall not be obligated to execute any such instrument to the extent it would affect the Collateral Trustee’s own rights, duties or
immunities under this Agreement or the Shared Security Documents. To determine that, under the foregoing clause (i), it is not necessary for each of the 2002 Indenture Trustee or 2006 Indenture Trustee to join in such amendment, the Collateral
Trustee and 2002 Indenture Trustee and/or 2006 Indenture Trustee shall each be provided with (and shall be entitled to rely upon) an opinion of counsel, which may be counsel of the Company to the effect that such amendment would not materially and
adversely affect the rights of the holders of the 2002 Indenture Notes and/or 2006 Indenture Notes, as the case may be, to equally and ratably share in the security provided for herein and in the Shared Security Documents, to the extent such equal
and ratable sharing is required by the 2002 Notes Indenture or 2006 Notes Indenture, as applicable. 
 7.03 Notices. All
notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

(i) if to the Company: 
 MidAmerican Energy Company 
 666 Grand Avenue, Suite 500 

Des Moines, Iowa 50309-2580 
 Attention: Corporate Secretary 
 Fax: 515-242-4295 

  
 22 

 (ii) if to the Collateral Trustee: 

The Bank of New York Mellon Trust Company, N.A. 
 2 North LaSalle Street, Suite 1020 
 Chicago, IL 60602 

Attention: Corporate Trust Administration 
 Tel: 312-827-8618; Fax: 312-827-8542 
 (iii) if to any Debt Trustee: 

The Bank of New York Mellon Trust Company, N.A. 
 2 North LaSalle Street, Suite 1020 
 Chicago, IL 60602 

Attention: Corporate Trust Administration 
 Tel: 312-827-8618; Fax: 312-827-8542 
 or, in the case of any party, at such other address as
shall be designated by it in a written notice to each of the other parties. All such notices and other communications given in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

7.04 The Collateral Trustee agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured e-mail,
pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Collateral Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing
specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Collateral Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Collateral Trustee in its discretion elects to act upon such instructions, the Collateral Trustee’s understanding of such instructions shall be deemed controlling. The
Collateral Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Collateral Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Collateral Trustee, including without limitation the risk of
the Collateral Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 7.05
Captions. The captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 

  
 23 

 7.06 Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 7.07 Dealings with the Company. Upon any application or demand by the Company to the Collateral Trustee to take or permit any action under any of the provisions of this Agreement or under any
Shared Security Document, the Company shall furnish to the Collateral Trustee a certificate of an appropriate officer and an opinion of counsel stating that all conditions precedent, if any, provided for in this Agreement or such Shared Security
Document relating to the proposed action have been complied with. 
 7.08 Binding Effect. This Agreement shall be binding
upon and inure to the benefit of the respective successors and assigns of the Company, the Secured Parties and each holder of any of the Secured Obligations (provided however that the Company shall not assign or transfer its rights or
obligations hereunder without the prior written consent of the Collateral Trustee and the Mortgage Bond Trustee). 
 7.09
Governing Law; Jurisdiction; Etc. 
 (a) Governing Law. This Agreement shall be governed by and construed in
accordance with the law of the State of New York. 
 (b) SUBMISSION TO JURISDICTION. EACH PARTY HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL DISTRICT COURT, IN EACH CASE, SITTING IN THE BOROUGH OF MANHATTAN AND ANY APPELLATE COURT FROM
ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND EACH SHARED SECURITY DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN THE STATE OF NEW YORK OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 (c) WAIVER OF VENUE. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY SHARED SECURITY DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION 8.08. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY 

  
 24 

 
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) Service of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices
in Section 7.03. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 7.10 Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

7.11 Waiver Of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE SHARED SECURITY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO FURTHER WAIVES ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. 

7.12 No Waiver. No failure on the part of the any Secured Party to exercise, and no course of dealing with respect to, and no
delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any Secured Party of any right, power or remedy hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
 7.13 Survival. The provisions of Section 4.03 and Section 5 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the
resignation or removal of the Collateral Trustee and the repayment in full of the Secured Obligations. 
 7.14 Force
Majeure. In no event shall the Collateral Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including,
without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Collateral Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

  
 25 

 7.15 Incorporation by Reference. In connection with its execution and acting
hereunder, the Mortgage Bond Trustee is entitled to all rights, privileges, protections, benefits, immunities and indemnities provided to it and the Collateral Trustee hereunder and to it under the Mortgage Bond Indenture. 

[Remainder of page intentionally left blank] 

  
 26 

 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed
and delivered as of the date first above written. 
  

			
	MIDAMERICAN ENERGY COMPANY
		
	By	 	  

		 	Name:
		 	Title:

 Signature Page to Intercreditor and Collateral Trust Agreement 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	 as Mortgage Bond Trustee

		
	By	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Collateral Trustee

		
	By	 	  

		 	Name:
		 	Title:

 Signature Page to Intercreditor and Collateral Trust AgreementEX-4.5

 Exhibit 4.5 

 
  
 MORTGAGE, SECURITY AGREEMENT, FIXTURE FILING AND FINANCING STATEMENT 
 From

 MIDAMERICAN ENERGY COMPANY 
 To 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS COLLATERAL TRUSTEE

  
  

Dated:             , 2013 

LEGAL DESCRIPTION: See Exhibit A 
  

 
  

 
 MidAmerican Energy Company 

666 Grand Avenue, Suite 500 
 Des Moines, Iowa
50309-2580 
 Attention: Corporate Secretary 
 PREPARED BY: 
 Gibson Dunn & Crutcher LLP 

555 Mission Street, Suite 3000 
 San Francisco,
California 94105-0921 
 Attention: Deborah A. Cussen, Esq. 
 Phone: 415-393-8226 
 UPON RECORDATION 
 RETURN TO: 
 MidAmerican Energy Company 
 666 Grand Avenue, Suite 500 
 Des Moines, Iowa 50309-2580 

Attention: Corporate Secretary 

 THIS MORTGAGE, SECURITY AGREEMENT, FIXTURE FILING AND FINANCING STATEMENT dated as of
            , 2013 (as it may be amended, supplemented, replaced or otherwise modified from time to time, this “Mortgage”), by MIDAMERICAN ENERGY COMPANY, an Iowa
corporation, having an office at 666 Grand Avenue, Suite 500, Des Moines, Iowa 50309-2580 (together with its successors and permitted assigns, the “Mortgagor”), to THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., having an office at
            , as Collateral Trustee for the benefit of the Secured Parties (as such terms are defined below) (in such capacity, the “Mortgagee”). 

WITNESSETH THAT: 

Reference is made to: (a) an Indenture, dated as of             , 2013
(as amended, restated, supplemented or otherwise modified from time to time, the “Mortgage Bond Indenture”), between the Mortgagor and The Bank of New York Mellon Trust Company, N.A., as Trustee (in such capacity, the
“Mortgage Bond Trustee”), pursuant to which the Mortgagor is issuing and may in the future issue bonds in various series (the “Mortgage Bonds” and, collectively with the Mortgage Bond Indenture, the
“Mortgage Bond Documents”); (b) an Indenture, dated as of October 1, 2006 (as supplemented by the First Supplemental Indenture dated as of October 6, 2006, the Second Supplemental Indenture dated as of June 29,
2007, the Third Supplemental Indenture dated as of March 25, 2008 and as further amended, restated, supplemented or otherwise modified from time to time, the “2006 Notes Indenture”) between the Mortgagor and The Bank of New
York Mellon Trust Company, N.A., as Trustee (in such capacity, the “2006 Indenture Trustee”), pursuant to which the Mortgagor has issued its 5.80% Notes due 2036, 5.95% Notes due 2017 and 5.30% Notes due 2018 in an aggregate
principal amount of $950,000,000 Outstanding (as defined in the Mortgage Bond Indenture) (the “2006 Indenture Notes” and, collectively with the 2006 Notes Indenture, the “2006 Indenture Notes Documents”); and
(c) an Indenture, dated as of February 8, 2002 (as supplemented by the First Supplemental Indenture dated as of February 8, 2002, the Second Supplemental Indenture dated as of January 14, 2003, the Third Supplemental Indenture
dated as of October 1, 2004, the Fourth Supplemental Indenture dated as of November 1, 2005 and as further amended, restated, supplemented or otherwise modified from time to time, the “2002 Notes Indenture” and together
with the 2006 Notes Indenture, the “Equal and Ratable Notes Indentures”) between the Mortgagor and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York), as Trustee (in such capacity, the “2002
Indenture Trustee”), pursuant to which the Mortgagor has issued 6.750% Notes due 2031, 4.650% Notes due 2014 and 5.750% Notes due 

 
2035 in an aggregate principal amount of $1,050,000,000 Outstanding (the “2002 Indenture Notes” and, collectively with the 2002 Notes Indenture, the “2002 Indenture Notes
Documents”; the 2002 Indenture Notes and 2006 Indenture Notes collectively being the “Equal and Ratable Notes”);. 
 No Mortgage Bonds may be issued until the execution and delivery by Mortgagor of this Mortgage to secure the obligations of the Mortgagor to pay the principal of, premium, if any, and interest on, the
Mortgage Bonds (whether now existing or hereinafter issued) and all obligations of the Mortgagor to the Mortgage Bond Trustee under the Mortgage Bond Indenture (such obligations, the “Mortgage Bond Obligations”). 

Pursuant to the provisions of the Equal and Ratable Notes Indentures, the Mortgagor may not create or assume any mortgage, pledge or
other lien or encumbrance upon any Principal Facility (as defined in the Collateral Trust Agreement (as defined below)) or any interest the Mortgagor may have therein, without equally and ratably securing the Equal and Ratable Notes Obligations (as
defined in the Collateral Trust Agreement). 
 All or a substantial portion of the Mortgaged Property (as defined in the
Mortgage Bond Indenture, referred to hereinafter as the “Shared Collateral”), which is intended by the Mortgagor to secure the Mortgage Bond Obligations, consists of Principal Facilities and/or interests of the Mortgagor therein,
and thus is subject to the requirements of the Equal and Ratable Notes Indentures described in the immediately preceding paragraph. 
 As used in this Mortgage, the term “Secured Parties” shall have the meaning given to such term in the Intercreditor and Collateral Trust Agreement dated as of
            , 2013 (the “Collateral Trust Agreement”), by and among the Mortgagor, the Mortgagee, the Mortgage Bond Trustee, the 2006 Indenture Trustee and the 2002
Indenture Trustee. 
 In connection with the Mortgage Bond Indenture, and pursuant to the requirements of the Equal and Ratable
Notes Indentures, the Mortgagor is granting this Mortgage to create a lien on and a security interest in the Mortgaged Property (as hereinafter defined) to secure the performance and payment by the Mortgagor of the Secured Obligations (as
hereinafter defined). 

  
 2 

 Granting Clauses 
 NOW, THEREFORE, IN CONSIDERATION OF the foregoing and to secure the payment of the principal of, premium, if any, and interest, if any, on the Secured Obligations (as defined in the Collateral Trust
Agreement), and in consideration of the premises, the Mortgagor does hereby GRANT, BARGAIN, SELL, WARRANT, RELEASE, CONVEY WITH POWER OF SALE, ASSIGN, TRANSFER, MORTGAGE, PLEDGE, SET OVER AND CONFIRM unto the Mortgagee, all of the Mortgagor’s
interest in (i) the real property, rights and interests in real property described in Exhibit A, together with any greater or additional estate therein as hereafter may be acquired by Mortgagor (the “Land”); (ii) all
improvements now owned or hereafter acquired by Mortgagor, now or at any time situated, placed or constructed upon the Land subject to the Permissible Encumbrances, (the “Improvements”; the Land and Improvements are collectively referred
to as the “Premises”); (iii) all materials, supplies, equipment, apparatus and other items of personal property now owned or hereafter acquired by Mortgagor and now or hereafter attached to, installed in or used in connection
with any of the Improvements or the Land, and water, gas, electrical, telephone, storm and sanitary sewer facilities and all other utilities whether or not situated in easements (the “Fixtures”); (iv) to the extent mortgageable
or assignable all rights, privileges, tenements, hereditaments, rights of way, easements, appendages and appurtenances appertaining to the foregoing; (v) all of Mortgagor’s right, title and interest in and to any awards, damages,
remunerations, reimbursements, settlements or compensation heretofore made or hereafter to be made by any governmental authority pertaining to the Land, Improvements, Fixtures or Personalty (the “Condemnation Awards”); and
(vi) subject to Article XIII of the Mortgage Bond Indenture, all of the property, rights and interests in property in the State of Iowa acquired by the Mortgagor after the date of the execution of this Mortgage which are integral parts of or
used or to be used as integral parts of the electric generating, transmission and distribution operations of the Mortgagor in the Counties of             , State of Iowa, which shall be and
are by the terms hereof fully granted and conveyed by this Mortgage and as fully embraced within the lien created by this Mortgage as if such property, rights and interests in property were now owned by the Mortgagor and were specifically described
herein and conveyed hereby, and all cash, securities, instruments and other property delivered to the Mortgagee by or on behalf of the Mortgagor and/or otherwise held by the Mortgagee as required pursuant to the terms of the Mortgage Bond Indenture,
the Collateral Trust Agreement or the Mortgage (the foregoing property, the “Mortgaged Property”). 

  
 3 

 Notwithstanding anything to the contrary contained in the foregoing, the term
“Mortgaged Property” shall not include any Excepted Property (as defined below); provided, that Mortgagor expressly reserves the right, at any time and from time to time, by one or more Supplemental Mortgages, to subject to the lien
and operation of this Mortgage any part or all of the Excepted Property upon such terms and conditions and subject to such restrictions, limitations and reservations as may be set forth in such Supplemental Mortgage or Supplemental Mortgages.

 As used herein, “Excepted Property” means all of the following described property, whether now owned or hereafter
acquired by the Mortgagor: 
 (i) all cash, shares of stock, bonds, notes and other obligations and securities
(x) not deposited, or required to be deposited, with the Mortgagee by the express provisions of the Mortgage Bond Indenture, the Collateral Trust Agreement or this Mortgage, as applicable or (y) held by the Mortgagee for the benefit of the
2002 Indenture Trustee or the 2006 Indenture Trustee, as applicable, pursuant to the second paragraph of Section 3.01(a) of the Collateral Trust Agreement or any successor or substitute provision; 

(ii) all bills, notes and other instruments, accounts receivable, claims, credits, judgments, demands, general
intangibles, choses in action, permits, franchises, patents, patent applications, patent licenses and other patent rights, trade names, trademarks, and all contracts, leases and agreements of whatsoever kind and nature, not pledged or required to be
pledged with the Mortgagee pursuant to the terms of the Mortgage Bond Indenture; 
 (iii) all merchandise,
equipment, spare parts, tools, materials, supplies and fuel held for sale or lease in the ordinary course of business or for use or consumption in, or in the operation of, any properties of, or for the benefit of, the Mortgagor, or held in advance
of use thereof for maintenance, replacement or fixed capital purposes; 
 (iv) all electricity, gas, steam, water
and other materials, products or services generated, manufactured, produced, provided or purchased by the Mortgagor for sale or distribution or used or to be used by the Mortgagor; 

(v) all railcars, aircraft, watercraft, automobiles, buses, trucks, tractors, trailers and similar vehicles and movable
equipment, and all components, spare parts, accessories, supplies and fuel used or to be used in connection with any of the foregoing; 

  
 4 

 (vi) all office furniture and office equipment; 

(vii) all leasehold interests and leasehold improvements; 

(viii) the last day of the term of any lease or leasehold now owned or hereafter acquired by the Mortgagor which is
specifically subjected to the lien of this Mortgage; 
 (ix) all timber, crops, sand, gravel, rocks, earth,
natural gas, oil, coal, uranium and other minerals, products or components of land and minerals, harvested, mined or extracted from or otherwise separated from the earth, or lying or being upon, within or under any properties of the Mortgagor,
including Mortgaged Property, and timber, crops, sand, gravel, rocks, earth, natural gas, oil, coal, uranium and other land and mineral rights, leases and royalties and income therefrom, and rights to explore for minerals; 

(x) except as the same may be specifically subjected to the lien of this Mortgage, all nuclear fuel, cores and materials;

 (xi) all satellites and other equipment and materials used or to be used in outer space; all business
machines; all communications equipment; all computer equipment; all record production, storage and retrieval equipment; all telephone equipment; and all components, spare parts, accessories, programs and supplies used or to be used in connection
with any of the foregoing; 
 (xii) all real or personal property which meets all of the following conditions:

 (A) is not specifically described in Exhibit A to this Mortgage, 

(B) is not specifically subjected or required to be subjected to the lien of this Mortgage by any express provision of
this Mortgage or the Mortgage Bond Indenture, and 
 (C) is not an integral part of or used or to be used
(I) as an integral part of the electric generating, transmission and distribution operations of the Mortgagor in the State of Iowa, or (II) in connection with the operation of any property specifically subjected or required to be subjected to
the lien of this Mortgage by the express provisions of this Mortgage or the Mortgage Bond Indenture; 

  
 5 

 (xiii) all real and personal property which is not in the State of Iowa;

 (xiv) the franchise of the Mortgagor to be a corporation; and 

(xv) all books and records. 
 TO HAVE AND TO HOLD the Mortgaged Property unto the Mortgagee, its successors and assigns, for the ratable benefit of the Secured Parties, forever, subject to Permissible Encumbrances (as such term is
defined in the Mortgage Bond Indenture) and to satisfaction and release or assignment as provided in Section 3.04. 

ARTICLE I 

Covenants of Mortgagor 
 Mortgagor agrees, covenants, represents and/or warrants as follows: 
 SECTION
1.01. Due Execution, Delivery and Enforceability. Mortgagor represents and warrants to the Mortgagee that this Mortgage has been duly executed and delivered by the Mortgagor and constitutes a legal, valid and binding obligation of the
Mortgagor, enforceable in accordance with its terms. 
 SECTION 1.02. Title. The Mortgagor represents and warrants to the
Mortgagee that (a) except for the Permissible Encumbrances (as defined in the Mortgage Bond Indenture) Mortgagor owns the Mortgaged Property free and clear of any liens and (b) this Mortgage creates valid, enforceable first priority liens
and security interests (subject to Permissible Encumbrances) against the Mortgaged Property. 
 SECTION 1.03. First Lien
Status. The Mortgagor shall preserve and protect the first lien and security interest status (subject to Prior Liens permitted by the Mortgage Bond Indenture and other Permissible Encumbrances) of this Mortgage to the extent related to the
Mortgaged Property. 
 SECTION 1.04. Payment and Performance. The Mortgagor shall pay the Secured Obligations when due
and perform its obligations under the Mortgage Bond Indenture and Equal and Ratable Bond Indentures, as applicable. 
 SECTION
1.05. Mortgagor’s Possession and Use. Subject to the terms of the Mortgage Bond Indenture, the Mortgagor shall be suffered and permitted to possess, enjoy, use and operate the Mortgaged Property (except cash or securities paid to or
deposited with or required by the express terms of this Mortgage or the Mortgage Bond Indenture to be paid to or deposited with 

  
 6 

 
the Mortgagee) and to take and use any and all tolls, rents, revenues, earnings, interest, dividends, royalties, issues, income and profits thereof, as if this Mortgage had not been made, with
power in the ordinary course of business to alter, repair, change and add to its buildings, structures and any or all of its plant and equipment constructed or owned or hereafter constructed or acquired by the Mortgagor, and hereby granted,
bargained, sold, warranted, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed, to the Mortgagee, or intended so to be, all in accordance with usual and customary practice in similar types of transactions.

 SECTION 1.06. Actions Without Consent. The Mortgagor may at any time and from time to time, without any release or
consent by the Mortgage Bond Trustee or the Mortgagee, take any action set forth in Section 10.02 of the Mortgage Bond Indenture. 
 SECTION 1.07. Inspection. In each and every case of an Event of Default, and during the continuance thereof, the Mortgagee directly or by its agents or attorney may, to the extent permitted by law,
enter upon the Property; may exclude the Mortgagee and its agents and employees wholly therefrom; either directly or by its receivers, agents, employees or attorneys, may use, operate, manage and control the Mortgaged Property, and conduct the
business of the Mortgaged Property in any reasonable manner; may make all repairs, renewals, replacements and useful alterations, additions, betterments and improvements to the Mortgaged Property as the Mortgagee may deem necessary and proper; may
manage and operate the Mortgaged Property and exercise all rights and powers of the Mortgagor in respect thereof, and be entitled to collect and receive all tolls, earnings, income, rents, issues and profits thereof and apply the same as provided in
the Collateral Trust Agreement. 
 SECTION 1.08. Release of Certain Mortgaged Property. Subject to the Mortgagor’s
satisfaction of the conditions set forth in Sections 10.03, 10.04, 10.05 or 10.06 of the Mortgage Bond Indenture, as applicable, upon direction from the Mortgage Bond Trustee from time to time, the Mortgagee shall, at the Mortgagor’s expense,
execute and deliver to the Mortgagor the documents and instruments described in Sections 10.03(a), 10.04(a), 10.05(a)(i) or 10.06(a)(i), as applicable, of the Mortgage Bond Indenture, releasing from the Lien of the Mortgage any Mortgaged Property
for which the conditions set forth in Sections 10.03, 10.04, 10.05 and/or 10.06 of the Mortgage Bond Indenture have been satisfied. 
 SECTION 1.09. Substituted Property. All rights and property (other than cash) acquired by the Mortgagor by exchange or purchase to take the place of, or in consideration for, any Mortgaged Property
surrendered, modified, released (other than pursuant to Section 10.05, 

  
 7 

 
Section 10.06 or Section 10.07 of the Mortgage Bond Indenture) or sold, under this Mortgage and the Mortgage Bond Indenture, shall forthwith and without further conveyance, transfer or
assignment become subject to the Lien of this Mortgage; and the Mortgagor, to the extent necessary to comply with any applicable legal requirements for the full protection of the Secured Parties, will grant, bargain, sell, warrant, release, convey,
assign, transfer, mortgage, pledge, set over and confirm any and all such property to the Mortgagee, by proper deeds or other instruments, which the Mortgagor will duly record and file, and rerecord and refile, in all places required for the proper
protection of the Secured Parties, upon the trusts and for the purposes of this Mortgage and the Mortgage Bond Indenture. 

SECTION 1.10. Security Agreement. This Mortgage is both a mortgage of real property and a grant of a security interest in personal
property, and shall constitute and serve as a “Security Agreement” within the meaning of the uniform commercial code as adopted in the state wherein the Premises are located (“UCC”) and other applicable law. The Mortgagor
has hereby granted unto the Mortgagee a security interest in and to all the Mortgaged Property owned by the Mortgagee described in this Mortgage that is not real property (“Personal Property”). The Mortgagor hereby appoints the
Mortgagee and its successors and assigns, as its true and lawful attorney-in-fact and agent, which agency is coupled with an interest and with fully power of substitution, for the Mortgagor and in its name, place and stead, in any and all
capacities, after the occurrence and continuation of an Event of Default (as such term is defined in the Collateral Trust Agreement), to execute any document and to file the same in the appropriate offices (to the extent it may lawfully do so), and
to perform each and every act and thing reasonably requisite and necessary to be done to perfect the security interest contemplated by the preceding sentence. The Mortgagee shall have all rights and remedies with respect to the part of the Mortgaged
Property that is the subject of a security interest afforded by the UCC in addition to, but not in limitation of, the other rights afforded the Mortgagee hereunder. 
 SECTION 1.11. Filing and Recording. The Mortgagor will cause this Mortgage and any other security instrument creating a security interest in or evidencing the lien hereof upon the Mortgaged
Property and each instrument of further assurance reasonably necessary to create, perfect and preserve Mortgagee’s security interest hereunder, to be filed, registered or recorded and, if necessary, refiled, rerecorded and reregistered, in such
manner and in such places as may be required by any present or future law in order to publish notice of and fully to perfect the lien hereof upon, and the security interest of the Mortgagee in, the Mortgaged Property until this Mortgage is
terminated and released in full in accordance with Section 3.04. The Mortgagor will pay all filing, registration and recording fees, all Federal, state, county and municipal recording, documentary or intangible taxes and other taxes, duties,
imposts, assessments and charges, and all reasonable expenses incidental to 

  
 8 

 
or arising out of or in connection with the execution, delivery and recording of this Mortgage, UCC continuation statements any mortgage supplemental hereto, any security instrument or any
instrument of further assurance. 
 SECTION 1.12. Further Assurances. The Mortgagor will, at the cost of the Mortgagor
and without expense to the Mortgagee, do, execute, acknowledge and deliver all such further acts, deeds, conveyances, mortgages, assignments, notices of assignment, transfers and assurances as required or as the Mortgagee shall from time to time
reasonably require for the better assuring, conveying, assigning, transferring and confirming unto the Mortgagee the property and rights hereby conveyed or assigned or intended now or hereafter so to be, or which the Mortgagor may be or may
hereafter become bound to convey or assign to the Mortgagee, or for carrying out the intention or facilitating the performance of the terms of this Mortgage, or for filing, registering or recording this Mortgage, and on written demand, the Mortgagor
will also execute and deliver and hereby appoints the Mortgagee (and its successors and assigns) as its true and lawful attorney-in-fact and agent, which agency is coupled with an interest and with full power of substitution, upon the occurrence and
continuation of an Event of Default, for the Mortgagor and in its name, place and stead, in any and all capacities, to execute and file to the extent it may lawfully do so (provided that the Mortgagee shall not be required to do so), one or more
financing statements, chattel mortgages or comparable security instruments reasonably required to evidence more effectively the lien hereof upon the personal property and to perform each and every act and thing requisite and necessary to be done to
accomplish the same. 
 SECTION 1.13. Additions to Mortgaged Property. Subject to the limitations set forth in the
Mortgage Bond Indenture, all right, title and interest of the Mortgagor in and to all extensions, improvements, betterments, renewals, substitutions and replacements of, and all additions and appurtenances to, the Mortgaged Property hereafter
acquired by or released to the Mortgagor or constructed, assembled or placed by the Mortgagor upon the Mortgaged Property, and all conversions of the security constituted thereby, immediately upon such acquisition, release, construction, assembling,
placement or conversion, as the case may be, and in each such case without any further mortgage, conveyance, assignment or other act by the Mortgagor, shall become subject to the lien and security interest of this Mortgage as fully and completely
and with the same effect as though now owned by the Mortgagor and specifically described in the grant of the Mortgaged Property above, but at any and all times the Mortgagor will execute and deliver to the Mortgagee any and all such further
assurances, mortgages, deeds of trust, conveyances or assignments thereof as reasonably necessary for the purpose of expressly and specifically subjecting the same to the lien and security interest of this Mortgage. 

  
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 SECTION 1.14. No Claims Against Mortgagee. Nothing contained in this Mortgage shall
constitute any consent or request by the Mortgagee, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Mortgaged Property or any part thereof, nor as giving the
Mortgagor any right, power or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Mortgagee in respect
thereof. 
 SECTION 1.15. Receiver, Trustee, Etc. In case a receiver or trustee of the Mortgagor, or of all or a
substantial part of the Mortgaged Property or business of the Mortgagor, shall be lawfully appointed, all acts or requests which the Mortgagor may do or make under the foregoing provisions of this Article I or Article X of the Mortgage Bond
Indenture may be done or made by such receiver or trustee. In case the Mortgagee shall be in possession of the Mortgaged Property under this Mortgage, the Mortgagee in its absolute discretion, without any action or request by the Mortgagor or any
receiver or trustee, and without thereby limiting any other right or power of the Mortgagee, may take any action authorized by this Mortgage to be taken by the Mortgagor, by the Mortgagor and the Mortgagee or by the Mortgagee on the request of the
Mortgagor notwithstanding the continuance of any Event of Default. 
 SECTION 1.16. Covenants Running with the Land. All
Secured Obligations contained in this Mortgage are intended by the Mortgagor and the Mortgagee to be, and shall be construed as, covenants running with the Mortgaged Property. As used herein, “Mortgagor” shall refer to the party named in
the first paragraph of this Mortgage and to any subsequent owner of all or any portion of the Mortgaged Property. All Persons who may have or acquire an interest in the Mortgaged Property shall be deemed to have notice of, and be bound by, the terms
of the Mortgage Bond Indenture, the Collateral Trust Agreement and the Equal and Ratable Bond Indentures; however, no such party shall be entitled to any rights thereunder without the prior written consent of Mortgagee. In addition, all of the
covenants of the Mortgagor in the Mortgage Bond Indenture are incorporated herein by reference and, together with covenants in this Section, shall be covenants running with the land. 

SECTION 1.17. Fixture Filing. (a) Certain portions of the Mortgaged Property are or will become “fixtures” (as that
term is defined in the UCC), upon being filed for record in the real estate records of the county wherein such fixtures are situated, shall operate also as a financing statement filed as a fixture filing in accordance with the applicable provisions
of the UCC upon such portions of the Mortgaged Property that are or become fixtures. 

  
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 (b) The real property to which the fixtures relate is described in Exhibit A attached
hereto. The record owner of the real property described in Exhibit A attached hereto is the Mortgagor. The name, type of organization and jurisdiction of organization of the debtor for purposes of this financing statement are the name, type
of organization and jurisdiction of organization of the Mortgagor set forth in the first paragraph of this Mortgage, and the name of the secured party for purposes of this financing statement is the name of the Mortgagee set forth in the first
paragraph of this Mortgage. The mailing address of the Mortgagor/debtor is the address of the Mortgagor set forth in the first paragraph of this Mortgage. The mailing address of the Mortgagee/secured party from which information concerning the
security interest hereunder may be obtained is the address of the Mortgagee set forth in the first paragraph of this Mortgage. The Mortgagor’s business identification number assigned by the Office of the Secretary of State of the State of Iowa
is 177228. The Mortgagor shall inform the Mortgagee (and take any steps required by Sections 1.11 and 1.12) if any of the Mortgagor’s information set forth in this subparagraph (b) shall change. 

ARTICLE II 

Defaults and Remedies 
 SECTION 2.01. Events of Default. Any Event of Default under the Collateral Trust Agreement (as such term is defined therein) shall constitute an event of default (an “Event of
Default”) under this Mortgage. 
 SECTION 2.02. Rights to Take Possession, Operate and Apply Revenues.
(a) If an Event of Default shall occur and be continuing, after the expiration of any notice and cure periods as set forth in the Mortgage Bond Indenture, the Mortgagor shall, within ten (10) days of demand of the Mortgagee, forthwith
surrender to the Mortgagee actual possession of the Mortgaged Property and, if and to the extent not prohibited by applicable law, the Mortgagee may itself, or by such officers or agents as it may appoint, enter and take exclusive possession of all
the Mortgaged Property and of all books, records and accounts relating thereto or located thereon without the appointment of a receiver or an application therefor and exclude the Mortgagor and its agents and employees wholly therefrom. 

(b) If the Mortgagor shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof in accordance with the
terms hereof, the Mortgagee may invoke any 

  
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legal remedies to dispossess the Mortgagor. The Mortgagor will pay to the Mortgagee, upon demand, all reasonable documented and out of pocket expenses of obtaining such judgment or decree,
including compensation to the Mortgagee’s attorneys (excluding internal counsel) and agents; and all such expenses and compensation shall, until paid, be secured by this Mortgage. 

(c) In each and every Event of Default, and during the continuance thereof, the Mortgagee directly or by its agents or attorney may, to
the extent permitted by law, enter upon the Mortgaged Property; may exclude the Mortgagor and its agents and employees wholly therefrom; either directly or by its receivers, agents, employees or attorneys, may use, operate, lease, manage and control
the Mortgaged Property, and conduct the business of the Mortgaged Property in any reasonable manner; may make all repairs, renewals, replacements and useful alterations, additions, betterments and improvements to the Mortgaged Property as the
Mortgagee may deem necessary and proper; may manage and operate the Mortgaged Property and exercise all rights and powers of the Mortgagor in respect thereof, and be entitled to collect and receive all tolls, earnings, income, rents, issues and
profits thereof; and, after deducting all expenses incurred hereunder and all payments which may be made for taxes, assessments, insurance and prior or other proper charges upon the Mortgaged Property or any part thereof, as well as compensation for
the services of the Mortgagee, its agents, employees, attorneys (excluding internal counsel) and receivers, the Mortgagee shall apply the moneys it obtains from the foregoing in accordance with the Collateral Trust Agreement. 

(d) If at any time after the principal of the Mortgage Bonds, 2002 Indenture Notes and 2006 Indenture Notes shall have been so declared
due and payable and before any sale of the Mortgaged Property shall have been made pursuant to this Section 2.02, all arrears of interest upon all of such Mortgage Bonds, 2002 Indenture Notes and 2006 Indenture Notes, with interest upon overdue
installments of interest at the same rates respectively as were borne by the respective Mortgage Bonds, 2002 Indenture Notes and 2006 Indenture Notes on which installments of interest were overdue, shall either be paid by the Mortgagor or be
collected out of the Mortgaged Property, and all Events of Default shall have been remedied, then the Mortgage Bond Trustee, by written notice to the Mortgagor and to the Mortgagee, may rescind such declaration and its consequences; but no such
rescission shall extend to or affect any subsequent Event of Default, or impair any right consequent thereon. 
 SECTION 2.03.
Right to Cure the Mortgagor’s Failure to Perform. Should the Mortgagor fail in the payment, performance or observance of any term, covenant or condition required by this Mortgage or the Mortgage Bond Indenture (but only with respect to
the 

  
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Mortgaged Property), after the expiration of any applicable cure period set forth herein or the Mortgage Bond Indenture, the Mortgagee may pay, perform or observe the same, and all payments made
or costs or expenses incurred by the Mortgagee in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by the Mortgagor to the Mortgagee with interest thereon. The Mortgagee is hereby empowered to enter and
to authorize others to enter upon the Mortgaged Property or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without having any obligation to so perform or observe and without thereby
becoming liable to the Mortgagor, to any person in possession holding under the Mortgagor or to any other person, other than as determined to have been caused by the Mortgagee’s own gross negligence or willful misconduct. In connection with any
such entry, the Mortgagee shall provide prior written notice, enter during regular business hours (except in the case of an emergency) and use commercially reasonable efforts not to interrupt the Mortgagor’s operations at the Mortgaged
Property. 
 SECTION 2.04. Right to a Receiver. During the continuance of an Event of Default, upon application to a
court of competent jurisdiction or as otherwise required by applicable law and without notice, a receiver may be appointed to take possession of, and to operate, maintain and manage, the whole or any part of the Mortgaged Property, and the Mortgagor
shall transfer and deliver to such receiver all such Mortgaged Property, wheresoever it may be situated; and in every case, when a receiver of the whole or of any part of such Mortgaged Property shall be appointed under this Section 2.04, or
otherwise, the net income and profits of such Mortgaged Property shall be paid over to, and shall be received by, the Mortgagee. Any receiver so appointed shall have all of the rights and powers permitted under the laws of the state wherein the
Mortgaged Property is located, including the full power to rent, maintain and otherwise operate the Mortgaged Property upon such terms as may be approved by the court. The Mortgagor shall pay to the Mortgagee upon demand all reasonable documented
and out of pocket expenses, including receiver’s fees, reasonable attorney’s fees (excluding internal counsel) and disbursements, costs and agent’s compensation incurred pursuant to the provisions of this Section 2.04; and all
such expenses shall be secured by this Mortgage and shall be, without demand, immediately repaid by the Mortgagor to the Mortgagee. 
 SECTION 2.05. Foreclosure and Sale. (a) If an Event of Default shall occur and be continuing, after the expiration of any notice and cure periods set forth herein or the Mortgage Bond
Indenture, the Mortgagee may elect to institute proceedings for the complete foreclosure of this Mortgage, either by judicial action or by power of sale, in which case the Mortgaged Property may be sold for cash or credit in one or more parcels.
With respect to any notices 

  
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required or permitted under the UCC, the Mortgagor agrees that ten (10) days’ prior written notice shall be deemed commercially reasonable. At any such sale by virtue of any judicial
proceedings, power of sale, or any other legal right, remedy or recourse, the title to and right of possession of any such property shall pass to the purchaser thereof, and to the fullest extent permitted by law, the Mortgagor shall be completely
and irrevocably divested of all of its right, title, interest, claim, equity, equity of redemption, and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity
against the Mortgagor, and against all other Persons claiming or to claim the property sold or any part thereof, by, through or under Mortgagor. 
 (b) In case of any sale of any Mortgaged Property, any holder of Mortgage Bonds or the Mortgagee, may bid for and purchase any Mortgaged Property, and, upon compliance with the terms of sale, may hold,
retain, possess and dispose of such Mortgaged Property in absolute right of such holder or the Mortgagee, without further accountability, and shall be entitled, for the purpose of making settlement or payment for the Mortgaged Property purchased, to
use and apply any Mortgage Bonds by presenting such Mortgage Bonds, in order that there may be credited thereon the sum apportionable and applicable thereto out of the net proceeds of such sale; and thereupon such purchaser shall be credited on
account of such purchase price, with the sum apportionable and applicable out of such net proceeds to the payment of or as credit on the outstanding Mortgage Bonds so presented. 

(c) From time to time the Mortgagee, or other person acting in any sale of Mortgaged Property to be made under this Mortgage, may adjourn
such sale by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and without further notice or publication, such sale may be made at the time and place to which such sale shall be so adjourned. 

(d) Upon the completion of any sale of any Mortgaged Property under or by virtue of this Mortgage, the Mortgagee shall execute and
deliver on behalf of the Mortgagor and itself, as Mortgagee, to the purchaser a sufficient deed or other instruments conveying, assigning and transferring such Mortgaged Property free from the lien of this Mortgage. The Mortgagee and its successors
are hereby appointed the attorneys of the Mortgagor, in its name and stead, to make all necessary conveyances, assignments and transfers of Mortgaged Property, including customary representations and warranties, and for that purpose may execute all
necessary deeds and instruments of conveyance, assignment and transfer, and may substitute one or more persons with similar power, the Mortgagor hereby ratifying and confirming all that its attorneys, or such

  
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substitute or substitutes, shall do by virtue hereof. Nevertheless, the Mortgagor, if so requested by the Mortgagee, shall join in the execution and delivery of such conveyances, assignments and
transfers. Any such sale of Mortgaged Property made under or by virtue of this Mortgage; whether under the power of sale herein granted or pursuant to judicial proceedings, shall be deemed to have been sold at a commercially reasonable price and
shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the Mortgagor and the Mortgagee hereunder, in and to the Mortgaged Property sold, and shall be a perpetual bar, both at law and in equity, against
the Mortgagor, its successors and assigns, and against any and all persons claiming or to claim the Mortgaged Property sold or any part thereof, from, through or under the Mortgagor or its successors or assigns or this Mortgage. 

(e) The Mortgaged Property may be sold subject to unpaid taxes and Permissible Encumbrances, and, after deducting all costs, fees and
expenses of the Mortgagee (including costs of evidence of title in connection with the sale), the Mortgagee or an officer that makes any sale shall apply the proceeds of sale in the manner set forth in Section 2.07. 

(f) Any foreclosure or other sale of less than the whole of the Mortgaged Property or any defective or irregular sale made hereunder
shall not exhaust the power of foreclosure or of sale provided for herein; and subsequent sales may be made hereunder until the Secured Obligations have been satisfied, or the entirety of the Mortgaged Property has been sold. 

(g) If an Event of Default shall occur and be continuing, the Mortgagee may instead of, or in addition to, exercising the rights
described in Section 2.05(a) above and either with or without entry or taking possession as herein permitted, proceed by a suit or suits in law or in equity or by any other appropriate proceeding or remedy (i) to specifically enforce the
performance of any term, covenant, condition or agreement of this Mortgage or any other right, or (ii) to pursue any other remedy available to the Mortgagee under applicable law, all as the Mortgagee shall determine most effectual for such
purposes. 
 SECTION 2.06. Other Remedies. (a) In case an Event of Default shall occur and be continuing, the
Mortgagee may also exercise, to the extent not prohibited by law, any or all of the remedies available to a secured party under the UCC, rights and recourses granted in the Mortgage Bond Indenture and the Collateral Trust Agreement and available at
law or in equity (including under the UCC), which rights (a) shall be cumulative and concurrent, (b) may be pursued separately, successively or concurrently against the Mortgagor under the Mortgage Bond Indenture, or against the Mortgaged
Property, or against any one or more of them, at the sole discretion of Mortgagee, (c) may be exercised as often as occasion therefor shall arise, and the 

  
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exercise or failure to exercise any of them shall not be construed as a waiver or release thereof or of any other right, remedy or recourse, and (d) are intended to be, and shall be,
nonexclusive. No action by Mortgagee in the enforcement of any rights, remedies or recourses under the Mortgage Bond Indenture or otherwise at law or equity shall be deemed to cure any Event of Default. 

(b) In connection with a sale of the Mortgaged Property or any personal property and the application of the proceeds of sale as provided
in Section 2.07, the Mortgagee shall be entitled to enforce payment of and to receive up to the principal amount of the Secured Obligations, plus all other charges, payments and costs due under this Mortgage, and to recover a deficiency
judgment for any portion of the aggregate principal amount of the Secured Obligations remaining unpaid, with interest. 

SECTION 2.07. Application of Sale Proceeds. (a) If an Event of Default shall have occurred and be continuing, at any time at
the Mortgagee’s election, the Mortgagee may apply all or any part of the net cash proceeds of Shared Collateral realized through the exercise by the Mortgagee of its remedies hereunder, whether or not held in any Collateral Account, in payment
of the Secured Obligations as provided in the Collateral Trust Agreement. 
 (b) The Mortgagee shall have absolute discretion as
to the time of application of any such proceeds, moneys or balances in each case in accordance with and subject to the requirements of the Collateral Trust Agreement. The receipt by the Mortgagee or other authorized person of money paid for the
purchase of Mortgaged Property shall be a sufficient discharge to any purchaser of such Mortgaged Property; and no such purchaser or the representative, grantee or assignee of such purchaser, after paying such purchase money and receiving such
receipt, shall be affected by, or in any manner answerable for, any loss, misapplication or non-application of such purchase money, or be bound to inquire as to the authorization, necessity, expediency or regularity of such sale. 

SECTION 2.08. Mortgagor as Tenant Holding Over. If the Mortgagor remains in possession of any of the Mortgaged Property after any
foreclosure sale by the Mortgagee, at the Mortgagee’s election the Mortgagor shall be deemed a tenant holding over and shall forthwith surrender possession to the purchaser or purchasers at such sale or be summarily dispossessed or evicted,
forcibly or otherwise, with or without process of law, according to provisions of law applicable to tenants holding over. 

SECTION 2.09. Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws. The Mortgagor waives, to the extent not
prohibited by law, (a) the benefit of all laws now 

  
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existing or that hereafter may be enacted (i) providing for any appraisement or valuation of any portion of the Mortgaged Property and/or (ii) in any way extending the time for the
enforcement or the collection of amounts due under any of the Secured Obligations or creating or extending a period of redemption from any sale made in collecting such debt or any other amounts due the Mortgagee; (b) any right to at any time
insist upon, plead, claim or take the benefit or advantage of any law now or hereafter in force providing for any homestead exemption, stay, statute of limitations, extension or redemption, or sale of the Mortgaged Property as separate tracts, units
or estates or as a single parcel in the event of foreclosure or notice of deficiency; and (c) all rights of redemption (both statutory and equitable), valuation, appraisement, stay of execution, notice of election to mature or declare due the
whole of or each of the Secured Obligations and marshaling in the event of foreclosure of this Mortgage. 
 SECTION 2.10.
Discontinuance of Proceedings. In case the Mortgagee shall have proceeded to enforce any right under this Mortgage by foreclosure, entry or otherwise, and such proceeding shall have been discontinued or abandoned because of a waiver, or for
any other reason, or shall have been determined adversely to the Mortgagee, then and in every such case the Mortgagor and the Mortgagee shall be restored to their former positions and rights hereunder in respect of the Mortgaged Property; and all
rights, remedies and powers of the Mortgagee shall continue as though no such proceeding had been taken, but no such discontinuance or abandonment shall waive any Event of Default which may then exist or the right of the Mortgagee thereafter to
exercise any right, remedy or recourse under the Mortgage Bond Indenture or Collateral Trust Agreement for such Event of Default. 
 SECTION 2.11. Suits to Protect the Mortgaged Property. The Mortgagee shall have power to institute and to maintain such suits and proceedings as it may be advised shall be necessary or expedient to
prevent any impairment of the lien of this Mortgage by any acts of the Mortgagor, or of others, in violation of this Mortgage or which are unlawful, or as the Mortgagee may be advised shall be necessary or expedient to preserve and to protect its
interests and the security and interests of the holders of the Mortgage Bonds, 2002 Indenture Notes and 2006 Indenture Notes in respect of the Mortgaged Property, or in respect of the income, earnings, rents, issues and profits thereof, including
power to institute and to maintain suits or proceedings to restrain the enforcement of, or compliance with, or the observance of, any legislative or other governmental enactment, rule or order which may be unconstitutional or otherwise invalid, if
the enforcement of, or compliance with, or observance of, such enactment, rule or order would impair the lien of this Mortgage or be prejudicial to the interests of the Mortgage Bonds, 2002 Indenture Notes, 2006 Indenture Notes or the Mortgagee,
provided that the Mortgagee shall have no obligation to exercise such power. 

  
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 SECTION 2.12. Possession by Mortgagee. Notwithstanding the appointment of any
receiver, liquidator or trustee of the Mortgagor, any of its property or the Mortgaged Property, the Mortgagee shall be entitled, to the extent not prohibited by law, to remain in possession and control of all parts of the Mortgaged Property now or
hereafter granted under this Mortgage to the Mortgagee in accordance with the terms hereof and applicable law. 
 SECTION 2.13.
Waiver. (a) No delay or failure by the Mortgagee to exercise any right, power or remedy accruing upon any breach or Event of Default shall exhaust or impair any such right, power or remedy or be construed to be a waiver of any such
breach or Event of Default or acquiescence therein; and every right, power and remedy given by this Mortgage to the Mortgagee may be exercised from time to time and as often as may be deemed expedient by the Mortgagee. No consent or waiver by the
Mortgagee to or of any breach or Event of Default by the Mortgagor in the performance of the Secured Obligations shall be deemed or construed to be a consent or waiver to or of any other breach or Event of Default in the performance of the same or
of any other Secured Obligations by the Mortgagor hereunder. No failure on the part of the Mortgagee to complain of any act or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall constitute a
waiver by the Mortgagee of its rights hereunder or impair any rights, powers or remedies consequent on any future Event of Default by Mortgagor. 
 (b) Even if the Mortgagee (i) grants some forbearance or an extension of time for the payment of any sums secured hereby, (ii) takes other or additional security for the payment of any sums
secured hereby, (iii) waives or does not exercise some right granted herein, (iv) releases a part of the Mortgaged Property from this Mortgage, (v) agrees to change some of the terms, covenants, conditions or agreements of the
Mortgage Bond Indenture, (vi) consents to the filing of a map, plat or replat affecting the Mortgaged Property, (vii) consents to the granting of an easement or other right affecting the Mortgaged Property or (viii) makes or consents
to an agreement subordinating the Mortgagee’s lien on the Mortgaged Property hereunder; no such act or omission shall preclude the Mortgagee from exercising any other right, power or privilege herein granted or intended to be granted in the
event of any breach or Event of Default then made or of any subsequent default; nor, except as otherwise expressly provided in an instrument executed by the Mortgagee, shall this Mortgage be altered thereby. In the event of the sale or transfer by
operation of law or otherwise of all or part of the Mortgaged Property, the Mortgagee 

  
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is hereby authorized and empowered to deal with any vendee or transferee with reference to the Mortgaged Property secured hereby, or with reference to any of the terms, covenants, conditions or
agreements hereof, as fully and to the same extent as it might deal with the original parties hereto and without in any way releasing or discharging any liabilities, obligations or undertakings. 

SECTION 2.14. Mortgagee May File Proofs of Claims. The Mortgagee may file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the Mortgagee and of the holders of the Mortgage Bonds, 2002 Indenture Notes or 2006 Indenture Notes allowed in any judicial proceedings relative to the Mortgagor, its creditors or
Mortgaged Property. Nothing contained in this Mortgage shall be deemed to authorize the Mortgagee to authorize or consent to or accept or adopt on behalf of any holder of Mortgage Bonds, 2002 Indenture Notes or 2006 Indenture Notes, any plan of
reorganization, arrangement, adjustment or composition affecting the Mortgage Bonds, 2002 Indenture Notes, 2006 Indenture Notes or any holder thereof, or to authorize the Mortgagee to vote in respect of the claim of any holder of Mortgage Bonds,
2002 Indenture Notes or 2006 Indenture Notes in any such proceeding. 
 SECTION 2.15. Mortgagee May Enforce Rights. All
rights of action under this Mortgage may be enforced by the Mortgagee without the possession of any Mortgage Bond, 2002 Indenture Note or 2006 Indenture Note or the production thereof at trial or other proceedings relative thereto, and any such suit
or proceedings instituted by the Mortgagee shall be brought in its own name, and any recovery of judgment shall be for the ratable benefit of the holders of the Mortgage Bonds, 2002 Indenture Notes or 2006 Indenture Notes. 

SECTION 2.16. Payment of Litigation Expenses. Each holder of any Mortgage Bond or any Equal and Ratable Note, its acceptance
hereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Mortgage, or in any suit against the Mortgagee for any action taken or omitted by it as Mortgagee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess costs, including attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but this Section 2.19 shall not apply to any suit instituted by the Mortgagee, to any suit instituted by any holders having more than 10% in aggregate principal amount
of outstanding Mortgage Bonds, 2002 Indenture Notes or 2006 Indenture Notes, or to any suit instituted by any holder for the enforcement of the payment of the principal of, premium, if any, or interest, if any, on any Mortgage Bond, 2002 Indenture
Note or 2006 Indenture Note on or after the respective due dates expressed therein. 

  
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 ARTICLE III 
 Miscellaneous 
 SECTION 3.01. Partial Invalidity. In the event any one or
more of the provisions contained in this Mortgage shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall, at the option of the Mortgagee, not affect any other
provision of this Mortgage, and this Mortgage shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein. 
 SECTION 3.02. Notices. All notices and communications hereunder shall be in writing and given to the Mortgagor and the Mortgagee in accordance with the terms of the Mortgage Bond Indenture at the
address set forth on the first page of this Mortgage. 
 SECTION 3.03. Successors and Assigns. All of the grants,
covenants, terms, provisions and conditions herein shall run with the Mortgaged Property and shall apply to, bind and inure to, the benefit of the permitted successors and assigns of the Mortgagor and the successors and assigns of the Mortgagee. The
Mortgagor shall not, without the prior written consent of the Mortgagee, assign any rights, duties or obligations hereunder except as otherwise permitted by the Mortgage Bond Indenture or Collateral Trust Agreement. 

SECTION 3.04. Satisfaction and Cancellation. (a) The conveyance to the Mortgagee of the Mortgaged Property as security
created and consummated by this Mortgage shall be null and void upon payment in full of all Secured Obligations. 
 (b) Upon a
sale or financing by the Mortgagor of all or any portion of the Mortgaged Property in accordance with the Mortgage Bond Indenture and Collateral Trust Agreement and the application of the net cash proceeds of such sale or financing in accordance
with the terms of the Mortgage Bond Indenture and/or Collateral Trust Agreement, (i) the Mortgagee, at the Mortgagor’s expense, shall release the liens and security interests of this Mortgage as to the applicable portion of the Mortgaged
Property; and (ii) upon the Mortgagor’s written request, the Mortgagee shall deliver an assignment of this Mortgage in proper form for recording, to the 

  
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Mortgagor or to any person at the Mortgagor’s direction, without recourse to the Mortgagee and without any representation or warranty by the Mortgagee other than that the Mortgagee is the
Mortgagee under the Mortgage, that it has not assigned, encumbered or otherwise transferred the Mortgage or any part thereof, and the Mortgagee has the authority to assign the Mortgage to the assignee thereof, and the Mortgagee shall deliver to the
Mortgagor a payoff letter or similar writing as of the date of such assignment; provided, however, that the Mortgagee shall have received at the time of, and with respect to such satisfaction or assignment, reimbursement of all reasonable out of
pocket costs actually incurred by the Mortgagee in preparing and delivering such satisfaction or assignment. 
 (c) In
connection with any termination or release pursuant to paragraph (a), the Mortgage shall be marked “satisfied” by the Mortgagee, and this Mortgage shall be canceled of record at the request and at the expense of the Mortgagor. The
Mortgagee shall execute any documents reasonably requested by the Mortgagor to accomplish the foregoing or to accomplish any release contemplated by this Section 3.04 and the Mortgagor will pay all reasonable and documented out of pocket costs
and expenses, including reasonable attorneys’ fees (excluding internal counsel), disbursements and other charges, incurred by the Mortgagee in connection with the preparation and execution of such documents. 

SECTION 3.05. Definitions. As used in this Mortgage, the singular shall include the plural as the context requires and the
following words and phrases shall have the following meanings: (a) “including” shall mean “including but not limited to;” (b) “provisions” shall mean “provisions, terms, covenants and/or conditions;”
(c) “lien” shall mean “lien, charge, encumbrance, security interest, mortgage or Mortgage;” (d) “obligation” shall mean “obligation, duty, covenant and/or condition;” and (e) “any of the
Mortgaged Property” shall mean “the Mortgaged Property or any part thereof or interest therein.” Any act that the Mortgagee is permitted to perform hereunder may be performed at any time and from time to time by the Mortgagee or any
person or entity designated by the Mortgagee. Each appointment of the Mortgagee as attorney-in-fact for the Mortgagor under the Mortgage is irrevocable, with power of substitution and coupled with an interest. Subject to the applicable provisions
hereof, the Mortgagee has the right to refuse to grant its consent, approval or acceptance or to indicate its satisfaction, in its reasonable discretion, whenever such consent, approval, acceptance or satisfaction is required hereunder. 

  
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 SECTION 3.06. Amendments, etc. This Mortgage may not be amended, supplemented or
otherwise modified without the written consent of the Mortgagee in accordance with the Collateral Trust Agreement. 
 SECTION
3.07. No Oral Modification. This Mortgage may not be changed or terminated orally. Any agreement made by the Mortgagor and the Mortgagee after the date of this Mortgage relating to this Mortgage shall be superior to the rights of the holder
of any intervening or subordinate Mortgage, lien or encumbrance. 
 SECTION 3.08. Collateral Trust Agreement Governs. In
exercising its rights hereunder, the Mortgagee agrees to be bound by the provisions of the Collateral Trust Agreement and shall be entitled to the privileges, rights, indemnities and other benefits thereof. In the event of any conflict between the
terms of the Collateral Trust Agreement and this Mortgage, the terms of the Collateral Trust Agreement shall govern and control. 
 SECTION 3.09. Entire Agreement. This Mortgage and the Collateral Trust Agreement embody the entire agreement and understanding between the Mortgagee and the Mortgagor and supersede all prior
agreements and understandings between such parties relating to the subject matter hereof and thereof. 
 ARTICLE IV 

Particular Provisions 
 This Mortgage is subject to the following provisions relating to the particular laws of the state wherein the Mortgaged Property is located: 

SECTION 4.01. Applicable Law; Certain Particular Provisions. This Mortgage shall be governed by and construed in accordance with
the internal law of the state of Iowa, except that the Mortgagor expressly acknowledges that by its terms, the Mortgage Bond Indenture and Equal and Ratable Bond Indentures shall be governed by the internal law of the State of New York, without
regard to principles of conflict of law. The Mortgagor and the Mortgagee agree to submit to jurisdiction and the laying of venue for any suit on this Mortgage in the state of Iowa. 

  
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 SECTION 4.02. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO
WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER THE MORTGAGE BOND INDENTURE OR THE COLLATERAL TRUST AGREEMENT OR ANY DEALINGS
BETWEEN THEM RELATING TO THE SUBJECT MATTER THEREOF OR THE TRUSTEE/OBLIGOR RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO
THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS
WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A
MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 4.02 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS
OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

SECTION 4.03. Local Law Provisions. 
 (a) This Mortgage is subject to the following terms and provisions: 

(i) Any action to enforce or to foreclose this Mortgage will be construed in accordance with the laws of the State of Iowa
by a court located in the county in which the applicable Mortgaged Property is located. In the event of any conflict between the 

  
 23 

 
terms of this Mortgage and the provisions of Iowa law, then the conflict shall be resolved according to the terms of Iowa law as interpreted by a court located in the county in which the
applicable Mortgaged Property is located. 
 (ii) In connection with the exercise of remedies, any action with
respect to agricultural property requires a mediation procedure as outlined in Iowa Code Chapter 654.2C and the Mortgagor has the right to cure certain defaults within thirty (30) days after receiving any notice of Event of Default. 

(iii) Any mortgage accepted from a “transmitting utility” as defined by Iowa Code Section 554.9102 shall
comply with Section 554B.3 of the Iowa Code. 
 (iv) Any non-residential mortgage granted in Iowa shall be
entitled to the protections and procedures set forth in Chapters 654 and 655A of the Iowa Code. 
 (b) In the event of any
conflict between the terms and provisions contained in the body of this Mortgage and the terms and provisions set forth in this Section 4.03, the terms and provisions set forth in this Section 4.03 shall govern and control. 

  
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 IN WITNESS WHEREOF, this Mortgage has been duly executed by the Mortgagor as of the date
first above written. 
  

					
	MIDAMERICAN ENERGY COMPANY, an Iowa corporation
		
	By:	 	  

		 	Name:	 	William J. Fehrman
		 	Title:	 	President and Chief Executive Officer
		
	By:	 	  

		 	Name:	 	Paul J. Leighton
		 	Title:	 	Vice President and Corporate Secretary

 STATE OF IOWA COUNTY OF POLK 
 This instrument was acknowledged before me on             , 2013, by William J. Fehrman, President and Chief Executive Officer of MidAmerican
Energy Company, an Iowa corporation. 
  

	
	  

	Notary Public in and for the State of Iowa

 STATE OF IOWA COUNTY OF POLK 
 This instrument was acknowledged before me on             , 2013, by Paul J. Leighton, Vice President and Corporate Secretary of MidAmerican
Energy Company, an Iowa corporation. 
  

	
	  

	Notary Public in and for the State of Iowa

 Exhibit A 
 to Mortgage 
 Description of the Property 

[To be provided]

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