Document:

Guaranty Agreement for Bridge Loan dated December 11, 2012

 Exhibit 10.2 
 GUARANTY AGREEMENT 
 This GUARANTY AGREEMENT dated as of December 11,
2012, executed and delivered by each of the undersigned, whether one or more, (“Guarantor”), in favor of (a) KEYBANK NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders
under that certain Bridge Credit Agreement dated as of even date herewith by and among THE GC NET LEASE (REDMOND) MEMBER, LLC, a Delaware limited liability company and certain affiliated entities (collectively, the “Borrower”), the
financial institutions party thereto and their assignees in accordance therewith (the “Lenders”), and the Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with
its terms, the “Bridge Credit Agreement”) and (b) the Lenders. 
 WHEREAS, pursuant to the Bridge Credit
Agreement, the Lenders have made available to the Borrower certain financial accommodations on the terms and conditions set forth in the Bridge Credit Agreement; 
 WHEREAS, the Borrower and Guarantor, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to
be in their mutual best interests to obtain financing from the Administrative Agent and the Lenders through their collective efforts; 
 WHEREAS, Guarantor acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders making such financial accommodations available to the Borrower under the
Bridge Credit Agreement and, accordingly, Guarantor is willing to guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms and conditions contained herein; and 

WHEREAS, Guarantor’s execution and delivery of this Guaranty is one of the conditions precedent to the Administrative Agent and the
Lenders making, or continuing to make, such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by Guarantor, Guarantor agrees as follows: 

Section 1. Guaranty. Guarantor hereby absolutely and unconditionally guaranties the due and punctual payment and performance
of all of the following when due (collectively referred to as the “Obligations”): (a) all indebtedness and obligations owing by the Borrower to any of the Lenders or the Administrative Agent under or in connection with the Bridge
Credit Agreement and any other Loan Document, including without limitation, the repayment of all principal of the Loans made by the Lenders to the Borrower under the Bridge Credit Agreement and the payment of all interest, fees, charges, reasonable
attorneys fees and other amounts payable to any Lender or the Administrative Agent thereunder or in connection therewith (including any Hedging Agreement) in each case without regard to any cross default or cross collateralization contained therein;
(b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; and (c) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Lenders or
the 

  
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Administrative Agent in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder. This Guaranty shall be deemed pari passu with that certain Amended and Restated
Guaranty dated November 18, 2011 executed by the Guarantor in favor of KeyBank National Association, as administrative agent under that certain Amended and Restated Credit Agreement dated November 18, 2011 entered into by certain
subsidiaries of the Guarantor as Borrower. 
 Section 2. Guaranty of Payment and Not of Collection. This Guaranty is
a guaranty of payment, and not of collection, and a debt of Guarantor for its own account. Accordingly, the Lenders and the Administrative Agent shall not be obligated or required before enforcing this Guaranty against any Guarantor: (a) to
pursue any right or remedy the Lenders or the Administrative Agent may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any
court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to
enforce or realize upon any collateral security held by the Lenders or the Administrative Agent which may secure any of the Obligations. In this connection, Guarantor hereby waives the right of such Guarantor to require any holder of the Obligations
to take action against the Borrower as provided by any legal requirement of any Governmental Authority. 
 Section 3.
Guaranty Absolute. Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any legal requirement now or hereafter in effect in any jurisdiction affecting
any of such terms or the rights of the Administrative Agent or the Lenders with respect thereto. The liability of Guarantor under this Guaranty shall be absolute and unconditional in accordance with its terms and shall remain in full force and
effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than the full and final payment and performance of the Obligations), including, without
limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 
 (a)(i) any change in the
amount, interest rate or due date or other term of any of the Obligations; (ii) any change in the time, place or manner of payment of all or any portion of the Obligations; (iii) any amendment or waiver of, or consent to the departure from
or other indulgence with respect to, the Bridge Credit Agreement, any other Loan Document, or any other document or instrument evidencing or relating to any Obligations; or (iv) any waiver, renewal, extension, addition, or supplement to, or
deletion from, or any other action or inaction under or in respect of, the Bridge Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Obligations or any other instrument or agreement
referred to therein or evidencing any Obligations or any assignment or transfer of any of the foregoing; 
 (b) any lack of
validity or enforceability of the Bridge Credit Agreement, any of the other Loan Documents, or any other document, instrument or agreement referred to therein or evidencing any Obligations or any assignment or transfer of any of the foregoing;

  
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 (c) any furnishing to the Administrative Agent or the Lenders of any security for the
Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral security for the Obligations; 

(d) any settlement or compromise of any of the Obligations, any security therefor, or any liability of any other party with respect to
the Obligations, or any subordination of the payment of the Obligations to the payment of any other liability of the Borrower; 

(e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to
any other Guarantor, the Borrower or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 
 (f) any nonperfection of any security interest or other Lien on any of the collateral securing any of the Obligations; 
 (g) any act or failure to act by the Borrower or any other Person which may adversely affect such Guarantor’s subrogation rights, if any, against the Borrower to recover payments made under this
Guaranty; 
 (h) any application of sums paid by the Borrower or any other Person with respect to the liabilities of the
Borrower to the Administrative Agent or the Lenders, regardless of what liabilities of the Borrower remain unpaid; 
 (i) any
defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; or 
 (j) any other
circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor hereunder. 

Section 4. Action with Respect to Obligations. The Lenders and the Administrative Agent may in accordance with the Bridge
Credit Agreement, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder take any and all actions described in Section 3 and may
otherwise: (a) amend, modify, alter or supplement the terms of any of the Obligations, including, but not limited to, extending or shortening the time of payment of any of the Obligations or the interest rate that may accrue on any of the
Obligations; (b) amend, modify, alter or supplement the Bridge Credit Agreement or any other Loan Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Obligations;
(d) release any Person liable in any manner for the payment or collection of the Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower or any other Person (including, without limitation, any other
Guarantor); and (f) apply any sum, by whomsoever paid or however realized, to the Obligations in such order as the Lenders or the Administrative Agent shall elect in accordance with the Bridge Credit Agreement. 

Section 5. Intentionally Omitted. 
 Section 6. Intentionally Omitted 

  
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 Section 7. Waiver. Guarantor, to the fullest extent permitted by applicable law,
hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such
Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8.
Inability to Accelerate Loan. If the Administrative Agent and/or the Lenders are prevented from demanding or accelerating payment thereof by reason of any automatic stay or otherwise, the Administrative Agent and/or the Lenders shall be
entitled to receive from Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 
 Section 9. Reinstatement of Obligations. Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, with respect to any Obligations if at any time
payment of any such Obligations is rescinded or otherwise must be restored by the Administrative Agent and/or the Lenders upon the bankruptcy or reorganization of the Borrower or any Guarantor or otherwise. 

Section 10. Subrogation. Until all of the Obligations shall have been indefeasibly paid in full, any right of subrogation a
Guarantor may have shall be subordinate to the rights of Administrative Agent and the Lenders and Guarantor hereby waives any right to enforce any remedy which the Administrative Agent and/or the Lenders now have or may hereafter have against the
Borrower, and Guarantor hereby waives any benefit of, and any right to participate in, any security or collateral given to the Administrative Agent and the Lenders to secure payment or performance of any of the Obligations. 

Section 11. Payments Free and Clear. All sums payable by Guarantor hereunder shall be made free and clear of and without
deduction for any Indemnified Taxes (as defined in the Bridge Credit Agreement) or Other Taxes (as defined in the Bridge Credit Agreement); provided that if any Guarantor shall be required to deduct any Indemnified Taxes or Other Taxes from
such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section), the Administrative Agent or any Lender (as the
case may be) receives an amount equal to the sum it would have received had no such deductions been made; (ii) such Guarantor shall make such deductions; and (iii) such Guarantor shall pay the full amount deducted to the relevant
Governmental Authority (as defined in the Bridge Credit Agreement) in accordance with applicable law. 
 Section 12.
Set-off. Guarantor hereby grants to Administrative Agent, on behalf of the Lenders, a security interest in and lien on all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time
owing by Administrative Agent to or for the credit or the account of any Guarantor. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, each Lender is hereby authorized at any time
and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final but excluding any funds held by the Borrower on behalf of tenants or held by
affiliates of Borrower or Guarantor on behalf of third parties) at any time held and other obligations at any 

  
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time owing by such Lender to or for the credit or the account of any Guarantor against any of and all the obligations of such Guarantor now or hereafter existing under this Guaranty held by such
Lender then due and payable. Guarantor agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a Note, whether or not acquired pursuant to the applicable provisions of the Bridge Credit
Agreement, may exercise rights of setoff or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of such Guarantor in the amount of such participation. 

Section 13. Subordination. Guarantor hereby expressly covenants and agrees for the benefit of the Administrative Agent and
the Lenders that all obligations and liabilities of the Borrower or any other Guarantor to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the Borrower or any other Guarantor
(collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Obligations; provided, however, that payment thereof may be made so long as no Event of Default shall have occurred and be continuing. If an
Event of Default shall have occurred and be continuing, then no Guarantor shall accept any direct or indirect payment (in cash, property, securities by setoff or otherwise) from the Borrower or any other Guarantor on account of or in any manner in
respect of any Junior Claim until all of the Obligations have been indefeasibly paid in full. 
 Section 14. Avoidance
Provisions. It is the intent of Guarantor, the Administrative Agent and the Lenders that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the
obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the Lenders) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of applicable law, including
without limitation, (a) Section 548 of the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by
virtue of Section 544 of the Bankruptcy Code or otherwise. The applicable laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the
Administrative Agent and the Lenders) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions.” Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to
avoidance under the Avoidance Provisions, the maximum Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Obligations are deemed to have been incurred under the Avoidance
Provisions, would not cause the obligations of any Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the Lenders), to be subject to avoidance under the Avoidance Provisions. This Section is intended
solely to preserve the rights of the Administrative Agent and the Lenders hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor nor
any other Person shall have any right or claim under this Section as against the Administrative Agent and the Lenders that would not otherwise be available to such Person under the Avoidance Provisions. 

Section 15. Information. Guarantor assumes all responsibility for being and keeping itself informed of the financial
condition of the Borrower, of the other Guarantors and of all 

  
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other circumstances bearing upon the risk of nonpayment of any of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that
none of the Administrative Agent or any Lender shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 
 Section 16. Financial Covenants. 
 The Guarantor and the Revolver
Borrower shall have and maintain, on a consolidated basis in accordance with GAAP, tested as of the close of each fiscal quarter: 
 (a) a Total Leverage Ratio no greater than sixty five percent (65%) at all times; 
 (b) an Interest Coverage Ratio of not less than 1.85:1.00 at all times; 
 (c) a
Fixed Charge Coverage Ratio of not less than 1.60:1.00 at all times; 
 (d) a Liquidity equal to or greater $3,000,000.00;

 (e) a Tangible Net Worth of at least (i) $50,000,000.00, plus (ii) eighty percent (80%) of the net proceeds
(gross proceeds less reasonable and customary costs of sale and issuance paid to Persons not Affiliates of any Credit Party (as defined in the Revolver Credit Agreement)) received by the Guarantor or the Revolver Borrower at any time from the
issuance of stock (whether common, preferred or otherwise) of the Guarantor or the Revolver Borrower after the date of the Revolver Credit Agreement, plus one hundred percent (100%) of the amount of equity in any properties contributed to the
Guarantor after the Effective Date (as defined in the Revolver Credit Agreement), at all times; 
 (f) the ratio of (i) the
Indebtedness that bears interest at a varying rate of interest or that does not have the interest rate effectively fixed pursuant to a Hedging Agreement, to (ii) the Indebtedness, shall not exceed thirty percent (30%), with the Revolver
Borrower having five (5) Business Days after the Effective Date (as defined in the Revolver Credit Agreement) to enter into a Hedging Agreement with the Administrative Agent in order to establish compliance with this covenant. 

Section 17. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 Section 18. Jurisdiction; Venue; JURY WAIVER. 

(a) Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the state
and federal courts in Boston, Massachusetts and in New York, New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty or any other Loan 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 such State 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

  
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manner provided by law. Nothing in this Guaranty shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Guaranty
or any other Loan Document against the Guarantor or its properties in the courts of any jurisdiction. 
 (a)
Guarantor 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 Guaranty or any other Loan Document in any court referred to in paragraph (a) of this Section. Each of the parties hereto hereby irrevocably 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. 
 (b) WAIVER OF JURY TRIAL. EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. 
 Section 19. Loan Accounts. The Administrative Agent may maintain books and accounts setting
forth the amounts of principal, interest and other sums paid and payable with respect to the Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of Obligation or otherwise, the entries in such
account shall be binding upon Guarantor as to the outstanding amount of such Obligations and the amounts paid and payable with respect thereto absent manifest error. The failure of the Administrative Agent to maintain such books and accounts shall
not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 
 Section 20. Waiver of
Remedies. No delay or failure on the part of the Administrative Agent or the Lenders in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial
exercise by the Administrative Agent or the Lenders of any such right or remedy shall preclude other or further exercise thereof or the exercise of any other such right or remedy. 

Section 21. Successors and Assigns. Each reference herein to the Administrative Agent or the Lenders shall be deemed to
include such Person’s respective successors and assigns (including, but not limited to, any holder of the Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to any Guarantor shall be deemed
to include 

  
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the Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders and the Administrative Agent may, in accordance with the applicable provisions of the
Bridge Credit Agreement, assign, transfer or sell any Obligation, or grant or sell participation in any Obligations, to any Person or entity without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying such
Guarantor’s obligations hereunder. Guarantor hereby consents to the delivery by the Administrative Agent or any Lender to any assignee, transferee or participant of any financial or other information regarding the Borrower or any Guarantor.
Guarantor may not assign or transfer its obligations hereunder to any Person. 
 Section 22. Amendments. This
Guaranty may not be amended except as provided in the Bridge Credit Agreement. 
 Section 23. Payments. All payments
made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at the place and time provided for in the Bridge Credit Agreement on the date one (1) Business Day after
written demand therefor to such Guarantor by the Administrative Agent. 
 SECTION 24. JOINT AND SEVERAL OBLIGATIONS. THE
OBLIGATIONS OF THE GUARANTORS HEREUNDER AND UNDER OTHER LOAN DOCUMENTS SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, GUARANTOR (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR MEMBERS) CONFIRMS THAT IT (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR
MEMBERS) IS LIABLE FOR THE FULL AMOUNT OF THE OBLIGATIONS AND ALL OF THE OBLIGATIONS UNDER OTHER LOAN DOCUMENTS. 

Section 25. Notices. All notices, requests and other communications hereunder shall be in writing and shall be given as
provided in the Loan Agreement. Guarantor’s address for notice is set forth below its signature hereto. 
 Section 26.
Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the
construction of this Guaranty. 
 Section 28. Definitions. (a) For the purposes of this Guaranty: 

“Adjusted EBITDA” means, for a given testing period, EBITDA (as defined in the Revolver Credit Agreement) less the
Capital Expenditure Reserve (as defined in the Revolver Credit Agreement), to be adjusted to reflect rental revenue and applicable operating expenses related to assets acquired during the calendar quarter reported as if such assets had been owned as
of the first day of such quarter. 
 “Equity Percentage” means the aggregate ownership percentage of Revolver
Borrower in each Unconsolidated Affiliate, which shall be calculated as the greater of (a) Revolver Borrower’s nominal capital ownership interest in the Unconsolidated Affiliate as set forth in the Unconsolidated Affiliate’s
organizational documents, and (b) Revolver Borrower’s economic ownership interest in the Unconsolidated Affiliate, reflecting Revolver Borrower’s share of income and expenses of the Unconsolidated Affiliate. 

  
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 “Fixed Charge Coverage Ratio” shall mean the ratio of (a) the sum of
the Guarantor’s Adjusted EBITDA and the Revolver Borrower’s Adjusted EBITDA for the immediately preceding calendar quarter; to (b) all of the principal due and payable (excluding principal due at maturity) and principal paid on the
Guarantor’s Indebtedness and on the Revolver Borrower’s Indebtedness (including scheduled payments on Capital Lease Obligations), plus all of the Guarantor’s and the Revolver Borrower’s Interest Expense (as defined in the
Revolver Credit Agreement), plus the aggregate of all cash dividends payable on the preferred stock of the Guarantor or any of its Subsidiaries, in each case for the period used to calculate Adjusted EBITDA, all of the foregoing calculated without
duplication. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, including mandatorily redeemable preferred stock, (c) all
obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of
such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of
Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations,
contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) all obligations contingent or otherwise, of such Person with respect to any Hedging Agreements (calculated on a mark-to-market basis as of the reporting date),
and (l) payments received in consideration of sale of an ownership interest in Revolver Borrower when the interest so sold is determined, and the date of delivery is, more than one (1) month after receipt of such payment and only to the
extent that the obligation to deliver such interest is not payable solely in such interest of such Person. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general
partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable
therefor. Indebtedness shall be calculated on a consolidated basis in accordance with GAAP, and including (without duplication) the Equity Percentage of Indebtedness for the Revolver Borrower’s Unconsolidated Affiliates. 

“Interest Coverage Ratio” shall mean the ratio of (a) the sum of the Guarantor’s Adjusted EBITDA and the
Revolver Borrower’s Adjusted EBITDA for the immediately preceding calendar quarter to (b) all Interest Expense (as defined in the Revolver Credit Agreement) of the Revolver Borrower and the Guarantor for such period calculated as if the
related Indebtedness was in place as of the beginning of such period. 

  
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 “Liquidity” means the sum of unencumbered cash and cash equivalents plus
unrestricted available borrowing capacity under the Revolving Credit Agreement. 
 “Proceeding” means any of
the following: (i) a voluntary or involuntary case concerning any Guarantor shall be commenced under the Bankruptcy Code or any other applicable bankruptcy laws; (ii) a custodian (as defined in the Bankruptcy Code or any other applicable
bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any Guarantor; (iii) any other proceeding under any applicable law, domestic or foreign, relating to bankruptcy, insolvency, reorganization,
winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any
such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall
be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act
indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 

“Revolver Borrower” means collectively, The GC Net Lease REIT Operating Partnership, L.P., a Delaware limited
partnership, Will Partners REIT, LLC, a Delaware limited liability company, The GC Net Lease (Sylmar) Investors, LLC, a Delaware limited liability company, Renfro Properties LLC, a California limited liability company, The GC Net Lease (Loveland)
Investors, LLC, a Delaware limited liability company, and any other Person who from time to time becomes a “Borrower” as required by Section 5.12 of the Revolver Credit Agreement. 

“Revolver Credit Agreement” means that certain Amended and Restated Credit Agreement dated November 18, 2011 among
the Revolver Borrower, the lenders party thereto (the “Revolver Lenders”), KeyBank, National Association, as administrative agent for such Revolver Lenders and Bank of America, N.A., as syndication agent, as amended by that certain
First Amendment to Amended and Restated Credit Agreement dated as of March 16, 2012 and that certain Second Amendment to Amended and Restated Credit Agreement dated October 2, 2012. References in this Guaranty to terms as defined in the
Revolver Credit Agreement shall mean and refer to such terms as defined in the Revolver Credit Agreement without taking into account any subsequent amendments, modifications or other revisions to the terms of the Revolver Credit Agreement made after
the date hereof. 
 “Tangible Net Worth” shall mean total assets (without deduction for accumulated
depreciation) less (1) all intangible assets and (2) all liabilities (including contingent and indirect liabilities), all determined in accordance with GAAP. The term “intangibles” shall include, without limitation,
(i) deferred charges such as straight-line rents and other non-cash items, and (ii) the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent applications,
copyrights, trademarks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like intangibles. The term “liabilities” shall include, without limitation, (i) Indebtedness secured by Liens on Property
of the Person with respect to which Tangible Net Worth is being computed whether or not such 

  
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Person is liable for the payment thereof, (ii) deferred liabilities, and (iii) Capital Lease Obligations. Tangible Net Worth shall be calculated on a consolidated basis in accordance
with GAAP other than as provided herein. 
 “Total Asset Value” means the sum of (without duplication)
(a) the aggregate Value of all of Revolver Borrower’s and its Subsidiaries’ Real Property (as defined in the Revolver Credit Agreement), plus (b) the amount of any cash and cash equivalents, excluding tenant security and other
restricted deposits of the Revolver Borrower and its Subsidiaries. For any non-wholly owned properties, Total Asset Value shall be adjusted for Revolver Borrower’s and Subsidiaries’ pro rata ownership percentage. 

“Total Leverage Ratio” shall mean the ratio (expressed as a percentage) of (a) the Revolver Borrower’s
Indebtedness plus the Guarantor’s Indebtedness to (b) Total Asset Value. 
 “Value” means the sum of
the following: 
 (a) for Real Property (as defined in the Revolver Credit Agreement) that is not in the Pool (as defined in the
Revolver Credit Agreement), the acquisition cost of such Real Property (as defined in the Revolver Credit Agreement); plus 

(b) for Real Property(as defined in the Revolver Credit Agreement) that is in the Pool (as defined in the Revolver Credit Agreement), the
aggregate Pool Value (as defined in the Revolver Credit Agreement). 
 (b) Terms not otherwise defined herein are used herein
with the respective meanings given them in the Bridge Credit Agreement. 
 Section 29. Termination. Upon the
indefeasible payment in full of the all the obligations of Borrower under the Bridge Credit Agreement, Administrative Agent agrees to provide to Guarantor a written release indicating that Guarantor has been relieved and released from all
Obligations hereunder and that this Guaranty has terminated and is of no further force and effect. 
 Section 30.
Distributions. The Guarantor hereby covenants and agrees that (a) it is the indirect owner of a portion of the interest in certain properties which are not subject to a lien in connection with the KeyBank Senior Credit Agreement (the
“Non-Revolving Properties”), and (b) for so long as the Loans remain outstanding any and all cash flow and other cash distributions paid to Guarantor in respect of its economic interest in the Non-Revolving Properties (the
“Distributions”), whether paid as profits, cash or asset distributions, repayment of loans or capital or otherwise and including all “proceeds” as such term is defined in Section 9-102(64) of the UCC, shall, upon the
occurrence of an Event of Default under the Bridge Credit Agreement, be paid and transferred over to Administrative Agent to be applied by Administrative Agent to the Obligations of Guarantor hereunder. Upon the occurrence of an Event of Default,
Guarantor shall cause the direct and indirect owners of the Non-Revolving Properties to make distributions to The GC Net Lease REIT Operating Partnership, L.P. in accordance with the terms of their respective organizational documentation and will
not allow profits to remain with such owners; provided, however, that Guarantor shall not be required to cause such owners to make any such distribution if an event of default exists under the loans made in connection with the
Non-Revolving Properties and the distribution would violate the terms of such loan or in the case where funds are needed for bona fide property related expenses. The foregoing covenant is not intended to and shall not be deemed to create a lien on
or security interest in the Distributions. 
 [Remainder of Page Intentionally Left Blank] 

  
 11 

 IN WITNESS WHEREOF, Guarantor has duly executed and delivered this Guaranty as of the date
and year first written above. 
  

			
	GRIFFIN CAPITAL NET LEASE REIT, INC.,
	a Maryland corporation,
		
	By:	 	 /s/ Joseph E. Miller

	Name:	 	Joseph E. Miller
	Title:	 	Chief Financial Officer
	
	Address for Notices:
	
	2121 Rosecrans Avenue, Suite 3321
	El Segundo, California 90245
	Attention: Kevin A. Shields
	
	With a copy to:
	
	Griffin Capital
	 790 Estate Drive

Deerfield, Illinois 60015
 Attn: Mary
Higgins

 [Signature Page to Guaranty Agreement (Griffin Capital Net Lease REIT, Inc.)]120th Supplemental Indenture

 Exhibit 4.1 
 ONE HUNDRED TWENTIETH SUPPLEMENTAL INDENTURE 
 Providing among other
things for 
 FIRST MORTGAGE BONDS, 
 $51,500,000 3.19% First Mortgage Bonds Due 2024 
 $35,500,000 3.39% First
Mortgage Bonds Due 2027 
 $263,000,000 4.31% First Mortgage Bonds Due 2042 

Dated as of December 17, 2012 
  

 
 CONSUMERS
ENERGY COMPANY 
 TO 
 THE BANK OF NEW YORK MELLON, 
 TRUSTEE 

Counterpart             of 100 

 THIS ONE HUNDRED TWENTIETH SUPPLEMENTAL INDENTURE, dated as of December 17, 2012
(herein sometimes referred to as “this Supplemental Indenture”), made and entered into by and between CONSUMERS ENERGY COMPANY, a corporation organized and existing under the laws of the State of Michigan, with its principal executive
office and place of business at One Energy Plaza, in Jackson, Jackson County, Michigan 49201, formerly known as Consumers Power Company (hereinafter sometimes referred to as the “Company”), and THE BANK OF NEW YORK MELLON (formerly known
as The Bank of New York), a New York banking corporation, with its corporate trust offices at 101 Barclay St., New York, New York 10286 (hereinafter sometimes referred to as the “Trustee”), as Trustee under the Indenture dated as of
September 1, 1945 between Consumers Power Company, a Maine corporation (hereinafter sometimes referred to as the “Maine corporation”), and City Bank Farmers Trust Company (Citibank, N.A., successor, hereinafter sometimes referred to
as the “Predecessor Trustee”), securing bonds issued and to be issued as provided therein (hereinafter sometimes referred to as the “Indenture”), 
 WHEREAS, at the close of business on January 30, 1959, City Bank Farmers Trust Company was converted into a national banking association under the title “First National City Trust Company”;
and 
 WHEREAS, at the close of business on January 15, 1963, First National City Trust Company was merged into First
National City Bank; and 
 WHEREAS, at the close of business on October 31, 1968, First National City Bank was merged into
The City Bank of New York, National Association, the name of which was thereupon changed to First National City Bank; and 

WHEREAS, effective March 1, 1976, the name of First National City Bank was changed to Citibank, N.A.; and 

WHEREAS, effective July 16, 1984, Manufacturers Hanover Trust Company succeeded Citibank, N.A. as Trustee under the Indenture; and

 WHEREAS, effective June 19, 1992, Chemical Bank succeeded by merger to Manufacturers Hanover Trust Company as Trustee
under the Indenture; and 
 WHEREAS, effective July 15, 1996, The Chase Manhattan Bank (National Association) merged with
and into Chemical Bank which thereafter was renamed The Chase Manhattan Bank; and 
 WHEREAS, effective November 11, 2001,
The Chase Manhattan Bank merged with Morgan Guaranty Trust Company of New York and the surviving corporation was renamed JPMorgan Chase Bank; and 
 WHEREAS, effective November 13, 2004, the name of JPMorgan Chase Bank was changed to JPMorgan Chase Bank, N.A.; and 

  
 1 

 WHEREAS, effective April 7, 2006, The Bank of New York succeeded JPMorgan Chase Bank,
N.A. as Trustee under the Indenture; and 
 WHEREAS, effective July 1, 2008, the name of The Bank of New York was changed
to The Bank of New York Mellon; and 
 WHEREAS, the Indenture was executed and delivered for the purpose of securing such bonds
as may from time to time be issued under and in accordance with the terms of the Indenture, the aggregate principal amount of bonds to be secured thereby being limited to $6,000,000,000 at any one time outstanding (except as provided in
Section 2.01 of the Indenture), and the Indenture describes and sets forth the property conveyed thereby and is filed in the Office of the Secretary of State of the State of Michigan and is of record in the Office of the Register of Deeds of
each county in the State of Michigan in which this Supplemental Indenture is to be recorded; and 
 WHEREAS, the Indenture has
been supplemented and amended by various indentures supplemental thereto, each of which is filed in the Office of the Secretary of State of the State of Michigan and is of record in the Office of the Register of Deeds of each county in the State of
Michigan in which this Supplemental Indenture is to be recorded; and 
 WHEREAS, the Company and the Maine corporation entered
into an Agreement of Merger and Consolidation, dated as of February 14, 1968, which provided for the Maine corporation to merge into the Company; and 
 WHEREAS, the effective date of such Agreement of Merger and Consolidation was June 6, 1968, upon which date the Maine corporation was merged into the Company and the name of the Company was changed
from “Consumers Power Company of Michigan” to “Consumers Power Company”; and 
 WHEREAS, the Company and the
Predecessor Trustee entered into a Sixteenth Supplemental Indenture, dated as of June 4, 1968, which provided, among other things, for the assumption of the Indenture by the Company; and 

WHEREAS, said Sixteenth Supplemental Indenture became effective on the effective date of such Agreement of Merger and Consolidation; and

 WHEREAS, the Company has succeeded to and has been substituted for the Maine corporation under the Indenture with the same
effect as if it had been named therein as the mortgagor corporation; and 
 WHEREAS, effective March 11, 1997, the name of
Consumers Power Company was changed to Consumers Energy Company; and 
 WHEREAS, the Indenture provides for the issuance of
bonds thereunder in one or more series, and the Company, by appropriate corporate action in conformity with the terms of the Indenture, has duly determined to create, and does hereby create, a new series of bonds under the Indenture designated 3.19%
Series due 2024, each of which bonds shall also bear the 

  
 2 

 
descriptive title “First Mortgage Bonds” (hereinafter provided for and hereinafter sometimes referred to as the “2024 Bonds”), the bonds of which series are to be issued as
registered bonds without coupons and are to bear interest at the rate per annum specified in the title thereof and are to mature on December 15, 2024; and 
 WHEREAS, the Indenture provides for the issuance of bonds thereunder in one or more series, and the Company, by appropriate corporate action in conformity with the terms of the Indenture, has duly
determined to create, and does hereby create, a new series of bonds under the Indenture designated 3.39% Series due 2027, each of which bonds shall also bear the descriptive title “First Mortgage Bonds” (hereinafter provided for and
hereinafter sometimes referred to as the “2027 Bonds”), the bonds of which series are to be issued as registered bonds without coupons and are to bear interest at the rate per annum specified in the title thereof and are to mature on
December 15, 2027; and 
 WHEREAS, the Indenture provides for the issuance of bonds thereunder in one or more series, and
the Company, by appropriate corporate action in conformity with the terms of the Indenture, has duly determined to create, and does hereby create, a new series of bonds under the Indenture designated 4.31% Series due 2042, each of which bonds shall
also bear the descriptive title “First Mortgage Bonds” (hereinafter provided for and hereinafter sometimes referred to as the “2042 Bonds”), the bonds of which series are to be issued as registered bonds without coupons and are
to bear interest at the rate per annum specified in the title thereof and are to mature on December 15, 2042; and 

WHEREAS, the Company and the purchasers party thereto (the “Purchasers”) have entered into a Bond Purchase Agreement dated as
of July 10, 2012 (the “Bond Purchase Agreement”), pursuant to which the Company agreed to sell and the Purchasers agreed to buy $51,500,000 in aggregate principal amount of 2024 Bonds, $35,500,000 in aggregate principal amount of 2027
Bonds and $263,000,000 in aggregate principal amount of 2042 Bonds (such 2024 Bonds, 2027 Bonds and 2042 Bonds, collectively the “Bonds”); and 
 WHEREAS, each of the registered bonds without coupons of the 2024 Bonds and the Trustee’s Authentication Certificate thereon, each of the registered bonds without coupons of the 2027 Bonds and the
Trustee’s Authentication Certificate thereon, and each of the registered bonds without coupons of the 2042 Bonds and the Trustee’s Authentication Certificate thereon, are to be substantially in the following forms, respectively, to wit:

 {FORM OF REGISTERED BOND OF THE 2024 BONDS} 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED,
SOLD, ASSIGNED OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 

  
 3 

 CONSUMERS ENERGY COMPANY 

FIRST MORTGAGE BOND 

3.19% SERIES DUE 2024 
  

			
	PPN:	  	$                     

 No.: __ 
 CONSUMERS ENERGY COMPANY, a Michigan corporation (hereinafter called the “Company”), for value received, hereby promises to pay to
            , or registered assigns, the principal sum of              Dollars
($            ) on December 15, 2024 (the “2024 Stated Maturity”), and to pay to the registered holder hereof interest on said sum from and including the latest
semi-annual interest payment date to which interest has been paid or duly made available for payment on the bonds of this series preceding the date hereof, unless the date hereof be an interest payment date to which interest is being paid, in which
case from and including the date hereof, or unless the date hereof is prior to June 15, 2013, in which case from and including December 17, 2012 (or if this bond is dated between the record date for any interest payment date and such
interest payment date, then from and including such interest payment date, provided, however, that if the Company shall default in payment of the interest due on such interest payment date, then from and including the next preceding semi-annual
interest payment date to which interest has been paid or duly made available for payment on the bonds of this series, or if such interest payment date is June 15, 2013, from and including December 17, 2012), in each case to but excluding
the next succeeding interest payment date or the date of maturity, as the case may be, at the rate per annum, until the principal hereof is paid or duly made available for payment, specified in the title of this bond, payable on June 15 and
December 15 in each year. The provisions of this bond are continued below and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

This bond shall not be valid or become obligatory for any purpose unless and until it shall have been authenticated by the execution by
the Trustee or its successor in trust under the Indenture of the certificate hereon. 
 TRUSTEE’S AUTHENTICATION CERTIFICATE

 This is one of the bonds, of the series designated therein, described in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, Trustee
		
	By:	 	 
		 	Authorized Officer

 IN WITNESS WHEREOF, Consumers Energy Company has caused this bond to be executed in its name by its
Chairman of the Board, its President or one of its Vice Presidents by his or her signature or a facsimile thereof, and its corporate seal or a facsimile thereof to be affixed hereto or imprinted hereon and attested by its Secretary or one of its
Assistant Secretaries by his or her signature or a facsimile thereof. 

  
 4 

							
		 		 	CONSUMERS ENERGY COMPANY
				
	Dated:	 		 	By:	 	 
		 		 	Printed:	 	 
		 		 	Title:	 	 

 Attest:
                                         
        
 CONSUMERS ENERGY COMPANY 

FIRST MORTGAGE BOND 

3.19% SERIES DUE 2024 
 The interest payable on any June 15 or December 15 will, subject to certain exceptions provided in the Indenture hereinafter mentioned, be paid to the person in whose name this bond is
registered at 5:00 p.m., New York City time, on the record date, which shall be the June 1 or December 1 (whether or not such June 1 or December 1 shall be a legal holiday or a day on which banking institutions in the Borough of
Manhattan, The City of New York, are authorized to close) preceding the relevant interest payment date, except that interest payable at the 2024 Stated Maturity shall be paid to the person to whom the principal amount is paid. The initial interest
payment date will be June 15, 2013. The principal of and the premium, if any, and interest on this bond shall be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, designated for that purpose, in
any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. 

This bond is one of the bonds of a series designated as First Mortgage Bonds, 3.19% Series due 2024 (sometimes herein referred to as the
“2024 Bonds” or the “Bonds”) issued under and in accordance with and secured by an indenture dated as of September 1, 1945, given by the Company (or its predecessor, Consumers Power Company, a Maine corporation) to City Bank
Farmers Trust Company (The Bank of New York Mellon, successor) (hereinafter sometimes referred to as the “Trustee”), together with indentures supplemental thereto, heretofore or hereafter executed, to which indenture and indentures
supplemental thereto (hereinafter referred to collectively as the “Indenture”) reference is hereby made for a description of the property mortgaged and pledged, the nature and extent of the security and the rights, duties and immunities
thereunder of the Trustee and the rights of the holders of said bonds and of the Trustee and of the Company in respect of such security, and the limitations on such rights. By the terms of the Indenture, the bonds to be secured thereby are issuable
in series which may vary as to date, amount, date of maturity, rate of interest and in other respects as provided in the Indenture. 

  
 5 

 Any or all of the 2024 Bonds may be redeemed by the Company, at its option, in whole or in
part, at any time and from time to time prior to maturity, at a redemption price equal to 100% of the principal amount of such 2024 Bonds being redeemed plus the Applicable Premium (as defined below), if any, thereon at the time of redemption,
together with accrued and unpaid interest, if any, thereon to, but not including, the redemption date. In no event will the redemption price be less than 100% of the principal amount of the 2024 Bonds plus accrued and unpaid interest, if any,
thereon to, but not including, the redemption date. 
 “Applicable Premium” means, with respect to a 2024 Bond (or
portion thereof) being redeemed at any time, the excess of (a) the present value at such time of the principal amount of such 2024 Bond (or portion thereof) being redeemed plus all interest payments due on such 2024 Bond (or portion thereof)
after the redemption date (but, for the avoidance of doubt, excluding any portion of such payments of interest accrued to the redemption date), which present value shall be computed using a discount rate equal to the Treasury Rate (as defined below)
plus 50 basis points, over (b) the principal amount of such 2024 Bond (or portion thereof) being redeemed at such time. For purposes of this definition, the present values of interest and principal payments will be determined in accordance with
generally accepted principles of financial analysis. 
 “Treasury Rate” means the yield to maturity at the time of
computation of on-the-run United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) (the “Statistical Release”)) that has become publicly
available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the then remaining average life to stated maturity
of the 2024 Bonds; provided, however, that if the average life to stated maturity of the 2024 Bonds is not equal to the constant maturity of an on-the-run United States Treasury security for which a weekly average yield is given, the Treasury Rate
shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of on-the-run United States Treasury securities for which such yields are given. 

The Treasury Rate will be calculated on the third Business Day preceding the date fixed for redemption. 

If less than all of the 2024 Bonds are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair,
the particular 2024 Bonds or portions thereof to be redeemed. Notice of redemption shall be given by mail not less than 30 nor more than 60 days prior to the date fixed for redemption to the holders of the 2024 Bonds to be redeemed; provided,
however, that the failure to duly give such notice by mail, or any defect therein, shall not affect the validity of any proceedings for the redemption of the 2024 Bonds as to which there shall have been no such failure or defect. On and after the
date fixed for redemption (unless the Company shall default in the payment of the 2024 Bonds or portions thereof to be redeemed at the applicable redemption price, together with accrued and unpaid interest, if any, thereon to, but not including,
such date), interest on the 2024 Bonds or the portions thereof so called for redemption shall cease to accrue. 

  
 6 

 This bond is not redeemable by the operation of the maintenance and replacement provisions
of the Indenture or with the proceeds of released property or in any other manner except as set forth above. 
 In case of
certain defaults as specified in the Indenture, the principal of this bond may be declared or may become due and payable on the conditions, at the time, in the manner and with the effect provided in the Indenture. The holders of certain specified
percentages of the bonds at the time outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to the extent and as provided in the Indenture, waive certain defaults thereunder and the
consequences of such defaults. 
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the holders of not less than seventy-five per centum in principal amount of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more than one series of bonds shall be at
the time outstanding, not less than sixty per centum in principal amount of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the
Company and the rights of the holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the written approval or consent of the holder hereof which will (a) extend the maturity of this
bond or reduce the rate or extend the time of payment of interest hereon or reduce the amount of the principal hereof or reduce any premium payable on the redemption hereof, (b) permit the creation of any lien, not otherwise permitted, prior to
or on a parity with the lien of the Indenture, or (c) reduce the aforesaid percentage of the principal amount of bonds the holders of which are required to approve any such supplemental indenture. 

The Company reserves the right, without any consent, vote or other action by holders of the 2024 Bonds or any other series created after
the Sixty-eighth Supplemental Indenture, to amend the Indenture to reduce the percentage of the principal amount of bonds the holders of which are required to approve any supplemental indenture (other than any supplemental indenture which is subject
to the proviso contained in the immediately preceding sentence) (a) from not less than seventy-five per centum (including sixty per centum of each series affected) to not less than a majority in principal amount of the bonds at the time
outstanding or (b) in case fewer than all series are affected, not less than a majority in principal amount of the bonds of all affected series, voting together. 
 No recourse shall be had for the payment of the principal of or premium, if any, or interest on this bond, or for any claim based hereon, or otherwise in respect hereof or of the Indenture, to or against
any incorporator, stockholder, director or officer, past, present or future, as such, of the Company, or of any predecessor or successor company, either directly or through the Company, or such predecessor or successor company, or otherwise, under
any constitution or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability of incorporators, stockholders, directors and officers, as such, being waived and released by the holder and owner
hereof by the acceptance of this bond and being likewise waived and released by the terms of the Indenture. 

  
 7 

 This bond shall be exchangeable for other registered bonds of the same series, in the manner
and upon the conditions prescribed in the Indenture, upon the surrender of such bonds at the office or agency of the Company in the Borough of Manhattan, The City of New York. However, notwithstanding the provisions of Section 2.05 of the
Indenture, no charge shall be made upon any registration of transfer or exchange of bonds of said series other than for any tax or taxes or other governmental charge required to be paid by the Company. 

{END OF FORM OF REGISTERED BOND OF THE 2024 BONDS} 

 
  

{FORM OF REGISTERED BOND OF THE 2027 BONDS} 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED,
SOLD, ASSIGNED OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 CONSUMERS ENERGY COMPANY 
 FIRST MORTGAGE BOND 

3.39% SERIES DUE 2027 
  

			
	PPN:	  	$                     

 No.: __ 
 CONSUMERS ENERGY COMPANY, a Michigan corporation (hereinafter called the “Company”), for value received, hereby promises to pay to
            , or registered assigns, the principal sum of              Dollars
($            ) on December 15, 2027 (the “2027 Stated Maturity”), and to pay to the registered holder hereof interest on said sum from and including the latest
semi-annual interest payment date to which interest has been paid or duly made available for payment on the bonds of this series preceding the date hereof, unless the date hereof be an interest payment date to which interest is being paid, in which
case from and including the date hereof, or unless the date hereof is prior to June 15, 2013, in which case from and including December 17, 2012 (or if this bond is dated between the record date for any interest payment date and such
interest payment date, then from and including such interest payment date, provided, however, that if the Company shall default in payment of the interest due on such interest payment date, then from and including the next preceding semi-annual
interest payment date to which interest has been paid or duly made 

  
 8 

 
available for payment on the bonds of this series, or if such interest payment date is June 15, 2013, from and including December 17, 2012), in each case to but excluding the next
succeeding interest payment date or the date of maturity, as the case may be, at the rate per annum, until the principal hereof is paid or duly made available for payment, specified in the title of this bond, payable on June 15 and
December 15 in each year. The provisions of this bond are continued below and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

This bond shall not be valid or become obligatory for any purpose unless and until it shall have been authenticated by the execution by
the Trustee or its successor in trust under the Indenture of the certificate hereon. 
 TRUSTEE’S AUTHENTICATION CERTIFICATE

 This is one of the bonds, of the series designated therein, described in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, Trustee
		
	By:	 	 
		 	Authorized Officer

 IN WITNESS WHEREOF, Consumers Energy Company has caused this bond to be executed in its name by its
Chairman of the Board, its President or one of its Vice Presidents by his or her signature or a facsimile thereof, and its corporate seal or a facsimile thereof to be affixed hereto or imprinted hereon and attested by its Secretary or one of its
Assistant Secretaries by his or her signature or a facsimile thereof. 
  

							
		 		 	CONSUMERS ENERGY COMPANY
				
	Dated:	 		 	By:	 	 
		 		 	Printed:	 	 
		 		 	Title:	 	 

 Attest:
                                         
    

  
 9 

 CONSUMERS ENERGY COMPANY 

FIRST MORTGAGE BOND 

3.39% SERIES DUE 2027 
 The interest payable on any June 15 or December 15 will, subject to certain exceptions provided in the Indenture hereinafter mentioned, be paid to the person in whose name this bond is
registered at 5:00 p.m., New York City time, on the record date, which shall be the June 1 or December 1 (whether or not such June 1 or December 1 shall be a legal holiday or a day on which banking institutions in the Borough of
Manhattan, The City of New York, are authorized to close) preceding the relevant interest payment date, except that interest payable at the 2027 Stated Maturity shall be paid to the person to whom the principal amount is paid. The initial interest
payment date will be June 15, 2013. The principal of and the premium, if any, and interest on this bond shall be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, designated for that purpose, in
any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. 

This bond is one of the bonds of a series designated as First Mortgage Bonds, 3.39% Series due 2027 (sometimes herein referred to as the
“2027 Bonds” or the “Bonds”) issued under and in accordance with and secured by an indenture dated as of September 1, 1945, given by the Company (or its predecessor, Consumers Power Company, a Maine corporation) to City Bank
Farmers Trust Company (The Bank of New York Mellon, successor) (hereinafter sometimes referred to as the “Trustee”), together with indentures supplemental thereto, heretofore or hereafter executed, to which indenture and indentures
supplemental thereto (hereinafter referred to collectively as the “Indenture”) reference is hereby made for a description of the property mortgaged and pledged, the nature and extent of the security and the rights, duties and immunities
thereunder of the Trustee and the rights of the holders of said bonds and of the Trustee and of the Company in respect of such security, and the limitations on such rights. By the terms of the Indenture, the bonds to be secured thereby are issuable
in series which may vary as to date, amount, date of maturity, rate of interest and in other respects as provided in the Indenture. 
 Any or all of the 2027 Bonds may be redeemed by the Company, at its option, in whole or in part, at any time and from time to time prior to maturity, at a redemption price equal to 100% of the principal
amount of such 2027 Bonds being redeemed plus the Applicable Premium (as defined below), if any, thereon at the time of redemption, together with accrued and unpaid interest, if any, thereon to, but not including, the redemption date. In no event
will the redemption price be less than 100% of the principal amount of the 2027 Bonds plus accrued and unpaid interest, if any, thereon to, but not including, the redemption date. 

“Applicable Premium” means, with respect to a 2027 Bond (or portion thereof) being redeemed at any time, the excess of
(a) the present value at such time of the principal amount of such 2027 Bond (or portion thereof) being redeemed plus all interest payments due on such 2027 Bond (or portion thereof) after the redemption date (but, for the avoidance of doubt,
excluding any portion of such payments of interest accrued to the redemption date), which present value shall be computed using a discount rate equal to the Treasury Rate (as defined below) plus 50 basis points, over (b) the principal amount of
such 2027 Bond (or portion thereof) being redeemed at such time. For purposes of this definition, the present values of interest and principal payments will be determined in accordance with generally accepted principles of financial analysis.

  
 10 

 “Treasury Rate” means the yield to maturity at the time of computation of
on-the-run United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) (the “Statistical Release”)) that has become publicly available at least two
Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the then remaining average life to stated maturity of the 2027 Bonds;
provided, however, that if the average life to stated maturity of the 2027 Bonds is not equal to the constant maturity of an on-the-run United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by
linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of on-the-run United States Treasury securities for which such yields are given. 

The Treasury Rate will be calculated on the third Business Day preceding the date fixed for redemption. 

If less than all of the 2027 Bonds are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair,
the particular 2027 Bonds or portions thereof to be redeemed. Notice of redemption shall be given by mail not less than 30 nor more than 60 days prior to the date fixed for redemption to the holders of the 2027 Bonds to be redeemed; provided,
however, that the failure to duly give such notice by mail, or any defect therein, shall not affect the validity of any proceedings for the redemption of the 2027 Bonds as to which there shall have been no such failure or defect. On and after the
date fixed for redemption (unless the Company shall default in the payment of the 2027 Bonds or portions thereof to be redeemed at the applicable redemption price, together with accrued and unpaid interest, if any, thereon to, but not including,
such date), interest on the 2027 Bonds or the portions thereof so called for redemption shall cease to accrue. 
 This bond is
not redeemable by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of released property or in any other manner except as set forth above. 

In case of certain defaults as specified in the Indenture, the principal of this bond may be declared or may become due and payable on
the conditions, at the time, in the manner and with the effect provided in the Indenture. The holders of certain specified percentages of the bonds at the time outstanding, including in certain cases specified percentages of bonds of particular
series, may in certain cases, to the extent and as provided in the Indenture, waive certain defaults thereunder and the consequences of such defaults. 
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than seventy-five per centum in principal amount of the bonds (exclusive of bonds
disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more than one series of bonds shall be at the time outstanding, not less than sixty per centum in principal amount of each series affected, to
effect, by an indenture 

  
 11 

 
supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the Company and the rights of the holders of the bonds and coupons; provided,
however, that no such modification or alteration shall be made without the written approval or consent of the holder hereof which will (a) extend the maturity of this bond or reduce the rate or extend the time of payment of interest hereon or
reduce the amount of the principal hereof or reduce any premium payable on the redemption hereof, (b) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of the Indenture, or (c) reduce the
aforesaid percentage of the principal amount of bonds the holders of which are required to approve any such supplemental indenture. 
 The Company reserves the right, without any consent, vote or other action by holders of the 2027 Bonds or any other series created after the Sixty-eighth Supplemental Indenture, to amend the Indenture to
reduce the percentage of the principal amount of bonds the holders of which are required to approve any supplemental indenture (other than any supplemental indenture which is subject to the proviso contained in the immediately preceding sentence)
(a) from not less than seventy-five per centum (including sixty per centum of each series affected) to not less than a majority in principal amount of the bonds at the time outstanding or (b) in case fewer than all series are affected, not
less than a majority in principal amount of the bonds of all affected series, voting together. 
 No recourse shall be had for
the payment of the principal of or premium, if any, or interest on this bond, or for any claim based hereon, or otherwise in respect hereof or of the Indenture, to or against any incorporator, stockholder, director or officer, past, present or
future, as such, of the Company, or of any predecessor or successor company, either directly or through the Company, or such predecessor or successor company, or otherwise, under any constitution or statute or rule of law, or by the enforcement of
any assessment or penalty, or otherwise, all such liability of incorporators, stockholders, directors and officers, as such, being waived and released by the holder and owner hereof by the acceptance of this bond and being likewise waived and
released by the terms of the Indenture. 
 This bond shall be exchangeable for other registered bonds of the same series, in the
manner and upon the conditions prescribed in the Indenture, upon the surrender of such bonds at the office or agency of the Company in the Borough of Manhattan, The City of New York. However, notwithstanding the provisions of Section 2.05 of
the Indenture, no charge shall be made upon any registration of transfer or exchange of bonds of said series other than for any tax or taxes or other governmental charge required to be paid by the Company. 

{END OF FORM OF REGISTERED BOND OF THE 2027 BONDS} 

 
  

  
 12 

 {FORM OF REGISTERED BOND OF THE 2042 BONDS} 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE. NEITHER THIS SECURITY NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 

CONSUMERS ENERGY COMPANY 
 FIRST MORTGAGE BOND 
 4.31% SERIES DUE 2042 

 

			
	PPN:	  	$                     

 No.: __ 
 CONSUMERS ENERGY COMPANY, a Michigan corporation (hereinafter called the “Company”), for value received, hereby promises to pay to
            , or registered assigns, the principal sum of              Dollars
($            ) on December 15, 2042 (the “2042 Stated Maturity”), and to pay to the registered holder hereof interest on said sum from and including the latest
semi-annual interest payment date to which interest has been paid or duly made available for payment on the bonds of this series preceding the date hereof, unless the date hereof be an interest payment date to which interest is being paid, in which
case from and including the date hereof, or unless the date hereof is prior to June 15, 2013, in which case from and including December 17, 2012 (or if this bond is dated between the record date for any interest payment date and such
interest payment date, then from and including such interest payment date, provided, however, that if the Company shall default in payment of the interest due on such interest payment date, then from and including the next preceding semi-annual
interest payment date to which interest has been paid or duly made available for payment on the bonds of this series, or if such interest payment date is June 15, 2013, from and including December 17, 2012), in each case to but excluding
the next succeeding interest payment date or the date of maturity, as the case may be, at the rate per annum, until the principal hereof is paid or duly made available for payment, specified in the title of this bond, payable on June 15 and
December 15 in each year. The provisions of this bond are continued below and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

This bond shall not be valid or become obligatory for any purpose unless and until it shall have been authenticated by the execution by
the Trustee or its successor in trust under the Indenture of the certificate hereon. 

  
 13 

 TRUSTEE’S AUTHENTICATION CERTIFICATE 

This is one of the bonds, of the series designated therein, described in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, Trustee
		
	By:	 	 
		 	Authorized Officer

 IN WITNESS WHEREOF, Consumers Energy Company has caused this bond to be executed in its name by its
Chairman of the Board, its President or one of its Vice Presidents by his or her signature or a facsimile thereof, and its corporate seal or a facsimile thereof to be affixed hereto or imprinted hereon and attested by its Secretary or one of its
Assistant Secretaries by his or her signature or a facsimile thereof. 
  

							
		 		 	CONSUMERS ENERGY COMPANY
				
	Dated:	 		 	By:	 	 
		 		 	Printed:	 	 
		 		 	Title:	 	 

 Attest:
                                        

 CONSUMERS ENERGY COMPANY 
 FIRST MORTGAGE BOND 
 4.31% SERIES DUE 2042 

The interest payable on any June 15 or December 15 will, subject to certain exceptions provided in the Indenture hereinafter
mentioned, be paid to the person in whose name this bond is registered at 5:00 p.m., New York City time, on the record date, which shall be the June 1 or December 1 (whether or not such June 1 or December 1 shall be a legal
holiday or a day on which banking institutions in the Borough of Manhattan, The City of New York, are authorized to close) preceding the relevant interest payment date, except that interest payable at the 2042 Stated Maturity shall be paid to the
person to whom the principal amount is paid. The initial interest payment date will be June 15, 2013. The principal of and the premium, if any, and interest on this bond shall be payable at the office or agency of the Company in the Borough of
Manhattan, The City of New York, designated for that purpose, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. 

  
 14 

 This bond is one of the bonds of a series designated as First Mortgage Bonds, 4.31% Series
due 2042 (sometimes herein referred to as the “2042 Bonds” or the “Bonds”) issued under and in accordance with and secured by an indenture dated as of September 1, 1945, given by the Company (or its predecessor, Consumers
Power Company, a Maine corporation) to City Bank Farmers Trust Company (The Bank of New York Mellon, successor) (hereinafter sometimes referred to as the “Trustee”), together with indentures supplemental thereto, heretofore or hereafter
executed, to which indenture and indentures supplemental thereto (hereinafter referred to collectively as the “Indenture”) reference is hereby made for a description of the property mortgaged and pledged, the nature and extent of the
security and the rights, duties and immunities thereunder of the Trustee and the rights of the holders of said bonds and of the Trustee and of the Company in respect of such security, and the limitations on such rights. By the terms of the
Indenture, the bonds to be secured thereby are issuable in series which may vary as to date, amount, date of maturity, rate of interest and in other respects as provided in the Indenture. 

Any or all of the 2042 Bonds may be redeemed by the Company, at its option, in whole or in part, at any time and from time to time prior
to maturity, at a redemption price equal to 100% of the principal amount of such 2042 Bonds being redeemed plus the Applicable Premium (as defined below), if any, thereon at the time of redemption, together with accrued and unpaid interest, if any,
thereon to, but not including, the redemption date. In no event will the redemption price be less than 100% of the principal amount of the 2042 Bonds plus accrued and unpaid interest, if any, thereon to, but not including, the redemption date.

 “Applicable Premium” means, with respect to a 2042 Bond (or portion thereof) being redeemed at any time, the excess
of (a) the present value at such time of the principal amount of such 2042 Bond (or portion thereof) being redeemed plus all interest payments due on such 2042 Bond (or portion thereof) after the redemption date (but, for the avoidance of
doubt, excluding any portion of such payments of interest accrued to the redemption date), which present value shall be computed using a discount rate equal to the Treasury Rate (as defined below) plus 50 basis points, over (b) the principal
amount of such 2042 Bond (or portion thereof) being redeemed at such time. For purposes of this definition, the present values of interest and principal payments will be determined in accordance with generally accepted principles of financial
analysis. 
 “Treasury Rate” means the yield to maturity at the time of computation of on-the-run United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) (the “Statistical Release”)) that has become publicly available at least two Business Days prior to
the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the then remaining average life to stated maturity of the 2042 Bonds; provided, however, that if
the average life to stated maturity of the 2042 Bonds is not equal to the constant maturity of an on-the-run United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields of on-the-run United States Treasury securities for which such yields are given. 

  
 15 

 The Treasury Rate will be calculated on the third Business Day preceding the date fixed for
redemption. 
 If less than all of the 2042 Bonds are to be redeemed, the Trustee shall select, in such manner as it shall deem
appropriate and fair, the particular 2042 Bonds or portions thereof to be redeemed. Notice of redemption shall be given by mail not less than 30 nor more than 60 days prior to the date fixed for redemption to the holders of the 2042 Bonds to be
redeemed; provided, however, that the failure to duly give such notice by mail, or any defect therein, shall not affect the validity of any proceedings for the redemption of the 2042 Bonds as to which there shall have been no such failure or defect.
On and after the date fixed for redemption (unless the Company shall default in the payment of the 2042 Bonds or portions thereof to be redeemed at the applicable redemption price, together with accrued and unpaid interest, if any, thereon to, but
not including, such date), interest on the 2042 Bonds or the portions thereof so called for redemption shall cease to accrue. 

This bond is not redeemable by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of
released property or in any other manner except as set forth above. 
 In case of certain defaults as specified in the
Indenture, the principal of this bond may be declared or may become due and payable on the conditions, at the time, in the manner and with the effect provided in the Indenture. The holders of certain specified percentages of the bonds at the time
outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to the extent and as provided in the Indenture, waive certain defaults thereunder and the consequences of such defaults. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than seventy-five
per centum in principal amount of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more than one series of bonds shall be at the time outstanding, not less than sixty
per centum in principal amount of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the Company and the rights of the holders of the
bonds and coupons; provided, however, that no such modification or alteration shall be made without the written approval or consent of the holder hereof which will (a) extend the maturity of this bond or reduce the rate or extend the time of
payment of interest hereon or reduce the amount of the principal hereof or reduce any premium payable on the redemption hereof, (b) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of the
Indenture, or (c) reduce the aforesaid percentage of the principal amount of bonds the holders of which are required to approve any such supplemental indenture. 
 The Company reserves the right, without any consent, vote or other action by holders of the 2042 Bonds or any other series created after the Sixty-eighth Supplemental Indenture, to amend the Indenture to
reduce the percentage of the principal amount of bonds the holders of which are required to approve any supplemental indenture (other than any supplemental indenture which is subject to the proviso contained in the immediately preceding sentence)
(a) from not less than seventy-five per centum (including sixty per centum of each series affected) to not less than a majority in principal amount of the bonds at the time outstanding or (b) in case fewer than all series are affected, not
less than a majority in principal amount of the bonds of all affected series, voting together. 

  
 16 

 No recourse shall be had for the payment of the principal of or premium, if any, or interest
on this bond, or for any claim based hereon, or otherwise in respect hereof or of the Indenture, to or against any incorporator, stockholder, director or officer, past, present or future, as such, of the Company, or of any predecessor or successor
company, either directly or through the Company, or such predecessor or successor company, or otherwise, under any constitution or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability of
incorporators, stockholders, directors and officers, as such, being waived and released by the holder and owner hereof by the acceptance of this bond and being likewise waived and released by the terms of the Indenture. 

This bond shall be exchangeable for other registered bonds of the same series, in the manner and upon the conditions prescribed in the
Indenture, upon the surrender of such bonds at the office or agency of the Company in the Borough of Manhattan, The City of New York. However, notwithstanding the provisions of Section 2.05 of the Indenture, no charge shall be made upon any
registration of transfer or exchange of bonds of said series other than for any tax or taxes or other governmental charge required to be paid by the Company. 
 {END OF FORM OF REGISTERED BOND OF THE 2042 BONDS} 
  

 
 AND WHEREAS,
all acts and things necessary to make the Bonds, when duly executed by the Company and authenticated by the Trustee or its agent and issued as prescribed in the Indenture, as heretofore supplemented and amended, and this Supplemental Indenture, the
valid, binding and legal obligations of the Company, and to constitute the Indenture, as supplemented and amended as aforesaid, as well as by this Supplemental Indenture, a valid, binding and legal instrument for the security thereof, have been done
and performed, and the creation, execution and delivery of this Supplemental Indenture and the creation, execution and issuance of bonds subject to the terms hereof and of the Indenture, as so supplemented and amended, have in all respects been duly
authorized; 
 NOW, THEREFORE, in consideration of the premises, of the acceptance and purchase by the holders thereof of the
bonds issued and to be issued under the Indenture, as supplemented and amended as above set forth, duly paid by the Trustee to the Company, and of other good and valuable considerations, the receipt whereof is hereby acknowledged, and for the
purpose of securing the due and punctual payment of the principal of and premium, if any, and interest on all bonds now outstanding under the Indenture and the $51,500,000 principal amount of the 2024 Bonds, the $35,500,000 principal amount of the
2027 Bonds, and the $263,000,000 principal amount of the 2042 Bonds, and all other bonds which shall be issued under the Indenture, as supplemented and amended from time to time, and for the purpose of securing the faithful performance and
observance of all covenants and conditions therein, and in any indenture supplemental thereto, set forth, the Company has given, granted, bargained, sold, released, transferred, assigned, hypothecated, pledged, mortgaged, confirmed, set over,

  
 17 

 
warranted, alienated and conveyed and by these presents does give, grant, bargain, sell, release, transfer, assign, hypothecate, pledge, mortgage, confirm, set over, warrant, alienate and convey
unto The Bank of New York Mellon, as Trustee, as provided in the Indenture, and its successor or successors in the trust thereby and hereby created and to its or their assigns forever, all the right, title and interest of the Company in and to all
the property, described in Section 13 hereof, together (subject to the provisions of Article X of the Indenture) with the tolls, rents, revenues, issues, earnings, income, products and profits thereof, excepting, however, the property,
interests and rights specifically excepted from the lien of the Indenture as set forth in the Indenture; 
 TOGETHER WITH all
and singular the tenements, hereditaments and appurtenances belonging or in any wise appertaining to the premises, property, franchises and rights, or any thereof, referred to in the foregoing granting clause, with the reversion and reversions,
remainder and remainders and (subject to the provisions of Article X of the Indenture) the tolls, rents, revenues, issues, earnings, income, products and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as
well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid premises, property, franchises and rights and every part and parcel thereof; 
 SUBJECT, HOWEVER, with respect to such premises, property, franchises and rights, to excepted encumbrances as said term is defined in Section 1.02 of the Indenture, and subject also to all defects
and limitations of title and to all encumbrances existing at the time of acquisition. 
 TO HAVE AND TO HOLD all said premises,
property, franchises and rights hereby conveyed, assigned, pledged or mortgaged, or intended so to be, unto the Trustee, its successor or successors in trust and their assigns forever; 

BUT IN TRUST, NEVERTHELESS, with power of sale for the equal and proportionate benefit and security of the holders of all bonds now or
hereafter authenticated and delivered under and secured by the Indenture and interest coupons appurtenant thereto, pursuant to the provisions of the Indenture and of any supplemental indenture, and for the enforcement of the payment of said bonds
and coupons when payable and the performance of and compliance with the covenants and conditions of the Indenture and of any supplemental indenture, without any preference, distinction or priority as to lien or otherwise of any bond or bonds over
others by reason of the difference in time of the actual authentication, delivery, issue, sale or negotiation thereof or for any other reason whatsoever, except as otherwise expressly provided in the Indenture; and so that each and every bond now or
hereafter authenticated and delivered thereunder shall have the same lien, and so that the principal of and premium, if any, and interest on every such bond shall, subject to the terms thereof, be equally and proportionately secured, as if it had
been made, executed, authenticated, delivered, sold and negotiated simultaneously with the execution and delivery thereof; 

AND IT IS EXPRESSLY DECLARED by the Company that all bonds authenticated and delivered under and secured by the Indenture, as
supplemented and amended as above set forth, are to be issued, authenticated and delivered, and all said premises, property, franchises and rights hereby and by the Indenture and indentures supplemental thereto conveyed, assigned, pledged or
mortgaged, or intended so to be, are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes expressed in the Indenture, as supplemented and amended as above
set forth, and the parties hereto mutually agree as follows: 

  
 18 

 SECTION 1. There is hereby created one series of bonds (the “2024 Bonds”)
designated as hereinabove provided, which shall also bear the descriptive title “First Mortgage Bond”, and the form thereof shall be substantially as hereinbefore set forth. The 2024 Bonds shall be issued in the aggregate principal amount
of $51,500,000, shall mature on December 15, 2024 and shall be issued only as registered bonds without coupons in denominations of $100,000 and any multiple thereof. The serial numbers of the 2024 Bonds shall be such as may be approved by any
officer of the Company, the execution thereof by any such officer either manually or by facsimile signature to be conclusive evidence of such approval. The 2024 Bonds shall bear interest at the rate per annum, until the principal thereof is paid or
duly made available for payment, specified in the title thereto, payable semi-annually in arrears on June 15 and December 15 in each year. Interest on the 2024 Bonds will be computed on the basis of a 360-day year consisting of twelve
30-day months. The principal of and the premium, if any, and the interest on said bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, at the office
or agency of the Company in the City of New York, designated for that purpose. The 2024 Bonds shall be exchangeable for other registered bonds of the same series, in the manner and upon the conditions prescribed in the Indenture, upon the surrender
of such bonds at the office or agency of the Company in the Borough of Manhattan, The City of New York. However, notwithstanding the provisions of Section 2.05 of the Indenture, no charge shall be made upon any registration of transfer or
exchange of bonds of said series other than for any tax or taxes or other governmental charge required to be paid by the Company. 
 SECTION 2. There is hereby created one series of bonds (the “2027 Bonds”) designated as hereinabove provided, which shall also bear the descriptive title “First Mortgage Bond”, and the
form thereof shall be substantially as hereinbefore set forth. The 2027 Bonds shall be issued in the aggregate principal amount of $35,500,000, shall mature on December 15, 2027 and shall be issued only as registered bonds without coupons in
denominations of $100,000 and any multiple thereof. The serial numbers of the 2027 Bonds shall be such as may be approved by any officer of the Company, the execution thereof by any such officer either manually or by facsimile signature to be
conclusive evidence of such approval. The 2027 Bonds shall bear interest at the rate per annum, until the principal thereof is paid or duly made available for payment, specified in the title thereto, payable semi-annually in arrears on June 15
and December 15 in each year. Interest on the 2027 Bonds will be computed on the basis of a 360-day year consisting of twelve 30-day months. The principal of and the premium, if any, and the interest on said bonds shall be payable in any coin
or currency of the United States of America which at the time of payment is legal tender for public and private debts, at the office or agency of the Company in the City of New York, designated for that purpose. The 2027 Bonds shall be exchangeable
for other registered bonds of the same series, in the manner and upon the conditions prescribed in the Indenture, upon the surrender of such bonds at the office or agency of the Company in the Borough of Manhattan, The City of New York. However,
notwithstanding the provisions of Section 2.05 of the Indenture, no charge shall be made upon any registration of transfer or exchange of bonds of said series other than for any tax or taxes or other governmental charge required to be paid by
the Company. 

  
 19 

 SECTION 3. There is hereby created one series of bonds (the “2042 Bonds”)
designated as hereinabove provided, which shall also bear the descriptive title “First Mortgage Bond”, and the form thereof shall be substantially as hereinbefore set forth. The 2042 Bonds shall be issued in the aggregate principal amount
of $263,000,000, shall mature on December 15, 2042 and shall be issued only as registered bonds without coupons in denominations of $100,000 and any multiple thereof. The serial numbers of the 2042 Bonds shall be such as may be approved by any
officer of the Company, the execution thereof by any such officer either manually or by facsimile signature to be conclusive evidence of such approval. The 2042 Bonds shall bear interest at the rate per annum, until the principal thereof is paid or
duly made available for payment, specified in the title thereto, payable semi-annually in arrears on June 15 and December 15 in each year. Interest on the 2042 Bonds will be computed on the basis of a 360-day year consisting of twelve
30-day months. The principal of and the premium, if any, and the interest on said bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, at the office
or agency of the Company in the City of New York, designated for that purpose. The 2042 Bonds shall be exchangeable for other registered bonds of the same series, in the manner and upon the conditions prescribed in the Indenture, upon the surrender
of such bonds at the office or agency of the Company in the Borough of Manhattan, The City of New York. However, notwithstanding the provisions of Section 2.05 of the Indenture, no charge shall be made upon any registration of transfer or
exchange of bonds of said series other than for any tax or taxes or other governmental charge required to be paid by the Company. 
 SECTION 4. Any or all of the 2024 Bonds, the 2027 Bonds and the 2042 Bonds may be redeemed by the Company at its option, in whole or in part, at any time and from time to time prior to maturity, at a
redemption price equal to 100% of the principal amount of such Bonds being redeemed plus the Applicable Premium (as defined below), if any, thereon at the time of redemption, together with accrued and unpaid interest, if any, thereon to, but not
including, the redemption date. In no event will the redemption price be less than 100% of the principal amount of the Bonds plus accrued and unpaid interest, if any, thereon to, but not including, the redemption date. 

“Applicable Premium” means, with respect to a Bond (or portion thereof) being redeemed at any time, the excess of (A) the
present value at such time of the principal amount of such Bond (or portion thereof) being redeemed plus all interest payments due on such Bond (or portion thereof) after the redemption date (but, for the avoidance of doubt, excluding any portion of
such payments of interest accrued to the redemption date), which present value shall be computed using a discount rate equal to the Treasury Rate (as defined below) plus 50 basis points, over (b) the principal amount of such Bond (or portion
thereof) being redeemed at such time. For purposes of this definition, the present values of interest and principal payments will be determined in accordance with generally accepted principles of financial analysis. 

  
 20 

 “Treasury Rate” means the yield to maturity at the time of computation of
on-the-run United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) (the “Statistical Release”)) that has become publicly available at least two
Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the then remaining average life to stated maturity of the Bonds; provided,
however, that if the average life to stated maturity of the Bonds is not equal to the constant maturity of an on-the-run United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of on-the-run United States Treasury securities for which such yields are given. 
 The Treasury Rate will be calculated on the third Business Day preceding the date fixed for redemption. 
 In connection with any redemption, the Company shall give the Trustee notice of the redemption price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation.

 If less than all of the 2024 Bonds, 2027 Bonds and 2042 Bonds, as the case may be, are to be redeemed, the Trustee shall
select, in such manner as it shall deem appropriate and fair, the particular 2024 Bonds, 2027 Bonds and 2042 Bonds or portions thereof to be redeemed, as the case may be. Notice of redemption shall be given by mail not less than 30 nor more than 60
days prior to the date fixed for redemption to the holders of the Bonds to be redeemed; provided, however, that the failure to duly give such notice by mail, or any defect therein, shall not affect the validity of any proceedings for the redemption
of the Bonds as to which there shall have been no such failure or defect. On and after the date fixed for redemption (unless the Company shall default in the payment of the Bonds or portions thereof to be redeemed at the applicable redemption price,
together with accrued and unpaid interest, if any, thereon to, but not including, such date), interest on the 2024 Bonds, 2027 Bonds and 2042 Bonds or the portions thereof, as the case may be, so called for redemption shall cease to accrue.

 SECTION 5. The Bonds are not redeemable by the operation of the maintenance and replacement provisions of the Indenture or
with the proceeds of released property or in any other manner except as set forth in Section 4 hereof. 
 SECTION 6. The
Company reserves the right, without any consent, vote or other action by the holders of the 2024 Bonds, 2027 Bonds and 2042 Bonds or of any subsequent series of bonds issued under the Indenture, to make such amendments to the Indenture, as
supplemented, as shall be necessary in order to amend Section 17.02 to read as follows: 
 SECTION 17.02. With the consent
of the holders of not less than a majority in principal amount of the bonds at the time outstanding or their attorneys-in-fact duly authorized, or, if fewer than all series are affected, not less than a majority in principal amount of the bonds at
the time outstanding of each series the rights of the holders of which are affected, voting together, the Company, when authorized by a resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to 

  
 21 

 
or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or modifying the rights and obligations of the Company and the rights of the
holders of any of the bonds and coupons; provided, however, that no such supplemental indenture shall (1) extend the maturity of any of the bonds or reduce the rate or extend the time of payment of interest thereon, or reduce the amount of the
principal thereof, or reduce any premium payable on the redemption thereof, without the consent of the holder of each bond so affected, or (2) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of
this Indenture, without the consent of the holders of all the bonds then outstanding, or (3) reduce the aforesaid percentage of the principal amount of bonds the holders of which are required to approve any such supplemental indenture, without
the consent of the holders of all the bonds then outstanding. For the purposes of this Section, bonds shall be deemed to be affected by a supplemental indenture if such supplemental indenture adversely affects or diminishes the rights of holders
thereof against the Company or against its property. The Trustee may in its discretion determine whether or not, in accordance with the foregoing, bonds of any particular series would be affected by any supplemental indenture and any such
determination shall be conclusive upon the holders of bonds of such series and all other series. Subject to the provisions of Sections 16.02 and 16.03 hereof, the Trustee shall not be liable for any determination made in good faith in connection
herewith. 
 Upon the written request of the Company, accompanied by a resolution authorizing the execution of
any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of bondholders as aforesaid (the instrument or instruments evidencing such consent to be dated within one year of such request), the Trustee shall join
with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but
shall not be obligated to enter into such supplemental indenture. 
 It shall not be necessary for the consent of
the bondholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

The Company and the Trustee, if they so elect, and either before or after such consent has been obtained, may require the
holder of any bond consenting to the execution of any such supplemental indenture to submit his bond to the Trustee or to ask such bank, banker or trust company as may be designated by the Trustee for the purpose, for the notation thereon of the
fact that the holder of such bond has consented to the execution of such supplemental indenture, and in such case such notation, in form satisfactory to the Trustee, shall be made upon all bonds so submitted, and such bonds bearing such notation
shall forthwith be returned to the persons entitled thereto. 

  
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 Prior to the execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section, the Company shall publish a notice, setting forth in general terms the substance of such supplemental indenture, at least once in one daily newspaper of general circulation in each city in which
the principal of any of the bonds shall be payable, or, if all bonds outstanding shall be registered bonds without coupons or coupon bonds registered as to principal, such notice shall be sufficiently given if mailed, first class, postage prepaid,
and registered if the Company so elects, to each registered holder of bonds at the last address of such holder appearing on the registry books, such publication or mailing, as the case may be, to be made not less than thirty days prior to such
execution. Any failure of the Company to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

SECTION 7. The Company hereby appoints the Trustee as paying agent, registrar and transfer agent for the Bonds and confirms the
appointment of the Trustee as paying agent, registrar and transfer agent for all other bonds outstanding under the Indenture. 

SECTION 8. As supplemented and amended as above set forth, the Indenture is in all respects ratified and confirmed, and the Indenture and
all indentures supplemental thereto shall be read, taken and construed as one and the same instrument. 
 SECTION 9. The Trustee
assumes no responsibility for or in respect of the validity or sufficiency of this Supplemental Indenture or of the Indenture as hereby supplemented or the due execution hereof by the Company or for or in respect of the recitals and statements
contained herein (other than those contained in the tenth and eleventh recitals hereof), all of which recitals and statements are made solely by the Company. The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Supplemental Indenture or under applicable law with respect to any transfer of any Bond other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by, the terms of the Indenture or this Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements thereof or hereof.
The Trustee as such and in its capacity as paying agent for the Bonds shall have no liability to the Company, to the holder or purchaser of any Bond or to any other person or entity for paying any sums due on a Bond without requiring the surrender
thereof in accordance with Section 9 of the Bond Purchase Agreement and shall be entitled to assume that any holder of a Bond is entitled to the benefits of said Section 9 unless the Company shall have given the Trustee written notice to
the contrary. 

  
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 SECTION 10. This Supplemental Indenture may be simultaneously executed in several
counterparts and all such counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. 
 SECTION 11. If any interest payment date or redemption date for the Bonds or the 2024 Stated Maturity, the 2027 Stated Maturity or the 2042 Stated Maturity falls on a day that is not a Business Day, the
interest or principal payment will be made on the next succeeding Business Day (and without any interest or other payment in respect of any such delay). In the event the date of any notice required or permitted hereunder shall not be a Business Day,
then (notwithstanding any other provision of the Indenture or of any supplemental indenture thereto) such notice need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date
fixed for such notice. “Business Day” means, with respect to Section 4 and this Section 11, any day, other than a Saturday or Sunday, on which banks generally are open in New York, New York for the conduct of substantially all of
their commercial lending activities and on which interbank wire transfers can be made on the Fedwire system. 
 SECTION 12. This
Supplemental Indenture and the 2024 Bonds, 2027 Bonds and 2042 Bonds shall be governed by and deemed to be a contract under, and construed in accordance with, the laws of the State of Michigan, and for all purposes shall be construed in accordance
with the laws of such state, except as may otherwise be required by mandatory provisions of law. 
 SECTION 13. Detailed
Description of Property Mortgaged: 
 I. 
 ELECTRIC GENERATING PLANTS AND DAMS 
 All the electric generating plants and
stations of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including all powerhouses, buildings, reservoirs,
dams, pipelines, flumes, structures and works and the land on which the same are situated and all water rights and all other lands and easements, rights of way, permits, privileges, towers, poles, wires, machinery, equipment, appliances,
appurtenances and supplies and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such plants and stations or any of them, or adjacent thereto. 

II. 
 ELECTRIC
TRANSMISSION LINES 
 All the electric transmission lines of the Company, constructed or otherwise acquired by it and not
heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including towers, poles, pole lines, wires, switches, switch racks, switchboards, insulators and other appliances and
equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed 

  
 24 

 
in connection with such transmission lines or any of them or adjacent thereto; together with all real property, rights of way, easements, permits, privileges, franchises and rights for or
relating to the construction, maintenance or operation thereof, through, over, under or upon any private property or any public streets or highways, within as well as without the corporate limits of any municipal corporation. Also all the real
property, rights of way, easements, permits, privileges and rights for or relating to the construction, maintenance or operation of certain transmission lines, the land and rights for which are owned by the Company, which are either not built or now
being constructed. 
 III. 
 ELECTRIC DISTRIBUTION SYSTEMS 
 All the electric distribution systems of the
Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including substations, transformers, switchboards, towers, poles,
wires, insulators, subways, trenches, conduits, manholes, cables, meters and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such
distribution systems or any of them or adjacent thereto; together with all real property, rights of way, easements, permits, privileges, franchises, grants and rights, for or relating to the construction, maintenance or operation thereof, through,
over, under or upon any private property or any public streets or highways within as well as without the corporate limits of any municipal corporation. 
 IV. 
 ELECTRIC SUBSTATIONS, SWITCHING STATIONS AND SITES 

All the substations, switching stations and sites of the Company, constructed or otherwise acquired by it and not heretofore described in
the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, for transforming, regulating, converting or distributing or otherwise controlling electric current at any of its plants and elsewhere, together with
all buildings, transformers, wires, insulators and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with any of such substations and switching
stations, or adjacent thereto, with sites to be used for such purposes. 
 V. 

GAS COMPRESSOR STATIONS, GAS PROCESSING PLANTS, DESULPHURIZATION STATIONS, METERING STATIONS, ODORIZING STATIONS, REGULATORS AND SITES

 All the compressor stations, processing plants, desulphurization stations, metering stations, odorizing stations, regulators
and sites of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not 

  
 25 

 
heretofore released from the lien of the Indenture, for compressing, processing, desulphurizing, metering, odorizing and regulating manufactured or natural gas at any of its plants and elsewhere,
together with all buildings, meters and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with any of such purposes, with sites to be used for
such purposes. 
 VI. 
 GAS STORAGE FIELDS 
 The natural gas rights and interests of the Company,
including wells and well lines (but not including natural gas, oil and minerals), the gas gathering system, the underground gas storage rights, the underground gas storage wells and injection and withdrawal system used in connection therewith,
constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture: In the Overisel Gas Storage Field, located in the Township of Overisel,
Allegan County, and in the Township of Zeeland, Ottawa County, Michigan; in the Northville Gas Storage Field located in the Township of Salem, Washtenaw County, Township of Lyon, Oakland County, and the Townships of Northville and Plymouth and City
of Plymouth, Wayne County, Michigan; in the Salem Gas Storage Field, located in the Township of Salem, Allegan County, and in the Township of Jamestown, Ottawa County, Michigan; in the Ray Gas Storage Field, located in the Townships of Ray and
Armada, Macomb County, Michigan; in the Lenox Gas Storage Field, located in the Townships of Lenox and Chesterfield, Macomb County, Michigan; in the Ira Gas Storage Field, located in the Township of Ira, St. Clair County, Michigan; in the Puttygut
Gas Storage Field, located in the Township of Casco, St. Clair County, Michigan; in the Four Corners Gas Storage Field, located in the Townships of Casco, China, Cottrellville and Ira, St. Clair County, Michigan; in the Swan Creek Gas Storage Field,
located in the Townships of Casco and Ira, St. Clair County, Michigan; and in the Hessen Gas Storage Field, located in the Townships of Casco and Columbus, St. Clair County, Michigan. 

VII. 
 GAS
TRANSMISSION LINES 
 All the gas transmission lines of the Company, constructed or otherwise acquired by it and not heretofore
described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including gas mains, pipes, pipelines, gates, valves, meters and other appliances and equipment, and all other property, real or
personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such transmission lines or any of them or adjacent thereto; together with all real property, right of way, easements, permits, privileges, franchises and
rights for or relating to the construction, maintenance or operation thereof, through, over, under or upon any private property or any public streets or highways, within as well as without the corporate limits of any municipal corporation.

  
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 VIII. 
 GAS DISTRIBUTION SYSTEMS 
 All the gas distribution systems of the Company,
constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including tunnels, conduits, gas mains and pipes, service pipes, fittings,
gates, valves, connections, meters and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such distribution systems or any of them or
adjacent thereto; together with all real property, rights of way, easements, permits, privileges, franchises, grants and rights, for or relating to the construction, maintenance or operation thereof, through, over, under or upon any private property
or any public streets or highways within as well as without the corporate limits of any municipal corporation. 
 IX. 

OFFICE BUILDINGS, SERVICE BUILDINGS, GARAGES, ETC. 
 All office, garage, service and other buildings of the Company, wherever located, in the State of Michigan, constructed or otherwise acquired by it and not heretofore described in the Indenture or any
supplement thereto and not heretofore released from the lien of the Indenture, together with the land on which the same are situated and all easements, rights of way and appurtenances to said lands, together with all furniture and fixtures located
in said buildings. 
 X. 
 TELEPHONE PROPERTIES AND RADIO COMMUNICATION EQUIPMENT 
 All telephone lines,
switchboards, systems and equipment of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, used or available for use
in the operation of its properties, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such telephone properties or any of them or adjacent thereto; together with all real
estate, rights of way, easements, permits, privileges, franchises, property, devices or rights related to the dispatch, transmission, reception or reproduction of messages, communications, intelligence, signals, light, vision or sound by
electricity, wire or otherwise, including all telephone equipment installed in buildings used as general and regional offices, substations and generating stations and all telephone lines erected on towers and poles; and all radio communication
equipment of the Company, together with all property, real or personal (except any in the Indenture expressly excepted), fixed stations, towers, auxiliary radio buildings and equipment, and all appurtenances used in connection therewith, wherever
located, in the State of Michigan. 

  
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 XI. 
 OTHER REAL PROPERTY 
 All other real property of the Company and all interests
therein, of every nature and description (except any in the Indenture expressly excepted) wherever located, in the State of Michigan, acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released
from the lien of the Indenture. Such real property includes but is not limited to the following described property, such property is subject to any interests that were excepted or reserved in the conveyance to the Company: 

ALCONA COUNTY 

Certain land in Caledonia Township, Alcona County, Michigan described as: 

The East 330 feet of the South 660 feet of the SW 1/4 of the SW 1/4 of Section 8, T28N, R8E, except the West 264 feet
of the South 330 feet thereof; said land being more particularly described as follows: To find the place of beginning of this description, commence at the Southwest corner of said section, run thence East along the South line of said section 1243
feet to the place of beginning of this description, thence continuing East along said South line of said section 66 feet to the West 1/8 line of said section, thence N 02 degrees 09’ 30” E along the said West 1/8 line of said section 660
feet, thence West 330 feet, thence S 02 degrees 09’ 30” W, 330 feet, thence East 264 feet, thence S 02 degrees 09’ 30” W, 330 feet to the place of beginning. 

ALLEGAN COUNTY 

Certain land in Lee Township, Allegan County, Michigan described as: 

The NE 1/4 of the NW 1/4 of Section 16, T1N, R15W. 

ALPENA COUNTY 

Certain land in Wilson and Green Townships, Alpena County, Michigan described as: 

All that part of the S’ly 1/2 of the former Boyne City-Gaylord and Alpena Railroad right of way, being the Southerly
50 feet of a 100 foot strip of land formerly occupied by said Railroad, running from the East line of Section 31, T31N, R7E, Southwesterly across said Section 31 and Sections 5 and 6 of T30N, R7E and Sections 10, 11 and the E 1/2 of
Section 9, except the West 1646 feet thereof, all in T30N, R6E. 

  
 28 

 ANTRIM COUNTY 
 Certain land in Mancelona Township, Antrim County, Michigan described as: 
 The S 1/2 of the NE 1/4 of Section 33, T29N, R6W, excepting therefrom all mineral, coal, oil and gas and such other rights as were reserved unto the State of Michigan in that certain deed running
from the State of Michigan to August W. Schack and Emma H. Schack, his wife, dated April 15, 1946 and recorded May 20, 1946 in Liber 97 of Deeds on page 682 of Antrim County Records. 

ARENAC COUNTY 

Certain land in Standish Township, Arenac County, Michigan described as: 

A parcel of land in the SW 1/4 of the NW 1/4 of Section 12, T18N, R4E, described as follows: To find the place of
beginning of said parcel of land, commence at the Northwest corner of Section 12, T18N, R4E; run thence South along the West line of said section, said West line of said section being also the center line of East City Limits Road 2642.15 feet
to the W 1/4 post of said section and the place of beginning of said parcel of land; running thence N 88 degrees 26’ 00” E along the East and West 1/4 line of said section, 660.0 feet; thence North parallel with the West line of said
section, 310.0 feet; thence S 88 degrees 26’ 00” W, 330.0 feet; thence South parallel with the West line of said section, 260.0 feet; thence S 88 degrees 26’ 00” W, 330.0 feet to the West line of said section and the center line
of East City Limits Road; thence South along the said West line of said section, 50.0 feet to the place of beginning. 
 BARRY
COUNTY 
 Certain land in Johnstown Township, Barry County, Michigan described as: 

A strip of land 311 feet in width across the SW 1/4 of the NE 1/4 of Section 31, T1N, R8W,
described as follows: To find the place of beginning of this description, commence at the E  1/4 post of said section; run thence N 00 degrees 55’ 00” E along the East line of said section, 555.84 feet; thence
N 59 degrees 36’ 20” W, 1375.64 feet; thence N 88 degrees 30’ 00” W, 130 feet to a point on the East 1/8 line of said section and the place of beginning of this description; thence continuing N 88 degrees 30’ 00” W,
1327.46 feet to the North and South 1/4 line of said section; thence S 00 degrees 39’35” W along said North and South 1/4 line of said section, 311.03 feet to a point, which said point is 952.72 feet distant N’ly from the East and
West 1/4 line of said section as measured along said North and South 1/4 line of said section; thence S 88 degrees 30’ 00” E, 1326.76 feet to the East 1/8 line of said section; thence N 00 degrees 47’ 20” E along said East 1/8
line of said section, 311.02 feet to the place of beginning. 
 BAY COUNTY 

Certain land in Frankenlust Township, Bay County, Michigan described as: 

The South 250 feet of the N 1/2 of the W 1/2 of the W 1/2 of the SE 1/4 of Section 9, T13N, R4E. 

  
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 BENZIE COUNTY 
 Certain land in Benzonia Township, Benzie County, Michigan described as: 
 A parcel of land in the Northeast 1/4 of Section 7, Township 26 North, Range 14 West, described as beginning at a point on the East line of said Section 7, said point being 320 feet North
measured along the East line of said section from the East 1/4 post; running thence West 165 feet; thence North parallel with the East line of said section 165 feet; thence East 165 feet to the East line of said section; thence South 165 feet to the
place of beginning. 
 BRANCH COUNTY 
 Certain land in Girard Township, Branch County, Michigan described as: 
 A parcel of land in the NE 1/4 of Section 23 T5S, R6W, described as beginning at a point on the North and South quarter line of said section at a point 1278.27 feet distant South of the North quarter
post of said section, said distance being measured along the North and South quarter line of said section, running thence S89 degrees21’E 250 feet, thence North along a line parallel with the said North and South quarter line of said section
200 feet, thence N89 degrees 21’W 250 feet to the North and South quarter line of said section, thence South along said North and South quarter line of said section 200 feet to the place of beginning. 

CALHOUN COUNTY 

Certain land in Convis Township, Calhoun County, Michigan described as: 

A parcel of land in the SE 1/4 of the SE 1/4 of Section 32, T1S, R6W, described as follows: To find the place of
beginning of this description, commence at the Southeast corner of said section; run thence North along the East line of said section 1034.32 feet to the place of beginning of this description; running thence N 89 degrees 39’ 52” W, 333.0
feet; thence North 290.0 feet to the South 1/8 line of said section; thence S 89 degrees 39’ 52” E along said South 1/8 line of said section 333.0 feet to the East line of said section; thence South along said East line of said section
290.0 feet to the place of beginning. (Bearings are based on the East line of Section 32, T1S, R6W, from the Southeast corner of said section to the Northeast corner of said section assumed as North.) 

CASS COUNTY 

Certain easement rights located across land in Marcellus Township, Cass County, Michigan described as: 

The East 6 rods of the SW 1/4 of the SE 1/4 of Section 4, T5S, R13W. 

  
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 CHARLEVOIX COUNTY 
 Certain land in South Arm Township, Charlevoix County, Michigan described as: 
 A parcel of land in the SW 1/4 of Section 29, T32N, R7W, described as follows: Beginning at the Southwest corner of said section and running thence North along the West line of said section 788.25
feet to a point which is 528 feet distant South of the South 1/8 line of said section as measured along the said West line of said section; thence N 89 degrees 30’ 19” E, parallel with said South 1/8 line of said section 442.1 feet; thence
South 788.15 feet to the South line of said section; thence S 89 degrees 29’ 30” W, along said South line of said section 442.1 feet to the place of beginning. 
 CHEBOYGAN COUNTY 
 Certain land in Inverness Township, Cheboygan County, Michigan
described as: 
 A parcel of land in the SW frl 1/4 of Section 31, T37N, R2W, described as beginning at the
Northwest corner of the SW frl 1/4, running thence East on the East and West quarter line of said Section, 40 rods, thence South parallel to the West line of said Section 40 rods, thence West 40 rods to the West line of said Section, thence
North 40 rods to the place of beginning. 
 CLARE COUNTY 

Certain land in Frost Township, Clare County, Michigan described as: 

The East 150 feet of the North 225 feet of the NW 1/4 of the NW 1/4 of Section 15, T20N, R4W. 

CLINTON COUNTY 

Certain land in Watertown Township, Clinton County, Michigan described as: 

The NE 1/4 of the NE 1/4 of the SE 1/4 of Section 22, and the North 165 feet of the NW 1/4 of the NE 1/4 of the SE
1/4 of Section 22, T5N, R3W. 
 CRAWFORD COUNTY 
 Certain land in Lovells Township, Crawford County, Michigan described as: 
 A parcel of land in Section 1, T28N, R1W, described as: Commencing at NW corner said section; thence South 89 degrees53’30” East along North section line 105.78 feet to point of beginning;
thence South 89 degrees53’30” East along North section line 649.64 feet; thence South 55 degrees 42’30” East 340.24 feet; thence South 55 degrees 44’ 37”“ East 5,061.81 feet to the East section line; thence South
00 degrees 00’ 08”“ West along East section line 441.59 feet; thence North 55 degrees 44’ 37” West 5,310.48 feet; thence North 55 degrees 42’30” West 877.76 feet to point of beginning. 

  
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 EATON COUNTY 
 Certain land in Eaton Township, Eaton County, Michigan described as: 
 A parcel of land in the SW 1/4 of Section 6, T2N, R4W, described as follows: To find the place of beginning of this description commence at the Southwest corner of said section; run thence N 89
degrees 51’ 30” E along the South line of said section 400 feet to the place of beginning of this description; thence continuing N 89 degrees 51’ 30” E, 500 feet; thence N 00 degrees 50’ 00” W, 600 feet; thence S 89
degrees 51’ 30” W parallel with the South line of said section 500 feet; thence S 00 degrees 50’ 00” E, 600 feet to the place of beginning. 
 EMMET COUNTY 
 Certain land in Wawatam Township, Emmet County, Michigan described
as: 
 The West 1/2 of the Northeast 1/4 of the Northeast 1/4 of Section 23, T39N, R4W. 

GENESEE COUNTY 

Certain land in Argentine Township, Genesee County, Michigan described as: 

A parcel of land of part of the SW 1/4 of Section 8, T5N, R5E, being more particularly described as follows:

 Beginning at a point of the West line of Duffield Road, 100 feet wide, (as now established) distant 829.46
feet measured N01 degrees42’56”W and 50 feet measured S88 degrees14’04”W from the South quarter corner, Section 8, T5N, R5E; thence S88 degrees14’04”W a distance of 550 feet; thence N01 degrees42’56”W a
distance of 500 feet to a point on the North line of the South half of the Southwest quarter of said Section 8; thence N88 degrees14’04”E along the North line of South half of the Southwest quarter of said Section 8 a distance
550 feet to a point on the West line of Duffield Road, 100 feet wide (as now established); thence S 01 degrees 42’56”E along the West line of said Duffield Road a distance of 500 feet to the point of beginning. 

GLADWIN COUNTY 

Certain land in Secord Township, Gladwin County, Michigan described as: 

The East 400 feet of the South 450 feet of Section 2, T19N, R1E. 

  
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 GRAND TRAVERSE COUNTY 

Certain land in Mayfield Township, Grand Traverse County, Michigan described as: 

A parcel of land in the Northwest 1/4 of Section 3, T25N, R11W, described as follows: Commencing at the Northwest
corner of said section, running thence S 89 degrees19’15” E along the North line of said section and the center line of Clouss Road 225 feet, thence South 400 feet, thence N 89 degrees19’15” W 225 feet to the West line of said
section and the center line of Hannah Road, thence North along the West line of said section and the center line of Hannah Road 400 feet to the place of beginning for this description. 

GRATIOT COUNTY 

Certain land in Fulton Township, Gratiot County, Michigan described as: 

A parcel of land in the NE 1/4 of Section 7, Township 9 North, Range 3 West, described as beginning at a point on the
North line of George Street in the Village of Middleton, which is 542 feet East of the North and South one-quarter (1/4) line of said Section 7; thence North 100 feet; thence East 100 feet; thence South 100 feet to the North line of George
Street; thence West along the North line of George Street 100 feet to place of beginning. 
 HILLSDALE COUNTY 

Certain land in Litchfield Village, Hillsdale County, Michigan described as: 

Lot 238 of Assessors Plat of the Village of Litchfield. 

HURON COUNTY 

Certain easement rights located across land in Sebewaing Township, Huron County, Michigan described as: 

The North 1/2 of the Northwest 1/4 of Section 15, T15N, R9E. 

INGHAM COUNTY 

Certain land in Vevay Township, Ingham County, Michigan described as: 

A parcel of land 660 feet wide in the Southwest 1/4 of Section 7 lying South of the centerline of Sitts Road as
extended to the North-South 1/4 line of said Section 7, T2N, R1W, more particularly described as follows: Commence at the Southwest corner of said Section 7, thence North along the West line of said Section 2502.71 feet to the
centerline of Sitts Road; thence South 89 degrees54’45” East along said centerline 2282.38 feet to the place of beginning of this description; thence continuing South 89 degrees54’45” East along said

  
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centerline and said centerline extended 660.00 feet to the North-South 1/4 line of said section; thence South 00 degrees07’20” West 1461.71 feet; thence North 89 degrees34’58”
West 660.00 feet; thence North 00 degrees07’20” East 1457.91 feet to the centerline of Sitts Road and the place of beginning. 
 IONIA COUNTY 
 Certain land in Sebewa Township, Ionia County, Michigan described
as: 
 A strip of land 280 feet wide across that part of the SW 1/4 of the NE 1/4 of Section 15, T5N, R6W,
described as follows: 
 To find the place of beginning of this description commence at the E 1/4 corner of said
section; run thence N 00 degrees 05’ 38” W along the East line of said section, 1218.43 feet; thence S 67 degrees 18’ 24” W, 1424.45 feet to the East 1/8 line of said section and the place of beginning of this description; thence
continuing S 67 degrees 18’ 24” W, 1426.28 feet to the North and South 1/4 line of said section at a point which said point is 105.82 feet distant N’ly of the center of said section as measured along said North and South 1/4 line of
said section; thence N 00 degrees 04’ 47” E along said North and South 1/4 line of said section, 303.67 feet; thence N 67 degrees 18’ 24” E, 1425.78 feet to the East 1/8 line of said section; thence S 00 degrees 00’ 26”
E along said East 1/8 line of said section, 303.48 feet to the place of beginning. (Bearings are based on the East line of Section 15, T5N, R6W, from the E 1/4 corner of said section to the Northeast corner of said section assumed as N 00
degrees 05’ 38” W.) 
 IOSCO COUNTY 
 Certain land in Alabaster Township, Iosco County, Michigan described as: 
 A parcel of land in the NW 1/4 of Section 34, T21N, R7E, described as follows: To find the place of beginning of this description commence at the N 1/4 post of said section; run thence South along
the North and South 1/4 line of said section, 1354.40 feet to the place of beginning of this description; thence continuing South along the said North and South 1/4 line of said section, 165.00 feet to a point on the said North and South 1/4 line of
said section which said point is 1089.00 feet distant North of the center of said section; thence West 440.00 feet; thence North 165.00 feet; thence East 440.00 feet to the said North and South 1/4 line of said section and the place of beginning.

 ISABELLA COUNTY 
 Certain land in Chippewa Township, Isabella County, Michigan described as: 
 The North 8 rods of the NE 1/4 of the SE 1/4 of Section 29, T14N, R3W. 

  
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 JACKSON COUNTY 
 Certain land in Waterloo Township, Jackson County, Michigan described as: 
 A parcel of land in the North fractional part of the N fractional 1/2 of Section 2, T1S, R2E, described as follows: To find the place of beginning of this description commence at the E 1/4 post of
said section; run thence N 01 degrees 03’ 40” E along the East line of said section 1335.45 feet to the North 1/8 line of said section and the place of beginning of this description; thence N 89 degrees 32’ 00” W, 2677.7 feet to
the North and South 1/4 line of said section; thence S 00 degrees 59’ 25” W along the North and South 1/4 line of said section 22.38 feet to the North 1/8 line of said section; thence S 89 degrees 59’ 10” W along the North 1/8
line of said section 2339.4 feet to the center line of State Trunkline Highway M-52; thence N 53 degrees 46’ 00” W along the center line of said State Trunkline Highway 414.22 feet to the West line of said section; thence N 00 degrees
55’ 10” E along the West line of said section 74.35 feet; thence S 89 degrees 32’ 00” E, 5356.02 feet to the East line of said section; thence S 01 degrees 03’ 40” W along the East line of said section 250 feet to the
place of beginning. 
 KALAMAZOO COUNTY 
 Certain land in Alamo Township, Kalamazoo County, Michigan described as: 
 The South 350 feet of the NW 1/4 of the NW 1/4 of Section 16, T1S, R12W, being more particularly described as follows: To find the place of beginning of this description, commence at the Northwest
corner of said section; run thence S 00 degrees 36’ 55” W along the West line of said section 971.02 feet to the place of beginning of this description; thence continuing S 00 degrees 36’ 55” W along said West line of said
section 350.18 feet to the North 1/8 line of said section; thence S 87 degrees 33’ 40” E along the said North 1/8 line of said section 1325.1 feet to the West 1/8 line of said section; thence N 00 degrees 38’ 25” E along the said
West 1/8 line of said section 350.17 feet; thence N 87 degrees 33’ 40” W, 1325.25 feet to the place of beginning. 

KALKASKA COUNTY 

Certain land in Kalkaska Township, Kalkaska County, Michigan described as: 

The NW 1/4 of the SW 1/4 of Section 4, T27N, R7W, excepting therefrom all mineral, coal, oil and gas and such other
rights as were reserved unto the State of Michigan in that certain deed running from the Department of Conservation for the State of Michigan to George Welker and Mary Welker, his wife, dated October 9, 1934 and recorded December 28, 1934
in Liber 39 on page 291 of Kalkaska County Records, and subject to easement for pipeline purposes as granted to Michigan Consolidated Gas Company by first party herein on April 4, 1963 and recorded June 21, 1963 in Liber 91 on page 631 of
Kalkaska County Records. 

  
 35 

 KENT COUNTY 
 Certain land in Caledonia Township, Kent County, Michigan described as: 
 A parcel of land in the Northwest fractional 1/4 of Section 15, T5N, R10W, described as follows: To find the place of beginning of this description commence at the North 1/4 corner of said section,
run thence S 0 degrees 59’ 26” E along the North and South 1/4 line of said section 2046.25 feet to the place of beginning of this description, thence continuing S 0 degrees 59’ 26” E along said North and South 1/4 line of said
section 332.88 feet, thence S 88 degrees 58’ 30” W 2510.90 feet to a point herein designated “Point A” on the East bank of the Thornapple River, thence continuing S 88 degrees 53’ 30” W to the center thread of the
Thornapple River, thence NW’ly along the center thread of said Thornapple River to a point which said point is S 88 degrees 58’ 30” W of a point on the East bank of the Thornapple River herein designated “Point B”, said
“Point B” being N 23 degrees 41’ 35” W 360.75 feet from said above-described “Point A”, thence N 88 degrees 58’ 30” E to said “Point B”, thence continuing N 88 degrees 58’ 30” E 2650.13
feet to the place of beginning. (Bearings are based on the East line of Section 15, T5N, R10W between the East 1/4 corner of said section and the Northeast corner of said section assumed as N 0 degrees 59’ 55” W.) 

LAKE COUNTY 

Certain land in Pinora and Cherry Valley Townships, Lake County, Michigan described as: 

A strip of land 50 feet wide East and West along and adjoining the West line of highway on the East side of the North 1/2
of Section 13 T18N, R12W. Also a strip of land 100 feet wide East and West along and adjoining the East line of the highway on the West side of following described land: The South 1/2 of NW 1/4, and the South 1/2 of the NW 1/4 of the SW 1/4,
all in Section 6, T18N, R11W. 
 LAPEER COUNTY 
 Certain land in Hadley Township, Lapeer County, Michigan described as: 
 The South 825 feet of the W 1/2 of the SW 1/4 of Section 24, T6N, R9E, except the West 1064 feet thereof. 
 LEELANAU COUNTY 
 Certain land in Cleveland Township, Leelanau County, Michigan
described as: 

  
 36 

 The North 200 feet of the West 180 feet of the SW 1/4 of the SE 1/4 of
Section 35, T29N, R13W. 
 LENAWEE COUNTY 
 Certain land in Madison Township, Lenawee County, Michigan described as: 
 A strip of land 165 feet wide off the West side of the following described premises: The E 1/2 of the SE 1/4 of Section 12. The E 1/2 of the NE 1/4 and the NE 1/4 of the SE 1/4 of Section 13,
being all in T7S, R3E, excepting therefrom a parcel of land in the E 1/2 of the SE 1/4 of Section 12, T7S, R3E, beginning at the Northwest corner of said E 1/2 of the SE 1/4 of Section 12, running thence East 4 rods, thence South 6 rods,
thence West 4 rods, thence North 6 rods to the place of beginning. 
 LIVINGSTON COUNTY 

Certain land in Cohoctah Township, Livingston County, Michigan described as: 

Parcel 1: 
 The East 390 feet of the East 50 rods of the SW 1/4 of Section 30, T4N, R4E. 
 Parcel 2: 
 A parcel of land in the NW 1/4 of Section 31, T4N,
R4E, described as follows: To find the place of beginning of this description commence at the N 1/4 post of said section; run thence N 89 degrees 13’ 06” W along the North line of said section, 330 feet to the place of beginning of this
description; running thence S 00 degrees 52’ 49” W, 2167.87 feet; thence N 88 degrees 59’ 49” W, 60 feet; thence N 00 degrees 52’ 49” E, 2167.66 feet to the North line of said section; thence S 89 degrees 13’
06” E along said North line of said section, 60 feet to the place of beginning. 
 MACOMB COUNTY 

Certain land in Macomb Township, Macomb County, Michigan described as: 

A parcel of land commencing on the West line of the E 1/2 of the NW 1/4 of fractional Section 6, 20 chains South of
the NW corner of said E 1/2 of the NW 1/4 of Section 6; thence South on said West line and the East line of A. Henry Kotner’s Hayes Road Subdivision #15, according to the recorded plat thereof, as recorded in Liber 24 of Plats, on page 7,
24.36 chains to the East and West 1/4 line of said Section 6; thence East on said East and West 1/4 line 8.93 chains; thence North parallel with the said West line of the E 1/2 of the NW 1/4 of Section 6, 24.36 chains; thence West 8.93
chains to the place of beginning, all in T3N, R13E. 

  
 37 

 MANISTEE COUNTY 
 Certain land in Manistee Township, Manistee County, Michigan described as: 
 A parcel of land in the SW 1/4 of Section 20, T22N, R16W, described as follows: To find the place of beginning of this description, commence at the Southwest corner of said section; run thence East
along the South line of said section 832.2 feet to the place of beginning of this description; thence continuing East along said South line of said section 132 feet; thence North 198 feet; thence West 132 feet; thence South 198 feet to the place of
beginning, excepting therefrom the South 2 rods thereof which was conveyed to Manistee Township for highway purposes by a Quitclaim Deed dated June 13, 1919 and recorded July 11, 1919 in Liber 88 of Deeds on page 638 of Manistee County
Records. 
 MASON COUNTY 
 Certain land in Riverton Township, Mason County, Michigan described as: 
 Parcel 1 
 The South 10 acres of the West 20 acres of the S 1/2 of
the NE 1/4 of Section 22, T17N, R17W. 
 Parcel 2 

A parcel of land containing 4 acres of the West side of highway, said parcel of land being described
as commencing 16 rods South of the Northwest corner of the NW 1/4 of the SW  1/4 of Section 22, T17N, R17W, running thence South 64 rods, thence NE’ly and N’ly and NW’ly along the
W’ly line of said highway to the place of beginning, together with any and all right, title, and interest of Howard C. Wicklund and Katherine E. Wicklund in and to that portion of the hereinbefore mentioned highway lying adjacent to the
E’ly line of said above described land. 
 MECOSTA COUNTY 

Certain land in Wheatland Township, Mecosta County, Michigan described as: 

A parcel of land in the SW 1/4 of the SW 1/4 of Section 16, T14N, R7W, described as beginning at the Southwest corner
of said section; thence East along the South line of Section 133 feet; thence North parallel to the West section line 133 feet; thence West 133 feet to the West line of said Section; thence South 133 feet to the place of beginning. 

MIDLAND COUNTY 

Certain land in Ingersoll Township, Midland County, Michigan described as: 

The West 200 feet of the W 1/2 of the NE 1/4 of Section 4, T13N, R2E. 

  
 38 

 MISSAUKEE COUNTY 
 Certain land in Norwich Township, Missaukee County, Michigan described as: 
 A parcel of land in the NW 1/4 of the NW 1/4 of Section 16, T24N, R6W, described as follows: Commencing at the Northwest corner of said section, running thence N 89 degrees 01’ 45” E along
the North line of said section 233.00 feet; thence South 233.00 feet; thence S 89 degrees 01’ 45” W, 233.00 feet to the West line of said section; thence North along said West line of said section 233.00 feet to the place of beginning.
(Bearings are based on the West line of Section 16, T24N, R6W, between the Southwest and Northwest corners of said section assumed as North.) 
 MONROE COUNTY 
 Certain land in Whiteford Township, Monroe County, Michigan
described as: 
 A parcel of land in the SW1/4 of Section 20, T8S, R6E, described as follows: To find the
place of beginning of this description commence at the S 1/4 post of said section; run thence West along the South line of said section 1269.89 feet to the place of beginning of this description; thence continuing West along said South line of said
section 100 feet; thence N 00 degrees 50’ 35” E, 250 feet; thence East 100 feet; thence S 00 degrees 50’ 35” W parallel with and 16.5 feet distant W’ly of as measured perpendicular to the West 1/8 line of said section, as
occupied, a distance of 250 feet to the place of beginning. 
 MONTCALM COUNTY 

Certain land in Crystal Township, Montcalm County, Michigan described as: 

The N 1/2 of the S 1/2 of the SE 1/4 of Section 35, T10N, R5W. 

MONTMORENCY COUNTY 
 Certain land in the Village of Hillman, Montmorency County, Michigan described as: 
 Lot 14 of Hillman Industrial Park, being a subdivision in the South 1/2 of the Northwest 1/4 of Section 24, T31N, R4E, according to the plat thereof recorded in Liber 4 of Plats on Pages 32-34,
Montmorency County Records. 

  
 39 

 MUSKEGON COUNTY 
 Certain land in Casnovia Township, Muskegon County, Michigan described as: 
 The West 433 feet of the North 180 feet of the South 425 feet of the SW 1/4 of Section 3, T10N, R13W. 
 NEWAYGO COUNTY 
 Certain land in Ashland Township, Newaygo County, Michigan
described as: 
 The West 250 feet of the NE 1/4 of Section 23, T11N, R13W. 

OAKLAND COUNTY 

Certain land in Wixcom City, Oakland County, Michigan described as: 

The E 75 feet of the N 160 feet of the N 330 feet of the W 526.84 feet of the NW 1/4 of the NW 1/4 of Section 8, T1N,
R8E, more particularly described as follows: Commence at the NW corner of said Section 8, thence N 87 degrees 14’ 29” E along the North line of said Section 8 a distance of 451.84 feet to the place of beginning for this
description; thence continuing N 87 degrees 14’ 29” E along said North section line a distance of 75.0 feet to the East line of the West 526.84 feet of the NW 1/4 of the NW 1/4 of said Section 8; thence S 02 degrees 37’ 09”
E along said East line a distance of 160.0 feet; thence S 87 degrees 14’ 29” W a distance of 75.0 feet; thence N 02 degrees 37’ 09” W a distance of 160.0 feet to the place of beginning. 

OCEANA COUNTY 

Certain land in Crystal Township, Oceana County, Michigan described as: 

The East 290 feet of the SE 1/4 of the NW 1/4 and the East 290 feet of the NE 1/4 of the SW 1/4, all in Section 20,
T16N, R16W. 
 OGEMAW COUNTY 
 Certain land in West Branch Township, Ogemaw County, Michigan described as: 
 The South 660 feet of the East 660 feet of the NE 1/4 of the NE 1/4 of Section 33, T22N, R2E. 
 OSCEOLA COUNTY 
 Certain land in Hersey Township, Osceola County, Michigan
described as: 
 A parcel of land in the North 1/2 of the Northeast 1/4 of Section 13, T17N, R9W, described
as commencing at the Northeast corner of said Section; thence West along the North Section line 999 feet to the point of beginning of this description; thence S 01 degrees 54’ 20” E 1327.12 feet to the North 1/8 line; thence S 89 degrees
17’ 05” W along the North 1/8 line 330.89 feet; thence N 01 degrees 54’ 20” W 1331.26 feet to the North Section line; thence East along the North Section line 331 feet to the point of beginning. 

  
 40 

 OSCODA COUNTY 
 Certain land in Comins Township, Oscoda County, Michigan described as: 
 The East 400 feet of the South 580 feet of the W 1/2 of the SW 1/4 of Section 15, T27N, R3E. 
 OTSEGO COUNTY 
 Certain land in Corwith Township, Otsego County, Michigan
described as: 
 Part of the NW 1/4 of the NE 1/4 of Section 28, T32N, R3W, described as: Beginning at the N
1/4 corner of said section; running thence S 89 degrees 04’ 06” E along the North line of said section, 330.00 feet; thence S 00 degrees 28’ 43” E, 400.00 feet; thence N 89 degrees 04’ 06” W, 330.00 feet to the North
and South 1/4 line of said section; thence N 00 degrees 28’ 43” W along the said North and South 1/4 line of said section, 400.00 feet to the point of beginning; subject to the use of the N’ly 33.00 feet thereof for highway purposes.

 OTTAWA COUNTY 
 Certain land in Robinson Township, Ottawa County, Michigan described as: 
 The North 660 feet of the West 660 feet of the NE 1/4 of the NW 1/4 of Section 26, T7N, R15W. 
 PRESQUE ISLE COUNTY 
 Certain land in Belknap and Pulawski Townships, Presque Isle
County, Michigan described as: 
 Part of the South half of the Northeast quarter,
Section 24, T34N, R5E, and part of the Northwest quarter, Section 19, T34N, R6E, more fully described as: Commencing at the East  1/4 corner of said Section 24; thence N 00 degrees15’47” E, 507.42 feet,
along the East line of said Section 24 to the point of beginning; thence S 88 degrees15’36” W, 400.00 feet, parallel with the North 1/8 line of said Section 24; thence N 00 degrees15’47” E, 800.00 feet, parallel with
said East line of Section 24; thence N 88 degrees15’36”E, 800.00 feet, along said North 1/8 line of Section 24 and said line extended; thence S 00 degrees15’47” W, 800.00 feet, parallel with said East line of
Section 24; thence S 88 degrees15’36” W, 400.00 feet, parallel with said North 1/8 line of Section 24 to the point of beginning. 

  
 41 

 Together with a 33 foot easement along the West 33 feet of the Northwest
quarter lying North of the North 1/8 line of Section 24, Belknap Township, extended, in Section 19, T34N, R6E. 

ROSCOMMON COUNTY 

Certain land in Gerrish Township, Roscommon County, Michigan described as: 

A parcel of land in the NW 1/4 of Section 19, T24N, R3W, described as follows: To find the place of beginning of this
description commence at the Northwest corner of said section, run thence East along the North line of said section 1,163.2 feet to the place of beginning of this description (said point also being the place of intersection of the West 1/8 line of
said section with the North line of said section), thence S 01 degrees 01’ E along said West 1/8 line 132 feet, thence West parallel with the North line of said section 132 feet, thence N 01 degrees 01’ W parallel with said West 1/8 line
of said section 132 feet to the North line of said section, thence East along the North line of said section 132 feet to the place of beginning. 
 SAGINAW COUNTY 
 Certain land in Chapin Township, Saginaw County, Michigan
described as: 
 A parcel of land in the SW 1/4 of Section 13, T9N, R1E, described as follows: To find the
place of beginning of this description commence at the Southwest corner of said section; run thence North along the West line of said section 1581.4 feet to the place of beginning of this description; thence continuing North along said West line of
said section 230 feet to the center line of a creek; thence S 70 degrees 07’ 00” E along said center line of said creek 196.78 feet; thence South 163.13 feet; thence West 185 feet to the West line of said section and the place of
beginning. 
 SANILAC COUNTY 
 Certain easement rights located across land in Minden Township, Sanilac County, Michigan described as: 
 The Southeast 1/4 of the Southeast 1/4 of Section 1, T14N, R14E, excepting therefrom the South 83 feet of the East 83 feet thereof. 

SHIAWASSEE COUNTY 
 Certain land in Burns Township, Shiawassee County, Michigan described as: 
 The South 330 feet of the E 1/2 of the NE 1/4 of Section 36, T5N, R4E. 

  
 42 

 ST. CLAIR COUNTY 
 Certain land in Ira Township, St. Clair County, Michigan described as: 
 The N 1/2 of the NW 1/4 of the NE 1/4 of Section 6, T3N, R15E. 
 ST. JOSEPH
COUNTY 
 Certain land in Mendon Township, St. Joseph County, Michigan described as: 

The North 660 feet of the West 660 feet of the NW 1/4 of SW 1/4, Section 35, T5S, R10W. 

TUSCOLA COUNTY 

Certain land in Millington Township, Tuscola County, Michigan described as: 

A strip of land 280 feet wide across the East 96 rods of the South 20 rods of the N 1/2 of the SE 1/4 of Section 34,
T10N, R8E, more particularly described as commencing at the Northeast corner of Section 3, T9N, R8E, thence S 89 degrees 55’ 35” W along the South line of said Section 34 a distance of 329.65 feet, thence N 18 degrees 11’
50” W a distance of 1398.67 feet to the South 1/8 line of said Section 34 and the place of beginning for this description; thence continuing N 18 degrees 11’ 50” W a distance of 349.91 feet; thence N 89 degrees 57’ 01”
W a distance of 294.80 feet; thence S 18 degrees 11’ 50” E a distance of 350.04 feet to the South 1/8 line of said Section 34; thence S 89 degrees 58’ 29” E along the South 1/8 line of said section a distance of 294.76 feet
to the place of beginning. 
 VAN BUREN COUNTY 
 Certain land in Covert Township, Van Buren County, Michigan described as: 
 All that part of the West 20 acres of the N 1/2 of the NE fractional 1/4 of Section 1, T2S, R17W, except the West 17 rods of the North 80 rods, being more particularly described as follows: To find
the place of beginning of this description commence at the N 1/4 post of said section; run thence N 89 degrees 29’ 20” E along the North line of said section 280.5 feet to the place of beginning of this description; thence continuing N 89
degrees 29’ 20” E along said North line of said section 288.29 feet; thence S 00 degrees 44’ 00” E, 1531.92 feet; thence S 89 degrees 33’ 30” W, 568.79 feet to the North and South 1/4 line of said section; thence N 00
degrees 44’ 00” W along said North and South 1/4 line of said section 211.4 feet; thence N 89 degrees 29’ 20” E, 280.5 feet; thence N 00 degrees 44’ 00” W, 1320 feet to the North line of said section and the place of
beginning. 

  
 43 

 WASHTENAW COUNTY 
 Certain land in Manchester Township, Washtenaw County, Michigan described as: 
 A parcel of land in the NE 1/4 of the NW 1/4 of Section 1, T4S, R3E, described as follows: To find the place of beginning of this description commence at the Northwest corner of said section; run
thence East along the North line of said section 1355.07 feet to the West 1/8 line of said section; thence S 00 degrees 22’ 20” E along said West 1/8 line of said section 927.66 feet to the place of beginning of this description; thence
continuing S 00 degrees 22’ 20” E along said West 1/8 line of said section 660 feet to the North 1/8 line of said section; thence N 86 degrees 36’ 57” E along said North 1/8 line of said section 660.91 feet; thence N 00
degrees22’ 20” W, 660 feet; thence S 86 degrees 36’ 57” W, 660.91 feet to the place of beginning. 
 WAYNE
COUNTY 
 Certain land in Livonia City, Wayne County, Michigan described as: 

Commencing at the Southeast corner of Section 6, T1S, R9E; thence North along the East line of Section 6 a
distance of 253 feet to the point of beginning; thence continuing North along the East line of Section 6 a distance of 50 feet; thence Westerly parallel to the South line of Section 6, a distance of 215 feet; thence Southerly parallel to
the East line of Section 6 a distance of 50 feet; thence easterly parallel with the South line of Section 6 a distance of 215 feet to the point of beginning. 
 WEXFORD COUNTY 
 Certain land in Selma Township, Wexford County, Michigan
described as: 
 A parcel of land in the NW 1/4 of Section 7, T22N, R10W, described as beginning on the
North line of said section at a point 200 feet East of the West line of said section, running thence East along said North section line 450 feet, thence South parallel with said West section line 350 feet, thence West parallel with said North
section line 450 feet, thence North parallel with said West section line 350 feet to the place of beginning. 
 SECTION 14. The
Company is a transmitting utility under Section 9501(2) of the Michigan Uniform Commercial Code (M.C.L. 440.9501(2)) as defined in M.C.L. 440.9102(1)(aaaa). 
 IN WITNESS WHEREOF, said Consumers Energy Company has caused this Supplemental Indenture to be executed in its corporate name by its Chairman of the Board, President, a Vice President or its Treasurer and
its corporate seal to be hereunto affixed and to be attested by its Secretary or an Assistant Secretary, and said The Bank of New York Mellon, as Trustee as aforesaid, to evidence its acceptance hereof, has caused this Supplemental Indenture to be
executed in its corporate name by a Vice President and its corporate seal to be hereunto affixed and to be attested by an authorized signatory, in several counterparts, all as of the day and year first above written. 

  
 44 

							
		 		 	CONSUMERS ENERGY COMPANY
				
	(SEAL)	 		 	By:	 	/s/ DV Rao
		 		 		 	Name: Venkat D. Rao
	Attest:	 		 		 	Title: Vice President and Treasurer

  

	
	
	/s/ Ashley L. Bancroft
	 Name: Ashley L. Bancroft

Title: Assistant Secretary

  

	
	
	 Signed, sealed and delivered

by CONSUMERS ENERGY COMPANY
 in the presence
of

	
	/s/ Denise J. Lehrke
	Name: Denise J. Lehrke

  

	
	
	/s/ Kimberly C. Wilson
	Name: Kimberly C. Wilson

  

			
	STATE OF MICHIGAN            	  	)
		  	ss.
	COUNTY OF JACKSON	  	)

 The foregoing instrument was acknowledged before me this 17th day of December 2012, by Venkat D. Rao,
Vice President and Treasurer of CONSUMERS ENERGY COMPANY, a Michigan corporation, on behalf of the corporation. 
  

							
				
		 		 		 	/s/ Margaret Hillman
	  
 {Seal}
	 		 		 	 Margaret Hillman, Notary Public

State of Michigan, County of Jackson
 My
Commission Expires: June 14, 2016
 Acting in the County of Jackson

  
 S-1

							
		 		 	 THE BANK OF NEW YORK MELLON,
 AS TRUSTEE

				
	(SEAL)	 		 	By:	 	/s/ L. O’Brien
	Attest:	 		 		 	 L. O’Brien
 Vice
President

  

	
	
	/s/ Francine Kincaid
	Francine Kincaid

  

	
	
	 Signed, sealed and delivered

by THE BANK OF NEW YORK MELLON
 in the presence
of

	
	/s/ Glenn G. McKeever
	Glenn McKeever

  

	
	
	/s/ Thomas Hacker
	Thomas Hacker

  

			
	STATE OF NEW YORK             	  	)
		  	ss.
	COUNTY OF NEW YORK	  	)

 The foregoing instrument was acknowledged before me this 17th day of December, 2012, by L. O’Brien, a Vice President of THE
BANK OF NEW YORK MELLON, as Trustee, a New York banking corporation, on behalf of the bank. 
  

							
				
		 		 		 	/s/ Anna Yiu
		 		 		 	ANNA YIU
		 		 		 	 Notary Public State of New York
 Qualified in Queens County
 Reg # 01YI5080477

Commission Expires 6/13/15

				
	 Prepared by:
 Kimberly C.
Wilson
 One Energy Plaza, EP11-210

Jackson, MI 49201
	 		 		 	 When recorded, return to:

Consumers Energy Company
 Business Services Real
Estate Dept.
 Attn: Sandy Geerling, EP7-428
 One Energy Plaza
 Jackson, MI 49201

  
 S-2

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