Document:

Securities Resolution No. 7 of the Company

 Exhibit 4.1 
 CERTIFIED COPY 
 OF 
 SECURITIES RESOLUTION NO. 7 
 OF 
 WISCONSIN ELECTRIC POWER COMPANY 
 I, KEITH H. ECKE, Assistant Corporate Secretary of WISCONSIN ELECTRIC
POWER COMPANY (the “Company”), do hereby certify that the attached is a true and correct copy of Securities Resolution No. 7 under the Indenture dated as of December 1, 1995 between the Company and U.S. Bank National Association,
as successor to Firstar Trust Company, as Trustee, which has been duly adopted by the Vice President and Treasurer of the Company pursuant to authorization delegated to him by the Board of Directors of the Company at a meeting duly called and held
on December 12, 2005; that a quorum of said Board was present at said meeting and voted throughout; and I do further certify that said resolution has not been rescinded and remains in full force and effect. 
 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said WISCONSIN ELECTRIC POWER COMPANY this 7th day of November, 2006.

  

	
	 /s/ Keith H. Ecke

	Keith H. Ecke
	Assistant Corporate Secretary

 (CORPORATE SEAL) 

 5.70% DEBENTURES DUE DECEMBER 1, 2036 
 SECURITIES RESOLUTION NO. 7 
 OF 
 WISCONSIN ELECTRIC POWER COMPANY 
 The actions described below are taken by the Board
(as defined in the Indenture referred to below) of WISCONSIN ELECTRIC POWER COMPANY (the “Company”), or by an Officer or committee of Officers pursuant to Board delegation, pursuant to resolutions adopted by the Board of Directors of the
Company as of December 12, 2005 and Section 2.01 of the Indenture dated as of December 1, 1995 (the “Indenture”) between the Company and U.S. Bank National Association (as successor to Firstar Trust Company), as trustee.
Terms used herein and not defined have the same meaning as in the Indenture. 
 RESOLVED, that a new series of Securities is authorized as
follows: 
  

	1.	The title of the series is 5.70% Debentures due December 1, 2036 (“5.70% Debentures”). 

  

	2.	The form of the 5.70% Debentures shall be substantially in the form of Exhibit 1 hereto. 

  

	3.	The 5.70% Debentures shall have the terms set forth in Exhibit 1. 

  

	4.	The 5.70% Debentures shall have such other terms as are set forth in Exhibit 2 hereto. 

  

	5.	The 5.70% Debentures shall be sold to the underwriter(s) named in the Prospectus Supplement dated November 2, 2006 on the following terms: 

 Aggregate Principal Amount: $300,000,000 
 Price to Public: 99.923% 
 Underwriting Discount: 0.875% 
 Closing Date: November 7, 2006 
 This Securities Resolution shall be effective as of November 2, 2006. 

 EXHIBIT 1 
  

			
	No.                     	  	$                     

 WISCONSIN ELECTRIC POWER COMPANY 
 5.70% Debentures due December 1, 2036 
 WISCONSIN ELECTRIC POWER
COMPANY 
 promises to pay to
                                        
                                       
                                        
                                       
   
 or registered assigns 
 the principal sum of
                                        
                                        
                                        
Dollars on December 1, 2036 
  
  

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

  

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

	Authenticated:	 		 	[Title of Authorized Officer]
			
	U.S. BANK NATIONAL ASSOCIATION	 		 	(CORPORATE SEAL)
	Registrar, by	 		 	
			
	  
	 		 	  

	Authorized Signature	 		 	[Assistant] Secretary

 5.70% Debentures due December 1, 2036 
  

	1.	Interest. 

 Wisconsin Electric Power Company (the
“Company”), a Wisconsin corporation, promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company will pay interest semiannually on June 1 and December 1 of each year commencing
June 1, 2007. Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from November 7, 2006. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
  

	2.	Method of Payment. 

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

	3.	Securities Agents. 

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

	4.	Indenture. 

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

	5.	Redemption. 

 The Securities will be redeemable as a
whole at any time, or in part from time to time, at the Company’s option, at a redemption price equal to the greater of (a) 100% of the principal amount of the Securities being redeemed or (b) the sum of the present values of the
remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate 

 applicable to the Securities plus 20 basis points, plus accrued interest to the redemption date.

 “Treasury Rate” means with respect to any redemption date, the rate per year equal to the semiannual equivalent yield to maturity
or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date;
provided that, if the Reference Treasury Dealers shall determine that there is no such Comparable Treasury Issue, such rate per year shall be equal to the estimated semiannual equivalent yield to maturity that a United States Treasury
security having a maturity comparable to the remaining term of the Securities to be redeemed would bear, if such security were available, such estimate to be made by the Reference Treasury Dealers on the basis of interpolation, extrapolation and
other accepted financial practices, taking into account (a) the yields to maturity of United States Treasury securities of other maturities, (b) yields to maturity of other U.S. dollar denominated debt securities having a maturity
comparable to the remaining term of the Securities to be redeemed and (c) applicable interest rate spreads between United States Treasury securities and such other debt securities, all as of 5:00 p.m., New York City time, on the third business
day preceding such redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security or securities selected
by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities being redeemed that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Securities. 
 “Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after consultation with the Company. 
 “Comparable Treasury Price” means, with respect to any redemption date, (a) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (b) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Reference Treasury Dealer” means each of Morgan Stanley & Co. Incorporated, BNP Paribas Securities Corp., their respective successors, and four other primary U.S. government securities dealers in The City of New York (a
“Primary Treasury Dealer”), selected by the Company. If any Reference Treasury Dealer shall cease to be a Primary Treasury Dealer, the Company will select another Primary Treasury Dealer which will be substituted for that dealer.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury 

 Dealer at 3:30 p.m., New York City time, on the third business day preceding such redemption date.

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

	6.	Denominations, Transfer, Exchange. 

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

	7.	Persons Deemed Owners. 

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

	8.	Amendments and Waivers. 

 Subject to certain
exceptions, the Indenture or the Securities may be amended with the consent of the holders of a majority in principal amount of the securities of all series affected by the amendment. Subject to certain exceptions, a default on a series may be
waived with the consent of the holders of a majority in principal amount of the series. 
 Without the consent of any Securityholder, the
Indenture or the Securities may be amended, among other things, to cure any ambiguity, omission, defect or inconsistency; to provide for assumption of Company obligations to Securityholders; or to make any change that does not materially adversely
affect the rights of any Securityholder. 
  

	9.	Restrictive Covenants. 

 The Securities are
unsecured general obligations of the Company initially limited to $300,000,000 principal amount. The Company may from time to time without notice to, or the consent of, the holders of the Securities, create and issue further securities of the same
series, equal in rank to the Securities in all respects (or in all respects except for the payment of interest accruing prior to the issue date of the new securities or except for the first payment of interest following the issue date of the new
securities) so that the new securities may be consolidated and form a single series with the Securities and have the same terms as to status, redemption or otherwise as the Securities. The Indenture does not limit other unsecured debt.
Section 4.07 of the Indenture, which if applicable limits certain mortgages and other liens, will apply with respect to the Securities. The limitations are subject to a number of important qualifications and exceptions. 

	10.	Successors. 

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

	11.	Defeasance Prior to Redemption or Maturity. 

 Subject to certain conditions, the Company at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of
principal and interest on the Securities to redemption or maturity. U.S. Government Obligations are securities backed by the full faith and credit of the United States of America or certificates representing an ownership interest in such
Obligations. 
  

	12.	Defaults and Remedies. 

 An Event of Default
includes: default for 60 days in payment of interest on the Securities; default in payment of principal on the Securities; default for 60 days in the payment of any sinking fund obligation with respect to the Securities; default by the Company for a
specified period after notice to it in the performance of any of its other agreements applicable to the Securities; certain events of bankruptcy or insolvency; and any other Event of Default provided for in the series. If an Event of Default occurs
and is continuing, the Trustee or the holders of at least 25% in principal amount of the Securities may declare the principal of all the Securities to be due and payable immediately. 
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity satisfactory to it
before it enforces the Indenture or the Securities. Subject to certain limitations, holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Securityholders notice of any continuing default (except a default in payment of principal or interest) if it determines that withholding notice is in their interests. The Company must furnish an annual compliance certificate to the Trustee.

  

	13.	Trustee Dealings with Company. 

 U.S. Bank National
Association, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with those persons, as if it were not
Trustee. 
  

	14.	No Recourse Against Others. 

 A director, officer,
employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each

 Securityholder by accepting a Security waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Securities. 
  

	15.	Authentication. 

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

	16.	Abbreviations. 

 Customary abbreviations may be used
in the name of a Securityholder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian),
U/G/M/A (=Uniform Gifts to Minors Act), and U/T/M/A (=Uniform Transfers to Minors Act). 
 The Company will furnish to any Securityholder upon
written request and without charge a copy of the Indenture and the Securities Resolution, which contains the text of this Security in larger type. Requests may be made to: Corporate Secretary, Wisconsin Electric Power Company, 231 West Michigan
Street, P.O. Box 2046, Milwaukee, WI 53201. 

 EXHIBIT 2 
 5.70% Debentures 
 Supplemental Terms 
 In addition to the terms set forth in Exhibit 1 to Securities Resolution No. 7, the 5.70% Debentures shall have the following terms: 
 Section 1. Definitions. Capitalized terms used and not defined herein shall have the meaning given such terms in the Indenture. The following
is an additional definition applicable to the 5.70% Debentures: 
 “Depositary” means, with respect to the 5.70% Debentures,
issued as one or more global Securities, The Depository Trust Company, New York, New York, or any successor thereto registered under the Securities Exchange Act of 1934 or other applicable statute or regulation. 
 Section 2. Securities Issuable as Global Securities. 
 (a) The 5.70% Debentures shall be issued in the form of one or more permanent global Securities and shall, except as otherwise provided in this Section 2, be registered only in the name of the Depositary or its
nominee. Each global Security shall bear a legend substantially to the following effect: 
 “Unless this certificate is presented by
an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 
 (b) If at any time (i) the Depositary with respect to the 5.70% Debentures notifies the Company that it is unwilling or unable to continue as Depositary for such global Security or (ii) the Depositary for
the 5.70% Debentures shall no longer be eligible or in good standing under the Securities Exchange Act of 1934 or other applicable statute or regulation, the Company shall appoint a successor Depositary with respect to such global Security. If a
successor Depositary for such global Security is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Transfer Agent shall register the exchange of such global Security for an
equal principal amount of Registered Securities in the manner provided in Section 2.07 of the Indenture. 

 (c) The Transfer Agent shall register the transfer or exchange of a global Security for Registered
Securities pursuant to Section 2.07 of the Indenture if (i) a Default or Event of Default shall have occurred and be continuing with respect to the 5.70% Debentures, or (ii) the Company determines that the 5.70% Debentures shall no
longer be represented by global Securities. 
 (d) In any exchange provided for in the preceding paragraphs (b) or (c), the Company will
execute and the Registrar will authenticate and deliver Registered Securities. Registered Securities issued in exchange for a global Security shall be in such names and denominations as the Depositary for such global Security shall instruct the
Registrar. The Registrar shall deliver such Registered Securities to the persons in whose names such Securities are so registered. 
 (e) The
5.70% Debentures will trade in the Depositary’s Same-Day Funds Settlement System. All payments of principal and interest on global Securities will be made by the Company in immediately available funds.Form of 6.000% Senior Note due 2016

 Exhibit 10.2 
 THE PMI GROUP, INC. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE 
 INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE 
 NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY 
 NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, 
 AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE 
 REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH 
 DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED 
 CIRCUMSTANCES DESCRIBED IN THE INDENTURE 
 6.000% Senior Note Due 2016 
 CUSIP: 69344M AH 4 
  

			
	 No.1
	 	$250,000,000

 The PMI Group, Inc., a corporation duly organized and existing under the laws of Delaware (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $ 250,000,000 (TWO
HUNDRED FIFTY MILLION U.S. DOLLARS) on September 15, 2016, and to pay interest thereon from September 18, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
March 15 and September 15 in each year, commencing March 15, 2007, at the rate of 6.000% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest,
which shall be the March 1 or September 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
  

 1 

 Payment of the principal of (and premium, if any) and interest on this Security will be made at the
office or agency of the Company maintained for that purpose in the City of Los Angeles, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated: September 18, 2006 
  

					
	THE PMI GROUP, INC.
			
	By:	 	  	 	  
		 	Name:	 	Victor J. Bacigalupi
		 	Title:	 	 Executive Vice President,
 Chief
Administrative
 Officer, General Counsel
 and
Secretary

 Attest: 
  

					
			
	By:	 	  	 	  
		 	Name:	 	Andrew D. Cameron
		 	Title:	 	 Vice President and
 Assistant
Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 
 Dated: September 18, 2006 
 THE BANK OF NEW YORK TRUST COMPANY, N.A. 
 as Trustee 
  

			
		
	By:	 	  
		 	Authorized Signatory

  

 3 

 THE PMI GROUP, INC. 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
November 3, 2003 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Trust Company, N.A., as successor to The Bank of New York, as
Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate principal amount to $250,000,000. 
 The Securities of this series are subject to
redemption upon no less than 30 days’ but no more than 60 days’ notice by mail, at any time, as a whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: 
  

	 	(1)	100% of the principal amount of the Securities to be redeemed; or 

  

	 	(2)	the sum of the present values of the remaining scheduled payments of principal and interest on the Securities from the Redemption Date to the Stated Maturity discounted, in each
case, to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points; 

 plus in the case of either clause (1) or (2), any interest accrued but not paid to but excluding the Redemption Date. For the avoidance of doubt, any calculation of the remaining scheduled payments of principal
and interest pursuant to clause (2) of the preceding sentence shall not include interest accrued as of the applicable Redemption Date. 
 “Treasury Rate”, which is to be determined on the third Business Day preceding the applicable Redemption Date for the Securities, as applicable, means (i) the yield, under the heading which represents the average for
the week immediately preceding the determination date, appearing in the most recently published statistical release designated “H. 15(519)” or any successor publication that is published weekly by the Board of Governors of the Federal
Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity (rounded to the nearest month) corresponding
to the Comparable Treasury Issue (if no maturity is within three months before or after the Stated Maturity Date yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury
Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is 

  

 4 

 
not published during the week preceding the determination date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate will be
calculated by the Independent Investment Banker and reported to the Trustee on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means, with respect to the Securities being redeemed, the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of
the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such securities.

 “Comparable Treasury Price” means with respect to any Redemption Date for the Securities, (i) the average of four
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Independent Investment Banker” means one of the reference treasury
dealers that the Company has appointed. 
 “Reference Treasury Dealer” means Banc of America Securities LLC and its
successors and any other primary dealers actively trading United States Treasury securities that the Company selects and their respective successors (each, a “primary treasury dealer”); provided, however, that if any of the foregoing shall
cease to be a primary dealer actively trading United States Treasury securities, the Company shall substitute in its place another primary treasury dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such reference treasury dealer at 5:00 p.m., New York City time, on the third
Business Day preceding such Redemption Date. 
 Notice of any redemption will be mailed by first-class mail at least 30 days but no more than
60 days before the Redemption Date to each holder of Securities to be redeemed. If fewer than all of the Securities are being redeemed, the Trustee will select the particular Securities to be redeemed pro rata, by lot or by another method the
Trustee deems fair and appropriate. 
 Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date,
interest will cease to accrue on the Securities or portions of such Securities called for redemption. 
  

 5 

 In the event of redemption of this Security in part only, a new Security or Securities of this series and
of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 In case of
any redemption at the election of the Company of the Securities, the Company shall, as soon as practicable after the determination thereof but at least one Business Day prior to the Redemption Date, notify the Trustee of the Redemption Price. For
purposes of Section 1104 of the Indenture, the notice of redemption given by the Trustee to each Holder of Securities of this series to be redeemed need not set forth the Redemption Price but need only set forth the manner of calculation
thereof. The Indenture contains provisions for certain restrictive covenants and Events of Default with respect to this Security, in each case, upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of more than 50% in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the
provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment of 

  

 6 

 
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture. 
  

 7 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Security to: 
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert assignee’s social security or taxpayer identification number) 
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert address and zip code of assignee) 
 and irrevocably appoints 
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
 agent to transfer this Security on the books of the Company. The agent may substitute another to act for him or her. 
 Date:                      
  

	
	Signature:
	
	   
	
	Signature Guarantee:
	
	   

 (Sign exactly as your name appears on the other side of this Security)

  

 8 

 SIGNATURE GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 

			
		
	By:	 	  
		 	Name
		 	Title:

  

 9 

 SCHEDULE OF INCREASES OR DECREASES IN THIS SECURITY 
 The following increases or decreases in a part of this Security have been made: 
  

									
	 Date
	 	 Amount of
 decrease in
 principal

amount of this
 Security
	 	 Amount of
 increase in
 principal

amount of this
 Security
	  	 Principal
 amount of this
 Security
 following such
 decrease (or
 increase)
	  	 Signature of
 authorized
 officer of

Trustee

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